Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the FCF payout ratio high or low?
The FCF payout ratio of 77.69% is 67% below its 5-year average of 233.47%, near the low end of its 5-year range (77.69%–477.43%).
As of the fiscal period ended Tuesday, June 30, 2026. 29.86% below its 12-month average of 110.77%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
77.69%
FCF PAYOUT RATIO AVG TTM
110.77%
FCF PAYOUT RATIO AVG 3Y
110.77%
FCF PAYOUT RATIO AVG 5Y
233.47%
FCF PAYOUT RATIO AVG 10Y
112.72%
FCF PAYOUT RATIO AVG 15Y
119.21%
FCF PAYOUT RATIO AVG 20Y
115.22%
CURRENT VS TTM AVG
-29.86%
CURRENT VS 3Y AVG
-29.86%
CURRENT VS 5Y AVG
-66.72%
CURRENT VS 10Y AVG
-31.07%
CURRENT VS 15Y AVG
-34.83%
CURRENT VS 20Y AVG
-32.57%
FCF Payout Ratio TTM
77.7%
Earnings Payout Ratio
N/A
Dividend Yield
2.39%
FCF Yield
3.06%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | ($3.77B) | $1.58B | N/A (Loss) |
| 2024 | ($3.15B) | $1.56B | N/A (Loss) |
| 2023 | ($1.42B) | $1.50B | N/A (Loss) |
FCF Payout Ratio measures trailing dividends paid as a percentage of trailing free cash flow. Unlike earnings-based payout, it compares dividends with cash generated after capital expenditures.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2026-06-30 | 77.69% |
| 2026-03-31 | 143.85% |
| 2022-09-30 | 455.48% |
| 2022-06-30 | 477.43% |
| 2022-03-31 | 340.78% |
| 2021-12-31 | 145.46% |
| 2021-09-30 | 143.18% |
| 2021-06-30 | 83.87% |
| 2021-03-31 | 146.79% |
| 2020-12-31 | 176.86% |
| 2020-09-30 | 146.04% |
| 2020-06-30 | 235.01% |
| 2020-03-31 | 105.88% |
| 2019-12-31 | 106.38% |
| 2019-09-30 | 101.41% |
| 2019-06-30 | 126.09% |
| 2019-03-31 | 126.81% |
| 2018-12-31 | 101.18% |
| 2018-09-30 | 92.22% |
| 2018-06-30 | 73.06% |
| 2018-03-31 | 66.11% |
| 2017-12-31 | 145.13% |
| 2017-09-30 | 149.17% |
| 2017-06-30 | 109.43% |
| 2017-03-31 | 77.63% |
| 2016-12-31 | 43.09% |
| 2016-09-30 | 43.70% |
| 2016-06-30 | 51.85% |
| 2016-03-31 | 59.55% |
| 2015-12-31 | 68.35% |
| 2015-09-30 | 82.32% |
| 2015-06-30 | 106.56% |
| 2015-03-31 | 153.02% |
| 2014-12-31 | 165.86% |
| 2014-09-30 | 124.82% |
| 2014-06-30 | 147.98% |
| 2014-03-31 | 163.22% |
| 2013-12-31 | 212.74% |
| 2013-06-30 | 473.67% |
| 2013-03-31 | 332.94% |
| 2012-12-31 | 429.03% |
| 2012-09-30 | 185.42% |
| 2012-06-30 | 144.44% |
| 2012-03-31 | 121.52% |
| 2011-12-31 | 104.64% |
| 2011-09-30 | 113.75% |
| 2011-06-30 | 115.36% |
| 2011-03-31 | 87.20% |
| 2010-12-31 | 66.29% |
| 2010-09-30 | 81.12% |
| 2010-06-30 | 84.24% |
| 2010-03-31 | 113.66% |
| 2009-12-31 | 252.21% |
| 2009-09-30 | 246.24% |
| 2009-06-30 | 159.52% |
| 2009-03-31 | 110.05% |
| 2008-12-31 | 88.44% |
| 2008-09-30 | 58.76% |
| 2008-06-30 | 47.86% |
| 2008-03-31 | 48.72% |
| 2007-12-31 | 51.10% |
| 2007-09-30 | 68.60% |
| 2007-06-30 | 98.80% |
| 2007-03-31 | 132.61% |
| 2006-12-31 | 700.95% |
| 2006-09-30 | 345.82% |
| 2006-06-30 | 726.07% |
| 2005-12-31 | 102.89% |
| 2005-09-30 | 61.89% |
| 2005-06-30 | 61.83% |
| 2005-03-31 | 42.87% |
| 2004-12-31 | 50.09% |
| 2004-09-30 | 57.54% |
| 2004-06-30 | 61.19% |
| 2004-03-31 | 61.89% |
| 2003-12-31 | 50.92% |
| 2003-09-30 | 44.58% |
| 2003-06-30 | 39.79% |
| 2022 |
| $303.70M |
| $1.38B |
| 455.5% |
| 2021 | $877.70M | $1.26B | 143.2% |
| 2020 | $755.70M | $1.10B | 146.0% |
| 2019 | $980.20M | $994.00M | 101.4% |
| 2018 | $973.50M | $897.80M | 92.2% |
| 2017 | $528.20M | $787.90M | 149.2% |
| 2016 | $1.75B | $721.20M | 41.1% |
| 2015 | $823.00M | $677.50M | 82.3% |
| 2014 | $502.90M | $627.70M | 124.8% |
| 2013 | $43.20M | $565.60M | n/m |
| 2012 | $277.70M | $514.90M | 185.4% |
| 2011 | $401.50M | $456.70M | 113.7% |
| 2010 | $491.50M | $398.70M | 81.1% |
| 2009 | $143.80M | $373.30M | 259.6% |
| 2008 | $594.50M | $349.30M | 58.8% |
| 2007 | $442.40M | $312.00M | 70.5% |
| 2006 | $84.90M | $293.60M | 345.8% |
| 2005 | $446.30M | $276.20M | 61.9% |
| 2004 | $380.40M | $218.90M | 57.5% |
| 2003 | $423.10M | $188.60M | 44.6% |
| 2002 | $436.30M | $175.60M | 40.2% |
| 2001 | $375.70M | $165.20M | 44.0% |
| 2000 | $406.30M | $155.70M | 38.3% |
| 1999 | $200.00M | $146.20M | 73.1% |
| 1998 | $202.80M | $134.00M | 66.1% |
| 1997 | $163.10M | $123.80M | 75.9% |
| 1996 | ($195.00M) | $117.00M | N/A (Loss) |
Formula: FCF Payout Ratio TTM = trailing 4Q dividends paid / trailing 4Q free cash flow × 100
FCF payout and earnings payout:
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
