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 19.63% is 23% below its 5-year average of 25.52%, near the low end of its 5-year range (18.32%–31.39%).
As of the fiscal period ended Tuesday, March 31, 2026. 15.49% below its 12-month average of 23.23%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
19.63%
FCF PAYOUT RATIO AVG TTM
23.23%
FCF PAYOUT RATIO AVG 3Y
23.77%
FCF PAYOUT RATIO AVG 5Y
25.52%
FCF PAYOUT RATIO AVG 10Y
24.57%
FCF PAYOUT RATIO AVG 15Y
20.36%
FCF PAYOUT RATIO AVG 20Y
16.20%
CURRENT VS TTM AVG
-15.49%
CURRENT VS 3Y AVG
-17.41%
CURRENT VS 5Y AVG
-23.05%
CURRENT VS 10Y AVG
-20.09%
CURRENT VS 15Y AVG
-3.55%
CURRENT VS 20Y AVG
+21.18%
FCF Payout Ratio TTM
19.6%
Earnings Payout Ratio
26.1%
Dividend Yield
0.60%
FCF Yield
2.35%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.38B | $802.20M | 18.3% |
| 2024 | $2.15B | $595.10M | 27.7% |
| 2023 | $2.16B | $500.60M | 23.2% |
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 |
|---|---|
| 2026-03-31 | 19.63% |
| 2025-12-31 | 18.32% |
| 2025-09-30 | 22.47% |
| 2025-06-30 | 25.93% |
| 2025-03-31 | 29.82% |
| 2024-12-31 | 27.69% |
| 2024-09-30 | 23.31% |
| 2024-06-30 | 22.29% |
| 2024-03-31 | 22.82% |
| 2023-12-31 | 23.22% |
| 2023-09-30 | 24.33% |
| 2023-06-30 | 25.12% |
| 2023-03-31 | 24.71% |
| 2022-12-31 | 26.66% |
| 2022-09-30 | 28.47% |
| 2022-06-30 | 29.93% |
| 2022-03-31 | 31.39% |
| 2021-12-31 | 29.39% |
| 2021-09-30 | 28.74% |
| 2021-06-30 | 26.52% |
| 2021-03-31 | 25.12% |
| 2020-12-31 | 22.63% |
| 2020-09-30 | 22.88% |
| 2020-06-30 | 22.10% |
| 2020-03-31 | 22.60% |
| 2019-12-31 | 23.15% |
| 2019-09-30 | 24.30% |
| 2019-06-30 | 26.05% |
| 2019-03-31 | 26.54% |
| 2018-12-31 | 31.63% |
| 2018-09-30 | 27.43% |
| 2018-06-30 | 29.22% |
| 2018-03-31 | 26.60% |
| 2017-12-31 | 22.34% |
| 2017-09-30 | 22.27% |
| 2017-06-30 | 19.31% |
| 2017-03-31 | 19.38% |
| 2016-12-31 | 19.47% |
| 2016-09-30 | 19.76% |
| 2016-06-30 | 19.33% |
| 2016-03-31 | 14.48% |
| 2015-12-31 | 18.56% |
| 2015-09-30 | 14.44% |
| 2015-06-30 | 20.22% |
| 2015-03-31 | 26.72% |
| 2014-12-31 | 15.17% |
| 2014-09-30 | 27.38% |
| 2014-06-30 | 18.78% |
| 2014-03-31 | 15.90% |
| 2013-12-31 | 15.85% |
| 2013-09-30 | 10.73% |
| 2013-06-30 | 11.01% |
| 2013-03-31 | 12.01% |
| 2012-12-31 | 12.85% |
| 2012-09-30 | 7.60% |
| 2012-06-30 | 4.66% |
| 2012-03-31 | 1.97% |
| 2011-12-31 | 2.21% |
| 2011-09-30 | 2.32% |
| 2011-06-30 | 2.69% |
| 2011-03-31 | 3.43% |
| 2010-12-31 | 3.30% |
| 2010-09-30 | 3.18% |
| 2010-06-30 | 2.08% |
| 2010-03-31 | 1.50% |
| 2009-12-31 | 1.82% |
| 2009-09-30 | 1.34% |
| 2009-06-30 | 2.60% |
| 2009-03-31 | 3.08% |
| 2008-12-31 | 2.84% |
| 2008-09-30 | 3.98% |
| 2008-06-30 | 3.09% |
| 2008-03-31 | 3.21% |
| 2007-12-31 | 3.77% |
| 2007-09-30 | 4.68% |
| 2007-06-30 | 5.57% |
| 2007-03-31 | 5.08% |
| 2006-12-31 | 5.18% |
| 2006-09-30 | 4.98% |
| 2006-06-30 | 4.85% |
| 2006-03-31 | 4.43% |
| 2005-12-31 | 3.13% |
| 2005-09-30 | 1.56% |
| 2022 |
| $1.79B |
| $477.40M |
| 26.7% |
| 2021 | $1.18B | $346.70M | 29.4% |
| 2020 | $1.32B | $297.60M | 22.6% |
| 2019 | $1.21B | $279.50M | 23.2% |
| 2018 | $802.10M | $253.70M | 31.6% |
| 2017 | $917.60M | $205.00M | 22.3% |
| 2016 | $886.80M | $172.70M | 19.5% |
| 2015 | $858.40M | $159.30M | 18.6% |
| 2014 | $671.80M | $101.90M | 15.2% |
| 2013 | $610.60M | $96.77M | 15.8% |
| 2012 | $545.58M | $70.12M | 12.9% |
| 2011 | $464.99M | $10.28M | 2.2% |
| 2010 | $315.44M | $10.41M | 3.3% |
| 2009 | $519.24M | $10.28M | 2.0% |
| 2008 | $374.18M | $10.62M | 2.8% |
| 2007 | $284.13M | $10.71M | 3.8% |
| 2006 | $207.18M | $10.72M | 5.2% |
| 2005 | $172.50M | $8.03M | 4.7% |
| 2004 | $163.91M | $0 | 0.0% |
| 2003 | $129.21M | $0 | 0.0% |
| 2002 | $112.75M | $0 | 0.0% |
| 2001 | $80.30M | $0 | 0.0% |
| 2000 | $101.05M | $0 | 0.0% |
| 1999 | $40.60M | $0 | 0.0% |
| 1998 | ($5.80M) | $0 | N/A (Loss) |
| 1997 | $58.20M | $0 | 0.0% |
| 1996 | $47.90M | $0 | 0.0% |
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.
