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 29.70% is 22% below its 5-year average of 37.96%, near the low end of its 5-year range (13.35%–98.91%).
As of the fiscal period ended Tuesday, June 30, 2026. 6.94% above its 12-month average of 27.77%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
29.70%
FCF PAYOUT RATIO AVG TTM
27.77%
FCF PAYOUT RATIO AVG 3Y
46.94%
FCF PAYOUT RATIO AVG 5Y
27.15%
FCF PAYOUT RATIO AVG 10Y
31.72%
FCF PAYOUT RATIO AVG 15Y
29.83%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+6.94%
CURRENT VS 3Y AVG
-36.74%
CURRENT VS 5Y AVG
+9.38%
CURRENT VS 10Y AVG
-6.38%
CURRENT VS 15Y AVG
-0.44%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
29.7%
Earnings Payout Ratio
30.4%
Dividend Yield
0.52%
FCF Yield
1.72%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $12.51B | $2.88B | 23.0% |
| 2024 | $9.84B | $2.65B | 27.0% |
| 2023 | $3.57B | $2.55B | 71.4% |
| 2022 | $7.53B | $2.67B | 35.5% |
| 2021 | $11.80B | $1.62B | 13.8% |
| 2020 | $4.17B | $1.21B | 29.1% |
| 2019 | $2.78B | $1.47B | 52.8% |
| 2018 | $2.95B | $705.83M | 23.9% |
| 2017 | $1.71B | $597.76M | 34.9% |
| 2016 | $1.50B | $494.30M | 33.0% |
| 2015 | $1.83B | $334.23M | 18.3% |
| 2014 | $826.74M | $332.17M | 40.2% |
| 2013 | $1.16B | $297.72M | 25.6% |
| 2012 | $683.10M | $242.72M | 35.5% |
| 2011 | $2.46B | $240.16M | 9.8% |
| 2010 | $1.08B | $116.16M | 10.7% |
| 2009 | ($8.01M) | $120.16M | N/A (Loss) |
| 2008 | $29.59M | $152.14M | 514.1% |
| 2007 | $672.00M | $0 | 0.0% |
| 2006 | $520.51M | $0 | 0.0% |
| 2005 | $793.29M | $0 | 0.0% |
| 2004 | $217.99M | $0 | 0.0% |
| 2003 | $550.52M | $0 | 0.0% |
| 2002 | ($202.24M) | $0 | N/A (Loss) |
| 2001 | ($520.95M) | $0 | N/A (Loss) |
| 2000 | $50.36M | $0 | 0.0% |
| 1999 | ($72.28M) | $0 | N/A (Loss) |
| 1998 | ($177.64M) | $0 | N/A (Loss) |
| 1997 | ($62.41M) | $0 | N/A (Loss) |
| 1996 | $3.49M | $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.
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 | 29.70% |
| 2026-03-31 | 29.62% |
| 2025-12-31 | 23.05% |
| 2025-09-28 | 29.05% |
| 2025-06-30 | 27.43% |
| 2025-03-31 | 26.40% |
| 2024-12-31 | 26.96% |
| 2024-09-30 | 84.40% |
| 2024-06-30 | 80.94% |
| 2024-03-31 | 98.91% |
| 2023-12-31 | 71.29% |
| 2023-09-30 | 42.54% |
| 2023-06-30 | 39.97% |
| 2023-04-02 | 37.64% |
| 2022-12-31 | 35.65% |
| 2022-10-02 | 31.01% |
| 2022-06-30 | 23.00% |
| 2022-03-31 | 13.35% |
| 2021-12-31 | 13.83% |
| 2021-09-30 | 14.32% |
| 2021-06-30 | 18.04% |
| 2021-03-31 | 32.50% |
| 2020-12-31 | 29.21% |
| 2020-09-30 | 38.56% |
| 2020-06-30 | 39.90% |
| 2020-03-31 | 58.16% |
| 2019-12-31 | 53.42% |
| 2019-09-30 | 121.70% |
| 2019-06-30 | 74.16% |
| 2019-03-31 | 36.36% |
| 2018-12-31 | 25.39% |
| 2018-09-30 | 33.17% |
| 2018-06-30 | 34.11% |
| 2018-03-31 | 26.76% |
| 2017-12-31 | 32.78% |
| 2017-09-30 | 29.08% |
| 2017-06-30 | 36.51% |
| 2017-03-31 | 37.40% |
| 2016-12-31 | 33.77% |
| 2016-09-30 | 41.69% |
| 2016-06-30 | 29.82% |
| 2016-03-31 | 22.98% |
| 2015-12-31 | 18.63% |
| 2015-09-30 | 27.85% |
| 2015-06-30 | 33.64% |
| 2015-03-31 | 38.87% |
| 2014-12-31 | 43.11% |
| 2014-09-30 | 32.68% |
| 2014-06-30 | 35.66% |
| 2014-03-31 | 19.82% |
| 2013-12-31 | 24.87% |
| 2013-09-30 | 217.84% |
| 2013-06-30 | 45.12% |
| 2013-03-31 | 222.77% |
| 2012-12-31 | 35.16% |
| 2012-09-30 | 21.36% |
| 2012-06-30 | 26.54% |
| 2012-03-31 | 16.78% |
| 2011-12-31 | 10.04% |
| 2011-09-30 | 9.08% |
| 2011-06-30 | 8.59% |
| 2011-03-31 | 4.27% |
| 2010-12-31 | 9.90% |
| 2010-09-30 | 13.66% |
| 2010-06-30 | 69.87% |
| 2008-12-31 | 0.97% |
| 2008-09-30 | 0.04% |
