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 60.88% is 15% below its 5-year average of 71.81%, near the low end of its 5-year range (51.87%–101.54%).
As of the fiscal period ended Tuesday, March 31, 2026. 6.64% above its 12-month average of 57.09%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
60.88%
FCF PAYOUT RATIO AVG TTM
57.09%
FCF PAYOUT RATIO AVG 3Y
64.32%
FCF PAYOUT RATIO AVG 5Y
71.81%
FCF PAYOUT RATIO AVG 10Y
136.74%
FCF PAYOUT RATIO AVG 15Y
115.53%
FCF PAYOUT RATIO AVG 20Y
96.35%
CURRENT VS TTM AVG
+6.64%
CURRENT VS 3Y AVG
-5.35%
CURRENT VS 5Y AVG
-15.22%
CURRENT VS 10Y AVG
-55.48%
CURRENT VS 15Y AVG
-47.30%
CURRENT VS 20Y AVG
-36.81%
FCF Payout Ratio TTM
60.9%
Earnings Payout Ratio
24.2%
Dividend Yield
1.89%
FCF Yield
6.11%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $8.67B | $4.97B | 57.3% |
| 2024 | $7.28B | $4.63B | 63.6% |
| 2023 | $6.57B | $4.48B | 68.2% |
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 | 60.88% |
| 2025-12-31 | 55.30% |
| 2025-09-30 | 51.87% |
| 2025-06-30 | 60.31% |
| 2025-03-30 | 54.09% |
| 2024-12-31 | 63.63% |
| 2024-09-30 | 68.49% |
| 2024-06-30 | 64.04% |
| 2024-03-31 | 77.22% |
| 2023-12-31 | 68.24% |
| 2023-09-30 | 65.67% |
| 2023-06-30 | 69.57% |
| 2023-03-31 | 76.80% |
| 2022-12-31 | 62.95% |
| 2022-09-30 | 73.32% |
| 2022-06-30 | 83.66% |
| 2022-03-31 | 83.88% |
| 2021-12-31 | 101.54% |
| 2021-09-30 | 89.08% |
| 2021-06-30 | 83.12% |
| 2021-03-31 | 94.24% |
| 2020-12-31 | 164.15% |
| 2020-09-30 | 184.79% |
| 2020-06-30 | 225.48% |
| 2020-03-31 | 250.74% |
| 2019-12-31 | 705.70% |
| 2019-09-30 | 269.27% |
| 2019-06-30 | 460.23% |
| 2019-03-31 | 618.99% |
| 2018-12-31 | 279.39% |
| 2018-06-30 | 224.11% |
| 2018-03-31 | 197.30% |
| 2017-12-31 | 179.72% |
| 2017-09-30 | 124.30% |
| 2017-06-30 | 253.97% |
| 2017-03-31 | 544.05% |
| 2016-12-31 | 194.48% |
| 2016-09-30 | 649.82% |
| 2016-06-30 | 269.25% |
| 2016-03-31 | 137.67% |
| 2015-12-31 | 650.37% |
| 2015-09-30 | 186.12% |
| 2015-06-30 | 157.17% |
| 2015-03-31 | 127.89% |
| 2014-12-31 | 81.77% |
| 2014-09-30 | 76.13% |
| 2014-06-30 | 96.14% |
| 2014-03-31 | 89.37% |
| 2013-12-31 | 64.79% |
| 2013-09-30 | 58.32% |
| 2013-06-30 | 114.17% |
| 2013-03-31 | 124.54% |
| 2012-12-31 | 157.36% |
| 2012-09-30 | 134.03% |
| 2012-06-30 | 54.28% |
| 2012-03-31 | 58.67% |
| 2011-12-31 | 58.31% |
| 2011-09-30 | 53.40% |
| 2011-06-30 | 45.53% |
| 2011-03-31 | 37.89% |
| 2010-12-31 | 39.23% |
| 2010-09-30 | 45.38% |
| 2010-06-30 | 48.85% |
| 2010-03-31 | 43.69% |
| 2009-12-31 | 33.90% |
| 2009-09-30 | 33.24% |
| 2009-06-30 | 33.57% |
| 2009-03-31 | 39.41% |
| 2008-12-31 | 58.24% |
| 2008-09-30 | 55.54% |
| 2008-06-30 | 62.26% |
| 2008-03-31 | 79.10% |
| 2007-12-31 | 45.29% |
| 2007-09-30 | 50.99% |
| 2007-06-30 | 43.79% |
| 2007-03-31 | 38.42% |
| 2006-12-31 | 34.94% |
| 2006-09-30 | 35.12% |
| 2006-06-30 | 34.99% |
| 2006-03-31 | 35.38% |
| 2005-12-31 | 28.94% |
| 2005-09-30 | 40.93% |
| 2005-06-30 | 32.65% |
| 2005-03-31 | 40.89% |
| 2004-12-31 | 12.62% |
| 2004-09-30 | 23.46% |
| 2004-06-30 | 14.86% |
| 2004-03-31 | 12.89% |
| 2003-12-31 | 13.29% |
| 2003-09-30 | 10.65% |
| 2003-06-30 | 11.06% |
| 2003-03-31 | 11.29% |
| 2022 |
| $7.24B |
| $4.36B |
| 60.3% |
| 2021 | $3.76B | $3.86B | 102.5% |
| 2020 | $2.19B | $3.57B | 162.9% |
| 2019 | $509.00M | $3.59B | 705.7% |
| 2018 | $1.25B | $3.48B | 279.4% |
| 2017 | $1.96B | $3.52B | 179.7% |
| 2016 | $1.83B | $3.56B | 194.5% |
| 2015 | $536.00M | $3.49B | 650.4% |
| 2014 | $4.31B | $3.52B | 81.8% |
| 2013 | $5.34B | $3.46B | 64.8% |
| 2012 | $2.33B | $3.67B | 157.4% |
| 2011 | $6.52B | $3.76B | 57.7% |
| 2010 | $8.26B | $3.36B | 40.7% |
| 2009 | $8.78B | $2.98B | 33.9% |
| 2008 | $4.70B | $2.74B | 58.2% |
| 2007 | $5.83B | $2.64B | 45.3% |
| 2006 | $6.35B | $2.22B | 34.9% |
| 2005 | $5.76B | $1.72B | 29.8% |
| 2004 | $4.54B | $1.38B | 30.3% |
| 2003 | $2.13B | $1.22B | 57.3% |
| 2002 | $3.49B | $1.23B | 35.3% |
| 2001 | $443.83M | $0 | 0.0% |
| 2000 | $875.25M | $0 | 0.0% |
| 1999 | ($1.84B) | $0 | N/A (Loss) |
| 1998 | $34.86M | $0 | 0.0% |
| 1997 | ($8.27M) | $0 | N/A (Loss) |
| 1996 | $148.99M | $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.
