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 26.68% is 75% below its 5-year average of 108.32%, near the low end of its 5-year range (15.81%–882.41%).
As of the fiscal period ended Tuesday, March 31, 2026. 15.51% below its 12-month average of 31.58%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
26.68%
FCF PAYOUT RATIO AVG TTM
31.58%
FCF PAYOUT RATIO AVG 3Y
68.81%
FCF PAYOUT RATIO AVG 5Y
49.05%
FCF PAYOUT RATIO AVG 10Y
38.16%
FCF PAYOUT RATIO AVG 15Y
41.17%
FCF PAYOUT RATIO AVG 20Y
36.09%
CURRENT VS TTM AVG
-15.51%
CURRENT VS 3Y AVG
-61.23%
CURRENT VS 5Y AVG
-45.60%
CURRENT VS 10Y AVG
-30.09%
CURRENT VS 15Y AVG
-35.19%
CURRENT VS 20Y AVG
-26.07%
FCF Payout Ratio TTM
26.7%
Earnings Payout Ratio
30.9%
Dividend Yield
2.46%
FCF Yield
8.44%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.19B | $905.58M | 21.6% |
| 2024 | $1.32B | $696.00M | 52.8% |
| 2023 | $646.00M | $700.00M | 108.4% |
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 | 26.68% |
| 2025-12-31 | 22.39% |
| 2025-09-30 | 27.93% |
| 2025-06-30 | 40.12% |
| 2025-03-31 | 40.77% |
| 2024-12-31 | 49.59% |
| 2024-09-30 | 67.41% |
| 2024-06-30 | 73.34% |
| 2024-03-31 | 110.04% |
| 2023-12-31 | 108.45% |
| 2023-09-30 | 190.22% |
| 2023-03-31 | 882.41% |
| 2022-12-31 | 260.10% |
| 2022-09-30 | 81.84% |
| 2022-06-30 | 48.15% |
| 2022-03-31 | 41.58% |
| 2021-12-31 | 32.63% |
| 2021-09-30 | 27.41% |
| 2021-06-30 | 19.64% |
| 2021-03-31 | 15.81% |
| 2020-12-31 | 16.27% |
| 2020-09-30 | 17.56% |
| 2020-06-30 | 21.15% |
| 2020-03-31 | 23.67% |
| 2019-12-31 | 48.41% |
| 2019-09-30 | 66.49% |
| 2019-06-30 | 81.87% |
| 2019-03-31 | 129.39% |
| 2018-12-31 | 34.25% |
| 2018-09-30 | 22.01% |
| 2018-06-30 | 26.37% |
| 2018-03-31 | 18.14% |
| 2017-12-31 | 18.68% |
| 2017-09-30 | 14.25% |
| 2017-06-30 | 8.39% |
| 2017-03-31 | 6.36% |
| 2016-12-31 | 5.68% |
| 2016-09-30 | 5.61% |
| 2016-06-30 | 5.09% |
| 2016-03-31 | 8.49% |
| 2015-12-31 | 14.80% |
| 2015-09-30 | 37.84% |
| 2011-12-31 | 148.83% |
| 2011-06-30 | 427.68% |
| 2011-03-31 | 74.43% |
| 2010-12-31 | 54.23% |
| 2009-09-30 | 90.92% |
| 2008-12-31 | 37.63% |
| 2008-09-30 | 13.13% |
| 2008-06-30 | 9.68% |
| 2008-03-31 | 10.45% |
| 2007-12-31 | 18.54% |
| 2007-06-30 | 16.76% |
| 2007-03-31 | 22.82% |
| 2006-12-31 | 17.98% |
| 2006-09-30 | 5.68% |
| 2006-06-30 | 39.81% |
| 2004-06-30 | 110.32% |
| 2004-03-31 | 44.29% |
| 2003-12-31 | 29.20% |
| 2003-09-30 | 19.55% |
| 2003-06-30 | 22.47% |
| 2003-03-31 | 16.81% |
| 2022 |
| $432.00M |
| $1.14B |
| 264.6% |
| 2021 | $1.94B | $628.42M | 32.3% |
| 2020 | $3.36B | $547.00M | 16.3% |
| 2019 | $1.13B | $560.74M | 49.5% |
| 2018 | $365.00M | $125.00M | 34.2% |
| 2017 | $669.00M | $125.00M | 18.7% |
| 2016 | $1.51B | $86.00M | 5.7% |
| 2015 | $1.08B | $160.00M | 14.8% |
| 2014 | ($136.00M) | $232.00M | N/A (Loss) |
| 2013 | ($1.26B) | $508.00M | N/A (Loss) |
| 2012 | ($930.00M) | $750.00M | N/A (Loss) |
| 2011 | $342.00M | $509.00M | 148.8% |
| 2010 | $804.00M | $436.00M | 54.2% |
| 2009 | ($4.67B) | $369.00M | N/A (Loss) |
| 2008 | $429.91M | $349.20M | 81.2% |
| 2007 | $706.88M | $260.80M | 36.9% |
| 2006 | $1.06B | $191.43M | 18.0% |
| 2005 | ($378.36M) | $117.81M | N/A (Loss) |
| 2004 | ($318.36M) | $118.34M | N/A (Loss) |
| 2003 | $198.73M | $117.99M | 59.4% |
| 2002 | $360.93M | $118.83M | 32.9% |
| 2001 | $130.04M | $86.69M | 66.7% |
| 2000 | $40.01M | $86.68M | 216.7% |
| 1999 | $81.98M | $79.01M | 96.4% |
| 1998 | $32.04M | $68.03M | 212.3% |
| 1997 | $98.01M | $60.02M | 61.2% |
| 1996 | ($333.02M) | $51.00M | 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.
