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 36.41% is 78% below its 5-year average of 168.08%, near the low end of its 5-year range (27.92%–720.00%).
As of the fiscal period ended Tuesday, March 31, 2026. 50.76% below its 12-month average of 73.94%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
36.41%
FCF PAYOUT RATIO AVG TTM
73.94%
FCF PAYOUT RATIO AVG 3Y
147.65%
FCF PAYOUT RATIO AVG 5Y
62.34%
FCF PAYOUT RATIO AVG 10Y
37.64%
FCF PAYOUT RATIO AVG 15Y
27.05%
FCF PAYOUT RATIO AVG 20Y
23.16%
CURRENT VS TTM AVG
-50.76%
CURRENT VS 3Y AVG
-75.34%
CURRENT VS 5Y AVG
-41.59%
CURRENT VS 10Y AVG
-3.27%
CURRENT VS 15Y AVG
+34.62%
CURRENT VS 20Y AVG
+57.24%
FCF Payout Ratio TTM
36.4%
Earnings Payout Ratio
24.0%
Dividend Yield
1.22%
FCF Yield
3.39%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $788.00M | $220.00M | 27.9% |
| 2024 | ($369.00M) | $244.00M | N/A (Loss) |
| 2023 | $818.00M | $252.00M | 30.8% |
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 | 36.41% |
| 2025-12-31 | 27.92% |
| 2025-09-30 | 160.71% |
| 2025-06-30 | 61.44% |
| 2025-03-31 | 83.22% |
| 2024-03-31 | 720.00% |
| 2023-12-31 | 30.81% |
| 2023-09-30 | 60.72% |
| 2021-12-31 | 673.53% |
| 2021-09-30 | 64.74% |
| 2021-06-30 | 48.17% |
| 2021-03-31 | 49.25% |
| 2020-12-31 | 62.07% |
| 2020-09-30 | 51.97% |
| 2020-06-30 | 67.92% |
| 2020-03-31 | 63.78% |
| 2019-12-31 | 19.16% |
| 2019-09-30 | 29.12% |
| 2019-06-30 | 20.33% |
| 2019-03-31 | 17.37% |
| 2018-12-31 | 18.27% |
| 2018-09-30 | 14.14% |
| 2018-06-30 | 15.86% |
| 2018-03-31 | 12.49% |
| 2017-12-31 | 13.99% |
| 2017-09-30 | 15.22% |
| 2016-06-30 | 28.32% |
| 2016-03-31 | 28.38% |
| 2015-12-31 | 15.04% |
| 2015-09-30 | 15.57% |
| 2015-06-30 | 13.54% |
| 2015-03-31 | 13.95% |
| 2014-12-31 | 11.69% |
| 2014-09-30 | 10.19% |
| 2014-06-30 | 9.32% |
| 2014-03-31 | 11.01% |
| 2013-12-31 | 16.32% |
| 2013-09-30 | 14.14% |
| 2013-06-30 | 19.41% |
| 2013-03-31 | 15.26% |
| 2012-12-31 | 11.27% |
| 2012-09-30 | 10.14% |
| 2012-07-01 | 10.87% |
| 2012-04-01 | 13.06% |
| 2011-12-31 | 9.06% |
| 2011-10-02 | 30.44% |
| 2011-07-03 | 16.25% |
| 2011-04-03 | 9.46% |
| 2010-12-31 | 13.51% |
| 2010-09-26 | 4.88% |
| 2010-06-27 | 8.54% |
| 2010-03-28 | 8.50% |
| 2009-12-31 | 10.04% |
| 2009-09-27 | 13.42% |
| 2009-06-28 | 8.23% |
| 2009-03-29 | 15.88% |
| 2008-12-31 | 11.69% |
| 2008-09-28 | 42.87% |
| 2008-06-29 | 79.03% |
| 2008-03-30 | 14.75% |
| 2007-12-31 | 11.14% |
| 2007-09-30 | 10.84% |
| 2007-07-01 | 10.17% |
| 2007-04-01 | 25.28% |
| 2006-12-31 | 33.66% |
| 2006-10-01 | 38.95% |
| 2006-07-02 | 27.33% |
| 2006-03-31 | 15.27% |
| 2005-12-31 | 15.91% |
| 2005-10-02 | 18.19% |
| 2005-07-03 | 19.24% |
| 2005-04-03 | 20.53% |
| 2004-12-31 | 11.44% |
| 2004-10-03 | 7.56% |
| 2004-07-04 | 7.27% |
| 2004-04-04 | 6.63% |
| 2003-12-31 | 11.82% |
| 2003-09-28 | 33.62% |
| 2003-06-29 | 69.66% |
| 2003-03-30 | 51.66% |
| 2022 |
| ($1.37B) |
| $254.00M |
| N/A (Loss) |
| 2021 | $34.00M | $229.00M | 673.5% |
| 2020 | $319.00M | $198.00M | 62.1% |
| 2019 | $950.00M | $182.00M | 19.2% |
| 2018 | $750.00M | $137.00M | 18.3% |
| 2017 | $922.00M | $129.00M | 14.0% |
| 2016 | ($412.00M) | $83.00M | N/A (Loss) |
| 2015 | $478.80M | $72.00M | 15.0% |
| 2014 | $621.70M | $72.70M | 11.7% |
| 2013 | $460.70M | $75.20M | 16.3% |
| 2012 | $548.20M | $61.80M | 11.3% |
| 2011 | $504.60M | $45.70M | 9.1% |
| 2010 | $265.00M | $35.80M | 13.5% |
| 2009 | $372.60M | $37.40M | 10.0% |
| 2008 | $320.70M | $37.50M | 11.7% |
| 2007 | $364.50M | $40.60M | 11.1% |
| 2006 | $121.80M | $41.00M | 33.7% |
| 2005 | $267.10M | $42.50M | 15.9% |
| 2004 | $339.90M | $38.90M | 11.4% |
| 2003 | $226.80M | $26.80M | 11.8% |
| 2002 | $293.90M | $20.40M | 6.9% |
| 2001 | $252.30M | $20.40M | 8.1% |
| 2000 | $77.80M | $21.60M | 27.8% |
| 1999 | $199.00M | $22.50M | 11.3% |
| 1998 | ($535.50M) | $22.70M | N/A (Loss) |
| 1997 | $45.80M | $22.90M | 50.0% |
| 1996 | ($111.80M) | $22.80M | 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.
