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 37.25% is 55% below its 5-year average of 83.41%, near the low end of its 5-year range (34.43%–277.49%).
As of the fiscal period ended Tuesday, March 31, 2026. 74.85% below its 12-month average of 148.14%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
37.25%
FCF PAYOUT RATIO AVG TTM
148.14%
FCF PAYOUT RATIO AVG 3Y
80.95%
FCF PAYOUT RATIO AVG 5Y
73.71%
FCF PAYOUT RATIO AVG 10Y
47.66%
FCF PAYOUT RATIO AVG 15Y
50.25%
FCF PAYOUT RATIO AVG 20Y
41.50%
CURRENT VS TTM AVG
-74.85%
CURRENT VS 3Y AVG
-53.98%
CURRENT VS 5Y AVG
-49.46%
CURRENT VS 10Y AVG
-21.83%
CURRENT VS 15Y AVG
-25.86%
CURRENT VS 20Y AVG
-10.22%
FCF Payout Ratio TTM
37.3%
Earnings Payout Ratio
N/A
Dividend Yield
0.89%
FCF Yield
6.19%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $323.00M | $348.00M | 107.7% |
| 2024 | $559.00M | $590.00M | 105.5% |
| 2023 | $1.29B | $586.00M | 45.4% |
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 | 37.25% |
| 2025-12-31 | 107.74% |
| 2025-09-30 | 177.39% |
| 2025-06-30 | 140.84% |
| 2025-03-31 | 277.49% |
| 2024-12-31 | 105.55% |
| 2024-09-30 | 107.47% |
| 2024-06-30 | 87.65% |
| 2024-03-31 | 62.85% |
| 2023-12-31 | 49.16% |
| 2023-09-30 | 53.67% |
| 2023-06-30 | 67.36% |
| 2023-03-31 | 70.96% |
| 2022-12-31 | 100.00% |
| 2022-09-30 | 71.59% |
| 2022-06-30 | 48.49% |
| 2022-03-31 | 40.64% |
| 2021-12-31 | 35.84% |
| 2021-09-30 | 34.43% |
| 2021-06-30 | 36.85% |
| 2021-03-31 | 38.50% |
| 2020-12-31 | 40.81% |
| 2020-09-30 | 34.87% |
| 2020-06-30 | 29.83% |
| 2020-03-31 | 27.53% |
| 2019-12-31 | 30.04% |
| 2019-09-30 | 31.40% |
| 2019-06-30 | 36.72% |
| 2019-03-31 | 37.50% |
| 2018-12-31 | 26.91% |
| 2018-09-30 | 31.53% |
| 2018-06-30 | 26.59% |
| 2018-03-31 | 23.23% |
| 2017-12-31 | 26.18% |
| 2017-09-30 | 20.97% |
| 2017-06-30 | 21.49% |
| 2017-03-31 | 18.12% |
| 2016-12-31 | 28.66% |
| 2016-09-30 | 29.12% |
| 2016-06-30 | 85.97% |
| 2016-03-31 | 149.89% |
| 2015-12-31 | 105.81% |
| 2015-09-30 | 117.73% |
| 2015-06-30 | 54.44% |
| 2015-03-31 | 63.05% |
| 2014-12-31 | 54.26% |
| 2014-09-30 | 52.81% |
| 2014-06-30 | 72.04% |
| 2014-03-31 | 60.75% |
| 2013-12-31 | 61.15% |
| 2013-09-30 | 61.76% |
| 2013-06-30 | 59.59% |
| 2013-03-31 | 47.05% |
| 2012-12-31 | 41.34% |
| 2012-09-30 | 37.13% |
| 2012-06-30 | 33.36% |
| 2012-03-31 | 37.92% |
| 2011-12-31 | 38.18% |
| 2011-09-30 | 36.00% |
| 2011-06-30 | 34.22% |
| 2011-03-31 | 32.07% |
| 2010-12-31 | 33.73% |
| 2010-09-30 | 34.23% |
| 2010-06-30 | 36.19% |
| 2010-03-31 | 34.40% |
| 2009-12-31 | 33.35% |
| 2009-09-30 | 38.85% |
| 2009-06-30 | 51.67% |
| 2009-03-31 | 39.94% |
| 2008-12-31 | 34.98% |
| 2008-09-30 | 29.33% |
| 2008-06-30 | 24.41% |
| 2008-03-31 | 27.24% |
| 2007-12-31 | 43.65% |
| 2007-09-30 | 35.19% |
| 2007-06-30 | 28.91% |
| 2007-03-31 | 24.58% |
| 2006-12-31 | 21.97% |
| 2006-09-30 | 31.40% |
| 2006-06-30 | 31.81% |
| 2006-03-31 | 32.18% |
| 2004-12-31 | 43.92% |
| 2004-09-30 | 50.99% |
| 2004-06-30 | 43.18% |
| 2004-03-31 | 51.94% |
| 2003-12-31 | 54.40% |
| 2003-09-30 | 56.24% |
| 2003-06-30 | 62.75% |
| 2003-03-31 | 91.08% |
| 2022 |
| $576.00M |
| $573.00M |
| 99.5% |
| 2021 | $1.53B | $530.00M | 34.6% |
| 2020 | $1.16B | $473.00M | 40.8% |
| 2019 | $1.41B | $423.00M | 30.0% |
| 2018 | $1.36B | $376.00M | 27.7% |
| 2017 | $1.10B | $315.00M | 28.7% |
| 2016 | $935.00M | $268.00M | 28.7% |
| 2015 | $860.00M | $910.00M | 105.8% |
| 2014 | $2.29B | $1.09B | 47.8% |
| 2013 | $2.49B | $1.02B | 41.1% |
| 2012 | $1.95B | $804.00M | 41.3% |
| 2011 | $1.86B | $709.00M | 38.2% |
| 2010 | $2.04B | $688.00M | 33.7% |
| 2009 | $1.90B | $632.00M | 33.4% |
| 2008 | $1.56B | $546.00M | 35.0% |
| 2007 | $1.61B | $704.00M | 43.6% |
| 2006 | $1.66B | $364.00M | 22.0% |
| 2005 | $1.11B | $359.00M | 32.5% |
| 2004 | $822.00M | $361.00M | 43.9% |
| 2003 | $636.00M | $346.00M | 54.4% |
| 2002 | $345.00M | $349.00M | 101.2% |
| 2001 | $327.00M | $341.00M | 104.3% |
| 2000 | $491.00M | $84.00M | 17.1% |
| 1999 | $452.00M | $338.00M | 74.8% |
| 1998 | $383.00M | $331.00M | 86.4% |
| 1997 | $104.00M | $316.00M | 303.8% |
| 1996 | $395.00M | $320.00M | 81.0% |
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.
