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 37.71% is 22% below its 5-year average of 48.16%, near the low end of its 5-year range (24.82%–95.83%).
As of the fiscal period ended Tuesday, March 31, 2026. 13.61% below its 12-month average of 43.66%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
37.71%
FCF PAYOUT RATIO AVG TTM
43.66%
FCF PAYOUT RATIO AVG 3Y
41.56%
FCF PAYOUT RATIO AVG 5Y
45.78%
FCF PAYOUT RATIO AVG 10Y
40.92%
FCF PAYOUT RATIO AVG 15Y
39.07%
FCF PAYOUT RATIO AVG 20Y
35.33%
CURRENT VS TTM AVG
-13.61%
CURRENT VS 3Y AVG
-9.26%
CURRENT VS 5Y AVG
-17.61%
CURRENT VS 10Y AVG
-7.82%
CURRENT VS 15Y AVG
-3.47%
CURRENT VS 20Y AVG
+6.76%
FCF Payout Ratio TTM
37.7%
Earnings Payout Ratio
64.1%
Dividend Yield
2.36%
FCF Yield
7.05%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.67B | $1.20B | 44.8% |
| 2024 | $3.07B | $1.10B | 35.8% |
| 2023 | $2.12B | $1.11B | 52.7% |
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 | 37.71% |
| 2025-12-31 | 45.34% |
| 2025-09-30 | 44.79% |
| 2025-06-30 | 46.04% |
| 2025-03-31 | 44.40% |
| 2024-12-31 | 38.39% |
| 2024-09-30 | 35.80% |
| 2024-06-30 | 33.83% |
| 2024-03-31 | 36.38% |
| 2023-12-31 | 41.84% |
| 2023-09-30 | 52.67% |
| 2023-06-30 | 64.31% |
| 2023-03-31 | 95.83% |
| 2022-12-31 | 79.94% |
| 2022-09-30 | 65.18% |
| 2022-06-30 | 71.88% |
| 2022-03-31 | 55.93% |
| 2021-12-31 | 40.34% |
| 2021-09-30 | 30.68% |
| 2021-06-30 | 24.82% |
| 2021-03-31 | 25.28% |
| 2020-12-31 | 29.87% |
| 2020-09-30 | 37.60% |
| 2020-06-30 | 41.26% |
| 2020-03-31 | 39.79% |
| 2019-12-31 | 34.98% |
| 2019-09-30 | 41.50% |
| 2019-06-30 | 41.42% |
| 2019-03-31 | 48.26% |
| 2018-12-31 | 50.47% |
| 2018-09-30 | 47.06% |
| 2018-06-30 | 48.23% |
| 2018-03-31 | 48.39% |
| 2017-12-31 | 41.49% |
| 2017-09-30 | 37.14% |
| 2017-06-30 | 45.28% |
| 2017-03-31 | 31.97% |
| 2016-12-31 | 33.55% |
| 2016-09-30 | 30.53% |
| 2016-06-30 | 29.03% |
| 2016-03-31 | 33.27% |
| 2015-12-31 | 40.85% |
| 2015-09-30 | 44.25% |
| 2015-06-30 | 51.27% |
| 2015-03-31 | 54.30% |
| 2014-12-31 | 42.01% |
| 2014-09-30 | 38.59% |
| 2014-06-30 | 31.76% |
| 2014-03-31 | 32.96% |
| 2013-12-31 | 38.85% |
| 2013-09-30 | 42.03% |
| 2013-06-30 | 45.53% |
| 2013-03-31 | 35.23% |
| 2012-12-31 | 32.13% |
| 2012-09-30 | 30.47% |
| 2012-06-30 | 32.27% |
| 2012-03-31 | 36.89% |
| 2011-12-31 | 38.77% |
| 2011-09-30 | 32.52% |
| 2011-06-30 | 31.98% |
| 2011-03-31 | 29.89% |
| 2010-12-31 | 28.50% |
| 2010-09-30 | 31.09% |
| 2010-06-30 | 28.77% |
| 2010-03-31 | 28.38% |
| 2009-12-31 | 28.83% |
| 2009-09-30 | 31.18% |
| 2009-06-30 | 35.02% |
| 2009-03-31 | 33.43% |
| 2008-12-31 | 26.48% |
| 2008-09-30 | 13.43% |
| 2008-06-30 | 13.82% |
| 2008-03-31 | 15.32% |
| 2007-12-31 | 14.25% |
| 2007-09-30 | 18.09% |
| 2007-06-30 | 16.12% |
| 2007-03-31 | 16.15% |
| 2006-12-31 | 16.09% |
| 2006-09-30 | 17.79% |
| 2006-06-30 | 13.92% |
| 2006-03-31 | 11.54% |
| 2005-12-31 | 22.48% |
| 2005-09-30 | 20.06% |
| 2005-06-30 | 22.16% |
| 2005-03-31 | 22.20% |
| 2004-12-31 | 17.56% |
| 2004-09-30 | 18.32% |
| 2004-06-30 | 14.70% |
| 2004-03-31 | 14.49% |
| 2003-12-31 | 13.96% |
| 2003-09-30 | 16.16% |
| 2003-06-30 | 18.98% |
| 2003-03-31 | 17.79% |
| 2022 |
| $1.66B |
| $1.08B |
| 65.2% |
| 2021 | $3.42B | $1.05B | 30.7% |
| 2020 | $2.73B | $1.03B | 37.6% |
| 2019 | $2.37B | $984.00M | 41.5% |
| 2018 | $1.97B | $927.00M | 47.1% |
| 2017 | $1.82B | $677.00M | 37.1% |
| 2016 | $1.84B | $562.00M | 30.5% |
| 2015 | $1.10B | $485.00M | 44.3% |
| 2014 | $1.09B | $421.00M | 38.6% |
| 2013 | $919.00M | $386.00M | 42.0% |
| 2012 | $1.21B | $367.61M | 30.5% |
| 2011 | $1.11B | $361.20M | 32.5% |
| 2010 | $1.11B | $345.71M | 31.1% |
| 2009 | $1.02B | $316.88M | 31.2% |
| 2008 | $1.04B | $278.51M | 26.9% |
| 2007 | $661.71M | $239.81M | 36.2% |
| 2006 | $594.30M | $212.43M | 35.7% |
| 2005 | $908.55M | $182.24M | 20.1% |
| 2004 | $831.82M | $152.38M | 18.3% |
| 2003 | $644.66M | $104.15M | 16.2% |
| 2002 | $576.33M | $102.46M | 17.8% |
| 2001 | $407.89M | $101.33M | 24.8% |
| 2000 | $239.12M | $95.75M | 40.0% |
| 1999 | ($254.00M) | $88.10M | N/A (Loss) |
| 1998 | ($217.10M) | $75.30M | N/A (Loss) |
| 1997 | $71.60M | $67.20M | 93.9% |
| 1996 | $298.00M | $61.70M | 20.7% |
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.
