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 44.54% is 22% above its 5-year average of 36.58%, near the high end of its 5-year range (28.86%–44.54%).
As of the fiscal period ended Tuesday, June 30, 2026. 15.35% above its 12-month average of 38.61%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
44.54%
FCF PAYOUT RATIO AVG TTM
38.61%
FCF PAYOUT RATIO AVG 3Y
38.23%
FCF PAYOUT RATIO AVG 5Y
36.58%
FCF PAYOUT RATIO AVG 10Y
40.74%
FCF PAYOUT RATIO AVG 15Y
47.19%
FCF PAYOUT RATIO AVG 20Y
62.07%
CURRENT VS TTM AVG
+15.35%
CURRENT VS 3Y AVG
+16.50%
CURRENT VS 5Y AVG
+21.75%
CURRENT VS 10Y AVG
+9.31%
CURRENT VS 15Y AVG
-5.62%
CURRENT VS 20Y AVG
-28.25%
FCF Payout Ratio TTM
44.5%
Earnings Payout Ratio
55.3%
Dividend Yield
3.76%
FCF Yield
8.36%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $12.85B | $5.04B | 39.3% |
| 2024 | $13.94B | $4.86B | 34.9% |
| 2023 | $12.65B | $4.74B | 37.5% |
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 |
|---|---|
| 2026-06-30 | 44.54% |
| 2026-03-31 | 42.58% |
| 2025-12-31 | 39.28% |
| 2025-09-30 | 32.68% |
| 2025-06-30 | 33.98% |
| 2025-03-31 | 37.51% |
| 2024-12-31 | 34.88% |
| 2024-09-30 | 34.81% |
| 2024-06-30 | 36.93% |
| 2024-03-31 | 38.05% |
| 2023-12-31 | 37.50% |
| 2023-09-30 | 40.46% |
| 2023-06-30 | 43.77% |
| 2023-03-31 | 41.92% |
| 2022-12-31 | 38.78% |
| 2022-09-30 | 36.06% |
| 2022-06-30 | 31.68% |
| 2022-03-31 | 29.54% |
| 2021-12-31 | 28.86% |
| 2021-09-30 | 29.01% |
| 2021-06-30 | 35.36% |
| 2021-03-31 | 30.83% |
| 2020-12-31 | 29.93% |
| 2020-09-30 | 30.98% |
| 2020-06-30 | 27.53% |
| 2020-03-31 | 30.90% |
| 2019-12-31 | 37.05% |
| 2019-09-30 | 35.13% |
| 2019-06-30 | 42.19% |
| 2019-03-31 | 50.18% |
| 2018-12-31 | 52.38% |
| 2018-09-30 | 70.00% |
| 2018-06-30 | 62.94% |
| 2018-03-31 | 56.15% |
| 2017-12-31 | 61.07% |
| 2017-09-30 | 58.29% |
| 2017-06-30 | 63.81% |
| 2017-03-31 | 89.30% |
| 2016-12-31 | 139.33% |
| 2016-09-30 | 230.63% |
| 2016-06-30 | 775.00% |
| 2015-12-31 | 244.76% |
| 2015-09-30 | 230.27% |
| 2015-06-30 | 154.93% |
| 2015-03-31 | 92.46% |
| 2014-12-31 | 91.46% |
| 2014-09-30 | 68.88% |
| 2014-06-30 | 65.76% |
| 2014-03-31 | 57.63% |
| 2013-12-31 | 76.76% |
| 2013-09-30 | 93.25% |
| 2013-06-30 | 38.26% |
| 2013-03-31 | 40.94% |
| 2012-12-31 | 35.76% |
| 2012-09-30 | 31.89% |
| 2012-06-30 | 52.57% |
| 2012-03-31 | 52.37% |
| 2011-12-31 | 50.39% |
| 2011-09-30 | 49.74% |
| 2011-06-30 | 53.21% |
| 2011-03-31 | 53.55% |
| 2010-12-31 | 54.14% |
| 2010-09-30 | 60.85% |
| 2010-06-30 | 62.72% |
| 2010-03-31 | 70.72% |
| 2009-12-31 | 74.45% |
| 2009-09-30 | 109.04% |
| 2009-06-30 | 110.90% |
| 2009-03-31 | 98.88% |
| 2008-12-31 | 88.97% |
| 2008-09-30 | 78.27% |
| 2008-06-30 | 100.82% |
| 2008-03-31 | 100.13% |
| 2007-12-31 | 95.80% |
| 2007-09-30 | 115.35% |
| 2007-06-30 | 102.65% |
| 2007-03-31 | 111.61% |
| 2006-12-31 | 170.47% |
| 2006-09-30 | 153.67% |
| 2006-06-30 | 174.27% |
| 2006-03-31 | 580.90% |
| 2005-12-31 | 199.09% |
| 2005-09-30 | 150.14% |
| 2005-06-30 | 188.08% |
| 2005-03-31 | 106.09% |
| 2004-12-31 | 91.85% |
| 2004-09-30 | 80.87% |
| 2004-06-30 | 69.77% |
| 2004-03-31 | 64.40% |
| 2003-12-31 | 90.42% |
| 2003-09-30 | 107.91% |
| 2003-06-30 | 108.08% |
| 2022 |
| $11.95B |
| $4.63B |
| 38.8% |
| 2021 | $15.23B | $4.40B | 28.9% |
| 2020 | $13.30B | $4.08B | 30.6% |
| 2019 | $7.37B | $2.68B | 36.3% |
| 2018 | $6.12B | $2.61B | 42.7% |
| 2017 | $4.22B | $2.58B | 61.1% |
| 2016 | $1.84B | $2.55B | 138.2% |
| 2015 | $1.28B | $2.48B | 192.8% |
| 2014 | $2.62B | $2.40B | 91.5% |
| 2013 | $3.01B | $2.31B | 76.8% |
| 2012 | $6.39B | $2.29B | 35.8% |
| 2011 | $4.47B | $2.25B | 50.4% |
| 2010 | $4.07B | $2.20B | 54.1% |
| 2009 | $3.33B | $2.48B | 74.5% |
| 2008 | $2.77B | $2.46B | 89.0% |
| 2007 | $2.31B | $2.21B | 95.8% |
| 2006 | $1.29B | $2.20B | 170.5% |
| 2005 | $1.07B | $2.19B | 204.7% |
| 2004 | $2.37B | $2.17B | 91.8% |
| 2003 | $2.52B | $2.17B | 86.0% |
| 2002 | ($237.00M) | $2.17B | N/A (Loss) |
| 2001 | $4.38B | $2.14B | 48.8% |
| 2000 | $4.06B | $1.93B | 47.5% |
| 1999 | $3.52B | $1.71B | 48.6% |
| 1998 | $2.99B | $1.55B | 51.8% |
| 1997 | $1.71B | $1.51B | 88.6% |
| 1996 | $2.04B | $1.51B | 73.9% |
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.
