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 34.69% is 31% below its 5-year average of 50.36%, near the low end of its 5-year range (31.15%–95.89%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.14% above its 12-month average of 33.63%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
34.69%
FCF PAYOUT RATIO AVG TTM
33.63%
FCF PAYOUT RATIO AVG 3Y
36.92%
FCF PAYOUT RATIO AVG 5Y
50.36%
FCF PAYOUT RATIO AVG 10Y
46.14%
FCF PAYOUT RATIO AVG 15Y
40.50%
FCF PAYOUT RATIO AVG 20Y
37.93%
CURRENT VS TTM AVG
+3.14%
CURRENT VS 3Y AVG
-6.03%
CURRENT VS 5Y AVG
-31.12%
CURRENT VS 10Y AVG
-24.81%
CURRENT VS 15Y AVG
-14.33%
CURRENT VS 20Y AVG
-8.55%
FCF Payout Ratio TTM
34.7%
Earnings Payout Ratio
40.3%
Dividend Yield
2.48%
FCF Yield
7.04%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $1.28B | $443.50M | 34.7% |
| 2025 | $1.06B | $402.30M | 38.1% |
| 2024 | $943.20M | $368.20M | 39.0% |
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 | 34.69% |
| 2026-03-31 | 33.46% |
| 2025-12-31 | 31.15% |
| 2025-09-30 | 32.51% |
| 2025-06-30 | 36.35% |
| 2025-03-31 | 34.88% |
| 2024-12-31 | 40.65% |
| 2024-09-30 | 42.43% |
| 2024-06-30 | 38.64% |
| 2024-03-31 | 37.07% |
| 2023-12-31 | 36.36% |
| 2023-09-30 | 37.98% |
| 2023-06-30 | 43.77% |
| 2023-03-31 | 64.87% |
| 2022-12-31 | 79.89% |
| 2022-09-30 | 95.89% |
| 2022-06-30 | 78.48% |
| 2022-03-31 | 80.07% |
| 2021-12-31 | 71.63% |
| 2021-09-30 | 58.36% |
| 2021-06-30 | 48.52% |
| 2021-03-31 | 47.96% |
| 2020-12-31 | 44.77% |
| 2020-09-30 | 46.06% |
| 2020-06-30 | 48.25% |
| 2020-03-31 | 51.73% |
| 2019-12-31 | 60.56% |
| 2019-09-30 | 40.85% |
| 2019-06-30 | 38.80% |
| 2019-03-31 | 35.14% |
| 2018-12-31 | 30.71% |
| 2018-09-30 | 29.69% |
| 2018-06-30 | 29.84% |
| 2018-03-31 | 34.11% |
| 2017-12-31 | 29.98% |
| 2017-09-30 | 41.22% |
| 2017-06-30 | 48.75% |
| 2017-03-31 | 57.27% |
| 2016-12-31 | 63.23% |
| 2016-09-30 | 66.71% |
| 2016-06-30 | 38.16% |
| 2016-03-31 | 39.26% |
| 2015-12-31 | 41.79% |
| 2015-09-30 | 41.21% |
| 2015-06-30 | 33.47% |
| 2015-03-31 | 36.42% |
| 2014-12-31 | 32.75% |
| 2014-09-30 | 27.68% |
| 2014-06-30 | 28.93% |
| 2014-03-31 | 28.47% |
| 2013-12-31 | 39.89% |
| 2013-09-30 | 38.67% |
| 2013-06-30 | 39.00% |
| 2013-03-31 | 41.23% |
| 2012-12-31 | 27.63% |
| 2012-09-30 | 40.54% |
| 2012-06-30 | 32.88% |
| 2012-03-31 | 35.93% |
| 2011-12-31 | 45.27% |
| 2011-09-30 | 36.56% |
| 2011-06-30 | 44.79% |
| 2011-03-31 | 25.83% |
| 2010-12-31 | 86.98% |
| 2010-09-30 | 17.73% |
| 2010-06-30 | 15.12% |
| 2010-03-31 | 27.89% |
| 2009-12-31 | 11.08% |
| 2009-09-30 | 6.87% |
| 2009-06-30 | 11.52% |
| 2009-03-31 | 10.72% |
| 2008-12-31 | 3.90% |
| 2008-09-30 | 40.10% |
| 2008-06-30 | 7.63% |
| 2008-03-31 | 5.07% |
| 2007-09-30 | 4.15% |
| 2023 |
| $748.10M |
| $331.00M |
| 44.2% |
| 2022 | $370.40M | $290.70M | 78.5% |
| 2021 | $539.40M | $261.70M | 48.5% |
| 2020 | $499.50M | $241.00M | 48.2% |
| 2019 | $544.40M | $211.20M | 38.8% |
| 2018 | $555.70M | $165.80M | 29.8% |
| 2017 | $312.20M | $152.20M | 48.8% |
| 2016 | $362.20M | $138.20M | 38.2% |
| 2015 | $365.40M | $122.30M | 33.5% |
| 2014 | $334.30M | $96.70M | 28.9% |
| 2013 | $220.00M | $85.80M | 39.0% |
| 2012 | $237.50M | $78.10M | 32.9% |
| 2011 | $167.00M | $74.80M | 44.8% |
| 2010 | $440.50M | $66.60M | 15.1% |
| 2009 | $328.90M | $37.90M | 11.5% |
| 2008 | $435.50M | $33.60M | 7.7% |
| 2007 | $122.60M | $0 | 0.0% |
| 2006 | $385.40M | $0 | 0.0% |
| 2005 | ($24.10M) | $0 | 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.
