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 64.41% is in line with its 5-year average of 65.62%, around the middle of its 5-year range (49.84%–75.43%).
As of the fiscal period ended Tuesday, June 30, 2026. 10.03% above its 12-month average of 58.54%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
64.41%
FCF PAYOUT RATIO AVG TTM
58.54%
FCF PAYOUT RATIO AVG 3Y
65.50%
FCF PAYOUT RATIO AVG 5Y
65.62%
FCF PAYOUT RATIO AVG 10Y
64.91%
FCF PAYOUT RATIO AVG 15Y
67.59%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+10.03%
CURRENT VS 3Y AVG
-1.66%
CURRENT VS 5Y AVG
-1.84%
CURRENT VS 10Y AVG
-0.76%
CURRENT VS 15Y AVG
-4.70%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
64.4%
Earnings Payout Ratio
68.5%
Dividend Yield
5.76%
FCF Yield
15.70%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.79B | $6.89B | 88.5% |
| 2024 | $11.91B | $6.52B | 54.8% |
| 2023 | $13.05B | $6.51B | 49.9% |
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 | 64.41% |
| 2025-12-31 | 61.38% |
| 2025-06-30 | 49.84% |
| 2024-12-31 | 58.46% |
| 2024-06-30 | 75.19% |
| 2023-12-31 | 73.82% |
| 2023-06-30 | 75.43% |
| 2022-12-31 | 69.58% |
| 2022-06-30 | 61.34% |
| 2021-12-31 | 64.67% |
| 2021-06-30 | 67.70% |
| 2020-12-31 | 65.81% |
| 2020-06-30 | 60.56% |
| 2019-12-31 | 55.06% |
| 2019-06-30 | 56.76% |
| 2018-12-31 | 55.50% |
| 2018-06-30 | 58.11% |
| 2017-12-31 | 75.03% |
| 2017-06-30 | 69.23% |
| 2016-12-31 | 70.47% |
| 2016-06-30 | 74.75% |
| 2015-12-31 | 76.40% |
| 2015-06-30 | 77.01% |
| 2014-12-31 | 75.64% |
| 2014-06-30 | 84.31% |
| 2013-12-31 | 66.44% |
| 2013-06-30 | 82.66% |
| 2012-12-31 | 69.10% |
| 2012-06-30 | 67.95% |
| 2011-12-31 | 66.74% |
| 2011-06-30 | 66.03% |
| 2010-12-31 | 65.21% |
| 2010-06-30 | 39.97% |
| 2009-12-31 | 44.14% |
| 2009-06-30 | 21.52% |
| 2022 |
| $11.93B |
| $5.94B |
| 49.8% |
| 2021 | $12.44B | $6.64B | 53.4% |
| 2020 | $12.67B | $6.48B | 51.2% |
| 2019 | $11.04B | $6.09B | 55.2% |
| 2018 | $12.15B | $5.54B | 45.6% |
| 2017 | $6.15B | $4.68B | 76.1% |
| 2016 | $4.96B | $3.59B | 72.3% |
| 2015 | $6.24B | $4.08B | 65.4% |
| 2014 | $4.96B | $4.22B | 85.1% |
| 2013 | $6.40B | $4.33B | 67.6% |
| 2012 | $6.12B | $4.13B | 67.4% |
| 2011 | $5.16B | $3.67B | 71.0% |
| 2010 | $5.23B | $3.26B | 62.4% |
| 2009 | $4.24B | $2.91B | 68.6% |
| 2008 | $4.15B | $2.03B | 48.8% |
| 2007 | $3.53B | $2.38B | 67.3% |
| 2006 | $2.84B | $2.25B | 79.0% |
| 2005 | $2.79B | $1.79B | 64.3% |
| 2004 | $1.93B | $1.64B | 85.2% |
| 2003 | $1.39B | $1.38B | 99.2% |
| 2002 | $768.02M | $1.14M | 0.1% |
| 2001 | $1.05B | $0 | 0.0% |
| 2000 | $1.07B | $0 | 0.0% |
| 1999 | $1.33B | $0 | 0.0% |
| 1998 | ($329.35M) | $0 | N/A (Loss) |
| 1997 | ($21.48M) | $0 | N/A (Loss) |
| 1996 | $196.95M | $0 | 0.0% |
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.
