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 32.18% is in line with its 5-year average of 34.78%, near the low end of its 5-year range (27.28%–50.19%).
As of the fiscal period ended Wednesday, December 31, 2025. 5.03% above its 12-month average of 30.64%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
32.18%
FCF PAYOUT RATIO AVG TTM
30.64%
FCF PAYOUT RATIO AVG 3Y
32.57%
FCF PAYOUT RATIO AVG 5Y
34.78%
FCF PAYOUT RATIO AVG 10Y
60.79%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+5.03%
CURRENT VS 3Y AVG
-1.19%
CURRENT VS 5Y AVG
-7.49%
CURRENT VS 10Y AVG
-47.06%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
32.2%
Earnings Payout Ratio
39.0%
Dividend Yield
1.65%
FCF Yield
13.85%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $11.26B | $4.56B | 40.5% |
| 2024 | $11.17B | $2.67B | 23.9% |
| 2023 | $8.64B | $3.02B | 34.9% |
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 |
|---|---|
| 2025-12-31 | 32.18% |
| 2025-06-30 | 31.04% |
| 2024-12-31 | 28.69% |
| 2024-06-30 | 36.40% |
| 2023-12-31 | 33.28% |
| 2023-06-30 | 37.64% |
| 2022-12-31 | 28.73% |
| 2022-06-30 | 27.28% |
| 2021-12-31 | 27.54% |
| 2021-06-30 | 49.65% |
| 2020-12-31 | 50.19% |
| 2020-06-30 | 62.06% |
| 2019-12-31 | 79.55% |
| 2019-06-30 | 73.75% |
| 2018-12-31 | 76.68% |
| 2018-06-30 | 106.52% |
| 2017-12-31 | 94.64% |
| 2017-06-30 | 112.59% |
| 2016-12-31 | 113.19% |
| 2016-06-30 | 94.52% |
| 2015-12-31 | 80.36% |
| 2015-06-30 | 74.67% |
| 2014-12-31 | 69.15% |
| 2014-06-30 | 59.23% |
| 2013-12-31 | 49.43% |
| 2022 |
| $7.77B |
| $2.44B |
| 31.5% |
| 2021 | $8.95B | $2.36B | 26.4% |
| 2020 | $6.20B | $1.81B | 29.2% |
| 2019 | $7.38B | $5.01B | 68.0% |
| 2018 | $8.65B | $7.75B | 89.6% |
| 2017 | $10.80B | $9.37B | 86.8% |
| 2016 | $5.12B | $8.43B | 164.7% |
| 2015 | $9.33B | $7.93B | 85.0% |
| 2014 | $9.71B | $7.37B | 75.9% |
| 2013 | $10.01B | $6.27B | 62.6% |
| 2012 | $10.06B | $3.65B | 36.3% |
| 2011 | $9.17B | $3.11B | 33.9% |
| 2010 | $7.55B | $1.92B | 25.4% |
| 2009 | $7.44B | $1.32B | 17.7% |
| 2008 | $3.50B | $3.06B | 87.2% |
| 2007 | $3.54B | $1.05B | 29.8% |
| 2006 | $2.54B | $774.46M | 30.5% |
| 2005 | $1.55B | $704.00M | 45.5% |
| 2004 | $710.34M | $310.43M | 43.7% |
| 2003 | $591.92M | $211.58M | 35.7% |
| 2002 | $459.62M | $149.01M | 32.4% |
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.
