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 68.43% is in line with its 5-year average of 65.16%, around the middle of its 5-year range (40.51%–98.52%).
As of the fiscal period ended Sunday, May 31, 2026. 3.24% below its 12-month average of 70.72%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
68.43%
FCF PAYOUT RATIO AVG TTM
70.72%
FCF PAYOUT RATIO AVG 3Y
60.71%
FCF PAYOUT RATIO AVG 5Y
65.16%
FCF PAYOUT RATIO AVG 10Y
54.79%
FCF PAYOUT RATIO AVG 15Y
51.70%
FCF PAYOUT RATIO AVG 20Y
51.33%
CURRENT VS TTM AVG
-3.24%
CURRENT VS 3Y AVG
+12.70%
CURRENT VS 5Y AVG
+5.01%
CURRENT VS 10Y AVG
+24.88%
CURRENT VS 15Y AVG
+32.35%
CURRENT VS 20Y AVG
+33.32%
FCF Payout Ratio TTM
68.4%
Earnings Payout Ratio
N/A
Dividend Yield
7.91%
FCF Yield
13.19%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $978.70M | $669.70M | 68.4% |
| 2025 | $1.30B | $669.20M | 51.4% |
| 2024 | $1.63B | $659.30M | 40.5% |
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 |
|---|---|
| 2026-05-31 | 68.43% |
| 2026-02-22 | 79.48% |
| 2025-11-23 | 76.32% |
| 2025-08-24 | 58.64% |
| 2025-05-25 | 51.37% |
| 2025-02-23 | 46.24% |
| 2024-11-24 | 43.89% |
| 2024-08-25 | 45.74% |
| 2024-05-26 | 40.51% |
| 2024-02-25 | 45.77% |
| 2023-11-26 | 54.96% |
| 2023-08-27 | 79.42% |
| 2023-05-31 | 98.52% |
| 2023-02-26 | 81.04% |
| 2022-11-27 | 74.40% |
| 2022-08-28 | 69.23% |
| 2022-05-31 | 81.61% |
| 2022-02-27 | 83.45% |
| 2021-11-28 | 77.71% |
| 2021-08-29 | 62.31% |
| 2021-05-31 | 49.35% |
| 2021-02-28 | 29.58% |
| 2020-11-29 | 27.82% |
| 2020-08-30 | 27.37% |
| 2020-05-31 | 28.08% |
| 2020-02-23 | 46.26% |
| 2019-11-24 | 44.68% |
| 2019-08-25 | 43.57% |
| 2019-05-31 | 46.12% |
| 2019-02-24 | 60.68% |
| 2018-11-25 | 63.12% |
| 2018-08-26 | 55.36% |
| 2018-05-31 | 48.72% |
| 2018-02-25 | 37.71% |
| 2017-11-26 | 45.51% |
| 2017-08-27 | 47.51% |
| 2017-05-31 | 44.46% |
| 2017-02-26 | 41.70% |
| 2016-11-27 | 41.21% |
| 2016-08-28 | 42.33% |
| 2016-05-31 | 56.37% |
| 2016-02-28 | 43.41% |
| 2015-11-29 | 46.37% |
| 2015-08-30 | 51.10% |
| 2015-05-31 | 42.15% |
| 2015-02-22 | 47.14% |
| 2014-11-23 | 44.92% |
| 2014-08-24 | 38.87% |
| 2014-05-31 | 44.41% |
| 2014-02-23 | 45.24% |
| 2013-11-24 | 47.57% |
| 2013-08-25 | 57.54% |
| 2013-05-31 | 42.24% |
| 2013-02-24 | 59.38% |
| 2012-11-25 | 63.42% |
| 2012-08-26 | 59.55% |
| 2012-05-31 | 59.53% |
| 2012-02-26 | 50.12% |
| 2011-11-27 | 35.01% |
| 2011-08-28 | 33.78% |
| 2011-05-31 | 42.26% |
| 2011-02-27 | 43.56% |
| 2010-11-28 | 51.86% |
| 2010-08-29 | 42.41% |
| 2010-05-31 | 35.03% |
| 2010-02-28 | 30.53% |
| 2009-11-29 | 36.68% |
| 2009-08-30 | 99.53% |
| 2007-05-31 | 86.24% |
| 2007-02-25 | 313.42% |
| 2006-11-26 | 131.22% |
| 2006-08-27 | 42.95% |
| 2006-05-31 | 70.32% |
| 2006-02-26 | 57.35% |
| 2005-11-27 | 60.19% |
| 2005-08-28 | 80.17% |
| 2005-05-31 | 67.81% |
| 2005-02-27 | 253.53% |
| 2004-11-28 | 202.87% |
| 2004-08-29 | 450.75% |
| 2004-05-31 | 247.21% |
| 2004-02-22 | 62.64% |
| 2003-11-23 | 41.17% |
| 2003-08-24 | 31.94% |
| 2003-05-31 | 148.67% |
| 2023 |
| $633.20M |
| $623.80M |
| 98.5% |
| 2022 | $712.90M | $581.80M | 81.6% |
| 2021 | $961.70M | $474.60M | 49.4% |
| 2020 | $1.47B | $413.60M | 28.1% |
| 2019 | $772.40M | $356.20M | 46.1% |
| 2018 | $702.60M | $342.30M | 48.7% |
| 2017 | $933.40M | $415.00M | 44.5% |
| 2016 | $767.20M | $432.50M | 56.4% |
| 2015 | $1.01B | $425.20M | 42.2% |
| 2014 | $947.80M | $420.90M | 44.4% |
| 2013 | $949.00M | $400.70M | 42.2% |
| 2012 | $652.80M | $388.60M | 59.5% |
| 2011 | $886.10M | $374.50M | 42.3% |
| 2010 | $989.80M | $346.70M | 35.0% |
| 2009 | ($317.90M) | $348.20M | N/A (Loss) |
| 2008 | ($387.70M) | $362.30M | N/A (Loss) |
| 2007 | $425.20M | $366.70M | 86.2% |
| 2006 | $803.90M | $565.30M | 70.3% |
| 2005 | $811.50M | $550.30M | 67.8% |
| 2004 | $217.10M | $536.70M | 247.2% |
| 2003 | $342.50M | $509.20M | 148.7% |
| 2002 | $1.82B | $482.90M | 26.5% |
| 2001 | ($435.10M) | $452.40M | N/A (Loss) |
| 2000 | $151.70M | $375.00M | 247.2% |
| 1999 | $95.30M | $312.40M | 327.8% |
| 1998 | ($26.70M) | $263.20M | N/A (Loss) |
| 1997 | $268.20M | $229.90M | 85.7% |
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.
