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 44.15% is 16% above its 5-year average of 38.14%, near the high end of its 5-year range (26.29%–45.52%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.35% above its 12-month average of 43.14%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
44.15%
FCF PAYOUT RATIO AVG TTM
43.14%
FCF PAYOUT RATIO AVG 3Y
41.61%
FCF PAYOUT RATIO AVG 5Y
38.14%
FCF PAYOUT RATIO AVG 10Y
39.13%
FCF PAYOUT RATIO AVG 15Y
37.94%
FCF PAYOUT RATIO AVG 20Y
31.12%
CURRENT VS TTM AVG
+2.35%
CURRENT VS 3Y AVG
+6.10%
CURRENT VS 5Y AVG
+15.75%
CURRENT VS 10Y AVG
+12.83%
CURRENT VS 15Y AVG
+16.36%
CURRENT VS 20Y AVG
+41.89%
FCF Payout Ratio TTM
44.2%
Earnings Payout Ratio
47.3%
Dividend Yield
2.08%
FCF Yield
5.20%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.59B | $1.05B | 40.4% |
| 2024 | $2.35B | $942.30M | 40.1% |
| 2023 | $2.36B | $928.25M | 39.4% |
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 | 44.15% |
| 2025-12-31 | 42.12% |
| 2025-06-27 | 45.52% |
| 2024-12-31 | 39.75% |
| 2024-06-30 | 44.12% |
| 2023-12-31 | 36.00% |
| 2023-06-30 | 39.62% |
| 2022-12-31 | 34.02% |
| 2022-07-01 | 31.26% |
| 2021-12-31 | 36.71% |
| 2021-06-30 | 26.29% |
| 2020-12-31 | 43.84% |
| 2020-06-26 | 40.20% |
| 2019-12-31 | 43.95% |
| 2019-06-28 | 38.48% |
| 2018-12-31 | 41.15% |
| 2018-06-29 | 38.49% |
| 2017-12-31 | 36.21% |
| 2017-06-30 | 41.22% |
| 2016-12-31 | 31.26% |
| 2016-07-01 | 34.50% |
| 2015-12-31 | 37.42% |
| 2015-07-03 | 34.92% |
| 2014-12-31 | 39.25% |
| 2014-06-27 | 50.07% |
| 2013-12-31 | 36.72% |
| 2013-06-28 | 31.99% |
| 2012-12-31 | 33.89% |
| 2012-06-30 | 27.24% |
| 2011-12-31 | 20.82% |
| 2011-06-30 | 15.87% |
| 2010-12-31 | 8.38% |
| 2010-06-30 | 10.37% |
| 2009-12-31 | 12.39% |
| 2009-06-30 | 14.82% |
| 2008-12-31 | 18.90% |
| 2008-06-30 | 17.57% |
| 2007-12-31 | 16.14% |
| 2007-06-30 | 14.70% |
| 2006-12-31 | 13.30% |
| 2006-06-30 | 12.13% |
| 2005-12-31 | 10.95% |
| 2005-06-30 | 10.93% |
| 2004-12-31 | 10.91% |
| 2004-06-30 | 18.18% |
| 2003-12-31 | 13.72% |
| 2003-06-30 | 18.60% |
| 2002-12-31 | 27.83% |
| 2002-06-30 | 16.38% |
| 2001-12-31 | 32.85% |
| 2001-06-30 | 43.86% |
| 2000-12-31 | 67.05% |
| 1997-12-31 | 14.18% |
| 1997-06-30 | 8.74% |
| 1996-12-31 | 4.93% |
| 1996-06-30 | 4.27% |
| 1995-12-31 | 3.41% |
| 1995-06-30 | 4.80% |
| 1994-12-31 | 6.13% |
| 1994-06-30 | 9.91% |
| 1993-12-31 | 17.48% |
| 1993-06-30 | 30.23% |
| 1992-12-31 | 256.62% |
| 1992-06-30 | 43.42% |
| 1991-12-31 | 33.23% |
| 2022 |
| $2.49B |
| $816.36M |
| 32.8% |
| 2021 | $2.01B | $726.27M | 36.1% |
| 2020 | $1.32B | $471.53M | 35.7% |
| 2019 | $1.36B | $642.29M | 47.2% |
| 2018 | $1.33B | $605.92M | 45.6% |
| 2017 | $1.14B | $551.41M | 48.5% |
| 2016 | $702.64M | $225.02M | 32.0% |
| 2015 | $624.00M | $279.48M | 44.8% |
| 2014 | $717.48M | $223.84M | 31.2% |
| 2013 | $520.25M | $213.10M | 41.0% |
| 2012 | $569.00M | $186.43M | 32.8% |
| 2011 | $485.94M | $161.98M | 33.3% |
| 2010 | $537.68M | $40.28M | 7.5% |
| 2009 | $1.70B | $147.05M | 8.6% |
| 2008 | $637.81M | $138.17M | 21.7% |
| 2007 | $717.63M | $116.10M | 16.2% |
| 2006 | $708.22M | $114.04M | 16.1% |
| 2005 | $716.70M | $75.97M | 10.6% |
| 2004 | $667.82M | $75.87M | 11.4% |
| 2003 | $706.01M | $74.00M | 10.5% |
| 2002 | $408.26M | $75.05M | 18.4% |
| 2001 | $142.54M | $72.27M | 50.7% |
| 2000 | $288.92M | $70.22M | 24.3% |
| 1999 | ($78.09M) | $70.08M | N/A (Loss) |
| 1998 | ($605.47M) | $58.04M | N/A (Loss) |
| 1997 | ($24.92M) | $32.90M | N/A (Loss) |
| 1996 | $394.68M | $19.53M | 4.9% |
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.
