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 48.69% is 17% below its 5-year average of 58.43%, near the low end of its 5-year range (47.38%–83.66%).
As of the fiscal period ended Tuesday, March 31, 2026. 5.26% below its 12-month average of 51.39%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.69%
FCF PAYOUT RATIO AVG TTM
51.39%
FCF PAYOUT RATIO AVG 3Y
50.67%
FCF PAYOUT RATIO AVG 5Y
58.43%
FCF PAYOUT RATIO AVG 10Y
58.04%
FCF PAYOUT RATIO AVG 15Y
56.52%
FCF PAYOUT RATIO AVG 20Y
53.76%
CURRENT VS TTM AVG
-5.26%
CURRENT VS 3Y AVG
-3.92%
CURRENT VS 5Y AVG
-16.68%
CURRENT VS 10Y AVG
-16.11%
CURRENT VS 15Y AVG
-13.86%
CURRENT VS 20Y AVG
-9.44%
FCF Payout Ratio TTM
48.7%
Earnings Payout Ratio
79.2%
Dividend Yield
2.30%
FCF Yield
5.15%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.63B | $1.82B | 50.2% |
| 2024 | $3.55B | $1.79B | 50.5% |
| 2023 | $3.04B | $1.75B | 57.5% |
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 |
|---|---|
| 2026-03-31 | 48.69% |
| 2025-12-31 | 50.17% |
| 2025-09-30 | 52.69% |
| 2025-06-30 | 53.47% |
| 2025-03-31 | 51.95% |
| 2024-12-31 | 50.45% |
| 2024-09-30 | 47.38% |
| 2024-06-30 | 47.62% |
| 2024-03-31 | 52.37% |
| 2023-12-31 | 51.94% |
| 2023-09-30 | 62.40% |
| 2023-06-30 | 67.44% |
| 2023-03-31 | 72.32% |
| 2022-12-31 | 83.66% |
| 2022-09-30 | 73.33% |
| 2022-06-30 | 71.18% |
| 2022-03-31 | 66.42% |
| 2021-12-31 | 60.88% |
| 2021-09-30 | 57.54% |
| 2021-06-30 | 56.87% |
| 2021-03-31 | 48.33% |
| 2020-12-31 | 45.39% |
| 2020-09-30 | 48.57% |
| 2020-06-30 | 48.89% |
| 2020-03-31 | 54.95% |
| 2019-12-31 | 57.68% |
| 2019-09-30 | 59.95% |
| 2019-06-30 | 60.75% |
| 2019-03-31 | 60.43% |
| 2018-12-31 | 60.73% |
| 2018-09-30 | 64.24% |
| 2018-06-30 | 62.61% |
| 2018-03-31 | 63.24% |
| 2017-12-31 | 61.14% |
| 2017-09-30 | 60.13% |
| 2017-06-30 | 59.56% |
| 2017-03-31 | 57.79% |
| 2016-12-31 | 59.18% |
| 2016-09-30 | 59.71% |
| 2016-06-30 | 63.18% |
| 2016-03-31 | 69.86% |
| 2015-12-31 | 66.12% |
| 2015-09-30 | 64.99% |
| 2015-06-30 | 61.15% |
| 2015-03-31 | 58.50% |
| 2014-12-31 | 56.91% |
| 2014-09-30 | 53.96% |
| 2014-06-30 | 56.15% |
| 2014-03-31 | 56.25% |
| 2013-12-31 | 54.54% |
| 2013-09-30 | 49.11% |
| 2013-06-30 | 48.32% |
| 2013-03-31 | 47.53% |
| 2012-12-31 | 48.54% |
| 2012-09-30 | 53.40% |
| 2012-06-30 | 50.45% |
| 2012-03-31 | 51.72% |
| 2011-12-31 | 51.00% |
| 2011-09-30 | 48.12% |
| 2011-06-30 | 47.75% |
| 2011-03-31 | 45.23% |
| 2010-12-31 | 42.92% |
| 2010-09-30 | 41.67% |
| 2010-06-30 | 37.41% |
| 2010-03-31 | 36.54% |
| 2009-12-31 | 36.31% |
| 2009-09-30 | 41.49% |
| 2009-06-30 | 50.65% |
| 2009-03-31 | 50.53% |
| 2008-12-31 | 53.67% |
| 2008-09-30 | 48.77% |
| 2008-06-30 | 45.67% |
| 2008-03-31 | 44.94% |
| 2007-12-31 | 46.25% |
| 2007-09-30 | 47.50% |
| 2007-06-30 | 47.94% |
| 2007-03-31 | 49.17% |
| 2006-12-31 | 50.39% |
| 2006-09-30 | 45.13% |
| 2006-06-30 | 46.63% |
| 2006-03-31 | 46.37% |
| 2005-12-31 | 43.52% |
| 2005-09-30 | 40.92% |
| 2005-06-30 | 38.56% |
| 2005-03-31 | 37.03% |
| 2004-12-31 | 38.13% |
| 2004-09-30 | 38.29% |
| 2004-06-30 | 38.93% |
| 2004-03-31 | 36.54% |
| 2003-12-31 | 34.58% |
| 2003-09-30 | 35.89% |
| 2003-06-30 | 34.07% |
| 2003-03-31 | 31.32% |
| 2022 |
| $1.86B |
| $1.69B |
| 90.9% |
| 2021 | $2.76B | $1.68B | 60.9% |
| 2020 | $3.31B | $1.50B | 45.4% |
| 2019 | $2.80B | $1.61B | 57.7% |
| 2018 | $2.62B | $1.59B | 60.7% |
| 2017 | $2.50B | $1.53B | 61.1% |
| 2016 | $2.55B | $1.51B | 59.2% |
| 2015 | $2.26B | $1.49B | 66.1% |
| 2014 | $2.54B | $1.45B | 56.9% |
| 2013 | $2.53B | $1.38B | 54.5% |
| 2012 | $2.63B | $1.28B | 48.5% |
| 2011 | $2.36B | $1.20B | 51.0% |
| 2010 | $2.66B | $1.14B | 42.9% |
| 2009 | $2.70B | $981.00M | 36.3% |
| 2008 | $1.62B | $889.00M | 54.9% |
| 2007 | $1.62B | $749.60M | 46.3% |
| 2006 | $1.35B | $677.80M | 50.4% |
| 2005 | $1.40B | $607.20M | 43.5% |
| 2004 | $1.41B | $536.20M | 38.1% |
| 2003 | $1.47B | $506.80M | 34.6% |
| 2002 | $1.27B | $413.40M | 32.6% |
| 2001 | $1.16B | $396.70M | 34.1% |
| 2000 | $1.17B | $382.40M | 32.7% |
| 1999 | $875.80M | $366.00M | 41.8% |
| 1998 | $766.60M | $345.60M | 45.1% |
| 1997 | $619.30M | $333.40M | 53.8% |
| 1996 | $458.40M | $296.20M | 64.6% |
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.
