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 158.42% is 81% above its 5-year average of 87.36%, near the high end of its 5-year range (42.45%–158.42%).
As of the fiscal period ended Tuesday, March 31, 2026. 63.46% above its 12-month average of 96.92%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
158.42%
FCF PAYOUT RATIO AVG TTM
96.92%
FCF PAYOUT RATIO AVG 3Y
84.61%
FCF PAYOUT RATIO AVG 5Y
83.81%
FCF PAYOUT RATIO AVG 10Y
70.75%
FCF PAYOUT RATIO AVG 15Y
65.44%
FCF PAYOUT RATIO AVG 20Y
59.08%
CURRENT VS TTM AVG
+63.46%
CURRENT VS 3Y AVG
+87.23%
CURRENT VS 5Y AVG
+89.02%
CURRENT VS 10Y AVG
+123.90%
CURRENT VS 15Y AVG
+142.10%
CURRENT VS 20Y AVG
+168.17%
FCF Payout Ratio TTM
158.4%
Earnings Payout Ratio
75.6%
Dividend Yield
5.19%
FCF Yield
3.27%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $761.00M | $602.00M | 79.1% |
| 2024 | $483.00M | $595.00M | 123.2% |
| 2023 | $930.00M | $583.00M | 62.7% |
| 2022 | $535.00M | $571.00M | 106.7% |
| 2021 | $945.00M | $558.00M | 59.0% |
| 2020 | $1.29B | $533.00M | 41.3% |
| 2019 | $786.00M | $490.00M | 62.3% |
| 2018 | $780.00M | $450.00M | 57.7% |
| 2017 | $637.00M | $412.00M | 64.7% |
| 2016 | $606.00M | $398.00M | 65.7% |
| 2015 | $749.00M | $385.00M | 51.4% |
| 2014 | $629.00M | $368.00M | 58.5% |
| 2013 | $581.00M | $335.00M | 57.7% |
| 2012 | $420.00M | $315.00M | 75.0% |
| 2011 | $470.00M | $303.00M | 64.5% |
| 2010 | $616.00M | $282.00M | 45.8% |
| 2009 | $541.00M | $258.00M | 47.7% |
| 2008 | $560.00M | $228.00M | 40.7% |
| 2007 | $562.00M | $183.00M | 32.6% |
| 2006 | $342.00M | $173.00M | 50.6% |
| 2005 | $614.00M | $201.00M | 32.7% |
| 2004 | $727.00M | $229.00M | 31.5% |
| 2003 | $598.00M | $193.00M | 32.3% |
| 2002 | $699.00M | $196.00M | 28.0% |
| 2001 | $555.00M | $199.00M | 35.9% |
| 2000 | $500.00M | $189.00M | 37.8% |
| 1999 | $296.00M | $162.00M | 54.7% |
| 1998 | $65.30M | $132.40M | 202.8% |
| 1997 | $266.90M | $120.00M | 45.0% |
| 1996 | $321.90M | $110.40M | 34.3% |
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.
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 | 158.42% |
| 2025-12-31 | 77.38% |
| 2025-09-30 | 94.65% |
| 2025-06-30 | 79.11% |
| 2025-03-31 | 75.03% |
| 2024-12-31 | 86.19% |
| 2024-09-30 | 89.24% |
| 2024-06-30 | 123.19% |
| 2024-03-31 | 103.86% |
| 2023-12-31 | 81.04% |
| 2023-09-30 | 73.93% |
| 2023-06-30 | 62.69% |
| 2023-03-31 | 69.05% |
| 2022-12-31 | 80.03% |
| 2022-09-30 | 84.66% |
| 2022-06-30 | 106.73% |
| 2022-03-31 | 100.53% |
| 2021-12-31 | 97.07% |
| 2021-09-30 | 90.32% |
| 2021-06-30 | 59.05% |
| 2021-03-31 | 42.45% |
| 2020-12-31 | 39.55% |
| 2020-09-30 | 38.88% |
| 2020-06-30 | 41.25% |
| 2020-03-31 | 53.93% |
| 2019-12-31 | 63.09% |
| 2019-09-30 | 64.23% |
| 2019-06-30 | 62.34% |
| 2019-03-31 | 61.50% |
| 2018-12-31 | 52.53% |
| 2018-09-30 | 58.44% |
| 2018-06-30 | 57.69% |
| 2018-03-31 | 56.15% |
| 2017-12-31 | 59.00% |
| 2017-09-30 | 56.60% |
| 2017-06-30 | 64.68% |
| 2017-03-31 | 68.97% |
| 2016-12-31 | 63.24% |
| 2016-09-30 | 67.39% |
| 2016-06-30 | 65.68% |
| 2016-03-31 | 58.87% |
| 2015-12-31 | 60.40% |
| 2015-09-30 | 59.48% |
| 2015-06-30 | 51.40% |
| 2015-03-31 | 54.22% |
| 2014-12-31 | 53.65% |
| 2014-09-30 | 53.47% |
| 2014-06-30 | 58.51% |
| 2014-03-31 | 63.29% |
| 2013-12-31 | 69.70% |
| 2013-09-30 | 59.69% |
| 2013-06-30 | 57.66% |
| 2013-03-31 | 58.05% |
| 2012-12-31 | 57.99% |
| 2012-09-30 | 66.46% |
| 2012-06-30 | 75.00% |
| 2012-03-31 | 72.26% |
| 2011-12-31 | 73.33% |
| 2011-09-30 | 67.78% |
| 2011-06-30 | 64.47% |
| 2011-03-31 | 56.69% |
| 2010-12-31 | 50.69% |
| 2010-09-30 | 43.13% |
| 2010-06-30 | 45.78% |
| 2010-03-31 | 47.18% |
| 2009-12-31 | 44.70% |
| 2009-09-30 | 48.26% |
| 2009-06-30 | 47.69% |
| 2009-03-31 | 52.21% |
| 2008-12-31 | 56.21% |
| 2008-09-30 | 48.43% |
| 2008-06-30 | 40.71% |
| 2008-03-31 | 36.42% |
| 2007-12-31 | 34.31% |
| 2007-09-30 | 33.50% |
| 2007-06-30 | 32.56% |
| 2007-03-31 | 31.36% |
| 2006-12-31 | 33.46% |
| 2006-09-30 | 32.41% |
| 2006-06-30 | 50.58% |
| 2006-03-31 | 50.74% |
| 2005-12-31 | 64.04% |
| 2005-09-30 | 56.23% |
| 2005-06-30 | 32.74% |
| 2005-03-31 | 31.20% |
| 2004-12-31 | 27.62% |
| 2004-09-30 | 28.10% |
| 2004-06-30 | 31.50% |
| 2004-03-31 | 33.74% |
| 2003-12-31 | 39.96% |
| 2003-09-30 | 38.04% |
| 2003-06-30 | 32.27% |
| 2003-03-31 | 31.04% |
