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 23.79% is 27% below its 5-year average of 32.47%, near the low end of its 5-year range (23.01%–43.70%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.24% below its 12-month average of 24.34%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.79%
FCF PAYOUT RATIO AVG TTM
24.34%
FCF PAYOUT RATIO AVG 3Y
32.74%
FCF PAYOUT RATIO AVG 5Y
32.47%
FCF PAYOUT RATIO AVG 10Y
30.21%
FCF PAYOUT RATIO AVG 15Y
28.74%
FCF PAYOUT RATIO AVG 20Y
26.54%
CURRENT VS TTM AVG
-2.24%
CURRENT VS 3Y AVG
-27.32%
CURRENT VS 5Y AVG
-26.72%
CURRENT VS 10Y AVG
-21.24%
CURRENT VS 15Y AVG
-17.23%
CURRENT VS 20Y AVG
-10.36%
FCF Payout Ratio TTM
23.8%
Earnings Payout Ratio
42.7%
Dividend Yield
4.98%
FCF Yield
21.60%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $21.89B | $4.89B | 22.4% |
| 2024 | $15.38B | $4.81B | 31.3% |
| 2023 | $12.96B | $4.77B | 36.8% |
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 | 23.79% |
| 2026-03-31 | 24.12% |
| 2025-12-31 | 23.01% |
| 2025-09-30 | 23.96% |
| 2025-06-30 | 26.80% |
| 2025-03-31 | 33.81% |
| 2024-12-31 | 35.79% |
| 2024-09-30 | 43.70% |
| 2024-06-30 | 41.29% |
| 2024-03-31 | 34.92% |
| 2023-12-31 | 36.77% |
| 2023-09-30 | 37.80% |
| 2023-06-30 | 39.80% |
| 2023-03-31 | 40.64% |
| 2022-12-31 | 37.49% |
| 2022-09-30 | 31.23% |
| 2022-06-30 | 31.30% |
| 2022-03-31 | 27.87% |
| 2021-12-31 | 26.52% |
| 2021-09-30 | 29.95% |
| 2021-06-30 | 31.28% |
| 2021-03-31 | 28.18% |
| 2020-12-31 | 31.60% |
| 2020-09-30 | 29.00% |
| 2020-06-30 | 28.71% |
| 2020-03-31 | 32.02% |
| 2019-12-31 | 28.15% |
| 2019-09-30 | 28.08% |
| 2019-06-30 | 25.35% |
| 2019-03-31 | 24.71% |
| 2018-12-31 | 26.63% |
| 2018-09-30 | 25.28% |
| 2018-06-30 | 25.97% |
| 2018-03-31 | 29.56% |
| 2017-12-31 | 28.53% |
| 2017-09-30 | 26.63% |
| 2017-06-30 | 28.67% |
| 2017-03-31 | 30.31% |
| 2016-12-31 | 30.89% |
| 2016-09-30 | 33.46% |
| 2016-06-30 | 28.41% |
| 2016-03-31 | 29.10% |
| 2015-12-31 | 27.35% |
| 2015-09-30 | 26.48% |
| 2015-06-30 | 25.91% |
| 2015-03-31 | 26.26% |
| 2014-12-31 | 26.82% |
| 2014-09-30 | 33.46% |
| 2014-06-30 | 35.20% |
| 2014-03-31 | 31.19% |
| 2013-12-31 | 29.96% |
| 2013-09-30 | 23.52% |
| 2013-06-30 | 23.64% |
| 2013-03-31 | 21.64% |
| 2012-12-31 | 19.57% |
| 2012-09-30 | 16.92% |
| 2012-06-30 | 15.51% |
| 2012-03-31 | 13.85% |
| 2011-12-31 | 14.68% |
| 2011-09-30 | 14.93% |
| 2011-06-30 | 15.88% |
| 2011-03-31 | 17.44% |
| 2010-12-31 | 18.73% |
| 2010-09-30 | 20.95% |
| 2010-06-30 | 18.12% |
| 2010-03-31 | 16.07% |
| 2009-12-31 | 16.39% |
| 2009-09-30 | 15.49% |
| 2009-06-30 | 16.05% |
| 2009-03-31 | 12.12% |
| 2008-12-31 | 9.16% |
| 2008-09-30 | 4.58% |
| 2005-03-31 | 0.94% |
| 2004-12-31 | 1.15% |
| 2004-09-30 | 2.38% |
| 2022 |
| $12.65B |
| $4.74B |
| 37.5% |
| 2021 | $17.09B | $4.53B | 26.5% |
| 2020 | $13.10B | $4.14B | 31.6% |
| 2019 | $13.27B | $3.73B | 28.1% |
| 2018 | $12.59B | $3.35B | 26.6% |
| 2017 | $10.11B | $2.88B | 28.5% |
| 2016 | $8.42B | $2.60B | 30.9% |
| 2015 | $8.91B | $2.44B | 27.4% |
| 2014 | $8.40B | $2.25B | 26.8% |
| 2013 | $6.55B | $1.96B | 30.0% |
| 2012 | $8.22B | $1.61B | 19.6% |
| 2011 | $8.08B | $1.19B | 14.7% |
| 2010 | $5.68B | $1.06B | 18.7% |
| 2009 | $4.64B | $761.00M | 16.4% |
| 2008 | $3.95B | $547.00M | 13.8% |
| 2007 | $2.23B | $0 | 0.0% |
| 2006 | $1.92B | $0 | 0.0% |
| 2005 | $1.30B | $0 | 0.0% |
| 2004 | $2.27B | $0 | 0.0% |
| 2003 | ($1.31B) | $0 | N/A (Loss) |
| 2002 | $1.02B | $0 | 0.0% |
| 2001 | ($958.40M) | $0 | N/A (Loss) |
| 2000 | ($417.50M) | $0 | N/A (Loss) |
| 1999 | ($399.60M) | $9.40M | N/A (Loss) |
| 1998 | ($269.30M) | $36.00M | N/A (Loss) |
| 1997 | ($9.50M) | $34.00M | N/A (Loss) |
| 1996 | $68.80M | $26.80M | 39.0% |
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.
