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 62.19% is 12% above its 5-year average of 55.49%, near the high end of its 5-year range (42.38%–68.27%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.82% below its 12-month average of 63.99%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
62.19%
FCF PAYOUT RATIO AVG TTM
63.99%
FCF PAYOUT RATIO AVG 3Y
60.36%
FCF PAYOUT RATIO AVG 5Y
55.49%
FCF PAYOUT RATIO AVG 10Y
54.79%
FCF PAYOUT RATIO AVG 15Y
51.56%
FCF PAYOUT RATIO AVG 20Y
49.04%
CURRENT VS TTM AVG
-2.82%
CURRENT VS 3Y AVG
+3.03%
CURRENT VS 5Y AVG
+12.07%
CURRENT VS 10Y AVG
+13.51%
CURRENT VS 15Y AVG
+20.60%
CURRENT VS 20Y AVG
+26.82%
FCF Payout Ratio TTM
62.2%
Earnings Payout Ratio
47.4%
Dividend Yield
2.07%
FCF Yield
3.32%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.47B | $1.61B | 65.1% |
| 2024 | $2.19B | $1.49B | 67.9% |
| 2023 | $2.85B | $1.56B | 54.8% |
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 | 62.19% |
| 2026-03-31 | 61.80% |
| 2025-12-31 | 64.90% |
| 2025-09-30 | 63.67% |
| 2025-06-30 | 67.40% |
| 2025-03-31 | 66.33% |
| 2024-12-31 | 68.27% |
| 2024-09-30 | 58.94% |
| 2024-06-30 | 58.50% |
| 2024-03-31 | 55.73% |
| 2023-12-31 | 54.59% |
| 2023-09-30 | 56.22% |
| 2023-06-30 | 46.15% |
| 2023-03-31 | 46.90% |
| 2022-12-31 | 49.84% |
| 2022-09-30 | 50.34% |
| 2022-06-30 | 45.10% |
| 2022-03-31 | 46.50% |
| 2021-12-31 | 42.76% |
| 2021-09-30 | 42.38% |
| 2021-06-30 | 56.82% |
| 2021-03-31 | 50.99% |
| 2020-12-31 | 49.12% |
| 2020-09-30 | 60.82% |
| 2020-06-30 | 55.63% |
| 2020-03-31 | 66.81% |
| 2019-12-31 | 74.96% |
| 2019-09-30 | 67.58% |
| 2019-06-30 | 70.50% |
| 2019-03-31 | 58.90% |
| 2018-12-31 | 56.03% |
| 2018-09-30 | 59.53% |
| 2018-06-30 | 55.37% |
| 2018-03-31 | 54.56% |
| 2017-12-31 | 43.76% |
| 2017-09-30 | 39.59% |
| 2017-06-30 | 39.94% |
| 2017-03-31 | 42.61% |
| 2016-12-31 | 46.29% |
| 2016-09-30 | 45.84% |
| 2016-06-30 | 42.19% |
| 2016-03-31 | 41.53% |
| 2015-12-31 | 41.10% |
| 2015-09-30 | 49.05% |
| 2015-06-30 | 45.95% |
| 2015-03-31 | 38.37% |
| 2014-12-31 | 38.82% |
| 2014-09-30 | 36.06% |
| 2014-06-30 | 37.96% |
| 2014-03-31 | 39.57% |
| 2013-12-31 | 46.17% |
| 2013-09-30 | 51.83% |
| 2013-06-30 | 51.81% |
| 2013-03-31 | 44.22% |
| 2012-12-31 | 49.54% |
| 2012-09-30 | 53.49% |
| 2012-06-30 | 49.06% |
| 2012-03-31 | 61.82% |
| 2011-12-31 | 43.28% |
| 2011-09-30 | 34.15% |
| 2011-06-30 | 45.35% |
| 2011-03-31 | 43.15% |
| 2010-12-31 | 35.77% |
| 2010-09-30 | 40.29% |
| 2010-06-30 | 33.95% |
| 2010-03-31 | 39.86% |
| 2009-12-31 | 53.83% |
| 2009-09-30 | 57.52% |
| 2009-06-30 | 42.39% |
| 2009-03-31 | 56.89% |
| 2008-12-31 | 70.97% |
| 2008-09-30 | 39.88% |
| 2008-06-30 | 67.97% |
| 2008-03-31 | 44.12% |
| 2007-12-31 | 39.79% |
| 2007-09-30 | 35.98% |
| 2007-06-30 | 24.95% |
| 2007-03-31 | 28.89% |
| 2006-12-31 | 20.71% |
| 2006-09-30 | 24.06% |
| 2006-06-30 | 25.65% |
| 2006-03-31 | 18.81% |
| 2005-12-31 | 18.17% |
| 2005-09-30 | 17.06% |
| 2005-06-30 | 17.24% |
| 2005-03-31 | 18.09% |
| 2004-12-31 | 20.75% |
| 2004-09-30 | 21.52% |
| 2004-06-30 | 20.92% |
| 2004-03-31 | 22.48% |
| 2003-12-31 | 20.45% |
| 2003-10-20 | 21.23% |
| 2003-06-30 | 23.13% |
| 2022 |
| $2.89B |
| $1.48B |
| 51.2% |
| 2021 | $3.23B | $1.38B | 42.6% |
| 2020 | $2.59B | $1.28B | 49.5% |
| 2019 | $1.58B | $1.19B | 75.0% |
| 2018 | $1.75B | $976.82M | 55.8% |
| 2017 | $2.26B | $984.39M | 43.6% |
| 2016 | $1.86B | $861.37M | 46.2% |
| 2015 | $1.76B | $719.31M | 40.9% |
| 2014 | $1.79B | $703.40M | 39.3% |
| 2013 | $1.48B | $680.99M | 46.0% |
| 2012 | $1.34B | $656.82M | 49.1% |
| 2011 | $1.32B | $572.72M | 43.3% |
| 2010 | $1.41B | $503.70M | 35.6% |
| 2009 | $832.10M | $449.73M | 54.0% |
| 2008 | $496.22M | $356.43M | 71.8% |
| 2007 | $1.03B | $418.33M | 40.6% |
| 2006 | $1.42B | $291.52M | 20.6% |
| 2005 | $1.31B | $236.50M | 18.1% |
| 2004 | $887.53M | $184.66M | 20.8% |
| 2003 | $719.24M | $147.24M | 20.5% |
| 2002 | $428.60M | $108.10M | 25.2% |
| 2001 | $353.79M | $94.26M | 26.6% |
| 2000 | $365.63M | $90.74M | 24.8% |
| 1999 | $236.98M | $81.50M | 34.4% |
| 1998 | $319.59M | $64.22M | 20.1% |
| 1997 | $204.37M | $54.65M | 26.7% |
| 1996 | $229.91M | $49.60M | 21.6% |
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.
