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 73.87% is 63% above its 5-year average of 45.35%, near the high end of its 5-year range (21.47%–73.87%).
As of the fiscal period ended Tuesday, March 31, 2026. 23.23% above its 12-month average of 59.95%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
73.87%
FCF PAYOUT RATIO AVG TTM
59.95%
FCF PAYOUT RATIO AVG 3Y
52.31%
FCF PAYOUT RATIO AVG 5Y
45.35%
FCF PAYOUT RATIO AVG 10Y
43.33%
FCF PAYOUT RATIO AVG 15Y
45.65%
FCF PAYOUT RATIO AVG 20Y
41.44%
CURRENT VS TTM AVG
+23.23%
CURRENT VS 3Y AVG
+41.22%
CURRENT VS 5Y AVG
+62.92%
CURRENT VS 10Y AVG
+70.51%
CURRENT VS 15Y AVG
+61.84%
CURRENT VS 20Y AVG
+78.26%
FCF Payout Ratio TTM
73.9%
Earnings Payout Ratio
46.4%
Dividend Yield
3.76%
FCF Yield
4.61%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $6.13B | $3.54B | 57.8% |
| 2024 | $5.63B | $3.08B | 54.7% |
| 2023 | $5.62B | $2.94B | 52.3% |
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 | 73.87% |
| 2025-12-31 | 58.92% |
| 2025-09-30 | 58.89% |
| 2025-06-30 | 58.77% |
| 2025-03-31 | 49.29% |
| 2024-12-31 | 54.94% |
| 2024-09-30 | 43.80% |
| 2024-06-30 | 39.49% |
| 2024-03-31 | 42.27% |
| 2023-12-31 | 50.59% |
| 2023-09-30 | 52.75% |
| 2023-06-30 | 54.83% |
| 2023-03-31 | 41.62% |
| 2022-12-31 | 35.15% |
| 2022-09-30 | 34.02% |
| 2022-06-30 | 21.47% |
| 2022-03-31 | 24.86% |
| 2021-12-31 | 22.53% |
| 2021-09-30 | 30.01% |
| 2021-06-30 | 38.19% |
| 2021-03-31 | 65.97% |
| 2020-12-31 | 90.97% |
| 2020-09-30 | 60.70% |
| 2020-06-30 | 54.22% |
| 2020-03-31 | 29.21% |
| 2019-12-31 | 33.27% |
| 2019-09-30 | 41.74% |
| 2019-06-30 | 35.24% |
| 2019-03-31 | 36.84% |
| 2018-12-31 | 27.19% |
| 2018-09-30 | 26.13% |
| 2018-06-30 | 35.79% |
| 2018-03-31 | 41.86% |
| 2017-12-31 | 49.31% |
| 2017-09-30 | 41.95% |
| 2017-06-30 | 50.71% |
| 2017-03-31 | 118.51% |
| 2016-03-31 | 236.44% |
| 2015-12-31 | 150.93% |
| 2015-09-30 | 152.78% |
| 2015-06-30 | 202.37% |
| 2012-12-31 | 444.00% |
| 2012-09-30 | 62.90% |
| 2012-06-30 | 64.29% |
| 2012-03-31 | 108.56% |
| 2011-03-31 | 210.32% |
| 2010-12-31 | 33.68% |
| 2010-09-30 | 13.11% |
| 2010-06-30 | 10.69% |
| 2010-03-31 | 7.90% |
| 2009-12-31 | 7.78% |
| 2009-09-30 | 13.53% |
| 2009-06-30 | 43.66% |
| 2004-03-31 | 35.44% |
| 2003-12-31 | 14.06% |
| 2003-09-30 | 8.73% |
| 2003-06-30 | 12.80% |
| 2003-03-31 | 12.92% |
| 2022 |
| $10.54B |
| $3.63B |
| 34.5% |
| 2021 | $6.24B | $1.36B | 21.7% |
| 2020 | $1.69B | $1.53B | 90.5% |
| 2019 | $4.02B | $1.34B | 33.4% |
| 2018 | $4.16B | $1.14B | 27.5% |
| 2017 | $2.04B | $994.71M | 48.8% |
| 2016 | ($260.86M) | $563.35M | N/A (Loss) |
| 2015 | $670.20M | $903.47M | 134.8% |
| 2014 | ($2.53B) | $821.20M | N/A (Loss) |
| 2013 | $6.58M | $491.93M | n/m |
| 2012 | $105.78M | $447.29M | 422.9% |
| 2011 | $41.12M | $370.06M | 900.0% |
| 2010 | $950.33M | $302.42M | 31.8% |
| 2009 | $2.68B | $213.48M | 8.0% |
| 2008 | ($544.93M) | $170.04M | N/A (Loss) |
| 2007 | ($646.06M) | $177.92M | N/A (Loss) |
| 2006 | ($2.65B) | $130.85M | N/A (Loss) |
| 2005 | ($467.05M) | $104.01M | N/A (Loss) |
| 2004 | ($742.57M) | $83.84M | N/A (Loss) |
| 2003 | $466.72M | $59.58M | 12.8% |
| 2002 | ($370.29M) | $38.03M | N/A (Loss) |
| 2001 | ($38.01M) | $29.01M | N/A (Loss) |
| 2000 | $358.21M | $3.00M | 0.8% |
| 1999 | ($862.38M) | $0 | N/A (Loss) |
| 1998 | ($243.72M) | $0 | N/A (Loss) |
| 1997 | ($442.94M) | $0 | N/A (Loss) |
| 1996 | ($615.78M) | $0 | N/A (Loss) |
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.
