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 29.46% is 70% above its 5-year average of 17.34%, around the middle of its 5-year range (10.80%–37.71%).
As of the fiscal period ended Tuesday, March 31, 2026. 39.94% above its 12-month average of 21.05%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
29.46%
FCF PAYOUT RATIO AVG TTM
21.05%
FCF PAYOUT RATIO AVG 3Y
13.52%
FCF PAYOUT RATIO AVG 5Y
14.83%
FCF PAYOUT RATIO AVG 10Y
17.52%
FCF PAYOUT RATIO AVG 15Y
15.84%
FCF PAYOUT RATIO AVG 20Y
14.12%
CURRENT VS TTM AVG
+39.94%
CURRENT VS 3Y AVG
+117.82%
CURRENT VS 5Y AVG
+98.70%
CURRENT VS 10Y AVG
+68.11%
CURRENT VS 15Y AVG
+85.98%
CURRENT VS 20Y AVG
+108.66%
FCF Payout Ratio TTM
29.5%
Earnings Payout Ratio
29.3%
Dividend Yield
0.76%
FCF Yield
2.56%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.21B | $437.08M | 13.6% |
| 2024 | $3.00B | $416.17M | 13.9% |
| 2023 | $3.45B | $398.75M | 11.5% |
| 2022 | $2.21B | $391.69M | 17.7% |
| 2021 | $2.23B | $366.65M | 16.5% |
| 2020 | $1.84B | $343.58M | 18.7% |
| 2019 | $2.03B | $338.97M | 16.7% |
| 2018 | $1.07B | $333.04M | 31.0% |
| 2017 | $1.02B | $320.27M | 31.3% |
| 2016 | $2.71B | $288.48M | 10.6% |
| 2015 | $3.69B | $253.92M | 6.9% |
| 2014 | $1.20B | $214.47M | 17.9% |
| 2013 | $585.67M | $195.72M | 33.4% |
| 2012 | $1.14B | $132.76M | 11.6% |
| 2011 | $999.99M | $117.62M | 11.8% |
| 2010 | $923.99M | $90.62M | 9.8% |
| 2009 | $637.93M | $62.70M | 9.8% |
| 2008 | $599.76M | $48.67M | 8.1% |
| 2007 | $1.09B | $37.25M | 3.4% |
| 2006 | $694.13M | $20.59M | 3.0% |
| 2005 | $1.32B | $10.60M | 0.8% |
| 2004 | $635.80M | $11.20M | 1.8% |
| 2003 | $264.26M | $10.99M | 4.2% |
| 2002 | $471.77M | $10.50M | 2.2% |
| 2001 | ($63.37M) | $0 | N/A (Loss) |
| 2000 | $199.96M | $0 | 0.0% |
| 1999 | ($12.80M) | $0 | N/A (Loss) |
| 1998 | $115.50M | $0 | 0.0% |
| 1997 | ($25.20M) | $0 | N/A (Loss) |
| 1996 | $24.30M | $0 | 0.0% |
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.
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 | 29.46% |
| 2025-12-31 | 12.55% |
| 2025-09-30 | 13.63% |
| 2025-06-30 | 37.71% |
| 2025-03-31 | 11.90% |
| 2024-09-30 | 13.88% |
| 2024-06-30 | 10.80% |
| 2024-03-31 | 19.41% |
| 2023-12-31 | 11.15% |
| 2023-09-30 | 11.55% |
| 2023-06-30 | 14.21% |
| 2023-03-31 | 16.15% |
| 2022-12-31 | 19.00% |
| 2022-09-30 | 17.75% |
| 2022-06-30 | 18.82% |
| 2022-03-31 | 13.40% |
| 2021-12-31 | 17.30% |
| 2021-09-30 | 16.45% |
| 2021-06-30 | 14.07% |
| 2021-03-31 | 27.69% |
| 2020-12-31 | 13.53% |
| 2020-09-30 | 18.70% |
| 2020-06-30 | 27.25% |
| 2020-03-31 | 17.45% |
| 2019-12-31 | 19.68% |
| 2019-09-30 | 16.67% |
| 2019-06-30 | 16.71% |
| 2019-03-31 | 14.85% |
| 2018-12-31 | 21.78% |
| 2018-09-30 | 30.98% |
| 2018-06-30 | 18.57% |
| 2018-03-31 | 47.77% |
| 2017-12-31 | 20.99% |
| 2017-09-30 | 30.86% |
| 2017-06-30 | 32.86% |
| 2017-03-31 | 22.41% |
| 2016-12-31 | 20.02% |
| 2016-09-30 | 10.63% |
| 2016-06-30 | 10.66% |
| 2016-03-31 | 7.42% |
| 2015-12-31 | 7.45% |
| 2015-09-30 | 6.88% |
| 2015-06-30 | 7.27% |
| 2015-03-31 | 8.53% |
| 2014-12-31 | 7.22% |
| 2014-09-30 | 17.89% |
| 2014-06-30 | 62.14% |
| 2013-09-30 | 33.42% |
| 2013-06-30 | 15.10% |
| 2013-03-31 | 13.44% |
| 2012-12-31 | 32.34% |
| 2012-09-30 | 11.63% |
| 2012-06-30 | 13.74% |
| 2012-03-31 | 11.84% |
| 2011-12-31 | 8.06% |
| 2011-09-30 | 11.76% |
| 2011-06-30 | 9.28% |
| 2011-03-31 | 8.71% |
| 2010-12-31 | 11.08% |
| 2010-09-30 | 9.81% |
| 2010-06-30 | 11.55% |
| 2010-03-31 | 8.33% |
| 2009-12-31 | 7.80% |
| 2009-09-30 | 9.83% |
| 2009-06-30 | 7.36% |
| 2009-03-31 | 10.41% |
| 2008-12-31 | 13.58% |
| 2008-09-30 | 8.12% |
| 2008-06-30 | 19.31% |
| 2008-03-31 | 9.02% |
| 2007-12-31 | 5.71% |
| 2007-09-30 | 3.42% |
| 2007-06-30 | 3.75% |
| 2007-03-31 | 4.16% |
| 2006-12-31 | 3.33% |
| 2006-09-30 | 2.97% |
| 2006-06-30 | 1.76% |
| 2006-03-31 | 1.75% |
| 2005-12-31 | 0.89% |
| 2005-09-30 | 0.80% |
| 2005-06-30 | 0.66% |
| 2005-03-31 | 0.30% |
| 2004-12-31 | 0.46% |
| 2004-09-30 | 0.88% |
| 2004-06-30 | 0.52% |
| 2004-03-31 | 1.31% |
| 2003-12-31 | 2.52% |
| 2003-09-30 | 4.16% |
