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 34.08% is in line with its 5-year average of 32.85%, around the middle of its 5-year range (19.21%–56.02%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.47% below its 12-month average of 34.59%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
34.08%
FCF PAYOUT RATIO AVG TTM
34.59%
FCF PAYOUT RATIO AVG 3Y
34.69%
FCF PAYOUT RATIO AVG 5Y
31.69%
FCF PAYOUT RATIO AVG 10Y
32.70%
FCF PAYOUT RATIO AVG 15Y
32.50%
FCF PAYOUT RATIO AVG 20Y
34.33%
CURRENT VS TTM AVG
-1.47%
CURRENT VS 3Y AVG
-1.77%
CURRENT VS 5Y AVG
+7.54%
CURRENT VS 10Y AVG
+4.23%
CURRENT VS 15Y AVG
+4.85%
CURRENT VS 20Y AVG
-0.73%
FCF Payout Ratio TTM
34.1%
Earnings Payout Ratio
20.8%
Dividend Yield
0.75%
FCF Yield
2.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.58B | $579.65M | 36.7% |
| 2024 | $1.67B | $492.68M | 29.5% |
| 2023 | $1.24B | $533.43M | 43.2% |
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 | 34.08% |
| 2026-03-31 | 40.19% |
| 2025-12-31 | 36.62% |
| 2025-09-30 | 32.28% |
| 2025-06-30 | 29.76% |
| 2025-03-31 | 30.25% |
| 2024-12-31 | 29.71% |
| 2024-09-30 | 33.97% |
| 2024-06-30 | 38.36% |
| 2024-03-31 | 42.90% |
| 2023-12-31 | 43.11% |
| 2023-09-30 | 32.40% |
| 2023-06-30 | 27.37% |
| 2023-03-31 | 26.62% |
| 2022-12-31 | 27.75% |
| 2022-09-30 | 41.96% |
| 2022-06-30 | 56.02% |
| 2022-03-31 | 24.20% |
| 2021-12-31 | 23.31% |
| 2021-09-30 | 19.21% |
| 2021-06-30 | 19.72% |
| 2021-03-31 | 37.94% |
| 2020-12-31 | 40.49% |
| 2020-09-30 | 44.37% |
| 2020-06-30 | 33.16% |
| 2020-03-31 | 33.37% |
| 2019-12-31 | 30.60% |
| 2019-09-30 | 30.80% |
| 2019-06-30 | 31.86% |
| 2019-03-31 | 30.04% |
| 2018-12-31 | 30.22% |
| 2018-09-30 | 34.11% |
| 2018-06-30 | 34.46% |
| 2018-03-31 | 34.79% |
| 2017-12-31 | 36.63% |
| 2017-09-30 | 29.19% |
| 2017-06-30 | 26.05% |
| 2017-03-31 | 26.21% |
| 2016-12-31 | 28.38% |
| 2016-09-30 | 40.42% |
| 2016-06-30 | 40.97% |
| 2016-03-31 | 38.01% |
| 2015-12-31 | 24.01% |
| 2015-09-30 | 25.67% |
| 2015-06-30 | 30.59% |
| 2015-03-31 | 26.69% |
| 2014-12-31 | 35.77% |
| 2014-09-30 | 32.12% |
| 2014-06-30 | 29.08% |
| 2014-03-31 | 33.95% |
| 2013-12-31 | 34.36% |
| 2013-09-30 | 39.44% |
| 2013-06-30 | 52.85% |
| 2013-03-31 | 83.98% |
| 2012-12-31 | 123.39% |
| 2011-09-30 | 273.80% |
| 2009-09-30 | 46.38% |
| 2009-06-30 | 107.14% |
| 2009-03-31 | 97.72% |
| 2008-12-31 | 89.49% |
| 2008-09-30 | 192.69% |
| 2008-06-30 | 82.66% |
| 2008-03-31 | 32.49% |
| 2007-12-31 | 31.35% |
| 2007-09-30 | 26.50% |
| 2007-06-30 | 30.29% |
| 2007-03-31 | 36.92% |
| 2006-12-31 | 43.29% |
| 2006-09-30 | 56.40% |
| 2006-06-30 | 58.46% |
| 2006-03-31 | 48.84% |
| 2005-12-31 | 54.36% |
| 2005-09-30 | 52.28% |
| 2005-06-30 | 48.19% |
| 2005-03-31 | 103.48% |
| 2004-12-31 | 71.95% |
| 2022 |
| $1.91B |
| $521.55M |
| 27.4% |
| 2021 | $1.70B | $400.83M | 23.5% |
| 2020 | $887.61M | $366.50M | 41.3% |
| 2019 | $1.03B | $316.99M | 30.7% |
| 2018 | $850.78M | $255.01M | 30.0% |
| 2017 | $668.97M | $246.29M | 36.8% |
| 2016 | $674.08M | $189.52M | 28.1% |
| 2015 | $676.70M | $163.22M | 24.1% |
| 2014 | $579.57M | $209.82M | 36.2% |
| 2013 | $671.59M | $229.51M | 34.2% |
| 2012 | $181.33M | $224.65M | 123.9% |
| 2011 | ($579.57M) | $188.95M | N/A (Loss) |
| 2010 | ($224.31M) | $174.74M | N/A (Loss) |
| 2009 | ($239.67M) | $154.56M | N/A (Loss) |
| 2008 | $152.71M | $121.56M | 79.6% |
| 2007 | $421.74M | $133.21M | 31.6% |
| 2006 | $220.61M | $96.37M | 43.7% |
| 2005 | $143.02M | $76.97M | 53.8% |
| 2004 | $93.33M | $67.96M | 72.8% |
| 2003 | ($278.06M) | $62.29M | N/A (Loss) |
| 2002 | $132.59M | $51.38M | 38.8% |
| 2001 | $103.75M | $94.26M | 90.9% |
| 2000 | $60.38M | $120.43M | 199.4% |
| 1999 | $280.49M | $103.61M | 36.9% |
| 1998 | $397.34M | $0 | 0.0% |
| 1997 | ($80.36M) | $505.18M | 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.
