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 47.57% is in line with its 5-year average of 46.80%, around the middle of its 5-year range (33.10%–62.53%).
As of the fiscal period ended Saturday, July 25, 2026. 4.19% below its 12-month average of 49.65%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
47.57%
FCF PAYOUT RATIO AVG TTM
49.65%
FCF PAYOUT RATIO AVG 3Y
50.25%
FCF PAYOUT RATIO AVG 5Y
46.80%
FCF PAYOUT RATIO AVG 10Y
44.11%
FCF PAYOUT RATIO AVG 15Y
41.03%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-4.19%
CURRENT VS 3Y AVG
-5.34%
CURRENT VS 5Y AVG
+1.65%
CURRENT VS 10Y AVG
+7.84%
CURRENT VS 15Y AVG
+15.94%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
47.6%
Earnings Payout Ratio
49.9%
Dividend Yield
1.52%
FCF Yield
3.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $12.77B | $6.55B | 51.3% |
| 2025 | $13.29B | $6.44B | 48.4% |
| 2024 | $10.21B | $6.38B | 62.5% |
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 |
|---|---|
| 2026-07-25 | 47.57% |
| 2026-04-25 | 50.99% |
| 2026-01-24 | 50.49% |
| 2025-10-25 | 50.75% |
| 2025-07-26 | 48.44% |
| 2025-04-26 | 50.13% |
| 2025-01-25 | 50.01% |
| 2024-10-26 | 56.02% |
| 2024-07-27 | 62.53% |
| 2024-04-27 | 51.30% |
| 2024-01-27 | 46.80% |
| 2023-10-28 | 36.15% |
| 2023-07-31 | 33.10% |
| 2023-04-29 | 37.29% |
| 2023-01-28 | 40.41% |
| 2022-10-29 | 47.04% |
| 2022-07-31 | 48.82% |
| 2022-04-30 | 45.89% |
| 2022-01-29 | 45.41% |
| 2021-10-30 | 43.87% |
| 2021-07-31 | 41.75% |
| 2021-05-01 | 43.71% |
| 2021-01-23 | 42.34% |
| 2020-10-24 | 39.81% |
| 2020-07-31 | 41.05% |
| 2020-04-25 | 40.42% |
| 2020-01-25 | 40.33% |
| 2019-10-26 | 40.42% |
| 2019-07-31 | 40.07% |
| 2019-04-27 | 39.96% |
| 2019-01-26 | 46.22% |
| 2018-10-27 | 44.78% |
| 2018-07-31 | 46.51% |
| 2018-04-28 | 46.17% |
| 2018-01-27 | 42.02% |
| 2017-10-28 | 42.18% |
| 2017-07-31 | 42.68% |
| 2017-04-29 | 42.40% |
| 2017-01-28 | 42.55% |
| 2016-10-29 | 40.32% |
| 2016-07-31 | 38.23% |
| 2016-04-30 | 35.54% |
| 2016-01-23 | 33.87% |
| 2015-10-24 | 35.97% |
| 2015-07-31 | 36.08% |
| 2015-04-25 | 36.97% |
| 2015-01-24 | 35.62% |
| 2014-10-25 | 34.93% |
| 2014-07-31 | 33.99% |
| 2014-04-26 | 32.36% |
| 2014-01-25 | 31.82% |
| 2013-10-26 | 29.32% |
| 2013-07-31 | 28.21% |
| 2013-04-27 | 25.95% |
| 2013-01-26 | 21.82% |
| 2012-10-27 | 18.32% |
| 2012-07-31 | 14.48% |
| 2012-04-28 | 13.84% |
| 2012-01-28 | 9.57% |
| 2011-10-29 | 6.76% |
| 2011-07-31 | 3.69% |
| 2023 |
| $19.04B |
| $6.30B |
| 33.1% |
| 2022 | $12.75B | $6.22B | 48.8% |
| 2021 | $14.76B | $6.16B | 41.7% |
| 2020 | $14.66B | $6.02B | 41.0% |
| 2019 | $14.92B | $5.98B | 40.1% |
| 2018 | $12.83B | $5.97B | 46.5% |
| 2017 | $12.91B | $5.51B | 42.7% |
| 2016 | $12.42B | $4.75B | 38.2% |
| 2015 | $11.32B | $4.09B | 36.1% |
| 2014 | $11.06B | $3.76B | 34.0% |
| 2013 | $11.73B | $3.31B | 28.2% |
| 2012 | $10.37B | $1.50B | 14.5% |
| 2011 | $8.90B | $658.00M | 7.4% |
| 2010 | $9.16B | $0 | 0.0% |
| 2009 | $8.89B | $0 | 0.0% |
| 2008 | $10.82B | $0 | 0.0% |
| 2007 | $8.85B | $0 | 0.0% |
| 2006 | $7.13B | $0 | 0.0% |
| 2005 | $6.88B | $0 | 0.0% |
| 2004 | $6.51B | $0 | 0.0% |
| 2003 | $4.52B | $0 | 0.0% |
| 2002 | $3.95B | $0 | 0.0% |
| 2001 | $4.12B | $0 | 0.0% |
| 2000 | $4.61B | $0 | 0.0% |
| 1999 | $3.85B | $0 | 0.0% |
| 1998 | $2.47B | $0 | 0.0% |
| 1997 | $1.11B | $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.
