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 21.11% is 15% above its 5-year average of 18.28%, near the low end of its 5-year range (13.00%–43.79%).
As of the fiscal period ended Tuesday, June 30, 2026. 6.53% above its 12-month average of 19.81%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
21.11%
FCF PAYOUT RATIO AVG TTM
19.81%
FCF PAYOUT RATIO AVG 3Y
17.50%
FCF PAYOUT RATIO AVG 5Y
18.28%
FCF PAYOUT RATIO AVG 10Y
21.01%
FCF PAYOUT RATIO AVG 15Y
22.64%
FCF PAYOUT RATIO AVG 20Y
23.00%
CURRENT VS TTM AVG
+6.53%
CURRENT VS 3Y AVG
+20.63%
CURRENT VS 5Y AVG
+15.46%
CURRENT VS 10Y AVG
+0.46%
CURRENT VS 15Y AVG
-6.79%
CURRENT VS 20Y AVG
-8.25%
FCF Payout Ratio TTM
21.1%
Earnings Payout Ratio
26.4%
Dividend Yield
1.27%
FCF Yield
5.94%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $970.60M | $181.10M | 18.7% |
| 2024 | $945.80M | $172.40M | 18.2% |
| 2023 | $1.07B | $160.30M | 15.0% |
| 2022 | $817.40M | $134.40M | 16.4% |
| 2021 | $292.00M | $112.50M | 38.5% |
| 2020 | $604.80M | $112.40M | 18.6% |
| 2019 | $614.20M | $102.90M | 16.8% |
| 2018 | $218.50M | $93.50M | 42.8% |
| 2017 | $298.80M | $92.10M | 30.8% |
| 2016 | $422.40M | $84.50M | 20.0% |
| 2015 | $457.10M | $72.30M | 15.8% |
| 2014 | $177.10M | $61.20M | 34.6% |
| 2013 | $303.90M | $53.80M | 17.7% |
| 2012 | $345.50M | $48.00M | 13.9% |
| 2011 | $111.60M | $43.50M | 39.0% |
| 2010 | $42.80M | $40.60M | 94.9% |
| 2009 | $399.00M | $38.60M | 9.7% |
| 2008 | $206.20M | $36.60M | 17.7% |
| 2007 | $176.79M | $34.74M | 19.7% |
| 2006 | ($75.60M) | $32.01M | N/A (Loss) |
| 2005 | $106.41M | $29.61M | 27.8% |
| 2004 | $39.15M | $27.96M | 71.4% |
| 2003 | $74.70M | $26.70M | 35.7% |
| 2002 | $186.72M | $25.89M | 13.9% |
| 2001 | $158.39M | $24.88M | 15.7% |
| 2000 | $65.71M | $22.99M | 35.0% |
| 1999 | $45.90M | $20.50M | 44.7% |
| 1998 | ($30.70M) | $18.10M | N/A (Loss) |
| 1997 | $23.50M | $15.90M | 67.7% |
| 1996 | $51.00M | $14.10M | 27.6% |
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.
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 | 21.11% |
| 2026-03-31 | 19.64% |
| 2025-12-31 | 18.66% |
| 2025-09-30 | 18.81% |
| 2025-06-30 | 20.85% |
| 2025-03-31 | 23.21% |
| 2024-12-31 | 18.80% |
| 2024-09-30 | 17.73% |
| 2024-06-30 | 13.60% |
| 2024-03-31 | 13.09% |
| 2023-12-31 | 13.10% |
| 2023-09-30 | 13.00% |
| 2023-06-30 | 15.85% |
| 2023-03-31 | 15.83% |
| 2022-12-31 | 16.44% |
| 2022-09-30 | 22.53% |
| 2022-06-30 | 35.00% |
| 2022-03-31 | 43.79% |
| 2021-12-31 | 38.67% |
| 2021-09-30 | 25.76% |
| 2021-06-30 | 21.04% |
| 2021-03-31 | 18.15% |
| 2020-12-31 | 18.62% |
| 2020-09-30 | 20.57% |
| 2020-06-30 | 17.72% |
| 2020-03-31 | 19.33% |
| 2019-12-31 | 16.75% |
| 2019-09-30 | 15.24% |
| 2019-06-30 | 21.18% |
| 2019-03-31 | 29.81% |
| 2018-12-31 | 42.79% |
| 2018-09-30 | 83.23% |
| 2018-06-30 | 57.26% |
| 2018-03-31 | 32.12% |
| 2017-12-31 | 30.82% |
| 2017-09-30 | 27.10% |
| 2017-06-30 | 25.57% |
| 2017-03-31 | 26.29% |
| 2016-12-31 | 20.00% |
| 2016-09-30 | 18.90% |
| 2016-06-30 | 16.43% |
| 2016-03-31 | 14.53% |
| 2015-12-31 | 15.82% |
| 2015-09-30 | 16.82% |
| 2015-06-30 | 22.93% |
| 2015-03-31 | 35.33% |
| 2014-12-31 | 34.56% |
| 2014-09-30 | 42.85% |
| 2014-06-30 | 23.68% |
| 2014-03-31 | 17.22% |
| 2013-12-31 | 17.67% |
| 2013-09-30 | 14.87% |
| 2013-06-30 | 15.87% |
| 2013-03-31 | 15.01% |
| 2012-12-31 | 13.89% |
| 2012-09-30 | 17.10% |
| 2012-06-30 | 19.92% |
| 2012-03-31 | 28.50% |
| 2011-12-31 | 38.98% |
| 2011-09-30 | 43.85% |
| 2011-06-30 | 124.26% |
| 2011-03-31 | 81.14% |
| 2010-12-31 | 94.86% |
| 2010-09-30 | 46.34% |
| 2010-06-30 | 28.27% |
| 2010-03-31 | 12.14% |
| 2009-12-31 | 9.67% |
| 2009-09-30 | 8.52% |
| 2009-06-30 | 9.25% |
| 2009-03-31 | 13.53% |
| 2008-12-31 | 17.75% |
| 2008-09-30 | 19.17% |
| 2008-06-30 | 49.90% |
| 2008-03-31 | 30.54% |
| 2007-12-31 | 19.65% |
| 2007-09-30 | 32.18% |
| 2007-06-30 | 47.77% |
| 2006-06-30 | 21.22% |
| 2006-03-31 | 20.67% |
| 2005-12-31 | 27.83% |
| 2005-09-30 | 48.35% |
| 2004-12-31 | 71.42% |
| 2004-09-30 | 151.01% |
| 2004-06-30 | 33.47% |
| 2004-03-31 | 29.92% |
| 2003-12-31 | 35.74% |
| 2003-09-30 | 21.20% |
| 2003-06-30 | 18.00% |
