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 16.35% is 41% below its 5-year average of 27.80%, near the low end of its 5-year range (16.35%–47.36%).
As of the fiscal period ended Tuesday, June 30, 2026. 40.64% below its 12-month average of 27.55%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
16.35%
FCF PAYOUT RATIO AVG TTM
27.55%
FCF PAYOUT RATIO AVG 3Y
28.78%
FCF PAYOUT RATIO AVG 5Y
27.37%
FCF PAYOUT RATIO AVG 10Y
27.72%
FCF PAYOUT RATIO AVG 15Y
46.67%
FCF PAYOUT RATIO AVG 20Y
44.37%
CURRENT VS TTM AVG
-40.64%
CURRENT VS 3Y AVG
-43.18%
CURRENT VS 5Y AVG
-40.25%
CURRENT VS 10Y AVG
-41.02%
CURRENT VS 15Y AVG
-64.96%
CURRENT VS 20Y AVG
-63.15%
FCF Payout Ratio TTM
16.4%
Earnings Payout Ratio
35.1%
Dividend Yield
1.01%
FCF Yield
6.20%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.71B | $972.00M | 56.8% |
| 2024 | $2.72B | $930.00M | 34.2% |
| 2023 | $3.26B | $882.00M | 27.1% |
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 | 16.35% |
| 2026-03-31 | 23.90% |
| 2025-12-31 | 24.70% |
| 2025-09-30 | 25.42% |
| 2025-06-30 | 47.36% |
| 2025-03-31 | 34.89% |
| 2024-12-31 | 34.22% |
| 2024-09-30 | 30.83% |
| 2024-06-30 | 31.23% |
| 2024-03-31 | 29.61% |
| 2023-12-31 | 27.08% |
| 2023-09-30 | 27.96% |
| 2023-06-30 | 26.73% |
| 2023-03-31 | 25.86% |
| 2022-12-31 | 24.44% |
| 2022-09-30 | 24.13% |
| 2022-06-30 | 25.04% |
| 2022-03-31 | 25.19% |
| 2021-12-31 | 25.36% |
| 2021-09-30 | 25.05% |
| 2021-06-30 | 28.35% |
| 2021-03-31 | 29.25% |
| 2020-12-31 | 30.22% |
| 2020-09-30 | 30.59% |
| 2020-06-30 | 25.18% |
| 2020-03-31 | 24.26% |
| 2019-12-31 | 23.90% |
| 2019-09-30 | 23.14% |
| 2019-06-30 | 23.53% |
| 2019-03-31 | 24.12% |
| 2018-12-31 | 25.93% |
| 2018-09-30 | 34.02% |
| 2018-06-30 | 36.97% |
| 2018-03-31 | 51.54% |
| 2017-12-31 | 49.44% |
| 2017-09-30 | 60.93% |
| 2017-06-30 | 94.23% |
| 2017-03-31 | 73.47% |
| 2016-12-31 | 105.75% |
| 2016-09-23 | 62.28% |
| 2016-06-24 | 66.73% |
| 2016-03-25 | 67.08% |
| 2015-12-31 | 84.90% |
| 2015-09-25 | 89.23% |
| 2015-06-26 | 93.56% |
| 2015-03-27 | 73.78% |
| 2014-12-31 | 70.36% |
| 2014-09-26 | 70.12% |
| 2014-06-27 | 64.81% |
| 2014-03-28 | 72.55% |
| 2013-12-31 | 62.89% |
| 2013-09-27 | 62.67% |
| 2013-06-28 | 56.64% |
| 2013-03-29 | 66.21% |
| 2012-12-31 | 92.23% |
| 2012-09-28 | 104.24% |
| 2012-06-29 | 83.92% |
| 2012-03-30 | 48.34% |
| 2011-12-31 | 40.20% |
| 2011-09-30 | 32.31% |
| 2011-07-01 | 31.37% |
| 2011-04-01 | 33.42% |
| 2010-12-31 | 26.18% |
| 2010-09-24 | 29.37% |
| 2010-06-25 | 34.14% |
| 2010-03-26 | 39.64% |
| 2009-12-31 | 56.28% |
| 2009-09-25 | 40.64% |
| 2009-06-26 | 33.11% |
| 2009-03-27 | 32.46% |
| 2008-12-31 | 26.24% |
| 2008-09-26 | 42.18% |
| 2008-06-27 | 43.82% |
| 2008-03-28 | 45.09% |
| 2007-12-31 | 56.20% |
| 2007-09-28 | 24.35% |
| 2007-06-29 | 27.91% |
| 2007-03-30 | 33.14% |
| 2006-12-31 | 34.61% |
| 2006-09-29 | 151.76% |
| 2004-12-31 | 23.82% |
| 2004-09-24 | 48.85% |
| 2004-06-25 | 29.25% |
| 2022 |
| $3.49B |
| $852.00M |
| 24.4% |
| 2021 | $3.31B | $839.00M | 25.4% |
| 2020 | $2.64B | $797.00M | 30.2% |
| 2019 | $3.19B | $763.00M | 23.9% |
| 2018 | $2.90B | $751.00M | 25.9% |
| 2017 | $1.43B | $708.00M | 49.4% |
| 2016 | $643.00M | $680.00M | 105.8% |
| 2015 | $808.00M | $686.00M | 84.9% |
| 2014 | $894.00M | $629.00M | 70.4% |
| 2013 | $954.00M | $600.00M | 62.9% |
| 2012 | $605.00M | $558.00M | 92.2% |
| 2011 | $1.19B | $480.00M | 40.2% |
| 2010 | $1.42B | $372.00M | 26.2% |
| 2009 | $613.00M | $345.00M | 56.3% |
| 2008 | $1.17B | $308.00M | 26.2% |
| 2007 | $411.00M | $231.00M | 56.2% |
| 2006 | $419.00M | $145.00M | 34.6% |
| 2005 | ($1.13B) | $93.00M | N/A (Loss) |
| 2004 | $361.00M | $86.00M | 23.8% |
| 2003 | ($469.00M) | $86.00M | N/A (Loss) |
| 2002 | $47.00M | $86.00M | 183.0% |
| 2001 | ($103.00M) | $171.00M | N/A (Loss) |
| 2000 | ($853.00M) | $262.00M | N/A (Loss) |
| 1999 | ($1.20B) | $262.00M | N/A (Loss) |
| 1998 | ($479.00M) | $262.00M | N/A (Loss) |
| 1997 | $433.00M | $235.00M | 54.3% |
| 1996 | $217.00M | $223.00M | 102.8% |
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.
