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 33.82% is 38% below its 5-year average of 54.47%, near the low end of its 5-year range (33.82%–83.04%).
As of the fiscal period ended Tuesday, March 31, 2026. 22.18% below its 12-month average of 43.46%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
33.82%
FCF PAYOUT RATIO AVG TTM
43.46%
FCF PAYOUT RATIO AVG 3Y
52.10%
FCF PAYOUT RATIO AVG 5Y
54.47%
FCF PAYOUT RATIO AVG 10Y
51.71%
FCF PAYOUT RATIO AVG 15Y
51.71%
FCF PAYOUT RATIO AVG 20Y
50.94%
CURRENT VS TTM AVG
-22.18%
CURRENT VS 3Y AVG
-35.08%
CURRENT VS 5Y AVG
-37.91%
CURRENT VS 10Y AVG
-34.59%
CURRENT VS 15Y AVG
-34.59%
CURRENT VS 20Y AVG
-33.60%
FCF Payout Ratio TTM
33.8%
Earnings Payout Ratio
29.3%
Dividend Yield
2.03%
FCF Yield
8.01%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.63B | $682.00M | 41.7% |
| 2024 | $1.02B | $625.00M | 61.0% |
| 2023 | $1.56B | $890.00M | 57.1% |
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 |
|---|---|
| 2026-03-31 | 33.82% |
| 2025-12-31 | 41.74% |
| 2025-09-30 | 46.20% |
| 2025-06-30 | 44.39% |
| 2025-03-31 | 51.15% |
| 2024-12-31 | 61.04% |
| 2024-09-30 | 55.25% |
| 2024-06-30 | 63.18% |
| 2024-03-31 | 64.63% |
| 2023-12-31 | 57.09% |
| 2023-09-30 | 56.58% |
| 2023-06-30 | 48.97% |
| 2023-03-31 | 53.23% |
| 2022-12-31 | 53.18% |
| 2022-09-30 | 61.19% |
| 2022-06-30 | 74.35% |
| 2022-03-31 | 65.60% |
| 2021-12-31 | 83.04% |
| 2021-09-30 | 35.97% |
| 2021-06-30 | 42.28% |
| 2021-03-31 | 50.95% |
| 2020-12-31 | 78.75% |
| 2020-09-30 | 183.69% |
| 2020-06-30 | 88.91% |
| 2020-03-31 | 48.07% |
| 2019-12-31 | 22.13% |
| 2019-09-30 | 21.37% |
| 2019-06-30 | 22.96% |
| 2019-03-31 | 23.44% |
| 2018-12-31 | 52.92% |
| 2018-09-30 | 73.09% |
| 2018-06-30 | 64.57% |
| 2018-03-31 | 51.39% |
| 2017-12-31 | 59.01% |
| 2017-09-30 | 45.83% |
| 2017-06-30 | 30.84% |
| 2017-03-31 | 34.34% |
| 2016-12-31 | 210.10% |
| 2016-09-30 | 127.24% |
| 2009-12-31 | 23.18% |
| 2005-12-31 | 54.42% |
| 2005-09-30 | 50.03% |
| 2005-06-30 | 6.08% |
| 2005-03-31 | 7.42% |
| 2004-12-31 | 7.93% |
| 2004-09-30 | 9.04% |
| 2004-06-30 | 7.18% |
| 2004-03-31 | 3.54% |
| 2003-12-31 | 4.22% |
| 2003-09-30 | 3.13% |
| 2003-06-30 | 3.62% |
| 2003-03-31 | 4.56% |
| 2022 |
| $3.75B |
| $1.99B |
| 53.2% |
| 2021 | $939.00M | $780.00M | 83.1% |
| 2020 | $202.00M | $159.00M | 78.7% |
| 2019 | $657.00M | $146.00M | 22.2% |
| 2018 | $210.43M | $111.37M | 52.9% |
| 2017 | $133.60M | $78.84M | 59.0% |
| 2016 | $17.22M | $36.19M | 210.1% |
| 2015 | ($214.87M) | $33.09M | N/A (Loss) |
| 2014 | ($243.20M) | $33.28M | N/A (Loss) |
| 2013 | ($170.21M) | $25.23M | N/A (Loss) |
| 2012 | ($275.88M) | $16.76M | N/A (Loss) |
| 2011 | ($389.44M) | $12.51M | N/A (Loss) |
| 2010 | ($372.34M) | $12.47M | N/A (Loss) |
| 2009 | $2.85M | $12.43M | 437.0% |
| 2008 | ($182.99M) | $12.07M | N/A (Loss) |
| 2007 | ($95.07M) | $0 | N/A (Loss) |
| 2006 | ($159.72M) | $7.75M | N/A (Loss) |
| 2005 | $13.25M | $7.21M | 54.4% |
| 2004 | $65.68M | $5.21M | 7.9% |
| 2003 | $119.62M | $5.04M | 4.2% |
| 2002 | $61.95M | $5.08M | 8.2% |
| 2001 | $123.31M | $4.80M | 3.9% |
| 2000 | $19.65M | $6.55M | 33.3% |
| 1999 | $10.30M | $7.40M | 71.8% |
| 1998 | ($116.40M) | $7.40M | N/A (Loss) |
| 1997 | $21.50M | $5.60M | 26.0% |
| 1996 | $14.80M | $9.20M | 62.2% |
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.
