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 23.79% is in line with its 5-year average of 26.23%, near the low end of its 5-year range (21.30%–42.35%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.29% below its 12-month average of 24.34%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.79%
FCF PAYOUT RATIO AVG TTM
24.34%
FCF PAYOUT RATIO AVG 3Y
29.54%
FCF PAYOUT RATIO AVG 5Y
26.23%
FCF PAYOUT RATIO AVG 10Y
N/A
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-2.29%
CURRENT VS 3Y AVG
-19.46%
CURRENT VS 5Y AVG
-9.32%
CURRENT VS 10Y AVG
N/A
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
23.8%
Earnings Payout Ratio
28.0%
Dividend Yield
2.09%
FCF Yield
8.94%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.60B | $610.00M | 23.5% |
| 2024 | $1.83B | $600.00M | 32.8% |
| 2023 | $2.01B | $591.00M | 29.4% |
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 | 23.79% |
| 2026-03-31 | 24.86% |
| 2025-12-31 | 23.51% |
| 2025-09-30 | 22.97% |
| 2025-06-30 | 26.60% |
| 2025-03-31 | 28.30% |
| 2024-12-31 | 32.84% |
| 2024-09-30 | 36.14% |
| 2024-06-30 | 36.83% |
| 2024-03-31 | 42.35% |
| 2023-12-31 | 29.36% |
| 2023-09-30 | 29.70% |
| 2023-06-30 | 26.71% |
| 2023-03-31 | 21.30% |
| 2022-12-31 | 25.22% |
| 2022-09-30 | 23.15% |
| 2022-06-30 | 23.11% |
| 2022-03-31 | 22.69% |
| 2021-12-31 | 22.97% |
| 2021-09-30 | 22.08% |
| 2021-06-30 | 22.52% |
| 2021-03-31 | 18.67% |
| 2020-12-31 | 16.55% |
| 2020-09-30 | 16.07% |
| 2020-06-30 | 16.92% |
| 2020-03-31 | 19.67% |
| 2019-12-31 | 21.50% |
| 2019-09-30 | 24.57% |
| 2019-06-30 | 23.02% |
| 2019-03-31 | 22.34% |
| 2018-12-31 | 21.13% |
| 2018-09-30 | 18.52% |
| 2018-06-30 | 17.98% |
| 2018-03-31 | 17.38% |
| 2017-12-31 | 12.48% |
| 2017-09-30 | 9.53% |
| 2017-06-30 | 5.23% |
| 2022 |
| $2.24B |
| $564.00M |
| 25.2% |
| 2021 | $2.22B | $509.00M | 23.0% |
| 2020 | $2.90B | $480.00M | 16.5% |
| 2019 | $2.11B | $453.00M | 21.5% |
| 2018 | $2.21B | $468.00M | 21.1% |
| 2017 | $2.12B | $265.00M | 12.5% |
| 2016 | $1.32B | $0 | 0.0% |
| 2015 | $1.88B | $0 | 0.0% |
| 2014 | $1.26B | $0 | 0.0% |
| 2013 | $1.16B | $0 | 0.0% |
| 2012 | $838.12M | $0 | 0.0% |
| 2011 | $586.93M | $0 | 0.0% |
| 2010 | $579.14M | $0 | 0.0% |
| 2009 | $595.69M | $0 | 0.0% |
| 2008 | $260.30M | $0 | 0.0% |
| 2007 | $161.85M | $0 | 0.0% |
| 2006 | $148.14M | $0 | 0.0% |
| 2005 | $87.99M | $0 | 0.0% |
| 2004 | $80.75M | $0 | 0.0% |
| 2003 | $49.87M | $0 | 0.0% |
| 2002 | $34.41M | $0 | 0.0% |
| 2001 | $17.13M | $0 | 0.0% |
| 2000 | $19.57M | $0 | 0.0% |
| 1999 | $12.70M | $0 | 0.0% |
| 1998 | $9.70M | $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.
