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 23.46% is 31% below its 5-year average of 33.80%, near the low end of its 5-year range (16.87%–160.15%).
As of the fiscal period ended Tuesday, March 31, 2026. 19.57% above its 12-month average of 19.62%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.46%
FCF PAYOUT RATIO AVG TTM
19.62%
FCF PAYOUT RATIO AVG 3Y
24.38%
FCF PAYOUT RATIO AVG 5Y
24.68%
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
+19.57%
CURRENT VS 3Y AVG
-3.78%
CURRENT VS 5Y AVG
-4.93%
CURRENT VS 10Y AVG
N/A
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
23.5%
Earnings Payout Ratio
45.0%
Dividend Yield
0.95%
FCF Yield
3.40%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.81B | $475.00M | 16.9% |
| 2024 | $1.55B | $458.00M | 29.6% |
| 2023 | $1.17B | $439.00M | 37.4% |
| 2022 | $267.00M | $418.00M | 156.6% |
| 2021 | $2.15B | $397.00M | 18.4% |
| 2020 | $1.59B | $388.00M |
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 |
|---|---|
| 2026-03-31 | 23.46% |
| 2025-12-31 | 16.87% |
| 2025-09-30 | 17.78% |
| 2025-06-30 | 18.00% |
| 2025-03-31 | 21.98% |
| 2024-12-31 | 29.59% |
| 2024-09-30 | 25.73% |
| 2024-06-30 | 29.66% |
| 2024-03-31 | 23.55% |
| 2023-12-31 | 37.20% |
| 2022-12-31 | 160.15% |
| 2022-09-30 | 53.36% |
| 2022-06-30 | 35.57% |
| 2022-03-31 | 29.73% |
| 2021-12-31 | 18.26% |
| 2021-09-30 | 20.47% |
| 2021-06-30 | 22.08% |
| 2021-03-31 | 24.87% |
| 2020-12-31 | 24.42% |
| 2020-09-30 | 23.00% |
| 2020-06-30 | 51.19% |
| 2020-03-31 | 552.83% |
| 24.4% |
| 2019 | ($93.00M) | $511.00M | N/A (Loss) |
| 2018 | ($1.02B) | $2.81B | N/A (Loss) |
| 2017 | ($866.00M) | $988.00M | N/A (Loss) |
| 2016 | $2.34B | $1.33B | 57.1% |
