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 29.05% is 14% below its 5-year average of 33.62%, near the low end of its 5-year range (14.61%–196.44%).
As of the fiscal period ended Tuesday, June 30, 2026. 40.27% below its 12-month average of 48.64%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
29.05%
FCF PAYOUT RATIO AVG TTM
48.64%
FCF PAYOUT RATIO AVG 3Y
44.06%
FCF PAYOUT RATIO AVG 5Y
33.62%
FCF PAYOUT RATIO AVG 10Y
29.13%
FCF PAYOUT RATIO AVG 15Y
23.97%
FCF PAYOUT RATIO AVG 20Y
24.66%
CURRENT VS TTM AVG
-40.27%
CURRENT VS 3Y AVG
-34.06%
CURRENT VS 5Y AVG
-13.59%
CURRENT VS 10Y AVG
-0.25%
CURRENT VS 15Y AVG
+21.20%
CURRENT VS 20Y AVG
+17.82%
FCF Payout Ratio TTM
29.1%
Earnings Payout Ratio
70.4%
Dividend Yield
2.75%
FCF Yield
9.47%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.81B | $3.40B | 43.5% |
| 2024 | $6.33B | $3.37B | 53.3% |
| 2023 | $10.39B | $3.13B | 30.1% |
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 | 29.05% |
| 2026-03-31 | 46.04% |
| 2025-12-31 | 43.51% |
| 2025-09-30 | 53.87% |
| 2025-06-30 | 70.73% |
| 2025-03-31 | 56.77% |
| 2024-12-31 | 53.32% |
| 2024-09-30 | 196.44% |
| 2024-06-30 | 61.75% |
| 2024-03-31 | 39.23% |
| 2023-12-31 | 30.13% |
| 2023-09-30 | 27.18% |
| 2023-06-30 | 17.08% |
| 2023-03-31 | 17.04% |
| 2022-12-31 | 21.61% |
| 2022-09-30 | 14.61% |
| 2022-06-30 | 17.53% |
| 2022-03-31 | 16.62% |
| 2021-12-31 | 16.67% |
| 2021-09-30 | 17.17% |
| 2021-06-30 | 22.51% |
| 2021-03-31 | 20.33% |
| 2020-12-31 | 19.54% |
| 2020-09-30 | 20.81% |
| 2020-06-30 | 19.17% |
| 2020-03-31 | 22.23% |
| 2019-12-31 | 25.05% |
| 2019-09-30 | 24.09% |
| 2019-06-30 | 27.53% |
| 2019-03-31 | 35.22% |
| 2018-12-31 | 29.85% |
| 2018-09-30 | 47.48% |
| 2018-06-30 | 35.02% |
| 2018-03-31 | 41.77% |
| 2017-12-31 | 33.65% |
| 2017-09-30 | 24.23% |
| 2017-06-30 | 20.25% |
| 2017-03-31 | 20.61% |
| 2016-12-31 | 23.24% |
| 2016-09-30 | 19.49% |
| 2016-06-30 | 24.62% |
| 2016-03-31 | 26.06% |
| 2015-12-31 | 26.07% |
| 2015-09-30 | 24.73% |
| 2015-06-30 | 24.31% |
| 2015-03-31 | 23.56% |
| 2014-12-31 | 21.46% |
| 2014-09-30 | 29.77% |
| 2014-06-30 | 28.10% |
| 2014-03-31 | 26.87% |
| 2013-12-31 | 28.88% |
| 2013-09-30 | 26.23% |
| 2013-06-30 | 30.25% |
| 2013-03-31 | 25.19% |
| 2012-12-31 | 17.86% |
| 2012-09-30 | 21.19% |
| 2012-06-30 | 15.62% |
| 2012-03-31 | 14.76% |
| 2011-12-31 | 16.92% |
| 2011-09-30 | 12.50% |
| 2011-06-30 | 13.49% |
| 2011-03-31 | 14.38% |
| 2010-12-31 | 17.27% |
| 2010-09-30 | 17.78% |
| 2010-06-30 | 21.86% |
| 2010-03-31 | 24.51% |
| 2009-12-31 | 29.54% |
| 2009-09-30 | 28.61% |
| 2009-06-30 | 27.40% |
| 2009-03-31 | 23.51% |
| 2008-12-31 | 21.67% |
| 2008-09-27 | 25.16% |
| 2008-06-28 | 30.23% |
| 2008-03-29 | 26.88% |
| 2007-12-31 | 22.63% |
| 2007-09-29 | 36.18% |
| 2007-06-30 | 37.37% |
| 2007-03-31 | 31.08% |
| 2006-09-30 | 49.12% |
| 2006-07-01 | 44.27% |
| 2006-04-01 | 48.71% |
| 2005-12-31 | 112.77% |
| 2003-09-27 | 60.41% |
| 2003-06-28 | 38.07% |
| 2022 |
| $13.45B |
| $2.91B |
| 21.6% |
| 2021 | $15.74B | $2.63B | 16.7% |
| 2020 | $13.43B | $2.62B | 19.5% |
| 2019 | $10.39B | $2.60B | 25.1% |
| 2018 | $6.83B | $2.04B | 29.8% |
| 2017 | $6.09B | $2.05B | 33.7% |
| 2016 | $7.92B | $1.84B | 23.2% |
| 2015 | $6.17B | $1.58B | 25.5% |
| 2014 | $6.00B | $1.29B | 21.5% |
| 2013 | $3.80B | $1.10B | 28.9% |
| 2012 | $4.64B | $829.00M | 17.9% |
| 2011 | $3.98B | $674.00M | 16.9% |
| 2010 | $2.77B | $479.00M | 17.3% |
| 2009 | $1.49B | $439.00M | 29.5% |
| 2008 | $1.77B | $383.00M | 21.7% |
| 2007 | $1.42B | $322.40M | 22.6% |
| 2006 | ($26.50M) | $140.90M | N/A (Loss) |
| 2005 | $116.70M | $131.60M | 112.8% |
| 2004 | ($433.50M) | $119.80M | N/A (Loss) |
| 2003 | ($152.80M) | $105.20M | N/A (Loss) |
| 2002 | $96.00M | $104.90M | 109.3% |
| 2001 | ($33.00M) | $105.20M | N/A (Loss) |
| 2000 | $84.90M | $104.80M | 123.4% |
| 1999 | $3.60M | $104.70M | n/m |
| 1998 | ($209.90M) | $102.50M | N/A (Loss) |
| 1997 | ($447.40M) | $87.60M | N/A (Loss) |
| 1996 | ($375.60M) | $137.50M | N/A (Loss) |
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.
