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 8.27% is 40% below its 3-year average of 13.81%, near the low end of its 3-year range (5.39%–23.23%).
As of the fiscal period ended Tuesday, June 30, 2026. 33.13% below its 12-month average of 12.37%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
8.27%
FCF PAYOUT RATIO AVG TTM
12.37%
FCF PAYOUT RATIO AVG 3Y
13.81%
FCF PAYOUT RATIO AVG 5Y
13.81%
FCF PAYOUT RATIO AVG 10Y
24.10%
FCF PAYOUT RATIO AVG 15Y
18.22%
FCF PAYOUT RATIO AVG 20Y
17.59%
CURRENT VS TTM AVG
-33.13%
CURRENT VS 3Y AVG
-40.08%
CURRENT VS 5Y AVG
-40.08%
CURRENT VS 10Y AVG
-65.66%
CURRENT VS 15Y AVG
-54.58%
CURRENT VS 20Y AVG
-52.96%
FCF Payout Ratio TTM
8.3%
Earnings Payout Ratio
9.7%
Dividend Yield
0.84%
FCF Yield
10.33%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.84B | $440.00M | 11.4% |
| 2024 | $2.88B | $321.00M | 11.1% |
| 2023 | $1.14B | $128.00M | 11.2% |
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 | 8.27% |
| 2026-03-31 | 11.99% |
| 2025-12-31 | 11.45% |
| 2025-09-30 | 13.47% |
| 2025-06-30 | 16.68% |
| 2025-03-31 | 12.61% |
| 2024-12-31 | 11.13% |
| 2024-09-30 | 23.23% |
| 2024-06-30 | 23.17% |
| 2024-03-31 | 17.11% |
| 2023-12-31 | 11.21% |
| 2023-09-30 | 5.39% |
| 2020-03-31 | 43.20% |
| 2019-12-31 | 27.99% |
| 2019-09-30 | 27.51% |
| 2019-06-30 | 34.55% |
| 2019-03-31 | 41.40% |
| 2018-12-31 | 52.82% |
| 2018-09-30 | 34.10% |
| 2018-06-30 | 31.24% |
| 2018-03-31 | 27.20% |
| 2017-12-31 | 58.15% |
| 2017-09-30 | 80.12% |
| 2017-06-30 | 45.85% |
| 2017-03-31 | 26.61% |
| 2016-12-31 | 13.35% |
| 2016-09-30 | 11.39% |
| 2016-06-30 | 9.56% |
| 2016-03-31 | 9.60% |
| 2015-12-31 | 7.21% |
| 2015-09-30 | 7.65% |
| 2015-06-30 | 8.03% |
| 2015-03-31 | 8.06% |
| 2014-12-31 | 9.30% |
| 2014-09-30 | 7.68% |
| 2014-06-30 | 7.86% |
| 2014-03-31 | 7.99% |
| 2013-12-31 | 5.27% |
| 2013-09-30 | 2.88% |
| 2008-06-30 | 7.43% |
| 2007-12-31 | 4.64% |
| 2006-03-31 | 5.32% |
| 2022 |
| ($2.00M) |
| $0 |
| N/A (Loss) |
| 2021 | $16.00M | $0 | 0.0% |
| 2020 | ($5.69B) | $260.00M | N/A (Loss) |
| 2019 | $3.50B | $980.00M | 28.0% |
| 2018 | $1.85B | $909.00M | 49.2% |
| 2017 | $1.26B | $731.00M | 58.2% |
| 2016 | $3.81B | $509.00M | 13.3% |
| 2015 | $4.98B | $359.00M | 7.2% |
| 2014 | $2.70B | $251.00M | 9.3% |
| 2013 | $1.94B | $102.00M | 5.3% |
| 2012 | $508.00M | $0 | 0.0% |
| 2011 | $1.58B | $0 | 0.0% |
| 2010 | $1.49B | $0 | 0.0% |
| 2009 | $177.00M | $0 | 0.0% |
| 2008 | ($3.23B) | $0 | N/A (Loss) |
| 2007 | $320.00M | $15.00M | 4.7% |
| 2006 | $580.00M | $0 | 0.0% |
| 2005 | ($639.00M) | $0 | N/A (Loss) |
| 2004 | ($1.88B) | $0 | N/A (Loss) |
| 2003 | ($291.00M) | $19.00M | N/A (Loss) |
| 2002 | ($1.00B) | $39.00M | N/A (Loss) |
| 2001 | ($2.56B) | $40.00M | N/A (Loss) |
| 2000 | $110.00M | $42.00M | 38.2% |
| 2000 | ($1.16B) | $40.00M | N/A (Loss) |
| 1998 | $625.00M | $0 | 0.0% |
| 1997 | $91.00M | $0 | 0.0% |
| 1996 | $455.00M | $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.
