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 36.97% is 20% below its 5-year average of 46.29%, near the low end of its 5-year range (31.38%–231.90%).
As of the fiscal period ended Tuesday, June 30, 2026. 23.45% below its 12-month average of 48.29%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
36.97%
FCF PAYOUT RATIO AVG TTM
48.29%
FCF PAYOUT RATIO AVG 3Y
46.55%
FCF PAYOUT RATIO AVG 5Y
46.29%
FCF PAYOUT RATIO AVG 10Y
69.73%
FCF PAYOUT RATIO AVG 15Y
69.64%
FCF PAYOUT RATIO AVG 20Y
70.74%
CURRENT VS TTM AVG
-23.45%
CURRENT VS 3Y AVG
-20.58%
CURRENT VS 5Y AVG
-20.14%
CURRENT VS 10Y AVG
-46.99%
CURRENT VS 15Y AVG
-46.91%
CURRENT VS 20Y AVG
-47.74%
FCF Payout Ratio TTM
37.0%
Earnings Payout Ratio
514.3%
Dividend Yield
1.76%
FCF Yield
6.25%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.08B | $597.00M | 55.3% |
| 2024 | $1.27B | $635.00M | 50.1% |
| 2023 | $1.57B | $651.00M | 41.4% |
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 | 36.97% |
| 2026-03-31 | 45.80% |
| 2025-12-31 | 55.33% |
| 2025-09-30 | 53.37% |
| 2025-06-30 | 50.00% |
| 2025-03-31 | 58.12% |
| 2024-12-31 | 50.08% |
| 2024-09-30 | 41.04% |
| 2024-06-30 | 42.50% |
| 2024-03-31 | 37.39% |
| 2023-12-31 | 41.41% |
| 2023-09-30 | 110.79% |
| 2023-06-30 | 231.90% |
| 2022-09-30 | 110.29% |
| 2022-06-30 | 65.92% |
| 2022-03-31 | 50.92% |
| 2021-12-31 | 45.32% |
| 2021-09-30 | 35.12% |
| 2021-06-30 | 31.38% |
| 2021-03-31 | 29.76% |
| 2020-12-31 | 30.40% |
| 2020-09-30 | 42.73% |
| 2020-06-30 | 55.88% |
| 2020-03-31 | 342.16% |
| 2019-09-30 | 87.03% |
| 2019-06-30 | 446.31% |
| 2019-03-31 | 127.14% |
| 2018-12-31 | 378.22% |
| 2017-09-30 | 216.04% |
| 2017-03-31 | 115.05% |
| 2016-12-31 | 164.57% |
| 2016-09-30 | 121.93% |
| 2016-06-30 | 69.94% |
| 2016-03-31 | 91.72% |
| 2015-12-31 | 61.06% |
| 2015-09-30 | 55.79% |
| 2015-06-30 | 67.30% |
| 2015-03-31 | 62.60% |
| 2014-12-31 | 68.94% |
| 2014-09-30 | 75.04% |
| 2014-06-30 | 73.23% |
| 2014-03-31 | 34.94% |
| 2013-12-31 | 26.79% |
| 2013-09-30 | 39.31% |
| 2013-06-30 | 42.40% |
| 2013-03-31 | 87.39% |
| 2012-12-31 | 140.31% |
| 2012-09-30 | 90.00% |
| 2012-06-30 | 81.54% |
| 2012-03-31 | 117.01% |
| 2011-12-31 | 119.92% |
| 2011-09-30 | 102.82% |
| 2011-06-30 | 98.25% |
| 2011-03-31 | 61.33% |
| 2010-12-31 | 52.52% |
| 2010-09-30 | 54.83% |
| 2010-06-30 | 101.91% |
| 2009-09-30 | 179.28% |
| 2009-06-30 | 92.83% |
| 2009-03-31 | 79.63% |
| 2008-12-31 | 67.79% |
| 2008-09-30 | 124.39% |
| 2008-06-30 | 97.71% |
| 2008-03-31 | 69.72% |
| 2007-12-31 | 63.56% |
| 2007-09-30 | 58.51% |
| 2007-06-30 | 65.56% |
| 2007-03-31 | 73.12% |
| 2006-12-31 | 64.67% |
| 2006-09-30 | 69.25% |
| 2006-06-30 | 58.24% |
| 2006-03-31 | 51.74% |
| 2005-12-31 | 44.73% |
| 2005-09-30 | 40.91% |
| 2005-06-30 | 43.33% |
| 2005-03-31 | 56.52% |
| 2004-12-31 | 93.64% |
| 2004-09-30 | 89.20% |
| 2004-06-30 | 74.74% |
| 2004-03-31 | 62.56% |
| 2003-12-31 | 45.86% |
| 2003-09-30 | 55.51% |
| 2003-06-30 | 67.89% |
| 2022 |
| ($155.00M) |
| $652.00M |
| N/A (Loss) |
| 2021 | $1.39B | $630.00M | 45.3% |
| 2020 | $2.90B | $882.00M | 30.4% |
| 2019 | ($1.06B) | $1.61B | N/A (Loss) |
| 2018 | $923.00M | $3.49B | 378.2% |
| 2017 | ($4.52B) | $3.39B | N/A (Loss) |
| 2016 | $1.61B | $2.46B | 152.8% |
| 2015 | $3.77B | $2.25B | 59.8% |
| 2014 | $2.88B | $2.02B | 70.1% |
| 2013 | $5.52B | $1.48B | 26.8% |
| 2012 | $1.46B | $2.05B | 140.3% |
| 2011 | $1.05B | $1.26B | 119.9% |
| 2010 | $1.96B | $1.01B | 51.8% |
| 2009 | ($312.00M) | $1.03B | N/A (Loss) |
| 2008 | $2.38B | $1.56B | 65.7% |
| 2007 | $2.44B | $1.51B | 61.9% |
| 2006 | $2.18B | $1.40B | 64.5% |
| 2005 | $2.65B | $1.29B | 48.5% |
| 2004 | $1.34B | $1.25B | 93.6% |
| 2003 | $2.68B | $1.23B | 45.9% |
| 2002 | $485.00M | $1.22B | 250.9% |
| 2001 | $202.00M | $1.06B | 526.2% |
| 2000 | ($135.00M) | $783.00M | N/A (Loss) |
| 1999 | $1.14B | $771.00M | 67.7% |
| 1998 | $1.40B | $786.00M | 56.1% |
| 1997 | $2.46B | $758.00M | 30.9% |
| 1996 | $2.06B | $749.00M | 36.4% |
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.
