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 45.36% is in line with its 5-year average of 42.87%, near the low end of its 5-year range (20.21%–195.62%).
As of the fiscal period ended Sunday, August 2, 2026. 6.64% below its 12-month average of 48.58%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.36%
FCF PAYOUT RATIO AVG TTM
48.58%
FCF PAYOUT RATIO AVG 3Y
39.83%
FCF PAYOUT RATIO AVG 5Y
42.87%
FCF PAYOUT RATIO AVG 10Y
45.98%
FCF PAYOUT RATIO AVG 15Y
64.04%
FCF PAYOUT RATIO AVG 20Y
64.76%
CURRENT VS TTM AVG
-6.64%
CURRENT VS 3Y AVG
+13.89%
CURRENT VS 5Y AVG
+5.80%
CURRENT VS 10Y AVG
-1.35%
CURRENT VS 15Y AVG
-29.17%
CURRENT VS 20Y AVG
-29.96%
FCF Payout Ratio TTM
45.4%
Earnings Payout Ratio
36.0%
Dividend Yield
0.93%
FCF Yield
2.06%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.23B | $1.72B | 53.2% |
| 2024 | $4.43B | $1.60B | 36.2% |
| 2023 | $4.12B | $1.43B | 34.6% |
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 |
|---|---|
| 2026-08-02 | 45.36% |
| 2026-05-03 | 46.58% |
| 2026-02-01 | 49.16% |
| 2025-11-02 | 53.23% |
| 2025-07-27 | 41.09% |
| 2025-04-27 | 38.13% |
| 2025-01-26 | 38.35% |
| 2024-10-27 | 36.24% |
| 2024-07-28 | 31.21% |
| 2024-04-28 | 30.91% |
| 2024-01-28 | 33.04% |
| 2023-10-31 | 34.63% |
| 2023-07-30 | 49.42% |
| 2023-04-30 | 65.97% |
| 2023-01-29 | 66.68% |
| 2022-10-31 | 144.13% |
| 2022-07-31 | 195.62% |
| 2022-05-01 | 90.77% |
| 2022-01-30 | 48.62% |
| 2021-10-31 | 20.21% |
| 2021-08-01 | 18.95% |
| 2021-05-02 | 15.58% |
| 2021-01-31 | 16.43% |
| 2020-10-31 | 19.81% |
| 2020-08-02 | 24.31% |
| 2020-05-03 | 42.61% |
| 2020-02-02 | 98.79% |
| 2017-07-30 | 133.99% |
| 2017-04-30 | 62.86% |
| 2017-01-29 | 74.44% |
| 2016-10-31 | 94.08% |
| 2016-07-31 | 103.94% |
| 2016-04-30 | 165.23% |
| 2016-01-31 | 190.36% |
| 2015-10-31 | 89.29% |
| 2015-07-31 | 66.85% |
| 2015-04-30 | 57.16% |
| 2015-01-31 | 71.65% |
| 2014-10-31 | 90.70% |
| 2014-07-31 | 83.83% |
| 2014-04-30 | 65.81% |
| 2014-01-31 | 55.90% |
| 2013-10-31 | 85.65% |
| 2013-07-31 | 160.17% |
| 2012-01-31 | 265.26% |
| 2011-10-31 | 91.88% |
| 2011-07-31 | 197.80% |
| 2011-01-31 | 165.56% |
| 2010-10-31 | 49.88% |
| 2010-07-31 | 34.53% |
| 2010-04-30 | 15.03% |
| 2010-01-31 | 22.63% |
| 2009-10-31 | 69.96% |
| 2008-10-31 | 131.48% |
| 2008-07-31 | 41.70% |
| 2008-04-30 | 41.18% |
| 2008-01-31 | 33.46% |
| 2007-10-31 | 30.32% |
| 2007-07-31 | 23.83% |
| 2007-04-30 | 35.70% |
| 2007-01-31 | 139.23% |
| 2006-10-31 | 168.15% |
| 2006-01-31 | 541.62% |
| 2005-10-31 | 41.15% |
| 2005-07-31 | 63.41% |
| 2005-04-30 | 30.34% |
| 2005-01-31 | 44.35% |
| 2004-10-31 | 30.88% |
| 2004-07-31 | 19.71% |
| 2004-04-30 | 17.94% |
| 2004-01-31 | 13.80% |
| 2003-10-31 | 17.17% |
| 2003-07-31 | 13.92% |
| 2022 |
| $911.00M |
| $1.31B |
| 144.1% |
| 2021 | $5.15B | $1.04B | 20.2% |
| 2020 | $4.83B | $956.00M | 19.8% |
| 2019 | ($37.00M) | $943.00M | N/A (Loss) |
| 2018 | ($1.13B) | $805.80M | N/A (Loss) |
| 2017 | ($392.50M) | $764.00M | N/A (Loss) |
| 2016 | $809.20M | $761.30M | 94.1% |
| 2015 | $914.20M | $816.30M | 89.3% |
| 2014 | $866.60M | $786.00M | 90.7% |
| 2013 | $879.00M | $752.90M | 85.7% |
| 2012 | ($953.30M) | $697.90M | N/A (Loss) |
| 2011 | $645.50M | $593.10M | 91.9% |
| 2010 | $969.40M | $483.50M | 49.9% |
| 2009 | $676.70M | $473.40M | 70.0% |
| 2008 | $340.80M | $448.10M | 131.5% |
| 2007 | $1.28B | $386.70M | 30.3% |
| 2006 | $207.20M | $348.40M | 168.1% |
| 2005 | $704.00M | $289.70M | 41.2% |
| 2004 | $798.70M | $246.60M | 30.9% |
| 2003 | $1.23B | $210.50M | 17.2% |
| 2002 | $1.52B | $208.90M | 13.7% |
| 2001 | $622.40M | $206.50M | 33.2% |
| 2000 | $653.30M | $206.00M | 31.5% |
| 1999 | $903.20M | $205.40M | 22.7% |
| 1998 | ($120.90M) | $212.40M | N/A (Loss) |
| 1997 | $671.80M | $204.30M | 30.4% |
| 1996 | $1.07B | $209.30M | 19.6% |
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.
