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 15.31% is 46% below its 5-year average of 28.30%, near the low end of its 5-year range (8.21%–108.35%).
As of the fiscal period ended Tuesday, June 30, 2026. 0.65% above its 12-month average of 15.22%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
15.31%
FCF PAYOUT RATIO AVG TTM
15.22%
FCF PAYOUT RATIO AVG 3Y
15.72%
FCF PAYOUT RATIO AVG 5Y
15.11%
FCF PAYOUT RATIO AVG 10Y
32.18%
FCF PAYOUT RATIO AVG 15Y
30.73%
FCF PAYOUT RATIO AVG 20Y
21.45%
CURRENT VS TTM AVG
+0.65%
CURRENT VS 3Y AVG
-2.58%
CURRENT VS 5Y AVG
+1.36%
CURRENT VS 10Y AVG
-52.41%
CURRENT VS 15Y AVG
-50.16%
CURRENT VS 20Y AVG
-28.60%
FCF Payout Ratio TTM
15.3%
Earnings Payout Ratio
15.1%
Dividend Yield
1.22%
FCF Yield
8.02%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.28B | $494.80M | 15.1% |
| 2024 | $2.02B | $395.20M | 19.5% |
| 2023 | $4.16B | $341.20M | 8.2% |
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 | 15.31% |
| 2026-03-31 | 14.35% |
| 2025-12-31 | 14.32% |
| 2025-09-30 | 15.07% |
| 2025-06-30 | 17.02% |
| 2025-03-31 | 16.49% |
| 2024-12-31 | 14.82% |
| 2024-09-30 | 19.52% |
| 2024-06-30 | 18.20% |
| 2024-03-31 | 16.61% |
| 2023-12-31 | 11.19% |
| 2023-09-30 | 8.21% |
| 2023-06-30 | 10.35% |
| 2023-03-31 | 12.12% |
| 2022-12-31 | 23.03% |
| 2022-09-30 | 76.52% |
| 2021-12-31 | 71.17% |
| 2021-09-30 | 108.35% |
| 2021-06-30 | 54.97% |
| 2021-03-31 | 20.50% |
| 2020-12-31 | 27.10% |
| 2020-09-30 | 22.56% |
| 2020-06-30 | 23.35% |
| 2020-03-31 | 37.31% |
| 2019-12-31 | 26.78% |
| 2019-09-30 | 33.44% |
| 2019-06-30 | 122.37% |
| 2019-03-31 | 479.53% |
| 2018-12-31 | 160.75% |
| 2018-09-30 | 47.49% |
| 2018-06-30 | 23.25% |
| 2018-03-31 | 56.65% |
| 2017-12-31 | 74.47% |
| 2017-09-30 | 53.85% |
| 2017-06-30 | 66.29% |
| 2017-03-31 | 38.66% |
| 2016-12-31 | 25.38% |
| 2016-09-30 | 22.32% |
| 2016-06-30 | 21.42% |
| 2016-03-31 | 12.76% |
| 2015-12-31 | 12.90% |
| 2015-09-30 | 14.22% |
| 2011-06-30 | 156.21% |
| 2011-03-31 | 19.89% |
| 2010-12-31 | 9.22% |
| 2010-09-30 | 6.91% |
| 2010-06-30 | 7.73% |
| 2010-03-31 | 8.09% |
| 2009-12-31 | 8.74% |
| 2009-09-30 | 4.16% |
| 2009-06-30 | 3.76% |
| 2009-03-31 | 3.87% |
| 2008-12-31 | 4.99% |
| 2008-09-30 | 7.58% |
| 2008-06-30 | 11.83% |
| 2008-03-28 | 15.13% |
| 2007-12-31 | 17.84% |
| 2007-09-30 | 21.46% |
| 2007-06-29 | 13.73% |
| 2007-03-31 | 32.74% |
| 2006-12-31 | 379.61% |
| 2003-12-31 | 15.90% |
| 2003-09-30 | 10.70% |
| 2003-06-30 | 112.70% |
| 2022 |
| $413.60M |
| $316.50M |
| 76.5% |
| 2021 | $267.00M | $289.30M | 108.4% |
| 2020 | $1.13B | $256.00M | 22.6% |
| 2019 | $668.00M | $223.40M | 33.4% |
| 2018 | $477.10M | $188.40M | 39.5% |
| 2017 | $277.80M | $149.60M | 53.9% |
| 2016 | $531.90M | $118.70M | 22.3% |
| 2015 | $644.30M | $91.60M | 14.2% |
| 2014 | ($761.60M) | $48.60M | N/A (Loss) |
| 2013 | ($1.29B) | $60.20M | N/A (Loss) |
| 2012 | ($322.30M) | $47.80M | N/A (Loss) |
| 2011 | ($1.40M) | $47.80M | N/A (Loss) |
| 2010 | $690.20M | $47.70M | 6.9% |
| 2009 | $1.14B | $47.50M | 4.2% |
| 2008 | $1.87B | $142.00M | 7.6% |
| 2007 | $1.32B | $188.40M | 14.3% |
| 2006 | ($1.27B) | $137.60M | N/A (Loss) |
| 2005 | ($688.90M) | $96.50M | N/A (Loss) |
| 2004 | ($477.70M) | $66.90M | N/A (Loss) |
| 2003 | $374.65M | $40.10M | 10.7% |
| 2002 | ($130.41M) | $26.11M | N/A (Loss) |
| 2001 | ($88.65M) | $13.73M | N/A (Loss) |
| 2000 | ($123.34M) | $9.29M | N/A (Loss) |
| 1999 | ($188.20M) | $7.10M | N/A (Loss) |
| 1998 | ($136.90M) | $4.70M | N/A (Loss) |
| 1997 | ($88.40M) | $2.10M | N/A (Loss) |
| 1996 | ($26.60M) | $1.40M | 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.
