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 17.64% is 30% above its 5-year average of 13.57%, near the high end of its 5-year range (10.06%–17.64%).
As of the fiscal period ended Friday, June 26, 2026. 3.56% above its 12-month average of 17.03%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
17.64%
FCF PAYOUT RATIO AVG TTM
17.03%
FCF PAYOUT RATIO AVG 3Y
15.27%
FCF PAYOUT RATIO AVG 5Y
13.57%
FCF PAYOUT RATIO AVG 10Y
13.49%
FCF PAYOUT RATIO AVG 15Y
10.80%
FCF PAYOUT RATIO AVG 20Y
8.70%
CURRENT VS TTM AVG
+3.56%
CURRENT VS 3Y AVG
+15.52%
CURRENT VS 5Y AVG
+29.95%
CURRENT VS 10Y AVG
+30.74%
CURRENT VS 15Y AVG
+63.31%
CURRENT VS 20Y AVG
+102.71%
FCF Payout Ratio TTM
17.6%
Earnings Payout Ratio
20.5%
Dividend Yield
0.54%
FCF Yield
4.03%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.26B | $878.00M | 16.7% |
| 2024 | $5.30B | $768.00M | 14.5% |
| 2023 | $5.78B | $821.00M | 14.2% |
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 |
|---|---|
| 2026-06-26 | 17.64% |
| 2026-03-27 | 17.20% |
| 2025-12-31 | 16.69% |
| 2025-09-26 | 16.88% |
| 2025-06-27 | 16.74% |
| 2025-03-28 | 16.01% |
| 2024-12-31 | 14.50% |
| 2024-09-27 | 15.43% |
| 2024-06-28 | 15.21% |
| 2024-03-29 | 14.29% |
| 2023-12-31 | 14.20% |
| 2023-09-29 | 12.16% |
| 2023-06-30 | 11.51% |
| 2023-03-31 | 11.35% |
| 2022-12-31 | 11.10% |
| 2022-09-30 | 11.40% |
| 2022-07-01 | 11.25% |
| 2022-04-01 | 10.67% |
| 2021-12-31 | 10.50% |
| 2021-10-01 | 10.21% |
| 2021-07-02 | 10.06% |
| 2021-04-02 | 10.17% |
| 2020-12-31 | 11.35% |
| 2020-10-02 | 13.20% |
| 2020-07-03 | 15.52% |
| 2020-04-03 | 16.07% |
| 2019-12-31 | 15.89% |
| 2019-09-27 | 14.29% |
| 2019-06-28 | 13.29% |
| 2019-03-29 | 13.54% |
| 2018-12-31 | 12.61% |
| 2018-09-28 | 13.93% |
| 2018-06-29 | 12.75% |
| 2018-03-30 | 12.36% |
| 2017-12-31 | 13.24% |
| 2017-09-29 | 13.72% |
| 2017-06-30 | 15.77% |
| 2017-03-31 | 14.67% |
| 2016-12-31 | 13.63% |
| 2016-09-30 | 11.53% |
| 2016-07-01 | 10.55% |
| 2016-04-01 | 10.66% |
| 2015-12-31 | 10.77% |
| 2015-10-02 | 10.10% |
| 2015-07-03 | 9.23% |
| 2015-04-03 | 8.76% |
| 2014-12-31 | 7.17% |
| 2014-09-26 | 5.77% |
| 2014-06-27 | 4.11% |
| 2014-03-28 | 2.40% |
| 2013-12-31 | 3.91% |
| 2013-09-27 | 4.86% |
| 2013-06-28 | 4.82% |
| 2013-03-29 | 4.60% |
| 2012-12-31 | 2.92% |
| 2012-09-28 | 2.31% |
| 2012-06-29 | 2.53% |
| 2012-03-30 | 2.69% |
| 2011-12-31 | 2.68% |
| 2011-09-30 | 2.75% |
| 2011-07-01 | 2.63% |
| 2011-04-01 | 2.76% |
| 2010-12-31 | 2.80% |
| 2010-10-01 | 2.91% |
| 2010-07-02 | 2.80% |
| 2010-04-02 | 2.67% |
| 2009-12-31 | 2.59% |
| 2009-10-02 | 2.36% |
| 2009-07-03 | 2.47% |
| 2009-04-03 | 2.32% |
| 2008-12-31 | 2.30% |
| 2008-09-26 | 2.20% |
| 2008-06-27 | 2.24% |
| 2008-03-28 | 2.53% |
| 2007-12-31 | 2.31% |
| 2007-09-28 | 2.21% |
| 2007-06-29 | 1.93% |
| 2007-03-30 | 1.77% |
| 2006-12-31 | 1.74% |
| 2006-09-29 | 1.12% |
| 2006-06-30 | 1.95% |
| 2006-03-31 | 1.88% |
| 2005-12-31 | 1.79% |
| 2005-09-30 | 9.07% |
| 2005-07-01 | 1.85% |
| 2005-04-01 | 1.91% |
| 2004-12-31 | 1.93% |
| 2004-10-01 | 1.85% |
| 2004-07-02 | 1.96% |
| 2004-04-02 | 1.88% |
| 2003-12-31 | 1.96% |
| 2003-09-26 | 2.31% |
| 2003-06-27 | 2.22% |
| 2022 |
| $7.37B |
| $818.00M |
| 11.1% |
| 2021 | $7.06B | $742.00M | 10.5% |
| 2020 | $5.42B | $615.00M | 11.4% |
| 2019 | $3.32B | $526.70M | 15.9% |
| 2018 | $3.44B | $433.40M | 12.6% |
| 2017 | $2.91B | $378.30M | 13.0% |
| 2016 | $2.93B | $399.80M | 13.6% |
| 2015 | $3.29B | $354.10M | 10.8% |
| 2014 | $3.29B | $227.70M | 6.9% |
| 2013 | $3.05B | $52.10M | 1.7% |
| 2012 | $2.96B | $86.40M | 2.9% |
| 2011 | $2.29B | $61.32M | 2.7% |
| 2010 | $1.87B | $52.21M | 2.8% |
| 2009 | $1.61B | $41.72M | 2.6% |
| 2008 | $1.67B | $38.26M | 2.3% |
| 2007 | $1.48B | $34.27M | 2.3% |
| 2006 | $1.41B | $24.59M | 1.7% |
| 2005 | $1.08B | $21.55M | 2.0% |
| 2004 | $917.31M | $17.73M | 1.9% |
| 2003 | $781.20M | $15.33M | 2.0% |
| 2002 | $644.92M | $13.52M | 2.1% |
| 2001 | $527.89M | $11.68M | 2.2% |
| 2000 | $423.74M | $10.02M | 2.4% |
| 1999 | $265.40M | $9.90M | 3.7% |
| 1998 | ($284.70M) | $10.50M | N/A (Loss) |
| 1997 | $215.60M | $5.90M | 2.7% |
| 1996 | $165.80M | $5.10M | 3.1% |
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.
