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 26.95% is 51% above its 2-year average of 17.82%, near the high end of its 2-year range (6.57%–31.43%).
As of the fiscal period ended Saturday, June 27, 2026. 15.44% above its 12-month average of 23.35%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
26.95%
FCF PAYOUT RATIO AVG TTM
23.35%
FCF PAYOUT RATIO AVG 3Y
17.82%
FCF PAYOUT RATIO AVG 5Y
17.82%
FCF PAYOUT RATIO AVG 10Y
24.56%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+15.44%
CURRENT VS 3Y AVG
+51.24%
CURRENT VS 5Y AVG
+51.24%
CURRENT VS 10Y AVG
+9.75%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
27.0%
Earnings Payout Ratio
30.9%
Dividend Yield
1.43%
FCF Yield
4.53%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $10.08B | $1.80B | 17.9% |
| 2024 | $8.56B | $1.37B | 16.0% |
| 2023 | $4.90B | $0 | 0.0% |
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 |
|---|---|
| 2026-06-27 | 26.95% |
| 2026-03-28 | 31.43% |
| 2025-12-27 | 25.54% |
| 2025-09-27 | 17.89% |
| 2025-06-28 | 14.91% |
| 2025-03-29 | 15.80% |
| 2024-12-28 | 16.24% |
| 2024-09-28 | 15.96% |
| 2024-06-29 | 6.90% |
| 2024-03-30 | 6.57% |
| 2021-01-02 | 59.95% |
| 2020-09-30 | 44.13% |
| 2020-06-27 | 94.15% |
| 2020-03-28 | 914.12% |
| 2019-12-28 | 263.42% |
| 2019-09-30 | 167.34% |
| 2019-06-29 | 69.71% |
| 2019-03-30 | 29.41% |
| 2018-12-31 | 26.54% |
| 2018-09-30 | 25.58% |
| 2018-06-30 | 25.26% |
| 2018-03-31 | 23.20% |
| 2017-12-31 | 25.06% |
| 2017-09-30 | 28.04% |
| 2017-06-30 | 26.92% |
| 2017-03-31 | 29.74% |
| 2016-12-31 | 30.02% |
| 2016-09-30 | 27.41% |
| 2016-06-30 | 29.20% |
| 2016-03-31 | 32.70% |
| 2015-12-31 | 45.42% |
| 2015-09-30 | 46.10% |
| 2015-06-30 | 29.69% |
| 2015-03-31 | 28.00% |
| 2014-12-31 | 22.27% |
| 2014-09-30 | 23.31% |
| 2014-06-30 | 24.42% |
| 2014-03-31 | 22.01% |
| 2013-12-31 | 0.36% |
| 2013-09-30 | 19.89% |
| 2013-06-30 | 24.03% |
| 2013-03-31 | 26.85% |
| 2012-12-31 | 35.32% |
| 2022 |
| $1.07B |
| $0 |
| 0.0% |
| 2021 | $1.99B | $0 | 0.0% |
| 2020 | $3.60B | $1.59B | 44.1% |
| 2019 | $1.73B | $2.90B | 167.3% |
| 2018 | $9.83B | $2.52B | 25.6% |
| 2017 | $8.72B | $2.44B | 28.0% |
| 2016 | $8.44B | $2.31B | 27.4% |
| 2015 | $6.64B | $3.06B | 46.1% |
| 2014 | $6.47B | $1.51B | 23.3% |
| 2013 | $6.66B | $1.32B | 19.9% |
| 2012 | $4.18B | $1.08B | 25.7% |
| 2011 | $3.44B | $756.00M | 22.0% |
| 2010 | $4.47B | $653.00M | 14.6% |
| 2009 | $3.57B | $648.00M | 18.2% |
| 2008 | $3.86B | $664.00M | 17.2% |
| 2007 | $3.85B | $637.00M | 16.5% |
| 2006 | $4.76B | $519.00M | 10.9% |
| 2005 | $2.45B | $490.00M | 20.0% |
| 2004 | $3.22B | $430.00M | 13.4% |
| 2003 | $1.85B | $429.00M | 23.2% |
| 2002 | $1.20B | $428.00M | 35.7% |
| 2001 | $1.25B | $438.00M | 35.0% |
| 2000 | $4.33B | $434.00M | 10.0% |
| 1999 | $3.13B | $0 | 0.0% |
| 1998 | $2.59B | $412.00M | 15.9% |
| 1997 | $5.14B | $342.00M | 6.7% |
| 1996 | $2.88B | $271.00M | 9.4% |
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.
