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 23.98% is 32% below its 5-year average of 35.26%, near the low end of its 5-year range (23.98%–50.93%).
As of the fiscal period ended Tuesday, June 30, 2026. 31.50% below its 12-month average of 35.01%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.98%
FCF PAYOUT RATIO AVG TTM
35.01%
FCF PAYOUT RATIO AVG 3Y
33.91%
FCF PAYOUT RATIO AVG 5Y
35.26%
FCF PAYOUT RATIO AVG 10Y
37.92%
FCF PAYOUT RATIO AVG 15Y
34.03%
FCF PAYOUT RATIO AVG 20Y
31.52%
CURRENT VS TTM AVG
-31.50%
CURRENT VS 3Y AVG
-29.26%
CURRENT VS 5Y AVG
-31.97%
CURRENT VS 10Y AVG
-36.76%
CURRENT VS 15Y AVG
-29.52%
CURRENT VS 20Y AVG
-23.91%
FCF Payout Ratio TTM
24.0%
Earnings Payout Ratio
25.2%
Dividend Yield
1.08%
FCF Yield
4.49%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.12B | $283.01M | 25.3% |
| 2024 | $580.85M | $283.12M | 48.7% |
| 2023 | $1.14B | $284.30M | 24.9% |
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 | 23.98% |
| 2026-03-31 | 24.79% |
| 2025-12-31 | 25.38% |
| 2025-09-30 | 49.98% |
| 2025-06-30 | 50.93% |
| 2025-03-31 | 49.91% |
| 2024-12-31 | 48.74% |
| 2024-09-30 | 25.82% |
| 2024-06-30 | 26.33% |
| 2024-03-31 | 26.56% |
| 2023-12-31 | 24.86% |
| 2023-09-30 | 29.19% |
| 2023-06-30 | 34.29% |
| 2023-03-31 | 35.57% |
| 2022-12-31 | 49.17% |
| 2022-09-30 | 49.95% |
| 2022-06-30 | 42.25% |
| 2022-03-31 | 37.28% |
| 2021-12-31 | 30.38% |
| 2021-09-30 | 27.42% |
| 2021-06-30 | 27.59% |
| 2021-03-31 | 27.14% |
| 2020-12-31 | 30.27% |
| 2020-09-30 | 32.47% |
| 2020-06-30 | 32.10% |
| 2020-03-31 | 35.11% |
| 2019-12-31 | 37.20% |
| 2019-09-30 | 36.35% |
| 2019-06-30 | 41.81% |
| 2019-03-31 | 44.97% |
| 2018-12-31 | 46.21% |
| 2018-09-30 | 51.26% |
| 2018-06-30 | 51.15% |
| 2018-03-31 | 50.92% |
| 2017-12-31 | 45.45% |
| 2017-09-30 | 47.20% |
| 2017-06-30 | 47.99% |
| 2017-03-31 | 42.57% |
| 2016-12-31 | 38.51% |
| 2016-09-30 | 37.40% |
| 2016-06-30 | 38.41% |
| 2016-03-31 | 38.67% |
| 2015-12-31 | 37.89% |
| 2015-09-30 | 32.28% |
| 2015-06-30 | 28.95% |
| 2015-03-31 | 27.09% |
| 2014-12-31 | 31.75% |
| 2014-09-30 | 32.61% |
| 2014-06-30 | 30.43% |
| 2014-03-31 | 28.23% |
| 2013-12-31 | 25.38% |
| 2013-09-30 | 21.66% |
| 2013-06-30 | 23.19% |
| 2013-03-31 | 25.32% |
| 2012-12-31 | 24.68% |
| 2012-09-30 | 31.96% |
| 2012-06-30 | 20.72% |
| 2012-03-31 | 14.61% |
| 2011-12-31 | 13.61% |
| 2011-09-30 | 11.29% |
| 2011-06-30 | 20.75% |
| 2011-03-31 | 25.61% |
| 2010-12-31 | 26.20% |
| 2010-09-30 | 32.35% |
| 2010-06-30 | 28.70% |
| 2010-03-31 | 29.72% |
| 2009-12-31 | 28.08% |
| 2009-09-30 | 28.09% |
| 2009-06-30 | 24.84% |
| 2009-03-31 | 22.35% |
| 2008-12-31 | 20.44% |
| 2008-09-30 | 17.97% |
| 2008-06-30 | 19.63% |
| 2008-03-31 | 19.50% |
| 2007-12-31 | 22.03% |
| 2007-09-30 | 23.43% |
| 2007-06-30 | 22.06% |
| 2007-03-31 | 23.02% |
| 2006-12-31 | 20.69% |
| 2006-09-30 | 19.49% |
| 2006-06-30 | 22.96% |
| 2006-03-31 | 23.36% |
| 2005-12-31 | 25.55% |
| 2005-09-30 | 30.19% |
| 2005-06-30 | 27.52% |
| 2005-03-31 | 33.55% |
| 2004-12-31 | 25.73% |
| 2004-09-30 | 19.54% |
| 2004-06-30 | 22.15% |
| 2004-03-31 | 20.44% |
| 2003-12-31 | 23.23% |
| 2003-09-30 | 31.45% |
| 2003-06-30 | 27.32% |
| 2022 |
| $584.76M |
| $287.55M |
| 49.2% |
| 2021 | $944.40M | $286.90M | 30.4% |
| 2020 | $939.12M | $284.31M | 30.3% |
| 2019 | $758.50M | $282.20M | 37.2% |
| 2018 | $618.20M | $283.57M | 45.9% |
| 2017 | $665.57M | $283.96M | 42.7% |
| 2016 | $696.77M | $268.34M | 38.5% |
| 2015 | $794.81M | $257.97M | 32.5% |
| 2014 | $809.89M | $258.49M | 31.9% |
| 2013 | $1.01B | $247.82M | 24.5% |
| 2012 | $964.15M | $240.96M | 25.0% |
| 2011 | $786.42M | $219.15M | 27.9% |
| 2010 | $767.33M | $200.10M | 26.1% |
| 2009 | $676.08M | $189.87M | 28.1% |
| 2008 | $834.62M | $169.07M | 20.3% |
| 2007 | $700.70M | $154.39M | 22.0% |
| 2006 | $699.98M | $144.80M | 20.7% |
| 2005 | $524.07M | $133.91M | 25.6% |
| 2004 | $490.01M | $126.06M | 25.7% |
| 2003 | $497.27M | $115.50M | 23.2% |
| 2002 | $317.77M | $109.44M | 34.4% |
| 2001 | $808.64M | $105.56M | 13.1% |
| 2000 | $41.45M | $97.47M | 235.1% |
| 1999 | $1.48B | $91.80M | 6.2% |
| 1998 | ($199.00M) | $89.20M | N/A (Loss) |
| 1997 | $316.40M | $80.30M | 25.4% |
| 1996 | $286.00M | $72.40M | 25.3% |
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.
