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 49.04% is 13% below its 5-year average of 56.57%, near the low end of its 5-year range (20.22%–277.10%).
As of the fiscal period ended Tuesday, June 30, 2026. 73.59% above its 12-month average of 28.25%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
49.04%
FCF PAYOUT RATIO AVG TTM
28.25%
FCF PAYOUT RATIO AVG 3Y
71.08%
FCF PAYOUT RATIO AVG 5Y
56.57%
FCF PAYOUT RATIO AVG 10Y
83.79%
FCF PAYOUT RATIO AVG 15Y
83.79%
FCF PAYOUT RATIO AVG 20Y
74.57%
CURRENT VS TTM AVG
+73.59%
CURRENT VS 3Y AVG
-31.00%
CURRENT VS 5Y AVG
-13.30%
CURRENT VS 10Y AVG
-41.47%
CURRENT VS 15Y AVG
-41.47%
CURRENT VS 20Y AVG
-34.23%
FCF Payout Ratio TTM
49.0%
Earnings Payout Ratio
24.7%
Dividend Yield
2.32%
FCF Yield
3.97%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.80B | $619.00M | 22.1% |
| 2024 | ($853.00M) | $937.00M | N/A (Loss) |
| 2023 | $2.60B | $1.86B | 71.5% |
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 | 49.04% |
| 2026-03-31 | 23.18% |
| 2025-12-31 | 20.56% |
| 2025-09-30 | 20.22% |
| 2024-06-30 | 44.11% |
| 2024-03-31 | 55.97% |
| 2023-12-31 | 71.32% |
| 2023-09-30 | 78.22% |
| 2023-06-30 | 277.10% |
| 2023-03-31 | 119.94% |
| 2022-12-31 | 99.24% |
| 2022-09-30 | 89.52% |
| 2022-06-30 | 43.12% |
| 2022-03-31 | 43.41% |
| 2021-12-31 | 45.47% |
| 2021-09-30 | 46.15% |
| 2021-06-30 | 55.63% |
| 2021-03-31 | 134.38% |
| 2020-12-31 | 133.16% |
| 2020-09-30 | 78.06% |
| 2020-03-31 | 68.29% |
| 2019-12-31 | 259.26% |
| 2019-06-30 | 158.70% |
| 2018-12-31 | 876.47% |
| 2017-12-31 | 130.93% |
| 2017-09-30 | 293.02% |
| 2017-06-30 | 41.29% |
| 2017-03-31 | 185.51% |
| 2010-09-30 | 146.11% |
| 2010-06-30 | 43.49% |
| 2010-03-31 | 26.53% |
| 2008-12-31 | 875.76% |
| 2008-09-30 | 15.14% |
| 2008-06-30 | 19.00% |
| 2008-03-31 | 31.42% |
| 2007-12-31 | 52.54% |
| 2007-09-30 | 73.08% |
| 2007-06-30 | 33.52% |
| 2006-03-31 | 13.18% |
| 2005-12-31 | 9.59% |
| 2005-09-30 | 11.89% |
| 2005-06-30 | 9.10% |
| 2005-03-31 | 6.26% |
| 2004-12-31 | 6.25% |
| 2004-09-30 | 6.28% |
| 2004-06-30 | 6.64% |
| 2004-03-31 | 5.42% |
| 2003-12-31 | 4.15% |
| 2003-09-30 | 3.91% |
| 2003-06-30 | 6.07% |
| 2022 |
| $3.40B |
| $3.38B |
| 99.2% |
| 2021 | $2.89B | $1.31B | 45.5% |
| 2020 | $193.00M | $257.00M | 133.2% |
| 2019 | $130.00M | $140.00M | 107.7% |
| 2018 | $198.00M | $149.00M | 75.3% |
| 2017 | $104.00M | $127.00M | 122.1% |
| 2016 | ($2.23B) | $221.00M | N/A (Loss) |
| 2015 | ($1.03B) | $396.00M | N/A (Loss) |
| 2014 | ($7.47B) | $386.00M | N/A (Loss) |
| 2013 | ($1.32B) | $348.00M | N/A (Loss) |
| 2012 | ($3.27B) | $324.00M | N/A (Loss) |
| 2011 | ($1.31B) | $278.00M | N/A (Loss) |
| 2010 | ($998.00M) | $281.00M | N/A (Loss) |
| 2009 | ($142.00M) | $284.00M | N/A (Loss) |
| 2008 | $33.00M | $289.00M | 875.8% |
| 2007 | $493.00M | $259.00M | 52.5% |
| 2006 | ($1.56B) | $209.00M | N/A (Loss) |
| 2005 | $1.52B | $146.00M | 9.6% |
| 2004 | $1.71B | $107.00M | 6.2% |
| 2003 | $1.18B | $49.00M | 4.1% |
| 2002 | ($1.67B) | $41.00M | N/A (Loss) |
| 2001 | ($3.44B) | $35.00M | N/A (Loss) |
| 2000 | $338.90M | $31.95M | 9.4% |
| 1999 | ($126.40M) | $16.40M | N/A (Loss) |
| 1998 | ($183.90M) | $7.30M | N/A (Loss) |
| 1997 | $38.20M | $6.40M | 16.8% |
| 1996 | ($12.10M) | $3.10M | 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.
