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 41.57% is in line with its 5-year average of 43.41%, near the low end of its 5-year range (30.81%–69.56%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.60% below its 12-month average of 43.58%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
41.57%
FCF PAYOUT RATIO AVG TTM
43.58%
FCF PAYOUT RATIO AVG 3Y
40.45%
FCF PAYOUT RATIO AVG 5Y
42.10%
FCF PAYOUT RATIO AVG 10Y
37.70%
FCF PAYOUT RATIO AVG 15Y
36.70%
FCF PAYOUT RATIO AVG 20Y
35.26%
CURRENT VS TTM AVG
-4.60%
CURRENT VS 3Y AVG
+2.78%
CURRENT VS 5Y AVG
-1.26%
CURRENT VS 10Y AVG
+10.28%
CURRENT VS 15Y AVG
+13.28%
CURRENT VS 20Y AVG
+17.92%
FCF Payout Ratio TTM
41.6%
Earnings Payout Ratio
38.7%
Dividend Yield
1.06%
FCF Yield
2.45%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.90B | $753.60M | 39.6% |
| 2024 | $1.82B | $664.30M | 36.5% |
| 2023 | $1.64B | $617.30M | 37.7% |
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 |
|---|---|
| 2026-03-31 | 41.57% |
| 2025-12-31 | 39.57% |
| 2025-09-30 | 46.73% |
| 2025-06-30 | 44.70% |
| 2025-03-31 | 45.32% |
| 2024-12-31 | 36.51% |
| 2024-09-30 | 32.84% |
| 2024-06-30 | 31.32% |
| 2024-03-31 | 30.81% |
| 2023-12-31 | 37.71% |
| 2023-09-30 | 36.42% |
| 2023-06-30 | 46.08% |
| 2023-03-31 | 56.23% |
| 2022-12-31 | 56.04% |
| 2022-09-30 | 69.56% |
| 2022-06-30 | 55.70% |
| 2022-03-31 | 46.00% |
| 2021-12-31 | 39.92% |
| 2021-09-30 | 37.20% |
| 2021-06-30 | 39.85% |
| 2021-03-31 | 41.53% |
| 2020-12-31 | 40.90% |
| 2020-09-30 | 39.38% |
| 2020-06-30 | 35.19% |
| 2020-03-31 | 33.97% |
| 2019-12-31 | 34.13% |
| 2019-09-30 | 32.57% |
| 2019-06-30 | 32.66% |
| 2019-03-31 | 38.46% |
| 2018-12-31 | 34.71% |
| 2018-09-30 | 41.17% |
| 2018-06-30 | 42.90% |
| 2018-03-31 | 36.76% |
| 2017-12-31 | 36.70% |
| 2017-09-30 | 41.15% |
| 2017-06-30 | 38.80% |
| 2017-03-31 | 38.73% |
| 2016-12-31 | 36.14% |
| 2016-09-30 | 31.46% |
| 2016-06-30 | 28.90% |
| 2016-03-31 | 26.05% |
| 2015-12-31 | 33.83% |
| 2015-09-30 | 31.83% |
| 2015-06-30 | 33.39% |
| 2015-03-31 | 39.94% |
| 2014-12-31 | 33.71% |
| 2014-09-30 | 32.00% |
| 2014-06-30 | 32.43% |
| 2014-03-31 | 32.89% |
| 2013-12-31 | 24.30% |
| 2013-09-30 | 35.22% |
| 2013-06-30 | 34.05% |
| 2013-03-31 | 37.67% |
| 2012-12-31 | 51.52% |
| 2012-09-30 | 66.44% |
| 2012-06-30 | 163.78% |
| 2012-03-31 | 57.70% |
| 2011-12-31 | 50.99% |
| 2011-09-30 | 30.02% |
| 2011-06-30 | 26.49% |
| 2011-03-31 | 26.64% |
| 2010-12-31 | 22.29% |
| 2010-09-30 | 29.35% |
| 2010-06-30 | 31.62% |
| 2010-03-31 | 27.01% |
| 2009-12-31 | 33.37% |
| 2009-09-30 | 26.60% |
| 2009-06-30 | 30.93% |
| 2009-03-31 | 45.91% |
| 2008-12-31 | 35.82% |
| 2008-09-30 | 35.81% |
| 2008-06-30 | 31.06% |
| 2008-03-31 | 25.22% |
| 2007-12-31 | 26.14% |
| 2007-09-30 | 26.29% |
| 2007-06-30 | 24.57% |
| 2007-03-31 | 27.03% |
| 2006-12-31 | 32.99% |
| 2006-09-30 | 38.83% |
| 2006-06-30 | 39.35% |
| 2006-03-31 | 37.04% |
| 2005-12-31 | 27.95% |
| 2005-09-30 | 27.88% |
| 2005-06-30 | 28.12% |
| 2005-03-31 | 28.91% |
| 2004-12-31 | 26.88% |
| 2004-09-30 | 27.29% |
| 2004-06-30 | 26.44% |
| 2004-03-31 | 23.36% |
| 2003-12-31 | 23.78% |
| 2003-09-30 | 31.10% |
| 2003-06-30 | 34.32% |
| 2003-03-31 | 39.81% |
| 2022 |
| $1.08B |
| $602.80M |
| 56.0% |
| 2021 | $1.42B | $566.40M | 39.9% |
| 2020 | $1.37B | $560.80M | 40.9% |
| 2019 | $1.69B | $552.90M | 32.7% |
| 2018 | $1.43B | $496.50M | 34.7% |
| 2017 | $1.22B | $448.70M | 36.7% |
| 2016 | $1.18B | $427.50M | 36.1% |
| 2015 | $1.18B | $400.70M | 33.8% |
| 2014 | $1.02B | $344.40M | 33.7% |
| 2013 | $897.50M | $218.10M | 24.3% |
| 2012 | $595.50M | $306.80M | 51.5% |
| 2011 | $319.50M | $162.90M | 51.0% |
| 2010 | $652.70M | $145.50M | 22.3% |
| 2009 | $397.70M | $132.70M | 33.4% |
| 2008 | $358.70M | $128.50M | 35.8% |
| 2007 | $436.10M | $114.00M | 26.1% |
| 2006 | $306.63M | $101.17M | 33.0% |
| 2005 | $321.35M | $89.81M | 27.9% |
| 2004 | $306.59M | $82.42M | 26.9% |
| 2003 | $317.16M | $75.41M | 23.8% |
| 2002 | $210.57M | $69.58M | 33.0% |
| 2001 | $206.54M | $66.46M | 32.2% |
| 2000 | $165.48M | $61.64M | 37.3% |
| 1999 | $101.90M | $54.30M | 53.3% |
| 1998 | $47.80M | $49.00M | 102.5% |
| 1997 | $113.40M | $41.50M | 36.6% |
| 1996 | $142.80M | $36.10M | 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.
