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 23.15% is 23% below its 5-year average of 29.93%, near the low end of its 5-year range (20.52%–144.12%).
As of the fiscal period ended Tuesday, June 30, 2026. 4.84% above its 12-month average of 22.08%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.15%
FCF PAYOUT RATIO AVG TTM
22.08%
FCF PAYOUT RATIO AVG 3Y
26.33%
FCF PAYOUT RATIO AVG 5Y
29.93%
FCF PAYOUT RATIO AVG 10Y
31.01%
FCF PAYOUT RATIO AVG 15Y
26.74%
FCF PAYOUT RATIO AVG 20Y
23.09%
CURRENT VS TTM AVG
+4.84%
CURRENT VS 3Y AVG
-12.07%
CURRENT VS 5Y AVG
-22.67%
CURRENT VS 10Y AVG
-25.36%
CURRENT VS 15Y AVG
-13.44%
CURRENT VS 20Y AVG
+0.26%
FCF Payout Ratio TTM
23.1%
Earnings Payout Ratio
39.5%
Dividend Yield
1.17%
FCF Yield
5.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.13B | $232.80M | 20.5% |
| 2024 | $813.00M | $193.20M | 23.8% |
| 2023 | $515.50M | $191.80M | 37.2% |
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 |
|---|---|
| 2026-06-30 | 23.15% |
| 2026-03-31 | 22.07% |
| 2025-12-31 | 20.52% |
| 2025-09-30 | 22.05% |
| 2025-06-30 | 22.61% |
| 2025-03-31 | 23.92% |
| 2024-12-31 | 23.76% |
| 2024-09-30 | 24.62% |
| 2024-06-30 | 28.52% |
| 2024-03-31 | 29.84% |
| 2023-12-31 | 37.21% |
| 2023-09-30 | 37.67% |
| 2023-06-30 | 41.26% |
| 2023-03-31 | 39.80% |
| 2022-12-31 | 144.12% |
| 2022-09-30 | 89.74% |
| 2022-06-30 | 61.20% |
| 2022-03-31 | 39.63% |
| 2021-12-31 | 21.95% |
| 2021-09-30 | 23.69% |
| 2021-06-30 | 25.28% |
| 2021-03-31 | 30.97% |
| 2020-12-31 | 36.10% |
| 2020-09-30 | 39.76% |
| 2019-06-30 | 122.45% |
| 2019-03-31 | 92.61% |
| 2018-12-31 | 53.64% |
| 2018-09-30 | 42.05% |
| 2018-06-30 | 30.99% |
| 2018-03-31 | 30.83% |
| 2017-12-31 | 31.35% |
| 2017-09-30 | 26.50% |
| 2017-06-30 | 26.41% |
| 2017-03-31 | 26.42% |
| 2016-12-31 | 25.33% |
| 2016-09-30 | 27.92% |
| 2016-06-30 | 26.41% |
| 2016-03-31 | 25.20% |
| 2015-12-31 | 23.12% |
| 2015-09-30 | 21.38% |
| 2015-06-30 | 22.09% |
| 2015-03-31 | 22.17% |
| 2014-12-31 | 22.88% |
| 2014-09-30 | 22.75% |
| 2014-06-30 | 23.29% |
| 2014-03-31 | 23.01% |
| 2013-12-31 | 22.09% |
| 2013-09-30 | 23.00% |
| 2013-06-30 | 22.21% |
| 2013-03-31 | 20.72% |
| 2012-12-31 | 20.43% |
| 2012-09-30 | 19.65% |
| 2012-06-30 | 21.54% |
| 2012-03-31 | 23.38% |
| 2011-12-31 | 25.08% |
| 2011-09-30 | 26.34% |
| 2011-06-30 | 24.97% |
| 2011-03-31 | 20.84% |
| 2010-12-31 | 15.94% |
| 2010-09-30 | 9.45% |
| 2010-06-30 | 7.72% |
| 2010-03-31 | 7.88% |
| 2009-12-31 | 6.96% |
| 2009-09-30 | 7.43% |
| 2009-06-30 | 7.18% |
| 2009-03-31 | 6.50% |
| 2008-12-31 | 6.13% |
| 2008-09-30 | 5.44% |
| 2008-06-30 | 6.20% |
| 2008-03-31 | 6.41% |
| 2007-12-31 | 6.25% |
| 2007-09-30 | 7.10% |
| 2007-06-30 | 6.37% |
| 2007-03-31 | 6.32% |
| 2006-12-31 | 6.30% |
| 2006-09-30 | 5.74% |
| 2006-06-30 | 5.85% |
| 2006-03-31 | 6.04% |
| 2005-12-31 | 5.98% |
| 2005-09-30 | 6.38% |
| 2005-06-30 | 5.72% |
| 2005-03-31 | 5.34% |
| 2004-12-31 | 5.10% |
| 2004-09-30 | 4.71% |
| 2004-06-30 | 4.46% |
| 2004-03-31 | 3.95% |
| 2003-12-31 | 4.05% |
| 2003-09-30 | 3.70% |
| 2003-07-30 | 4.69% |
| 2022 |
| $132.60M |
| $191.10M |
| 144.1% |
| 2021 | $865.80M | $190.00M | 21.9% |
| 2020 | $524.90M | $189.50M | 36.1% |
| 2019 | ($85.80M) | $188.70M | N/A (Loss) |
| 2018 | $350.30M | $187.90M | 53.6% |
| 2017 | $597.80M | $187.40M | 31.3% |
| 2016 | $617.50M | $157.60M | 25.5% |
| 2015 | $595.90M | $137.80M | 23.1% |
| 2014 | $529.80M | $121.20M | 22.9% |
| 2013 | $483.00M | $106.70M | 22.1% |
| 2012 | $430.30M | $86.00M | 20.0% |
| 2011 | $333.70M | $83.70M | 25.1% |
| 2010 | $252.80M | $40.30M | 15.9% |
| 2009 | $347.70M | $24.20M | 7.0% |
| 2008 | $334.20M | $20.50M | 6.1% |
| 2007 | $331.40M | $20.70M | 6.2% |
| 2006 | $322.30M | $20.30M | 6.3% |
| 2005 | $320.60M | $20.20M | 6.3% |
| 2004 | $294.20M | $15.00M | 5.1% |
| 2003 | $279.20M | $11.30M | 4.0% |
| 2002 | $235.70M | $11.40M | 4.8% |
| 2001 | $208.00M | $32.30M | 15.5% |
| 2000 | $247.03M | $52.37M | 21.2% |
| 1999 | $263.50M | $52.00M | 19.7% |
| 1998 | ($234.30M) | $52.10M | N/A (Loss) |
| 1997 | $258.20M | $52.00M | 20.1% |
| 1996 | $252.80M | $49.80M | 19.7% |
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.
