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 23.96% is in line with its 5-year average of 24.46%, near the low end of its 5-year range (11.23%–176.95%).
As of the fiscal period ended Tuesday, June 30, 2026. 27.25% below its 12-month average of 32.94%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.96%
FCF PAYOUT RATIO AVG TTM
32.94%
FCF PAYOUT RATIO AVG 3Y
31.86%
FCF PAYOUT RATIO AVG 5Y
24.46%
FCF PAYOUT RATIO AVG 10Y
21.23%
FCF PAYOUT RATIO AVG 15Y
19.11%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-27.25%
CURRENT VS 3Y AVG
-24.79%
CURRENT VS 5Y AVG
-2.03%
CURRENT VS 10Y AVG
+12.87%
CURRENT VS 15Y AVG
+25.40%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
24.0%
Earnings Payout Ratio
30.5%
Dividend Yield
1.68%
FCF Yield
7.08%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.17B | $1.53B | 48.2% |
| 2024 | $4.55B | $1.51B | 33.1% |
| 2023 | $6.76B | $1.40B | 20.6% |
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 | 23.96% |
| 2026-03-31 | 23.55% |
| 2025-12-31 | 48.17% |
| 2025-09-30 | 40.48% |
| 2025-06-30 | 28.52% |
| 2025-03-31 | 41.24% |
| 2024-12-31 | 33.13% |
| 2024-09-30 | 170.03% |
| 2024-06-30 | 176.95% |
| 2024-03-31 | 61.98% |
| 2023-12-31 | 20.62% |
| 2023-09-30 | 16.42% |
| 2023-06-30 | 12.41% |
| 2023-03-31 | 11.42% |
| 2022-12-31 | 16.96% |
| 2022-09-30 | 11.52% |
| 2022-06-30 | 14.55% |
| 2022-03-31 | 15.64% |
| 2021-12-31 | 15.17% |
| 2021-09-30 | 11.23% |
| 2021-06-30 | 17.77% |
| 2021-03-31 | 10.26% |
| 2020-12-31 | 9.87% |
| 2020-09-30 | 12.97% |
| 2020-06-30 | 8.92% |
| 2020-03-31 | 14.44% |
| 2019-12-31 | 16.41% |
| 2019-09-30 | 19.49% |
| 2019-06-30 | 26.61% |
| 2019-03-31 | 39.14% |
| 2018-12-31 | 29.63% |
| 2018-09-30 | 84.96% |
| 2018-06-30 | 26.43% |
| 2018-03-31 | 25.61% |
| 2017-12-31 | 20.77% |
| 2017-09-30 | 13.72% |
| 2017-06-30 | 18.60% |
| 2017-03-31 | 17.16% |
| 2016-12-31 | 26.10% |
| 2016-09-30 | 20.90% |
| 2016-06-30 | 25.69% |
| 2016-03-31 | 21.29% |
| 2015-12-31 | 18.88% |
| 2015-09-30 | 22.14% |
| 2015-06-30 | 18.53% |
| 2015-03-31 | 17.67% |
| 2014-12-31 | 18.11% |
| 2014-09-30 | 17.62% |
| 2014-06-30 | 13.46% |
| 2014-03-31 | 16.31% |
| 2013-12-31 | 18.62% |
| 2013-09-30 | 14.34% |
| 2013-06-30 | 22.27% |
| 2013-03-31 | 19.73% |
| 2012-12-31 | 16.69% |
| 2012-09-30 | 24.67% |
| 2012-06-30 | 13.48% |
| 2012-03-31 | 12.27% |
| 2011-12-31 | 12.53% |
| 2011-09-30 | 7.88% |
| 2011-06-30 | 6.27% |
| 2011-03-31 | 3.83% |
| 2022 |
| $7.25B |
| $1.23B |
| 17.0% |
| 2021 | $7.28B | $1.10B | 15.2% |
| 2020 | $9.67B | $954.00M | 9.9% |
| 2019 | $4.98B | $818.00M | 16.4% |
| 2018 | $2.62B | $776.00M | 29.6% |
| 2017 | $3.39B | $704.90M | 20.8% |
| 2016 | $2.62B | $684.00M | 26.1% |
| 2015 | $3.51B | $656.60M | 18.7% |
| 2014 | $2.74B | $480.70M | 17.5% |
| 2013 | $2.44B | $448.00M | 18.3% |
| 2012 | $2.20B | $367.10M | 16.7% |
| 2011 | $2.85B | $357.80M | 12.5% |
| 2010 | $965.30M | $0 | 0.0% |
| 2009 | $2.66B | $0 | 0.0% |
| 2008 | $2.19B | $0 | 0.0% |
| 2007 | $4.02B | $0 | 0.0% |
| 2006 | $3.85B | $0 | 0.0% |
| 2005 | $3.09B | $0 | 0.0% |
| 2004 | $1.17B | $0 | 0.0% |
| 2003 | $1.03B | $0 | 0.0% |
| 2002 | $867.80M | $0 | 0.0% |
| 2001 | $584.20M | $0 | 0.0% |
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.
