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 35.61% is 23% below its 5-year average of 46.22%, near the low end of its 5-year range (35.61%–471.15%).
As of the fiscal period ended Tuesday, June 30, 2026. 15.11% below its 12-month average of 41.94%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
35.61%
FCF PAYOUT RATIO AVG TTM
41.94%
FCF PAYOUT RATIO AVG 3Y
56.46%
FCF PAYOUT RATIO AVG 5Y
46.22%
FCF PAYOUT RATIO AVG 10Y
50.79%
FCF PAYOUT RATIO AVG 15Y
49.50%
FCF PAYOUT RATIO AVG 20Y
46.41%
CURRENT VS TTM AVG
-15.11%
CURRENT VS 3Y AVG
-36.94%
CURRENT VS 5Y AVG
-22.96%
CURRENT VS 10Y AVG
-29.90%
CURRENT VS 15Y AVG
-28.06%
CURRENT VS 20Y AVG
-23.27%
FCF Payout Ratio TTM
35.6%
Earnings Payout Ratio
48.6%
Dividend Yield
1.45%
FCF Yield
4.04%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.67B | $1.19B | 44.7% |
| 2024 | $2.91B | $1.20B | 41.2% |
| 2023 | $274.00M | $1.20B | 437.2% |
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 | 35.61% |
| 2026-03-31 | 39.10% |
| 2025-12-31 | 46.72% |
| 2025-09-30 | 44.69% |
| 2025-06-30 | 43.60% |
| 2025-03-31 | 43.41% |
| 2024-12-31 | 36.77% |
| 2024-09-30 | 41.23% |
| 2024-06-30 | 101.18% |
| 2024-03-31 | 131.61% |
| 2023-12-31 | 471.15% |
| 2023-09-30 | 437.23% |
| 2023-06-30 | 57.19% |
| 2023-03-31 | 60.17% |
| 2022-12-31 | 52.16% |
| 2022-09-30 | 51.15% |
| 2022-06-30 | 61.13% |
| 2022-03-31 | 51.99% |
| 2021-12-31 | 44.71% |
| 2021-09-30 | 40.41% |
| 2021-06-30 | 35.63% |
| 2021-03-31 | 38.21% |
| 2020-12-31 | 41.32% |
| 2020-09-30 | 47.50% |
| 2020-06-30 | 47.83% |
| 2020-03-31 | 46.35% |
| 2019-12-31 | 47.34% |
| 2019-09-30 | 50.12% |
| 2019-06-30 | 57.05% |
| 2019-03-31 | 57.81% |
| 2018-12-31 | 58.46% |
| 2018-09-30 | 54.02% |
| 2018-06-30 | 55.24% |
| 2018-03-31 | 62.74% |
| 2017-12-31 | 75.14% |
| 2017-09-30 | 86.28% |
| 2017-06-30 | 76.14% |
| 2017-03-31 | 72.86% |
| 2016-12-31 | 55.07% |
| 2016-09-30 | 50.41% |
| 2016-06-30 | 49.20% |
| 2016-03-31 | 55.44% |
| 2015-12-31 | 68.77% |
| 2015-09-30 | 68.82% |
| 2015-06-30 | 59.27% |
| 2015-03-31 | 47.64% |
| 2014-12-31 | 43.47% |
| 2014-09-30 | 41.37% |
| 2014-06-30 | 41.26% |
| 2014-03-31 | 40.83% |
| 2013-12-31 | 39.77% |
| 2013-09-30 | 39.75% |
| 2013-06-30 | 41.48% |
| 2013-03-31 | 43.64% |
| 2012-12-31 | 44.76% |
| 2012-09-30 | 49.04% |
| 2012-06-30 | 48.99% |
| 2012-03-31 | 47.47% |
| 2011-12-31 | 42.04% |
| 2011-09-30 | 40.18% |
| 2011-06-30 | 39.45% |
| 2011-03-31 | 41.18% |
| 2010-12-31 | 42.22% |
| 2010-09-30 | 36.45% |
| 2010-06-30 | 34.29% |
| 2010-03-31 | 31.75% |
| 2009-12-31 | 31.50% |
| 2009-09-30 | 39.06% |
| 2009-06-30 | 41.08% |
| 2009-03-31 | 42.88% |
| 2008-12-31 | 38.66% |
| 2008-09-30 | 36.45% |
| 2008-06-30 | 36.38% |
| 2008-03-31 | 34.18% |
| 2007-12-31 | 35.59% |
| 2007-09-30 | 35.85% |
| 2007-06-30 | 37.96% |
| 2007-03-31 | 42.24% |
| 2006-12-31 | 39.92% |
| 2006-09-30 | 38.20% |
| 2006-06-30 | 39.13% |
| 2006-03-31 | 38.42% |
| 2005-12-31 | 40.86% |
| 2005-09-30 | 41.58% |
| 2005-06-30 | 45.64% |
| 2005-03-31 | 40.46% |
| 2004-12-31 | 38.52% |
| 2004-09-30 | 37.17% |
| 2004-06-30 | 33.96% |
| 2004-03-31 | 46.65% |
| 2003-12-31 | 48.58% |
| 2003-09-30 | 47.42% |
| 2003-06-30 | 55.64% |
| 2022 |
| $2.39B |
| $1.22B |
| 51.2% |
| 2021 | $2.99B | $1.21B | 40.4% |
| 2020 | $2.54B | $1.21B | 47.5% |
| 2019 | $2.41B | $1.21B | 50.1% |
| 2018 | $2.27B | $1.23B | 54.0% |
| 2017 | $1.44B | $1.24B | 86.3% |
| 2016 | $2.43B | $1.23B | 50.4% |
| 2015 | $1.84B | $1.27B | 68.8% |
| 2014 | $2.92B | $1.21B | 41.4% |
| 2013 | $2.97B | $1.18B | 39.8% |
| 2012 | $2.39B | $1.17B | 49.0% |
| 2011 | $2.59B | $1.04B | 40.2% |
| 2010 | $2.77B | $1.01B | 36.5% |
| 2009 | $2.56B | $998.00M | 39.1% |
| 2008 | $2.58B | $940.00M | 36.4% |
| 2007 | $2.33B | $837.00M | 35.8% |
| 2006 | $1.91B | $730.00M | 38.2% |
| 2005 | $1.67B | $694.00M | 41.6% |
| 2004 | $1.82B | $675.00M | 37.2% |
| 2003 | $1.39B | $661.00M | 47.4% |
| 2002 | $1.43B | $652.00M | 45.5% |
| 2001 | $1.15B | $654.00M | 56.7% |
| 2000 | $1.15B | $613.20M | 53.4% |
| 1999 | $1.22B | $566.40M | 46.5% |
| 1998 | $1.05B | $521.00M | 49.7% |
| 1997 | $923.20M | $480.70M | 52.1% |
| 1996 | $803.80M | $439.10M | 54.6% |
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.
