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 32.40% is 41% below its 5-year average of 54.78%, near the low end of its 5-year range (32.40%–121.57%).
As of the fiscal period ended Tuesday, June 30, 2026. 34.48% below its 12-month average of 49.45%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
32.40%
FCF PAYOUT RATIO AVG TTM
49.45%
FCF PAYOUT RATIO AVG 3Y
51.30%
FCF PAYOUT RATIO AVG 5Y
54.78%
FCF PAYOUT RATIO AVG 10Y
50.46%
FCF PAYOUT RATIO AVG 15Y
50.52%
FCF PAYOUT RATIO AVG 20Y
48.50%
CURRENT VS TTM AVG
-34.48%
CURRENT VS 3Y AVG
-36.85%
CURRENT VS 5Y AVG
-40.86%
CURRENT VS 10Y AVG
-35.79%
CURRENT VS 15Y AVG
-35.87%
CURRENT VS 20Y AVG
-33.21%
FCF Payout Ratio TTM
32.4%
Earnings Payout Ratio
31.8%
Dividend Yield
2.81%
FCF Yield
8.76%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.93B | $2.16B | 55.0% |
| 2024 | $5.77B | $2.09B | 36.2% |
| 2023 | $5.16B | $3.39B | 65.7% |
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 |
|---|---|
| 2026-06-30 | 32.40% |
| 2026-03-31 | 53.14% |
| 2025-12-31 | 60.67% |
| 2025-09-30 | 54.48% |
| 2025-06-30 | 46.54% |
| 2025-03-31 | 38.12% |
| 2024-12-31 | 36.16% |
| 2024-09-30 | 49.08% |
| 2024-06-30 | 57.05% |
| 2024-03-31 | 61.93% |
| 2023-12-31 | 65.68% |
| 2023-09-30 | 59.56% |
| 2023-06-30 | 52.08% |
| 2023-03-31 | 65.68% |
| 2022-12-31 | 84.49% |
| 2022-09-30 | 84.81% |
| 2022-06-30 | 121.57% |
| 2022-03-31 | 91.62% |
| 2021-12-31 | 54.32% |
| 2021-09-30 | 48.80% |
| 2021-06-30 | 35.83% |
| 2021-03-31 | 54.54% |
| 2020-12-31 | 53.18% |
| 2020-09-30 | 45.15% |
| 2020-06-30 | 46.43% |
| 2020-03-31 | 20.72% |
| 2019-12-31 | 33.79% |
| 2019-09-30 | 26.28% |
| 2019-06-30 | 23.81% |
| 2019-03-31 | 39.42% |
| 2018-12-31 | 25.89% |
| 2018-09-30 | 34.61% |
| 2018-06-30 | 78.37% |
| 2018-03-31 | 128.71% |
| 2017-12-31 | 273.95% |
| 2017-06-30 | 221.21% |
| 2014-12-31 | 69.52% |
| 2014-09-30 | 40.22% |
| 2014-06-30 | 48.08% |
| 2014-03-31 | 22.62% |
| 2013-12-31 | 74.10% |
| 2006-09-30 | 14.19% |
| 2006-06-30 | 8.30% |
| 2006-03-31 | 6.29% |
| 2005-12-31 | 6.67% |
| 2005-09-30 | 36.08% |
| 2005-06-30 | 41.74% |
| 2004-12-31 | 135.95% |
| 2004-03-31 | 23.85% |
| 2003-12-31 | 27.00% |
| 2003-09-30 | 6.25% |
| 2003-06-30 | 8.06% |
| 2022 |
| $6.09B |
| $5.15B |
| 84.5% |
| 2021 | $4.94B | $2.68B | 54.3% |
| 2020 | $1.54B | $820.82M | 53.2% |
| 2019 | $1.74B | $588.20M | 33.8% |
| 2018 | $1.69B | $438.05M | 25.9% |
| 2017 | $141.09M | $386.53M | 274.0% |
| 2016 | ($223.73M) | $372.85M | N/A (Loss) |
| 2015 | ($1.42B) | $367.00M | N/A (Loss) |
| 2014 | $402.35M | $279.69M | 69.5% |
| 2013 | $268.79M | $199.18M | 74.1% |
| 2012 | ($2.12B) | $181.08M | N/A (Loss) |
| 2011 | ($2.37B) | $167.17M | N/A (Loss) |
| 2010 | ($2.87B) | $153.24M | N/A (Loss) |
| 2009 | ($580.57M) | $142.26M | N/A (Loss) |
| 2008 | ($562.22M) | $115.20M | N/A (Loss) |
| 2007 | ($785.70M) | $84.02M | N/A (Loss) |
| 2006 | ($240.68M) | $60.44M | N/A (Loss) |
| 2005 | $644.66M | $42.99M | 6.7% |
| 2004 | $27.66M | $37.59M | 135.9% |
| 2003 | $115.92M | $31.29M | 27.0% |
| 2002 | ($45.56M) | $29.15M | N/A (Loss) |
| 2001 | $223.41M | $28.58M | 12.8% |
| 2000 | $364.77M | $26.07M | 7.1% |
| 1999 | $39.30M | $17.40M | 44.3% |
| 1998 | ($286.80M) | $18.50M | N/A (Loss) |
| 1997 | ($95.30M) | $18.90M | N/A (Loss) |
| 1996 | ($174.20M) | $19.20M | 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.
