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 4.42% is 50% above its 5-year average of 2.94%, near the high end of its 5-year range (0.52%–5.41%).
As of the fiscal period ended Tuesday, March 31, 2026. 11.80% above its 12-month average of 3.95%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
4.42%
FCF PAYOUT RATIO AVG TTM
3.95%
FCF PAYOUT RATIO AVG 3Y
3.56%
FCF PAYOUT RATIO AVG 5Y
2.94%
FCF PAYOUT RATIO AVG 10Y
9.48%
FCF PAYOUT RATIO AVG 15Y
10.54%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+11.80%
CURRENT VS 3Y AVG
+23.97%
CURRENT VS 5Y AVG
+50.00%
CURRENT VS 10Y AVG
-53.43%
CURRENT VS 15Y AVG
-58.10%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
4.4%
Earnings Payout Ratio
17.1%
Dividend Yield
0.56%
FCF Yield
12.33%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.11B | $200.00M | 6.4% |
| 2024 | $2.33B | $0 | 0.0% |
| 2023 | $1.84B | $0 | 0.0% |
| 2022 | $2.78B | $0 | 0.0% |
| 2021 | $3.08B | $67.00M | 2.2% |
| 2020 | ($4.63B) | $123.00M | N/A (Loss) |
| 2019 | $1.61B | $195.00M | 12.1% |
| 2018 | $1.10B | $186.00M | 17.0% |
| 2017 | $1.09B | $175.78M | 16.1% |
| 2016 | $814.99M | $150.16M | 18.4% |
| 2015 | $581.00M | $108.53M | 18.7% |
| 2014 | $1.04B | $84.70M | 8.2% |
| 2013 | $454.62M | $75.76M | 16.7% |
| 2012 | $1.00B | $130.42M | 13.0% |
| 2011 | $694.79M | $76.55M | 11.0% |
| 2010 | $622.29M | $79.08M | 12.7% |
| 2009 | $583.99M | $0 | 0.0% |
| 2008 | $360.86M | $0 | 0.0% |
| 2007 | $625.41M | $0 | 0.0% |
| 2006 | $524.81M | $0 | 0.0% |
| 2005 | $797.58M | $0 | 0.0% |
| 2004 | $749.45M | $0 | 0.0% |
| 2003 | $597.84M | $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.
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 | 4.42% |
| 2025-12-31 | 5.41% |
| 2025-09-30 | 4.21% |
| 2025-06-30 | 3.98% |
| 2025-03-31 | 1.73% |
| 2023-09-30 | 3.53% |
| 2023-06-30 | 2.89% |
| 2023-03-31 | 2.34% |
| 2022-12-31 | 2.41% |
| 2022-09-30 | 0.52% |
| 2022-06-30 | 0.56% |
| 2022-03-31 | 1.71% |
| 2021-12-31 | 2.18% |
| 2021-09-30 | 4.46% |
| 2021-06-30 | 3.82% |
| 2019-12-31 | 12.13% |
| 2019-09-30 | 16.45% |
| 2019-06-30 | 10.98% |
| 2019-03-31 | 12.57% |
| 2018-12-31 | 16.96% |
| 2018-09-30 | 15.57% |
| 2018-06-30 | 15.70% |
| 2018-03-31 | 16.84% |
| 2017-12-31 | 16.14% |
| 2017-09-30 | 13.72% |
| 2017-06-30 | 11.02% |
| 2017-03-31 | 11.24% |
| 2016-12-31 | 18.42% |
| 2016-09-30 | 22.19% |
| 2016-06-30 | 18.33% |
| 2016-03-31 | 21.59% |
| 2015-12-31 | 18.68% |
| 2015-09-30 | 15.95% |
| 2015-06-30 | 9.94% |
| 2015-03-31 | 8.07% |
| 2014-12-31 | 8.16% |
| 2014-09-30 | 7.82% |
| 2014-06-30 | 10.96% |
| 2014-03-31 | 13.88% |
| 2013-12-31 | 16.66% |
| 2013-09-30 | 30.50% |
| 2013-06-30 | 18.45% |
| 2013-03-31 | 13.64% |
| 2012-12-31 | 13.02% |
| 2012-09-30 | 5.89% |
| 2012-06-30 | 6.32% |
| 2012-03-31 | 7.37% |
| 2011-12-31 | 9.31% |
| 2011-09-30 | 9.06% |
| 2011-06-30 | 8.88% |
| 2011-03-31 | 11.01% |
| 2010-12-31 | 12.71% |
| 2010-09-30 | 9.19% |
| 2010-06-30 | 6.25% |
| 2010-03-31 | 2.91% |
