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 25.14% is 44% below its 5-year average of 44.97%, near the low end of its 5-year range (4.22%–138.60%).
As of the fiscal period ended Tuesday, March 31, 2026. 7.43% below its 12-month average of 27.16%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
25.14%
FCF PAYOUT RATIO AVG TTM
27.16%
FCF PAYOUT RATIO AVG 3Y
57.70%
FCF PAYOUT RATIO AVG 5Y
40.04%
FCF PAYOUT RATIO AVG 10Y
32.20%
FCF PAYOUT RATIO AVG 15Y
30.22%
FCF PAYOUT RATIO AVG 20Y
28.30%
CURRENT VS TTM AVG
-7.43%
CURRENT VS 3Y AVG
-56.42%
CURRENT VS 5Y AVG
-37.21%
CURRENT VS 10Y AVG
-21.92%
CURRENT VS 15Y AVG
-16.80%
CURRENT VS 20Y AVG
-11.16%
FCF Payout Ratio TTM
25.1%
Earnings Payout Ratio
N/A
Dividend Yield
4.18%
FCF Yield
16.31%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $12.47B | $2.99B | 24.0% |
| 2024 | $6.74B | $3.12B | 46.3% |
| 2023 | $6.68B | $5.00B | 74.8% |
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 | 25.14% |
| 2025-12-31 | 23.98% |
| 2025-09-30 | 25.10% |
| 2025-06-30 | 29.48% |
| 2025-03-31 | 32.10% |
| 2024-12-31 | 46.27% |
| 2024-09-30 | 48.75% |
| 2024-06-30 | 59.26% |
| 2024-03-31 | 63.15% |
| 2023-12-31 | 74.75% |
| 2023-09-30 | 89.19% |
| 2023-06-30 | 94.28% |
| 2023-03-31 | 138.60% |
| 2022-09-30 | 68.74% |
| 2022-06-30 | 20.16% |
| 2022-03-31 | 20.22% |
| 2021-12-31 | 4.22% |
| 2021-09-30 | 16.62% |
| 2021-06-30 | 11.81% |
| 2021-03-31 | 7.51% |
| 2020-12-31 | 12.89% |
| 2020-09-30 | 7.38% |
| 2020-06-30 | 19.36% |
| 2020-03-31 | 40.87% |
| 2019-12-31 | 23.87% |
| 2019-09-30 | 27.73% |
| 2019-06-30 | 26.88% |
| 2019-03-31 | 32.23% |
| 2018-12-31 | 40.14% |
| 2018-09-30 | 32.16% |
| 2018-06-30 | 31.70% |
| 2018-03-31 | 28.59% |
| 2017-12-31 | 23.39% |
| 2017-09-30 | 24.08% |
| 2017-06-30 | 43.91% |
| 2017-03-31 | 41.19% |
| 2016-12-31 | 46.47% |
| 2016-09-30 | 47.91% |
| 2016-06-30 | 30.48% |
| 2016-03-31 | 32.97% |
| 2015-12-31 | 30.44% |
| 2015-09-30 | 30.14% |
| 2015-06-30 | 33.49% |
| 2015-03-31 | 29.51% |
| 2014-12-31 | 27.71% |
| 2014-09-30 | 34.49% |
| 2014-06-30 | 42.52% |
| 2014-03-31 | 28.77% |
| 2013-12-31 | 40.91% |
| 2013-09-30 | 42.49% |
| 2013-06-30 | 37.96% |
| 2013-03-31 | 74.06% |
| 2012-12-31 | 21.45% |
| 2012-09-30 | 12.97% |
| 2012-06-30 | 7.65% |
| 2012-03-31 | 3.87% |
| 2007-03-31 | 6.29% |
| 2006-12-31 | 16.94% |
| 2006-09-30 | 5.81% |
| 2006-06-30 | 7.13% |
| 2006-03-31 | 7.56% |
| 2005-12-31 | 5.21% |
| 2005-09-30 | 3.75% |
| 2005-06-30 | 4.64% |
| 2005-03-31 | 6.18% |
| 2004-12-31 | 4.79% |
| 2004-09-30 | 8.09% |
| 2004-06-30 | 5.92% |
| 2004-03-31 | 6.16% |
| 2003-12-31 | 5.89% |
| 2003-09-30 | 5.45% |
| 2003-06-30 | 5.32% |
| 2003-03-31 | 5.13% |
| 2022 |
| ($13.00M) |
| $2.01B |
| N/A (Loss) |
| 2021 | $9.56B | $403.00M | 4.2% |
| 2020 | $18.53B | $596.00M | 3.2% |
| 2019 | $10.01B | $2.39B | 23.9% |
| 2018 | $7.24B | $2.90B | 40.1% |
| 2017 | $11.05B | $2.58B | 23.4% |
| 2016 | $12.80B | $3.38B | 26.4% |
| 2015 | $8.97B | $2.38B | 26.5% |
| 2014 | $7.04B | $1.95B | 27.7% |
| 2013 | $3.85B | $1.57B | 40.9% |
| 2012 | $3.56B | $763.00M | 21.5% |
| 2011 | $5.49B | $0 | 0.0% |
| 2010 | $7.38B | $0 | 0.0% |
| 2009 | $11.42B | $0 | 0.0% |
| 2008 | ($6.88B) | $0 | N/A (Loss) |
| 2007 | $6.51B | $0 | 0.0% |
| 2006 | $2.77B | $468.00M | 16.9% |
| 2005 | $11.95B | $738.00M | 6.2% |
| 2004 | $15.85B | $732.00M | 4.6% |
| 2003 | $12.45B | $733.00M | 5.9% |
| 2002 | $11.36B | $743.00M | 6.5% |
| 2001 | $14.34B | $1.93B | 13.4% |
| 2000 | $23.31B | $2.75B | 11.8% |
| 1999 | $21.28B | $2.29B | 10.8% |
| 1998 | $12.69B | $5.35B | 42.1% |
| 1997 | $17.96B | $2.02B | 11.2% |
| 1996 | $8.85B | $1.80B | 20.3% |
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.
