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 102.30% is in line with its 5-year average of 96.72%, around the middle of its 5-year range (64.63%–127.46%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.17% above its 12-month average of 99.15%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
102.30%
FCF PAYOUT RATIO AVG TTM
99.15%
FCF PAYOUT RATIO AVG 3Y
94.29%
FCF PAYOUT RATIO AVG 5Y
96.72%
FCF PAYOUT RATIO AVG 10Y
92.09%
FCF PAYOUT RATIO AVG 15Y
95.70%
FCF PAYOUT RATIO AVG 20Y
90.87%
CURRENT VS TTM AVG
+3.17%
CURRENT VS 3Y AVG
+8.49%
CURRENT VS 5Y AVG
+5.76%
CURRENT VS 10Y AVG
+11.08%
CURRENT VS 15Y AVG
+6.89%
CURRENT VS 20Y AVG
+12.58%
FCF Payout Ratio TTM
102.3%
Earnings Payout Ratio
83.6%
Dividend Yield
1.96%
FCF Yield
1.91%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.05B | $1.00B | 95.6% |
| 2024 | $946.80M | $893.30M | 94.3% |
| 2023 | $1.26B | $1.02B | 80.7% |
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 | 102.30% |
| 2026-03-31 | 88.80% |
| 2025-12-31 | 95.60% |
| 2025-09-30 | 101.05% |
| 2025-06-30 | 108.00% |
| 2025-03-31 | 105.56% |
| 2024-12-31 | 94.35% |
| 2024-09-30 | 104.35% |
| 2024-06-30 | 92.84% |
| 2024-03-31 | 87.42% |
| 2023-12-31 | 80.70% |
| 2023-09-30 | 64.63% |
| 2023-06-30 | 70.48% |
| 2023-03-31 | 79.00% |
| 2022-12-31 | 92.71% |
| 2022-09-30 | 111.71% |
| 2022-06-30 | 127.46% |
| 2022-03-31 | 116.86% |
| 2021-12-31 | 104.92% |
| 2021-09-30 | 110.37% |
| 2021-06-30 | 92.02% |
| 2021-03-31 | 83.44% |
| 2020-12-31 | 86.04% |
| 2020-09-30 | 65.66% |
| 2020-06-30 | 68.42% |
| 2020-03-31 | 81.37% |
| 2019-12-31 | 83.62% |
| 2019-09-30 | 96.41% |
| 2019-06-30 | 104.05% |
| 2019-03-31 | 88.14% |
| 2018-12-31 | 88.75% |
| 2018-09-30 | 85.40% |
| 2018-06-30 | 82.58% |
| 2018-03-31 | 94.71% |
| 2017-12-31 | 79.33% |
| 2017-09-30 | 76.05% |
| 2017-06-30 | 89.38% |
| 2017-03-31 | 92.23% |
| 2016-12-31 | 106.68% |
| 2016-09-30 | 103.67% |
| 2016-06-30 | 88.70% |
| 2016-03-31 | 85.41% |
| 2015-12-31 | 83.49% |
| 2015-09-30 | 79.40% |
| 2015-06-30 | 87.50% |
| 2015-03-31 | 91.01% |
| 2014-12-31 | 95.70% |
| 2014-09-30 | 129.45% |
| 2014-06-30 | 138.93% |
| 2014-03-31 | 130.80% |
| 2013-12-31 | 113.30% |
| 2013-09-30 | 164.76% |
| 2013-06-30 | 148.40% |
| 2013-03-31 | 134.07% |
| 2012-12-31 | 142.43% |
| 2012-09-30 | 80.05% |
| 2012-06-30 | 74.18% |
| 2012-03-31 | 84.39% |
| 2011-12-31 | 129.17% |
| 2011-09-30 | 187.18% |
| 2011-06-30 | 236.78% |
| 2011-03-31 | 172.08% |
| 2010-12-31 | 144.88% |
| 2010-09-30 | 73.66% |
| 2010-06-30 | 55.32% |
| 2010-03-31 | 45.59% |
| 2009-12-31 | 42.18% |
| 2009-09-30 | 65.15% |
| 2009-06-30 | 71.83% |
| 2009-03-31 | 91.59% |
| 2008-12-31 | 94.02% |
| 2008-09-30 | 54.10% |
| 2008-06-30 | 47.07% |
| 2008-03-21 | 46.55% |
| 2007-12-31 | 38.47% |
| 2007-09-30 | 51.72% |
| 2007-06-30 | 74.68% |
| 2007-03-31 | 123.79% |
| 2006-12-31 | 298.35% |
| 2006-09-30 | 276.30% |
| 2006-06-30 | 197.37% |
| 2006-03-31 | 159.10% |
| 2005-12-31 | 167.62% |
| 2005-09-30 | 126.12% |
| 2005-06-30 | 245.42% |
| 2005-03-31 | 198.77% |
| 2004-12-31 | 638.99% |
| 2004-09-30 | 315.35% |
| 2004-06-30 | 53.73% |
| 2004-03-31 | 35.20% |
| 2003-12-31 | 39.47% |
| 2003-09-30 | 114.54% |
| 2022 |
| $767.20M |
| $711.30M |
| 92.7% |
| 2021 | $613.50M | $643.70M | 104.9% |
| 2020 | $933.70M | $803.40M | 86.0% |
| 2019 | $596.30M | $498.60M | 83.6% |
| 2018 | $497.90M | $441.90M | 88.8% |
| 2017 | $465.30M | $369.10M | 79.3% |
| 2016 | $324.55M | $346.60M | 106.8% |
| 2015 | $391.77M | $327.10M | 83.5% |
| 2014 | $309.92M | $296.58M | 95.7% |
| 2013 | $209.58M | $237.46M | 113.3% |
| 2012 | $257.89M | $367.31M | 142.4% |
| 2011 | $148.45M | $191.74M | 129.2% |
| 2010 | $166.89M | $182.81M | 109.5% |
| 2009 | $253.53M | $106.94M | 42.2% |
| 2008 | $164.59M | $117.47M | 71.4% |
| 2007 | $172.13M | $66.22M | 38.5% |
| 2006 | $20.29M | $60.55M | 298.4% |
| 2005 | $56.00M | $46.94M | 83.8% |
| 2004 | $4.75M | $30.35M | 638.9% |
| 2003 | $40.38M | $15.94M | 39.5% |
| 2002 | ($24.86M) | $3.79M | N/A (Loss) |
| 2001 | $46.38M | $3.42M | 7.4% |
| 2000 | $1.52M | $3.04M | 199.1% |
| 1999 | $16.80M | $1.50M | 8.9% |
| 1998 | $6.10M | $0.80M | 13.1% |
| 1997 | ($14.00M) | $0.80M | N/A (Loss) |
| 1996 | ($13.70M) | $0.80M | 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.
