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 26.86% is 24% below its 5-year average of 35.24%, around the middle of its 5-year range (16.14%–51.60%).
As of the fiscal period ended Sunday, May 31, 2026. 21.34% below its 12-month average of 34.14%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
26.86%
FCF PAYOUT RATIO AVG TTM
34.14%
FCF PAYOUT RATIO AVG 3Y
38.15%
FCF PAYOUT RATIO AVG 5Y
35.24%
FCF PAYOUT RATIO AVG 10Y
35.65%
FCF PAYOUT RATIO AVG 15Y
30.18%
FCF PAYOUT RATIO AVG 20Y
28.98%
CURRENT VS TTM AVG
-21.34%
CURRENT VS 3Y AVG
-29.60%
CURRENT VS 5Y AVG
-23.79%
CURRENT VS 10Y AVG
-24.67%
CURRENT VS 15Y AVG
-11.00%
CURRENT VS 20Y AVG
-7.32%
FCF Payout Ratio TTM
26.9%
Earnings Payout Ratio
25.5%
Dividend Yield
1.48%
FCF Yield
6.66%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $5.12B | $1.37B | 26.9% |
| 2025 | $2.98B | $1.34B | 44.9% |
| 2024 | $3.14B | $1.26B | 40.1% |
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 |
|---|---|
| 2026-05-31 | 26.86% |
| 2026-02-28 | 31.09% |
| 2025-11-30 | 31.05% |
| 2025-08-31 | 36.81% |
| 2025-05-31 | 44.92% |
| 2025-02-28 | 38.41% |
| 2024-11-30 | 49.11% |
| 2024-08-31 | 48.93% |
| 2024-05-31 | 40.15% |
| 2024-02-29 | 37.52% |
| 2023-11-30 | 29.85% |
| 2023-08-31 | 36.71% |
| 2023-05-31 | 44.57% |
| 2023-02-28 | 51.60% |
| 2022-11-30 | 46.90% |
| 2022-08-31 | 30.99% |
| 2022-05-31 | 25.84% |
| 2022-02-28 | 25.60% |
| 2021-11-30 | 26.74% |
| 2021-08-31 | 20.24% |
| 2021-05-31 | 16.14% |
| 2021-02-28 | 17.76% |
| 2020-11-30 | 24.11% |
| 2020-08-31 | 51.87% |
| 2019-05-31 | 555.28% |
| 2019-02-28 | 45.92% |
| 2016-11-30 | 36.66% |
| 2016-08-31 | 50.81% |
| 2016-05-31 | 31.12% |
| 2016-02-29 | 35.51% |
| 2015-11-30 | 39.08% |
| 2015-08-31 | 30.54% |
| 2015-05-31 | 22.28% |
| 2015-02-28 | 17.84% |
| 2014-11-30 | 19.20% |
| 2014-08-31 | 30.82% |
| 2014-05-31 | 25.58% |
| 2014-02-28 | 23.64% |
| 2013-11-30 | 13.12% |
| 2013-08-31 | 10.41% |
| 2013-05-31 | 13.48% |
| 2013-02-28 | 13.28% |
| 2012-11-30 | 24.05% |
| 2012-08-31 | 16.55% |
| 2012-05-31 | 19.81% |
| 2012-02-29 | 17.42% |
| 2011-11-30 | 25.91% |
| 2011-08-31 | 26.88% |
| 2011-05-31 | 24.88% |
| 2011-02-28 | 99.33% |
| 2010-11-30 | 31.12% |
| 2010-08-31 | 161.36% |
| 2010-05-31 | 42.86% |
| 2009-11-30 | 405.88% |
| 2009-08-31 | 54.80% |
| 2009-05-31 | 46.60% |
| 2009-02-28 | 18.21% |
| 2008-11-30 | 15.48% |
| 2008-08-31 | 24.52% |
| 2007-05-31 | 16.15% |
| 2007-02-28 | 13.60% |
| 2006-11-30 | 8.40% |
| 2006-08-31 | 9.98% |
| 2006-05-31 | 8.38% |
| 2006-02-28 | 9.95% |
| 2005-11-30 | 14.38% |
| 2005-08-31 | 13.36% |
| 2005-05-31 | 9.53% |
| 2005-02-28 | 6.71% |
| 2004-11-30 | 6.72% |
| 2004-08-31 | 3.96% |
| 2004-05-31 | 3.77% |
| 2004-02-29 | 4.29% |
| 2003-11-30 | 7.88% |
| 2003-08-31 | 8.72% |
| 2003-05-31 | 16.67% |
| 2023 |
| $2.64B |
| $1.18B |
| 44.6% |
| 2022 | $3.07B | $793.00M | 25.8% |
| 2021 | $4.25B | $686.00M | 16.1% |
| 2020 | ($771.00M) | $679.00M | N/A (Loss) |
| 2019 | $123.00M | $683.00M | 555.3% |
| 2018 | ($989.00M) | $535.00M | N/A (Loss) |
| 2017 | ($186.00M) | $426.00M | N/A (Loss) |
| 2016 | $890.00M | $277.00M | 31.1% |
| 2015 | $1.02B | $227.00M | 22.3% |
| 2014 | $731.00M | $187.00M | 25.6% |
| 2013 | $1.31B | $177.00M | 13.5% |
| 2012 | $828.00M | $164.00M | 19.8% |
| 2011 | $607.00M | $151.00M | 24.9% |
| 2010 | $322.00M | $138.00M | 42.9% |
| 2009 | $294.00M | $137.00M | 46.6% |
| 2008 | $537.00M | $124.00M | 23.1% |
| 2007 | $681.00M | $110.00M | 16.2% |
| 2006 | $1.16B | $97.00M | 8.4% |
| 2005 | $881.00M | $84.00M | 9.5% |
| 2004 | $1.75B | $66.00M | 3.8% |
| 2003 | $360.00M | $60.00M | 16.7% |
| 2002 | $613.00M | $0 | 0.0% |
| 2001 | $150.42M | $0 | 0.0% |
| 2000 | ($2.18M) | $0 | N/A (Loss) |
| 1999 | $2.17M | $0 | 0.0% |
| 1998 | ($173.80M) | $7.79M | N/A (Loss) |
| 1997 | ($463.10M) | $0 | 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.
