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 32.35% is in line with its 5-year average of 32.50%, around the middle of its 5-year range (7.59%–51.66%).
As of the fiscal period ended Tuesday, June 30, 2026. 13.32% below its 12-month average of 37.32%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
32.35%
FCF PAYOUT RATIO AVG TTM
37.32%
FCF PAYOUT RATIO AVG 3Y
31.20%
FCF PAYOUT RATIO AVG 5Y
32.50%
FCF PAYOUT RATIO AVG 10Y
33.54%
FCF PAYOUT RATIO AVG 15Y
33.72%
FCF PAYOUT RATIO AVG 20Y
27.11%
CURRENT VS TTM AVG
-13.32%
CURRENT VS 3Y AVG
+3.69%
CURRENT VS 5Y AVG
-0.46%
CURRENT VS 10Y AVG
-3.54%
CURRENT VS 15Y AVG
-4.08%
CURRENT VS 20Y AVG
+19.30%
FCF Payout Ratio TTM
32.3%
Earnings Payout Ratio
25.7%
Dividend Yield
4.01%
FCF Yield
12.48%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.81B | $847.00M | 30.2% |
| 2024 | $1.97B | $800.00M | 40.5% |
| 2023 | $4.22B | $1.23B | 29.2% |
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 | 32.35% |
| 2026-03-31 | 30.89% |
| 2025-12-31 | 30.15% |
| 2025-09-30 | 41.54% |
| 2025-06-30 | 51.66% |
| 2025-03-31 | 33.20% |
| 2024-12-31 | 48.25% |
| 2024-09-30 | 7.59% |
| 2024-06-30 | 9.08% |
| 2024-03-31 | 29.29% |
| 2023-12-31 | 29.17% |
| 2023-03-31 | 49.11% |
| 2022-12-31 | 44.64% |
| 2022-09-30 | 44.62% |
| 2022-06-30 | 30.18% |
| 2022-03-31 | 28.64% |
| 2021-12-31 | 27.00% |
| 2021-09-30 | 23.87% |
| 2021-06-30 | 26.18% |
| 2021-03-31 | 23.74% |
| 2020-12-31 | 26.20% |
| 2020-09-30 | 33.64% |
| 2020-06-30 | 41.23% |
| 2020-03-31 | 50.26% |
| 2019-12-31 | 41.47% |
| 2019-09-30 | 31.31% |
| 2019-06-30 | 31.17% |
| 2019-03-31 | 31.99% |
| 2018-12-31 | 30.71% |
| 2018-09-30 | 31.19% |
| 2018-06-30 | 28.77% |
| 2018-03-31 | 39.17% |
| 2017-12-31 | 34.13% |
| 2017-09-30 | 35.92% |
| 2017-06-30 | 35.74% |
| 2017-03-31 | 25.66% |
| 2016-12-31 | 26.05% |
| 2016-09-30 | 27.75% |
| 2016-06-30 | 32.12% |
| 2016-03-31 | 38.01% |
| 2015-12-31 | 42.28% |
| 2015-09-30 | 37.53% |
| 2015-06-30 | 39.19% |
| 2015-03-31 | 35.35% |
| 2014-12-31 | 34.66% |
| 2014-09-30 | 38.54% |
| 2014-06-30 | 32.93% |
| 2014-03-31 | 36.10% |
| 2013-12-31 | 35.40% |
| 2013-09-30 | 35.92% |
| 2013-06-30 | 37.61% |
| 2013-03-31 | 32.30% |
| 2012-12-31 | 31.28% |
| 2012-09-30 | 24.03% |
| 2012-06-30 | 18.38% |
| 2012-03-31 | 12.66% |
| 2011-12-31 | 6.93% |
| 2011-09-30 | 8.88% |
| 2011-06-30 | 8.29% |
| 2011-03-31 | 9.79% |
| 2010-12-31 | 10.04% |
| 2010-09-30 | 10.59% |
| 2010-06-30 | 12.10% |
| 2010-03-31 | 9.99% |
| 2009-12-31 | 9.91% |
| 2009-09-30 | 7.92% |
| 2009-06-30 | 7.77% |
| 2009-03-31 | 9.99% |
| 2008-12-31 | 11.19% |
| 2008-09-30 | 12.67% |
| 2008-06-30 | 32.70% |
| 2008-03-31 | 19.32% |
| 2007-12-31 | 32.16% |
| 2007-09-30 | 77.41% |
| 2007-06-30 | 11.10% |
| 2007-03-31 | 12.74% |
| 2006-12-31 | 11.57% |
| 2006-09-30 | 10.37% |
| 2006-06-30 | 11.08% |
| 2006-03-31 | 5.54% |
| 2004-12-31 | 12.17% |
| 2004-09-30 | 9.82% |
| 2004-06-30 | 5.99% |
| 2004-03-31 | 3.84% |
| 2022 |
| $3.67B |
| $1.14B |
| 31.0% |
| 2021 | $3.56B | $961.00M | 27.0% |
| 2020 | $3.31B | $868.00M | 26.2% |
| 2019 | $1.58B | $656.00M | 41.5% |
| 2018 | $1.37B | $421.00M | 30.7% |
| 2017 | $1.13B | $385.00M | 34.1% |
| 2016 | $1.31B | $341.00M | 26.1% |
| 2015 | $716.00M | $305.00M | 42.6% |
| 2014 | $793.00M | $275.00M | 34.7% |
| 2013 | $724.10M | $256.30M | 35.4% |
| 2012 | $750.60M | $234.80M | 31.3% |
| 2011 | $871.20M | $60.40M | 6.9% |
| 2010 | $757.30M | $67.90M | 9.0% |
| 2009 | $501.60M | $49.70M | 9.9% |
| 2008 | $341.00M | $38.20M | 11.2% |
| 2007 | $120.25M | $38.67M | 32.2% |
| 2006 | $194.52M | $38.25M | 19.7% |
| 2005 | $187.31M | $2.70B | n/m |
| 2004 | $326.24M | $12.63M | 3.9% |
| 2003 | $94.14M | $3.24M | 3.4% |
| 2002 | $77.69M | $0 | 0.0% |
| 2001 | $53.53M | $0 | 0.0% |
| 2000 | $0.00M | $0 | N/A (Loss) |
| 1999 | $96.11M | $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.
