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 45.59% is 139% above its 5-year average of 19.08%, near the high end of its 5-year range (9.48%–51.81%).
As of the fiscal period ended Tuesday, June 30, 2026. 73.98% above its 12-month average of 26.20%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.59%
FCF PAYOUT RATIO AVG TTM
26.20%
FCF PAYOUT RATIO AVG 3Y
18.25%
FCF PAYOUT RATIO AVG 5Y
19.08%
FCF PAYOUT RATIO AVG 10Y
22.80%
FCF PAYOUT RATIO AVG 15Y
34.90%
FCF PAYOUT RATIO AVG 20Y
38.20%
CURRENT VS TTM AVG
+73.98%
CURRENT VS 3Y AVG
+149.78%
CURRENT VS 5Y AVG
+138.97%
CURRENT VS 10Y AVG
+99.94%
CURRENT VS 15Y AVG
+30.63%
CURRENT VS 20Y AVG
+19.32%
FCF Payout Ratio TTM
45.6%
Earnings Payout Ratio
19.6%
Dividend Yield
0.49%
FCF Yield
1.02%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.26B | $1.45B | 20.0% |
| 2024 | $3.68B | $1.01B | 27.4% |
| 2023 | $3.58B | $589.00M | 16.4% |
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 | 45.59% |
| 2026-03-31 | 20.54% |
| 2025-12-31 | 19.99% |
| 2025-09-30 | 21.19% |
| 2025-06-30 | 23.71% |
| 2025-03-31 | 27.77% |
| 2024-12-31 | 27.41% |
| 2024-09-30 | 15.02% |
| 2024-06-30 | 11.64% |
| 2024-03-31 | 9.48% |
| 2023-12-31 | 15.31% |
| 2023-09-30 | 12.96% |
| 2023-06-30 | 14.01% |
| 2023-03-31 | 14.65% |
| 2022-12-31 | 14.42% |
| 2022-09-30 | 24.69% |
| 2022-06-30 | 17.24% |
| 2022-03-31 | 16.84% |
| 2021-12-31 | 29.17% |
| 2021-09-30 | 26.43% |
| 2021-06-30 | 51.81% |
| 2020-12-31 | 334.02% |
| 2020-09-30 | 24.77% |
| 2020-06-30 | 25.40% |
| 2020-03-31 | 27.17% |
| 2019-12-31 | 32.81% |
| 2018-06-30 | 340.47% |
| 2018-03-31 | 242.32% |
| 2017-12-31 | 345.17% |
| 2016-06-30 | 205.97% |
| 2016-03-31 | 78.08% |
| 2015-12-31 | 64.00% |
| 2015-09-30 | 55.48% |
| 2015-06-30 | 45.87% |
| 2015-03-31 | 57.86% |
| 2014-12-31 | 63.30% |
| 2014-09-30 | 58.56% |
| 2014-06-30 | 60.33% |
| 2014-05-09 | 51.16% |
| 2013-12-31 | 51.72% |
| 2013-09-30 | 56.26% |
| 2013-06-30 | 53.85% |
| 2013-03-31 | 52.66% |
| 2012-12-31 | 44.36% |
| 2012-09-30 | 46.72% |
| 2012-06-30 | 36.45% |
| 2012-03-31 | 34.58% |
| 2011-12-31 | 31.18% |
| 2011-09-30 | 31.66% |
| 2011-06-30 | 26.29% |
| 2011-03-31 | 20.80% |
| 2010-12-31 | 18.20% |
| 2010-09-30 | 15.31% |
| 2010-06-30 | 16.10% |
| 2010-03-31 | 27.36% |
| 2009-12-31 | 56.31% |
| 2009-09-30 | 45.76% |
| 2009-06-30 | 54.52% |
| 2009-03-31 | 47.71% |
| 2008-12-31 | 38.07% |
| 2008-09-30 | 42.72% |
| 2008-06-30 | 41.68% |
| 2008-03-31 | 37.65% |
| 2007-12-31 | 40.90% |
| 2007-09-30 | 56.71% |
| 2007-06-30 | 58.64% |
| 2007-03-31 | 92.76% |
| 2006-12-31 | 74.45% |
| 2006-09-30 | 74.01% |
| 2006-06-30 | 53.21% |
| 2006-03-31 | 51.28% |
| 2005-12-31 | 40.31% |
| 2005-09-30 | 35.48% |
| 2005-06-30 | 41.15% |
| 2005-03-31 | 34.88% |
| 2004-12-31 | 35.43% |
| 2004-09-30 | 36.91% |
| 2004-06-30 | 32.96% |
| 2004-03-31 | 31.78% |
| 2003-12-31 | 37.24% |
| 2003-09-30 | 38.07% |
| 2003-06-30 | 39.61% |
| 2022 |
| $4.74B |
| $639.00M |
| 13.5% |
| 2021 | $2.37B | $575.00M | 24.3% |
| 2020 | $194.00M | $648.00M | 334.0% |
| 2019 | $2.68B | $649.00M | 24.2% |
| 2018 | ($3.81B) | $4.47B | N/A (Loss) |
| 2017 | $2.51B | $8.65B | 345.2% |
| 2016 | ($7.44B) | $8.81B | N/A (Loss) |
| 2015 | $12.58B | $9.29B | 73.9% |
| 2014 | $13.98B | $8.85B | 63.3% |
| 2013 | $15.12B | $7.82B | 51.7% |
| 2012 | $16.20B | $7.19B | 44.4% |
| 2011 | $20.71B | $6.46B | 31.2% |
| 2010 | $26.32B | $4.79B | 18.2% |
| 2009 | $15.96B | $8.99B | 56.3% |
| 2008 | $32.59B | $12.41B | 38.1% |
| 2007 | $28.10B | $11.49B | 40.9% |
| 2006 | $14.00B | $10.42B | 74.4% |
| 2005 | $23.20B | $9.35B | 40.3% |
| 2004 | $23.37B | $8.28B | 35.4% |
| 2003 | $20.52B | $7.64B | 37.2% |
| 2002 | $16.14B | $7.16B | 44.4% |
| 2001 | $16.68B | $6.36B | 38.1% |
| 2000 | $8.72B | $5.40B | 61.9% |
| 1999 | ($2.56B) | $4.59B | N/A (Loss) |
| 1998 | $10.38B | $3.91B | 37.7% |
| 1997 | $5.85B | $3.41B | 58.3% |
| 1996 | $10.09B | $3.05B | 30.2% |
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.
