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 30.82% is 25% below its 5-year average of 41.28%, near the low end of its 5-year range (30.82%–55.95%).
As of the fiscal period ended Tuesday, June 30, 2026. 22.29% below its 12-month average of 39.66%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
30.82%
FCF PAYOUT RATIO AVG TTM
39.66%
FCF PAYOUT RATIO AVG 3Y
43.35%
FCF PAYOUT RATIO AVG 5Y
41.28%
FCF PAYOUT RATIO AVG 10Y
39.39%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-22.29%
CURRENT VS 3Y AVG
-28.90%
CURRENT VS 5Y AVG
-25.33%
CURRENT VS 10Y AVG
-21.76%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
30.8%
Earnings Payout Ratio
N/A
Dividend Yield
2.13%
FCF Yield
7.03%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $9.46B | $4.00B | 42.3% |
| 2024 | $10.30B | $3.92B | 38.0% |
| 2023 | $7.42B | $3.81B | 51.3% |
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 | 30.82% |
| 2026-03-31 | 39.43% |
| 2025-12-31 | 42.34% |
| 2025-09-30 | 43.46% |
| 2025-06-30 | 42.27% |
| 2025-03-31 | 40.00% |
| 2024-12-31 | 38.02% |
| 2024-09-30 | 41.23% |
| 2024-06-30 | 55.95% |
| 2024-03-31 | 48.48% |
| 2023-12-31 | 51.33% |
| 2023-09-30 | 48.15% |
| 2023-06-30 | 42.09% |
| 2023-03-31 | 44.51% |
| 2022-12-31 | 44.45% |
| 2022-09-30 | 40.95% |
| 2022-06-30 | 38.86% |
| 2022-03-31 | 36.50% |
| 2021-12-31 | 33.36% |
| 2021-09-30 | 37.60% |
| 2021-06-30 | 41.67% |
| 2021-03-31 | 40.15% |
| 2020-12-31 | 45.88% |
| 2020-09-30 | 41.57% |
| 2020-06-30 | 39.19% |
| 2020-03-31 | 39.77% |
| 2019-12-31 | 38.73% |
| 2019-09-30 | 39.27% |
| 2019-06-30 | 40.52% |
| 2019-03-31 | 44.91% |
| 2018-12-31 | 39.74% |
| 2018-09-30 | 36.87% |
| 2018-06-30 | 33.88% |
| 2018-03-31 | 26.49% |
| 2017-12-31 | 24.15% |
| 2017-09-30 | 22.06% |
| 2017-06-30 | 19.01% |
| 2017-03-31 | 16.92% |
| 2016-12-31 | 15.11% |
| 2016-09-30 | 13.89% |
| 2016-06-30 | 14.22% |
| 2016-03-31 | 13.70% |
| 2015-12-31 | 9.57% |
| 2015-09-30 | 7.11% |
| 2015-06-30 | 3.55% |
| 2022 |
| $8.34B |
| $3.71B |
| 44.5% |
| 2021 | $10.80B | $3.60B | 33.4% |
| 2020 | $7.52B | $3.45B | 45.9% |
| 2019 | $8.32B | $3.22B | 38.7% |
| 2018 | $7.48B | $2.97B | 39.7% |
| 2017 | $11.31B | $2.73B | 24.2% |
| 2016 | $16.30B | $2.46B | 15.1% |
| 2015 | $20.50B | $1.87B | 9.1% |
| 2014 | $12.26B | $0 | 0.0% |
| 2013 | $2.92B | $0 | 0.0% |
| 2012 | $2.80B | $0 | 0.0% |
| 2011 | $3.51B | $0 | 0.0% |
| 2010 | $2.77B | $0 | 0.0% |
| 2009 | $2.85B | $0 | 0.0% |
| 2008 | $2.03B | $0 | 0.0% |
| 2007 | $1.69B | $0 | 0.0% |
| 2006 | $1.11B | $0 | 0.0% |
| 2005 | $657.69M | $0 | 0.0% |
| 2004 | $456.60M | $0 | 0.0% |
| 2003 | $196.00M | $0 | 0.0% |
| 2002 | $56.81M | $0 | 0.0% |
| 2001 | ($153.31M) | $0 | N/A (Loss) |
| 2000 | ($53.82M) | $0 | N/A (Loss) |
| 1999 | ($75.10M) | $0 | N/A (Loss) |
| 1998 | ($62.30M) | $0 | N/A (Loss) |
| 1997 | ($68.30M) | $0 | N/A (Loss) |
| 1996 | ($20.20M) | $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.
