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 41.58% is 23% below its 5-year average of 53.90%, near the low end of its 5-year range (39.40%–105.22%).
As of the fiscal period ended Tuesday, June 30, 2026. 10.15% below its 12-month average of 46.28%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
41.58%
FCF PAYOUT RATIO AVG TTM
46.28%
FCF PAYOUT RATIO AVG 3Y
50.41%
FCF PAYOUT RATIO AVG 5Y
53.90%
FCF PAYOUT RATIO AVG 10Y
65.61%
FCF PAYOUT RATIO AVG 15Y
74.76%
FCF PAYOUT RATIO AVG 20Y
72.97%
CURRENT VS TTM AVG
-10.15%
CURRENT VS 3Y AVG
-17.52%
CURRENT VS 5Y AVG
-22.86%
CURRENT VS 10Y AVG
-36.62%
CURRENT VS 15Y AVG
-44.39%
CURRENT VS 20Y AVG
-43.02%
FCF Payout Ratio TTM
41.6%
Earnings Payout Ratio
47.3%
Dividend Yield
3.44%
FCF Yield
8.80%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.84B | $3.37B | 43.1% |
| 2024 | $4.47B | $3.06B | 68.4% |
| 2023 | $7.96B | $3.55B | 44.6% |
| 2022 | $8.16B | $5.16B | 63.2% |
| 2021 | $7.17B | $5.41B | 75.5% |
| 2020 | $8.87B | $5.43B | 61.2% |
| 2019 | $7.76B | $5.24B | 67.5% |
| 2018 | $8.44B | $5.00B | 59.3% |
| 2017 | $6.37B | $5.27B | 82.8% |
| 2016 | $5.11B | $5.98B | 117.0% |
| 2015 | $984.16M | $5.71B | 579.9% |
| 2014 | $5.33B | $5.99B | 112.2% |
| 2013 | $9.15B | $6.10B | 66.7% |
| 2012 | $4.64B | $6.20B | 133.6% |
| 2011 | $7.65B | $5.29B | 69.2% |
| 2010 | $8.05B | $5.00B | 62.1% |
| 2009 | $9.65B | $5.00B | 51.8% |
| 2008 | $7.62B | $4.37B | 57.4% |
| 2007 | $7.24B | $5.57B | 76.9% |
| 2006 | $4.64B | $5.09B | 109.7% |
| 2005 | $7.58B | $4.11B | 54.2% |
| 2004 | $8.64B | $4.74B | 54.9% |
| 2003 | $6.76B | $4.16B | 61.6% |
| 2002 | $2.95B | $3.75B | 127.0% |
| 2001 | $5.08B | $3.39B | 66.7% |
| 2000 | $1.12B | $0 | 0.0% |
| 1999 | ($140.49M) | $0 | N/A (Loss) |
| 1998 | ($108.12M) | $0 | N/A (Loss) |
| 1997 | $330.48M | $0 | 0.0% |
| 1996 | $767.24M | $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.
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 | 41.58% |
| 2026-03-31 | 45.34% |
| 2025-12-31 | 44.75% |
| 2025-09-30 | 46.53% |
| 2025-06-30 | 53.19% |
| 2025-03-31 | 64.02% |
| 2024-12-31 | 63.76% |
| 2024-09-30 | 45.07% |
| 2024-06-30 | 41.54% |
| 2024-03-31 | 39.40% |
| 2023-12-31 | 46.37% |
| 2023-09-30 | 73.42% |
| 2023-06-30 | 99.41% |
| 2023-03-31 | 105.22% |
| 2022-12-31 | 64.47% |
| 2022-09-30 | 47.74% |
| 2022-06-30 | 43.65% |
| 2022-03-31 | 49.18% |
| 2021-12-31 | 60.83% |
| 2021-09-30 | 62.91% |
| 2021-06-30 | 90.38% |
| 2021-03-31 | 66.59% |
| 2020-12-31 | 59.43% |
| 2020-09-30 | 67.11% |
| 2020-06-30 | 50.99% |
| 2020-03-31 | 64.14% |
| 2019-12-31 | 67.40% |
| 2019-09-30 | 59.68% |
| 2019-06-30 | 63.30% |
| 2019-03-31 | 61.26% |
| 2018-12-31 | 60.50% |
| 2018-09-30 | 73.98% |
| 2018-06-30 | 77.25% |
| 2018-03-31 | 86.82% |
| 2017-12-31 | 81.77% |
| 2017-09-30 | 82.71% |
| 2017-06-30 | 85.14% |
| 2017-03-31 | 99.17% |
| 2016-12-31 | 122.63% |
| 2016-09-30 | 178.01% |
| 2016-06-30 | 323.56% |
| 2016-03-31 | 733.55% |
| 2015-12-31 | 606.59% |
| 2015-09-30 | 262.05% |
| 2015-06-30 | 167.24% |
| 2015-03-31 | 135.38% |
| 2014-12-31 | 114.57% |
| 2014-09-30 | 109.32% |
| 2014-06-30 | 89.09% |
| 2014-03-31 | 71.92% |
| 2013-12-31 | 66.03% |
| 2013-09-30 | 69.30% |
| 2013-06-30 | 124.56% |
| 2013-03-31 | 127.59% |
| 2012-12-31 | 133.98% |
| 2012-09-30 | 122.51% |
| 2012-06-30 | 70.42% |
| 2012-03-31 | 69.64% |
| 2011-12-31 | 69.57% |
| 2011-09-30 | 79.07% |
| 2011-06-30 | 100.41% |
| 2011-03-31 | 80.51% |
| 2010-12-31 | 62.48% |
| 2010-09-30 | 54.98% |
| 2010-06-30 | 44.98% |
| 2010-03-31 | 47.55% |
| 2009-12-31 | 50.38% |
| 2009-09-30 | 52.33% |
| 2009-06-30 | 51.89% |
| 2009-03-31 | 61.51% |
| 2008-12-31 | 59.13% |
| 2008-09-30 | 61.97% |
| 2008-06-30 | 65.57% |
| 2008-03-31 | 60.95% |
| 2007-12-31 | 69.36% |
| 2007-09-30 | 65.69% |
| 2007-06-30 | 114.37% |
| 2007-03-31 | 120.37% |
| 2006-12-31 | 94.92% |
| 2006-09-30 | 90.26% |
| 2006-06-30 | 51.74% |
| 2006-03-31 | 46.12% |
| 2005-12-31 | 49.15% |
| 2005-09-30 | 58.22% |
| 2005-06-30 | 95.88% |
| 2005-03-31 | 59.07% |
| 2004-12-31 | 36.97% |
| 2004-09-30 | 66.40% |
| 2004-06-30 | 27.35% |
| 2004-03-31 | 42.80% |
| 2003-12-31 | 60.75% |
| 2003-09-30 | 36.05% |
| 2003-06-30 | 38.11% |
