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 33.16% is 16% above its 5-year average of 28.64%, around the middle of its 5-year range (13.81%–46.81%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.23% above its 12-month average of 32.12%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
33.16%
FCF PAYOUT RATIO AVG TTM
32.12%
FCF PAYOUT RATIO AVG 3Y
28.29%
FCF PAYOUT RATIO AVG 5Y
28.64%
FCF PAYOUT RATIO AVG 10Y
33.18%
FCF PAYOUT RATIO AVG 15Y
40.11%
FCF PAYOUT RATIO AVG 20Y
41.48%
CURRENT VS TTM AVG
+3.23%
CURRENT VS 3Y AVG
+17.20%
CURRENT VS 5Y AVG
+15.80%
CURRENT VS 10Y AVG
-0.06%
CURRENT VS 15Y AVG
-17.33%
CURRENT VS 20Y AVG
-20.06%
FCF Payout Ratio TTM
33.2%
Earnings Payout Ratio
45.0%
Dividend Yield
2.13%
FCF Yield
6.46%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.67B | $579.00M | 34.6% |
| 2024 | $2.42B | $600.00M | 24.8% |
| 2023 | $2.08B | $576.00M | 27.7% |
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 | 33.16% |
| 2026-03-31 | 34.21% |
| 2025-12-31 | 34.63% |
| 2025-09-30 | 31.16% |
| 2025-06-30 | 27.45% |
| 2025-03-31 | 25.46% |
| 2024-12-31 | 24.76% |
| 2024-09-30 | 24.75% |
| 2024-06-30 | 24.88% |
| 2024-03-31 | 24.43% |
| 2023-12-31 | 27.71% |
| 2023-09-30 | 28.76% |
| 2023-06-30 | 26.43% |
| 2023-03-31 | 35.65% |
| 2022-12-31 | 35.34% |
| 2022-09-30 | 46.81% |
| 2022-06-30 | 41.91% |
| 2022-03-31 | 29.59% |
| 2021-12-31 | 14.48% |
| 2021-09-30 | 13.81% |
| 2021-06-30 | 15.97% |
| 2021-03-31 | 12.90% |
| 2020-12-31 | 24.11% |
| 2020-09-30 | 25.38% |
| 2020-06-30 | 28.23% |
| 2020-03-31 | 44.82% |
| 2019-12-31 | 68.85% |
| 2019-09-30 | 161.70% |
| 2019-06-30 | 271.86% |
| 2019-03-31 | 108.64% |
| 2018-12-31 | 55.70% |
| 2018-09-30 | 44.94% |
| 2018-06-30 | 35.04% |
| 2018-03-31 | 44.04% |
| 2017-12-31 | 57.17% |
| 2017-09-30 | 44.29% |
| 2017-06-30 | 41.31% |
| 2016-03-31 | 294.26% |
| 2015-12-31 | 85.04% |
| 2015-09-30 | 144.68% |
| 2015-06-30 | 68.74% |
| 2015-03-31 | 97.05% |
| 2014-12-31 | 68.42% |
| 2014-09-30 | 30.52% |
| 2014-06-30 | 22.83% |
| 2014-03-31 | 22.04% |
| 2013-12-31 | 30.73% |
| 2013-09-30 | 35.96% |
| 2013-06-30 | 58.47% |
| 2012-12-31 | 378.41% |
| 2012-06-30 | 132.80% |
| 2012-03-31 | 40.27% |
| 2011-12-31 | 45.14% |
| 2011-09-30 | 83.29% |
| 2011-06-30 | 212.26% |
| 2011-03-31 | 360.44% |
| 2010-12-31 | 228.67% |
| 2010-09-30 | 129.37% |
| 2010-06-30 | 83.33% |
| 2010-03-31 | 58.38% |
| 2009-12-31 | 64.16% |
| 2009-09-30 | 547.46% |
| 2009-06-30 | 273.73% |
| 2008-12-31 | 161.11% |
| 2008-09-30 | 40.51% |
| 2008-06-30 | 33.23% |
| 2008-03-31 | 33.09% |
| 2007-12-31 | 27.47% |
| 2007-09-30 | 25.70% |
| 2007-06-30 | 16.18% |
| 2007-03-31 | 9.55% |
| 2006-12-31 | 11.06% |
| 2006-09-30 | 10.19% |
| 2006-06-30 | 12.82% |
| 2006-03-31 | 23.76% |
| 2005-12-31 | 508.00% |
| 2004-12-31 | 62.61% |
| 2004-09-30 | 128.65% |
| 2003-06-30 | 156.43% |
| 2022 |
| $1.23B |
| $435.00M |
| 35.3% |
| 2021 | $1.11B | $161.00M | 14.5% |
| 2020 | $1.15B | $278.00M | 24.1% |
| 2019 | $915.00M | $630.00M | 68.9% |
| 2018 | $1.13B | $630.00M | 55.7% |
| 2017 | $1.09B | $626.00M | 57.2% |
| 2016 | ($2.50B) | $620.00M | N/A (Loss) |
| 2015 | $722.00M | $614.00M | 85.0% |
| 2014 | $779.00M | $533.00M | 68.4% |
| 2013 | $1.51B | $465.00M | 30.7% |
| 2012 | $88.00M | $333.00M | 378.4% |
| 2011 | $731.00M | $330.00M | 45.1% |
| 2010 | $143.00M | $327.00M | 228.7% |
| 2009 | $542.00M | $324.00M | 59.8% |
| 2008 | $198.00M | $319.00M | 161.1% |
| 2007 | $1.14B | $314.00M | 27.5% |
| 2006 | $2.77B | $306.00M | 11.1% |
| 2005 | $50.00M | $254.00M | 508.0% |
| 2004 | $353.00M | $221.00M | 62.6% |
| 2003 | ($1.29B) | $219.00M | N/A (Loss) |
| 2002 | $798.00M | $219.00M | 27.4% |
| 2001 | $1.50B | $215.00M | 14.4% |
| 2000 | $191.00M | $221.00M | 115.7% |
| 1999 | ($373.00M) | $221.00M | N/A (Loss) |
| 1998 | ($500.60M) | $254.20M | N/A (Loss) |
| 1997 | ($28.90M) | $127.30M | N/A (Loss) |
| 1996 | $56.30M | $117.50M | 208.7% |
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.
