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 51.01% is 29% above its 5-year average of 39.43%, near the high end of its 5-year range (21.18%–63.29%).
As of the fiscal period ended Tuesday, June 30, 2026. 12.37% below its 12-month average of 58.21%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
51.01%
FCF PAYOUT RATIO AVG TTM
58.21%
FCF PAYOUT RATIO AVG 3Y
48.34%
FCF PAYOUT RATIO AVG 5Y
39.43%
FCF PAYOUT RATIO AVG 10Y
44.34%
FCF PAYOUT RATIO AVG 15Y
50.23%
FCF PAYOUT RATIO AVG 20Y
48.78%
CURRENT VS TTM AVG
-12.37%
CURRENT VS 3Y AVG
+5.52%
CURRENT VS 5Y AVG
+29.35%
CURRENT VS 10Y AVG
+15.03%
CURRENT VS 15Y AVG
+1.55%
CURRENT VS 20Y AVG
+4.57%
FCF Payout Ratio TTM
51.0%
Earnings Payout Ratio
43.2%
Dividend Yield
1.16%
FCF Yield
2.62%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.98B | $3.28B | 65.9% |
| 2024 | $5.32B | $2.80B | 52.6% |
| 2023 | $4.14B | $1.52B | 36.7% |
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 | 51.01% |
| 2025-12-31 | 60.33% |
| 2025-06-30 | 63.29% |
| 2024-12-31 | 47.36% |
| 2024-06-30 | 53.01% |
| 2023-12-31 | 31.39% |
| 2023-06-30 | 32.00% |
| 2022-12-31 | 21.18% |
| 2022-06-30 | 23.40% |
| 2021-12-31 | 23.56% |
| 2021-06-30 | 27.23% |
| 2020-12-31 | 32.85% |
| 2020-06-30 | 56.17% |
| 2019-12-31 | 60.50% |
| 2019-06-30 | 62.89% |
| 2018-12-31 | 61.80% |
| 2018-06-30 | 47.01% |
| 2017-12-31 | 28.55% |
| 2017-06-30 | 30.81% |
| 2016-12-31 | 54.77% |
| 2016-06-30 | 62.03% |
| 2015-12-31 | 66.47% |
| 2015-06-30 | 66.85% |
| 2014-12-31 | 39.01% |
| 2014-06-30 | 72.54% |
| 2013-12-31 | 80.45% |
| 2013-06-30 | 106.84% |
| 2012-12-31 | 84.15% |
| 2012-06-30 | 54.50% |
| 2011-12-31 | 26.75% |
| 2011-06-30 | 28.40% |
| 2010-12-31 | 30.54% |
| 2010-06-30 | 40.05% |
| 2009-12-31 | 57.14% |
| 2009-06-30 | 59.86% |
| 2008-12-31 | 63.07% |
| 2008-06-30 | 58.57% |
| 2007-12-31 | 53.69% |
| 2007-06-30 | 50.16% |
| 2006-12-31 | 46.27% |
| 2006-06-30 | 41.49% |
| 2005-12-31 | 37.02% |
| 2005-06-30 | 38.11% |
| 2004-12-31 | 39.29% |
| 2004-06-30 | 41.05% |
| 2003-12-31 | 42.29% |
| 2003-06-30 | 41.73% |
| 2003-01-31 | 43.10% |
| 2002-06-30 | 44.35% |
| 2022 |
| $3.99B |
| $904.10M |
| 22.6% |
| 2021 | $3.32B | $552.10M | 16.6% |
| 2020 | $1.48B | $592.58M | 39.9% |
| 2019 | $1.85B | $541.59M | 29.3% |
| 2018 | $1.86B | $1.10B | 58.9% |
| 2017 | $1.67B | $482.47M | 28.9% |
| 2016 | $1.32B | $378.73M | 28.6% |
| 2015 | $1.06B | $912.73M | 86.4% |
| 2014 | $873.68M | $356.81M | 40.8% |
| 2013 | $980.58M | $376.55M | 38.4% |
| 2012 | $670.05M | $978.71M | 146.1% |
| 2011 | $713.66M | $216.81M | 30.4% |
| 2010 | $703.72M | $159.49M | 22.7% |
| 2009 | $369.92M | $166.54M | 45.0% |
| 2008 | $197.93M | $154.72M | 78.2% |
| 2007 | $299.01M | $155.56M | 52.0% |
| 2006 | $224.57M | $125.42M | 55.8% |
| 2005 | $241.04M | $90.57M | 37.6% |
| 2004 | $240.74M | $87.69M | 36.4% |
| 2003 | $183.24M | $78.84M | 43.0% |
| 2002 | $152.36M | $60.48M | 39.7% |
| 2001 | $81.63M | $42.69M | 52.3% |
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.
