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 28.21% is 11% below its 5-year average of 31.54%, around the middle of its 5-year range (15.17%–49.28%).
As of the fiscal period ended Friday, July 31, 2026. 17.96% below its 12-month average of 34.39%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
28.21%
FCF PAYOUT RATIO AVG TTM
34.39%
FCF PAYOUT RATIO AVG 3Y
34.49%
FCF PAYOUT RATIO AVG 5Y
31.54%
FCF PAYOUT RATIO AVG 10Y
29.03%
FCF PAYOUT RATIO AVG 15Y
25.93%
FCF PAYOUT RATIO AVG 20Y
21.86%
CURRENT VS TTM AVG
-17.96%
CURRENT VS 3Y AVG
-18.19%
CURRENT VS 5Y AVG
-10.54%
CURRENT VS 10Y AVG
-2.82%
CURRENT VS 15Y AVG
+8.80%
CURRENT VS 20Y AVG
+29.06%
FCF Payout Ratio TTM
28.2%
Earnings Payout Ratio
56.9%
Dividend Yield
4.78%
FCF Yield
13.42%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.80B | $1.09B | 38.9% |
| 2024 | $3.16B | $1.07B | 34.1% |
| 2023 | $2.96B | $1.04B | 35.0% |
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 |
|---|---|
| 2026-07-31 | 28.21% |
| 2026-04-30 | 28.92% |
| 2026-01-31 | 37.94% |
| 2025-10-31 | 38.86% |
| 2025-07-31 | 38.02% |
| 2025-04-30 | 40.50% |
| 2025-01-31 | 32.85% |
| 2024-10-31 | 34.05% |
| 2024-07-31 | 30.52% |
| 2024-04-30 | 34.41% |
| 2024-01-31 | 33.61% |
| 2023-10-31 | 35.01% |
| 2023-07-31 | 35.42% |
| 2023-04-30 | 45.30% |
| 2023-01-31 | 49.28% |
| 2022-10-31 | 28.24% |
| 2022-07-31 | 21.95% |
| 2022-04-30 | 18.44% |
| 2022-01-31 | 15.17% |
| 2021-10-31 | 16.10% |
| 2021-07-31 | 19.49% |
| 2021-04-30 | 17.70% |
| 2021-01-31 | 27.99% |
| 2020-10-31 | 26.69% |
| 2020-07-31 | 41.98% |
| 2020-04-30 | 32.90% |
| 2020-01-31 | 22.22% |
| 2019-10-31 | 24.35% |
| 2019-07-31 | 21.80% |
| 2019-04-30 | 26.01% |
| 2019-01-31 | 24.23% |
| 2018-10-31 | 22.58% |
| 2018-07-31 | 24.25% |
| 2018-04-30 | 22.32% |
| 2018-01-31 | 25.81% |
| 2017-10-31 | 27.30% |
| 2017-07-31 | 26.72% |
| 2017-04-30 | 33.89% |
| 2017-01-31 | 23.41% |
| 2016-10-31 | 30.68% |
| 2016-07-31 | 25.25% |
| 2016-04-30 | 29.71% |
| 2016-01-31 | 40.78% |
| 2015-10-31 | 43.30% |
| 2015-07-31 | 40.95% |
| 2015-04-30 | 24.99% |
| 2015-01-31 | 19.26% |
| 2014-10-31 | 13.96% |
| 2014-07-31 | 13.43% |
| 2014-04-30 | 14.54% |
| 2014-01-31 | 13.28% |
| 2013-10-31 | 13.14% |
| 2013-07-31 | 11.15% |
| 2013-04-30 | 10.74% |
| 2013-01-31 | 12.13% |
| 2012-10-31 | 14.79% |
| 2012-07-31 | 21.18% |
| 2012-04-30 | 20.47% |
| 2012-01-31 | 14.57% |
| 2011-10-31 | 10.42% |
| 2011-07-31 | 8.73% |
| 2011-04-30 | 8.19% |
| 2011-01-31 | 9.07% |
| 2010-10-31 | 9.90% |
| 2010-07-31 | 9.33% |
| 2010-04-30 | 8.53% |
| 2010-01-31 | 6.94% |
| 2009-10-31 | 7.91% |
| 2009-07-31 | 8.17% |
| 2009-04-30 | 8.28% |
| 2009-01-31 | 8.40% |
| 2008-10-31 | 6.86% |
| 2008-07-31 | 6.64% |
| 2008-04-30 | 7.75% |
| 2008-01-31 | 8.43% |
| 2007-10-31 | 12.87% |
| 2007-07-31 | 14.18% |
| 2007-04-30 | 12.55% |
| 2007-01-31 | 13.29% |
| 2006-10-31 | 10.14% |
| 2006-07-31 | 11.44% |
| 2006-04-30 | 11.26% |
| 2006-01-31 | 14.22% |
| 2005-10-31 | 15.35% |
| 2005-07-31 | 15.84% |
| 2005-04-30 | 26.67% |
| 2005-01-31 | 22.76% |
| 2004-10-31 | 32.82% |
| 2004-07-31 | 27.15% |
| 2004-04-30 | 25.83% |
| 2004-01-31 | 26.03% |
| 2003-10-31 | 24.05% |
| 2003-07-31 | 33.40% |
| 2022 |
| $3.67B |
| $1.04B |
| 28.2% |
| 2021 | $5.83B | $938.00M | 16.1% |
| 2020 | $3.74B | $997.00M | 26.7% |
| 2019 | $3.98B | $970.00M | 24.4% |
| 2018 | $3.98B | $899.00M | 22.6% |
| 2017 | $3.27B | $894.00M | 27.3% |
| 2016 | $2.80B | $858.00M | 30.7% |
| 2015 | $2.89B | $1.25B | 43.3% |
| 2014 | $8.48B | $1.18B | 14.0% |
| 2013 | $8.41B | $1.10B | 13.1% |
| 2012 | $6.87B | $1.01B | 14.8% |
| 2011 | $8.10B | $844.00M | 10.4% |
| 2010 | $7.79B | $771.00M | 9.9% |
| 2009 | $9.68B | $766.00M | 7.9% |
| 2008 | $11.60B | $796.00M | 6.9% |
| 2007 | $6.58B | $846.00M | 12.9% |
| 2006 | $8.82B | $894.00M | 10.1% |
| 2005 | $6.03B | $926.00M | 15.3% |
| 2004 | $2.96B | $972.00M | 32.8% |
| 2003 | $4.06B | $977.00M | 24.1% |
| 2002 | $3.73B | $801.00M | 21.5% |
| 2001 | $1.03B | $621.00M | 60.1% |
| 2000 | $2.69B | $638.00M | 23.7% |
| 1999 | $1.90B | $650.00M | 34.2% |
| 1998 | $3.44B | $625.00M | 18.1% |
| 1997 | $1.98B | $532.00M | 26.8% |
| 1996 | $1.25B | $450.00M | 35.9% |
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.
