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 32.04% is 22% below its 5-year average of 41.29%, near the low end of its 5-year range (32.04%–61.90%).
As of the fiscal period ended Tuesday, March 31, 2026. 5.01% below its 12-month average of 33.73%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
32.04%
FCF PAYOUT RATIO AVG TTM
33.73%
FCF PAYOUT RATIO AVG 3Y
35.44%
FCF PAYOUT RATIO AVG 5Y
41.29%
FCF PAYOUT RATIO AVG 10Y
41.74%
FCF PAYOUT RATIO AVG 15Y
39.91%
FCF PAYOUT RATIO AVG 20Y
38.51%
CURRENT VS TTM AVG
-5.01%
CURRENT VS 3Y AVG
-9.60%
CURRENT VS 5Y AVG
-22.41%
CURRENT VS 10Y AVG
-23.24%
CURRENT VS 15Y AVG
-19.72%
CURRENT VS 20Y AVG
-16.82%
FCF Payout Ratio TTM
32.0%
Earnings Payout Ratio
33.5%
Dividend Yield
1.15%
FCF Yield
3.51%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $874.70M | $286.60M | 32.8% |
| 2024 | $810.80M | $267.30M | 33.0% |
| 2023 | $715.10M | $245.50M | 34.3% |
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 |
|---|---|
| 2026-03-31 | 32.04% |
| 2025-12-31 | 32.77% |
| 2025-09-30 | 33.15% |
| 2025-06-30 | 35.30% |
| 2025-03-31 | 35.38% |
| 2024-12-31 | 32.97% |
| 2024-09-30 | 35.88% |
| 2024-06-30 | 36.62% |
| 2024-03-31 | 36.55% |
| 2023-12-31 | 34.33% |
| 2023-09-30 | 39.43% |
| 2023-06-30 | 37.01% |
| 2023-03-31 | 39.30% |
| 2022-12-31 | 50.58% |
| 2022-09-30 | 46.28% |
| 2022-06-30 | 60.30% |
| 2022-03-31 | 61.90% |
| 2021-12-31 | 47.82% |
| 2021-09-30 | 53.79% |
| 2021-06-30 | 45.33% |
| 2021-03-31 | 40.35% |
| 2020-12-31 | 35.99% |
| 2020-09-30 | 33.56% |
| 2020-06-30 | 32.09% |
| 2020-03-31 | 35.67% |
| 2019-12-31 | 37.49% |
| 2019-09-30 | 39.34% |
| 2019-06-30 | 37.53% |
| 2019-03-31 | 35.31% |
| 2018-12-31 | 40.94% |
| 2018-09-30 | 42.97% |
| 2018-06-30 | 54.03% |
| 2018-03-31 | 70.77% |
| 2017-12-31 | 52.66% |
| 2017-09-30 | 52.97% |
| 2017-06-30 | 44.67% |
| 2017-03-31 | 43.67% |
| 2016-12-31 | 43.50% |
| 2016-09-30 | 43.16% |
| 2016-06-30 | 49.31% |
| 2016-03-31 | 47.53% |
| 2015-12-31 | 52.64% |
| 2015-09-30 | 46.98% |
| 2015-06-30 | 39.53% |
| 2015-03-31 | 40.03% |
| 2014-12-31 | 36.59% |
| 2014-09-30 | 35.47% |
| 2014-06-30 | 36.65% |
| 2014-03-31 | 34.69% |
| 2013-12-31 | 33.90% |
| 2013-09-30 | 40.30% |
| 2013-06-30 | 43.06% |
| 2013-03-31 | 42.77% |
| 2012-12-31 | 40.77% |
| 2012-09-30 | 35.44% |
| 2012-06-30 | 33.14% |
| 2012-03-31 | 32.15% |
| 2011-12-31 | 32.22% |
| 2011-09-30 | 35.79% |
| 2011-06-30 | 38.22% |
| 2011-03-31 | 36.91% |
| 2010-12-31 | 39.61% |
| 2010-09-30 | 36.01% |
| 2010-06-30 | 27.38% |
| 2010-03-31 | 23.39% |
| 2009-12-31 | 21.42% |
| 2009-09-30 | 22.70% |
| 2009-06-30 | 25.49% |
| 2009-03-31 | 26.92% |
| 2008-12-31 | 28.50% |
| 2008-09-30 | 25.16% |
| 2008-06-30 | 27.88% |
| 2008-03-31 | 27.05% |
| 2007-12-31 | 28.07% |
| 2007-09-30 | 37.03% |
| 2007-06-30 | 55.12% |
| 2007-03-31 | 119.64% |
| 2006-12-31 | 150.85% |
| 2006-09-30 | 186.74% |
| 2006-06-30 | 77.79% |
| 2006-03-31 | 64.79% |
| 2005-12-31 | 72.81% |
| 2005-09-30 | 73.41% |
| 2005-06-30 | 77.57% |
| 2005-03-31 | 70.91% |
| 2004-12-31 | 54.76% |
| 2004-09-30 | 48.83% |
| 2004-06-30 | 39.00% |
| 2004-03-31 | 38.68% |
| 2003-12-31 | 36.30% |
| 2003-09-30 | 39.98% |
| 2003-06-30 | 44.53% |
| 2003-03-31 | 49.55% |
| 2022 |
| $453.90M |
| $229.60M |
| 50.6% |
| 2021 | $453.60M | $216.90M | 47.8% |
| 2020 | $559.60M | $201.40M | 36.0% |
| 2019 | $497.70M | $186.60M | 37.5% |
| 2018 | $420.90M | $172.30M | 40.9% |
| 2017 | $299.30M | $157.60M | 52.7% |
| 2016 | $331.00M | $144.00M | 43.5% |
| 2015 | $254.00M | $133.70M | 52.6% |
| 2014 | $331.20M | $121.20M | 36.6% |
| 2013 | $323.00M | $109.50M | 33.9% |
| 2012 | $300.00M | $122.30M | 40.8% |
| 2011 | $279.60M | $90.10M | 32.2% |
| 2010 | $218.90M | $85.60M | 39.1% |
| 2009 | $368.30M | $78.90M | 21.4% |
| 2008 | $269.80M | $76.90M | 28.5% |
| 2007 | $279.30M | $78.40M | 28.1% |
| 2006 | $53.10M | $80.10M | 150.8% |
| 2005 | $110.70M | $80.60M | 72.8% |
| 2004 | $145.90M | $79.90M | 54.8% |
| 2003 | $216.00M | $78.40M | 36.3% |
| 2002 | $157.50M | $77.80M | 49.4% |
| 2001 | $170.70M | $77.40M | 45.3% |
| 2000 | $75.20M | $81.20M | 108.0% |
| 1999 | $84.00M | $82.20M | 97.9% |
| 1998 | $25.90M | $79.70M | 307.7% |
| 1997 | $66.90M | $73.70M | 110.2% |
| 1996 | $150.10M | $65.30M | 43.5% |
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.
