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 33.73% is 104% above its 5-year average of 16.55%, near the low end of its 5-year range (3.39%–114.67%).
As of the fiscal period ended Tuesday, March 31, 2026. 20.37% below its 12-month average of 42.35%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
33.73%
FCF PAYOUT RATIO AVG TTM
42.35%
FCF PAYOUT RATIO AVG 3Y
26.01%
FCF PAYOUT RATIO AVG 5Y
16.55%
FCF PAYOUT RATIO AVG 10Y
11.77%
FCF PAYOUT RATIO AVG 15Y
11.82%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-20.37%
CURRENT VS 3Y AVG
+29.66%
CURRENT VS 5Y AVG
+103.83%
CURRENT VS 10Y AVG
+186.65%
CURRENT VS 15Y AVG
+185.45%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
33.7%
Earnings Payout Ratio
33.5%
Dividend Yield
0.88%
FCF Yield
N/A
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $375.00M | $430.00M | 114.7% |
| 2024 | $2.39B | $431.00M | 18.0% |
| 2023 | $2.98B | $431.00M | 14.5% |
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 | 33.73% |
| 2025-12-31 | 114.67% |
| 2025-09-30 | 27.73% |
| 2025-06-30 | 17.59% |
| 2025-03-31 | 18.06% |
| 2024-12-31 | 18.03% |
| 2023-12-31 | 14.48% |
| 2023-09-30 | 8.40% |
| 2023-06-30 | 3.39% |
| 2023-03-31 | 4.04% |
| 2022-12-31 | 11.31% |
| 2022-09-30 | 4.56% |
| 2022-06-30 | 13.63% |
| 2022-03-31 | 17.40% |
| 2021-12-31 | 37.42% |
| 2021-09-30 | 24.79% |
| 2021-06-30 | 74.56% |
| 2021-03-31 | 10.20% |
| 2020-12-31 | 6.91% |
| 2020-09-30 | 6.32% |
| 2020-06-30 | 5.41% |
| 2020-03-31 | 7.27% |
| 2019-12-31 | 6.40% |
| 2019-09-30 | 7.61% |
| 2019-06-30 | 91.83% |
| 2018-12-31 | 16.98% |
| 2018-06-30 | 8.21% |
| 2018-03-31 | 7.68% |
| 2017-12-31 | 6.24% |
| 2017-09-30 | 5.60% |
| 2017-06-30 | 3.59% |
| 2017-03-31 | 3.45% |
| 2016-12-31 | 12.56% |
| 2016-09-30 | 3.90% |
| 2016-06-30 | 16.68% |
| 2016-03-31 | 24.37% |
| 2015-12-31 | 49.86% |
| 2015-09-30 | 99.42% |
| 2015-06-30 | 229.33% |
| 2015-03-31 | 33.79% |
| 2014-12-31 | 15.78% |
| 2014-09-30 | 18.68% |
| 2014-06-30 | 15.05% |
| 2014-03-31 | 11.17% |
| 2013-12-31 | 13.14% |
| 2013-09-30 | 10.91% |
| 2012-12-31 | 10.91% |
| 2012-06-30 | 4.33% |
| 2012-03-31 | 3.75% |
| 2011-12-31 | 4.70% |
| 2011-09-30 | 1.16% |
| 2022 |
| $3.45B |
| $392.00M |
| 11.4% |
| 2021 | $920.00M | $354.00M | 38.5% |
| 2020 | $4.67B | $323.00M | 6.9% |
| 2019 | $4.55B | $291.00M | 6.4% |
| 2018 | $1.56B | $265.00M | 17.0% |
| 2017 | $3.52B | $220.00M | 6.2% |
| 2016 | $1.41B | $177.00M | 12.6% |
| 2015 | $345.00M | $172.00M | 49.9% |
| 2014 | $1.09B | $172.00M | 15.8% |
| 2013 | $1.28B | $168.00M | 13.1% |
| 2012 | $1.51B | $165.00M | 10.9% |
| 2011 | $1.74B | $82.00M | 4.7% |
| 2010 | $2.02B | $0 | 0.0% |
| 2009 | $1.24B | $0 | 0.0% |
| 2008 | $720.74M | $0 | 0.0% |
| 2007 | $985.02M | $0 | 0.0% |
| 2006 | $1.49B | $0 | 0.0% |
| 2005 | $459.78M | $0 | 0.0% |
| 2004 | $233.71M | $0 | 0.0% |
| 2003 | $311.87M | $0 | 0.0% |
| 2002 | $209.27M | $0 | 0.0% |
| 2001 | $33.99M | $0 | 0.0% |
| 2000 | ($95.00M) | $0 | N/A (Loss) |
| 1999 | $128.00M | $0 | 0.0% |
| 1998 | ($28.00M) | $0 | N/A (Loss) |
| 1997 | $216.00M | $0 | 0.0% |
| 1996 | $269.00M | $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.
