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 102.76% is 12% below its 5-year average of 117.29%, near the low end of its 5-year range (39.58%–364.68%).
As of the fiscal period ended Tuesday, March 31, 2026. 3.40% below its 12-month average of 106.38%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
102.76%
FCF PAYOUT RATIO AVG TTM
106.38%
FCF PAYOUT RATIO AVG 3Y
101.21%
FCF PAYOUT RATIO AVG 5Y
89.80%
FCF PAYOUT RATIO AVG 10Y
73.01%
FCF PAYOUT RATIO AVG 15Y
69.14%
FCF PAYOUT RATIO AVG 20Y
60.22%
CURRENT VS TTM AVG
-3.40%
CURRENT VS 3Y AVG
+1.54%
CURRENT VS 5Y AVG
+14.44%
CURRENT VS 10Y AVG
+40.76%
CURRENT VS 15Y AVG
+48.64%
CURRENT VS 20Y AVG
+70.65%
FCF Payout Ratio TTM
102.8%
Earnings Payout Ratio
N/A
Dividend Yield
2.11%
FCF Yield
2.04%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $256.00M | $409.00M | 159.8% |
| 2024 | $602.00M | $514.00M | 85.4% |
| 2023 | $936.00M | $826.00M | 88.2% |
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 | 102.76% |
| 2025-12-31 | 161.02% |
| 2025-09-30 | 123.19% |
| 2025-06-30 | 73.04% |
| 2025-03-31 | 71.88% |
| 2024-12-31 | 85.38% |
| 2024-09-30 | 66.81% |
| 2024-06-30 | 73.15% |
| 2024-03-31 | 85.70% |
| 2023-12-31 | 88.25% |
| 2023-09-30 | 182.12% |
| 2023-06-30 | 309.81% |
| 2022-06-30 | 364.68% |
| 2022-03-31 | 123.39% |
| 2021-12-31 | 64.13% |
| 2021-09-30 | 49.34% |
| 2021-06-30 | 47.05% |
| 2021-03-31 | 39.58% |
| 2020-12-31 | 61.71% |
| 2020-09-30 | 60.23% |
| 2020-06-30 | 61.25% |
| 2020-03-31 | 72.54% |
| 2019-12-31 | 68.61% |
| 2019-09-30 | 78.81% |
| 2019-06-30 | 80.93% |
| 2019-03-31 | 85.01% |
| 2018-12-31 | 87.15% |
| 2018-09-30 | 91.06% |
| 2018-06-30 | 89.90% |
| 2018-03-31 | 93.09% |
| 2017-12-31 | 78.74% |
| 2017-09-30 | 74.46% |
| 2017-06-30 | 64.64% |
| 2017-03-31 | 48.18% |
| 2016-12-31 | 43.87% |
| 2016-09-30 | 47.60% |
| 2016-06-30 | 51.74% |
| 2016-03-31 | 49.05% |
| 2015-12-31 | 47.77% |
| 2015-09-30 | 39.63% |
| 2015-06-30 | 35.57% |
| 2015-03-31 | 36.12% |
| 2014-12-31 | 35.51% |
| 2014-09-30 | 39.39% |
| 2014-06-30 | 39.71% |
| 2014-03-31 | 41.68% |
| 2013-12-31 | 31.95% |
| 2013-09-30 | 35.83% |
| 2013-06-30 | 64.51% |
| 2013-03-31 | 67.29% |
| 2012-12-31 | 68.08% |
| 2012-09-30 | 137.43% |
| 2012-06-30 | 51.98% |
| 2012-03-31 | 66.95% |
| 2011-12-31 | 146.19% |
| 2011-09-30 | 90.28% |
| 2011-06-30 | 113.72% |
| 2011-03-31 | 61.49% |
| 2010-12-31 | 38.87% |
| 2010-09-30 | 28.68% |
| 2010-06-30 | 32.11% |
| 2010-03-31 | 22.27% |
| 2009-12-31 | 35.07% |
| 2009-09-30 | 44.97% |
| 2009-06-30 | 49.98% |
| 2009-03-31 | 81.32% |
| 2008-12-31 | 55.37% |
| 2008-09-30 | 40.99% |
| 2008-06-30 | 34.78% |
| 2008-03-31 | 30.64% |
| 2007-12-31 | 30.83% |
| 2007-09-30 | 48.82% |
| 2007-06-30 | 38.89% |
| 2007-03-31 | 41.36% |
| 2006-12-31 | 32.99% |
| 2006-09-30 | 32.42% |
| 2006-06-30 | 41.49% |
| 2006-03-31 | 47.01% |
| 2005-12-31 | 80.95% |
| 2005-09-30 | 42.95% |
| 2005-06-30 | 34.14% |
| 2005-03-31 | 34.74% |
| 2004-12-31 | 28.07% |
| 2004-09-30 | 25.24% |
| 2004-06-30 | 26.83% |
| 2004-03-31 | 28.16% |
| 2003-12-31 | 28.57% |
| 2003-09-30 | 38.82% |
| 2003-06-30 | 38.43% |
| 2003-03-31 | 38.47% |
| 2022 |
| ($109.00M) |
| $810.00M |
| N/A (Loss) |
| 2021 | $1.04B | $667.00M | 64.1% |
| 2020 | $522.00M | $323.00M | 61.9% |
| 2019 | $457.00M | $314.00M | 68.7% |
| 2018 | $264.15M | $230.22M | 87.2% |
| 2017 | $261.78M | $206.12M | 78.7% |
| 2016 | $423.73M | $184.90M | 43.6% |
| 2015 | $366.29M | $158.87M | 43.4% |
| 2014 | $375.21M | $133.24M | 35.5% |
| 2013 | $273.40M | $87.35M | 31.9% |
| 2012 | $197.66M | $130.94M | 66.2% |
| 2011 | $61.73M | $90.25M | 146.2% |
| 2010 | $208.84M | $81.18M | 38.9% |
| 2009 | $224.82M | $78.84M | 35.1% |
| 2008 | $135.22M | $74.86M | 55.4% |
| 2007 | $248.45M | $76.60M | 30.8% |
| 2006 | $223.34M | $67.38M | 30.2% |
| 2005 | $83.73M | $67.78M | 81.0% |
| 2004 | $225.24M | $63.21M | 28.1% |
| 2003 | $203.64M | $58.17M | 28.6% |
| 2002 | $161.53M | $56.83M | 35.2% |
| 2001 | $129.49M | $57.62M | 44.5% |
| 2000 | $208.41M | $155.50M | 74.6% |
| 1999 | $93.90M | $161.20M | 171.7% |
| 1998 | $126.70M | $159.60M | 126.0% |
| 1997 | $180.90M | $157.70M | 87.2% |
| 1996 | $228.60M | $150.90M | 66.0% |
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.
