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 176.85% is 132% above its 5-year average of 76.11%, near the high end of its 5-year range (33.98%–176.85%).
As of the fiscal period ended Tuesday, March 31, 2026.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
176.85%
FCF PAYOUT RATIO AVG TTM
N/A
FCF PAYOUT RATIO AVG 3Y
90.78%
FCF PAYOUT RATIO AVG 5Y
69.82%
FCF PAYOUT RATIO AVG 10Y
58.30%
FCF PAYOUT RATIO AVG 15Y
49.15%
FCF PAYOUT RATIO AVG 20Y
46.39%
CURRENT VS TTM AVG
N/A
CURRENT VS 3Y AVG
+94.81%
CURRENT VS 5Y AVG
+153.31%
CURRENT VS 10Y AVG
+203.34%
CURRENT VS 15Y AVG
+259.86%
CURRENT VS 20Y AVG
+281.27%
FCF Payout Ratio TTM
176.9%
Earnings Payout Ratio
N/A
Dividend Yield
4.39%
FCF Yield
2.47%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | ($159.00M) | $977.00M | N/A (Loss) |
| 2024 | $757.00M | $643.00M | 84.9% |
| 2023 | $692.00M | $642.00M | 92.8% |
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 | 176.85% |
| 2024-12-31 | 84.94% |
| 2024-09-30 | 79.55% |
| 2024-06-30 | 86.86% |
| 2024-03-31 | 77.04% |
| 2023-12-31 | 92.77% |
| 2023-09-30 | 68.43% |
| 2023-06-30 | 72.25% |
| 2023-03-31 | 78.32% |
| 2022-12-31 | 54.14% |
| 2022-09-30 | 115.07% |
| 2022-06-30 | 82.46% |
| 2022-03-31 | 60.37% |
| 2021-12-31 | 61.44% |
| 2021-09-30 | 35.37% |
| 2021-06-30 | 34.05% |
| 2021-03-31 | 33.98% |
| 2020-12-31 | 34.86% |
| 2020-09-30 | 36.94% |
| 2020-06-30 | 37.03% |
| 2020-03-31 | 35.31% |
| 2019-12-31 | 34.10% |
| 2019-09-30 | 34.55% |
| 2019-06-30 | 34.66% |
| 2019-03-31 | 41.30% |
| 2018-12-31 | 47.70% |
| 2018-09-30 | 42.36% |
| 2018-06-30 | 271.78% |
| 2018-03-31 | 275.80% |
| 2017-12-31 | 210.11% |
| 2017-09-30 | 755.45% |
| 2017-06-30 | 65.14% |
| 2017-03-31 | 68.92% |
| 2016-12-31 | 64.87% |
| 2016-09-30 | 62.29% |
| 2016-06-30 | 44.35% |
| 2016-03-31 | 64.24% |
| 2015-12-31 | 62.67% |
| 2015-09-30 | 50.49% |
| 2015-06-30 | 45.96% |
| 2015-03-31 | 34.64% |
| 2014-12-31 | 36.24% |
| 2014-09-30 | 38.54% |
| 2014-06-30 | 41.99% |
| 2014-03-31 | 33.65% |
| 2013-12-31 | 30.27% |
| 2013-09-30 | 34.04% |
| 2013-06-30 | 30.09% |
| 2013-03-31 | 30.75% |
| 2012-12-31 | 30.05% |
| 2012-09-30 | 31.52% |
| 2012-06-30 | 32.01% |
| 2012-03-31 | 31.10% |
| 2011-12-31 | 28.17% |
| 2011-09-30 | 18.00% |
| 2011-06-30 | 28.31% |
| 2011-03-31 | 21.39% |
| 2010-12-31 | 20.44% |
| 2010-09-30 | 23.76% |
| 2010-06-30 | 7.58% |
| 2010-03-31 | 4.61% |
| 2009-12-31 | 6.26% |
| 2009-09-30 | 6.47% |
| 2009-06-30 | 10.69% |
| 2009-03-31 | 20.06% |
| 2008-12-31 | 25.67% |
| 2008-09-30 | 33.46% |
| 2008-06-30 | 44.48% |
| 2008-03-31 | 58.33% |
| 2007-12-31 | 72.79% |
| 2007-03-31 | 223.47% |
| 2006-12-31 | 226.64% |
| 2006-09-30 | 83.73% |
| 2006-06-30 | 75.19% |
| 2006-03-31 | 105.15% |
| 2005-12-31 | 138.03% |
| 2005-09-30 | 39.40% |
| 2005-06-30 | 45.87% |
| 2005-03-31 | 43.56% |
| 2004-12-31 | 43.07% |
| 2004-09-30 | 89.50% |
| 2004-06-30 | 92.35% |
| 2004-03-31 | 71.36% |
| 2003-12-31 | 73.17% |
| 2003-09-30 | 54.75% |
| 2003-06-30 | 46.65% |
| 2003-03-31 | 49.59% |
| 2022 |
| $1.24B |
| $673.00M |
| 54.1% |
| 2021 | $1.48B | $780.00M | 52.7% |
| 2020 | $2.31B | $806.00M | 34.9% |
| 2019 | $2.33B | $796.00M | 34.1% |
| 2018 | $1.65B | $789.00M | 47.7% |
| 2017 | $366.00M | $769.00M | 210.1% |
| 2016 | $1.13B | $733.00M | 64.9% |
| 2015 | $1.09B | $685.00M | 62.7% |
| 2014 | $1.71B | $620.00M | 36.2% |
| 2013 | $1.83B | $554.00M | 30.3% |
| 2012 | $1.58B | $476.00M | 30.1% |
| 2011 | $1.52B | $427.00M | 28.2% |
| 2010 | $856.00M | $175.00M | 20.4% |
| 2009 | $4.12B | $140.00M | 3.4% |
| 2008 | $1.67B | $428.00M | 25.7% |
| 2007 | $599.00M | $436.00M | 72.8% |
| 2006 | $214.00M | $485.00M | 226.6% |
| 2005 | $355.00M | $490.00M | 138.0% |
| 2004 | $1.13B | $485.00M | 43.1% |
| 2003 | $656.00M | $480.00M | 73.2% |
| 2002 | $1.08B | $482.00M | 44.4% |
| 2001 | $665.00M | $482.00M | 72.5% |
| 2000 | $1.08B | $447.00M | 41.5% |
| 1999 | $589.00M | $418.00M | 71.0% |
| 1998 | $622.00M | $306.00M | 49.2% |
| 1997 | $131.00M | $302.00M | 230.5% |
| 1996 | $345.00M | $291.00M | 84.3% |
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.
