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 62.75% is in line with its 5-year average of 61.22%, around the middle of its 5-year range (52.37%–79.65%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.08% below its 12-month average of 64.09%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
62.75%
FCF PAYOUT RATIO AVG TTM
64.09%
FCF PAYOUT RATIO AVG 3Y
60.34%
FCF PAYOUT RATIO AVG 5Y
61.22%
FCF PAYOUT RATIO AVG 10Y
55.50%
FCF PAYOUT RATIO AVG 15Y
51.22%
FCF PAYOUT RATIO AVG 20Y
46.42%
CURRENT VS TTM AVG
-2.08%
CURRENT VS 3Y AVG
+3.99%
CURRENT VS 5Y AVG
+2.51%
CURRENT VS 10Y AVG
+13.07%
CURRENT VS 15Y AVG
+22.52%
CURRENT VS 20Y AVG
+35.17%
FCF Payout Ratio TTM
62.8%
Earnings Payout Ratio
58.4%
Dividend Yield
2.38%
FCF Yield
3.77%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.71B | $1.78B | 65.9% |
| 2024 | $2.84B | $1.70B | 59.6% |
| 2023 | $3.08B | $1.61B | 52.4% |
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 |
|---|---|
| 2026-06-30 | 62.75% |
| 2026-03-31 | 66.05% |
| 2025-12-31 | 65.94% |
| 2025-09-30 | 61.90% |
| 2025-06-30 | 63.80% |
| 2025-03-31 | 60.33% |
| 2024-12-31 | 59.60% |
| 2024-09-30 | 60.70% |
| 2024-06-30 | 58.47% |
| 2024-03-31 | 55.15% |
| 2023-12-31 | 52.37% |
| 2023-09-30 | 56.41% |
| 2023-06-30 | 61.00% |
| 2023-03-31 | 67.77% |
| 2022-12-31 | 79.65% |
| 2022-09-30 | 77.02% |
| 2022-06-30 | 78.66% |
| 2022-03-31 | 75.37% |
| 2021-12-31 | 64.71% |
| 2021-09-30 | 63.41% |
| 2021-06-30 | 60.32% |
| 2021-03-31 | 54.65% |
| 2020-12-31 | 53.64% |
| 2020-09-30 | 53.28% |
| 2020-06-30 | 48.86% |
| 2020-03-31 | 49.74% |
| 2019-12-31 | 49.49% |
| 2019-09-30 | 48.41% |
| 2019-06-30 | 47.69% |
| 2019-03-31 | 46.66% |
| 2018-12-31 | 45.93% |
| 2018-09-30 | 45.31% |
| 2018-06-30 | 44.47% |
| 2018-03-30 | 45.63% |
| 2017-12-31 | 44.70% |
| 2017-09-30 | 43.34% |
| 2017-06-30 | 45.42% |
| 2017-03-31 | 42.22% |
| 2016-12-31 | 40.46% |
| 2016-09-30 | 38.42% |
| 2016-06-30 | 35.80% |
| 2016-03-31 | 36.38% |
| 2015-12-31 | 36.82% |
| 2015-09-30 | 41.69% |
| 2015-06-30 | 57.36% |
| 2015-03-31 | 52.34% |
| 2014-12-31 | 56.65% |
| 2014-09-30 | 47.67% |
| 2014-06-30 | 34.40% |
| 2014-03-31 | 33.30% |
| 2013-12-31 | 24.44% |
| 2013-09-30 | 33.59% |
| 2013-06-30 | 36.84% |
| 2013-03-31 | 39.99% |
| 2012-12-31 | 51.18% |
| 2012-09-30 | 38.06% |
| 2012-06-30 | 34.88% |
| 2012-03-31 | 38.36% |
| 2011-12-31 | 42.43% |
| 2011-09-30 | 49.83% |
| 2011-06-30 | 62.53% |
| 2011-03-31 | 58.40% |
| 2010-12-31 | 49.91% |
| 2010-09-30 | 46.49% |
| 2010-06-30 | 43.05% |
| 2010-03-31 | 35.84% |
| 2009-12-31 | 32.62% |
| 2009-09-30 | 31.54% |
| 2009-06-30 | 29.80% |
| 2009-03-31 | 32.73% |
| 2008-12-31 | 32.06% |
| 2008-09-30 | 28.86% |
| 2008-06-30 | 26.68% |
| 2008-03-31 | 24.27% |
| 2007-12-31 | 23.58% |
| 2007-09-30 | 22.32% |
| 2007-06-30 | 23.03% |
| 2007-03-31 | 23.76% |
| 2006-12-31 | 22.60% |
| 2006-09-30 | 24.67% |
| 2006-06-30 | 23.88% |
| 2006-03-31 | 21.17% |
| 2005-12-31 | 21.57% |
| 2005-09-30 | 22.58% |
| 2005-06-30 | 23.85% |
| 2005-03-31 | 25.41% |
| 2004-12-31 | 24.38% |
| 2004-09-30 | 21.78% |
| 2004-06-30 | 22.39% |
| 2004-03-31 | 23.90% |
| 2003-12-31 | 25.70% |
| 2003-09-30 | 29.05% |
| 2003-06-30 | 29.14% |
| 2022 |
| $1.94B |
| $1.54B |
| 79.6% |
| 2021 | $2.26B | $1.46B | 64.7% |
| 2020 | $2.57B | $1.38B | 53.6% |
| 2019 | $2.67B | $1.32B | 49.5% |
| 2018 | $2.45B | $1.12B | 45.9% |
| 2017 | $2.10B | $941.00M | 44.7% |
| 2016 | $2.03B | $821.00M | 40.5% |
| 2015 | $2.02B | $742.00M | 36.8% |
| 2014 | $1.25B | $711.00M | 56.7% |
| 2013 | $2.16B | $528.00M | 24.4% |
| 2012 | $1.69B | $865.00M | 51.2% |
| 2011 | $1.60B | $680.28M | 42.4% |
| 2010 | $1.27B | $636.20M | 49.9% |
| 2009 | $1.90B | $619.68M | 32.6% |
| 2008 | $1.87B | $598.69M | 32.1% |
| 2007 | $2.13B | $502.43M | 23.6% |
| 2006 | $1.77B | $398.85M | 22.6% |
| 2005 | $1.55B | $335.09M | 21.6% |
| 2004 | $1.25B | $304.58M | 24.4% |
| 2003 | $1.11B | $285.40M | 25.7% |
| 2002 | $1.02B | $272.32M | 26.8% |
| 2001 | $1.09B | $249.14M | 22.8% |
| 2000 | $808.50M | $223.01M | 27.6% |
| 1999 | ($104.90M) | $183.60M | N/A (Loss) |
| 1998 | ($238.40M) | $127.40M | N/A (Loss) |
| 1997 | $481.60M | $107.10M | 22.2% |
| 1996 | $460.70M | $85.50M | 18.6% |
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.
