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 69.79% is in line with its 5-year average of 66.04%, around the middle of its 5-year range (30.26%–135.86%).
As of the fiscal period ended Tuesday, March 31, 2026. 11.23% above its 12-month average of 62.74%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
69.79%
FCF PAYOUT RATIO AVG TTM
62.74%
FCF PAYOUT RATIO AVG 3Y
64.39%
FCF PAYOUT RATIO AVG 5Y
59.04%
FCF PAYOUT RATIO AVG 10Y
69.93%
FCF PAYOUT RATIO AVG 15Y
69.89%
FCF PAYOUT RATIO AVG 20Y
60.46%
CURRENT VS TTM AVG
+11.23%
CURRENT VS 3Y AVG
+8.38%
CURRENT VS 5Y AVG
+18.21%
CURRENT VS 10Y AVG
-0.19%
CURRENT VS 15Y AVG
-0.14%
CURRENT VS 20Y AVG
+15.44%
FCF Payout Ratio TTM
69.8%
Earnings Payout Ratio
60.6%
Dividend Yield
1.12%
FCF Yield
1.59%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $965.00M | $976.00M | 101.1% |
| 2024 | $1.60B | $1.00B | 62.3% |
| 2023 | $1.77B | $980.00M | 55.2% |
| 2022 | $1.50B | $916.00M | 60.9% |
| 2021 | $1.94B | $762.00M | 39.4% |
| 2020 | $1.78B | $790.00M | 44.5% |
| 2019 | $616.00M | $920.00M | 149.4% |
| 2018 | $1.87B | $954.00M | 51.0% |
| 2017 | ($660.00M) | $702.00M | N/A (Loss) |
| 2016 | $659.00M | $915.00M | 138.8% |
| 2015 | $465.00M | $657.00M | 141.3% |
| 2014 | $1.20B | $568.00M | 47.5% |
| 2013 | $1.31B | $513.00M | 39.2% |
| 2012 | ($272.00M) | $477.00M | N/A (Loss) |
| 2011 | ($249.00M) | $413.00M | N/A (Loss) |
| 2010 | $661.00M | $416.00M | 62.9% |
| 2009 | $270.00M | $388.00M | 143.7% |
| 2008 | $1.12B | $297.00M | 26.5% |
| 2007 | $1.08B | $195.00M | 18.0% |
| 2006 | $706.00M | $218.00M | 30.9% |
| 2005 | $213.00M | $192.00M | 90.1% |
| 2004 | $519.70M | $170.70M | 32.8% |
| 2003 | $150.80M | $136.30M | 90.4% |
| 2002 | $562.90M | $125.30M | 22.3% |
| 2001 | $351.50M | $117.60M | 33.5% |
| 2000 | $199.20M | $106.20M | 53.3% |
| 1999 | $497.90M | $95.80M | 19.2% |
| 1998 | $104.80M | $88.80M | 84.7% |
| 1997 | $238.00M | $83.40M | 35.0% |
| 1996 | $145.30M | $80.00M | 55.1% |
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.
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 | 69.79% |
| 2025-12-31 | 75.19% |
| 2025-09-30 | 101.14% |
| 2025-06-30 | 33.87% |
| 2025-03-31 | 33.72% |
| 2024-12-31 | 47.56% |
| 2024-09-30 | 61.39% |
| 2024-06-30 | 67.38% |
| 2024-03-31 | 79.60% |
| 2023-12-31 | 55.55% |
| 2023-09-30 | 58.26% |
| 2023-06-30 | 65.52% |
| 2023-03-31 | 88.15% |
| 2022-12-31 | 135.86% |
| 2022-09-30 | 65.71% |
| 2022-06-30 | 129.25% |
| 2022-03-31 | 76.24% |
| 2021-12-31 | 42.39% |
| 2021-09-30 | 39.38% |
| 2021-06-30 | 30.26% |
| 2021-03-31 | 30.62% |
| 2020-12-31 | 39.30% |
| 2020-09-30 | 44.48% |
| 2020-06-30 | 74.31% |
| 2020-03-31 | 224.20% |
| 2019-12-31 | 121.79% |
| 2019-09-30 | 184.37% |
| 2019-06-30 | 72.45% |
| 2019-03-31 | 51.70% |
| 2018-12-31 | 48.22% |
| 2018-09-30 | 53.39% |
| 2018-06-30 | 53.53% |
| 2018-03-31 | 85.69% |
| 2017-12-31 | 134.20% |
| 2016-09-30 | 141.64% |
| 2016-06-24 | 241.22% |
| 2016-03-25 | 77.42% |
| 2015-12-25 | 114.70% |
| 2015-09-30 | 141.29% |
| 2015-06-26 | 66.49% |
| 2015-03-27 | 61.33% |
| 2014-12-26 | 41.71% |
| 2014-09-30 | 47.49% |
| 2014-06-27 | 56.56% |
| 2014-03-28 | 41.07% |
| 2013-12-27 | 51.59% |
| 2013-09-30 | 39.19% |
| 2013-06-28 | 49.80% |
| 2013-03-29 | 118.85% |
| 2012-12-28 | 214.14% |
| 2010-09-30 | 48.30% |
| 2010-06-25 | 23.94% |
| 2010-03-26 | 20.70% |
| 2009-12-25 | 21.11% |
| 2009-09-30 | 114.44% |
| 2009-06-26 | 75.86% |
| 2009-03-27 | 71.96% |
| 2008-12-26 | 58.52% |
| 2008-09-30 | 26.90% |
| 2008-06-27 | 63.75% |
| 2008-03-28 | 77.76% |
| 2007-12-28 | 73.83% |
| 2007-09-30 | 72.90% |
| 2007-06-29 | 72.05% |
| 2007-03-30 | 31.91% |
| 2006-12-29 | 31.92% |
| 2006-09-30 | 30.88% |
| 2006-06-30 | 38.47% |
| 2006-03-31 | 70.53% |
| 2005-12-30 | 120.20% |
| 2005-09-30 | 79.98% |
| 2005-07-01 | 36.26% |
| 2005-04-01 | 31.18% |
| 2004-12-31 | 18.96% |
| 2004-09-30 | 18.50% |
| 2004-06-30 | 18.34% |
| 2004-03-31 | 38.33% |
| 2003-12-31 | 45.99% |
| 2003-09-30 | 95.78% |
| 2003-06-30 | 81.69% |
| 2003-03-31 | 32.76% |
