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 55.81% is 12% below its 5-year average of 63.32%, near the low end of its 5-year range (47.72%–82.20%).
As of the fiscal period ended Sunday, June 28, 2026. 14.60% below its 12-month average of 65.35%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
55.81%
FCF PAYOUT RATIO AVG TTM
65.35%
FCF PAYOUT RATIO AVG 3Y
64.67%
FCF PAYOUT RATIO AVG 5Y
63.32%
FCF PAYOUT RATIO AVG 10Y
58.04%
FCF PAYOUT RATIO AVG 15Y
55.01%
FCF PAYOUT RATIO AVG 20Y
51.08%
CURRENT VS TTM AVG
-14.60%
CURRENT VS 3Y AVG
-13.69%
CURRENT VS 5Y AVG
-11.85%
CURRENT VS 10Y AVG
-3.83%
CURRENT VS 15Y AVG
+1.45%
CURRENT VS 20Y AVG
+9.26%
FCF Payout Ratio TTM
55.8%
Earnings Payout Ratio
47.5%
Dividend Yield
1.99%
FCF Yield
3.52%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $19.70B | $12.38B | 62.9% |
| 2024 | $19.84B | $11.82B | 59.6% |
| 2023 | $17.18B | $11.68B | 68.0% |
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 |
|---|---|
| 2026-06-28 | 55.81% |
| 2026-03-29 | 70.36% |
| 2025-12-28 | 62.81% |
| 2025-09-28 | 64.13% |
| 2025-06-29 | 73.65% |
| 2025-03-30 | 64.25% |
| 2024-12-29 | 65.47% |
| 2024-09-29 | 60.04% |
| 2024-06-30 | 57.09% |
| 2024-03-31 | 62.54% |
| 2023-12-31 | 64.50% |
| 2023-10-01 | 75.36% |
| 2023-07-02 | 82.20% |
| 2023-04-02 | 73.04% |
| 2022-12-31 | 67.98% |
| 2022-10-02 | 64.94% |
| 2022-07-03 | 56.84% |
| 2022-04-03 | 56.56% |
| 2021-12-31 | 55.84% |
| 2021-10-03 | 48.52% |
| 2021-07-04 | 47.72% |
| 2021-04-04 | 51.00% |
| 2020-12-31 | 51.91% |
| 2020-09-27 | 56.39% |
| 2020-06-28 | 58.26% |
| 2020-03-29 | 50.73% |
| 2019-12-31 | 49.79% |
| 2019-09-29 | 49.87% |
| 2019-06-30 | 53.02% |
| 2019-03-31 | 52.18% |
| 2018-12-31 | 51.23% |
| 2018-09-30 | 50.56% |
| 2018-07-01 | 49.63% |
| 2018-04-01 | 49.12% |
| 2017-12-31 | 50.31% |
| 2017-10-01 | 47.95% |
| 2017-07-02 | 49.88% |
| 2017-04-02 | 52.02% |
| 2016-12-31 | 55.47% |
| 2016-10-02 | 62.23% |
| 2016-07-03 | 58.39% |
| 2016-04-03 | 56.78% |
| 2015-12-31 | 51.68% |
| 2015-09-27 | 53.82% |
| 2015-06-28 | 58.72% |
| 2015-03-29 | 56.89% |
| 2014-12-31 | 52.64% |
| 2014-09-28 | 52.57% |
| 2014-06-29 | 47.81% |
| 2014-03-30 | 48.29% |
| 2013-12-31 | 52.72% |
| 2013-09-29 | 53.36% |
| 2013-06-30 | 57.74% |
| 2013-03-31 | 56.96% |
| 2012-12-31 | 53.07% |
| 2012-09-30 | 51.58% |
| 2012-07-01 | 50.20% |
| 2012-04-01 | 52.81% |
| 2011-12-31 | 53.98% |
| 2011-10-02 | 50.91% |
| 2011-07-03 | 47.90% |
| 2011-04-03 | 47.14% |
| 2010-12-31 | 41.45% |
| 2010-10-03 | 36.43% |
| 2010-07-04 | 35.42% |
| 2010-04-04 | 35.77% |
| 2009-12-31 | 37.50% |
| 2009-09-27 | 41.41% |
| 2009-06-28 | 42.53% |
| 2009-03-29 | 44.31% |
| 2008-12-31 | 42.20% |
| 2008-09-28 | 41.76% |
| 2008-06-29 | 43.25% |
| 2008-03-30 | 42.03% |
| 2007-12-31 | 39.12% |
| 2007-09-30 | 36.87% |
| 2007-07-01 | 36.14% |
| 2007-04-01 | 36.93% |
| 2006-12-31 | 37.07% |
| 2006-10-01 | 40.54% |
| 2006-07-02 | 39.63% |
| 2006-04-02 | 39.22% |
| 2005-12-31 | 41.03% |
| 2005-10-02 | 42.37% |
| 2005-07-03 | 40.46% |
| 2005-04-03 | 38.25% |
| 2004-12-31 | 36.30% |
| 2004-09-26 | 30.29% |
| 2004-06-27 | 31.02% |
| 2004-03-28 | 31.43% |
| 2003-12-31 | 32.95% |
| 2003-09-28 | 38.30% |
| 2003-06-29 | 41.18% |
| 2023 |
| $18.25B |
| $11.77B |
| 64.5% |
| 2022 | $19.76B | $11.03B | 55.8% |
| 2021 | $20.19B | $10.48B | 51.9% |
| 2019 | $19.92B | $9.92B | 49.8% |
| 2018 | $18.53B | $9.49B | 51.2% |
| 2017 | $17.78B | $8.94B | 50.3% |
| 2016 | $15.54B | $8.62B | 55.5% |
| 2015 | $15.82B | $8.17B | 51.7% |
| 2014 | $14.76B | $7.77B | 52.6% |
| 2013 | $13.82B | $7.29B | 52.7% |
| 2012 | $12.46B | $6.61B | 53.1% |
| 2011 | $11.40B | $6.16B | 54.0% |
| 2010 | $14.00B | $5.80B | 41.5% |
| 2009 | $14.21B | $5.33B | 37.5% |
| 2008 | $11.91B | $5.02B | 42.2% |
| 2007 | $11.94B | $4.67B | 39.1% |
| 2006 | $11.51B | $4.27B | 37.1% |
| 2005 | $9.24B | $3.79B | 41.0% |
| 2004 | $8.96B | $3.25B | 36.3% |
| 2003 | $8.33B | $2.75B | 33.0% |
| 2002 | $6.08B | $2.38B | 39.2% |
| 2001 | $7.13B | $2.05B | 28.7% |
| 2000 | $4.92B | $1.72B | 35.1% |
| 1999 | $3.68B | $1.48B | 40.2% |
| 1998 | ($55.00M) | $1.30B | N/A (Loss) |
| 1997 | $2.95B | $1.14B | 38.5% |
| 1996 | $2.52B | $974.00M | 38.7% |
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.
