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 132.55% is 72% above its 5-year average of 77.08%, near the high end of its 5-year range (52.80%–132.55%).
As of the fiscal period ended Saturday, September 27, 2025. 33.62% above its 12-month average of 99.20%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
132.55%
FCF PAYOUT RATIO AVG TTM
99.20%
FCF PAYOUT RATIO AVG 3Y
75.34%
FCF PAYOUT RATIO AVG 5Y
71.55%
FCF PAYOUT RATIO AVG 10Y
70.73%
FCF PAYOUT RATIO AVG 15Y
68.84%
FCF PAYOUT RATIO AVG 20Y
62.36%
CURRENT VS TTM AVG
+33.62%
CURRENT VS 3Y AVG
+75.94%
CURRENT VS 5Y AVG
+85.27%
CURRENT VS 10Y AVG
+87.41%
CURRENT VS 15Y AVG
+92.55%
CURRENT VS 20Y AVG
+112.57%
FCF Payout Ratio TTM
132.6%
Earnings Payout Ratio
29.6%
Dividend Yield
1.39%
FCF Yield
2.05%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2024 | $1.13B | $776.00M | 68.6% |
| 2023 | $968.00M | $800.00M | 82.6% |
| 2022 | $1.16B | $797.00M | 68.5% |
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 |
|---|---|
| 2025-09-27 | 132.55% |
| 2025-06-28 | 121.23% |
| 2025-03-29 | 90.61% |
| 2024-12-31 | 68.55% |
| 2024-09-28 | 83.06% |
| 2024-06-29 | 70.43% |
| 2024-03-30 | 71.47% |
| 2023-12-31 | 82.64% |
| 2023-09-30 | 66.10% |
| 2023-07-01 | 86.77% |
| 2023-04-01 | 76.60% |
| 2022-12-31 | 68.53% |
| 2022-10-01 | 63.98% |
| 2022-07-02 | 60.77% |
| 2022-04-02 | 61.96% |
| 2021-12-31 | 68.64% |
| 2021-10-02 | 82.65% |
| 2021-07-03 | 70.38% |
| 2021-04-03 | 61.87% |
| 2020-12-31 | 52.80% |
| 2020-09-26 | 57.09% |
| 2020-06-27 | 69.74% |
| 2020-03-28 | 81.52% |
| 2019-12-31 | 130.34% |
| 2019-09-28 | 84.40% |
| 2019-06-29 | 76.27% |
| 2019-03-30 | 97.83% |
| 2018-12-31 | 79.54% |
| 2018-09-29 | 80.64% |
| 2018-06-30 | 79.81% |
| 2018-03-31 | 63.88% |
| 2017-12-31 | 64.28% |
| 2017-09-30 | 59.93% |
| 2017-07-01 | 65.70% |
| 2017-04-01 | 53.84% |
| 2016-12-31 | 63.87% |
| 2016-10-01 | 59.02% |
| 2016-07-02 | 57.99% |
| 2016-04-02 | 71.12% |
| 2015-12-31 | 61.51% |
| 2015-10-03 | 71.93% |
| 2015-07-04 | 62.93% |
| 2015-04-04 | 65.40% |
| 2014-12-31 | 56.15% |
| 2014-09-27 | 69.67% |
| 2014-06-28 | 58.71% |
| 2014-03-29 | 59.64% |
| 2013-12-31 | 55.81% |
| 2013-09-28 | 56.59% |
| 2013-06-29 | 54.50% |
| 2013-03-30 | 53.13% |
| 2012-12-31 | 50.78% |
| 2012-09-29 | 49.80% |
| 2012-06-30 | 54.67% |
| 2012-03-31 | 56.86% |
| 2011-12-31 | 60.34% |
| 2011-10-01 | 102.91% |
| 2011-07-02 | 120.98% |
| 2011-04-02 | 107.08% |
| 2010-12-31 | 109.36% |
| 2010-10-02 | 51.84% |
| 2010-07-03 | 48.60% |
| 2010-04-03 | 43.46% |
| 2009-12-31 | 43.13% |
| 2009-10-03 | 59.82% |
| 2009-07-04 | 62.45% |
| 2009-04-04 | 63.49% |
| 2008-12-31 | 61.41% |
| 2008-09-27 | 50.47% |
| 2008-06-28 | 49.28% |
| 2008-03-29 | 51.79% |
| 2007-12-31 | 46.07% |
| 2007-09-29 | 43.98% |
| 2007-06-30 | 39.06% |
| 2007-03-31 | 39.91% |
| 2006-12-31 | 46.99% |
| 2006-09-30 | 63.38% |
| 2006-07-01 | 70.24% |
| 2006-04-01 | 62.79% |
| 2005-12-31 | 56.59% |
| 2005-10-01 | 42.50% |
| 2005-07-02 | 40.27% |
| 2005-04-02 | 45.97% |
| 2004-12-31 | 43.94% |
| 2004-09-25 | 45.21% |
| 2004-06-26 | 45.09% |
| 2004-03-27 | 42.33% |
| 2003-12-31 | 44.64% |
| 2003-09-27 | 61.07% |
| 2003-06-28 | 62.41% |
| 2003-03-29 | 63.46% |
| 2002-12-31 | 55.28% |
| 2002-09-28 | 37.78% |
| 2021 |
| $1.15B |
| $788.00M |
| 68.6% |
| 2020 | $1.48B | $782.00M | 52.8% |
| 2019 | $590.00M | $769.00M | 130.3% |
| 2018 | $958.00M | $762.00M | 79.5% |
| 2017 | $1.15B | $736.00M | 64.3% |
| 2016 | $1.12B | $716.00M | 63.9% |
| 2015 | $1.14B | $700.00M | 61.5% |
| 2014 | $1.21B | $680.00M | 56.2% |
| 2013 | $1.17B | $653.00M | 55.8% |
| 2012 | $1.23B | $622.00M | 50.8% |
| 2011 | $1.00B | $604.00M | 60.3% |
| 2010 | $534.00M | $584.00M | 109.4% |
| 2009 | $1.27B | $546.00M | 43.1% |
| 2008 | $806.00M | $495.00M | 61.4% |
| 2007 | $1.03B | $475.00M | 46.1% |
| 2006 | $957.40M | $449.90M | 47.0% |
| 2005 | $769.10M | $435.20M | 56.6% |
| 2004 | $950.40M | $417.60M | 43.9% |
| 2003 | $923.80M | $412.40M | 44.6% |
| 2002 | $746.40M | $412.60M | 55.3% |
| 2001 | $855.50M | $409.80M | 47.9% |
| 2000 | $650.00M | $403.90M | 62.1% |
| 1999 | $230.80M | $388.70M | 168.4% |
| 1998 | $318.00M | $375.00M | 117.9% |
| 1997 | $542.00M | $360.10M | 66.4% |
| 1996 | ($101.00M) | $343.70M | N/A (Loss) |
| 1995 | $725.30M | $328.50M | 45.3% |
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.
