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 48.04% is 28% below its 5-year average of 66.64%, near the low end of its 5-year range (43.93%–130.65%).
As of the fiscal period ended Saturday, March 28, 2026. 11.24% below its 12-month average of 54.12%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.04%
FCF PAYOUT RATIO AVG TTM
54.12%
FCF PAYOUT RATIO AVG 3Y
61.06%
FCF PAYOUT RATIO AVG 5Y
59.77%
FCF PAYOUT RATIO AVG 10Y
80.36%
FCF PAYOUT RATIO AVG 15Y
68.79%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-11.24%
CURRENT VS 3Y AVG
-21.33%
CURRENT VS 5Y AVG
-19.63%
CURRENT VS 10Y AVG
-40.23%
CURRENT VS 15Y AVG
-30.17%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
48.0%
Earnings Payout Ratio
N/A
Dividend Yield
5.79%
FCF Yield
12.02%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.66B | $1.90B | 51.8% |
| 2024 | $3.16B | $1.93B | 61.1% |
| 2023 | $2.96B | $1.97B | 66.3% |
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 |
|---|---|
| 2026-03-28 | 48.04% |
| 2025-12-27 | 51.84% |
| 2025-09-27 | 52.41% |
| 2025-06-28 | 54.75% |
| 2025-03-29 | 63.54% |
| 2024-12-28 | 63.94% |
| 2024-09-28 | 64.75% |
| 2024-06-29 | 66.92% |
| 2024-03-30 | 60.87% |
| 2023-12-31 | 66.32% |
| 2023-09-30 | 78.28% |
| 2023-07-01 | 86.20% |
| 2023-04-01 | 130.65% |
| 2022-12-31 | 126.21% |
| 2022-09-24 | 55.20% |
| 2022-06-25 | 60.98% |
| 2022-03-26 | 47.25% |
| 2021-12-31 | 43.93% |
| 2021-09-25 | 61.31% |
| 2021-06-26 | 49.33% |
| 2021-03-27 | 40.52% |
| 2020-12-31 | 45.19% |
| 2020-09-26 | 45.45% |
| 2020-06-27 | 50.56% |
| 2020-03-28 | 69.50% |
| 2019-12-31 | 70.15% |
| 2019-09-28 | 78.05% |
| 2019-06-29 | 88.21% |
| 2019-03-30 | 171.98% |
| 2018-12-31 | 182.09% |
| 2018-09-29 | 567.21% |
| 2017-09-30 | 354.75% |
| 2017-07-01 | 141.58% |
| 2017-04-01 | 109.36% |
| 2016-12-31 | 94.31% |
| 2016-10-02 | 95.94% |
| 2016-07-03 | 117.57% |
| 2016-04-03 | 159.96% |
| 2015-12-31 | 121.06% |
| 2015-09-27 | 114.57% |
| 2015-06-28 | 70.32% |
| 2015-03-31 | 84.85% |
| 2014-12-31 | 85.25% |
| 2014-09-30 | 96.83% |
| 2014-06-30 | 80.53% |
| 2014-03-31 | 80.85% |
| 2013-12-31 | 81.22% |
| 2013-09-30 | 57.49% |
| 2013-06-30 | 28.64% |
| 2013-03-31 | 10.12% |
| 2012-12-31 | 5.94% |
| 2012-09-30 | 13.59% |
| 2012-06-30 | 14.49% |
| 2012-03-31 | 16.83% |
| 2011-12-31 | 6.82% |
| 2022 |
| $1.55B |
| $1.96B |
| 126.2% |
| 2021 | $4.46B | $1.96B | 43.9% |
| 2020 | $4.33B | $1.96B | 45.2% |
| 2019 | $2.78B | $1.95B | 70.2% |
| 2018 | $1.75B | $3.18B | 182.1% |
| 2017 | ($690.00M) | $2.89B | N/A (Loss) |
| 2016 | $3.99B | $3.76B | 94.3% |
| 2015 | $1.82B | $2.20B | 121.1% |
| 2014 | $1.49B | $1.27B | 85.3% |
| 2013 | $1.49B | $1.21B | 81.2% |
| 2012 | $2.60B | $0 | 0.0% |
| 2011 | $2.26B | $619.00M | 27.4% |
| 2010 | $380.00M | $0 | 0.0% |
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.
