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 64.90% is 13% below its 5-year average of 74.18%, near the low end of its 5-year range (55.77%–117.97%).
As of the fiscal period ended Tuesday, March 31, 2026. 7.17% below its 12-month average of 69.91%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
64.90%
FCF PAYOUT RATIO AVG TTM
69.91%
FCF PAYOUT RATIO AVG 3Y
64.54%
FCF PAYOUT RATIO AVG 5Y
71.99%
FCF PAYOUT RATIO AVG 10Y
69.38%
FCF PAYOUT RATIO AVG 15Y
69.28%
FCF PAYOUT RATIO AVG 20Y
62.65%
CURRENT VS TTM AVG
-7.17%
CURRENT VS 3Y AVG
+0.55%
CURRENT VS 5Y AVG
-9.85%
CURRENT VS 10Y AVG
-6.47%
CURRENT VS 15Y AVG
-6.33%
CURRENT VS 20Y AVG
+3.58%
FCF Payout Ratio TTM
64.9%
Earnings Payout Ratio
83.5%
Dividend Yield
4.63%
FCF Yield
7.05%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.64B | $1.66B | 101.3% |
| 2024 | $2.51B | $1.63B | 64.8% |
| 2023 | $2.78B | $1.59B | 57.2% |
| 2022 | $1.86B | $1.56B | 83.9% |
| 2021 | $1.72B | $1.52B | 88.0% |
| 2020 | $2.51B | $1.45B | 57.8% |
| 2019 | $1.53B | $1.41B | 92.2% |
| 2018 | $2.09B | $1.39B | 66.2% |
| 2017 | $2.14B | $1.36B | 63.4% |
| 2016 | $2.46B | $1.31B | 53.3% |
| 2015 | $1.25B | $1.27B | 101.8% |
| 2014 | $1.81B | $1.26B | 69.5% |
| 2013 | $2.09B | $1.22B | 58.6% |
| 2012 | $2.19B | $1.15B | 52.4% |
| 2011 | $1.32B | $1.10B | 83.3% |
| 2010 | $1.78B | $1.07B | 59.9% |
| 2009 | $2.63B | $986.00M | 37.4% |
| 2008 | $1.61B | $950.00M | 59.0% |
| 2007 | $1.44B | $932.90M | 64.8% |
| 2006 | $1.61B | $884.00M | 55.0% |
| 2005 | $1.60B | $838.40M | 52.3% |
| 2004 | $2.43B | $767.90M | 31.5% |
| 2003 | $1.74B | $671.90M | 38.7% |
| 2002 | $1.55B | $612.70M | 39.4% |
| 2001 | $1.15B | $590.10M | 51.1% |
| 2000 | $962.90M | $580.10M | 60.2% |
| 1999 | $1.08B | $551.30M | 51.2% |
| 1998 | $979.30M | $545.50M | 55.7% |
| 1997 | $462.30M | $530.60M | 114.8% |
| 1996 | $790.50M | $461.50M | 58.4% |
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 | 64.90% |
| 2025-12-31 | 69.75% |
| 2025-09-30 | 68.38% |
| 2025-06-30 | 78.16% |
| 2025-03-31 | 68.35% |
| 2024-12-31 | 64.78% |
| 2024-09-30 | 55.77% |
| 2024-06-30 | 55.95% |
| 2024-03-31 | 61.16% |
| 2023-12-31 | 57.20% |
| 2023-09-30 | 61.43% |
| 2023-06-30 | 65.71% |
| 2023-03-31 | 67.52% |
| 2022-12-31 | 83.90% |
| 2022-09-30 | 83.69% |
| 2022-06-30 | 85.25% |
| 2022-03-31 | 93.34% |
| 2021-12-31 | 87.99% |
| 2021-09-30 | 99.93% |
| 2021-06-30 | 117.97% |
| 2021-03-31 | 66.56% |
| 2020-12-31 | 57.76% |
| 2020-09-30 | 56.96% |
| 2020-06-30 | 50.76% |
| 2020-03-31 | 75.61% |
| 2019-12-31 | 92.21% |
| 2019-09-30 | 88.50% |
| 2019-06-30 | 95.03% |
| 2019-03-31 | 79.84% |
| 2018-12-31 | 66.22% |
| 2018-09-30 | 64.90% |
| 2018-06-30 | 61.13% |
| 2018-03-31 | 60.24% |
| 2017-12-31 | 63.39% |
| 2017-09-30 | 62.56% |
| 2017-06-30 | 57.54% |
| 2017-03-31 | 56.28% |
| 2016-12-31 | 53.27% |
| 2016-09-30 | 59.52% |
| 2016-06-30 | 64.52% |
| 2016-03-31 | 69.30% |
| 2015-12-31 | 101.76% |
| 2015-09-30 | 112.63% |
| 2015-06-30 | 102.36% |
| 2015-03-31 | 92.22% |
| 2014-12-31 | 69.55% |
| 2014-09-30 | 56.55% |
| 2014-06-30 | 55.76% |
| 2014-03-31 | 64.30% |
| 2013-12-31 | 58.60% |
| 2013-09-30 | 55.10% |
| 2013-06-30 | 58.00% |
| 2013-03-31 | 52.82% |
| 2012-12-31 | 52.44% |
| 2012-09-30 | 70.39% |
| 2012-06-30 | 71.01% |
| 2012-03-31 | 67.91% |
| 2011-12-31 | 83.26% |
| 2011-09-30 | 63.98% |
| 2011-06-30 | 64.96% |
| 2011-03-31 | 71.57% |
| 2010-12-31 | 59.89% |
| 2010-09-30 | 54.97% |
| 2010-06-30 | 50.44% |
| 2010-03-31 | 40.95% |
| 2009-12-31 | 37.45% |
| 2009-09-30 | 41.75% |
| 2009-06-30 | 45.36% |
| 2009-03-31 | 51.73% |
| 2008-12-31 | 59.01% |
| 2008-09-30 | 56.36% |
| 2008-06-30 | 59.49% |
| 2008-03-31 | 65.67% |
| 2007-12-31 | 64.80% |
| 2007-09-30 | 64.43% |
| 2007-06-30 | 60.24% |
| 2007-03-31 | 59.56% |
| 2006-12-31 | 55.00% |
| 2006-09-30 | 56.43% |
| 2006-06-30 | 57.42% |
| 2006-03-31 | 59.12% |
| 2005-12-31 | 52.33% |
| 2005-09-30 | 44.44% |
| 2005-06-30 | 37.96% |
| 2005-03-31 | 32.61% |
| 2004-12-31 | 31.54% |
| 2004-09-30 | 34.78% |
| 2004-06-30 | 34.80% |
| 2004-03-31 | 36.15% |
| 2003-12-31 | 38.72% |
| 2003-09-30 | 39.74% |
| 2003-06-30 | 44.75% |
| 2003-03-31 | 40.37% |
