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 22% above its 5-year average of 45.74%, near the high end of its 5-year range (32.97%–55.81%).
As of the fiscal period ended Tuesday, March 31, 2026. 1.68% above its 12-month average of 54.89%.
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
54.89%
FCF PAYOUT RATIO AVG 3Y
51.00%
FCF PAYOUT RATIO AVG 5Y
45.74%
FCF PAYOUT RATIO AVG 10Y
51.88%
FCF PAYOUT RATIO AVG 15Y
62.51%
FCF PAYOUT RATIO AVG 20Y
64.62%
CURRENT VS TTM AVG
+1.68%
CURRENT VS 3Y AVG
+9.43%
CURRENT VS 5Y AVG
+22.00%
CURRENT VS 10Y AVG
+7.58%
CURRENT VS 15Y AVG
-10.72%
CURRENT VS 20Y AVG
-13.64%
FCF Payout Ratio TTM
55.8%
Earnings Payout Ratio
42.3%
Dividend Yield
1.21%
FCF Yield
2.13%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.09B | $2.81B | 55.2% |
| 2024 | $4.93B | $2.65B | 53.9% |
| 2023 | $5.52B | $2.48B | 45.0% |
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 |
|---|---|
| 2026-03-31 | 55.81% |
| 2025-12-31 | 55.24% |
| 2025-09-30 | 54.61% |
| 2025-06-30 | 53.92% |
| 2025-03-31 | 54.86% |
| 2024-12-31 | 53.90% |
| 2024-09-30 | 52.84% |
| 2024-06-30 | 52.99% |
| 2024-03-31 | 47.30% |
| 2023-12-31 | 44.98% |
| 2023-09-30 | 48.07% |
| 2023-06-30 | 44.66% |
| 2023-03-31 | 43.83% |
| 2022-12-31 | 41.19% |
| 2022-09-30 | 33.19% |
| 2022-06-30 | 32.97% |
| 2022-03-31 | 33.54% |
| 2021-12-31 | 32.97% |
| 2021-09-30 | 38.09% |
| 2021-06-30 | 42.83% |
| 2021-03-31 | 42.84% |
| 2020-12-31 | 50.34% |
| 2020-09-30 | 52.66% |
| 2020-06-30 | 54.42% |
| 2020-03-31 | 69.70% |
| 2019-12-31 | 75.46% |
| 2019-09-30 | 100.27% |
| 2019-06-30 | 113.15% |
| 2019-03-31 | 80.62% |
| 2018-12-31 | 64.10% |
| 2018-09-30 | 52.40% |
| 2018-06-30 | 52.17% |
| 2018-03-31 | 53.39% |
| 2017-12-31 | 52.08% |
| 2017-09-30 | 57.35% |
| 2017-06-30 | 59.01% |
| 2017-03-31 | 59.10% |
| 2016-12-31 | 65.44% |
| 2016-09-30 | 60.65% |
| 2016-06-30 | 66.59% |
| 2016-03-31 | 65.87% |
| 2015-12-31 | 71.78% |
| 2015-09-30 | 78.29% |
| 2015-06-30 | 76.03% |
| 2015-03-31 | 67.57% |
| 2014-12-31 | 64.38% |
| 2014-09-30 | 55.87% |
| 2014-06-30 | 50.90% |
| 2014-03-31 | 69.73% |
| 2013-12-31 | 78.93% |
| 2013-09-30 | 93.53% |
| 2013-06-30 | 123.33% |
| 2013-03-31 | 101.52% |
| 2012-12-31 | 114.51% |
| 2012-09-30 | 128.71% |
| 2012-06-30 | 109.42% |
| 2012-03-31 | 111.23% |
| 2011-12-31 | 91.49% |
| 2011-09-30 | 212.23% |
| 2011-06-30 | 209.78% |
| 2011-03-31 | 162.82% |
| 2010-12-31 | 106.58% |
| 2010-09-30 | 52.03% |
| 2010-06-30 | 53.44% |
| 2010-03-31 | 52.98% |
| 2009-12-31 | 60.17% |
| 2009-09-30 | 77.90% |
| 2009-06-30 | 75.63% |
| 2009-03-31 | 105.80% |
| 2008-12-31 | 109.60% |
| 2008-09-30 | 98.46% |
| 2008-06-30 | 92.19% |
| 2008-03-31 | 66.56% |
| 2007-12-31 | 65.46% |
| 2007-09-30 | 55.76% |
| 2007-06-30 | 50.00% |
| 2007-03-31 | 49.85% |
| 2006-12-31 | 49.54% |
| 2006-09-30 | 61.93% |
| 2006-06-30 | 71.10% |
| 2006-03-31 | 55.53% |
| 2005-12-31 | 38.96% |
| 2005-09-30 | 32.51% |
| 2005-06-30 | 29.64% |
| 2005-03-31 | 31.78% |
| 2004-12-31 | 33.91% |
| 2004-09-30 | 32.87% |
| 2004-06-30 | 35.77% |
| 2004-03-31 | 100.00% |
| 2003-12-31 | 96.75% |
| 2003-09-30 | 92.47% |
| 2003-06-30 | 88.51% |
| 2003-03-31 | 24.85% |
| 2022 |
| $5.69B |
| $2.34B |
| 41.2% |
| 2021 | $6.64B | $2.19B | 33.0% |
| 2020 | $4.03B | $2.03B | 50.3% |
| 2019 | $2.51B | $1.89B | 75.5% |
| 2018 | $1.82B | $1.17B | 64.1% |
| 2017 | $1.73B | $901.00M | 52.1% |
| 2016 | $1.31B | $856.00M | 65.4% |
| 2015 | $1.14B | $819.00M | 71.8% |
| 2014 | $1.18B | $759.00M | 64.4% |
| 2013 | $897.00M | $708.00M | 78.9% |
| 2012 | $572.00M | $655.00M | 114.5% |
| 2011 | $658.00M | $602.00M | 91.5% |
| 2010 | $517.00M | $551.00M | 106.6% |
| 2009 | $816.00M | $491.00M | 60.2% |
| 2008 | $427.00M | $468.00M | 109.6% |
| 2007 | $582.00M | $381.00M | 65.5% |
| 2006 | $652.00M | $323.00M | 49.5% |
| 2005 | $598.00M | $233.00M | 39.0% |
| 2004 | $575.00M | $195.00M | 33.9% |
| 2003 | $154.00M | $149.00M | 96.8% |
| 2002 | $503.00M | $123.00M | 24.5% |
| 2001 | $425.00M | $110.00M | 25.9% |
| 2000 | $195.00M | $98.00M | 50.3% |
| 1999 | $300.00M | $89.00M | 29.7% |
| 1998 | $155.00M | $79.00M | 51.0% |
| 1997 | ($150.00M) | $69.00M | N/A (Loss) |
| 1996 | ($287.00M) | $58.00M | N/A (Loss) |
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.
