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 41.13% is 68% below its 5-year average of 127.49%, near the low end of its 5-year range (41.13%–916.29%).
As of the fiscal period ended Tuesday, March 31, 2026. 22.32% below its 12-month average of 52.95%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
41.13%
FCF PAYOUT RATIO AVG TTM
52.95%
FCF PAYOUT RATIO AVG 3Y
215.07%
FCF PAYOUT RATIO AVG 5Y
62.52%
FCF PAYOUT RATIO AVG 10Y
68.73%
FCF PAYOUT RATIO AVG 15Y
63.78%
FCF PAYOUT RATIO AVG 20Y
57.07%
CURRENT VS TTM AVG
-22.32%
CURRENT VS 3Y AVG
-80.87%
CURRENT VS 5Y AVG
-34.21%
CURRENT VS 10Y AVG
-40.15%
CURRENT VS 15Y AVG
-35.51%
CURRENT VS 20Y AVG
-27.93%
FCF Payout Ratio TTM
41.1%
Earnings Payout Ratio
28.1%
Dividend Yield
0.54%
FCF Yield
1.27%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $8.97B | $5.38B | 60.0% |
| 2024 | $414.30M | $4.68B | n/m |
| 2023 | ($3.15B) | $4.07B | N/A (Loss) |
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 | 41.13% |
| 2025-12-31 | 60.01% |
| 2025-09-30 | 57.72% |
| 2024-12-31 | 916.29% |
| 2023-06-30 | 118.38% |
| 2023-03-31 | 96.88% |
| 2022-12-31 | 76.86% |
| 2022-09-30 | 64.15% |
| 2022-06-30 | 66.93% |
| 2022-03-31 | 54.90% |
| 2021-12-31 | 57.30% |
| 2021-09-30 | 64.57% |
| 2021-06-30 | 59.64% |
| 2021-03-31 | 50.15% |
| 2020-12-31 | 59.93% |
| 2020-09-30 | 50.82% |
| 2020-06-30 | 51.40% |
| 2020-03-31 | 66.11% |
| 2019-12-31 | 69.19% |
| 2019-09-30 | 89.68% |
| 2019-06-30 | 71.61% |
| 2019-03-31 | 106.53% |
| 2018-12-31 | 92.24% |
| 2018-09-30 | 78.04% |
| 2018-06-30 | 88.98% |
| 2018-03-31 | 51.75% |
| 2017-12-31 | 51.17% |
| 2017-09-30 | 46.63% |
| 2017-06-30 | 46.43% |
| 2017-03-31 | 49.14% |
| 2016-12-31 | 55.82% |
| 2016-09-30 | 87.25% |
| 2016-06-30 | 117.90% |
| 2016-03-31 | 171.48% |
| 2015-12-31 | 185.53% |
| 2015-09-30 | 118.58% |
| 2015-06-30 | 89.92% |
| 2015-03-31 | 82.04% |
| 2014-12-31 | 67.58% |
| 2014-09-30 | 61.90% |
| 2014-06-30 | 55.63% |
| 2014-03-31 | 47.07% |
| 2013-12-31 | 45.69% |
| 2013-09-30 | 46.40% |
| 2013-06-30 | 51.31% |
| 2013-03-31 | 56.79% |
| 2012-12-31 | 50.53% |
| 2012-09-30 | 45.12% |
| 2012-06-30 | 41.64% |
| 2012-03-31 | 38.91% |
| 2011-12-31 | 39.34% |
| 2011-09-30 | 37.37% |
| 2011-06-30 | 38.43% |
| 2011-03-31 | 39.13% |
| 2010-12-31 | 38.19% |
| 2010-09-30 | 40.11% |
| 2010-06-30 | 43.54% |
| 2010-03-31 | 49.73% |
| 2009-12-31 | 61.83% |
| 2009-09-30 | 54.37% |
| 2009-06-30 | 44.99% |
| 2009-03-31 | 43.69% |
| 2008-12-31 | 32.40% |
| 2008-09-30 | 32.84% |
| 2008-06-30 | 36.01% |
| 2008-03-31 | 38.56% |
| 2007-12-31 | 45.52% |
| 2007-09-30 | 49.90% |
| 2007-06-30 | 53.79% |
| 2007-03-31 | 51.08% |
| 2006-12-31 | 59.91% |
| 2006-09-30 | 92.72% |
| 2006-06-30 | 553.91% |
| 2005-12-31 | 268.87% |
| 2005-09-30 | 545.19% |
| 2005-06-30 | 124.27% |
| 2005-03-31 | 110.43% |
| 2004-12-31 | 158.51% |
| 2004-09-30 | 108.09% |
| 2004-06-30 | 85.86% |
| 2004-03-31 | 84.15% |
| 2003-12-31 | 74.38% |
| 2003-09-30 | 81.59% |
| 2003-06-30 | 106.42% |
| 2003-03-31 | 113.08% |
| 2022 |
| $4.60B |
| $3.54B |
| 76.9% |
| 2021 | $5.39B | $3.09B | 57.3% |
| 2020 | $4.47B | $2.69B | 60.1% |
| 2019 | $3.48B | $2.41B | 69.2% |
| 2018 | $2.51B | $2.31B | 92.2% |
| 2017 | $3.45B | $2.19B | 63.5% |
| 2016 | $3.76B | $2.16B | 57.4% |
| 2015 | $1.34B | $2.13B | 158.9% |
| 2014 | $2.89B | $2.10B | 72.6% |
| 2013 | $4.64B | $2.12B | 45.7% |
| 2012 | $4.26B | $2.19B | 51.3% |
| 2011 | $5.54B | $2.18B | 39.3% |
| 2010 | $5.67B | $2.17B | 38.2% |
| 2009 | $3.48B | $2.15B | 61.8% |
| 2008 | $6.35B | $2.06B | 32.4% |
| 2007 | $4.07B | $1.85B | 45.5% |
| 2006 | $2.90B | $1.74B | 59.9% |
| 2005 | $615.50M | $1.65B | 268.9% |
| 2004 | $971.40M | $1.54B | 158.5% |
| 2003 | $1.94B | $1.44B | 74.4% |
| 2002 | $939.80M | $1.34B | 142.1% |
| 2001 | $2.78B | $1.21B | 43.5% |
| 2000 | $3.05B | $1.13B | 36.9% |
| 1999 | $2.09B | $1.00B | 47.8% |
| 1998 | $2.21B | $877.70M | 39.7% |
| 1997 | $2.03B | $818.00M | 40.2% |
| 1996 | $1.55B | $753.20M | 48.7% |
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.
