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 36.38% is 25% below its 5-year average of 48.68%, near the low end of its 5-year range (35.20%–92.94%).
As of the fiscal period ended Sunday, June 28, 2026. 38.95% below its 12-month average of 59.60%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
36.38%
FCF PAYOUT RATIO AVG TTM
59.60%
FCF PAYOUT RATIO AVG 3Y
51.46%
FCF PAYOUT RATIO AVG 5Y
48.68%
FCF PAYOUT RATIO AVG 10Y
47.48%
FCF PAYOUT RATIO AVG 15Y
48.20%
FCF PAYOUT RATIO AVG 20Y
41.34%
CURRENT VS TTM AVG
-38.95%
CURRENT VS 3Y AVG
-29.30%
CURRENT VS 5Y AVG
-25.26%
CURRENT VS 10Y AVG
-23.36%
CURRENT VS 15Y AVG
-24.51%
CURRENT VS 20Y AVG
-11.99%
FCF Payout Ratio TTM
36.4%
Earnings Payout Ratio
50.9%
Dividend Yield
2.63%
FCF Yield
7.19%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $6.91B | $3.13B | 45.3% |
| 2024 | $5.29B | $3.06B | 57.9% |
| 2023 | $6.23B | $3.06B | 49.1% |
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 |
|---|---|
| 2026-06-28 | 36.38% |
| 2026-03-29 | 55.65% |
| 2025-12-31 | 45.32% |
| 2025-09-28 | 67.71% |
| 2025-06-29 | 92.94% |
| 2025-03-30 | 61.69% |
| 2024-12-31 | 57.86% |
| 2024-09-29 | 46.84% |
| 2024-06-30 | 43.82% |
| 2024-03-31 | 49.10% |
| 2023-12-31 | 49.06% |
| 2023-09-24 | 52.65% |
| 2023-06-25 | 50.75% |
| 2023-03-26 | 48.45% |
| 2022-12-31 | 49.18% |
| 2022-09-25 | 35.20% |
| 2022-06-26 | 40.14% |
| 2022-03-27 | 40.25% |
| 2021-12-31 | 38.19% |
| 2021-09-26 | 56.72% |
| 2021-06-27 | 57.50% |
| 2021-03-28 | 47.93% |
| 2020-12-31 | 43.07% |
| 2020-09-27 | 43.87% |
| 2020-06-28 | 38.61% |
| 2020-03-29 | 40.36% |
| 2019-12-31 | 43.86% |
| 2019-09-29 | 37.15% |
| 2019-06-30 | 53.54% |
| 2019-03-31 | 84.98% |
| 2018-12-31 | 126.18% |
| 2018-09-30 | 207.50% |
| 2018-06-24 | 85.98% |
| 2018-03-25 | 52.26% |
| 2017-12-31 | 40.82% |
| 2017-09-24 | 46.24% |
| 2017-06-25 | 50.39% |
| 2017-03-26 | 48.91% |
| 2016-12-31 | 49.64% |
| 2016-09-25 | 42.52% |
| 2016-06-26 | 39.98% |
| 2016-03-27 | 41.54% |
| 2015-12-31 | 46.42% |
| 2015-09-27 | 71.82% |
| 2015-06-28 | 88.24% |
| 2015-03-29 | 97.37% |
| 2014-12-31 | 58.26% |
| 2014-09-28 | 40.77% |
| 2014-06-29 | 40.48% |
| 2014-03-30 | 43.27% |
| 2013-12-31 | 41.51% |
| 2013-09-29 | 108.08% |
| 2013-06-30 | 70.36% |
| 2013-03-31 | 61.47% |
| 2012-12-31 | 218.42% |
| 2012-09-30 | 42.99% |
| 2012-06-24 | 61.88% |
| 2012-03-25 | 57.68% |
| 2011-12-31 | 33.53% |
| 2011-09-25 | 44.61% |
| 2011-06-26 | 43.29% |
| 2011-03-27 | 36.14% |
| 2010-12-31 | 35.53% |
| 2010-09-26 | 46.60% |
| 2010-06-27 | 31.88% |
| 2010-03-28 | 32.92% |
| 2009-12-31 | 39.12% |
| 2009-09-27 | 23.01% |
| 2009-06-28 | 24.51% |
| 2009-03-29 | 20.83% |
| 2008-12-31 | 21.09% |
| 2008-09-28 | 23.93% |
| 2008-06-29 | 23.84% |
| 2008-03-30 | 18.35% |
| 2007-12-31 | 9.69% |
| 2007-09-30 | 9.09% |
| 2007-06-30 | 9.27% |
| 2007-03-31 | 12.68% |
| 2006-12-31 | 18.62% |
| 2006-09-30 | 20.35% |
| 2006-06-30 | 17.72% |
| 2006-03-31 | 24.73% |
| 2005-12-31 | 19.84% |
| 2005-09-30 | 17.80% |
| 2005-06-30 | 16.23% |
| 2005-03-31 | 15.69% |
| 2004-12-31 | 18.79% |
| 2004-09-30 | 17.37% |
| 2004-06-30 | 23.66% |
| 2004-03-31 | 18.92% |
| 2003-12-31 | 23.26% |
| 2003-09-30 | 35.44% |
| 2003-06-30 | 13.70% |
| 2022 |
| $6.13B |
| $3.02B |
| 49.2% |
| 2021 | $7.70B | $2.94B | 38.2% |
| 2020 | $6.42B | $2.76B | 43.1% |
| 2019 | $5.83B | $2.56B | 43.9% |
| 2018 | $1.86B | $2.35B | 126.2% |
| 2017 | $5.30B | $2.16B | 40.8% |
| 2016 | $4.13B | $2.05B | 49.6% |
| 2015 | $4.16B | $1.93B | 46.4% |
| 2014 | $3.02B | $1.76B | 58.3% |
| 2013 | $3.71B | $1.54B | 41.5% |
| 2012 | $619.00M | $1.35B | 218.4% |
| 2011 | $3.27B | $1.09B | 33.5% |
| 2010 | $2.73B | $969.00M | 35.5% |
| 2009 | $2.32B | $908.00M | 39.1% |
| 2008 | $3.50B | $737.00M | 21.1% |
| 2007 | $3.30B | $615.00M | 18.6% |
| 2006 | $2.89B | $538.00M | 18.6% |
| 2005 | $2.33B | $462.00M | 19.8% |
| 2004 | $2.15B | $405.00M | 18.8% |
| 2003 | $1.12B | $261.00M | 23.3% |
| 2002 | $1.63B | $199.00M | 12.2% |
| 2001 | $1.21B | $192.00M | 15.9% |
| 2000 | $1.52B | $183.00M | 12.1% |
| 1999 | $408.00M | $345.00M | 84.6% |
| 1998 | $1.33B | $310.00M | 23.2% |
| 1997 | $458.00M | $352.00M | 76.9% |
| 1996 | $899.00M | $362.00M | 40.3% |
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.
