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 36.90% is in line with its 2-year average of 40.03%, near the low end of its 2-year range (12.18%–113.83%).
As of the fiscal period ended Tuesday, March 31, 2026. 38.91% below its 12-month average of 60.40%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
36.90%
FCF PAYOUT RATIO AVG TTM
60.40%
FCF PAYOUT RATIO AVG 3Y
40.03%
FCF PAYOUT RATIO AVG 5Y
40.03%
FCF PAYOUT RATIO AVG 10Y
71.42%
FCF PAYOUT RATIO AVG 15Y
66.60%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-38.91%
CURRENT VS 3Y AVG
-7.83%
CURRENT VS 5Y AVG
-7.83%
CURRENT VS 10Y AVG
-48.34%
CURRENT VS 15Y AVG
-44.60%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
36.9%
Earnings Payout Ratio
46.8%
Dividend Yield
2.39%
FCF Yield
7.50%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.78B | $833.00M | 46.8% |
| 2024 | $1.62B | $590.00M | 36.3% |
| 2023 | $1.97B | $305.00M | 15.5% |
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 | 36.90% |
| 2025-12-31 | 43.16% |
| 2025-09-30 | 59.14% |
| 2025-06-30 | 113.83% |
| 2025-03-31 | 48.97% |
| 2024-12-31 | 36.13% |
| 2024-09-30 | 30.68% |
| 2024-06-30 | 27.01% |
| 2024-03-31 | 18.57% |
| 2023-12-31 | 13.78% |
| 2023-09-30 | 12.18% |
| 2020-03-31 | 448.96% |
| 2019-12-31 | 133.80% |
| 2019-09-30 | 120.34% |
| 2019-06-30 | 114.75% |
| 2019-03-31 | 74.19% |
| 2018-12-31 | 62.69% |
| 2018-09-30 | 60.97% |
| 2018-06-30 | 57.52% |
| 2018-03-31 | 56.65% |
| 2017-12-31 | 62.36% |
| 2017-09-30 | 65.07% |
| 2017-06-30 | 70.06% |
| 2017-03-31 | 100.91% |
| 2016-12-31 | 112.48% |
| 2016-09-30 | 126.02% |
| 2016-06-30 | 149.03% |
| 2016-03-31 | 121.27% |
| 2015-12-31 | 140.16% |
| 2015-09-30 | 155.33% |
| 2015-06-30 | 110.21% |
| 2015-03-31 | 89.42% |
| 2014-12-31 | 65.31% |
| 2014-09-30 | 50.15% |
| 2014-06-30 | 47.56% |
| 2014-03-31 | 45.58% |
| 2013-12-31 | 44.75% |
| 2013-09-30 | 38.75% |
| 2013-06-30 | 43.96% |
| 2013-03-31 | 59.12% |
| 2012-12-31 | 80.42% |
| 2012-09-30 | 70.93% |
| 2012-06-30 | 54.46% |
| 2012-03-31 | 32.83% |
| 2011-12-31 | 6.53% |
| 2011-09-30 | 6.92% |
| 2011-06-30 | 11.57% |
| 2011-03-31 | 47.91% |
| 2022 |
| ($1.57B) |
| $0 |
| N/A (Loss) |
| 2021 | ($824.00M) | $0 | N/A (Loss) |
| 2020 | ($2.54B) | $603.00M | N/A (Loss) |
| 2019 | $1.97B | $2.37B | 120.3% |
| 2018 | $3.75B | $2.35B | 62.7% |
| 2017 | $3.71B | $2.31B | 62.4% |
| 2016 | $2.60B | $2.92B | 112.5% |
| 2015 | $1.93B | $2.71B | 140.3% |
| 2014 | $3.65B | $2.39B | 65.3% |
| 2013 | $3.50B | $1.56B | 44.7% |
| 2012 | $1.61B | $917.95M | 57.1% |
| 2011 | $1.15B | $75.30M | 6.5% |
| 2010 | ($199.13M) | $93.40M | N/A (Loss) |
| 2009 | ($1.45B) | $94.70M | N/A (Loss) |
| 2008 | ($3.66B) | $6.85M | N/A (Loss) |
| 2007 | ($3.43B) | $0 | N/A (Loss) |
| 2006 | ($2.12B) | $0 | N/A (Loss) |
| 2005 | ($270.70M) | $21.05M | N/A (Loss) |
| 2004 | ($92.38M) | $125.03M | N/A (Loss) |
| 2003 | ($142.83M) | $0 | N/A (Loss) |
| 2002 | ($49.90M) | $0 | N/A (Loss) |
| 2001 | $0.00M | $0 | N/A (Loss) |
| 2000 | $0.00M | $0 | 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.
