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 17.76% is 36% below its 5-year average of 27.94%, near the low end of its 5-year range (17.76%–41.88%).
As of the fiscal period ended Tuesday, June 30, 2026. 35.66% below its 12-month average of 27.60%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
17.76%
FCF PAYOUT RATIO AVG TTM
27.60%
FCF PAYOUT RATIO AVG 3Y
26.93%
FCF PAYOUT RATIO AVG 5Y
27.94%
FCF PAYOUT RATIO AVG 10Y
24.17%
FCF PAYOUT RATIO AVG 15Y
24.19%
FCF PAYOUT RATIO AVG 20Y
28.26%
CURRENT VS TTM AVG
-35.66%
CURRENT VS 3Y AVG
-34.06%
CURRENT VS 5Y AVG
-36.44%
CURRENT VS 10Y AVG
-26.54%
CURRENT VS 15Y AVG
-26.60%
CURRENT VS 20Y AVG
-37.16%
FCF Payout Ratio TTM
17.8%
Earnings Payout Ratio
24.5%
Dividend Yield
1.27%
FCF Yield
9.79%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $866.00M | $261.00M | 30.1% |
| 2024 | $907.00M | $254.00M | 28.0% |
| 2023 | $1.17B | $257.00M | 22.0% |
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 |
|---|---|
| 2026-06-30 | 17.76% |
| 2026-03-31 | 27.57% |
| 2025-12-31 | 30.10% |
| 2025-09-30 | 30.70% |
| 2025-06-30 | 31.85% |
| 2025-03-31 | 30.37% |
| 2024-12-31 | 28.00% |
| 2024-09-30 | 26.05% |
| 2024-06-30 | 24.78% |
| 2024-03-31 | 23.86% |
| 2023-12-31 | 21.97% |
| 2023-09-30 | 26.12% |
| 2023-06-30 | 30.96% |
| 2023-03-31 | 30.40% |
| 2022-12-31 | 41.88% |
| 2022-09-30 | 37.50% |
| 2022-06-30 | 34.17% |
| 2022-03-31 | 36.28% |
| 2021-12-31 | 26.31% |
| 2021-09-30 | 22.44% |
| 2021-06-30 | 21.54% |
| 2021-03-31 | 17.22% |
| 2020-12-31 | 17.28% |
| 2020-09-30 | 21.68% |
| 2020-06-30 | 18.99% |
| 2020-03-31 | 20.17% |
| 2019-12-31 | 21.46% |
| 2019-09-30 | 17.34% |
| 2019-06-30 | 18.17% |
| 2019-03-31 | 18.40% |
| 2018-12-31 | 16.48% |
| 2018-09-30 | 18.25% |
| 2018-06-30 | 18.84% |
| 2018-03-31 | 19.43% |
| 2017-12-31 | 22.32% |
| 2017-09-30 | 20.31% |
| 2017-06-30 | 21.90% |
| 2017-03-31 | 25.75% |
| 2016-12-31 | 23.44% |
| 2016-09-30 | 25.60% |
| 2016-06-30 | 25.05% |
| 2016-03-31 | 21.43% |
| 2015-12-31 | 23.29% |
| 2015-09-30 | 22.32% |
| 2015-06-30 | 23.32% |
| 2015-03-31 | 21.79% |
| 2014-12-31 | 24.68% |
| 2014-09-30 | 23.28% |
| 2014-06-30 | 20.34% |
| 2014-03-31 | 22.04% |
| 2013-12-31 | 20.62% |
| 2013-09-30 | 26.09% |
| 2013-06-30 | 49.54% |
| 2013-03-31 | 95.54% |
| 2012-12-31 | 66.05% |
| 2012-09-30 | 98.17% |
| 2012-06-30 | 81.54% |
| 2012-03-31 | 144.19% |
| 2011-12-31 | 142.05% |
| 2011-09-30 | 73.96% |
| 2011-06-30 | 56.00% |
| 2011-03-31 | 43.16% |
| 2010-12-31 | 37.50% |
| 2010-09-30 | 32.11% |
| 2010-06-30 | 23.43% |
| 2010-03-31 | 24.36% |
| 2009-12-31 | 31.38% |
| 2009-09-30 | 38.45% |
| 2009-06-30 | 51.93% |
| 2009-03-31 | 37.15% |
| 2008-12-31 | 42.21% |
| 2008-09-30 | 36.24% |
| 2008-06-30 | 30.30% |
| 2008-03-31 | 41.45% |
| 2007-12-31 | 33.95% |
| 2007-09-30 | 35.98% |
| 2007-06-30 | 37.80% |
| 2007-03-31 | 37.77% |
| 2006-12-31 | 42.56% |
| 2006-09-30 | 33.66% |
| 2006-06-30 | 36.15% |
| 2006-03-31 | 36.03% |
| 2005-12-31 | 31.04% |
| 2005-09-30 | 34.67% |
| 2005-06-30 | 29.71% |
| 2005-03-31 | 26.33% |
| 2004-12-31 | 26.40% |
| 2004-09-30 | 26.00% |
| 2004-06-30 | 25.19% |
| 2004-03-31 | 24.87% |
| 2003-12-31 | 24.87% |
| 2003-09-30 | 24.33% |
| 2003-06-30 | 27.70% |
| 2022 |
| $616.00M |
| $258.00M |
| 41.9% |
| 2021 | $802.00M | $211.00M | 26.3% |
| 2020 | $839.00M | $145.00M | 17.3% |
| 2019 | $671.00M | $144.00M | 21.5% |
| 2018 | $813.00M | $134.00M | 16.5% |
| 2017 | $578.00M | $129.00M | 22.3% |
| 2016 | $546.00M | $128.00M | 23.4% |
| 2015 | $541.00M | $126.00M | 23.3% |
| 2014 | $474.00M | $117.00M | 24.7% |
| 2013 | $519.00M | $107.00M | 20.6% |
| 2012 | $162.00M | $107.00M | 66.0% |
| 2011 | $88.00M | $125.00M | 142.0% |
| 2010 | $328.00M | $123.00M | 37.5% |
| 2009 | $580.00M | $182.00M | 31.4% |
| 2008 | $597.00M | $336.00M | 56.3% |
| 2007 | $1.02B | $347.00M | 34.0% |
| 2006 | $820.00M | $349.00M | 42.6% |
| 2005 | $1.09B | $339.00M | 31.0% |
| 2004 | $1.14B | $302.00M | 26.4% |
| 2003 | $1.15B | $286.00M | 24.9% |
| 2002 | $940.18M | $267.88M | 28.5% |
| 2001 | $692.21M | $243.81M | 35.2% |
| 2000 | $345.81M | $218.68M | 63.2% |
| 1999 | ($655.30M) | $165.00M | N/A (Loss) |
| 1998 | ($92.80M) | $145.30M | N/A (Loss) |
| 1997 | $50.70M | $131.70M | 259.8% |
| 1996 | $28.50M | $123.50M | 433.3% |
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.
