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 82.37% is 27% above its 5-year average of 64.76%, around the middle of its 5-year range (51.13%–107.82%).
As of the fiscal period ended Tuesday, June 30, 2026. 8.37% below its 12-month average of 89.89%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
82.37%
FCF PAYOUT RATIO AVG TTM
89.89%
FCF PAYOUT RATIO AVG 3Y
74.17%
FCF PAYOUT RATIO AVG 5Y
64.76%
FCF PAYOUT RATIO AVG 10Y
59.95%
FCF PAYOUT RATIO AVG 15Y
59.75%
FCF PAYOUT RATIO AVG 20Y
60.43%
CURRENT VS TTM AVG
-8.37%
CURRENT VS 3Y AVG
+11.05%
CURRENT VS 5Y AVG
+27.19%
CURRENT VS 10Y AVG
+37.39%
CURRENT VS 15Y AVG
+37.86%
CURRENT VS 20Y AVG
+36.29%
FCF Payout Ratio TTM
82.4%
Earnings Payout Ratio
105.8%
Dividend Yield
3.19%
FCF Yield
3.81%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.23B | $2.49B | 76.9% |
| 2024 | $3.52B | $2.35B | 66.7% |
| 2023 | $3.60B | $2.16B | 60.0% |
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 | 82.37% |
| 2026-03-31 | 97.40% |
| 2025-12-31 | 76.88% |
| 2025-09-30 | 107.82% |
| 2025-06-30 | 84.97% |
| 2025-03-31 | 72.26% |
| 2024-12-31 | 66.68% |
| 2024-09-30 | 62.17% |
| 2024-06-30 | 62.60% |
| 2024-03-31 | 59.27% |
| 2023-12-31 | 59.97% |
| 2023-09-30 | 60.66% |
| 2023-06-30 | 71.19% |
| 2023-03-31 | 68.86% |
| 2022-12-31 | 66.12% |
| 2022-09-30 | 65.08% |
| 2022-06-30 | 56.49% |
| 2022-03-31 | 54.17% |
| 2021-12-31 | 57.49% |
| 2021-09-30 | 51.13% |
| 2021-06-30 | 52.08% |
| 2021-03-31 | 46.17% |
| 2020-12-31 | 54.11% |
| 2020-09-30 | 46.42% |
| 2020-06-30 | 44.93% |
| 2020-03-31 | 53.99% |
| 2019-12-31 | 50.72% |
| 2019-09-30 | 50.77% |
| 2019-06-30 | 52.37% |
| 2019-03-31 | 48.09% |
| 2018-12-31 | 47.63% |
| 2018-09-30 | 50.78% |
| 2018-06-30 | 51.89% |
| 2018-03-31 | 48.19% |
| 2017-12-31 | 75.87% |
| 2017-09-30 | 79.53% |
| 2017-06-30 | 68.76% |
| 2017-03-31 | 72.53% |
| 2016-12-31 | 67.78% |
| 2016-09-30 | 48.57% |
| 2016-06-30 | 48.48% |
| 2016-03-31 | 47.86% |
| 2015-12-31 | 45.53% |
| 2015-09-30 | 46.25% |
| 2015-06-30 | 47.79% |
| 2015-03-31 | 46.43% |
| 2014-12-31 | 50.21% |
| 2014-09-30 | 20.70% |
| 2014-06-30 | 20.84% |
| 2014-03-31 | 21.07% |
| 2013-12-31 | 19.70% |
| 2013-09-30 | 78.85% |
| 2013-06-30 | 88.32% |
| 2013-03-31 | 61.69% |
| 2012-12-31 | 88.98% |
| 2012-09-30 | 61.91% |
| 2012-06-30 | 57.35% |
| 2012-03-31 | 73.58% |
| 2011-12-31 | 74.32% |
| 2011-09-30 | 90.25% |
| 2011-06-30 | 130.76% |
| 2011-03-31 | 182.79% |
| 2010-12-31 | 104.22% |
| 2010-09-30 | 145.48% |
| 2010-06-30 | 75.14% |
| 2010-03-31 | 58.90% |
| 2009-12-31 | 45.60% |
| 2009-09-30 | 46.67% |
| 2009-06-30 | 51.89% |
| 2009-03-31 | 54.99% |
| 2008-12-31 | 59.95% |
| 2008-09-30 | 65.46% |
| 2008-06-30 | 75.24% |
| 2008-03-31 | 71.63% |
| 2007-12-31 | 70.30% |
| 2007-09-30 | 87.23% |
| 2007-06-30 | 70.16% |
| 2007-03-31 | 70.90% |
| 2006-12-31 | 61.23% |
| 2006-09-30 | 48.86% |
| 2006-06-30 | 57.97% |
| 2006-03-31 | 59.24% |
| 2005-12-31 | 62.67% |
| 2005-09-30 | 59.78% |
| 2005-06-30 | 47.32% |
| 2005-03-31 | 47.88% |
| 2004-12-31 | 42.64% |
| 2004-09-30 | 42.97% |
| 2004-06-30 | 40.57% |
| 2004-03-31 | 34.67% |
| 2003-12-31 | 35.89% |
| 2003-09-30 | 33.17% |
| 2003-06-30 | 34.47% |
| 2022 |
| $3.00B |
| $1.99B |
| 66.1% |
| 2021 | $3.18B | $1.83B | 57.5% |
| 2020 | $3.10B | $1.68B | 54.1% |
| 2019 | $3.04B | $1.54B | 50.7% |
| 2018 | $2.85B | $1.36B | 47.6% |
| 2017 | $1.58B | $1.20B | 75.9% |
| 2016 | $1.61B | $1.09B | 67.8% |
| 2015 | $2.21B | $1.01B | 45.5% |
| 2014 | $1.92B | $964.00M | 50.2% |
| 2013 | $4.79B | $943.00M | 19.7% |
| 2012 | $2.31B | $2.06B | 89.0% |
| 2011 | $2.75B | $2.04B | 74.3% |
| 2010 | $2.09B | $2.17B | 104.2% |
| 2009 | $3.75B | $1.71B | 45.6% |
| 2008 | $2.77B | $1.66B | 59.9% |
| 2007 | $2.33B | $1.64B | 70.3% |
| 2006 | $2.55B | $1.56B | 61.2% |
| 2005 | $2.29B | $1.44B | 62.7% |
| 2004 | $3.00B | $1.28B | 42.6% |
| 2003 | $3.03B | $1.09B | 35.9% |
| 2002 | $2.54B | $936.00M | 36.9% |
| 2001 | $2.23B | $225.00M | 10.1% |
| 2000 | ($13.18B) | $1.01B | N/A (Loss) |
| 1999 | $893.00M | $0 | 0.0% |
| 1998 | $791.00M | $0 | 0.0% |
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.
