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 114.98% is 49% above its 5-year average of 77.15%, near the low end of its 5-year range (48.21%–329.09%).
As of the fiscal period ended Tuesday, June 30, 2026. 14.62% above its 12-month average of 100.32%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
114.98%
FCF PAYOUT RATIO AVG TTM
100.32%
FCF PAYOUT RATIO AVG 3Y
126.16%
FCF PAYOUT RATIO AVG 5Y
77.15%
FCF PAYOUT RATIO AVG 10Y
63.98%
FCF PAYOUT RATIO AVG 15Y
56.70%
FCF PAYOUT RATIO AVG 20Y
52.70%
CURRENT VS TTM AVG
+14.62%
CURRENT VS 3Y AVG
-8.86%
CURRENT VS 5Y AVG
+49.03%
CURRENT VS 10Y AVG
+79.71%
CURRENT VS 15Y AVG
+102.78%
CURRENT VS 20Y AVG
+118.17%
FCF Payout Ratio TTM
115.0%
Earnings Payout Ratio
54.5%
Dividend Yield
1.82%
FCF Yield
4.48%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.40B | $1.18B | 84.2% |
| 2024 | $638.00M | $1.98B | 310.7% |
| 2023 | $5.07B | $3.31B | 65.4% |
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 | 114.98% |
| 2026-03-31 | 76.60% |
| 2025-12-31 | 111.89% |
| 2025-09-30 | 97.80% |
| 2024-12-31 | 310.66% |
| 2024-09-30 | 329.09% |
| 2024-06-30 | 67.27% |
| 2024-03-31 | 71.27% |
| 2023-12-31 | 65.37% |
| 2023-09-30 | 68.04% |
| 2023-06-30 | 74.80% |
| 2023-03-31 | 82.47% |
| 2022-12-31 | 87.69% |
| 2022-09-30 | 87.69% |
| 2022-06-30 | 78.98% |
| 2022-03-31 | 67.47% |
| 2021-12-31 | 58.45% |
| 2021-09-30 | 52.66% |
| 2021-06-30 | 48.21% |
| 2021-03-31 | 47.81% |
| 2020-12-31 | 51.24% |
| 2020-09-30 | 53.30% |
| 2020-06-30 | 56.96% |
| 2020-03-31 | 59.57% |
| 2019-12-31 | 61.74% |
| 2019-09-30 | 61.82% |
| 2019-06-30 | 60.16% |
| 2019-03-31 | 56.57% |
| 2018-12-31 | 65.67% |
| 2018-09-30 | 68.45% |
| 2018-06-30 | 71.73% |
| 2018-03-31 | 72.68% |
| 2017-12-31 | 57.59% |
| 2017-09-30 | 52.83% |
| 2017-06-30 | 50.92% |
| 2017-03-31 | 54.19% |
| 2016-12-31 | 51.09% |
| 2016-09-30 | 49.28% |
| 2016-06-30 | 51.02% |
| 2016-03-31 | 50.45% |
| 2015-12-31 | 51.64% |
| 2015-09-30 | 52.04% |
| 2015-06-30 | 49.92% |
| 2015-03-31 | 44.93% |
| 2014-12-31 | 43.17% |
| 2014-09-30 | 42.84% |
| 2014-06-30 | 46.01% |
| 2014-03-31 | 43.35% |
| 2013-12-31 | 41.67% |
| 2013-09-30 | 43.58% |
| 2013-06-30 | 40.52% |
| 2013-03-31 | 42.49% |
| 2012-12-31 | 42.85% |
| 2012-09-30 | 42.35% |
| 2012-06-30 | 41.40% |
| 2012-03-31 | 39.62% |
| 2011-12-31 | 39.82% |
| 2011-09-30 | 40.83% |
| 2011-06-30 | 39.76% |
| 2011-03-31 | 41.48% |
| 2010-12-31 | 36.74% |
| 2010-09-30 | 39.62% |
| 2010-06-30 | 34.91% |
| 2010-03-31 | 32.16% |
| 2009-12-31 | 35.44% |
| 2009-09-30 | 36.03% |
| 2009-06-30 | 44.38% |
| 2009-03-31 | 49.72% |
| 2008-12-31 | 45.66% |
| 2008-09-30 | 39.07% |
| 2008-06-30 | 40.48% |
| 2008-03-31 | 42.22% |
| 2007-12-31 | 48.37% |
| 2007-09-30 | 52.90% |
| 2007-06-30 | 50.33% |
| 2007-03-31 | 54.74% |
| 2006-12-31 | 51.52% |
| 2006-09-30 | 51.29% |
| 2006-06-30 | 52.05% |
| 2006-03-31 | 44.00% |
| 2005-12-31 | 38.79% |
| 2005-09-30 | 36.43% |
| 2005-06-30 | 37.69% |
| 2005-03-31 | 35.06% |
| 2004-12-31 | 33.63% |
| 2004-09-30 | 32.95% |
| 2004-06-30 | 32.53% |
| 2004-03-31 | 32.73% |
| 2003-12-31 | 33.40% |
| 2003-09-30 | 35.63% |
| 2003-06-30 | 38.14% |
| 2022 |
| $3.84B |
| $3.37B |
| 87.7% |
| 2021 | $5.85B | $3.42B | 58.5% |
| 2020 | $6.61B | $3.39B | 51.2% |
| 2019 | $5.37B | $3.32B | 61.7% |
| 2018 | $4.86B | $3.19B | 65.7% |
| 2017 | $4.87B | $2.80B | 57.6% |
| 2016 | $5.24B | $2.68B | 51.1% |
| 2015 | $4.96B | $2.56B | 51.6% |
| 2014 | $5.13B | $2.22B | 43.2% |
| 2013 | $4.15B | $1.73B | 41.7% |
| 2012 | $3.82B | $1.64B | 42.8% |
| 2011 | $3.90B | $1.55B | 39.8% |
| 2010 | $4.08B | $1.50B | 36.7% |
| 2009 | $4.04B | $1.43B | 35.4% |
| 2008 | $3.06B | $1.40B | 45.7% |
| 2007 | $2.85B | $1.38B | 48.4% |
| 2006 | $2.67B | $1.38B | 51.5% |
| 2005 | $3.31B | $1.29B | 38.8% |
| 2004 | $3.35B | $1.13B | 33.6% |
| 2003 | $3.10B | $1.03B | 33.4% |
| 2002 | $2.23B | $968.00M | 43.4% |
| 2001 | $2.10B | $948.00M | 45.2% |
| 2000 | $1.21B | $918.00M | 75.8% |
| 1999 | $2.00B | $901.00M | 45.1% |
| 1998 | $944.00M | $887.00M | 94.0% |
| 1997 | $300.00M | $876.00M | 292.0% |
| 1996 | $1.10B | $803.00M | 72.9% |
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.
