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 82.15% is in line with its 5-year average of 79.17%, near the low end of its 5-year range (74.57%–107.07%).
As of the fiscal period ended Tuesday, June 30, 2026. 4.20% above its 12-month average of 78.84%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
82.15%
FCF PAYOUT RATIO AVG TTM
78.84%
FCF PAYOUT RATIO AVG 3Y
78.50%
FCF PAYOUT RATIO AVG 5Y
79.17%
FCF PAYOUT RATIO AVG 10Y
79.19%
FCF PAYOUT RATIO AVG 15Y
81.49%
FCF PAYOUT RATIO AVG 20Y
83.35%
CURRENT VS TTM AVG
+4.20%
CURRENT VS 3Y AVG
+4.66%
CURRENT VS 5Y AVG
+3.76%
CURRENT VS 10Y AVG
+3.74%
CURRENT VS 15Y AVG
+0.81%
CURRENT VS 20Y AVG
-1.44%
FCF Payout Ratio TTM
82.2%
Earnings Payout Ratio
89.5%
Dividend Yield
6.16%
FCF Yield
7.21%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $9.07B | $6.96B | 76.7% |
| 2024 | $8.61B | $6.84B | 79.5% |
| 2023 | $9.09B | $6.78B | 74.6% |
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 | 82.15% |
| 2026-03-31 | 81.29% |
| 2025-12-31 | 76.70% |
| 2025-09-30 | 75.23% |
| 2025-06-30 | 78.82% |
| 2025-03-31 | 80.96% |
| 2024-12-31 | 79.49% |
| 2024-09-30 | 80.63% |
| 2024-06-30 | 77.45% |
| 2024-03-31 | 75.84% |
| 2023-12-31 | 74.57% |
| 2023-09-30 | 79.39% |
| 2023-06-30 | 77.93% |
| 2023-03-31 | 83.48% |
| 2022-12-31 | 81.96% |
| 2022-09-30 | 81.21% |
| 2022-06-30 | 80.72% |
| 2022-03-31 | 78.65% |
| 2021-12-31 | 78.27% |
| 2021-09-30 | 78.74% |
| 2021-06-30 | 107.07% |
| 2021-03-31 | 78.21% |
| 2020-12-31 | 77.14% |
| 2020-09-30 | 76.74% |
| 2020-06-30 | 61.22% |
| 2020-03-31 | 72.83% |
| 2019-12-31 | 79.95% |
| 2019-09-30 | 87.87% |
| 2019-06-30 | 87.19% |
| 2019-03-31 | 74.19% |
| 2018-12-31 | 66.42% |
| 2018-09-30 | 72.41% |
| 2018-06-30 | 75.60% |
| 2018-03-31 | 100.23% |
| 2017-12-31 | 101.78% |
| 2017-09-30 | 111.57% |
| 2017-06-30 | 104.20% |
| 2017-03-31 | 128.56% |
| 2016-12-31 | 125.26% |
| 2016-09-30 | 88.14% |
| 2016-06-30 | 80.24% |
| 2016-03-31 | 73.54% |
| 2015-12-31 | 74.88% |
| 2015-09-30 | 74.74% |
| 2015-06-30 | 81.43% |
| 2015-03-31 | 81.64% |
| 2014-12-31 | 86.49% |
| 2014-09-30 | 88.89% |
| 2014-06-30 | 85.07% |
| 2014-03-31 | 80.70% |
| 2013-12-31 | 85.11% |
| 2013-09-30 | 76.68% |
| 2013-06-30 | 78.86% |
| 2013-03-31 | 92.29% |
| 2012-12-31 | 89.97% |
| 2012-09-30 | 109.44% |
| 2012-06-30 | 112.29% |
| 2012-03-31 | 99.57% |
| 2011-12-31 | 91.85% |
| 2011-09-30 | 91.10% |
| 2011-06-30 | 110.51% |
| 2011-03-31 | 115.16% |
| 2010-12-31 | 113.81% |
| 2010-09-30 | 97.62% |
| 2010-06-30 | 83.23% |
| 2010-03-31 | 86.29% |
| 2009-12-31 | 84.95% |
| 2009-09-30 | 249.32% |
| 2009-06-30 | 158.82% |
| 2009-03-31 | 245.39% |
| 2008-12-31 | 157.33% |
| 2008-09-30 | 91.23% |
| 2008-06-30 | 110.63% |
| 2008-03-31 | 46.06% |
| 2007-12-31 | 75.20% |
| 2007-09-30 | 77.79% |
| 2007-06-30 | 75.02% |
| 2007-03-31 | 60.90% |
| 2006-12-31 | 61.22% |
| 2006-09-30 | 55.49% |
| 2006-06-30 | 59.99% |
| 2006-03-31 | 73.95% |
| 2005-12-31 | 69.92% |
| 2005-09-30 | 76.88% |
| 2005-06-30 | 62.18% |
| 2005-03-31 | 70.82% |
| 2004-12-31 | 63.18% |
| 2004-09-30 | 58.41% |
| 2004-06-30 | 59.05% |
| 2004-03-31 | 75.99% |
| 2003-12-31 | 59.77% |
| 2003-09-30 | 75.34% |
| 2003-06-30 | 74.52% |
| 2022 |
| $8.05B |
| $6.60B |
| 82.0% |
| 2021 | $8.24B | $6.45B | 78.3% |
| 2020 | $8.15B | $6.29B | 77.1% |
| 2019 | $7.59B | $6.07B | 79.9% |
| 2018 | $8.15B | $5.42B | 66.4% |
| 2017 | $4.72B | $4.81B | 101.8% |
| 2016 | $3.60B | $4.51B | 125.3% |
| 2015 | $5.58B | $4.18B | 74.9% |
| 2014 | $4.50B | $3.89B | 86.5% |
| 2013 | $4.24B | $3.61B | 85.1% |
| 2012 | $3.78B | $3.40B | 90.0% |
| 2011 | $3.51B | $3.22B | 91.8% |
| 2010 | $2.60B | $2.96B | 113.8% |
| 2009 | $3.17B | $2.69B | 85.0% |
| 2008 | $4.64B | $4.43B | 95.4% |
| 2007 | $8.85B | $6.65B | 75.2% |
| 2006 | $11.13B | $6.82B | 61.2% |
| 2005 | $8.85B | $6.19B | 69.9% |
| 2004 | $8.98B | $5.67B | 63.2% |
| 2003 | $8.84B | $5.29B | 59.8% |
| 2002 | $8.60B | $5.07B | 58.9% |
| 2001 | $6.97B | $4.77B | 68.4% |
| 2000 | $9.36B | $4.50B | 48.1% |
| 1999 | $9.63B | $4.34B | 45.1% |
| 1998 | $6.30B | $3.98B | 63.2% |
| 1997 | $6.47B | $3.88B | 60.1% |
| 1996 | $5.24B | $3.46B | 66.1% |
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.
