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 20.17% is 44% below its 5-year average of 36.32%, near the low end of its 5-year range (8.28%–262.54%).
As of the fiscal period ended Tuesday, March 31, 2026. 20.65% below its 12-month average of 25.42%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
20.17%
FCF PAYOUT RATIO AVG TTM
25.42%
FCF PAYOUT RATIO AVG 3Y
17.82%
FCF PAYOUT RATIO AVG 5Y
21.03%
FCF PAYOUT RATIO AVG 10Y
29.83%
FCF PAYOUT RATIO AVG 15Y
24.38%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-20.65%
CURRENT VS 3Y AVG
+13.20%
CURRENT VS 5Y AVG
-4.09%
CURRENT VS 10Y AVG
-32.38%
CURRENT VS 15Y AVG
-17.29%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
20.2%
Earnings Payout Ratio
29.5%
Dividend Yield
1.26%
FCF Yield
6.25%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.77B | $1.14B | 23.9% |
| 2024 | $6.13B | $1.15B | 18.8% |
| 2023 | $12.23B | $1.26B | 10.3% |
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 | 20.17% |
| 2025-12-31 | 23.91% |
| 2025-09-30 | 26.47% |
| 2025-06-30 | 30.96% |
| 2025-03-31 | 25.57% |
| 2024-12-31 | 18.82% |
| 2024-09-30 | 22.02% |
| 2024-06-30 | 13.56% |
| 2024-03-31 | 12.77% |
| 2023-12-31 | 10.31% |
| 2023-09-30 | 8.51% |
| 2023-06-30 | 10.25% |
| 2023-03-31 | 8.28% |
| 2022-12-31 | 9.17% |
| 2022-09-30 | 9.51% |
| 2022-06-30 | 13.48% |
| 2022-03-31 | 30.12% |
| 2021-12-31 | 51.24% |
| 2021-09-30 | 262.54% |
| 2021-06-30 | 54.38% |
| 2021-03-31 | 100.73% |
| 2020-06-30 | 213.74% |
| 2020-03-31 | 61.04% |
| 2019-12-31 | 31.56% |
| 2019-09-30 | 27.23% |
| 2019-06-30 | 33.95% |
| 2019-03-31 | 28.26% |
| 2018-12-31 | 36.98% |
| 2018-09-30 | 27.21% |
| 2018-06-30 | 20.84% |
| 2018-03-31 | 32.20% |
| 2017-12-31 | 19.92% |
| 2017-09-30 | 35.15% |
| 2017-06-30 | 119.81% |
| 2017-03-31 | 36.74% |
| 2016-12-31 | 65.30% |
| 2016-09-30 | 74.20% |
| 2016-06-30 | 37.59% |
| 2016-03-31 | 76.27% |
| 2015-12-31 | 29.71% |
| 2015-09-30 | 31.64% |
| 2015-06-30 | 27.90% |
| 2015-03-31 | 27.80% |
| 2014-12-31 | 32.15% |
| 2014-09-30 | 19.31% |
| 2014-06-30 | 24.33% |
| 2014-03-31 | 60.32% |
| 2013-12-31 | 22.01% |
| 2013-09-30 | 16.03% |
| 2013-06-30 | 10.64% |
| 2013-03-31 | 8.77% |
| 2012-12-31 | 13.03% |
| 2012-09-30 | 21.35% |
| 2012-06-30 | 19.88% |
| 2012-03-31 | 16.58% |
| 2011-12-31 | 7.53% |
| 2011-09-30 | 2.05% |
| 2022 |
| $13.94B |
| $1.28B |
| 9.2% |
| 2021 | $2.90B | $1.48B | 51.2% |
| 2020 | ($368.00M) | $1.51B | N/A (Loss) |
| 2019 | $4.63B | $1.40B | 30.2% |
| 2018 | $2.98B | $954.00M | 32.0% |
| 2017 | $3.88B | $773.00M | 19.9% |
| 2016 | $1.13B | $719.00M | 63.9% |
| 2015 | $2.08B | $613.00M | 29.5% |
| 2014 | $1.63B | $524.00M | 32.1% |
| 2013 | $2.20B | $484.00M | 22.0% |
| 2012 | $3.12B | $407.00M | 13.0% |
| 2011 | $2.12B | $943.00M | 44.4% |
| 2010 | $1.00B | $1.33B | 133.0% |
| 2009 | ($436.00M) | $0 | N/A (Loss) |
| 2008 | ($2.10B) | $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.
