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 118.15% is 55% above its 5-year average of 76.43%, near the high end of its 5-year range (69.38%–118.15%).
As of the fiscal period ended Tuesday, June 30, 2026. 23.31% above its 12-month average of 95.81%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
118.15%
FCF PAYOUT RATIO AVG TTM
95.81%
FCF PAYOUT RATIO AVG 3Y
77.91%
FCF PAYOUT RATIO AVG 5Y
76.43%
FCF PAYOUT RATIO AVG 10Y
109.17%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+23.31%
CURRENT VS 3Y AVG
+51.65%
CURRENT VS 5Y AVG
+54.58%
CURRENT VS 10Y AVG
+8.22%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
118.1%
Earnings Payout Ratio
89.3%
Dividend Yield
7.37%
FCF Yield
7.47%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.10B | $4.02B | 98.1% |
| 2024 | $4.89B | $3.60B | 73.7% |
| 2023 | $4.46B | $3.30B | 73.9% |
| 2022 | $4.21B | $3.05B | 72.3% |
| 2021 | $4.38B | $3.57B | 81.5% |
| 2020 | $3.34B | $3.01B | 90.1% |
| 2019 | $1.67B | $3.04B | 181.5% |
| 2018 | $907.00M | $6.00B | 661.6% |
| 2017 | $496.00M | $3.23B | 651.0% |
| 2016 | $82.00M | $974.00M | n/m |
| 2015 | ($25.00M) | $137.00M | N/A (Loss) |
| 2014 | $168.20M | $103.10M | 61.3% |
| 2013 | $105.70M | $77.80M | 73.6% |
| 2012 | $55.00M | $262.70M | 477.6% |
| 2011 | $132.10M | $0 | 0.0% |
| 2010 | $103.60M | $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.
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 | 118.15% |
| 2026-03-31 | 102.61% |
| 2025-12-31 | 96.30% |
| 2025-09-30 | 84.57% |
| 2025-06-30 | 77.44% |
| 2025-03-31 | 76.66% |
| 2024-12-31 | 73.68% |
| 2024-09-30 | 73.84% |
| 2024-06-30 | 74.17% |
| 2024-03-31 | 75.46% |
| 2023-12-31 | 73.85% |
| 2023-09-30 | 74.10% |
| 2023-06-30 | 76.91% |
| 2023-03-31 | 72.07% |
| 2022-12-31 | 72.32% |
| 2022-09-30 | 85.53% |
| 2022-06-30 | 80.59% |
| 2022-03-31 | 82.42% |
| 2021-12-31 | 81.54% |
| 2021-09-30 | 69.38% |
| 2021-06-30 | 71.24% |
| 2021-03-31 | 81.00% |
| 2020-12-31 | 90.05% |
| 2020-09-30 | 108.34% |
| 2020-06-30 | 172.54% |
| 2020-03-31 | 198.78% |
| 2019-12-31 | 259.30% |
| 2019-09-30 | 275.56% |
| 2019-06-30 | 203.63% |
| 2019-03-31 | 193.20% |
| 2018-12-31 | 661.63% |
| 2018-09-30 | 720.97% |
| 2018-06-30 | 821.58% |
| 2017-12-31 | 651.01% |
| 2017-09-30 | 877.65% |
| 2015-09-30 | 144.03% |
| 2015-06-30 | 100.85% |
| 2015-03-31 | 84.79% |
| 2014-12-31 | 61.30% |
| 2014-09-30 | 59.95% |
| 2014-06-30 | 60.48% |
| 2014-03-31 | 65.33% |
| 2013-12-31 | 73.60% |
| 2013-09-30 | 118.75% |
| 2013-06-30 | 158.52% |
| 2013-03-31 | 185.09% |
| 2012-12-31 | 176.73% |
