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 51.66% is 11% below its 5-year average of 58.31%, near the low end of its 5-year range (43.32%–115.03%).
As of the fiscal period ended Tuesday, June 30, 2026. 11.79% below its 12-month average of 58.56%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
51.66%
FCF PAYOUT RATIO AVG TTM
58.56%
FCF PAYOUT RATIO AVG 3Y
58.87%
FCF PAYOUT RATIO AVG 5Y
58.31%
FCF PAYOUT RATIO AVG 10Y
63.36%
FCF PAYOUT RATIO AVG 15Y
60.55%
FCF PAYOUT RATIO AVG 20Y
65.81%
CURRENT VS TTM AVG
-11.79%
CURRENT VS 3Y AVG
-12.26%
CURRENT VS 5Y AVG
-11.41%
CURRENT VS 10Y AVG
-18.46%
CURRENT VS 15Y AVG
-14.68%
CURRENT VS 20Y AVG
-21.51%
FCF Payout Ratio TTM
51.7%
Earnings Payout Ratio
268.8%
Dividend Yield
2.24%
FCF Yield
4.32%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $12.36B | $8.18B | 66.1% |
| 2024 | $18.10B | $7.84B | 43.3% |
| 2023 | $9.14B | $7.45B | 81.4% |
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 | 51.66% |
| 2026-03-31 | 58.31% |
| 2025-12-31 | 66.15% |
| 2025-09-30 | 62.14% |
| 2025-06-30 | 54.55% |
| 2025-03-31 | 46.60% |
| 2024-12-31 | 43.32% |
| 2024-09-30 | 52.16% |
| 2024-06-30 | 58.13% |
| 2024-03-31 | 68.32% |
| 2023-12-31 | 81.43% |
| 2023-09-30 | 55.77% |
| 2023-06-30 | 66.82% |
| 2023-03-31 | 63.22% |
| 2022-12-31 | 47.68% |
| 2022-09-30 | 45.28% |
| 2022-06-30 | 47.28% |
| 2022-03-31 | 52.50% |
| 2021-12-31 | 68.05% |
| 2021-09-30 | 76.89% |
| 2021-06-30 | 115.03% |
| 2021-03-31 | 92.62% |
| 2020-12-31 | 106.71% |
| 2020-09-30 | 88.01% |
| 2020-06-30 | 62.75% |
| 2020-03-31 | 65.03% |
| 2019-12-31 | 57.14% |
| 2019-09-30 | 62.04% |
| 2019-06-30 | 69.56% |
| 2019-03-31 | 63.54% |
| 2018-12-31 | 62.26% |
| 2018-09-30 | 57.87% |
| 2018-06-30 | 99.62% |
| 2018-03-31 | 97.20% |
| 2017-12-31 | 113.24% |
| 2017-09-30 | 118.78% |
| 2017-06-30 | 60.44% |
| 2017-03-31 | 75.24% |
| 2016-12-31 | 58.48% |
| 2016-09-30 | 54.22% |
| 2016-06-30 | 51.86% |
| 2016-03-31 | 46.78% |
| 2015-12-31 | 45.94% |
| 2015-09-30 | 109.73% |
| 2015-06-30 | 90.14% |
| 2015-03-31 | 95.78% |
| 2014-12-31 | 94.66% |
| 2014-09-30 | 49.02% |
| 2014-06-30 | 50.85% |
| 2014-03-31 | 51.22% |
| 2013-12-31 | 52.22% |
| 2013-09-30 | 62.03% |
| 2013-06-30 | 69.29% |
| 2013-03-31 | 63.91% |
| 2012-12-31 | 64.90% |
| 2012-09-30 | 52.97% |
| 2012-06-30 | 45.27% |
| 2012-03-31 | 44.34% |
| 2011-12-31 | 45.13% |
| 2011-09-30 | 44.18% |
| 2011-06-30 | 53.52% |
| 2011-03-31 | 50.84% |
| 2010-12-31 | 53.07% |
| 2010-09-30 | 58.20% |
| 2010-06-30 | 83.64% |
| 2010-03-31 | 156.01% |
| 2009-12-31 | 180.13% |
| 2009-09-30 | 368.94% |
| 2009-06-30 | 113.09% |
| 2009-03-31 | 91.22% |
| 2008-12-31 | 62.17% |
| 2008-09-30 | 49.16% |
| 2008-06-30 | 40.78% |
| 2008-03-31 | 34.12% |
| 2007-12-31 | 55.23% |
| 2007-09-30 | 61.17% |
| 2007-06-30 | 85.12% |
| 2007-03-31 | 105.51% |
| 2006-12-31 | 57.43% |
| 2006-09-30 | 53.99% |
| 2006-06-30 | 49.01% |
| 2006-03-31 | 52.83% |
| 2005-12-31 | 53.98% |
| 2005-09-30 | 54.20% |
| 2005-06-30 | 54.73% |
| 2005-03-31 | 50.61% |
| 2004-12-31 | 46.81% |
| 2004-09-30 | 43.88% |
| 2004-06-30 | 37.22% |
| 2004-03-31 | 40.56% |
| 2003-12-31 | 40.90% |
| 2003-09-30 | 41.72% |
| 2003-06-30 | 44.79% |
| 2022 |
| $14.71B |
| $7.01B |
| 47.7% |
| 2021 | $9.66B | $6.61B | 68.4% |
| 2020 | $5.82B | $6.21B | 106.7% |
| 2019 | $9.97B | $5.70B | 57.1% |
| 2018 | $8.31B | $5.17B | 62.3% |
| 2017 | $4.56B | $5.17B | 113.2% |
| 2016 | $8.76B | $5.12B | 58.5% |
| 2015 | $11.26B | $5.12B | 45.5% |
| 2014 | $6.54B | $5.25B | 80.2% |
| 2013 | $10.11B | $5.28B | 52.2% |
| 2012 | $8.07B | $5.24B | 64.9% |
| 2011 | $10.66B | $4.81B | 45.1% |
| 2010 | $9.79B | $4.85B | 49.6% |
| 2009 | $1.93B | $3.48B | 180.1% |
| 2008 | $7.17B | $3.28B | 45.7% |
| 2007 | $5.99B | $3.31B | 55.2% |
| 2006 | $5.79B | $3.32B | 57.4% |
| 2005 | $6.21B | $3.35B | 54.0% |
| 2004 | $7.07B | $3.31B | 46.8% |
| 2003 | $7.95B | $3.25B | 40.9% |
| 2002 | $7.16B | $3.19B | 44.6% |
| 2001 | $6.36B | $3.15B | 49.5% |
| 2000 | $4.96B | $2.80B | 56.4% |
| 1999 | $3.57B | $2.59B | 72.5% |
| 1998 | $3.35B | $2.25B | 67.2% |
| 1997 | $4.87B | $2.04B | 41.9% |
| 1996 | $4.23B | $1.73B | 40.9% |
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.
