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 30.02% is in line with its 5-year average of 33.01%, near the low end of its 5-year range (27.38%–51.70%).
As of the fiscal period ended Saturday, April 4, 2026. 2.85% above its 12-month average of 29.19%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
30.02%
FCF PAYOUT RATIO AVG TTM
29.19%
FCF PAYOUT RATIO AVG 3Y
29.44%
FCF PAYOUT RATIO AVG 5Y
30.99%
FCF PAYOUT RATIO AVG 10Y
30.59%
FCF PAYOUT RATIO AVG 15Y
33.05%
FCF PAYOUT RATIO AVG 20Y
32.79%
CURRENT VS TTM AVG
+2.85%
CURRENT VS 3Y AVG
+1.98%
CURRENT VS 5Y AVG
-3.13%
CURRENT VS 10Y AVG
-1.86%
CURRENT VS 15Y AVG
-9.15%
CURRENT VS 20Y AVG
-8.44%
FCF Payout Ratio TTM
30.0%
Earnings Payout Ratio
36.5%
Dividend Yield
1.07%
FCF Yield
3.36%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.57B | $728.00M | 28.3% |
| 2024 | $2.13B | $654.00M | 30.6% |
| 2023 | $1.79B | $589.00M | 32.9% |
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 |
|---|---|
| 2026-04-04 | 30.02% |
| 2025-12-31 | 28.30% |
| 2025-09-27 | 29.41% |
| 2025-06-28 | 29.03% |
| 2025-03-29 | 29.63% |
| 2024-12-31 | 30.65% |
| 2024-09-28 | 27.48% |
| 2024-06-29 | 27.38% |
| 2024-03-30 | 27.59% |
| 2023-12-31 | 32.89% |
| 2023-09-30 | 31.47% |
| 2023-07-01 | 37.43% |
| 2023-04-01 | 38.66% |
| 2022-12-31 | 33.82% |
| 2022-10-01 | 51.70% |
| 2022-07-02 | 50.65% |
| 2022-04-02 | 36.03% |
| 2021-12-31 | 30.24% |
| 2021-10-02 | 29.51% |
| 2021-07-03 | 28.33% |
| 2021-04-03 | 30.83% |
| 2020-12-31 | 31.25% |
| 2020-09-26 | 28.45% |
| 2020-06-27 | 25.37% |
| 2020-03-28 | 23.95% |
| 2019-12-31 | 24.08% |
| 2019-09-28 | 23.15% |
| 2019-06-29 | 25.28% |
| 2019-03-30 | 21.57% |
| 2018-12-31 | 38.38% |
| 2018-09-29 | 37.60% |
| 2018-06-30 | 41.80% |
| 2018-03-31 | 62.30% |
| 2017-12-31 | 27.44% |
| 2017-09-30 | 35.70% |
| 2017-07-01 | 31.39% |
| 2017-04-01 | 28.37% |
| 2016-12-31 | 31.25% |
| 2016-10-01 | 33.46% |
| 2016-07-02 | 34.74% |
| 2016-04-02 | 40.50% |
| 2015-12-31 | 33.37% |
| 2014-09-27 | 50.72% |
| 2014-06-28 | 33.08% |
| 2014-03-29 | 35.98% |
| 2013-12-31 | 38.78% |
| 2013-09-28 | 47.90% |
| 2013-06-29 | 44.86% |
| 2013-03-30 | 34.69% |
| 2012-12-31 | 30.58% |
| 2012-09-29 | 93.08% |
| 2012-06-30 | 34.33% |
| 2012-03-31 | 45.08% |
| 2011-12-31 | 10.47% |
| 2010-10-02 | 5.91% |
| 2010-07-03 | 5.88% |
| 2010-04-03 | 6.14% |
| 2009-12-31 | 64.35% |
| 2008-06-28 | 414.55% |
| 2007-12-31 | 255.74% |
| 2007-09-29 | 152.73% |
| 2007-06-30 | 30.13% |
| 2007-03-31 | 20.95% |
| 2006-12-31 | 15.54% |
| 2006-09-30 | 9.91% |
| 2006-07-01 | 10.58% |
| 2006-04-01 | 9.32% |
| 2005-12-31 | 9.80% |
| 2005-10-01 | 20.45% |
| 2005-07-02 | 19.74% |
| 2005-04-02 | 20.78% |
| 2004-12-31 | 17.36% |
| 2004-10-02 | 11.89% |
| 2004-07-03 | 12.03% |
| 2004-04-03 | 15.37% |
| 2003-12-31 | 17.58% |
| 2003-09-27 | 21.93% |
| 2003-06-28 | 50.41% |
| 2003-03-29 | 35.32% |
| 2022 |
| $1.57B |
| $530.00M |
| 33.8% |
| 2021 | $1.59B | $482.00M | 30.2% |
| 2020 | $1.40B | $436.00M | 31.2% |
| 2019 | $1.57B | $379.00M | 24.1% |
| 2018 | $878.00M | $337.00M | 38.4% |
| 2017 | $1.12B | $307.00M | 27.4% |
| 2016 | $894.00M | $280.00M | 31.3% |
| 2015 | $830.00M | $277.00M | 33.4% |
| 2014 | ($771.00M) | $318.00M | N/A (Loss) |
| 2013 | $753.00M | $292.00M | 38.8% |
| 2012 | $883.00M | $270.00M | 30.6% |
| 2011 | $688.00M | $72.00M | 10.5% |
| 2010 | $1.63B | $114.00M | 7.0% |
| 2009 | $354.00M | $114.00M | 32.2% |
| 2008 | ($262.00M) | $453.00M | N/A (Loss) |
| 2007 | $183.00M | $468.00M | 255.7% |
| 2006 | $2.85B | $443.00M | 15.5% |
| 2005 | $4.02B | $394.00M | 9.8% |
| 2004 | $2.57B | $378.00M | 14.7% |
| 2003 | $2.12B | $372.00M | 17.6% |
| 2002 | $732.00M | $364.00M | 49.7% |
| 2001 | $655.00M | $356.00M | 54.4% |
| 2000 | ($5.29B) | $333.00M | N/A (Loss) |
| 1999 | ($756.00M) | $291.00M | N/A (Loss) |
| 1998 | ($2.20B) | $288.00M | N/A (Loss) |
| 1997 | ($278.00M) | $286.00M | N/A (Loss) |
| 1996 | $1.22B | $261.00M | 21.4% |
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.
