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 8.65% is 89% below its 5-year average of 79.76%, near the low end of its 5-year range (8.65%–486.77%).
As of the fiscal period ended Tuesday, June 30, 2026. 36.24% below its 12-month average of 13.56%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
8.65%
FCF PAYOUT RATIO AVG TTM
13.56%
FCF PAYOUT RATIO AVG 3Y
103.67%
FCF PAYOUT RATIO AVG 5Y
79.76%
FCF PAYOUT RATIO AVG 10Y
40.23%
FCF PAYOUT RATIO AVG 15Y
40.70%
FCF PAYOUT RATIO AVG 20Y
44.30%
CURRENT VS TTM AVG
-36.24%
CURRENT VS 3Y AVG
-91.66%
CURRENT VS 5Y AVG
-89.16%
CURRENT VS 10Y AVG
-78.50%
CURRENT VS 15Y AVG
-78.76%
CURRENT VS 20Y AVG
-80.48%
FCF Payout Ratio TTM
8.6%
Earnings Payout Ratio
13.0%
Dividend Yield
0.81%
FCF Yield
9.42%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.30B | $1.11B | 15.2% |
| 2024 | $2.96B | $1.15B | 38.7% |
| 2023 | $97.00M | $1.42B | n/m |
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 | 8.65% |
| 2026-03-31 | 9.01% |
| 2025-12-31 | 10.70% |
| 2025-09-30 | 18.23% |
| 2025-06-30 | 21.21% |
| 2025-03-31 | 26.86% |
| 2024-12-31 | 38.67% |
| 2024-09-30 | 129.68% |
| 2024-06-30 | 208.94% |
| 2023-09-30 | 181.70% |
| 2023-06-30 | 486.77% |
| 2023-03-31 | 206.86% |
| 2022-12-31 | 160.33% |
| 2022-09-30 | 110.30% |
| 2022-06-30 | 73.33% |
| 2022-03-31 | 71.77% |
| 2021-12-31 | 66.91% |
| 2021-09-30 | 53.70% |
| 2021-06-30 | 38.84% |
| 2021-03-31 | 34.07% |
| 2020-12-31 | 23.30% |
| 2020-09-30 | 20.48% |
| 2020-06-30 | 25.16% |
| 2020-03-31 | 55.56% |
| 2019-12-31 | 63.36% |
| 2019-09-30 | 77.34% |
| 2019-06-30 | 92.11% |
| 2019-03-31 | 27.14% |
| 2018-12-31 | 37.86% |
| 2018-09-30 | 34.73% |
| 2018-06-30 | 20.80% |
| 2018-03-31 | 13.99% |
| 2017-12-31 | 9.12% |
| 2017-09-30 | 8.83% |
| 2017-06-30 | 6.35% |
| 2017-03-31 | 5.00% |
| 2016-12-31 | 4.05% |
| 2016-09-30 | 4.85% |
| 2016-06-30 | 5.63% |
| 2016-03-31 | 8.44% |
| 2015-12-31 | 6.99% |
| 2015-09-30 | 4.36% |
| 2015-06-30 | 6.68% |
| 2015-03-31 | 6.77% |
| 2014-12-31 | 34.76% |
| 2014-09-30 | 165.85% |
| 2014-06-30 | 291.67% |
| 2012-03-31 | 563.41% |
| 2011-12-31 | 74.53% |
| 2011-09-30 | 46.84% |
| 2011-06-30 | 68.38% |
| 2011-03-31 | 43.32% |
| 2010-12-31 | 46.35% |
| 2010-09-30 | 45.43% |
| 2010-06-30 | 23.50% |
| 2010-03-31 | 38.64% |
| 2009-12-31 | 50.08% |
| 2009-09-30 | 120.06% |
| 2008-06-30 | 149.15% |
| 2006-06-30 | 441.38% |
| 2005-09-30 | 171.74% |
| 2005-06-30 | 120.85% |
| 2005-03-31 | 60.85% |
| 2004-12-31 | 44.11% |
| 2004-09-30 | 43.46% |
| 2004-06-30 | 59.56% |
| 2004-03-31 | 96.14% |
| 2003-12-31 | 171.90% |
| 2003-09-30 | 60.97% |
| 2003-06-30 | 17.49% |
| 2022 |
| $1.09B |
| $1.75B |
| 160.3% |
| 2021 | $2.63B | $1.76B | 66.9% |
| 2020 | $3.58B | $834.00M | 23.3% |
| 2019 | $1.40B | $889.00M | 63.4% |
| 2018 | $795.00M | $301.00M | 37.9% |
| 2017 | $1.26B | $134.00M | 10.7% |
| 2016 | $1.65B | $67.00M | 4.1% |
| 2015 | $744.00M | $52.00M | 7.0% |
| 2014 | $328.00M | $114.00M | 34.8% |
| 2013 | ($357.00M) | $611.00M | N/A (Loss) |
| 2012 | ($838.00M) | $695.00M | N/A (Loss) |
| 2011 | $797.00M | $611.00M | 76.7% |
| 2010 | $1.76B | $246.00M | 13.9% |
| 2009 | $1.18B | $590.00M | 50.1% |
| 2008 | ($583.00M) | $571.00M | N/A (Loss) |
| 2007 | ($1.01B) | $181.00M | N/A (Loss) |
| 2006 | ($326.00M) | $180.00M | N/A (Loss) |
| 2005 | ($8.00M) | $365.00M | N/A (Loss) |
| 2004 | $838.79M | $370.22M | 44.1% |
| 2003 | $88.00M | $71.00M | 80.7% |
| 2002 | $370.25M | $49.98M | 13.5% |
| 2001 | ($21.00M) | $31.00M | N/A (Loss) |
| 2000 | $130.41M | $20.16M | 15.5% |
| 1999 | $181.00M | $20.10M | 11.1% |
| 1998 | $157.50M | $19.10M | 12.1% |
| 1997 | ($131.30M) | $54.50M | N/A (Loss) |
| 1996 | ($95.80M) | $47.70M | 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.
