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 110.21% is 115% above its 5-year average of 51.23%, around the middle of its 5-year range (26.98%–227.96%).
As of the fiscal period ended Sunday, May 31, 2026. 5.32% below its 12-month average of 116.40%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
110.21%
FCF PAYOUT RATIO AVG TTM
116.40%
FCF PAYOUT RATIO AVG 3Y
54.65%
FCF PAYOUT RATIO AVG 5Y
51.23%
FCF PAYOUT RATIO AVG 10Y
41.33%
FCF PAYOUT RATIO AVG 15Y
37.64%
FCF PAYOUT RATIO AVG 20Y
35.17%
CURRENT VS TTM AVG
-5.32%
CURRENT VS 3Y AVG
+101.68%
CURRENT VS 5Y AVG
+115.14%
CURRENT VS 10Y AVG
+166.64%
CURRENT VS 15Y AVG
+192.80%
CURRENT VS 20Y AVG
+213.39%
FCF Payout Ratio TTM
110.2%
Earnings Payout Ratio
78.1%
Dividend Yield
4.27%
FCF Yield
3.84%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $2.18B | $2.41B | 110.2% |
| 2025 | $3.27B | $2.30B | 70.4% |
| 2024 | $6.62B | $2.17B | 32.8% |
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 |
|---|---|
| 2026-05-31 | 110.21% |
| 2026-02-28 | 227.96% |
| 2025-11-30 | 95.92% |
| 2025-08-31 | 77.53% |
| 2025-05-31 | 70.38% |
| 2025-02-28 | 42.72% |
| 2024-11-30 | 40.54% |
| 2024-08-31 | 30.55% |
| 2024-05-31 | 32.78% |
| 2024-02-29 | 34.43% |
| 2023-11-30 | 33.28% |
| 2023-08-31 | 46.10% |
| 2023-05-31 | 41.30% |
| 2023-02-28 | 51.86% |
| 2022-11-30 | 107.97% |
| 2022-08-31 | 52.34% |
| 2022-05-31 | 41.47% |
| 2022-02-28 | 33.42% |
| 2021-11-30 | 26.98% |
| 2021-08-31 | 27.32% |
| 2021-05-31 | 27.47% |
| 2021-02-28 | 41.31% |
| 2020-11-30 | 42.25% |
| 2020-08-31 | 74.74% |
| 2020-05-31 | 103.79% |
| 2020-02-29 | 41.36% |
| 2019-11-30 | 41.00% |
| 2019-08-31 | 34.48% |
| 2019-05-31 | 27.84% |
| 2019-02-28 | 26.09% |
| 2018-11-30 | 27.23% |
| 2018-08-31 | 27.58% |
| 2018-05-31 | 31.65% |
| 2018-02-28 | 48.43% |
| 2017-11-30 | 43.14% |
| 2017-08-31 | 48.58% |
| 2017-05-31 | 44.69% |
| 2017-02-28 | 37.85% |
| 2016-11-30 | 39.90% |
| 2016-08-31 | 47.07% |
| 2016-05-31 | 52.33% |
| 2016-02-29 | 46.99% |
| 2015-11-30 | 28.38% |
| 2015-08-31 | 26.16% |
| 2015-05-31 | 24.19% |
| 2015-02-28 | 23.36% |
| 2014-11-30 | 35.44% |
| 2014-08-31 | 39.67% |
| 2014-05-31 | 37.64% |
| 2014-02-28 | 36.27% |
| 2013-11-30 | 39.59% |
| 2013-08-31 | 30.96% |
| 2013-05-31 | 29.40% |
| 2013-02-28 | 33.61% |
| 2012-11-30 | 33.54% |
| 2012-08-31 | 36.37% |
| 2012-05-31 | 47.54% |
| 2012-02-29 | 47.74% |
| 2011-11-30 | 46.28% |
| 2011-08-31 | 46.26% |
| 2011-05-31 | 40.22% |
| 2011-02-28 | 29.16% |
| 2010-11-30 | 25.10% |
| 2010-08-31 | 22.16% |
| 2010-05-31 | 17.86% |
| 2010-02-28 | 19.05% |
| 2009-11-30 | 23.42% |
| 2009-08-31 | 28.66% |
| 2009-05-31 | 36.45% |
| 2009-02-28 | 57.18% |
| 2008-11-30 | 39.25% |
| 2008-09-30 | 28.68% |
| 2008-05-31 | 27.77% |
| 2008-02-29 | 20.92% |
| 2007-11-30 | 19.30% |
| 2007-08-31 | 21.87% |
| 2007-05-31 | 21.96% |
| 2007-02-28 | 25.20% |
| 2006-11-30 | 27.68% |
| 2006-08-31 | 23.63% |
| 2006-05-31 | 21.80% |
| 2006-02-28 | 24.37% |
| 2005-11-30 | 20.85% |
| 2005-08-31 | 20.73% |
| 2005-05-31 | 18.02% |
| 2005-02-28 | 16.32% |
| 2004-11-30 | 16.85% |
| 2004-08-31 | 14.93% |
| 2004-05-31 | 13.78% |
| 2004-02-29 | 12.86% |
| 2003-11-30 | 13.44% |
| 2003-08-31 | 15.70% |
| 2003-05-31 | 18.84% |
| 2023 |
| $4.87B |
| $2.01B |
| 41.3% |
| 2022 | $4.43B | $1.84B | 41.5% |
| 2021 | $5.96B | $1.64B | 27.5% |
| 2020 | $1.40B | $1.45B | 103.8% |
| 2019 | $4.78B | $1.33B | 27.8% |
| 2018 | $3.93B | $1.24B | 31.7% |
| 2017 | $2.54B | $1.13B | 44.7% |
| 2016 | $1.95B | $1.02B | 52.3% |
| 2015 | $3.72B | $899.00M | 24.2% |
| 2014 | $2.12B | $799.00M | 37.6% |
| 2013 | $2.39B | $703.00M | 29.4% |
| 2012 | $1.30B | $619.00M | 47.5% |
| 2011 | $1.38B | $555.00M | 40.2% |
| 2010 | $2.83B | $505.40M | 17.9% |
| 2009 | $1.28B | $466.70M | 36.4% |
| 2008 | $1.49B | $412.90M | 27.8% |
| 2007 | $1.57B | $343.70M | 22.0% |
| 2006 | $1.33B | $290.90M | 21.8% |
| 2005 | $1.31B | $236.70M | 18.0% |
| 2004 | $1.30B | $179.20M | 13.8% |
| 2003 | $731.50M | $137.80M | 18.8% |
| 2002 | $798.70M | $128.90M | 16.1% |
| 2001 | $338.90M | $129.70M | 38.3% |
| 2000 | $340.00M | $133.10M | 39.1% |
| 1999 | $576.90M | $136.20M | 23.6% |
| 1998 | $11.60M | $127.30M | n/m |
| 1997 | ($142.80M) | $100.90M | 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.
