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 36.83% is 32% below its 5-year average of 54.39%, near the low end of its 5-year range (36.83%–234.64%).
As of the fiscal period ended Tuesday, June 30, 2026. 34.04% below its 12-month average of 55.84%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
36.83%
FCF PAYOUT RATIO AVG TTM
55.84%
FCF PAYOUT RATIO AVG 3Y
45.87%
FCF PAYOUT RATIO AVG 5Y
54.39%
FCF PAYOUT RATIO AVG 10Y
41.32%
FCF PAYOUT RATIO AVG 15Y
36.17%
FCF PAYOUT RATIO AVG 20Y
34.45%
CURRENT VS TTM AVG
-34.04%
CURRENT VS 3Y AVG
-19.69%
CURRENT VS 5Y AVG
-32.27%
CURRENT VS 10Y AVG
-10.86%
CURRENT VS 15Y AVG
+1.84%
CURRENT VS 20Y AVG
+6.91%
FCF Payout Ratio TTM
36.8%
Earnings Payout Ratio
32.3%
Dividend Yield
1.63%
FCF Yield
4.43%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.31B | $1.29B | 39.1% |
| 2024 | $2.62B | $1.19B | 45.2% |
| 2023 | $2.10B | $1.12B | 53.1% |
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 | 36.83% |
| 2026-03-31 | 40.06% |
| 2025-12-31 | 39.10% |
| 2025-09-30 | 68.87% |
| 2025-06-30 | 94.34% |
| 2025-03-31 | 67.85% |
| 2024-12-31 | 45.25% |
| 2024-09-30 | 47.02% |
| 2024-06-30 | 43.73% |
| 2024-03-31 | 52.88% |
| 2023-12-31 | 53.14% |
| 2023-09-30 | 52.58% |
| 2023-06-30 | 48.05% |
| 2023-03-31 | 90.23% |
| 2022-12-31 | 71.76% |
| 2022-09-30 | 185.61% |
| 2022-06-30 | 234.64% |
| 2022-03-31 | 58.90% |
| 2021-12-31 | 45.68% |
| 2021-09-30 | 39.91% |
| 2021-06-30 | 37.18% |
| 2021-03-31 | 24.85% |
| 2020-12-31 | 33.03% |
| 2020-09-30 | 24.12% |
| 2020-06-30 | 24.85% |
| 2020-03-31 | 30.22% |
| 2019-12-31 | 29.01% |
| 2019-09-30 | 29.21% |
| 2019-06-30 | 32.63% |
| 2019-03-31 | 43.37% |
| 2018-12-31 | 31.85% |
| 2018-09-30 | 39.64% |
| 2018-06-30 | 34.57% |
| 2018-03-31 | 40.10% |
| 2017-12-31 | 40.89% |
| 2017-09-30 | 42.73% |
| 2017-06-30 | 45.29% |
| 2017-03-31 | 40.54% |
| 2016-12-31 | 33.81% |
| 2016-09-30 | 28.89% |
| 2016-06-30 | 30.43% |
| 2016-03-31 | 28.80% |
| 2015-12-31 | 35.66% |
| 2015-09-30 | 42.44% |
| 2015-06-30 | 33.30% |
| 2015-03-31 | 34.07% |
| 2014-12-31 | 27.71% |
| 2014-09-30 | 30.34% |
| 2014-06-30 | 29.54% |
| 2014-03-31 | 32.25% |
| 2013-12-31 | 25.72% |
| 2013-09-30 | 26.94% |
| 2013-06-30 | 28.36% |
| 2013-03-31 | 21.91% |
| 2012-12-31 | 23.17% |
| 2012-09-30 | 20.83% |
| 2012-06-30 | 20.14% |
| 2012-03-31 | 31.65% |
| 2011-12-31 | 33.37% |
| 2011-09-30 | 37.13% |
| 2011-06-30 | 37.78% |
| 2011-03-31 | 26.30% |
| 2010-12-31 | 32.50% |
| 2010-09-30 | 39.68% |
| 2010-06-30 | 57.88% |
| 2010-03-31 | 49.09% |
| 2009-12-31 | 38.20% |
| 2009-09-30 | 35.48% |
| 2009-06-30 | 22.88% |
| 2009-03-31 | 24.51% |
| 2008-12-31 | 20.75% |
| 2008-09-30 | 23.57% |
| 2008-06-30 | 25.99% |
| 2008-03-31 | 25.34% |
| 2007-12-31 | 22.86% |
| 2007-09-30 | 27.51% |
| 2007-06-30 | 29.19% |
| 2007-03-31 | 28.37% |
| 2006-12-31 | 39.45% |
| 2006-09-30 | 28.88% |
| 2006-06-30 | 29.64% |
| 2006-03-31 | 25.47% |
| 2005-12-31 | 19.91% |
| 2005-09-30 | 23.16% |
| 2005-06-30 | 24.71% |
| 2005-03-31 | 27.71% |
| 2004-12-31 | 25.47% |
| 2004-09-30 | 18.67% |
| 2004-06-30 | 23.03% |
| 2004-03-31 | 20.84% |
| 2003-12-31 | 314.43% |
| 2003-09-30 | 212.78% |
| 2003-06-30 | 57.71% |
| 2022 |
| $1.47B |
| $1.05B |
| 71.8% |
| 2021 | $2.15B | $983.00M | 45.7% |
| 2020 | $2.88B | $953.00M | 33.0% |
| 2019 | $3.03B | $880.00M | 29.0% |
| 2018 | $2.58B | $821.00M | 31.8% |
| 2017 | $1.69B | $689.00M | 40.9% |
| 2016 | $1.89B | $640.00M | 33.8% |
| 2015 | $1.69B | $603.00M | 35.7% |
| 2014 | $2.03B | $563.00M | 27.7% |
| 2013 | $2.12B | $545.00M | 25.7% |
| 2012 | $2.31B | $535.00M | 23.2% |
| 2011 | $1.63B | $543.00M | 33.4% |
| 2010 | $1.87B | $545.00M | 29.2% |
| 2009 | $1.41B | $539.00M | 38.2% |
| 2008 | $2.53B | $525.00M | 20.8% |
| 2007 | $2.21B | $504.00M | 22.9% |
| 2006 | $1.02B | $402.00M | 39.5% |
| 2005 | $1.80B | $359.00M | 19.9% |
| 2004 | $1.26B | $322.00M | 25.5% |
| 2003 | $97.00M | $305.00M | 314.4% |
| 2002 | $1.15B | $205.00M | 17.8% |
| 2001 | $424.00M | $158.00M | 37.3% |
| 2000 | $736.00M | $114.00M | 15.5% |
| 1999 | $774.00M | $111.00M | 14.3% |
| 1998 | ($17.00M) | $109.00M | N/A (Loss) |
| 1997 | $492.00M | $102.00M | 20.7% |
| 1996 | $507.00M | $85.00M | 16.8% |
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.
