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 139.92% is 335% above its 5-year average of 32.18%, near the high end of its 5-year range (0.43%–139.92%).
As of the fiscal period ended Tuesday, June 30, 2026. 97.15% above its 12-month average of 70.97%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted. Q2 FY2026 (2026-06-30): 139.92%.
FCF PAYOUT RATIO
139.92%
FCF PAYOUT RATIO AVG TTM
70.97%
FCF PAYOUT RATIO AVG 3Y
54.49%
FCF PAYOUT RATIO AVG 5Y
32.18%
FCF PAYOUT RATIO AVG 10Y
41.30%
FCF PAYOUT RATIO AVG 15Y
62.53%
FCF PAYOUT RATIO AVG 20Y
51.77%
CURRENT VS TTM AVG
+97.15%
CURRENT VS 3Y AVG
+156.77%
CURRENT VS 5Y AVG
+334.85%
CURRENT VS 10Y AVG
+238.80%
CURRENT VS 15Y AVG
+123.76%
CURRENT VS 20Y AVG
+170.26%
FCF Payout Ratio TTM
139.9%
Earnings Payout Ratio
113.0%
Dividend Yield
1.54%
FCF Yield
1.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.72B | $891.51M | 51.8% |
| 2024 | $2.09B | $748.66M | 35.8% |
| 2023 | $733.99M | $674.39M | 91.9% |
| 2022 | $934.06M | $377.69M | 40.4% |
| 2021 | $2.35B | $10.25M | 0.4% |
| 2020 | $1.56B | $182.01M | 11.6% |
| 2019 | ($336.67M) | $639.67M | N/A (Loss) |
| 2018 | ($357.08M) | $1.24B | N/A (Loss) |
| 2017 | $1.45B | $1.16B | 80.1% |
| 2016 | ($2.03B) | $1.59B | N/A (Loss) |
| 2015 | $209.66M | $556.20M | 265.3% |
| 2014 | $1.17B | $1.68B | 144.4% |
| 2013 | ($461.56M) | $97.82M | N/A (Loss) |
| 2012 | ($1.07B) | $995.45M | N/A (Loss) |
| 2011 | $699.80M | $1.99B | 284.4% |
| 2010 | $5.48B | $2.03B | 37.1% |
| 2009 | $3.85B | $2.22B | 57.5% |
| 2008 | $3.04B | $2.86B | 94.1% |
| 2007 | $10.25B | $2.57B | 25.1% |
| 2006 | $4.89B | $2.05B | 42.0% |
| 2005 | $4.18B | $1.81B | 43.3% |
| 2004 | $5.13B | $1.91B | 37.2% |
| 2003 | $6.05B | $1.73B | 28.6% |
| 2002 | $5.66B | $1.42B | 25.1% |
| 2001 | $4.93B | $1.25B | 25.4% |
| 2000 | $1.82B | $949.04M | 52.1% |
| 1999 | $1.82B | $602.69M | 33.1% |
| 1998 | $992.77M | $436.34M | 44.0% |
| 1997 | $1.17B | $195.40M | 16.8% |
| 1996 | $1.24B | $199.39M | 16.1% |
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.
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 | 139.92% |
| 2026-03-31 | 55.91% |
| 2025-12-31 | 52.91% |
| 2025-09-30 | 59.00% |
| 2025-06-30 | 47.14% |
| 2025-03-31 | 38.79% |
| 2024-12-31 | 34.70% |
| 2024-09-30 | 19.47% |
| 2024-06-30 | 27.05% |
| 2024-03-31 | 37.09% |
| 2023-12-31 | 87.45% |
| 2023-03-31 | 136.12% |
| 2022-12-31 | 39.07% |
| 2022-09-30 | 26.09% |
| 2022-06-30 | 9.38% |
| 2022-03-31 | 0.71% |
| 2021-12-31 | 0.43% |
| 2021-09-30 | 5.53% |
| 2021-06-30 | 6.31% |
| 2021-03-31 | 5.61% |
| 2020-12-31 | 11.71% |
| 2020-09-30 | 1.37% |
| 2020-06-30 | 16.29% |
| 2020-03-31 | 76.41% |
| 2018-09-30 | 316.00% |
| 2018-03-31 | 65.76% |
| 2017-12-31 | 73.58% |
| 2017-06-30 | 316.09% |
| 2015-12-31 | 266.47% |
| 2015-03-31 | 137.59% |
| 2014-12-31 | 139.40% |
| 2014-09-30 | 165.25% |
| 2014-06-30 | 9.03% |
| 2013-09-30 | 54.72% |
| 2012-06-30 | 179.37% |
| 2011-12-31 | 345.21% |
| 2011-09-30 | 73.13% |
| 2011-06-30 | 89.89% |
| 2011-03-31 | 49.12% |
| 2010-12-31 | 34.60% |
| 2010-09-30 | 43.05% |
| 2010-06-30 | 38.15% |
| 2010-03-31 | 44.10% |
| 2009-12-31 | 56.41% |
| 2009-09-30 | 206.26% |
| 2009-06-30 | 142.03% |
| 2009-03-31 | 122.76% |
| 2008-12-31 | 95.34% |
| 2008-09-30 | 41.57% |
| 2008-06-30 | 35.83% |
| 2008-03-31 | 26.70% |
| 2007-12-31 | 24.21% |
| 2007-09-30 | 28.50% |
| 2007-06-30 | 35.78% |
| 2007-03-31 | 1.22% |
| 2006-12-31 | 0.44% |
| 2006-09-30 | 0.99% |
| 2006-06-30 | 1.00% |
| 2006-03-31 | 48.37% |
| 2005-12-31 | 42.61% |
| 2005-09-30 | 45.44% |
| 2005-06-30 | 45.36% |
| 2005-03-31 | 1.30% |
| 2004-12-31 | 0.47% |
| 2004-09-30 | 0.44% |
| 2004-06-30 | 0.17% |
| 2004-03-31 | 0.18% |
| 2003-12-31 | 0.17% |
| 2003-09-30 | 0.38% |
| 2003-06-30 | 0.71% |
