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 31.71% is 43% below its 5-year average of 55.18%, near the low end of its 5-year range (27.86%–147.59%).
As of the fiscal period ended Tuesday, March 31, 2026. 34.63% below its 12-month average of 48.51%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
31.71%
FCF PAYOUT RATIO AVG TTM
48.51%
FCF PAYOUT RATIO AVG 3Y
67.13%
FCF PAYOUT RATIO AVG 5Y
45.66%
FCF PAYOUT RATIO AVG 10Y
48.40%
FCF PAYOUT RATIO AVG 15Y
54.93%
FCF PAYOUT RATIO AVG 20Y
51.27%
CURRENT VS TTM AVG
-34.63%
CURRENT VS 3Y AVG
-52.76%
CURRENT VS 5Y AVG
-30.55%
CURRENT VS 10Y AVG
-34.47%
CURRENT VS 15Y AVG
-42.27%
CURRENT VS 20Y AVG
-38.15%
FCF Payout Ratio TTM
31.7%
Earnings Payout Ratio
42.4%
Dividend Yield
1.54%
FCF Yield
4.84%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.16B | $1.22B | 56.3% |
| 2024 | $1.67B | $1.22B | 73.1% |
| 2023 | $830.00M | $1.23B | 147.6% |
| 2022 | $2.27B | $1.17B | 51.3% |
| 2021 | $2.79B | $1.03B | 36.9% |
| 2020 | $2.14B | $960.00M | 44.8% |
| 2019 | $1.87B | $949.00M | 50.7% |
| 2018 | $1.77B | $844.00M | 47.5% |
| 2017 | $1.53B | $703.00M | 45.9% |
| 2016 | $1.15B | $695.00M | 60.6% |
| 2015 | $492.00M | $713.00M | 144.9% |
| 2014 | $734.00M | $687.00M | 93.6% |
| 2013 | $1.11B | $637.00M | 57.5% |
| 2012 | $824.00M | $624.00M | 75.7% |
| 2011 | $1.07B | $576.00M | 54.0% |
| 2010 | $1.24B | $514.00M | 41.3% |
| 2009 | $561.00M | $500.00M | 89.1% |
| 2008 | $1.16B | $456.00M | 39.4% |
| 2007 | $992.00M | $377.00M | 38.0% |
| 2006 | $1.03B | $278.00M | 27.0% |
| 2005 | $1.08B | $194.00M | 18.0% |
| 2004 | $620.00M | $142.00M | 22.9% |
| 2003 | $334.00M | $117.00M | 35.0% |
| 2002 | $114.00M | $101.00M | 88.6% |
| 2001 | ($92.00M) | $93.00M | N/A (Loss) |
| 2000 | $611.00M | $306.00M | 50.1% |
| 1999 | ($379.00M) | $304.00M | N/A (Loss) |
| 1998 | ($66.00M) | $303.00M | N/A (Loss) |
| 1997 | $275.00M | $301.00M | 109.5% |
| 1996 | $516.50M | $283.70M | 54.9% |
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 |
|---|---|
| 2026-03-31 | 31.71% |
| 2025-12-31 | 27.86% |
| 2025-09-30 | 58.03% |
| 2025-06-30 | 60.28% |
| 2025-03-31 | 64.69% |
| 2023-12-31 | 147.59% |
| 2023-09-30 | 105.60% |
| 2023-06-30 | 59.61% |
| 2023-03-31 | 48.76% |
| 2022-12-31 | 51.32% |
| 2022-09-30 | 43.39% |
| 2022-06-30 | 45.12% |
| 2022-03-31 | 40.76% |
| 2021-12-31 | 36.91% |
| 2021-09-30 | 36.88% |
| 2021-06-30 | 37.61% |
| 2021-03-31 | 41.97% |
| 2020-12-31 | 44.80% |
| 2020-09-30 | 46.35% |
| 2020-06-30 | 50.60% |
| 2020-03-31 | 46.92% |
| 2019-12-31 | 50.67% |
| 2019-09-30 | 53.60% |
| 2019-06-30 | 50.85% |
| 2019-03-31 | 49.49% |
| 2018-12-31 | 47.55% |
| 2018-09-30 | 41.33% |
| 2018-06-30 | 41.43% |
| 2018-03-31 | 47.01% |
| 2017-12-31 | 45.95% |
| 2017-09-30 | 54.38% |
| 2017-06-30 | 52.16% |
| 2017-03-31 | 64.80% |
| 2016-12-31 | 60.59% |
| 2016-09-30 | 63.66% |
| 2016-06-30 | 173.58% |
| 2016-03-31 | 93.16% |
| 2015-12-31 | 144.92% |
| 2015-09-30 | 421.89% |
| 2015-06-30 | 102.74% |
| 2015-03-31 | 94.73% |
| 2014-12-31 | 93.60% |
| 2014-09-30 | 58.95% |
| 2014-06-30 | 59.03% |
| 2014-03-31 | 66.70% |
| 2013-12-31 | 57.54% |
| 2013-09-30 | 78.73% |
| 2013-06-30 | 84.02% |
| 2013-03-31 | 105.39% |
| 2012-12-31 | 75.73% |
| 2012-09-30 | 88.55% |
| 2012-06-30 | 63.26% |
| 2012-03-31 | 41.71% |
| 2011-12-31 | 53.98% |
| 2011-09-30 | 41.51% |
| 2011-06-30 | 43.85% |
| 2011-03-31 | 54.58% |
| 2010-12-31 | 41.32% |
| 2010-09-30 | 38.46% |
| 2010-06-30 | 38.70% |
| 2010-03-31 | 52.63% |
| 2009-12-31 | 89.13% |
| 2009-09-30 | 76.64% |
| 2009-06-30 | 57.28% |
| 2009-03-31 | 48.76% |
| 2008-12-31 | 39.41% |
| 2008-09-30 | 41.93% |
| 2008-06-30 | 51.85% |
| 2008-03-31 | 42.25% |
| 2007-12-31 | 38.00% |
| 2007-09-30 | 31.86% |
| 2007-06-30 | 29.79% |
| 2007-03-31 | 26.69% |
| 2006-12-31 | 27.04% |
| 2006-09-30 | 28.54% |
| 2006-06-30 | 21.81% |
| 2006-03-31 | 20.19% |
| 2005-12-31 | 17.96% |
| 2005-09-30 | 16.42% |
| 2005-06-30 | 18.37% |
| 2005-03-31 | 19.30% |
| 2004-12-31 | 22.90% |
| 2004-09-30 | 21.73% |
| 2004-06-30 | 22.01% |
| 2004-03-31 | 25.21% |
| 2003-12-31 | 35.03% |
| 2003-09-30 | 41.39% |
| 2003-06-30 | 192.98% |
| 2003-03-31 | 57.38% |
