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 79.57% is in line with its 5-year average of 85.40%, near the low end of its 5-year range (74.15%–102.68%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.08% above its 12-month average of 78.72%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
79.57%
FCF PAYOUT RATIO AVG TTM
78.72%
FCF PAYOUT RATIO AVG 3Y
84.76%
FCF PAYOUT RATIO AVG 5Y
85.40%
FCF PAYOUT RATIO AVG 10Y
75.90%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+1.08%
CURRENT VS 3Y AVG
-6.12%
CURRENT VS 5Y AVG
-6.82%
CURRENT VS 10Y AVG
+4.84%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
79.6%
Earnings Payout Ratio
93.0%
Dividend Yield
4.06%
FCF Yield
5.48%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $13.71B | $9.46B | 69.0% |
| 2024 | $11.79B | $8.61B | 73.0% |
| 2023 | $11.57B | $9.30B | 80.4% |
| 2022 | $7.08B | $8.24B | 116.4% |
| 2021 | $9.34B | $8.42B | 90.1% |
| 2020 | $11.31B | $8.70B | 76.9% |
| 2019 | $12.01B | $7.46B | 62.1% |
| 2018 | $11.70B | $7.23B | 61.8% |
| 2017 | $10.52B | $7.31B | 69.4% |
| 2016 | $11.35B | $6.81B | 59.9% |
| 2015 | $10.40B | $6.93B | 66.6% |
| 2014 | $10.84B | $6.90B | 63.6% |
| 2013 | $11.26B | $7.33B | 65.1% |
| 2012 | $10.99B | $6.79B | 61.8% |
| 2011 | $5.04B | $6.32B | 125.4% |
| 2010 | $9.21B | $5.81B | 63.1% |
| 2009 | $12.45B | $4.87B | 39.1% |
| 2008 | $4.96B | $4.27B | 86.1% |
| 2007 | $6.92B | $3.53B | 51.0% |
| 2006 | $5.56B | $2.85B | 51.1% |
| 2005 | $4.62B | $2.37B | 51.3% |
| 2004 | $5.59B | $2.45B | 43.9% |
| 2003 | $4.94B | $2.19B | 44.3% |
| 2002 | $4.33B | $1.80B | 41.5% |
| 2001 | $2.82B | $1.27B | 45.1% |
| 2000 | $3.32B | $1.03B | 30.9% |
| 1999 | $3.29B | $922.09M | 28.0% |
| 1998 | $2.41B | $1.00B | 41.6% |
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 | 79.57% |
| 2025-12-31 | 74.15% |
| 2025-06-30 | 82.44% |
| 2024-12-31 | 77.36% |
| 2024-06-30 | 83.59% |
| 2023-12-31 | 93.52% |
| 2023-06-30 | 102.68% |
| 2022-12-31 | 101.50% |
| 2022-06-30 | 88.55% |
| 2021-12-31 | 81.20% |
| 2021-06-30 | 74.80% |
| 2020-12-31 | 67.32% |
| 2020-06-30 | 65.26% |
| 2019-12-31 | 61.62% |
| 2019-06-30 | 61.44% |
| 2018-12-31 | 65.69% |
| 2018-06-30 | 68.16% |
| 2017-12-31 | 65.80% |
| 2017-06-30 | 67.41% |
| 2016-12-31 | 65.71% |
| 2016-06-30 | 66.04% |
| 2015-12-31 | 69.41% |
| 2015-06-30 | 70.69% |
| 2014-12-31 | 65.82% |
| 2014-06-30 | 79.19% |
| 2013-12-31 | 61.91% |
