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 26.98% is in line with its 5-year average of 27.09%, around the middle of its 5-year range (15.81%–34.32%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.64% below its 12-month average of 27.71%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted. Q2 FY2026 (2026-06-30): 26.98%.
FCF PAYOUT RATIO
26.98%
FCF PAYOUT RATIO AVG TTM
27.71%
FCF PAYOUT RATIO AVG 3Y
28.47%
FCF PAYOUT RATIO AVG 5Y
27.09%
FCF PAYOUT RATIO AVG 10Y
24.95%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-2.64%
CURRENT VS 3Y AVG
-5.23%
CURRENT VS 5Y AVG
-0.39%
CURRENT VS 10Y AVG
+8.16%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
27.0%
Earnings Payout Ratio
40.6%
Dividend Yield
2.50%
FCF Yield
9.58%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $6.91B | $1.92B | 27.8% |
| 2024 | $5.13B | $1.53B | 29.8% |
| 2023 | $4.37B | $1.13B | 25.8% |
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 |
|---|---|
| 2026-06-30 | 26.98% |
| 2026-03-31 | 26.59% |
| 2025-12-31 | 28.24% |
| 2025-09-30 | 28.28% |
| 2025-06-30 | 28.47% |
| 2025-03-31 | 29.55% |
| 2024-12-31 | 29.76% |
| 2024-09-30 | 31.54% |
| 2024-06-30 | 34.32% |
| 2024-03-31 | 33.04% |
| 2023-12-31 | 25.76% |
| 2023-09-30 | 27.36% |
| 2023-06-30 | 26.08% |
| 2023-03-31 | 24.14% |
| 2022-12-31 | 27.06% |
| 2022-09-30 | 23.32% |
| 2022-06-30 | 21.90% |
| 2022-03-31 | 23.80% |
| 2021-12-31 | 16.09% |
| 2021-09-30 | 15.81% |
| 2021-06-30 | 18.46% |
| 2021-03-31 | 17.47% |
| 2020-12-31 | 19.68% |
| 2020-09-30 | 55.79% |
| 2020-06-30 | 56.61% |
| 2020-03-31 | 52.99% |
| 2019-12-31 | 63.79% |
| 2019-09-30 | 16.23% |
| 2019-06-30 | 17.32% |
| 2019-03-31 | 19.93% |
| 2018-12-31 | 22.31% |
| 2018-09-30 | 34.62% |
| 2018-06-30 | 32.98% |
| 2018-03-31 | 36.46% |
| 2017-12-31 | 32.37% |
| 2017-09-30 | 28.79% |
| 2017-06-30 | 23.32% |
| 2017-03-31 | 19.16% |
| 2016-12-31 | 17.81% |
| 2016-09-30 | 19.04% |
| 2016-06-30 | 18.93% |
| 2016-03-31 | 21.21% |
| 2015-12-31 | 20.92% |
| 2015-09-30 | 22.05% |
| 2015-06-30 | 24.94% |
| 2015-03-31 | 21.62% |
| 2014-12-31 | 37.81% |
| 2014-09-30 | 32.38% |
| 2014-06-30 | 26.75% |
| 2014-03-31 | 21.65% |
| 2013-12-31 | 16.04% |
| 2013-09-30 | 17.63% |
| 2013-06-30 | 19.19% |
| 2013-03-31 | 20.17% |
| 2012-12-31 | 0.87% |
| 2022 |
| $3.63B |
| $974.33M |
| 26.8% |
| 2021 | $3.43B | $552.15M | 16.1% |
| 2020 | $3.31B | $655.77M | 19.8% |
| 2019 | $1.99B | $1.27B | 63.7% |
| 2018 | $949.44M | $209.40M | 22.1% |
| 2017 | $1.54B | $500.37M | 32.4% |
| 2016 | $2.07B | $366.65M | 17.7% |
| 2015 | $1.09B | $226.07M | 20.8% |
| 2014 | $844.58M | $319.66M | 37.8% |
| 2013 | $828.15M | $134.62M | 16.3% |
| 2012 | $648.91M | $5.61M | 0.9% |
| 2011 | $574.89M | $0 | 0.0% |
| 2010 | $224.81M | $0 | 0.0% |
| 2009 | $246.94M | $0 | 0.0% |
| 2008 | $275.01M | $0 | 0.0% |
| 2007 | $174.79M | $0 | 0.0% |
| 2006 | $186.42M | $0 | 0.0% |
| 2005 | $125.45M | $0 | 0.0% |
| 2004 | $67.02M | $0 | 0.0% |
| 2003 | $42.00M | $0 | 0.0% |
| 2002 | $12.48M | $0 | 0.0% |
| 2001 | ($24.99M) | $0 | N/A (Loss) |
| 2000 | N/A | N/A | N/A |
| 1999 | N/A | N/A | N/A |
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.
