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 34.60% is in line with its 5-year average of 33.42%, around the middle of its 5-year range (20.13%–57.60%).
As of the fiscal period ended Sunday, June 28, 2026. 15.27% below its 12-month average of 40.83%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
34.60%
FCF PAYOUT RATIO AVG TTM
40.83%
FCF PAYOUT RATIO AVG 3Y
38.67%
FCF PAYOUT RATIO AVG 5Y
33.42%
FCF PAYOUT RATIO AVG 10Y
28.32%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-15.27%
CURRENT VS 3Y AVG
-10.54%
CURRENT VS 5Y AVG
+3.52%
CURRENT VS 10Y AVG
+22.15%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
34.6%
Earnings Payout Ratio
34.6%
Dividend Yield
1.78%
FCF Yield
5.10%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.28B | $1.02B | 44.9% |
| 2024 | $2.06B | $1.04B | 50.5% |
| 2023 | $2.51B | $1.01B | 40.1% |
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 |
|---|---|
| 2026-06-28 | 34.60% |
| 2026-03-29 | 34.58% |
| 2025-12-31 | 38.75% |
| 2025-09-28 | 48.72% |
| 2025-06-29 | 47.51% |
| 2025-03-30 | 57.60% |
| 2024-12-31 | 52.08% |
| 2024-09-29 | 28.44% |
| 2024-06-30 | 27.19% |
| 2024-03-31 | 27.91% |
| 2023-12-31 | 28.40% |
| 2023-10-01 | 39.78% |
| 2023-07-02 | 37.17% |
| 2023-04-02 | 35.11% |
| 2022-12-31 | 30.55% |
| 2022-10-02 | 31.95% |
| 2022-07-03 | 30.60% |
| 2022-04-03 | 28.48% |
| 2021-12-31 | 26.20% |
| 2021-10-03 | 20.13% |
| 2021-07-04 | 20.25% |
| 2021-04-04 | 19.26% |
| 2020-12-31 | 21.43% |
| 2020-09-27 | 24.48% |
| 2020-06-28 | 20.61% |
| 2020-03-29 | 18.05% |
| 2019-12-31 | 18.28% |
| 2019-09-30 | 17.39% |
| 2019-06-30 | 6.21% |
| 2019-03-31 | 4.34% |
| 2018-12-31 | 2.00% |
| 2016-09-30 | 176.24% |
| 2016-06-30 | 232.21% |
| 2016-03-31 | 255.46% |
| 2015-12-31 | 261.21% |
| 2022 |
| $2.67B |
| $815.00M |
| 30.5% |
| 2021 | $2.15B | $562.00M | 26.2% |
| 2020 | $1.96B | $420.00M | 21.4% |
| 2019 | $1.75B | $319.00M | 18.3% |
| 2018 | $3.71B | $74.00M | 2.0% |
| 2017 | $1.83B | $0 | 0.0% |
| 2016 | $1.85B | $0 | 0.0% |
| 2015 | $977.00M | $0 | 0.0% |
| 2014 | $1.10B | $0 | 0.0% |
| 2013 | $641.00M | $0 | 0.0% |
| 2012 | $442.00M | $0 | 0.0% |
| 2011 | ($21.00M) | $0 | N/A (Loss) |
| 2010 | $104.00M | $0 | 0.0% |
| 2009 | ($849.00M) | $0 | N/A (Loss) |
| 2008 | ($1.04B) | $0 | N/A (Loss) |
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.
