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 45.50% is 88% above its 5-year average of 24.22%, near the high end of its 5-year range (8.32%–59.81%).
As of the fiscal period ended Tuesday, March 31, 2026. 24.06% above its 12-month average of 36.67%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.50%
FCF PAYOUT RATIO AVG TTM
36.67%
FCF PAYOUT RATIO AVG 3Y
28.88%
FCF PAYOUT RATIO AVG 5Y
24.22%
FCF PAYOUT RATIO AVG 10Y
86.47%
FCF PAYOUT RATIO AVG 15Y
56.80%
FCF PAYOUT RATIO AVG 20Y
47.08%
CURRENT VS TTM AVG
+24.06%
CURRENT VS 3Y AVG
+57.52%
CURRENT VS 5Y AVG
+87.88%
CURRENT VS 10Y AVG
-47.38%
CURRENT VS 15Y AVG
-19.89%
CURRENT VS 20Y AVG
-3.35%
FCF Payout Ratio TTM
45.5%
Earnings Payout Ratio
59.2%
Dividend Yield
1.75%
FCF Yield
6.22%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.11B | $1.59B | 38.8% |
| 2024 | $4.42B | $1.45B | 32.7% |
| 2023 | $6.06B | $1.36B | 22.5% |
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 | 45.50% |
| 2025-12-31 | 36.80% |
| 2025-09-30 | 38.83% |
| 2025-06-30 | 30.36% |
| 2025-03-31 | 31.88% |
| 2024-12-31 | 32.16% |
| 2024-09-30 | 30.14% |
| 2024-06-30 | 33.31% |
| 2024-03-31 | 27.82% |
| 2023-12-31 | 22.51% |
| 2023-09-30 | 19.52% |
| 2023-06-30 | 15.46% |
| 2023-03-31 | 11.19% |
| 2022-12-31 | 9.47% |
| 2022-09-30 | 8.76% |
| 2022-06-30 | 8.32% |
| 2022-03-31 | 8.62% |
| 2021-12-31 | 10.85% |
| 2021-09-30 | 13.15% |
| 2021-06-30 | 14.08% |
| 2021-03-31 | 59.81% |
| 2020-12-31 | 155.83% |
| 2020-03-31 | 391.24% |
| 2019-12-31 | 333.42% |
| 2019-09-30 | 103.42% |
| 2019-06-30 | 87.93% |
| 2019-03-31 | 96.66% |
| 2018-12-31 | 86.36% |
| 2018-09-30 | 124.78% |
| 2018-06-30 | 912.36% |
| 2018-03-31 | 281.58% |
| 2017-12-31 | 351.20% |
| 2017-09-30 | 672.13% |
| 2017-06-30 | 246.09% |
| 2017-03-31 | 597.68% |
| 2016-12-31 | 503.05% |
| 2015-06-30 | 355.96% |
| 2015-03-31 | 126.93% |
| 2014-12-31 | 52.00% |
| 2014-09-30 | 74.71% |
| 2014-06-30 | 64.59% |
| 2014-03-31 | 49.80% |
| 2013-12-31 | 39.92% |
| 2013-09-30 | 53.99% |
| 2013-06-30 | 83.35% |
| 2013-03-31 | 127.56% |
| 2012-12-31 | 195.95% |
| 2012-09-30 | 86.73% |
| 2012-06-30 | 52.31% |
| 2012-03-31 | 35.55% |
| 2011-12-31 | 30.15% |
| 2011-09-30 | 25.93% |
| 2011-06-30 | 23.95% |
| 2011-03-31 | 22.89% |
| 2010-12-31 | 21.43% |
| 2010-09-30 | 36.69% |
| 2010-06-30 | 39.90% |
| 2010-03-31 | 57.44% |
| 2009-12-31 | 236.44% |
| 2008-09-30 | 24.23% |
| 2008-06-30 | 39.81% |
| 2008-03-31 | 61.38% |
| 2007-12-31 | 39.84% |
| 2007-09-30 | 31.76% |
| 2007-06-30 | 25.43% |
| 2007-03-31 | 24.77% |
| 2006-12-31 | 19.30% |
| 2006-09-30 | 15.57% |
| 2006-06-30 | 15.95% |
| 2006-03-31 | 14.34% |
| 2005-12-31 | 16.58% |
| 2005-09-30 | 18.06% |
| 2005-06-30 | 16.71% |
| 2005-03-31 | 21.54% |
| 2004-12-31 | 21.97% |
| 2004-09-30 | 24.51% |
| 2004-06-30 | 30.24% |
| 2004-03-31 | 23.21% |
| 2003-12-31 | 26.61% |
| 2003-09-30 | 27.91% |
| 2003-06-30 | 30.07% |
| 2003-03-31 | 28.71% |
| 2022 |
| $12.46B |
| $1.18B |
| 9.5% |
| 2021 | $7.56B | $839.00M | 11.1% |
| 2020 | $1.42B | $1.84B | 129.9% |
| 2019 | $1.01B | $2.62B | 260.3% |
| 2018 | $2.69B | $2.37B | 88.1% |
| 2017 | $1.26B | $2.35B | 185.9% |
| 2016 | $553.00M | $2.31B | 417.5% |
| 2015 | ($1.92B) | $2.26B | N/A (Loss) |
| 2014 | $2.68B | $2.21B | 82.5% |
| 2013 | $4.82B | $1.55B | 32.3% |
| 2012 | $1.09B | $2.13B | 195.9% |
| 2011 | $4.76B | $1.44B | 30.1% |
| 2010 | $5.41B | $1.16B | 21.4% |
| 2009 | $2.23B | $1.08B | 48.3% |
| 2008 | $1.29B | $1.07B | 83.0% |
| 2007 | $1.92B | $765.00M | 39.8% |
| 2006 | $3.35B | $646.00M | 19.3% |
| 2005 | $3.01B | $483.00M | 16.0% |
| 2004 | $2.04B | $424.00M | 20.8% |
| 2003 | $1.47B | $392.00M | 26.6% |
| 2002 | $864.00M | $375.00M | 43.4% |
| 2001 | $1.25B | $372.00M | 29.7% |
| 2000 | $1.45B | $369.00M | 25.5% |
| 1999 | $299.00M | $363.00M | 121.4% |
| 1998 | ($994.00M) | $387.00M | N/A (Loss) |
| 1997 | ($174.00M) | $422.00M | N/A (Loss) |
| 1996 | $784.00M | $415.00M | 52.9% |
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.
