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 68.46% is in line with its 5-year average of 75.01%, near the low end of its 5-year range (64.70%–88.41%).
As of the fiscal period ended Sunday, May 31, 2026. 8.36% below its 12-month average of 74.71%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
68.46%
FCF PAYOUT RATIO AVG TTM
74.71%
FCF PAYOUT RATIO AVG 3Y
76.03%
FCF PAYOUT RATIO AVG 5Y
75.01%
FCF PAYOUT RATIO AVG 10Y
72.34%
FCF PAYOUT RATIO AVG 15Y
72.22%
FCF PAYOUT RATIO AVG 20Y
72.46%
CURRENT VS TTM AVG
-8.36%
CURRENT VS 3Y AVG
-9.95%
CURRENT VS 5Y AVG
-8.73%
CURRENT VS 10Y AVG
-5.36%
CURRENT VS 15Y AVG
-5.20%
CURRENT VS 20Y AVG
-5.51%
FCF Payout Ratio TTM
68.5%
Earnings Payout Ratio
90.4%
Dividend Yield
3.90%
FCF Yield
5.71%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $2.32B | $1.59B | 68.5% |
| 2025 | $1.76B | $1.45B | 82.3% |
| 2024 | $1.74B | $1.32B | 75.8% |
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 |
|---|---|
| 2026-05-31 | 68.46% |
| 2026-02-28 | 72.24% |
| 2025-11-30 | 73.84% |
| 2025-08-31 | 77.19% |
| 2025-05-31 | 81.80% |
| 2025-02-28 | 88.15% |
| 2024-11-30 | 88.41% |
| 2024-08-31 | 85.08% |
| 2024-05-31 | 77.85% |
| 2024-02-29 | 68.39% |
| 2023-11-30 | 68.41% |
| 2023-08-31 | 64.70% |
| 2023-05-31 | 73.89% |
| 2023-02-28 | 74.39% |
| 2022-11-30 | 71.13% |
| 2022-08-31 | 77.41% |
| 2022-05-31 | 72.81% |
| 2022-02-28 | 66.60% |
| 2021-11-30 | 74.45% |
| 2021-08-31 | 70.69% |
| 2021-05-31 | 79.31% |
| 2021-02-28 | 78.56% |
| 2020-11-30 | 75.24% |
| 2020-08-31 | 71.83% |
| 2020-05-31 | 67.69% |
| 2020-02-29 | 74.66% |
| 2019-11-30 | 70.37% |
| 2019-08-31 | 71.52% |
| 2019-05-31 | 70.93% |
| 2019-02-28 | 67.62% |
| 2018-11-30 | 69.04% |
| 2018-08-31 | 72.84% |
| 2018-05-31 | 65.90% |
| 2018-02-28 | 68.33% |
| 2017-11-30 | 74.69% |
| 2017-08-31 | 73.60% |
| 2017-05-31 | 76.47% |
| 2017-02-28 | 71.90% |
| 2016-11-30 | 69.28% |
| 2016-08-31 | 66.21% |
| 2016-05-31 | 65.89% |
| 2016-02-29 | 66.35% |
| 2015-11-30 | 71.98% |
| 2015-08-31 | 69.69% |
| 2015-05-31 | 69.64% |
| 2015-02-28 | 69.92% |
| 2014-11-30 | 66.17% |
| 2014-08-31 | 65.67% |
| 2014-05-31 | 64.08% |
| 2014-02-28 | 55.78% |
| 2013-11-30 | 75.33% |
| 2013-08-31 | 78.43% |
| 2013-05-31 | 82.67% |
| 2013-02-28 | 91.34% |
| 2012-11-30 | 73.73% |
| 2012-08-31 | 71.94% |
| 2012-05-31 | 74.64% |
| 2012-02-29 | 71.25% |
| 2011-11-30 | 76.42% |
| 2011-08-31 | 74.36% |
| 2011-05-31 | 73.00% |
| 2011-02-28 | 81.55% |
| 2010-11-30 | 80.56% |
| 2010-08-31 | 82.57% |
| 2010-05-31 | 83.41% |
| 2010-02-28 | 77.89% |
| 2009-11-30 | 75.83% |
| 2009-08-31 | 74.90% |
| 2009-05-31 | 71.74% |
| 2009-02-28 | 70.85% |
| 2008-11-30 | 71.81% |
| 2008-08-31 | 72.18% |
| 2008-05-31 | 68.83% |
| 2008-02-29 | 68.22% |
| 2007-11-30 | 61.13% |
| 2007-08-31 | 58.89% |
| 2007-05-31 | 54.57% |
| 2007-02-28 | 50.58% |
| 2006-11-30 | 49.45% |
| 2006-08-31 | 46.05% |
| 2006-05-31 | 47.44% |
| 2006-02-28 | 46.57% |
| 2005-11-30 | 49.63% |
| 2005-08-31 | 46.48% |
| 2005-05-31 | 48.59% |
| 2005-02-28 | 49.72% |
| 2004-11-30 | 51.56% |
| 2004-08-31 | 51.44% |
| 2004-05-31 | 52.25% |
| 2004-02-29 | 51.40% |
| 2003-11-30 | 51.40% |
| 2003-08-31 | 51.46% |
| 2003-05-31 | 52.78% |
| 2023 |
| $1.56B |
| $1.18B |
| 75.5% |
| 2022 | $1.37B | $999.60M | 72.8% |
| 2021 | $1.15B | $908.70M | 79.3% |
| 2020 | $1.31B | $889.40M | 67.7% |
| 2019 | $1.17B | $826.80M | 70.9% |
| 2018 | $1.12B | $739.70M | 65.9% |
| 2017 | $866.10M | $662.30M | 76.5% |
| 2016 | $920.50M | $606.50M | 65.9% |
| 2015 | $792.40M | $551.80M | 69.6% |
| 2014 | $796.80M | $510.60M | 64.1% |
| 2013 | $576.60M | $476.70M | 82.7% |
| 2012 | $617.00M | $460.50M | 74.6% |
| 2011 | $612.00M | $448.80M | 73.3% |
| 2010 | $549.66M | $448.56M | 81.6% |
| 2009 | $624.06M | $447.73M | 71.7% |
| 2008 | $642.38M | $442.15M | 68.8% |
| 2007 | $552.21M | $301.31M | 54.6% |
| 2006 | $488.09M | $231.55M | 47.4% |
| 2005 | $397.17M | $192.98M | 48.6% |
| 2004 | $339.52M | $177.41M | 52.3% |
| 2003 | $313.50M | $165.45M | 52.8% |
| 2002 | $249.44M | $157.48M | 63.1% |
| 2001 | $259.69M | $123.11M | 47.4% |
| 2000 | $216.14M | $81.58M | 37.7% |
| 1999 | $152.00M | $54.10M | 35.6% |
| 1998 | $108.60M | $35.90M | 33.1% |
| 1997 | $83.80M | $24.10M | 28.8% |
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.
