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 45.97% is 36% below its 5-year average of 71.67%, near the low end of its 5-year range (43.72%–261.88%).
As of the fiscal period ended Tuesday, June 30, 2026. 26.48% below its 12-month average of 62.52%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.97%
FCF PAYOUT RATIO AVG TTM
62.52%
FCF PAYOUT RATIO AVG 3Y
66.98%
FCF PAYOUT RATIO AVG 5Y
71.67%
FCF PAYOUT RATIO AVG 10Y
83.02%
FCF PAYOUT RATIO AVG 15Y
87.25%
FCF PAYOUT RATIO AVG 20Y
80.33%
CURRENT VS TTM AVG
-26.48%
CURRENT VS 3Y AVG
-31.38%
CURRENT VS 5Y AVG
-35.86%
CURRENT VS 10Y AVG
-44.63%
CURRENT VS 15Y AVG
-47.32%
CURRENT VS 20Y AVG
-42.78%
FCF Payout Ratio TTM
46.0%
Earnings Payout Ratio
58.0%
Dividend Yield
2.25%
FCF Yield
4.85%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.03B | $2.27B | 74.8% |
| 2024 | $2.90B | $2.29B | 79.0% |
| 2023 | $2.93B | $1.52B | 51.9% |
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 | 45.97% |
| 2026-03-31 | 43.72% |
| 2025-12-31 | 74.84% |
| 2025-09-30 | 70.48% |
| 2025-06-30 | 77.61% |
| 2025-03-31 | 93.92% |
| 2024-12-31 | 79.04% |
| 2024-09-30 | 81.86% |
| 2024-06-30 | 78.48% |
| 2024-03-31 | 61.06% |
| 2023-12-31 | 51.87% |
| 2023-09-30 | 49.47% |
| 2023-06-30 | 62.44% |
| 2023-03-31 | 75.85% |
| 2022-12-31 | 61.39% |
| 2022-09-30 | 78.15% |
| 2022-06-30 | 118.63% |
| 2022-03-31 | 213.52% |
| 2021-12-31 | 127.82% |
| 2021-09-30 | 261.88% |
| 2021-06-30 | 85.19% |
| 2021-03-31 | 44.02% |
| 2020-12-31 | 91.92% |
| 2020-09-30 | 85.02% |
| 2020-06-30 | 101.66% |
| 2020-03-31 | 139.93% |
| 2019-12-31 | 128.00% |
| 2019-09-30 | 110.70% |
| 2019-06-30 | 107.07% |
| 2019-03-31 | 128.03% |
| 2018-12-31 | 77.34% |
| 2018-09-30 | 87.82% |
| 2018-06-30 | 89.10% |
| 2018-03-31 | 91.95% |
| 2017-12-31 | 64.23% |
| 2017-09-30 | 72.15% |
| 2017-03-31 | 394.45% |
| 2016-12-31 | 246.89% |
| 2016-09-30 | 270.80% |
| 2016-06-30 | 68.87% |
| 2016-03-31 | 73.09% |
| 2015-12-31 | 81.91% |
| 2015-09-30 | 101.49% |
| 2015-06-30 | 84.18% |
| 2015-03-31 | 103.45% |
| 2014-12-31 | 106.40% |
| 2014-09-30 | 90.93% |
| 2014-06-30 | 161.59% |
| 2014-03-31 | 113.33% |
| 2013-12-31 | 56.29% |
| 2013-09-30 | 136.66% |
| 2013-06-30 | 147.61% |
| 2011-06-30 | 25.63% |
| 2011-03-31 | 20.46% |
| 2010-12-31 | 21.96% |
| 2010-09-30 | 10.94% |
| 2010-06-30 | 9.99% |
| 2010-03-31 | 19.84% |
| 2009-12-31 | 36.28% |
| 2008-09-30 | 88.67% |
| 2008-06-30 | 198.04% |
| 2008-03-31 | 100.27% |
| 2007-12-31 | 93.49% |
| 2007-09-30 | 80.17% |
| 2007-06-30 | 80.72% |
| 2007-03-31 | 85.36% |
| 2006-12-31 | 59.04% |
| 2006-09-30 | 70.62% |
| 2006-06-30 | 94.98% |
| 2006-03-31 | 117.32% |
| 2005-12-31 | 359.29% |
| 2005-03-31 | 436.86% |
| 2004-12-31 | 105.20% |
| 2004-09-30 | 41.25% |
| 2004-06-30 | 38.73% |
| 2004-03-31 | 49.25% |
| 2003-12-31 | 38.25% |
| 2003-09-30 | 71.80% |
| 2003-06-30 | 36.56% |
| 2022 |
| $1.64B |
| $1.00B |
| 61.4% |
| 2021 | $553.90M | $708.00M | 127.8% |
| 2020 | $1.35B | $1.24B | 91.9% |
| 2019 | $889.50M | $1.14B | 128.0% |
| 2018 | $1.04B | $804.30M | 77.3% |
| 2017 | $869.20M | $558.30M | 64.2% |
| 2016 | $335.90M | $829.30M | 246.9% |
| 2015 | $830.80M | $680.50M | 81.9% |
| 2014 | $586.30M | $623.80M | 106.4% |
| 2013 | $502.90M | $283.10M | 56.3% |
| 2012 | ($284.40M) | $809.50M | N/A (Loss) |
| 2011 | ($54.70M) | $217.40M | N/A (Loss) |
| 2010 | $1.38B | $251.70M | 18.2% |
| 2009 | $1.25B | $232.10M | 18.6% |
| 2008 | ($245.10M) | $629.20M | N/A (Loss) |
| 2007 | $788.00M | $736.70M | 93.5% |
| 2006 | $898.40M | $530.40M | 59.0% |
| 2005 | $138.30M | $496.90M | 359.3% |
| 2004 | $257.50M | $270.90M | 105.2% |
| 2003 | $449.40M | $171.90M | 38.3% |
| 2002 | $455.20M | $123.00M | 27.0% |
| 2001 | $316.40M | $168.40M | 53.2% |
| 2000 | $299.50M | $217.50M | 72.6% |
| 1999 | $533.80M | $188.10M | 35.2% |
| 1998 | $355.80M | $163.60M | 46.0% |
| 1997 | $305.40M | $103.10M | 33.8% |
| 1996 | ($230.10M) | $155.50M | 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.
