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 455.80% is 72% above its 3-year average of 264.79%, near the high end of its 3-year range (152.03%–455.80%).
As of the fiscal period ended Wednesday, December 31, 2025.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
455.80%
FCF PAYOUT RATIO AVG TTM
N/A
FCF PAYOUT RATIO AVG 3Y
264.79%
FCF PAYOUT RATIO AVG 5Y
264.79%
FCF PAYOUT RATIO AVG 10Y
499.47%
FCF PAYOUT RATIO AVG 15Y
221.80%
FCF PAYOUT RATIO AVG 20Y
177.60%
CURRENT VS TTM AVG
N/A
CURRENT VS 3Y AVG
+72.13%
CURRENT VS 5Y AVG
+72.13%
CURRENT VS 10Y AVG
-8.74%
CURRENT VS 15Y AVG
+105.50%
CURRENT VS 20Y AVG
+156.65%
FCF Payout Ratio TTM
455.8%
Earnings Payout Ratio
61.5%
Dividend Yield
3.28%
FCF Yield
N/A
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $325.00M | $1.26B | 387.1% |
| 2024 | ($1.25B) | $1.20B | N/A (Loss) |
| 2023 | $481.00M | $1.14B | 236.4% |
| 2022 | ($1.39B) | $1.08B | N/A (Loss) |
| 2021 | ($983.00M) | $1.03B | N/A (Loss) |
| 2020 | $68.00M | $991.00M | n/m |
| 2019 | $115.00M | $950.00M | 826.1% |
| 2018 | ($1.15B) | $910.00M | N/A (Loss) |
| 2017 | ($1.05B) | $870.00M | N/A (Loss) |
| 2016 | ($985.00M) | $830.00M | N/A (Loss) |
| 2015 | ($50.00M) | $789.00M | N/A (Loss) |
| 2014 | $239.00M | $748.00M | 313.0% |
| 2013 | $347.00M | $728.00M | 209.8% |
| 2012 | $213.00M | $718.00M | 337.1% |
| 2011 | $1.47B | $693.00M | 47.0% |
| 2010 | $4.00M | $693.00M | n/m |
| 2009 | $61.00M | $673.00M | n/m |
| 2008 | $574.00M | $655.00M | 114.1% |
| 2007 | $570.00M | $594.00M | 104.2% |
| 2006 | $916.00M | $574.00M | 62.7% |
| 2005 | ($83.00M) | $541.00M | N/A (Loss) |
| 2004 | $359.00M | $522.00M | 145.4% |
| 2003 | $91.00M | $541.00M | 594.5% |
| 2002 | ($262.00M) | $456.00M | N/A (Loss) |
| 2001 | ($882.00M) | $448.00M | N/A (Loss) |
| 2000 | $177.00M | $464.00M | 262.1% |
| 1999 | $650.00M | $474.00M | 72.9% |
| 1998 | $968.00M | $499.00M | 51.5% |
| 1997 | $553.00M | $501.00M | 90.6% |
| 1996 | $884.00M | $523.00M | 59.2% |
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.
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 |
|---|---|
| 2025-12-31 | 455.80% |
| 2023-12-31 | 236.38% |
| 2023-09-30 | 152.03% |
| 2023-06-30 | 214.95% |
| 2020-09-30 | 507.77% |
| 2020-06-30 | 782.26% |
| 2020-03-31 | 820.51% |
| 2019-12-31 | 826.09% |
| 2015-09-30 | 452.91% |
| 2015-06-30 | 125.49% |
| 2015-03-31 | 99.08% |
| 2014-12-31 | 220.00% |
| 2014-09-30 | 118.31% |
| 2014-06-30 | 117.33% |
| 2014-03-31 | 104.56% |
| 2013-12-31 | 209.80% |
| 2013-09-30 | 355.88% |
| 2012-12-31 | 337.09% |
| 2012-09-30 | 80.25% |
| 2012-06-30 | 59.80% |
| 2012-03-31 | 52.56% |
| 2011-12-31 | 47.01% |
| 2011-09-30 | 62.32% |
| 2011-06-30 | 87.94% |
| 2009-09-30 | 203.66% |
| 2009-06-30 | 100.00% |
| 2009-03-31 | 78.36% |
| 2008-12-31 | 114.11% |
| 2008-09-30 | 178.55% |
| 2008-06-30 | 197.48% |
| 2008-03-31 | 98.87% |
| 2007-12-31 | 104.21% |
| 2007-09-30 | 75.13% |
| 2007-06-30 | 80.44% |
| 2007-03-31 | 63.14% |
| 2006-12-31 | 62.80% |
| 2006-09-30 | 125.00% |
| 2006-06-30 | 363.64% |
| 2006-03-31 | 450.82% |
| 2005-09-30 | 380.71% |
| 2005-06-30 | 286.49% |
| 2005-03-31 | 543.30% |
| 2004-12-31 | 147.32% |
| 2004-09-30 | 81.06% |
| 2004-06-30 | 127.57% |
| 2004-03-31 | 109.15% |
| 2003-12-31 | 735.82% |
| 2003-03-31 | 562.65% |
