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 103.11% is 21% above its 5-year average of 85.19%, around the middle of its 5-year range (27.71%–195.03%).
As of the fiscal period ended Sunday, March 29, 2026. 10.35% above its 12-month average of 93.44%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
103.11%
FCF PAYOUT RATIO AVG TTM
93.44%
FCF PAYOUT RATIO AVG 3Y
92.11%
FCF PAYOUT RATIO AVG 5Y
85.19%
FCF PAYOUT RATIO AVG 10Y
64.13%
FCF PAYOUT RATIO AVG 15Y
56.21%
FCF PAYOUT RATIO AVG 20Y
54.70%
CURRENT VS TTM AVG
+10.35%
CURRENT VS 3Y AVG
+11.95%
CURRENT VS 5Y AVG
+21.03%
CURRENT VS 10Y AVG
+60.78%
CURRENT VS 15Y AVG
+83.43%
CURRENT VS 20Y AVG
+88.49%
FCF Payout Ratio TTM
103.1%
Earnings Payout Ratio
126.5%
Dividend Yield
7.01%
FCF Yield
6.74%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $9.08B | $9.77B | 107.7% |
| 2024 | $9.84B | $9.51B | 96.7% |
| 2023 | $4.79B | $9.25B | 192.9% |
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 |
|---|---|
| 2026-03-29 | 103.11% |
| 2025-12-31 | 107.66% |
| 2025-09-28 | 93.54% |
| 2025-06-29 | 77.52% |
| 2025-03-30 | 85.36% |
| 2024-12-31 | 96.72% |
| 2024-09-29 | 114.83% |
| 2024-06-30 | 195.03% |
| 2024-03-31 | 182.49% |
| 2023-12-31 | 192.93% |
| 2023-10-01 | 112.22% |
| 2023-07-02 | 85.40% |
| 2023-04-02 | 44.72% |
| 2022-12-31 | 34.51% |
| 2022-10-02 | 38.20% |
| 2022-07-03 | 31.18% |
| 2022-04-03 | 27.71% |
| 2021-12-31 | 29.22% |
| 2021-10-03 | 29.54% |
| 2021-07-04 | 41.56% |
| 2021-04-04 | 65.65% |
| 2020-12-31 | 72.68% |
| 2020-09-27 | 80.65% |
| 2020-06-28 | 65.15% |
| 2020-03-29 | 70.14% |
| 2019-12-31 | 80.48% |
| 2019-09-29 | 73.54% |
| 2019-06-30 | 68.14% |
| 2019-03-31 | 60.93% |
| 2018-12-31 | 58.53% |
| 2018-09-30 | 50.62% |
| 2018-07-01 | 51.32% |
| 2018-04-01 | 52.99% |
| 2017-12-31 | 53.74% |
| 2017-10-01 | 56.14% |
| 2017-07-02 | 55.68% |
| 2017-04-02 | 53.75% |
| 2016-12-31 | 52.63% |
| 2016-10-02 | 56.67% |
| 2016-07-03 | 54.10% |
| 2016-04-03 | 50.52% |
| 2015-12-31 | 53.32% |
| 2015-09-27 | 49.04% |
| 2015-06-28 | 51.42% |
| 2015-03-29 | 51.18% |
| 2014-12-31 | 43.20% |
| 2014-09-28 | 42.34% |
| 2014-06-29 | 37.72% |
| 2014-03-30 | 38.51% |
| 2013-12-31 | 40.37% |
| 2013-09-29 | 41.66% |
| 2013-06-30 | 44.46% |
| 2013-03-31 | 43.41% |
| 2012-12-31 | 41.55% |
| 2012-09-30 | 41.20% |
| 2012-07-01 | 42.69% |
| 2012-04-01 | 37.66% |
| 2011-12-31 | 33.55% |
| 2011-10-02 | 31.86% |
| 2011-07-03 | 28.37% |
| 2011-04-03 | 29.71% |
| 2010-12-31 | 61.24% |
| 2010-10-03 | 67.46% |
| 2010-07-04 | 87.91% |
| 2010-04-04 | 83.39% |
| 2009-12-31 | 36.07% |
| 2009-09-27 | 38.56% |
| 2009-06-28 | 45.99% |
| 2009-03-29 | 51.29% |
| 2008-12-31 | 51.65% |
| 2008-09-28 | 59.64% |
| 2008-06-29 | 55.61% |
| 2008-03-30 | 60.55% |
| 2007-12-31 | 69.51% |
| 2007-09-30 | 63.19% |
| 2007-07-01 | 65.26% |
| 2007-04-01 | 55.81% |
| 2006-12-31 | 44.51% |
| 2006-10-01 | 41.69% |
| 2006-07-02 | 41.01% |
| 2006-04-02 | 43.82% |
| 2005-12-31 | 43.99% |
| 2005-10-02 | 40.53% |
| 2005-07-03 | 35.13% |
| 2005-04-03 | 33.90% |
| 2004-12-31 | 36.99% |
| 2004-09-26 | 39.37% |
| 2004-06-27 | 48.04% |
| 2004-03-28 | 57.29% |
| 2003-12-31 | 47.85% |
| 2003-09-28 | 46.60% |
| 2003-06-29 | 43.52% |
| 2003-03-30 | 35.59% |
| 2022 |
| $26.03B |
| $8.98B |
| 34.5% |
| 2021 | $29.87B | $8.73B | 29.2% |
| 2020 | $11.61B | $8.44B | 72.7% |
| 2019 | $9.99B | $8.04B | 80.5% |
| 2018 | $13.63B | $7.98B | 58.5% |
| 2017 | $14.25B | $7.66B | 53.7% |
| 2016 | $13.90B | $7.32B | 52.6% |
| 2015 | $13.02B | $6.94B | 53.3% |
| 2014 | $15.30B | $6.61B | 43.2% |
| 2013 | $16.30B | $6.58B | 40.4% |
| 2012 | $15.73B | $6.53B | 41.5% |
| 2011 | $18.58B | $6.23B | 33.6% |
| 2010 | $9.94B | $6.09B | 61.2% |
| 2009 | $15.38B | $5.55B | 36.1% |
| 2008 | $16.54B | $8.54B | 51.6% |
| 2007 | $11.47B | $7.97B | 69.5% |
| 2006 | $15.54B | $6.92B | 44.5% |
| 2005 | $12.63B | $5.55B | 44.0% |
| 2004 | $13.74B | $5.08B | 37.0% |
| 2003 | $9.10B | $4.35B | 47.8% |
| 2002 | $8.43B | $3.17B | 37.6% |
| 2001 | $7.06B | $2.71B | 38.5% |
| 2000 | $4.00B | $2.20B | 54.9% |
| 1999 | $1.50B | $1.15B | 76.8% |
| 1998 | $1.73B | $976.00M | 56.4% |
| 1997 | $686.00M | $881.00M | 128.4% |
| 1996 | $1.29B | $771.00M | 59.6% |
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.
