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 41.46% is 59% above its 5-year average of 26.00%, near the high end of its 5-year range (20.09%–41.46%).
As of the fiscal period ended Tuesday, June 30, 2026. 43.07% above its 12-month average of 28.98%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
41.46%
FCF PAYOUT RATIO AVG TTM
28.98%
FCF PAYOUT RATIO AVG 3Y
26.04%
FCF PAYOUT RATIO AVG 5Y
26.00%
FCF PAYOUT RATIO AVG 10Y
26.97%
FCF PAYOUT RATIO AVG 15Y
25.88%
FCF PAYOUT RATIO AVG 20Y
23.62%
CURRENT VS TTM AVG
+43.07%
CURRENT VS 3Y AVG
+59.20%
CURRENT VS 5Y AVG
+59.43%
CURRENT VS 10Y AVG
+53.75%
CURRENT VS 15Y AVG
+60.17%
CURRENT VS 20Y AVG
+75.51%
FCF Payout Ratio TTM
41.5%
Earnings Payout Ratio
26.7%
Dividend Yield
0.79%
FCF Yield
3.17%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $3.90B | $936.00M | 24.0% |
| 2025 | $3.34B | $861.00M | 25.8% |
| 2024 | $2.98B | $782.05M | 26.2% |
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 | 41.46% |
| 2026-03-31 | 24.84% |
| 2025-12-31 | 26.86% |
| 2025-09-30 | 25.97% |
| 2025-06-30 | 25.77% |
| 2025-03-31 | 26.90% |
| 2024-12-31 | 24.89% |
| 2024-09-30 | 26.02% |
| 2024-06-30 | 26.21% |
| 2024-03-31 | 25.93% |
| 2023-12-31 | 26.00% |
| 2023-09-30 | 26.04% |
| 2023-06-30 | 27.09% |
| 2023-03-31 | 29.22% |
| 2022-12-31 | 29.36% |
| 2022-09-30 | 27.52% |
| 2022-06-30 | 25.77% |
| 2022-03-31 | 26.47% |
| 2021-12-31 | 25.63% |
| 2021-09-30 | 24.17% |
| 2021-06-30 | 20.09% |
| 2021-03-31 | 18.38% |
| 2020-12-31 | 18.98% |
| 2020-09-30 | 21.27% |
| 2020-06-30 | 24.69% |
| 2020-03-31 | 26.76% |
| 2019-12-31 | 24.45% |
| 2019-09-30 | 23.39% |
| 2019-06-30 | 26.87% |
| 2019-03-31 | 25.16% |
| 2018-12-31 | 26.26% |
| 2018-09-30 | 28.91% |
| 2018-06-30 | 27.08% |
| 2018-03-31 | 30.35% |
| 2017-12-31 | 32.71% |
| 2017-09-30 | 29.65% |
| 2017-06-30 | 31.43% |
| 2017-03-31 | 31.29% |
| 2016-12-31 | 31.15% |
| 2016-09-30 | 29.79% |
| 2016-06-30 | 32.77% |
| 2016-03-31 | 32.92% |
| 2015-12-31 | 36.76% |
| 2015-09-30 | 41.18% |
| 2015-06-30 | 31.33% |
| 2015-03-31 | 28.09% |
| 2014-12-31 | 26.30% |
| 2014-09-30 | 24.53% |
| 2014-06-30 | 23.75% |
| 2014-03-31 | 25.58% |
| 2013-12-31 | 23.24% |
| 2013-09-30 | 21.14% |
| 2013-06-30 | 27.57% |
| 2013-03-31 | 25.91% |
| 2012-12-31 | 23.28% |
| 2012-09-30 | 24.84% |
| 2012-06-30 | 18.35% |
| 2012-03-31 | 20.66% |
| 2011-12-31 | 20.77% |
| 2011-09-30 | 19.52% |
| 2011-06-30 | 21.48% |
| 2011-03-31 | 18.85% |
| 2010-12-31 | 20.56% |
| 2010-09-30 | 17.88% |
| 2010-06-30 | 14.94% |
| 2010-03-31 | 14.38% |
| 2009-12-31 | 14.17% |
| 2009-09-30 | 18.27% |
| 2009-06-30 | 18.82% |
| 2009-03-31 | 18.42% |
| 2008-12-31 | 15.94% |
| 2008-09-30 | 14.21% |
| 2008-06-30 | 13.73% |
| 2008-03-31 | 13.30% |
| 2007-12-31 | 15.00% |
| 2007-09-30 | 14.51% |
| 2007-06-30 | 16.91% |
| 2007-03-31 | 17.96% |
| 2006-12-31 | 18.31% |
| 2006-09-30 | 17.47% |
| 2006-06-30 | 14.49% |
| 2006-03-31 | 14.11% |
| 2005-12-31 | 13.88% |
| 2005-09-30 | 13.47% |
| 2005-06-30 | 13.63% |
| 2005-03-31 | 18.05% |
| 2004-12-31 | 19.46% |
| 2004-09-30 | 17.08% |
| 2004-06-30 | 17.43% |
| 2004-03-31 | 15.36% |
| 2003-12-31 | 16.86% |
| 2003-09-30 | 21.78% |
| 2003-06-30 | 21.50% |
| 2023 |
| $2.60B |
| $704.05M |
| 27.1% |
| 2022 | $2.21B | $569.86M | 25.8% |
| 2021 | $2.37B | $475.17M | 20.1% |
| 2020 | $1.84B | $453.84M | 24.7% |
| 2019 | $1.54B | $412.47M | 26.9% |
| 2018 | $1.35B | $365.29M | 27.1% |
| 2017 | $1.10B | $345.38M | 31.5% |
| 2016 | $1.06B | $341.96M | 32.2% |
| 2015 | $1.15B | $340.39M | 29.7% |
| 2014 | $1.17B | $278.24M | 23.8% |
| 2013 | $925.04M | $255.01M | 27.6% |
| 2012 | $1.31B | $240.65M | 18.3% |
| 2011 | $959.64M | $206.08M | 21.5% |
| 2010 | $1.09B | $162.74M | 14.9% |
| 2009 | $858.46M | $161.57M | 18.8% |
| 2008 | $1.04B | $142.26M | 13.7% |
| 2007 | $717.18M | $121.26M | 16.9% |
| 2006 | $756.53M | $109.64M | 14.5% |
| 2005 | $698.60M | $92.61M | 13.3% |
| 2004 | $524.11M | $89.29M | 17.0% |
| 2003 | $398.98M | $85.83M | 21.5% |
| 2002 | $424.48M | $82.84M | 19.5% |
| 2001 | $197.42M | $79.92M | 40.5% |
| 2000 | $307.56M | $74.96M | 24.4% |
| 1999 | $139.10M | $69.50M | 50.0% |
| 1998 | ($149.30M) | $66.50M | N/A (Loss) |
| 1997 | $171.60M | $56.60M | 33.0% |
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.
