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 63.97% is in line with its 5-year average of 67.03%, around the middle of its 5-year range (52.26%–86.34%).
As of the fiscal period ended Tuesday, March 31, 2026. 7.15% below its 12-month average of 68.89%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
63.97%
FCF PAYOUT RATIO AVG TTM
68.89%
FCF PAYOUT RATIO AVG 3Y
65.48%
FCF PAYOUT RATIO AVG 5Y
67.03%
FCF PAYOUT RATIO AVG 10Y
54.98%
FCF PAYOUT RATIO AVG 15Y
53.92%
FCF PAYOUT RATIO AVG 20Y
57.37%
CURRENT VS TTM AVG
-7.15%
CURRENT VS 3Y AVG
-2.30%
CURRENT VS 5Y AVG
-4.56%
CURRENT VS 10Y AVG
+16.35%
CURRENT VS 15Y AVG
+18.65%
CURRENT VS 20Y AVG
+11.51%
FCF Payout Ratio TTM
64.0%
Earnings Payout Ratio
61.0%
Dividend Yield
2.05%
FCF Yield
3.08%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $728.60M | $449.60M | 61.7% |
| 2024 | $521.50M | $448.80M | 86.1% |
| 2023 | $845.40M | $448.90M | 53.1% |
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 |
|---|---|
| 2026-03-31 | 63.97% |
| 2025-12-31 | 61.71% |
| 2025-09-30 | 61.98% |
| 2025-06-30 | 71.84% |
| 2025-03-31 | 84.98% |
| 2024-12-31 | 86.34% |
| 2024-09-30 | 76.03% |
| 2024-06-30 | 68.08% |
| 2024-03-31 | 52.26% |
| 2023-12-31 | 53.16% |
| 2023-09-30 | 55.00% |
| 2023-06-30 | 55.47% |
| 2023-03-31 | 60.38% |
| 2022-12-31 | 62.66% |
| 2022-09-30 | 61.48% |
| 2022-06-30 | 70.84% |
| 2022-03-31 | 76.55% |
| 2021-12-31 | 77.67% |
| 2021-09-30 | 81.66% |
| 2021-06-30 | 67.59% |
| 2021-03-31 | 57.91% |
| 2020-12-31 | 48.99% |
| 2020-09-30 | 42.67% |
| 2020-06-30 | 39.74% |
| 2020-03-31 | 36.58% |
| 2019-12-31 | 36.97% |
| 2019-09-30 | 36.73% |
| 2019-06-30 | 40.52% |
| 2019-03-31 | 40.99% |
| 2018-12-31 | 42.64% |
| 2018-09-30 | 43.13% |
| 2018-06-30 | 45.15% |
| 2018-03-31 | 47.40% |
| 2017-12-31 | 46.31% |
| 2017-09-30 | 49.10% |
| 2017-06-30 | 43.91% |
| 2017-03-31 | 44.92% |
| 2016-12-31 | 41.01% |
| 2016-09-30 | 40.11% |
| 2016-06-30 | 39.68% |
| 2016-03-31 | 40.21% |
| 2015-12-31 | 44.81% |
| 2015-09-30 | 55.21% |
| 2015-06-30 | 58.90% |
| 2015-03-31 | 58.28% |
| 2014-12-31 | 49.82% |
| 2014-09-30 | 40.75% |
| 2014-06-30 | 43.93% |
| 2014-03-31 | 36.78% |
| 2013-12-31 | 29.20% |
| 2013-09-30 | 29.07% |
| 2013-06-30 | 26.14% |
| 2013-03-31 | 28.42% |
| 2012-12-31 | 42.75% |
| 2012-09-30 | 47.55% |
| 2012-06-30 | 71.70% |
| 2012-03-31 | 149.31% |
| 2011-12-31 | 145.49% |
| 2011-09-30 | 103.85% |
| 2011-06-30 | 76.33% |
| 2011-03-31 | 83.29% |
| 2010-12-31 | 228.10% |
| 2010-09-30 | 197.12% |
| 2010-06-30 | 110.20% |
| 2010-03-31 | 51.62% |
| 2009-12-31 | 40.06% |
| 2009-09-30 | 47.87% |
| 2009-06-30 | 60.02% |
| 2009-03-31 | 83.29% |
| 2008-12-31 | 91.72% |
| 2008-09-30 | 76.90% |
| 2008-06-30 | 80.18% |
| 2008-03-31 | 58.06% |
| 2007-12-31 | 56.26% |
| 2007-09-30 | 57.85% |
| 2007-06-30 | 50.50% |
| 2007-03-31 | 57.35% |
| 2006-12-31 | 66.32% |
| 2006-09-30 | 76.29% |
| 2006-06-30 | 81.18% |
| 2006-03-31 | 90.70% |
| 2005-12-31 | 82.50% |
| 2005-09-30 | 58.96% |
| 2005-06-30 | 52.61% |
| 2005-03-31 | 55.76% |
| 2004-12-31 | 61.93% |
| 2004-09-30 | 54.43% |
| 2004-06-30 | 34.58% |
| 2004-03-31 | 18.57% |
| 2022 |
| $670.80M |
| $420.30M |
| 62.7% |
| 2021 | $489.00M | $379.80M | 77.7% |
| 2020 | $611.60M | $299.60M | 49.0% |
| 2019 | $807.90M | $298.70M | 37.0% |
| 2018 | $628.70M | $268.10M | 42.6% |
| 2017 | $513.10M | $237.60M | 46.3% |
| 2016 | $526.90M | $216.10M | 41.0% |
| 2015 | $448.10M | $200.80M | 44.8% |
| 2014 | $315.90M | $157.40M | 49.8% |
| 2013 | $373.78M | $109.14M | 29.2% |
| 2012 | $275.68M | $117.85M | 42.7% |
| 2011 | $52.25M | $76.01M | 145.5% |
| 2010 | $27.09M | $61.80M | 228.1% |
| 2009 | $191.93M | $76.90M | 40.1% |
| 2008 | $136.35M | $125.06M | 91.7% |
| 2007 | $186.70M | $105.05M | 56.3% |
| 2006 | $158.41M | $105.05M | 66.3% |
| 2005 | $117.42M | $96.87M | 82.5% |
| 2004 | $106.73M | $29.29M | 27.4% |
| 2003 | $131.66M | $0 | 0.0% |
| 2002 | $132.61M | $0 | 0.0% |
| 2001 | $182.27M | $0 | 0.0% |
| 2000 | $205.31M | $0 | 0.0% |
| 1999 | $160.20M | $0 | 0.0% |
| 1998 | $92.00M | $0 | 0.0% |
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.
