Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
The FCF payout ratio is 77.24% as of the fiscal period ended Tuesday, March 31, 2026.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
77.24%
FCF PAYOUT RATIO AVG TTM
74.04%
FCF PAYOUT RATIO AVG 3Y
72.93%
FCF PAYOUT RATIO AVG 5Y
71.10%
FCF PAYOUT RATIO AVG 10Y
67.80%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+4.32%
CURRENT VS 3Y AVG
+5.90%
CURRENT VS 5Y AVG
+8.63%
CURRENT VS 10Y AVG
+13.91%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
77.2%
Earnings Payout Ratio
116.5%
Dividend Yield
2.82%
FCF Yield
3.53%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.01B | $3.76B | 75.2% |
| 2024 | $4.91B | $3.57B | 72.7% |
| 2023 | $5.37B | $3.23B | 60.1% |
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 | 77.24% |
| 2025-12-31 | 75.17% |
| 2025-09-30 | 71.65% |
| 2025-06-30 | 70.90% |
| 2025-03-31 | 75.23% |
| 2024-12-31 | 78.13% |
| 2024-09-30 | 86.19% |
| 2024-06-30 | 77.37% |
| 2024-03-31 | 72.26% |
| 2023-12-31 | 68.97% |
| 2023-09-30 | 61.22% |
| 2023-06-30 | 66.36% |
| 2023-03-31 | 67.43% |
| 2022-12-31 | 66.58% |
| 2022-09-30 | 70.42% |
| 2022-06-30 | 75.85% |
| 2022-03-31 | 75.25% |
| 2021-12-31 | 68.70% |
| 2021-09-30 | 69.77% |
| 2021-06-30 | 61.19% |
| 2021-03-31 | 57.25% |
| 2020-12-31 | 63.21% |
| 2020-09-30 | 59.49% |
| 2020-06-30 | 63.84% |
| 2020-03-31 | 64.39% |
| 2019-12-31 | 59.44% |
| 2019-09-30 | 60.29% |
| 2019-06-30 | 62.96% |
| 2019-03-31 | 61.65% |
| 2018-12-31 | 62.29% |
| 2018-09-30 | 67.69% |
| 2018-06-30 | 60.13% |
| 2018-03-31 | 60.96% |
| 2017-12-31 | 59.80% |
| 2017-09-30 | 55.56% |
| 2017-06-30 | 62.29% |
| 2017-03-31 | 64.63% |
| 2016-12-31 | 67.93% |
| 2016-09-30 | 72.69% |
| 2016-06-30 | 79.11% |
| 2016-03-31 | 78.51% |
| 2015-12-31 | 91.44% |
| 2015-09-30 | 92.85% |
| 2015-06-30 | 107.11% |
| 2015-03-31 | 110.04% |
| 2014-12-31 | 107.39% |
| 2014-09-30 | 121.85% |
| 2014-06-30 | 120.73% |
| 2014-03-31 | 171.43% |
| 2013-12-31 | 142.62% |
| 2013-09-30 | 171.49% |
| 2013-06-30 | 520.07% |
| 2022 |
| $3.58B |
| $2.49B |
| 69.8% |
| 2021 | $2.50B | $1.87B | 75.0% |
| 2020 | $1.69B | $1.72B | 102.0% |
| 2019 | $1.94B | $1.35B | 69.3% |
| 2018 | $887.86M | $1.12B | 126.5% |
| 2017 | $1.58B | $942.88M | 59.8% |
| 2016 | $1.32B | $893.46M | 67.9% |
| 2015 | $880.06M | $804.70M | 91.4% |
| 2014 | $625.92M | $672.19M | 107.4% |
| 2013 | $402.38M | $573.85M | 142.6% |
| 2012 | $382.88M | $567.83M | 148.3% |
| 2011 | ($874.43M) | $414.10M | N/A (Loss) |
| 2010 | ($20.16M) | $306.07M | N/A (Loss) |
| 2009 | ($160.07M) | $143.17M | N/A (Loss) |
| 2008 | ($915.35M) | $286.48M | N/A (Loss) |
| 2007 | ($1.12B) | $349.47M | N/A (Loss) |
| 2006 | ($1.15B) | $174.27M | N/A (Loss) |
| 2005 | ($790.83M) | $154.07M | N/A (Loss) |
| 2004 | ($701.82M) | $145.95M | N/A (Loss) |
| 2003 | ($489.60M) | $152.24M | N/A (Loss) |
| 2002 | ($274.29M) | $112.08M | N/A (Loss) |
| 2001 | ($336.14M) | $141.98M | N/A (Loss) |
| 2000 | ($537.80M) | $130.68M | N/A (Loss) |
| 1999 | ($389.43M) | $160.57M | N/A (Loss) |
| 1998 | ($387.12M) | $114.70M | N/A (Loss) |
| 1997 | ($214.59M) | $16.40M | 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.
