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 31.01% is 34% below its 5-year average of 46.93%, near the low end of its 5-year range (20.80%–141.52%).
As of the fiscal period ended Tuesday, June 30, 2026. 66.56% below its 12-month average of 92.75%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
31.01%
FCF PAYOUT RATIO AVG TTM
92.75%
FCF PAYOUT RATIO AVG 3Y
50.34%
FCF PAYOUT RATIO AVG 5Y
46.93%
FCF PAYOUT RATIO AVG 10Y
54.69%
FCF PAYOUT RATIO AVG 15Y
46.44%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-66.56%
CURRENT VS 3Y AVG
-38.39%
CURRENT VS 5Y AVG
-33.91%
CURRENT VS 10Y AVG
-43.29%
CURRENT VS 15Y AVG
-33.22%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
31.0%
Earnings Payout Ratio
28.6%
Dividend Yield
1.96%
FCF Yield
6.23%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.73B | $1.92B | 70.4% |
| 2024 | $2.33B | $1.88B | 80.7% |
| 2023 | $4.61B | $1.88B | 40.8% |
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 | 31.01% |
| 2025-12-31 | 70.43% |
| 2025-09-30 | 141.52% |
| 2025-06-30 | 128.02% |
| 2025-03-31 | 64.29% |
| 2024-12-31 | 80.70% |
| 2024-09-30 | 58.42% |
| 2024-06-30 | 43.63% |
| 2024-03-31 | 63.02% |
| 2023-12-31 | 40.82% |
| 2023-09-30 | 26.52% |
| 2023-06-30 | 24.53% |
| 2023-03-31 | 21.62% |
| 2022-12-31 | 20.80% |
| 2022-09-30 | 30.08% |
| 2022-06-30 | 33.18% |
| 2022-03-31 | 32.01% |
| 2021-12-31 | 38.13% |
| 2021-09-30 | 51.02% |
| 2021-06-30 | 114.47% |
| 2020-06-30 | 481.52% |
| 2020-03-31 | 88.80% |
| 2019-12-31 | 167.91% |
| 2019-09-30 | 42.00% |
| 2019-06-30 | 56.40% |
| 2019-03-31 | 46.05% |
| 2018-12-31 | 29.10% |
| 2018-09-30 | 44.67% |
| 2018-06-30 | 41.24% |
| 2018-03-31 | 46.61% |
| 2017-12-31 | 76.82% |
| 2017-09-30 | 496.38% |
| 2017-06-30 | 289.44% |
| 2015-09-30 | 169.97% |
| 2014-09-30 | 358.80% |
| 2014-06-30 | 32.04% |
| 2014-03-31 | 26.04% |
| 2013-12-31 | 19.06% |
| 2013-09-30 | 16.75% |
| 2013-06-30 | 15.14% |
| 2013-03-31 | 9.56% |
| 2012-12-31 | 10.95% |
| 2012-09-30 | 2.76% |
| 2022 |
| $8.62B |
| $1.79B |
| 20.8% |
| 2021 | $4.16B | $1.58B | 38.1% |
| 2020 | ($809.00M) | $1.57B | N/A (Loss) |
| 2019 | $935.00M | $1.57B | 167.9% |
| 2018 | $4.93B | $1.44B | 29.1% |
| 2017 | $1.82B | $1.40B | 76.8% |
| 2016 | $119.00M | $1.28B | n/m |
| 2015 | ($51.00M) | $1.17B | N/A (Loss) |
| 2014 | ($244.00M) | $1.06B | N/A (Loss) |
| 2013 | $4.25B | $807.00M | 19.0% |
| 2012 | $2.58B | $5.54B | 215.0% |
| 2011 | $3.98B | $7.47B | 187.5% |
| 2010 | $942.00M | $1.41B | 149.8% |
| 2009 | ($1.51B) | $0 | 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.
