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 30.56% is 16% below its 5-year average of 36.47%, near the low end of its 5-year range (28.90%–49.68%).
As of the fiscal period ended Sunday, March 29, 2026. 1.21% below its 12-month average of 30.93%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
30.56%
FCF PAYOUT RATIO AVG TTM
30.93%
FCF PAYOUT RATIO AVG 3Y
31.44%
FCF PAYOUT RATIO AVG 5Y
36.47%
FCF PAYOUT RATIO AVG 10Y
46.80%
FCF PAYOUT RATIO AVG 15Y
43.33%
FCF PAYOUT RATIO AVG 20Y
35.22%
CURRENT VS TTM AVG
-1.21%
CURRENT VS 3Y AVG
-2.80%
CURRENT VS 5Y AVG
-16.21%
CURRENT VS 10Y AVG
-34.71%
CURRENT VS 15Y AVG
-29.48%
CURRENT VS 20Y AVG
-13.25%
FCF Payout Ratio TTM
30.6%
Earnings Payout Ratio
71.0%
Dividend Yield
2.15%
FCF Yield
6.98%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $12.82B | $3.81B | 29.7% |
| 2024 | $11.16B | $3.69B | 33.0% |
| 2023 | $9.85B | $3.46B | 35.2% |
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 |
|---|---|
| 2026-03-29 | 30.56% |
| 2025-12-28 | 29.49% |
| 2025-09-28 | 29.68% |
| 2025-06-29 | 32.66% |
| 2025-03-30 | 32.27% |
| 2024-12-29 | 29.32% |
| 2024-09-30 | 33.03% |
| 2024-06-23 | 28.90% |
| 2024-03-24 | 29.18% |
| 2023-12-24 | 35.55% |
| 2023-09-30 | 35.15% |
| 2023-06-25 | 49.68% |
| 2023-03-26 | 49.01% |
| 2022-12-25 | 40.82% |
| 2022-09-30 | 47.00% |
| 2022-06-26 | 47.07% |
| 2022-03-27 | 42.59% |
| 2021-12-26 | 40.91% |
| 2021-09-30 | 34.78% |
| 2021-06-27 | 31.66% |
| 2021-03-28 | 36.84% |
| 2020-12-27 | 46.27% |
| 2020-09-30 | 65.40% |
| 2020-06-28 | 72.86% |
| 2020-03-29 | 40.40% |
| 2019-12-29 | 41.73% |
| 2019-09-30 | 46.38% |
| 2019-06-30 | 63.81% |
| 2019-03-31 | 158.25% |
| 2018-12-30 | 189.54% |
| 2018-09-30 | 111.41% |
| 2018-06-24 | 58.71% |
| 2018-03-25 | 85.92% |
| 2017-12-24 | 77.22% |
| 2017-09-30 | 81.24% |
| 2017-06-25 | 84.43% |
| 2017-03-26 | 56.08% |
| 2016-12-25 | 55.58% |
| 2016-09-30 | 43.58% |
| 2016-06-26 | 45.80% |
| 2016-03-27 | 45.11% |
| 2015-12-27 | 57.86% |
| 2015-09-30 | 63.83% |
| 2015-06-28 | 64.70% |
| 2015-03-29 | 54.12% |
| 2014-12-28 | 37.20% |
| 2014-09-30 | 33.59% |
| 2014-06-29 | 28.86% |
| 2014-03-30 | 30.33% |
| 2013-12-29 | 25.99% |
| 2013-09-30 | 26.58% |
| 2013-06-30 | 28.54% |
| 2013-03-31 | 31.86% |
| 2012-12-30 | 32.58% |
| 2012-09-30 | 33.60% |
| 2012-06-24 | 29.31% |
| 2012-03-25 | 25.42% |
| 2011-12-25 | 24.20% |
| 2011-09-30 | 31.25% |
| 2011-06-26 | 33.20% |
| 2011-03-27 | 33.71% |
| 2010-12-26 | 45.00% |
| 2010-09-30 | 30.37% |
| 2010-06-27 | 30.02% |
| 2010-03-28 | 28.55% |
| 2009-12-27 | 32.06% |
| 2009-09-30 | 17.05% |
| 2009-06-28 | 18.52% |
| 2009-03-29 | 20.86% |
| 2008-12-28 | 11.27% |
| 2008-09-30 | 24.39% |
| 2008-06-29 | 20.63% |
| 2008-03-30 | 15.33% |
| 2007-12-30 | 14.15% |
| 2007-09-30 | 15.50% |
| 2007-07-01 | 14.30% |
| 2007-04-01 | 14.17% |
| 2006-12-31 | 15.08% |
| 2006-09-30 | 15.58% |
| 2006-06-25 | 13.68% |
| 2006-03-26 | 12.87% |
| 2005-12-25 | 12.87% |
| 2005-09-30 | 13.93% |
| 2005-06-26 | 13.46% |
| 2005-03-27 | 10.07% |
| 2004-12-26 | 12.93% |
| 2004-09-30 | 14.42% |
| 2004-06-27 | 12.65% |
| 2004-03-28 | 8.88% |
| 2003-12-28 | 6.61% |
| 2003-09-30 | 3.61% |
| 2022 |
| $6.83B |
| $3.21B |
| 47.0% |
| 2021 | $8.65B | $3.01B | 34.8% |
| 2020 | $4.41B | $2.88B | 65.4% |
| 2019 | $6.40B | $2.97B | 46.4% |
| 2018 | $3.11B | $3.47B | 111.4% |
| 2017 | $4.00B | $3.25B | 81.2% |
| 2016 | $6.86B | $2.99B | 43.6% |
| 2015 | $4.51B | $2.88B | 63.8% |
| 2014 | $7.70B | $2.59B | 33.6% |
| 2013 | $7.73B | $2.06B | 26.6% |
| 2012 | $4.71B | $1.58B | 33.6% |
| 2011 | $4.31B | $1.35B | 31.3% |
| 2010 | $3.65B | $1.18B | 32.2% |
| 2009 | $6.41B | $1.09B | 17.0% |
| 2008 | $2.16B | $982.00M | 45.4% |
| 2007 | $2.99B | $862.00M | 28.8% |
| 2006 | $2.57B | $698.00M | 27.2% |
| 2005 | $2.11B | $524.00M | 24.8% |
| 2004 | $2.14B | $308.00M | 14.4% |
| 2003 | $1.54B | $134.78M | 8.7% |
| 2002 | $826.39M | $0 | 0.0% |
| 2001 | $577.30M | $0 | 0.0% |
| 2000 | $648.93M | $0 | 0.0% |
| 1999 | $2.00M | $0 | 0.0% |
| 1998 | ($346.23M) | $0 | N/A (Loss) |
| 1997 | ($191.74M) | $0 | N/A (Loss) |
| 1996 | ($286.40M) | $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.
