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 39.32% is 96% above its 5-year average of 20.07%, near the high end of its 5-year range (1.96%–40.85%).
As of the fiscal period ended Tuesday, June 30, 2026. 0.82% above its 12-month average of 39.00%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
39.32%
FCF PAYOUT RATIO AVG TTM
39.00%
FCF PAYOUT RATIO AVG 3Y
16.49%
FCF PAYOUT RATIO AVG 5Y
20.07%
FCF PAYOUT RATIO AVG 10Y
27.23%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+0.82%
CURRENT VS 3Y AVG
+138.37%
CURRENT VS 5Y AVG
+95.86%
CURRENT VS 10Y AVG
+44.37%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
39.3%
Earnings Payout Ratio
40.3%
Dividend Yield
1.03%
FCF Yield
4.71%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.12B | $1.25B | 40.0% |
| 2024 | $970.78M | $455.53M | 46.9% |
| 2023 | $935.68M | $362.73M | 38.8% |
| 2022 | $640.60M | $266.97M | 41.7% |
| 2021 | $621.06M | $182.25M | 29.3% |
| 2020 | $157.85M | $254.21M | 161.0% |
| 2019 | $1.07B | $216.21M | 20.2% |
| 2018 | $338.43M | $152.32M | 45.0% |
| 2017 | $325.80M | $144.04M | 44.2% |
| 2016 | $697.63M | $91.40M | 13.1% |
| 2015 | $381.65M | $0 | 0.0% |
| 2014 | $116.24M | $0 | 0.0% |
| 2013 | $252.29M | $0 | 0.0% |
| 2012 | $269.19M | $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.
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 | 39.32% |
| 2026-03-31 | 38.69% |
| 2025-12-31 | 40.85% |
| 2025-09-30 | 38.22% |
| 2025-06-30 | 37.92% |
| 2025-03-31 | 1.96% |
| 2024-12-31 | 2.54% |
| 2024-09-30 | 2.47% |
| 2024-06-30 | 2.41% |
| 2024-03-31 | 2.27% |
| 2023-12-31 | 2.45% |
| 2023-09-30 | 2.73% |
| 2023-06-30 | 2.59% |
| 2023-03-31 | 36.99% |
| 2022-12-31 | 34.62% |
| 2022-09-30 | 34.01% |
| 2022-06-30 | 27.88% |
| 2022-03-31 | 18.46% |
| 2021-12-31 | 19.72% |
| 2021-09-30 | 16.22% |
| 2021-06-30 | 19.22% |
| 2021-03-31 | 36.29% |
| 2020-12-31 | 40.92% |
| 2020-09-30 | 49.63% |
| 2020-06-30 | 53.68% |
| 2020-03-31 | 31.48% |
| 2019-12-31 | 27.30% |
| 2019-09-30 | 33.86% |
| 2019-06-30 | 35.28% |
| 2019-03-31 | 29.96% |
| 2018-12-31 | 44.60% |
| 2018-09-30 | 56.89% |
| 2018-06-30 | 46.12% |
| 2018-03-31 | 39.50% |
| 2017-12-31 | 44.13% |
| 2017-09-30 | 21.32% |
| 2017-06-30 | 19.37% |
| 2017-03-31 | 12.99% |
| 2016-12-31 | 13.39% |
| 2016-09-30 | 22.57% |
| 2016-06-30 | 35.75% |
