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 47.80% is in line with its 5-year average of 53.00%, near the low end of its 5-year range (42.62%–66.47%).
As of the fiscal period ended Tuesday, June 30, 2026. 5.29% above its 12-month average of 45.40%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
47.80%
FCF PAYOUT RATIO AVG TTM
45.40%
FCF PAYOUT RATIO AVG 3Y
53.46%
FCF PAYOUT RATIO AVG 5Y
53.00%
FCF PAYOUT RATIO AVG 10Y
52.87%
FCF PAYOUT RATIO AVG 15Y
51.61%
FCF PAYOUT RATIO AVG 20Y
48.05%
CURRENT VS TTM AVG
+5.29%
CURRENT VS 3Y AVG
-10.59%
CURRENT VS 5Y AVG
-9.82%
CURRENT VS 10Y AVG
-9.59%
CURRENT VS 15Y AVG
-7.38%
CURRENT VS 20Y AVG
-0.52%
FCF Payout Ratio TTM
47.8%
Earnings Payout Ratio
60.8%
Dividend Yield
2.75%
FCF Yield
4.69%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $16.96B | $10.10B | 59.5% |
| 2024 | $16.61B | $8.42B | 50.7% |
| 2023 | $13.59B | $9.01B | 66.3% |
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 | 47.80% |
| 2025-12-31 | 42.62% |
| 2025-06-30 | 45.78% |
| 2024-12-31 | 57.00% |
| 2024-06-30 | 66.47% |
| 2023-12-31 | 61.96% |
| 2023-06-30 | 52.60% |
| 2022-12-31 | 52.13% |
| 2022-06-30 | 48.15% |
| 2021-12-31 | 55.20% |
| 2021-06-30 | 53.34% |
| 2020-12-31 | 50.15% |
| 2020-06-30 | 48.75% |
| 2019-12-31 | 42.40% |
| 2019-06-30 | 47.01% |
| 2018-12-31 | 46.42% |
| 2018-06-30 | 51.26% |
| 2017-12-31 | 55.66% |
| 2017-06-30 | 59.66% |
| 2016-12-31 | 62.79% |
| 2016-06-30 | 63.08% |
| 2015-12-31 | 57.05% |
| 2015-06-30 | 54.08% |
| 2014-12-31 | 49.60% |
| 2014-06-30 | 48.01% |
| 2013-12-31 | 33.69% |
| 2013-06-30 | 48.52% |
| 2012-12-31 | 36.30% |
| 2012-06-30 | 49.93% |
| 2011-12-31 | 50.06% |
| 2011-06-30 | 44.41% |
| 2010-12-31 | 38.86% |
| 2010-06-30 | 38.26% |
| 2009-12-31 | 37.96% |
| 2009-06-30 | 40.78% |
| 2008-12-31 | 44.72% |
| 2008-06-30 | 42.41% |
| 2007-12-31 | 39.37% |
| 2007-06-30 | 36.84% |
| 2006-12-31 | 34.05% |
| 2006-06-30 | 34.93% |
| 2005-12-31 | 35.80% |
| 2005-06-30 | 38.24% |
| 2004-12-31 | 40.07% |
| 2004-06-30 | 55.45% |
| 2004-01-31 | 93.84% |
| 2003-06-30 | 134.73% |
| 2002-12-31 | 263.01% |
| 2002-06-30 | 125.80% |
| 2001-12-31 | 82.23% |
| 2001-06-30 | 133.17% |
| 2000-12-31 | 400.62% |
| 1999-06-30 | 454.13% |
| 2022 |
| $14.42B |
| $8.05B |
| 55.8% |
| 2021 | $17.56B | $8.52B | 48.5% |
| 2020 | $12.96B | $8.70B | 67.1% |
| 2019 | $19.49B | $7.69B | 39.5% |
| 2018 | $16.17B | $7.36B | 45.5% |
| 2017 | $14.89B | $7.32B | 49.2% |
| 2016 | $10.65B | $6.91B | 64.8% |
| 2015 | $11.75B | $6.93B | 59.0% |
| 2014 | $13.03B | $6.75B | 51.8% |
| 2013 | $14.91B | $6.98B | 46.8% |
| 2012 | $14.02B | $6.43B | 45.9% |
| 2011 | $11.44B | $6.11B | 53.4% |
| 2010 | $12.10B | $5.62B | 46.5% |
| 2009 | $13.19B | $4.25B | 32.2% |
| 2008 | $8.06B | $3.79B | 47.0% |
| 2007 | $6.40B | $2.67B | 41.7% |
| 2006 | $5.06B | $1.85B | 36.6% |
| 2005 | $4.80B | $1.51B | 31.4% |
| 2004 | $4.21B | $1.73B | 41.1% |
| 2003 | $3.85B | $1.41B | 36.7% |
| 2002 | ($837.09M) | $1.30B | N/A (Loss) |
| 2001 | $1.76B | $1.14B | 64.5% |
| 2000 | $938.07M | $1.08B | 114.7% |
| 1999 | ($430.60M) | $901.38M | N/A (Loss) |
| 1998 | $971.41M | $1.10B | 113.7% |
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.
