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 120.71% is 25% above its 5-year average of 96.48%, near the high end of its 5-year range (60.04%–122.06%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.60% above its 12-month average of 116.51%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
120.71%
FCF PAYOUT RATIO AVG TTM
116.51%
FCF PAYOUT RATIO AVG 3Y
108.29%
FCF PAYOUT RATIO AVG 5Y
96.48%
FCF PAYOUT RATIO AVG 10Y
84.81%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+3.60%
CURRENT VS 3Y AVG
+11.47%
CURRENT VS 5Y AVG
+25.11%
CURRENT VS 10Y AVG
+42.32%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
120.7%
Earnings Payout Ratio
24.1%
Dividend Yield
1.47%
FCF Yield
6.62%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.82B | $6.16B | 127.7% |
| 2024 | $5.98B | $7.03B | 117.5% |
| 2023 | $8.07B | $6.47B | 80.1% |
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 |
|---|---|
| 2026-06-30 | 120.71% |
| 2025-12-31 | 122.06% |
| 2025-06-30 | 106.77% |
| 2024-12-31 | 93.06% |
| 2024-06-30 | 105.71% |
| 2023-12-31 | 99.82% |
| 2023-06-30 | 109.89% |
| 2022-12-31 | 94.20% |
| 2022-06-30 | 75.85% |
| 2021-12-31 | 73.18% |
| 2021-06-30 | 60.04% |
| 2020-12-31 | 82.00% |
| 2020-06-30 | 97.90% |
| 2019-12-31 | 96.97% |
| 2019-06-30 | 92.82% |
| 2018-12-31 | 60.82% |
| 2018-06-30 | 52.13% |
| 2017-12-31 | 46.95% |
| 2017-05-31 | 54.07% |
| 2016-12-31 | 67.00% |
| 2016-06-30 | 69.13% |
| 2015-12-31 | 71.95% |
| 2015-06-30 | 64.43% |
| 2014-12-31 | 85.75% |
| 2022 |
| $9.38B |
| $11.73B |
| 125.0% |
| 2021 | $17.96B | $15.36B | 85.5% |
| 2020 | $9.69B | $6.13B | 63.3% |
| 2019 | $9.42B | $10.33B | 109.7% |
| 2018 | $6.39B | $5.36B | 83.8% |
| 2017 | $9.40B | $4.25B | 45.2% |
| 2016 | $5.45B | $2.73B | 50.0% |
| 2015 | $4.70B | $4.08B | 86.8% |
| 2014 | $6.12B | $3.71B | 60.6% |
| 2013 | $2.08B | $3.32B | 159.9% |
| 2012 | ($8.09B) | $3.04B | N/A (Loss) |
| 2011 | $7.70B | $2.24B | 29.1% |
| 2010 | $13.69B | $1.75B | 12.8% |
| 2009 | $3.82B | $876.00M | 22.9% |
| 2008 | $5.08B | $1.93B | 38.0% |
| 2007 | $3.63B | $1.51B | 41.5% |
| 2006 | $4.03B | $2.57B | 63.8% |
| 2005 | $4.12B | $1.14B | 27.7% |
| 2004 | $2.85B | $906.00M | 31.8% |
| 2003 | ($74.90M) | $833.00M | N/A (Loss) |
| 2002 | $1.42B | $948.47M | 66.6% |
| 2001 | $1.02B | $803.00M | 78.7% |
| 2000 | $1.24B | $0 | 0.0% |
| 1999 | $1.12B | $0 | 0.0% |
| 1998 | $640.72M | $0 | 0.0% |
| 1997 | ($140.80M) | $0 | N/A (Loss) |
| 1996 | ($676.44M) | $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.
