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 55.63% is in line with its 5-year average of 52.92%, around the middle of its 5-year range (44.09%–63.79%).
As of the fiscal period ended Tuesday, June 30, 2026. 8.28% above its 12-month average of 51.38%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
55.63%
FCF PAYOUT RATIO AVG TTM
51.38%
FCF PAYOUT RATIO AVG 3Y
52.21%
FCF PAYOUT RATIO AVG 5Y
52.31%
FCF PAYOUT RATIO AVG 10Y
54.39%
FCF PAYOUT RATIO AVG 15Y
51.90%
FCF PAYOUT RATIO AVG 20Y
45.46%
CURRENT VS TTM AVG
+8.28%
CURRENT VS 3Y AVG
+6.57%
CURRENT VS 5Y AVG
+6.36%
CURRENT VS 10Y AVG
+2.29%
CURRENT VS 15Y AVG
+7.20%
CURRENT VS 20Y AVG
+22.37%
FCF Payout Ratio TTM
55.6%
Earnings Payout Ratio
65.4%
Dividend Yield
1.89%
FCF Yield
3.41%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $650.02M | $327.90M | 50.4% |
| 2024 | $580.08M | $297.99M | 51.4% |
| 2023 | $495.90M | $264.35M | 53.3% |
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 | 55.63% |
| 2026-03-31 | 54.07% |
| 2025-12-31 | 50.44% |
| 2025-09-30 | 47.33% |
| 2025-06-30 | 49.43% |
| 2025-03-31 | 50.89% |
| 2024-12-31 | 51.37% |
| 2024-09-30 | 54.02% |
| 2024-06-30 | 54.26% |
| 2024-03-31 | 52.17% |
| 2023-12-31 | 53.31% |
| 2023-09-30 | 54.43% |
| 2023-06-30 | 51.30% |
| 2023-03-31 | 50.45% |
| 2022-12-31 | 48.61% |
| 2022-09-30 | 56.97% |
| 2022-06-30 | 61.85% |
| 2022-03-31 | 63.79% |
| 2021-12-31 | 55.70% |
| 2021-09-30 | 51.13% |
| 2021-06-30 | 44.09% |
| 2021-03-31 | 36.58% |
| 2020-12-31 | 38.90% |
| 2020-09-30 | 36.22% |
| 2020-06-30 | 39.56% |
| 2020-03-31 | 50.39% |
| 2019-12-31 | 54.54% |
| 2019-09-30 | 59.25% |
| 2019-06-30 | 60.19% |
| 2019-03-31 | 63.97% |
| 2018-12-31 | 58.95% |
| 2018-09-30 | 59.67% |
| 2018-06-30 | 60.95% |
| 2018-03-31 | 56.77% |
| 2017-12-31 | 57.91% |
| 2017-09-30 | 50.59% |
| 2017-06-30 | 51.17% |
| 2017-03-31 | 52.52% |
| 2016-12-31 | 56.35% |
| 2016-09-30 | 60.70% |
| 2016-06-30 | 62.08% |
| 2016-03-31 | 62.62% |
| 2015-12-31 | 58.49% |
| 2015-09-30 | 56.37% |
| 2015-06-30 | 50.57% |
| 2015-03-31 | 47.20% |
| 2014-12-31 | 45.80% |
| 2014-09-30 | 43.86% |
| 2014-06-30 | 44.00% |
| 2014-03-31 | 46.44% |
| 2013-12-31 | 45.59% |
| 2013-09-30 | 53.29% |
| 2013-06-30 | 55.85% |
| 2013-03-31 | 53.18% |
| 2012-12-31 | 52.31% |
| 2012-09-30 | 31.78% |
| 2012-06-30 | 32.43% |
| 2012-03-31 | 30.42% |
| 2011-12-31 | 30.23% |
| 2011-09-30 | 31.23% |
| 2011-06-30 | 31.07% |
| 2011-03-31 | 32.40% |
| 2010-12-31 | 32.00% |
| 2010-09-30 | 34.20% |
| 2010-06-30 | 34.60% |
| 2010-03-31 | 28.44% |
| 2009-12-31 | 29.29% |
| 2009-09-30 | 29.71% |
| 2009-06-30 | 29.66% |
| 2009-03-31 | 31.98% |
| 2008-12-31 | 32.88% |
| 2008-09-30 | 31.97% |
| 2008-06-30 | 27.62% |
| 2008-03-31 | 29.66% |
| 2007-12-31 | 28.04% |
| 2007-09-30 | 23.14% |
| 2007-06-30 | 23.72% |
| 2007-03-31 | 31.24% |
| 2006-12-31 | 25.61% |
| 2006-09-30 | 34.20% |
| 2006-06-30 | 30.99% |
| 2006-03-31 | 24.02% |
| 2005-12-31 | 26.45% |
| 2005-09-30 | 23.23% |
| 2005-06-30 | 24.28% |
| 2005-03-31 | 22.14% |
| 2004-12-31 | 18.92% |
| 2004-09-30 | 19.09% |
| 2004-06-30 | 18.83% |
| 2004-03-31 | 18.00% |
| 2003-12-31 | 17.52% |
| 2003-09-30 | 17.97% |
| 2003-06-30 | 24.25% |
| 2022 |
| $435.30M |
| $211.62M |
| 48.6% |
| 2021 | $374.61M | $208.66M | 55.7% |
| 2020 | $412.56M | $160.49M | 38.9% |
| 2019 | $282.04M | $153.84M | 54.5% |
| 2018 | $259.09M | $152.74M | 59.0% |
| 2017 | $210.69M | $122.02M | 57.9% |
| 2016 | $193.44M | $109.00M | 56.3% |
| 2015 | $156.86M | $91.75M | 58.5% |
| 2014 | $165.41M | $75.75M | 45.8% |
| 2013 | $144.03M | $65.66M | 45.6% |
| 2012 | $122.88M | $64.28M | 52.3% |
| 2011 | $136.00M | $41.11M | 30.2% |
| 2010 | $111.02M | $35.52M | 32.0% |
| 2009 | $95.11M | $27.85M | 29.3% |
| 2008 | $75.93M | $24.97M | 32.9% |
| 2007 | $72.52M | $20.33M | 28.0% |
| 2006 | $66.47M | $17.02M | 25.6% |
| 2005 | $51.85M | $13.71M | 26.5% |
| 2004 | $57.72M | $10.92M | 18.9% |
| 2003 | $51.42M | $9.01M | 17.5% |
| 2002 | $43.33M | $6.00M | 13.9% |
| 2001 | $21.08M | $6.03M | 28.6% |
| 2000 | ($2.96M) | $6.03M | N/A (Loss) |
| 1999 | ($71.60M) | $6.10M | N/A (Loss) |
| 1998 | ($11.10M) | $16.10M | N/A (Loss) |
| 1997 | ($2.50M) | $20.40M | N/A (Loss) |
| 1996 | $48.10M | $20.70M | 43.0% |
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.
