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 47.60% is 84% above its 5-year average of 25.85%, near the high end of its 5-year range (12.22%–50.69%).
As of the fiscal period ended Tuesday, June 30, 2026. 14.26% above its 12-month average of 41.66%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
47.60%
FCF PAYOUT RATIO AVG TTM
41.66%
FCF PAYOUT RATIO AVG 3Y
29.29%
FCF PAYOUT RATIO AVG 5Y
25.85%
FCF PAYOUT RATIO AVG 10Y
28.54%
FCF PAYOUT RATIO AVG 15Y
27.59%
FCF PAYOUT RATIO AVG 20Y
24.50%
CURRENT VS TTM AVG
+14.26%
CURRENT VS 3Y AVG
+62.53%
CURRENT VS 5Y AVG
+84.10%
CURRENT VS 10Y AVG
+66.77%
CURRENT VS 15Y AVG
+72.55%
CURRENT VS 20Y AVG
+94.26%
FCF Payout Ratio TTM
47.6%
Earnings Payout Ratio
34.8%
Dividend Yield
1.15%
FCF Yield
2.44%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $502.50M | $254.70M | 50.7% |
| 2024 | $999.20M | $249.70M | 25.0% |
| 2023 | $1.20B | $238.10M | 19.8% |
| 2022 | $1.78B | $217.10M | 12.2% |
| 2021 | $562.80M | $177.00M | 31.4% |
| 2020 | $1.00B | $164.10M | 16.4% |
| 2019 | $1.06B | $151.30M | 14.3% |
| 2018 | $424.70M | $145.30M | 34.2% |
| 2017 | $237.40M | $132.00M | 55.6% |
| 2016 | $471.60M | $120.40M | 25.5% |
| 2015 | $852.80M | $120.10M | 14.1% |
| 2014 | $165.60M | $108.70M | 65.6% |
| 2013 | $465.30M | $96.90M | 20.8% |
| 2012 | $387.90M | $60.20M | 15.5% |
| 2011 | $78.40M | $35.90M | 45.8% |
| 2010 | $102.73M | $29.69M | 28.9% |
| 2009 | $873.10M | $29.38M | 3.4% |
| 2008 | $512.79M | $29.23M | 5.7% |
| 2007 | $514.84M | $24.21M | 4.7% |
| 2006 | $82.22M | $16.14M | 19.6% |
| 2005 | $218.48M | $12.53M | 5.7% |
| 2004 | $85.79M | $10.16M | 11.8% |
| 2003 | $85.50M | $8.02M | 9.4% |
| 2002 | $72.09M | $7.61M | 10.5% |
| 2001 | $79.05M | $6.81M | 8.6% |
| 2000 | ($5.92M) | $6.00M | N/A (Loss) |
| 1999 | $18.90M | $4.90M | 25.9% |
| 1998 | ($145.20M) | $4.50M | N/A (Loss) |
| 1997 | ($67.30M) | $2.60M | N/A (Loss) |
| 1996 | $15.00M | $1.90M | 12.7% |
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.
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 | 47.60% |
| 2026-03-31 | 41.84% |
| 2025-12-31 | 50.69% |
| 2025-09-30 | 38.13% |
| 2025-06-30 | 30.04% |
| 2025-03-31 | 26.02% |
| 2024-12-31 | 24.99% |
| 2024-09-30 | 23.50% |
| 2024-06-30 | 23.56% |
| 2024-03-31 | 25.72% |
| 2023-12-31 | 19.80% |
| 2023-09-30 | 15.49% |
| 2023-06-30 | 13.33% |
| 2023-03-31 | 12.92% |
| 2022-12-31 | 12.22% |
| 2022-09-30 | 14.91% |
| 2022-06-30 | 21.10% |
| 2022-03-31 | 24.16% |
| 2021-12-31 | 31.45% |
| 2021-09-30 | 41.37% |
| 2021-06-30 | 28.94% |
| 2021-03-31 | 16.64% |
| 2020-12-31 | 16.39% |
| 2020-09-30 | 14.92% |
| 2020-06-30 | 12.54% |
| 2020-03-31 | 14.07% |
| 2019-12-31 | 14.53% |
| 2019-09-30 | 13.27% |
| 2019-06-30 | 19.23% |
| 2019-03-31 | 28.30% |
| 2018-12-31 | 34.21% |
| 2018-09-30 | 60.19% |
| 2018-06-30 | 47.75% |
| 2018-03-31 | 51.88% |
| 2017-12-31 | 55.60% |
| 2017-09-30 | 47.38% |
| 2017-06-30 | 45.95% |
| 2017-03-31 | 42.29% |
| 2016-12-31 | 25.53% |
| 2016-09-30 | 22.31% |
| 2016-06-30 | 19.47% |
| 2016-03-31 | 14.08% |
| 2015-12-31 | 14.08% |
| 2015-09-30 | 16.03% |
| 2015-06-30 | 21.84% |
| 2015-03-31 | 42.63% |
| 2014-12-31 | 65.64% |
| 2014-09-30 | 107.85% |
| 2014-06-30 | 37.84% |
| 2014-03-31 | 21.99% |
| 2013-12-31 | 20.83% |
| 2013-09-30 | 13.88% |
| 2013-06-30 | 12.62% |
| 2013-03-31 | 13.54% |
| 2012-12-31 | 15.52% |
| 2012-09-30 | 16.48% |
| 2012-06-30 | 24.61% |
| 2012-03-31 | 32.34% |
| 2011-12-31 | 45.79% |
| 2011-09-30 | 135.10% |
| 2011-06-30 | 127.15% |
| 2011-03-31 | 72.95% |
| 2010-12-31 | 28.87% |
| 2010-09-30 | 28.75% |
| 2010-06-30 | 18.70% |
| 2010-03-31 | 5.93% |
| 2009-12-31 | 3.37% |
| 2009-09-30 | 2.41% |
| 2009-06-30 | 2.74% |
| 2009-03-31 | 4.12% |
| 2008-12-31 | 5.94% |
| 2008-09-30 | 13.01% |
| 2008-06-30 | 6.00% |
| 2008-03-31 | 4.70% |
| 2007-12-31 | 4.70% |
| 2007-09-30 | 5.04% |
| 2007-06-30 | 5.05% |
| 2007-03-31 | 9.36% |
| 2006-12-31 | 9.55% |
| 2006-09-30 | 45.91% |
| 2006-06-30 | 34.20% |
| 2006-03-31 | 3.18% |
| 2005-12-31 | 2.87% |
| 2005-09-30 | 2.46% |
| 2005-06-30 | 5.76% |
| 2005-03-31 | 8.47% |
| 2004-12-31 | 11.84% |
| 2004-09-30 | 333.73% |
| 2004-06-30 | 33.96% |
| 2004-03-31 | 17.47% |
| 2003-12-31 | 9.38% |
| 2003-09-30 | 8.03% |
| 2003-06-30 | 9.08% |
