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 28.03% is 16% below its 5-year average of 33.31%, near the low end of its 5-year range (28.03%–37.87%).
As of the fiscal period ended Tuesday, June 30, 2026. 4.36% below its 12-month average of 29.30%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
28.03%
FCF PAYOUT RATIO AVG TTM
29.30%
FCF PAYOUT RATIO AVG 3Y
31.50%
FCF PAYOUT RATIO AVG 5Y
33.31%
FCF PAYOUT RATIO AVG 10Y
37.93%
FCF PAYOUT RATIO AVG 15Y
42.16%
FCF PAYOUT RATIO AVG 20Y
42.05%
CURRENT VS TTM AVG
-4.36%
CURRENT VS 3Y AVG
-11.04%
CURRENT VS 5Y AVG
-15.87%
CURRENT VS 10Y AVG
-26.10%
CURRENT VS 15Y AVG
-33.53%
CURRENT VS 20Y AVG
-33.35%
FCF Payout Ratio TTM
28.0%
Earnings Payout Ratio
36.4%
Dividend Yield
1.17%
FCF Yield
5.17%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.41B | $738.00M | 30.6% |
| 2024 | $2.08B | $687.00M | 33.0% |
| 2023 | $1.99B | $638.10M | 32.1% |
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 | 28.03% |
| 2026-03-31 | 28.91% |
| 2025-12-31 | 30.64% |
| 2025-09-30 | 28.71% |
| 2025-06-30 | 30.23% |
| 2025-03-31 | 29.77% |
| 2024-12-31 | 33.01% |
| 2024-09-30 | 35.31% |
| 2024-06-30 | 34.33% |
| 2024-03-31 | 32.92% |
| 2023-12-31 | 32.12% |
| 2023-09-30 | 32.71% |
| 2023-06-30 | 32.84% |
| 2023-03-31 | 36.05% |
| 2022-12-31 | 34.15% |
| 2022-09-30 | 34.36% |
| 2022-06-30 | 37.87% |
| 2022-03-31 | 37.24% |
| 2021-12-31 | 37.58% |
| 2021-09-30 | 36.35% |
| 2021-06-30 | 36.38% |
| 2021-03-31 | 38.20% |
| 2020-12-31 | 40.92% |
| 2020-09-30 | 40.14% |
| 2020-06-30 | 39.74% |
| 2020-03-31 | 44.86% |
| 2019-12-31 | 42.90% |
| 2019-09-30 | 43.06% |
| 2019-06-30 | 44.51% |
| 2019-03-31 | 42.30% |
| 2018-12-31 | 39.44% |
| 2018-09-30 | 36.90% |
| 2018-06-30 | 37.96% |
| 2018-03-31 | 43.82% |
| 2017-12-31 | 47.83% |
| 2017-09-30 | 47.59% |
| 2017-06-30 | 44.25% |
| 2017-03-31 | 43.23% |
| 2016-12-31 | 45.53% |
| 2016-09-30 | 54.32% |
| 2016-06-30 | 61.59% |
| 2016-03-31 | 60.56% |
| 2015-12-31 | 54.39% |
| 2015-09-30 | 46.63% |
| 2015-06-30 | 47.20% |
| 2015-03-31 | 53.59% |
| 2014-12-31 | 56.34% |
| 2014-09-30 | 58.47% |
| 2014-06-30 | 59.20% |
| 2014-03-31 | 55.39% |
| 2013-12-31 | 52.22% |
| 2013-09-30 | 48.01% |
| 2013-06-30 | 49.58% |
| 2013-03-31 | 44.04% |
| 2012-12-31 | 53.92% |
| 2012-09-30 | 55.20% |
| 2012-06-30 | 42.72% |
| 2012-03-31 | 41.67% |
| 2011-12-31 | 37.27% |
| 2011-09-30 | 36.39% |
| 2011-06-30 | 40.65% |
| 2011-03-31 | 43.55% |
| 2010-12-31 | 46.10% |
| 2010-09-30 | 58.85% |
| 2010-06-30 | 63.70% |
| 2010-03-31 | 84.64% |
| 2009-12-31 | 50.56% |
| 2009-09-30 | 65.10% |
| 2009-06-30 | 68.77% |
| 2009-03-31 | 54.77% |
| 2008-12-31 | 102.39% |
| 2008-09-30 | 38.73% |
| 2008-06-30 | 36.13% |
| 2008-03-31 | 23.27% |
| 2007-12-31 | 25.46% |
| 2007-09-30 | 21.85% |
| 2007-06-30 | 19.73% |
| 2007-03-31 | 24.52% |
| 2006-12-31 | 42.55% |
| 2006-09-30 | 30.34% |
| 2006-06-30 | 35.96% |
| 2006-03-31 | 31.26% |
| 2005-12-31 | 16.45% |
| 2005-09-30 | 21.75% |
| 2005-06-30 | 18.76% |
| 2005-03-31 | 15.73% |
| 2004-12-31 | 12.03% |
| 2004-09-30 | 11.02% |
| 2004-06-30 | 6.83% |
| 2004-03-31 | 4.65% |
| 2003-12-31 | 2.87% |
| 2022 |
| $1.74B |
| $592.90M |
| 34.2% |
| 2021 | $1.47B | $552.60M | 37.6% |
| 2020 | $1.28B | $522.50M | 40.9% |
| 2019 | $1.15B | $491.20M | 42.9% |
| 2018 | $1.17B | $461.80M | 39.4% |
| 2017 | $920.90M | $440.50M | 47.8% |
| 2016 | $920.00M | $418.90M | 45.5% |
| 2015 | $734.10M | $399.30M | 54.4% |
| 2014 | $672.00M | $378.60M | 56.3% |
| 2013 | $667.40M | $348.50M | 52.2% |
| 2012 | $610.30M | $329.10M | 53.9% |
| 2011 | $830.20M | $309.40M | 37.3% |
| 2010 | $639.00M | $294.60M | 46.1% |
| 2009 | $570.20M | $288.30M | 50.6% |
| 2008 | $125.30M | $128.30M | 102.4% |
| 2007 | $368.80M | $93.90M | 25.5% |
| 2006 | $184.50M | $78.50M | 42.5% |
| 2005 | $438.80M | $72.20M | 16.5% |
| 2004 | $382.50M | $46.00M | 12.0% |
| 2003 | $327.30M | $19.00M | 5.8% |
| 2002 | $311.10M | $0 | 0.0% |
| 2001 | $209.90M | $0 | 0.0% |
| 2000 | $253.80M | $0 | 0.0% |
| 1999 | ($703.60M) | $0 | N/A (Loss) |
| 1998 | ($347.10M) | $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.
