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 30.97% is 57% below its 5-year average of 71.72%, near the low end of its 5-year range (30.97%–140.88%).
As of the fiscal period ended Tuesday, June 30, 2026. 47.73% below its 12-month average of 59.25%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
30.97%
FCF PAYOUT RATIO AVG TTM
59.25%
FCF PAYOUT RATIO AVG 3Y
59.02%
FCF PAYOUT RATIO AVG 5Y
71.72%
FCF PAYOUT RATIO AVG 10Y
69.94%
FCF PAYOUT RATIO AVG 15Y
57.91%
FCF PAYOUT RATIO AVG 20Y
49.77%
CURRENT VS TTM AVG
-47.73%
CURRENT VS 3Y AVG
-47.53%
CURRENT VS 5Y AVG
-56.82%
CURRENT VS 10Y AVG
-55.72%
CURRENT VS 15Y AVG
-46.53%
CURRENT VS 20Y AVG
-37.78%
FCF Payout Ratio TTM
31.0%
Earnings Payout Ratio
55.2%
Dividend Yield
1.30%
FCF Yield
4.14%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.94B | $3.57B | 45.0% |
| 2024 | $4.53B | $3.22B | 71.0% |
| 2023 | $4.72B | $3.24B | 68.7% |
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 | 30.97% |
| 2026-03-31 | 43.65% |
| 2025-12-31 | 45.01% |
| 2025-09-30 | 66.11% |
| 2025-06-30 | 110.51% |
| 2025-03-31 | 63.63% |
| 2024-12-31 | 78.71% |
| 2024-09-30 | 42.42% |
| 2024-06-30 | 39.04% |
| 2024-03-31 | 52.06% |
| 2023-12-31 | 65.67% |
| 2023-09-30 | 70.48% |
| 2023-06-30 | 140.88% |
| 2023-03-31 | 105.14% |
| 2022-12-31 | 68.87% |
| 2022-09-30 | 101.02% |
| 2022-06-30 | 70.94% |
| 2022-03-31 | 67.55% |
| 2021-12-31 | 62.27% |
| 2021-09-30 | 88.10% |
| 2021-06-30 | 93.15% |
| 2021-03-31 | 167.94% |
| 2020-12-31 | 175.92% |
| 2020-09-30 | 98.80% |
| 2020-06-30 | 75.99% |
| 2020-03-31 | 45.34% |
| 2019-12-31 | 38.91% |
| 2019-09-30 | 42.67% |
| 2019-06-30 | 46.69% |
| 2019-03-31 | 44.59% |
| 2018-12-31 | 53.98% |
| 2018-09-30 | 47.28% |
| 2018-06-30 | 78.27% |
| 2018-03-31 | 77.70% |
| 2017-12-31 | 64.07% |
| 2017-09-30 | 76.74% |
| 2017-06-30 | 43.74% |
| 2017-03-31 | 49.89% |
| 2016-12-31 | 117.82% |
| 2016-09-30 | 82.14% |
| 2016-06-30 | 136.88% |
| 2016-03-31 | 139.14% |
| 2015-12-31 | 52.20% |
| 2015-09-30 | 54.70% |
| 2015-06-30 | 43.27% |
| 2015-03-31 | 41.73% |
| 2014-12-31 | 40.71% |
| 2014-09-30 | 39.54% |
| 2014-06-30 | 41.69% |
| 2014-03-31 | 38.47% |
| 2013-12-31 | 42.70% |
| 2013-09-30 | 47.95% |
| 2013-06-30 | 45.85% |
| 2013-03-31 | 63.51% |
| 2012-12-31 | 47.17% |
| 2012-09-30 | 40.77% |
| 2012-06-30 | 34.78% |
| 2012-03-31 | 29.71% |
| 2011-12-31 | 28.57% |
| 2011-09-30 | 29.64% |
| 2011-06-30 | 30.27% |
| 2011-03-31 | 28.32% |
| 2010-12-31 | 29.40% |
| 2010-09-30 | 29.63% |
| 2010-06-30 | 27.90% |
| 2010-03-31 | 26.65% |
| 2009-12-31 | 29.95% |
| 2009-09-30 | 27.23% |
| 2009-06-30 | 26.84% |
| 2009-03-31 | 27.23% |
| 2008-12-31 | 24.47% |
| 2008-09-30 | 23.64% |
| 2008-06-30 | 26.08% |
| 2008-03-31 | 24.61% |
| 2007-12-31 | 25.86% |
| 2007-09-30 | 26.52% |
| 2007-06-30 | 25.10% |
| 2007-03-31 | 29.79% |
| 2006-12-31 | 24.71% |
| 2006-09-30 | 27.26% |
| 2006-06-30 | 28.33% |
| 2006-03-31 | 23.85% |
| 2005-12-31 | 24.43% |
| 2005-09-30 | 25.30% |
| 2005-06-30 | 25.01% |
| 2005-03-31 | 23.95% |
| 2004-12-31 | 22.73% |
| 2004-09-30 | 22.15% |
| 2004-06-30 | 20.03% |
| 2004-03-31 | 20.51% |
| 2003-12-31 | 22.73% |
| 2003-09-30 | 22.19% |
| 2003-06-30 | 23.48% |
| 2022 |
| $4.39B |
| $3.13B |
| 71.2% |
| 2021 | $4.75B | $2.96B | 62.3% |
| 2020 | $1.64B | $2.73B | 166.7% |
| 2019 | $6.28B | $2.44B | 38.9% |
| 2018 | $4.02B | $2.17B | 54.0% |
| 2017 | $3.24B | $2.07B | 64.1% |
| 2016 | $1.80B | $2.07B | 114.9% |
| 2015 | $4.24B | $2.18B | 51.5% |
| 2014 | $5.03B | $2.05B | 40.7% |
| 2013 | $4.47B | $1.91B | 42.7% |
| 2012 | $3.71B | $1.75B | 47.2% |
| 2011 | $5.61B | $1.60B | 28.6% |
| 2010 | $5.04B | $1.48B | 29.4% |
| 2009 | $4.53B | $1.36B | 30.0% |
| 2008 | $4.95B | $1.21B | 24.5% |
| 2007 | $4.18B | $1.08B | 25.9% |
| 2006 | $3.85B | $951.00M | 24.7% |
| 2005 | $3.40B | $832.00M | 24.4% |
| 2004 | $2.90B | $660.00M | 22.7% |
| 2003 | $2.35B | $533.00M | 22.7% |
| 2002 | $2.27B | $462.00M | 20.4% |
| 2001 | $2.09B | $423.00M | 20.2% |
| 2000 | $1.57B | $580.00M | 37.0% |
| 1999 | $160.00M | $512.00M | 320.0% |
| 1998 | $402.00M | $453.00M | 112.7% |
| 1997 | $704.00M | $430.00M | 61.1% |
| 1996 | $1.30B | $356.00M | 27.4% |
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.
