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 30.64% is 73% above its 5-year average of 17.73%, near the high end of its 5-year range (5.87%–31.73%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.15% above its 12-month average of 30.29%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
30.64%
FCF PAYOUT RATIO AVG TTM
30.29%
FCF PAYOUT RATIO AVG 3Y
23.57%
FCF PAYOUT RATIO AVG 5Y
17.73%
FCF PAYOUT RATIO AVG 10Y
21.92%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+1.15%
CURRENT VS 3Y AVG
+29.97%
CURRENT VS 5Y AVG
+72.81%
CURRENT VS 10Y AVG
+39.75%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
30.6%
Earnings Payout Ratio
20.1%
Dividend Yield
0.98%
FCF Yield
3.04%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.06B | $1.37B | 27.1% |
| 2024 | $3.30B | $943.33M | 28.6% |
| 2023 | $3.79B | $622.51M | 16.4% |
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 | 30.64% |
| 2025-12-31 | 28.51% |
| 2025-06-30 | 31.73% |
| 2024-12-31 | 23.17% |
| 2024-06-30 | 24.38% |
| 2023-12-31 | 12.93% |
| 2023-06-30 | 13.66% |
| 2022-12-31 | 8.62% |
| 2022-06-30 | 9.56% |
| 2021-12-31 | 5.87% |
| 2021-06-30 | 5.96% |
| 2020-12-31 | 21.91% |
| 2020-06-30 | 18.02% |
| 2019-12-31 | 33.16% |
| 2019-06-30 | 31.69% |
| 2018-12-31 | 23.16% |
| 2018-06-30 | 31.46% |
| 2017-12-31 | 22.70% |
| 2017-06-30 | 28.27% |
| 2016-12-31 | 28.85% |
| 2016-06-30 | 26.16% |
| 2015-12-31 | 28.46% |
| 2015-06-30 | 29.61% |
| 2014-12-31 | 30.38% |
| 2014-06-30 | 31.15% |
| 2013-12-31 | 21.99% |
| 2013-06-30 | 19.47% |
| 2022 |
| $3.16B |
| $227.90M |
| 7.2% |
| 2021 | $2.27B | $208.32M | 9.2% |
| 2020 | $1.64B | $0 | 0.0% |
| 2019 | $2.51B | $880.95M | 35.1% |
| 2018 | $2.59B | $795.41M | 30.7% |
| 2017 | $2.62B | $408.16M | 15.6% |
| 2016 | $2.01B | $643.66M | 32.0% |
| 2015 | $2.19B | $561.63M | 25.7% |
| 2014 | $1.99B | $604.96M | 30.4% |
| 2013 | $2.17B | $648.94M | 29.9% |
| 2012 | $743.62M | $373.13M | 50.2% |
| 2011 | $689.43M | $393.96M | 57.1% |
| 2010 | $1.21B | $203.55M | 16.8% |
| 2009 | $1.18B | $97.46M | 8.3% |
| 2008 | $68.30M | $274.59M | 402.0% |
| 2007 | $545.77M | $140.09M | 25.7% |
| 2006 | $217.83M | $204.63M | 93.9% |
| 2005 | $415.55M | $106.55M | 25.6% |
| 2004 | $78.49M | $43.30M | 55.2% |
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.
