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 33.99% is 13% below its 5-year average of 39.14%, around the middle of its 5-year range (0.23%–67.58%).
As of the fiscal period ended Tuesday, June 30, 2026. 7.16% below its 12-month average of 36.61%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
33.99%
FCF PAYOUT RATIO AVG TTM
36.61%
FCF PAYOUT RATIO AVG 3Y
41.03%
FCF PAYOUT RATIO AVG 5Y
45.93%
FCF PAYOUT RATIO AVG 10Y
47.91%
FCF PAYOUT RATIO AVG 15Y
45.22%
FCF PAYOUT RATIO AVG 20Y
32.86%
CURRENT VS TTM AVG
-7.16%
CURRENT VS 3Y AVG
-17.16%
CURRENT VS 5Y AVG
-26.01%
CURRENT VS 10Y AVG
-29.07%
CURRENT VS 15Y AVG
-24.84%
CURRENT VS 20Y AVG
+3.42%
FCF Payout Ratio TTM
34.0%
Earnings Payout Ratio
41.5%
Dividend Yield
1.47%
FCF Yield
4.36%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $9.32B | $3.09B | 33.2% |
| 2024 | $4.58B | $2.66B | 58.0% |
| 2023 | $6.12B | $2.64B | 43.2% |
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 | 33.99% |
| 2026-03-31 | 33.25% |
| 2025-12-31 | 32.81% |
| 2025-09-30 | 42.05% |
| 2025-06-30 | 40.93% |
| 2025-03-31 | 45.97% |
| 2024-12-31 | 55.25% |
| 2024-09-30 | 35.30% |
| 2024-06-30 | 37.53% |
| 2024-03-31 | 39.36% |
| 2023-12-31 | 43.34% |
| 2023-09-30 | 44.17% |
| 2023-06-30 | 49.40% |
| 2023-03-31 | 64.99% |
| 2022-12-31 | 58.66% |
| 2022-09-30 | 67.58% |
| 2022-06-30 | 56.31% |
| 2022-03-31 | 0.88% |
| 2021-12-31 | 0.79% |
| 2021-09-30 | 0.23% |
| 2020-03-31 | 64.23% |
| 2019-12-31 | 68.18% |
| 2019-09-30 | 58.26% |
| 2019-06-30 | 64.10% |
| 2019-03-31 | 55.18% |
| 2018-12-31 | 56.62% |
| 2018-09-30 | 54.25% |
| 2018-06-30 | 52.71% |
| 2018-03-31 | 42.22% |
| 2017-12-31 | 41.20% |
| 2017-09-30 | 41.52% |
| 2017-06-30 | 39.61% |
| 2017-03-31 | 36.66% |
| 2016-12-31 | 37.72% |
| 2016-09-30 | 43.00% |
| 2016-06-30 | 44.85% |
| 2016-03-31 | 41.99% |
| 2015-12-31 | 45.12% |
| 2015-09-30 | 45.36% |
| 2015-06-30 | 44.37% |
| 2015-03-31 | 53.27% |
| 2014-12-31 | 43.73% |
| 2014-09-30 | 37.00% |
| 2014-06-30 | 35.84% |
| 2014-03-31 | 27.97% |
| 2013-12-31 | 30.80% |
| 2013-09-30 | 31.39% |
| 2013-06-30 | 16.77% |
| 2009-09-30 | 0.02% |
| 2009-06-30 | 0.07% |
| 2009-03-31 | 0.07% |
| 2008-12-31 | 0.08% |
| 2008-09-30 | 0.07% |
| 2008-06-30 | 0.03% |
| 2008-03-31 | 0.03% |
| 2007-12-31 | 0.04% |
| 2007-09-30 | 0.04% |
| 2007-06-30 | 0.08% |
| 2007-03-31 | 0.09% |
| 2006-12-31 | 0.09% |
| 2006-09-30 | 0.07% |
| 2006-06-30 | 0.05% |
| 2006-03-31 | 0.05% |
| 2005-12-31 | 0.05% |
| 2005-09-30 | 0.10% |
| 2005-06-30 | 0.13% |
| 2005-03-31 | 0.10% |
| 2004-12-31 | 0.10% |
| 2004-09-30 | 0.07% |
| 2004-06-30 | 0.02% |
| 2004-03-31 | 0.02% |
| 2003-12-31 | 0.03% |
| 2003-09-30 | 0.01% |
| 2022 |
| $5.11B |
| $3.07B |
| 60.0% |
| 2021 | $6.29B | $2.48B | 39.5% |
| 2020 | $7.79B | $2.28B | 29.2% |
| 2019 | $3.01B | $2.01B | 66.8% |
| 2018 | $3.26B | $1.91B | 58.7% |
| 2017 | $4.53B | $1.80B | 39.8% |
| 2016 | $3.81B | $1.45B | 38.0% |
| 2015 | $3.26B | $1.43B | 43.8% |
| 2014 | $3.43B | $1.44B | 42.1% |
| 2013 | $4.50B | $1.40B | 31.0% |
| 2012 | $4.10B | $1.73B | 42.1% |
| 2011 | $4.32B | $923.99M | 21.4% |
| 2010 | $3.51B | $795.45M | 22.7% |
| 2009 | $4.03B | $851.34M | 21.1% |
| 2008 | $2.54B | $828.05M | 32.7% |
| 2007 | $2.25B | $812.72M | 36.2% |
| 2006 | $1.95B | $590.38M | 30.2% |
| 2005 | $1.59B | $402.73M | 25.3% |
| 2004 | $2.18B | $336.32M | 15.4% |
| 2003 | $1.55B | $234.28M | 15.2% |
| 2002 | $1.45B | $191.61M | 13.2% |
| 2001 | $546.05M | $161.61M | 29.6% |
| 2000 | $371.62M | $156.13M | 42.0% |
| 1999 | $286.15M | $166.82M | 58.3% |
| 1998 | $279.92M | $176.44M | 63.0% |
| 1997 | $144.44M | $133.14M | 92.2% |
| 1996 | $618.49M | $170.92M | 27.6% |
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.
