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 46.98% is in line with its 5-year average of 47.33%, around the middle of its 5-year range (38.87%–60.96%).
As of the fiscal period ended Tuesday, June 30, 2026. 0.61% above its 12-month average of 46.69%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
46.98%
FCF PAYOUT RATIO AVG TTM
46.69%
FCF PAYOUT RATIO AVG 3Y
47.40%
FCF PAYOUT RATIO AVG 5Y
47.33%
FCF PAYOUT RATIO AVG 10Y
45.29%
FCF PAYOUT RATIO AVG 15Y
45.75%
FCF PAYOUT RATIO AVG 20Y
45.50%
CURRENT VS TTM AVG
+0.61%
CURRENT VS 3Y AVG
-0.88%
CURRENT VS 5Y AVG
-0.73%
CURRENT VS 10Y AVG
+3.72%
CURRENT VS 15Y AVG
+2.69%
CURRENT VS 20Y AVG
+3.25%
FCF Payout Ratio TTM
47.0%
Earnings Payout Ratio
56.5%
Dividend Yield
1.41%
FCF Yield
5.89%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.71B | $2.47B | 43.3% |
| 2024 | $4.79B | $2.03B | 42.4% |
| 2023 | $5.01B | $1.95B | 38.9% |
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 | 46.98% |
| 2025-12-31 | 44.95% |
| 2025-06-30 | 48.15% |
| 2024-12-31 | 41.03% |
| 2024-06-30 | 45.36% |
| 2023-12-31 | 44.36% |
| 2023-06-30 | 60.96% |
| 2022-12-31 | 54.47% |
| 2022-06-30 | 50.42% |
| 2021-12-31 | 45.04% |
| 2021-06-30 | 38.87% |
| 2020-12-31 | 37.33% |
| 2020-06-30 | 42.75% |
| 2019-12-31 | 43.95% |
| 2019-06-30 | 49.00% |
| 2018-12-31 | 46.88% |
| 2018-06-30 | 49.42% |
| 2017-12-31 | 44.58% |
| 2017-06-30 | 45.39% |
| 2016-12-31 | 48.09% |
| 2016-06-30 | 40.10% |
| 2015-12-31 | 45.66% |
| 2015-06-30 | 46.82% |
| 2014-12-31 | 46.76% |
| 2014-06-30 | 73.30% |
| 2013-12-31 | 48.20% |
| 2013-06-30 | 74.17% |
| 2012-12-31 | 51.60% |
| 2012-06-30 | 43.35% |
| 2011-12-31 | 34.87% |
| 2011-06-30 | 24.15% |
| 2010-12-31 | 14.38% |
| 2010-06-30 | 22.67% |
| 2009-12-31 | 30.79% |
| 2009-06-30 | 38.13% |
| 2008-12-31 | 46.33% |
| 2008-06-30 | 46.71% |
| 2007-12-31 | 47.22% |
| 2007-06-30 | 47.95% |
| 2006-12-31 | 48.97% |
| 2006-06-30 | 47.38% |
| 2005-12-31 | 45.68% |
| 2005-06-30 | 41.23% |
| 2004-12-31 | 37.29% |
| 2004-06-30 | 38.38% |
| 2003-12-31 | 39.73% |
| 2003-06-30 | 46.25% |
| 2002-12-31 | 56.55% |
| 2022 |
| $3.49B |
| $1.73B |
| 49.6% |
| 2021 | $3.12B | $1.65B | 52.8% |
| 2020 | $4.42B | $1.73B | 39.1% |
| 2019 | $3.86B | $1.45B | 37.7% |
| 2018 | $2.72B | $1.40B | 51.4% |
| 2017 | $3.12B | $1.36B | 43.6% |
| 2016 | $2.60B | $1.19B | 45.6% |
| 2015 | $2.53B | $1.20B | 47.6% |
| 2014 | $3.40B | $1.32B | 39.0% |
| 2013 | $3.40B | $1.41B | 41.6% |
| 2012 | $2.66B | $1.21B | 45.6% |
| 2011 | $1.87B | $1.11B | 59.4% |
| 2010 | $2.21B | $261.13M | 11.8% |
| 2009 | $2.78B | $454.34M | 16.3% |
| 2008 | $2.39B | $1.11B | 46.4% |
| 2007 | $2.12B | $977.72M | 46.2% |
| 2006 | $1.36B | $663.54M | 48.8% |
| 2005 | $950.56M | $468.12M | 49.2% |
| 2004 | $1.07B | $452.24M | 42.3% |
| 2003 | $1.18B | $387.90M | 32.8% |
| 2002 | $583.28M | $312.48M | 53.6% |
| 2001 | $438.52M | $265.25M | 60.5% |
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.
