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 77.19% is in line with its 5-year average of 81.99%, around the middle of its 5-year range (46.89%–120.88%).
As of the fiscal period ended Sunday, June 28, 2026. 27.64% below its 12-month average of 106.67%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
77.19%
FCF PAYOUT RATIO AVG TTM
106.67%
FCF PAYOUT RATIO AVG 3Y
87.00%
FCF PAYOUT RATIO AVG 5Y
81.99%
FCF PAYOUT RATIO AVG 10Y
65.28%
FCF PAYOUT RATIO AVG 15Y
57.67%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-27.64%
CURRENT VS 3Y AVG
-11.27%
CURRENT VS 5Y AVG
-5.85%
CURRENT VS 10Y AVG
+18.23%
CURRENT VS 15Y AVG
+33.84%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
77.2%
Earnings Payout Ratio
142.5%
Dividend Yield
2.37%
FCF Yield
3.05%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.44B | $2.77B | 113.5% |
| 2024 | $3.32B | $2.58B | 77.9% |
| 2023 | $3.68B | $2.43B | 66.2% |
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 |
|---|---|
| 2026-06-28 | 77.19% |
| 2026-03-29 | 102.64% |
| 2025-12-28 | 119.16% |
| 2025-09-28 | 113.49% |
| 2025-06-29 | 120.88% |
| 2025-03-30 | 96.79% |
| 2024-12-29 | 90.36% |
| 2024-09-30 | 77.91% |
| 2024-06-30 | 66.54% |
| 2024-03-31 | 63.47% |
| 2023-12-31 | 56.34% |
| 2023-09-30 | 66.17% |
| 2023-07-02 | 80.01% |
| 2023-04-02 | 85.02% |
| 2023-01-01 | 105.38% |
| 2022-09-30 | 88.55% |
| 2022-07-03 | 73.45% |
| 2022-04-03 | 60.97% |
| 2022-01-02 | 48.56% |
| 2021-09-30 | 46.89% |
| 2021-06-27 | 44.67% |
| 2021-03-28 | 81.65% |
| 2020-03-29 | 177.33% |
| 2019-12-29 | 65.78% |
| 2019-09-30 | 54.35% |
| 2019-06-30 | 17.24% |
| 2019-03-31 | 17.06% |
| 2018-12-30 | 16.77% |
| 2018-09-30 | 17.50% |
| 2018-07-01 | 60.32% |
| 2018-04-01 | 57.20% |
| 2017-12-31 | 52.75% |
| 2017-09-30 | 54.63% |
| 2017-07-02 | 46.69% |
| 2017-04-02 | 45.02% |
| 2017-01-01 | 41.24% |
| 2016-09-30 | 37.58% |
| 2016-06-26 | 38.42% |
| 2016-03-27 | 40.52% |
| 2015-12-27 | 37.69% |
| 2015-09-30 | 37.97% |
| 2015-06-28 | 41.08% |
| 2015-03-29 | 37.38% |
| 2014-12-28 | 36.93% |
| 2013-09-30 | 35.79% |
| 2013-06-30 | 38.97% |
| 2013-03-31 | 37.60% |
| 2012-12-30 | 38.56% |
| 2012-09-30 | 57.38% |
| 2012-07-01 | 51.40% |
| 2012-04-01 | 49.37% |
| 2012-01-01 | 49.42% |
| 2011-09-30 | 36.05% |
| 2011-07-03 | 41.81% |
| 2011-04-03 | 31.53% |
| 2011-01-02 | 16.94% |
| 2010-09-30 | 7.61% |
| 2022 |
| $2.56B |
| $2.26B |
| 88.5% |
| 2021 | $4.52B | $2.12B | 46.9% |
| 2020 | $114.20M | $1.92B | n/m |
| 2019 | $3.24B | $1.76B | 54.4% |
| 2018 | $9.96B | $1.74B | 17.5% |
| 2017 | $2.65B | $1.45B | 54.6% |
| 2016 | $3.13B | $1.18B | 37.6% |
| 2015 | $2.45B | $928.60M | 38.0% |
| 2014 | ($553.10M) | $783.10M | N/A (Loss) |
| 2013 | $1.76B | $628.90M | 35.8% |
| 2012 | $863.30M | $513.00M | 59.4% |
| 2011 | $1.08B | $389.50M | 36.0% |
| 2010 | $1.26B | $171.00M | 13.5% |
| 2009 | $943.40M | $0 | 0.0% |
| 2008 | $274.20M | $0 | 0.0% |
| 2007 | $250.87M | $0 | 0.0% |
| 2006 | $360.40M | $0 | 0.0% |
| 2005 | $279.62M | $0 | 0.0% |
| 2004 | $407.67M | $0 | 0.0% |
| 2003 | $209.16M | $0 | 0.0% |
| 2002 | $102.21M | $0 | 0.0% |
| 2001 | $76.61M | $0 | 0.0% |
| 2000 | $2.12M | $0 | 0.0% |
| 1999 | ($66.80M) | $0 | N/A (Loss) |
| 1998 | ($59.00M) | $0 | N/A (Loss) |
| 1997 | ($68.70M) | $0 | N/A (Loss) |
| 1996 | ($25.10M) | $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.
