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 50.62% is 42% below its 5-year average of 87.73%, near the low end of its 5-year range (46.90%–147.68%).
As of the fiscal period ended Tuesday, June 30, 2026. 19.69% below its 12-month average of 63.03%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
50.62%
FCF PAYOUT RATIO AVG TTM
63.03%
FCF PAYOUT RATIO AVG 3Y
79.23%
FCF PAYOUT RATIO AVG 5Y
87.73%
FCF PAYOUT RATIO AVG 10Y
84.37%
FCF PAYOUT RATIO AVG 15Y
80.65%
FCF PAYOUT RATIO AVG 20Y
82.36%
CURRENT VS TTM AVG
-19.69%
CURRENT VS 3Y AVG
-36.10%
CURRENT VS 5Y AVG
-42.29%
CURRENT VS 10Y AVG
-40.00%
CURRENT VS 15Y AVG
-37.23%
CURRENT VS 20Y AVG
-38.54%
FCF Payout Ratio TTM
50.6%
Earnings Payout Ratio
70.6%
Dividend Yield
1.86%
FCF Yield
3.61%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.43B | $2.49B | 72.5% |
| 2024 | $3.39B | $1.64B | 48.2% |
| 2023 | $2.56B | $3.09B | 120.6% |
| 2022 | $1.85B | $2.71B | 145.9% |
| 2021 | $3.40B | $2.47B | 72.8% |
| 2020 | $2.19B | $1.16B | 52.9% |
| 2019 | $1.20B | $1.27B | 105.7% |
| 2018 | $1.11B | $1.08B | 97.2% |
| 2017 | $953.10M | $456.10M | 47.9% |
| 2016 | ($195.40M) | $139.30M | N/A (Loss) |
| 2015 | ($269.80M) | $271.20M | N/A (Loss) |
| 2014 | ($174.90M) | $381.00M | N/A (Loss) |
| 2013 | $163.60M | $573.80M | 350.7% |
| 2012 | $946.70M | $3.14B | 331.7% |
| 2011 | $1.42B | $6.90M | 0.5% |
| 2010 | $1.49B | $1.43B | 96.2% |
| 2009 | $548.36M | $375.97M | 68.6% |
| 2008 | $1.20B | $1.71B | 142.1% |
| 2007 | $2.39B | $2.00B | 83.9% |
| 2006 | $1.60B | $1.51B | 94.1% |
| 2005 | $1.17B | $853.89M | 72.8% |
| 2004 | $545.61M | $191.36M | 35.1% |
| 2003 | $141.15M | $45.35M | 32.1% |
| 2002 | $64.78M | $21.49M | 33.2% |
| 2001 | $37.38M | $28.79M | 77.0% |
| 2000 | $51.85M | $27.20M | 52.5% |
| 1999 | ($160.00M) | $12.20M | N/A (Loss) |
| 1998 | ($77.30M) | $41.70M | N/A (Loss) |
| 1997 | $93.60M | $103.60M | 110.7% |
| 1996 | $38.00M | $122.00M | 321.1% |
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.
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 | 50.62% |
| 2026-03-31 | 64.34% |
| 2025-12-31 | 72.52% |
| 2025-09-30 | 66.20% |
| 2025-06-30 | 61.49% |
| 2025-03-31 | 46.90% |
| 2024-12-31 | 48.23% |
| 2024-09-30 | 72.82% |
| 2024-06-30 | 100.74% |
| 2024-03-31 | 142.39% |
| 2023-12-31 | 120.59% |
| 2023-09-30 | 88.14% |
| 2023-06-30 | 94.99% |
| 2023-03-31 | 123.80% |
| 2022-12-31 | 145.94% |
| 2022-09-30 | 147.68% |
| 2022-06-30 | 118.42% |
| 2022-03-31 | 80.30% |
| 2021-12-31 | 72.75% |
| 2021-09-30 | 64.79% |
| 2021-06-30 | 58.58% |
| 2021-03-31 | 55.52% |
| 2020-12-31 | 52.92% |
| 2020-09-30 | 63.32% |
| 2020-06-30 | 74.50% |
| 2020-03-31 | 89.61% |
| 2019-12-31 | 105.73% |
| 2019-09-30 | 128.48% |
| 2019-06-30 | 122.55% |
| 2019-03-31 | 126.53% |
| 2018-12-31 | 98.28% |
| 2018-09-30 | 72.77% |
| 2018-06-30 | 69.52% |
| 2018-03-31 | 58.93% |
| 2017-12-31 | 47.85% |
| 2017-09-30 | 52.08% |
| 2017-06-30 | 59.95% |
| 2017-03-31 | 85.41% |
| 2013-12-31 | 350.73% |
| 2013-06-30 | 589.09% |
| 2013-03-31 | 442.73% |
| 2012-12-31 | 319.02% |
| 2012-09-30 | 104.71% |
| 2012-06-30 | 74.81% |
| 2012-03-31 | 48.94% |
| 2011-12-31 | 41.43% |
| 2011-09-30 | 22.47% |
| 2011-06-30 | 49.92% |
| 2011-03-31 | 61.87% |
| 2010-12-31 | 94.45% |
| 2010-09-30 | 73.36% |
| 2010-06-30 | 65.76% |
| 2010-03-31 | 61.93% |
| 2009-12-31 | 68.67% |
| 2009-06-30 | 501.55% |
| 2009-03-31 | 283.43% |
| 2008-12-31 | 142.10% |
| 2008-09-30 | 100.03% |
| 2008-06-30 | 94.12% |
| 2008-03-31 | 80.50% |
| 2007-12-31 | 83.86% |
| 2007-09-30 | 72.20% |
| 2007-06-30 | 71.92% |
| 2007-03-31 | 90.54% |
| 2006-12-31 | 94.11% |
| 2006-09-30 | 112.47% |
| 2006-06-30 | 107.88% |
| 2006-03-31 | 93.92% |
| 2005-12-31 | 72.76% |
| 2005-09-30 | 69.13% |
| 2005-06-30 | 74.78% |
| 2005-03-31 | 34.88% |
| 2004-12-31 | 35.07% |
| 2004-09-30 | 39.31% |
| 2004-06-30 | 36.71% |
| 2004-03-31 | 42.32% |
| 2003-12-31 | 32.13% |
| 2003-09-30 | 30.94% |
| 2003-06-30 | 33.73% |
