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 26.74% is in line with its 5-year average of 24.61%, around the middle of its 5-year range (16.16%–40.69%).
As of the fiscal period ended Tuesday, June 30, 2026. 19.05% below its 12-month average of 33.04%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
26.74%
FCF PAYOUT RATIO AVG TTM
33.04%
FCF PAYOUT RATIO AVG 3Y
28.40%
FCF PAYOUT RATIO AVG 5Y
24.61%
FCF PAYOUT RATIO AVG 10Y
40.16%
FCF PAYOUT RATIO AVG 15Y
51.88%
FCF PAYOUT RATIO AVG 20Y
61.69%
CURRENT VS TTM AVG
-19.05%
CURRENT VS 3Y AVG
-5.83%
CURRENT VS 5Y AVG
+8.69%
CURRENT VS 10Y AVG
-33.41%
CURRENT VS 15Y AVG
-48.45%
CURRENT VS 20Y AVG
-56.65%
FCF Payout Ratio TTM
26.7%
Earnings Payout Ratio
61.7%
Dividend Yield
4.16%
FCF Yield
12.45%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $23.92B | $8.47B | 35.4% |
| 2024 | $35.08B | $8.67B | 24.7% |
| 2023 | $31.20B | $8.39B | 26.9% |
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 | 26.74% |
| 2026-03-31 | 40.69% |
| 2025-12-31 | 35.51% |
| 2025-09-30 | 32.33% |
| 2025-06-30 | 29.91% |
| 2025-03-31 | 27.62% |
| 2024-12-31 | 24.71% |
| 2024-09-30 | 25.73% |
| 2024-06-30 | 28.19% |
| 2024-03-31 | 26.33% |
| 2023-12-31 | 26.90% |
| 2023-09-30 | 19.19% |
| 2023-06-30 | 18.23% |
| 2023-03-31 | 17.31% |
| 2022-12-31 | 16.16% |
| 2022-09-30 | 23.48% |
| 2022-06-30 | 20.77% |
| 2022-03-31 | 21.41% |
| 2021-12-31 | 23.95% |
| 2021-09-30 | 22.66% |
| 2021-06-30 | 24.98% |
| 2021-03-31 | 46.13% |
| 2020-12-31 | 42.37% |
| 2020-09-30 | 49.21% |
| 2020-06-30 | 63.36% |
| 2020-03-31 | 56.32% |
| 2019-12-31 | 79.12% |
| 2019-09-30 | 50.26% |
| 2019-06-30 | 50.79% |
| 2019-03-31 | 53.91% |
| 2018-12-31 | 52.20% |
| 2018-09-30 | 84.93% |
| 2018-06-30 | 102.32% |
| 2018-03-31 | 85.63% |
| 2017-12-31 | 73.47% |
| 2017-09-30 | 64.90% |
| 2017-06-30 | 60.47% |
| 2017-03-31 | 120.43% |
| 2015-12-31 | 254.69% |
| 2015-09-30 | 164.08% |
| 2015-06-30 | 170.58% |
| 2015-03-31 | 145.14% |
| 2014-12-31 | 71.60% |
| 2014-09-30 | 211.18% |
| 2014-03-31 | 213.16% |
| 2013-09-30 | 90.12% |
| 2013-06-30 | 101.27% |
| 2013-03-31 | 74.21% |
| 2012-12-31 | 54.48% |
| 2012-09-30 | 68.44% |
| 2012-06-30 | 51.70% |
| 2012-03-31 | 53.86% |
| 2011-12-31 | 65.68% |
| 2011-09-30 | 54.93% |
| 2011-06-30 | 94.03% |
| 2011-03-31 | 170.69% |
| 2009-06-30 | 332.45% |
| 2009-03-31 | 796.40% |
| 2008-12-31 | 111.16% |
| 2008-09-30 | 265.60% |
| 2008-06-30 | 327.05% |
| 2008-03-31 | 67.96% |
| 2007-12-31 | 91.06% |
| 2007-09-30 | 76.55% |
| 2007-06-30 | 68.93% |
| 2007-03-31 | 79.47% |
| 2006-12-31 | 92.80% |
| 2006-09-30 | 53.40% |
| 2006-06-30 | 84.26% |
| 2006-03-31 | 71.92% |
| 2005-12-31 | 87.97% |
| 2005-09-30 | 67.98% |
| 2005-06-30 | 43.64% |
| 2022 |
| $45.81B |
| $7.41B |
| 16.2% |
| 2021 | $26.11B | $6.25B | 24.0% |
| 2020 | $17.52B | $7.42B | 42.4% |
| 2019 | $19.21B | $15.20B | 79.1% |
| 2018 | $30.07B | $15.68B | 52.1% |
| 2017 | $14.80B | $10.88B | 73.5% |
| 2016 | ($1.50B) | $9.68B | N/A (Loss) |
| 2015 | $3.68B | $9.37B | 254.7% |
| 2014 | $13.19B | $9.44B | 71.6% |
| 2013 | $295.00M | $7.20B | n/m |
| 2012 | $13.56B | $7.39B | 54.5% |
| 2011 | $10.47B | $6.88B | 65.7% |
| 2010 | $410.00M | $9.98B | n/m |
| 2009 | ($5.03B) | $10.72B | N/A (Loss) |
| 2008 | ($1.92B) | $9.52B | N/A (Loss) |
| 2007 | $8.81B | $9.00B | 102.2% |
| 2006 | $7.66B | $8.14B | 106.3% |
| 2005 | $12.84B | $10.56B | 82.2% |
| 2004 | $7.93B | $7.23B | 91.1% |
| 2003 | $9.47B | $0 | 0.0% |
| 2002 | $4.18B | $0 | 0.0% |
| 2001 | $7.31B | $0 | 0.0% |
| 2000 | $12.15B | $0 | 0.0% |
| 1999 | $3.65B | $0 | 0.0% |
| 1998 | $1.87B | $0 | 0.0% |
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.
