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 24.46% is 16% below its 5-year average of 29.25%, near the low end of its 5-year range (16.76%–64.71%).
As of the fiscal period ended Tuesday, June 30, 2026. 17.62% below its 12-month average of 29.70%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
24.46%
FCF PAYOUT RATIO AVG TTM
29.70%
FCF PAYOUT RATIO AVG 3Y
30.13%
FCF PAYOUT RATIO AVG 5Y
29.25%
FCF PAYOUT RATIO AVG 10Y
25.33%
FCF PAYOUT RATIO AVG 15Y
24.54%
FCF PAYOUT RATIO AVG 20Y
23.69%
CURRENT VS TTM AVG
-17.62%
CURRENT VS 3Y AVG
-18.80%
CURRENT VS 5Y AVG
-16.36%
CURRENT VS 10Y AVG
-3.40%
CURRENT VS 15Y AVG
-0.32%
CURRENT VS 20Y AVG
+3.28%
FCF Payout Ratio TTM
24.5%
Earnings Payout Ratio
29.4%
Dividend Yield
0.96%
FCF Yield
3.90%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.65B | $789.80M | 29.8% |
| 2024 | $2.08B | $723.40M | 34.7% |
| 2023 | $2.63B | $623.70M | 23.7% |
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 | 24.46% |
| 2026-03-31 | 27.07% |
| 2025-12-31 | 29.76% |
| 2025-09-30 | 31.89% |
| 2025-06-30 | 35.30% |
| 2025-03-31 | 34.07% |
| 2024-12-31 | 34.73% |
| 2024-09-30 | 34.13% |
| 2024-06-30 | 28.42% |
| 2024-03-31 | 26.93% |
| 2023-12-31 | 23.68% |
| 2023-09-30 | 25.56% |
| 2023-06-30 | 35.67% |
| 2023-03-31 | 50.59% |
| 2022-12-31 | 48.49% |
| 2022-09-30 | 64.71% |
| 2022-06-30 | 48.63% |
| 2022-03-31 | 35.29% |
| 2021-12-31 | 31.35% |
| 2021-09-30 | 22.19% |
| 2021-06-30 | 16.76% |
| 2021-03-31 | 15.72% |
| 2020-12-31 | 15.72% |
| 2020-09-30 | 16.19% |
| 2020-06-30 | 19.90% |
| 2020-03-31 | 21.64% |
| 2019-12-31 | 21.12% |
| 2019-09-30 | 21.20% |
| 2019-06-30 | 20.11% |
| 2019-03-31 | 21.58% |
| 2018-12-31 | 19.08% |
| 2018-09-30 | 17.81% |
| 2018-06-30 | 19.67% |
| 2018-03-31 | 21.82% |
| 2017-12-31 | 19.20% |
| 2017-09-30 | 22.80% |
| 2017-06-30 | 26.81% |
| 2017-03-31 | 22.84% |
| 2016-12-31 | 29.18% |
| 2016-09-30 | 23.48% |
| 2016-06-30 | 20.79% |
| 2016-03-31 | 22.12% |
| 2015-12-31 | 20.58% |
| 2015-09-30 | 27.31% |
| 2015-06-30 | 26.39% |
| 2015-03-31 | 24.88% |
| 2014-12-31 | 24.43% |
| 2014-09-30 | 21.43% |
| 2014-06-30 | 22.12% |
| 2014-03-31 | 22.47% |
| 2013-12-31 | 22.35% |
| 2013-09-30 | 20.85% |
| 2013-06-30 | 22.18% |
| 2013-03-31 | 21.65% |
| 2012-12-31 | 22.02% |
| 2012-09-30 | 22.66% |
| 2012-06-30 | 23.13% |
| 2012-03-31 | 26.96% |
| 2011-12-31 | 26.38% |
| 2011-09-30 | 29.18% |
| 2011-06-30 | 36.02% |
| 2011-03-31 | 28.76% |
| 2010-12-31 | 26.90% |
| 2010-09-30 | 25.21% |
| 2010-06-30 | 21.63% |
| 2010-03-31 | 21.05% |
| 2009-12-31 | 21.17% |
| 2009-09-30 | 20.43% |
| 2009-06-30 | 20.83% |
| 2009-03-31 | 22.73% |
| 2008-12-31 | 21.75% |
| 2008-09-30 | 21.41% |
| 2008-06-30 | 22.79% |
| 2008-03-31 | 22.15% |
| 2007-12-31 | 22.90% |
| 2007-09-30 | 23.71% |
| 2007-06-30 | 22.94% |
| 2007-03-31 | 23.80% |
| 2006-12-31 | 22.34% |
| 2006-09-30 | 18.40% |
| 2006-06-30 | 18.23% |
| 2006-03-31 | 20.41% |
| 2005-12-31 | 19.80% |
| 2005-09-30 | 26.33% |
| 2005-06-30 | 27.99% |
| 2005-03-31 | 23.13% |
| 2004-12-31 | 22.13% |
| 2004-09-30 | 17.85% |
| 2004-06-30 | 17.94% |
| 2004-03-31 | 20.17% |
| 2003-12-31 | 20.50% |
| 2003-09-30 | 24.28% |
| 2003-06-30 | 25.24% |
| 2022 |
| $1.28B |
| $618.50M |
| 48.5% |
| 2021 | $1.87B | $587.10M | 31.4% |
| 2020 | $3.10B | $488.00M | 15.7% |
| 2019 | $1.99B | $420.80M | 21.1% |
| 2018 | $1.69B | $322.90M | 19.1% |
| 2017 | $1.66B | $319.00M | 19.2% |
| 2016 | $1.07B | $312.08M | 29.2% |
| 2015 | $1.21B | $249.65M | 20.6% |
| 2014 | $880.98M | $215.26M | 24.4% |
| 2013 | $917.09M | $204.98M | 22.4% |
| 2012 | $730.77M | $160.94M | 22.0% |
| 2011 | $582.01M | $153.51M | 26.4% |
| 2010 | $581.43M | $156.42M | 26.9% |
| 2009 | $767.86M | $162.56M | 21.2% |
| 2008 | $759.03M | $165.11M | 21.8% |
| 2007 | $708.67M | $162.30M | 22.9% |
| 2006 | $605.90M | $135.36M | 22.3% |
| 2005 | $573.63M | $113.59M | 19.8% |
| 2004 | $437.86M | $96.92M | 22.1% |
| 2003 | $442.42M | $90.69M | 20.5% |
| 2002 | $432.39M | $91.01M | 21.0% |
| 2001 | $479.07M | $90.98M | 19.0% |
| 2000 | $330.57M | $88.12M | 26.7% |
| 1999 | $335.50M | $81.00M | 24.1% |
| 1998 | $332.40M | $77.80M | 23.4% |
| 1997 | ($609.00M) | $69.00M | N/A (Loss) |
| 1996 | ($454.20M) | $60.00M | 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.
