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 41.81% is in line with its 5-year average of 41.68%, near the low end of its 5-year range (31.57%–86.00%).
As of the fiscal period ended Tuesday, March 31, 2026. 6.31% above its 12-month average of 39.33%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
41.81%
FCF PAYOUT RATIO AVG TTM
39.33%
FCF PAYOUT RATIO AVG 3Y
39.27%
FCF PAYOUT RATIO AVG 5Y
39.46%
FCF PAYOUT RATIO AVG 10Y
47.33%
FCF PAYOUT RATIO AVG 15Y
46.62%
FCF PAYOUT RATIO AVG 20Y
47.31%
CURRENT VS TTM AVG
+6.31%
CURRENT VS 3Y AVG
+6.46%
CURRENT VS 5Y AVG
+5.95%
CURRENT VS 10Y AVG
-11.66%
CURRENT VS 15Y AVG
-10.32%
CURRENT VS 20Y AVG
-11.62%
FCF Payout Ratio TTM
41.8%
Earnings Payout Ratio
44.0%
Dividend Yield
2.06%
FCF Yield
4.81%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $12.69B | $4.80B | 37.9% |
| 2024 | $10.66B | $4.13B | 38.7% |
| 2023 | $10.60B | $3.55B | 33.5% |
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 |
|---|---|
| 2026-03-31 | 41.81% |
| 2025-12-31 | 39.78% |
| 2025-09-30 | 35.72% |
| 2025-06-30 | 37.63% |
| 2025-03-31 | 41.71% |
| 2024-12-31 | 38.57% |
| 2024-09-30 | 41.62% |
| 2024-06-30 | 44.88% |
| 2024-03-31 | 40.64% |
| 2023-12-31 | 31.57% |
| 2023-09-30 | 33.88% |
| 2023-06-30 | 39.44% |
| 2023-03-31 | 43.30% |
| 2022-12-31 | 48.49% |
| 2022-09-30 | 41.90% |
| 2022-06-30 | 37.52% |
| 2022-03-31 | 36.38% |
| 2021-12-31 | 33.70% |
| 2021-09-30 | 33.86% |
| 2021-06-30 | 46.85% |
| 2021-03-31 | 86.00% |
| 2020-12-31 | 96.60% |
| 2020-09-30 | 109.83% |
| 2020-06-30 | 101.88% |
| 2020-03-31 | 78.19% |
| 2019-12-31 | 28.89% |
| 2019-09-30 | 30.76% |
| 2018-12-31 | 68.39% |
| 2018-09-30 | 54.10% |
| 2018-06-30 | 63.36% |
| 2018-03-31 | 62.85% |
| 2017-12-31 | 54.35% |
| 2017-09-30 | 57.31% |
| 2017-06-30 | 46.89% |
| 2017-03-31 | 41.01% |
| 2016-12-31 | 41.72% |
| 2016-09-30 | 52.15% |
| 2016-06-30 | 67.03% |
| 2016-03-31 | 81.64% |
| 2015-12-31 | 96.10% |
| 2015-09-30 | 84.19% |
| 2015-06-30 | 60.97% |
| 2015-03-31 | 53.34% |
| 2014-12-31 | 45.51% |
| 2014-09-30 | 50.94% |
| 2014-06-30 | 42.02% |
| 2014-03-31 | 42.19% |
| 2013-12-31 | 39.97% |
| 2013-09-30 | 44.52% |
| 2013-06-30 | 49.81% |
| 2013-03-31 | 50.84% |
| 2012-12-31 | 5.43% |
| 2012-09-30 | 5.20% |
| 2009-12-31 | 20.67% |
| 2009-09-30 | 35.04% |
| 2009-06-30 | 40.22% |
| 2009-03-31 | 34.38% |
| 2008-12-31 | 1.09% |
| 2006-12-31 | 469.77% |
| 2006-09-30 | 106.89% |
| 2006-06-30 | 117.87% |
| 2006-03-31 | 140.32% |
| 2005-12-31 | 277.83% |
| 2004-06-30 | 50.01% |
| 2004-03-31 | 36.31% |
| 2003-12-31 | 34.49% |
| 2003-09-30 | 33.93% |
| 2003-06-30 | 71.09% |
| 2003-03-31 | 86.48% |
| 2022 |
| $7.99B |
| $3.15B |
| 39.4% |
| 2021 | $9.57B | $3.25B | 33.9% |
| 2020 | $8.56B | $3.72B | 43.4% |
| 2019 | $6.37B | $3.33B | 52.3% |
| 2018 | $6.76B | $3.49B | 51.7% |
| 2017 | $5.63B | $3.44B | 61.1% |
| 2016 | $6.15B | $3.18B | 51.6% |
| 2015 | $5.27B | $3.05B | 57.9% |
| 2014 | $6.65B | $3.20B | 48.1% |
| 2013 | $7.40B | $3.42B | 46.2% |
| 2012 | $6.13B | $3.38B | 55.2% |
| 2011 | $7.50B | $3.16B | 42.1% |
| 2010 | $9.56B | $2.16B | 22.6% |
| 2009 | $5.33B | $2.26B | 42.3% |
| 2008 | $6.91B | $2.06B | 29.8% |
| 2007 | $5.10B | $1.84B | 36.1% |
| 2006 | $1.28B | $1.52B | 118.8% |
| 2005 | ($508.41M) | $1.34B | N/A (Loss) |
| 2004 | ($401.65M) | $1.22B | N/A (Loss) |
| 2003 | $3.33B | $1.04B | 31.3% |
| 2002 | $1.65B | $876.73M | 53.2% |
| 2001 | ($29.13M) | $1.29B | N/A (Loss) |
| 2000 | $3.63B | $98.13M | 2.7% |
| 1999 | $4.14B | $168.78M | 4.1% |
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.
