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 35.11% is in line with its 5-year average of 34.84%, near the low end of its 5-year range (20.14%–74.65%).
As of the fiscal period ended Tuesday, March 31, 2026. 1.08% above its 12-month average of 34.73%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
35.11%
FCF PAYOUT RATIO AVG TTM
34.73%
FCF PAYOUT RATIO AVG 3Y
33.26%
FCF PAYOUT RATIO AVG 5Y
33.58%
FCF PAYOUT RATIO AVG 10Y
56.88%
FCF PAYOUT RATIO AVG 15Y
55.16%
FCF PAYOUT RATIO AVG 20Y
49.62%
CURRENT VS TTM AVG
+1.08%
CURRENT VS 3Y AVG
+5.57%
CURRENT VS 5Y AVG
+4.54%
CURRENT VS 10Y AVG
-38.28%
CURRENT VS 15Y AVG
-36.35%
CURRENT VS 20Y AVG
-29.25%
FCF Payout Ratio TTM
35.1%
Earnings Payout Ratio
48.7%
Dividend Yield
2.34%
FCF Yield
6.23%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.79B | $1.60B | 33.4% |
| 2024 | $4.47B | $1.53B | 34.3% |
| 2023 | $4.54B | $1.32B | 29.0% |
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 | 35.11% |
| 2025-12-31 | 33.41% |
| 2025-09-30 | 38.83% |
| 2025-06-30 | 33.40% |
| 2025-03-31 | 32.92% |
| 2024-12-31 | 34.98% |
| 2024-09-30 | 29.68% |
| 2024-06-30 | 34.04% |
| 2024-03-31 | 31.50% |
| 2023-12-31 | 29.31% |
| 2023-09-30 | 38.76% |
| 2023-06-30 | 34.28% |
| 2023-03-31 | 42.63% |
| 2022-12-31 | 40.73% |
| 2022-09-30 | 30.67% |
| 2022-06-30 | 32.96% |
| 2022-03-31 | 23.22% |
| 2021-12-31 | 20.14% |
| 2021-09-30 | 26.75% |
| 2021-06-30 | 33.59% |
| 2021-03-31 | 74.65% |
| 2020-12-31 | 100.41% |
| 2020-09-30 | 79.58% |
| 2020-06-30 | 72.21% |
| 2020-03-31 | 70.10% |
| 2019-12-31 | 79.66% |
| 2019-09-30 | 80.50% |
| 2019-06-30 | 80.83% |
| 2019-03-31 | 85.68% |
| 2018-12-31 | 80.22% |
| 2018-09-30 | 82.58% |
| 2018-06-30 | 82.10% |
| 2018-03-31 | 86.44% |
| 2017-12-31 | 84.70% |
| 2017-09-30 | 94.85% |
| 2017-06-30 | 111.18% |
| 2017-03-31 | 83.74% |
| 2016-12-31 | 74.02% |
| 2016-09-30 | 68.89% |
| 2016-06-30 | 53.12% |
| 2016-03-31 | 49.66% |
| 2015-12-31 | 42.62% |
| 2015-09-30 | 33.53% |
| 2015-06-30 | 30.89% |
| 2015-03-31 | 28.37% |
| 2014-12-31 | 28.43% |
| 2014-09-30 | 27.02% |
| 2014-06-30 | 27.68% |
| 2014-03-31 | 27.41% |
| 2013-12-31 | 29.51% |
| 2013-09-30 | 35.20% |
| 2013-06-30 | 39.13% |
| 2013-03-31 | 70.34% |
| 2012-12-31 | 87.21% |
| 2012-09-30 | 95.30% |
| 2012-06-30 | 128.16% |
| 2012-03-31 | 72.99% |
| 2011-12-31 | 60.38% |
| 2011-09-30 | 52.01% |
| 2011-06-30 | 65.36% |
| 2011-03-31 | 50.95% |
| 2010-12-31 | 40.31% |
| 2010-09-30 | 47.49% |
| 2010-06-30 | 34.21% |
| 2010-03-31 | 30.25% |
| 2009-12-31 | 38.09% |
| 2009-09-30 | 46.64% |
| 2009-06-30 | 41.83% |
| 2009-03-31 | 46.95% |
| 2008-12-31 | 34.07% |
| 2008-09-30 | 29.65% |
| 2008-06-30 | 29.04% |
| 2008-03-31 | 27.35% |
| 2007-12-31 | 25.14% |
| 2007-09-30 | 23.35% |
| 2007-06-30 | 23.78% |
| 2007-03-31 | 22.08% |
| 2006-12-31 | 24.54% |
| 2006-09-30 | 27.50% |
| 2006-06-30 | 28.90% |
| 2006-03-31 | 33.62% |
| 2005-12-31 | 34.12% |
| 2005-09-30 | 34.34% |
| 2005-06-30 | 47.91% |
| 2005-03-31 | 58.11% |
| 2004-12-31 | 64.81% |
| 2004-09-30 | 69.95% |
| 2004-06-30 | 47.39% |
| 2004-03-31 | 37.51% |
| 2003-12-31 | 40.49% |
| 2003-09-30 | 38.54% |
| 2003-06-30 | 34.64% |
| 2003-03-31 | 52.05% |
| 2022 |
| $2.00B |
| $848.00M |
| 42.3% |
| 2021 | $3.47B | $699.00M | 20.1% |
| 2020 | $1.73B | $1.73B | 100.4% |
| 2019 | $3.48B | $2.77B | 79.7% |
| 2018 | $3.45B | $2.77B | 80.2% |
| 2017 | $3.28B | $2.78B | 84.7% |
| 2016 | $3.58B | $2.65B | 74.0% |
| 2015 | $5.68B | $2.42B | 42.6% |
| 2014 | $6.92B | $1.97B | 28.4% |
| 2013 | $5.45B | $1.61B | 29.5% |
| 2012 | $1.64B | $1.43B | 87.2% |
| 2011 | $2.15B | $1.30B | 60.4% |
| 2010 | $2.58B | $1.04B | 40.3% |
| 2009 | $2.64B | $1.01B | 38.1% |
| 2008 | $2.83B | $964.14M | 34.1% |
| 2007 | $3.07B | $771.35M | 25.1% |
| 2006 | $2.31B | $567.67M | 24.5% |
| 2005 | $1.41B | $481.58M | 34.1% |
| 2004 | $680.82M | $441.22M | 64.8% |
| 2003 | $1.08B | $437.02M | 40.5% |
| 2002 | $850.56M | $433.13M | 50.9% |
| 2001 | ($484.46M) | $430.33M | N/A (Loss) |
| 2000 | $386.10M | $426.46M | 110.5% |
| 1999 | $593.30M | $410.50M | 69.2% |
| 1998 | $415.70M | $388.40M | 93.4% |
| 1997 | $212.00M | $370.80M | 174.9% |
| 1996 | $244.10M | $366.80M | 150.3% |
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.
