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 48.02% is 25% below its 5-year average of 63.87%, near the low end of its 5-year range (44.36%–107.09%).
As of the fiscal period ended Tuesday, June 30, 2026. 5.46% below its 12-month average of 50.79%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.02%
FCF PAYOUT RATIO AVG TTM
50.79%
FCF PAYOUT RATIO AVG 3Y
65.81%
FCF PAYOUT RATIO AVG 5Y
63.87%
FCF PAYOUT RATIO AVG 10Y
N/A
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-5.46%
CURRENT VS 3Y AVG
-27.03%
CURRENT VS 5Y AVG
-24.82%
CURRENT VS 10Y AVG
N/A
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
48.0%
Earnings Payout Ratio
64.4%
Dividend Yield
5.39%
FCF Yield
12.72%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $11.91B | $6.33B | 53.1% |
| 2024 | $6.09B | $4.87B | 79.9% |
| 2023 | $8.11B | $4.92B | 60.6% |
| 2022 | $9.01B | $4.46B | 49.5% |
| 2021 | $9.65B | $4.56B | 47.3% |
| 2020 | $6.52B | $4.81B | 73.8% |
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 | 48.02% |
| 2025-12-31 | 60.00% |
| 2025-09-30 | 44.36% |
| 2025-03-31 | 107.09% |
| 2024-06-30 | 82.32% |
| 2023-12-31 | 60.58% |
| 2023-06-30 | 58.31% |
| 2022-12-31 | 54.25% |
| 2022-06-30 | 62.60% |
| 2021-12-31 | 59.24% |
| 2021-06-30 | 65.79% |
| 2019 | $6.65B | $4.30B | 64.7% |
| 2018 | $4.09B | $4.32B | 105.7% |
| 2017 | $6.51B | $4.45B | 68.4% |
| 2016 | $6.05B | $3.95B | 65.3% |
| 2015 | $6.68B | $4.01B | 60.1% |
| 2014 | $7.42B | $4.45B | 59.9% |
| 2013 | $7.66B | $5.01B | 65.5% |
| 2012 | $8.65B | $4.60B | 53.2% |
| 2011 | $9.77B | $1.78B | 18.2% |
| 2010 | $10.96B | $4.20B | 38.3% |
| 2009 | $9.65B | $4.12B | 42.8% |
| 2008 | $9.64B | $3.77B | 39.1% |
| 2007 | $8.03B | $3.46B | 43.0% |
| 2006 | $6.80B | $2.70B | 39.6% |
| 2005 | $6.22B | $1.91B | 30.7% |
| 2004 | $5.45B | $994.24M | 18.2% |
| 2003 | $2.38B | $732.01M | 30.7% |
| 2002 | $286.18M | $500.31M | 174.8% |
| 2001 | $1.12B | $288.47M | 25.8% |
| 2000 | $779.21M | $227.07M | 29.1% |
| 1999 | $417.07M | $179.32M | 43.0% |
