Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
The FCF payout ratio is 93.13% as of the fiscal period ended Tuesday, March 31, 2026.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
93.13%
FCF PAYOUT RATIO AVG TTM
98.78%
FCF PAYOUT RATIO AVG 3Y
91.57%
FCF PAYOUT RATIO AVG 5Y
84.36%
FCF PAYOUT RATIO AVG 10Y
85.36%
FCF PAYOUT RATIO AVG 15Y
84.76%
FCF PAYOUT RATIO AVG 20Y
83.47%
CURRENT VS TTM AVG
-5.73%
CURRENT VS 3Y AVG
+1.71%
CURRENT VS 5Y AVG
+10.39%
CURRENT VS 10Y AVG
+9.10%
CURRENT VS 15Y AVG
+9.87%
CURRENT VS 20Y AVG
+11.58%
FCF Payout Ratio TTM
93.1%
Earnings Payout Ratio
62.2%
Dividend Yield
3.83%
FCF Yield
4.38%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.57B | $2.79B | 78.3% |
| 2024 | $3.06B | $2.65B | 86.5% |
| 2023 | $3.14B | $2.44B | 77.7% |
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 |
|---|---|
| 2026-03-31 | 93.13% |
| 2025-12-31 | 96.33% |
| 2025-09-30 | 102.25% |
| 2025-06-30 | 100.21% |
| 2025-03-31 | 102.01% |
| 2024-12-31 | 99.57% |
| 2024-09-30 | 94.23% |
| 2024-06-30 | 92.29% |
| 2024-03-31 | 86.59% |
| 2023-12-31 | 83.35% |
| 2023-09-30 | 85.36% |
| 2023-06-30 | 78.74% |
| 2023-03-31 | 76.29% |
| 2022-12-31 | 75.16% |
| 2022-09-30 | 73.02% |
| 2022-06-30 | 87.96% |
| 2022-03-31 | 85.27% |
| 2021-12-31 | 75.63% |
| 2021-09-30 | 70.31% |
| 2021-06-30 | 54.80% |
| 2021-03-31 | 59.07% |
| 2020-12-31 | 78.35% |
| 2020-09-30 | 97.04% |
| 2020-06-30 | 100.68% |
| 2020-03-31 | 90.51% |
| 2019-12-31 | 87.28% |
| 2019-09-30 | 83.62% |
| 2019-06-30 | 84.95% |
| 2019-03-31 | 84.87% |
| 2018-12-31 | 82.49% |
| 2018-09-30 | 86.07% |
| 2018-06-30 | 81.67% |
| 2018-03-31 | 79.05% |
| 2017-12-31 | 77.97% |
| 2017-09-30 | 76.26% |
| 2017-06-30 | 77.41% |
| 2017-03-31 | 77.96% |
| 2016-12-31 | 82.40% |
| 2016-09-30 | 83.49% |
| 2016-06-30 | 88.81% |
| 2016-03-31 | 96.81% |
| 2015-12-31 | 97.48% |
| 2015-09-30 | 97.26% |
| 2015-06-30 | 88.31% |
| 2015-03-31 | 89.60% |
| 2014-12-31 | 82.93% |
| 2014-09-30 | 77.64% |
| 2014-06-30 | 82.31% |
| 2014-03-31 | 81.45% |
| 2013-12-31 | 87.50% |
| 2013-09-30 | 103.44% |
| 2013-06-30 | 106.14% |
| 2013-03-31 | 108.25% |
| 2012-12-31 | 97.41% |
| 2012-09-30 | 88.26% |
| 2012-06-30 | 75.24% |
| 2012-03-31 | 70.23% |
| 2011-12-31 | 66.18% |
| 2011-09-30 | 68.37% |
| 2011-06-30 | 65.59% |
| 2011-03-31 | 67.65% |
| 2010-12-31 | 66.90% |
| 2010-09-30 | 47.61% |
| 2010-06-30 | 40.82% |
| 2010-03-31 | 27.46% |
| 2009-12-31 | 16.12% |
| 2009-09-30 | 34.87% |
| 2009-06-30 | 59.03% |
| 2009-03-31 | 82.93% |
| 2008-12-31 | 149.47% |
| 2008-09-30 | 119.56% |
| 2008-06-30 | 162.77% |
| 2008-03-31 | 258.83% |
| 2007-12-31 | 187.38% |
| 2007-09-30 | 213.14% |
| 2007-06-30 | 155.68% |
| 2007-03-31 | 84.44% |
| 2006-12-31 | 40.47% |
| 2006-09-30 | 44.64% |
| 2006-06-30 | 34.19% |
| 2006-03-31 | 33.69% |
| 2005-12-31 | 48.35% |
| 2005-09-30 | 59.12% |
| 2005-06-30 | 58.43% |
| 2005-03-31 | 63.69% |
| 2004-12-31 | 56.50% |
| 2004-09-30 | 47.89% |
| 2004-06-30 | 83.17% |
| 2004-03-31 | 90.74% |
| 2003-12-31 | 109.53% |
| 2003-09-30 | 108.12% |
| 2003-06-30 | 78.14% |
| 2003-03-31 | 89.82% |
| 2022 |
| $3.12B |
| $2.26B |
| 72.6% |
| 2021 | $3.11B | $2.35B | 75.6% |
| 2020 | $1.84B | $1.45B | 78.4% |
| 2019 | $2.93B | $2.56B | 87.3% |
| 2018 | $2.97B | $2.45B | 82.5% |
| 2017 | $2.86B | $2.23B | 78.0% |
| 2016 | $2.57B | $2.04B | 79.2% |
| 2015 | $2.00B | $2.20B | 109.6% |
| 2014 | $1.93B | $1.60B | 82.9% |
| 2013 | $1.86B | $1.69B | 90.9% |
| 2012 | $1.71B | $1.49B | 86.8% |
| 2011 | $1.56B | $1.24B | 79.7% |
| 2010 | $1.50B | $919.44M | 61.3% |
| 2009 | $1.34B | $216.76M | 16.1% |
| 2008 | $731.95M | $1.08B | 147.0% |
| 2007 | $438.27M | $1.02B | 232.9% |
| 2006 | $505.66M | $204.65M | 40.5% |
| 2005 | $446.48M | $194.70M | 43.6% |
| 2004 | $533.55M | $745.70M | 139.8% |
| 2003 | $598.06M | $667.11M | 111.5% |
| 2002 | $669.00M | $595.87M | 89.1% |
| 2001 | $238.43M | $563.68M | 236.4% |
| 2000 | ($127.60M) | $501.90M | N/A (Loss) |
| 1999 | ($721.21M) | $562.99M | N/A (Loss) |
| 1998 | ($2.11B) | $436.90M | N/A (Loss) |
| 1997 | ($914.70M) | $227.90M | N/A (Loss) |
| 1996 | $40.70M | $262.50M | 645.0% |
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.
