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 23.59% is 67% below its 5-year average of 72.13%, near the low end of its 5-year range (23.59%–128.98%).
As of the fiscal period ended Friday, April 3, 2026. 47.29% below its 12-month average of 44.74%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.59%
FCF PAYOUT RATIO AVG TTM
44.74%
FCF PAYOUT RATIO AVG 3Y
85.37%
FCF PAYOUT RATIO AVG 5Y
72.13%
FCF PAYOUT RATIO AVG 10Y
60.49%
FCF PAYOUT RATIO AVG 15Y
50.67%
FCF PAYOUT RATIO AVG 20Y
48.05%
CURRENT VS TTM AVG
-47.29%
CURRENT VS 3Y AVG
-72.37%
CURRENT VS 5Y AVG
-67.30%
CURRENT VS 10Y AVG
-61.01%
CURRENT VS 15Y AVG
-53.45%
CURRENT VS 20Y AVG
-50.91%
FCF Payout Ratio TTM
23.6%
Earnings Payout Ratio
42.4%
Dividend Yield
0.35%
FCF Yield
1.35%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $818.00M | $600.00M | 73.3% |
| 2024 | $664.00M | $585.00M | 88.1% |
| 2023 | $626.00M | $582.00M | 93.0% |
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 |
|---|---|
| 2026-04-03 | 23.59% |
| 2026-01-02 | 32.28% |
| 2025-10-03 | 49.75% |
| 2025-06-27 | 73.35% |
| 2025-03-28 | 76.84% |
| 2024-12-27 | 85.99% |
| 2024-09-27 | 92.59% |
| 2024-06-28 | 88.10% |
| 2024-03-29 | 128.98% |
| 2023-12-29 | 116.67% |
| 2023-09-29 | 101.58% |
| 2023-06-30 | 92.97% |
| 2023-03-31 | 104.06% |
| 2022-12-30 | 79.21% |
| 2022-09-30 | 59.86% |
| 2022-06-30 | 47.81% |
| 2022-04-01 | 40.21% |
| 2021-12-31 | 43.20% |
| 2021-10-01 | 48.07% |
| 2021-06-30 | 57.54% |
| 2021-04-02 | 63.26% |
| 2021-01-01 | 64.99% |
| 2020-10-02 | 66.60% |
| 2020-06-30 | 59.61% |
| 2020-04-03 | 58.94% |
| 2020-01-03 | 58.07% |
| 2019-10-04 | 66.35% |
| 2019-06-30 | 61.52% |
| 2019-03-29 | 58.35% |
| 2018-12-28 | 50.35% |
| 2018-09-28 | 35.37% |
| 2018-06-30 | 41.56% |
| 2018-03-30 | 48.35% |
| 2017-12-29 | 54.46% |
| 2017-09-29 | 65.18% |
| 2017-06-30 | 37.85% |
| 2017-03-31 | 38.34% |
| 2016-12-30 | 45.34% |
| 2016-09-30 | 60.65% |
| 2016-06-30 | 66.51% |
| 2016-04-01 | 71.21% |
| 2016-01-01 | 63.34% |
| 2015-10-02 | 32.95% |
| 2015-06-30 | 34.95% |
| 2015-04-03 | 27.30% |
| 2015-01-02 | 24.64% |
| 2014-10-03 | 29.45% |
| 2014-06-30 | 27.86% |
| 2014-03-28 | 30.56% |
| 2013-12-27 | 21.48% |
| 2013-09-27 | 27.50% |
| 2013-06-30 | 22.91% |
| 2013-03-29 | 14.73% |
| 2012-12-28 | 16.27% |
| 2012-09-28 | 11.85% |
| 2012-06-30 | 14.17% |
| 2012-03-30 | 22.99% |
| 2011-12-30 | 30.52% |
| 2011-09-30 | 31.93% |
| 2011-06-30 | 17.58% |
| 2010-01-01 | 1.33% |
| 2009-10-02 | 20.56% |
| 2009-06-30 | 69.47% |
| 2009-04-03 | 105.00% |
| 2009-01-02 | 57.95% |
| 2008-10-03 | 21.50% |
| 2008-06-30 | 13.43% |
| 2008-03-28 | 12.82% |
| 2007-12-28 | 16.31% |
| 2007-09-28 | 20.97% |
| 2007-06-30 | 572.97% |
| 2006-06-30 | 34.52% |
| 2006-03-31 | 17.35% |
| 2005-12-30 | 18.69% |
| 2005-09-30 | 17.48% |
| 2005-06-30 | 16.55% |
| 2005-04-01 | 28.61% |
| 2004-12-31 | 40.25% |
| 2004-06-30 | 180.00% |
| 2004-04-02 | 12.74% |
| 2004-01-02 | 1.54% |
| 2003-10-03 | 4.76% |
| 2003-06-30 | 7.10% |
| 2003-03-28 | 3.69% |
| 2022 |
| $1.28B |
| $610.00M |
| 47.8% |
| 2021 | $1.13B | $649.00M | 57.5% |
| 2020 | $1.13B | $673.00M | 59.6% |
| 2019 | $1.16B | $713.00M | 61.5% |
| 2018 | $1.75B | $726.00M | 41.6% |
| 2017 | $1.48B | $561.00M | 37.9% |
| 2016 | $1.09B | $727.00M | 66.5% |
| 2015 | $1.90B | $664.00M | 34.9% |
| 2014 | $2.00B | $557.00M | 27.9% |
| 2013 | $2.26B | $518.00M | 22.9% |
| 2012 | $2.63B | $372.00M | 14.2% |
| 2011 | $421.00M | $74.00M | 17.6% |
| 2010 | $1.29B | $0 | 0.0% |
| 2009 | $190.00M | $132.00M | 69.5% |
| 2008 | $1.61B | $216.00M | 13.4% |
| 2007 | $37.00M | $212.00M | 573.0% |
| 2006 | $449.00M | $155.00M | 34.5% |
| 2005 | $737.00M | $122.00M | 16.6% |
| 2004 | $30.00M | $90.00M | 300.0% |
| 2003 | $366.00M | $288.00M | 78.7% |
| 2002 | $365.00M | $0 | 0.0% |
| 2001 | ($114.00M) | $0 | 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.
