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 38.83% is in line with its 5-year average of 37.76%, around the middle of its 5-year range (28.87%–46.95%).
As of the fiscal period ended Sunday, May 31, 2026. 0.08% above its 12-month average of 38.80%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
38.83%
FCF PAYOUT RATIO AVG TTM
38.80%
FCF PAYOUT RATIO AVG 3Y
39.94%
FCF PAYOUT RATIO AVG 5Y
37.76%
FCF PAYOUT RATIO AVG 10Y
37.77%
FCF PAYOUT RATIO AVG 15Y
37.66%
FCF PAYOUT RATIO AVG 20Y
36.69%
CURRENT VS TTM AVG
+0.08%
CURRENT VS 3Y AVG
-2.79%
CURRENT VS 5Y AVG
+2.84%
CURRENT VS 10Y AVG
+2.81%
CURRENT VS 15Y AVG
+3.10%
CURRENT VS 20Y AVG
+5.84%
FCF Payout Ratio TTM
38.8%
Earnings Payout Ratio
42.5%
Dividend Yield
3.14%
FCF Yield
8.18%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $1.79B | $715.70M | 39.9% |
| 2025 | $1.94B | $731.80M | 37.8% |
| 2024 | $1.51B | $653.80M | 43.3% |
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 |
|---|---|
| 2026-05-31 | 38.83% |
| 2026-02-28 | 39.89% |
| 2025-11-30 | 40.82% |
| 2025-08-31 | 39.19% |
| 2025-05-31 | 35.25% |
| 2025-02-28 | 37.76% |
| 2024-11-30 | 41.95% |
| 2024-08-31 | 42.36% |
| 2024-05-31 | 46.95% |
| 2024-02-29 | 43.27% |
| 2023-11-30 | 40.89% |
| 2023-08-31 | 40.20% |
| 2023-05-31 | 38.91% |
| 2023-02-28 | 34.14% |
| 2022-11-30 | 40.81% |
| 2022-08-31 | 33.56% |
| 2022-05-31 | 35.14% |
| 2022-02-28 | 34.14% |
| 2021-11-30 | 30.36% |
| 2021-08-31 | 29.62% |
| 2021-05-31 | 28.87% |
| 2021-02-28 | 29.61% |
| 2020-11-30 | 26.27% |
| 2020-08-31 | 29.67% |
| 2020-05-31 | 29.55% |
| 2020-02-29 | 31.20% |
| 2019-11-30 | 36.70% |
| 2019-08-31 | 38.70% |
| 2019-05-31 | 38.33% |
| 2019-02-28 | 41.01% |
| 2018-11-30 | 35.29% |
| 2018-08-31 | 38.44% |
| 2018-05-31 | 42.11% |
| 2018-02-28 | 45.79% |
| 2017-11-30 | 51.96% |
| 2017-08-31 | 50.32% |
| 2017-05-31 | 43.30% |
| 2017-02-28 | 39.96% |
| 2016-11-30 | 38.96% |
| 2016-08-31 | 40.64% |
| 2016-05-31 | 41.92% |
| 2016-02-29 | 46.25% |
| 2015-11-30 | 24.69% |
| 2015-08-31 | 23.49% |
| 2015-05-31 | 17.76% |
| 2007-08-31 | 0.89% |
| 2007-05-31 | 8.60% |
| 2007-02-28 | 6.02% |
| 2006-11-30 | 12.80% |
| 2006-08-31 | 5.63% |
| 2006-05-31 | 4.16% |
| 2006-02-28 | 3.23% |
| 2005-11-30 | 1.48% |
| 2005-08-31 | 1.86% |
| 2005-05-31 | 1.39% |
| 2005-02-28 | 2.06% |
| 2004-11-30 | 2.55% |
| 2004-08-31 | 1.68% |
| 2004-05-31 | 1.28% |
| 2023 |
| $1.72B |
| $587.70M |
| 34.1% |
| 2022 | $1.68B | $573.00M | 34.1% |
| 2021 | $1.94B | $575.00M | 29.6% |
| 2020 | $1.82B | $569.20M | 31.2% |
| 2019 | $1.36B | $557.70M | 41.0% |
| 2018 | $873.80M | $400.10M | 45.8% |
| 2017 | $788.60M | $315.10M | 40.0% |
| 2016 | $522.40M | $241.60M | 46.2% |
| 2015 | $361.60M | $0 | 0.0% |
| 2014 | $602.70M | $0 | 0.0% |
| 2013 | $494.20M | $0 | 0.0% |
| 2012 | $715.70M | $0 | 0.0% |
| 2011 | $530.20M | $0 | 0.0% |
| 2010 | $294.80M | $0 | 0.0% |
| 2009 | $378.30M | $0 | 0.0% |
| 2008 | $376.00M | $0 | 0.0% |
| 2007 | $121.20M | $7.30M | 6.0% |
| 2006 | $303.47M | $9.80M | 3.2% |
| 2005 | $201.04M | $9.80M | 4.9% |
| 2004 | $235.21M | $3.29M | 1.4% |
| 2003 | $164.48M | $0 | 0.0% |
| 2002 | ($330.68M) | $0 | N/A (Loss) |
| 2001 | $31.10M | $0 | 0.0% |
| 2000 | ($362.60M) | $0 | N/A (Loss) |
| 1999 | ($274.90M) | $0 | N/A (Loss) |
| 1998 | ($2.40M) | $0 | N/A (Loss) |
| 1997 | $76.20M | $0 | 0.0% |
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.
