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 38.97% is 22% below its 5-year average of 49.74%, near the low end of its 5-year range (21.56%–384.14%).
As of the fiscal period ended Tuesday, March 31, 2026. 8.97% above its 12-month average of 35.77%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
38.97%
FCF PAYOUT RATIO AVG TTM
35.77%
FCF PAYOUT RATIO AVG 3Y
35.94%
FCF PAYOUT RATIO AVG 5Y
33.02%
FCF PAYOUT RATIO AVG 10Y
41.34%
FCF PAYOUT RATIO AVG 15Y
41.69%
FCF PAYOUT RATIO AVG 20Y
32.91%
CURRENT VS TTM AVG
+8.97%
CURRENT VS 3Y AVG
+8.45%
CURRENT VS 5Y AVG
+18.04%
CURRENT VS 10Y AVG
-5.73%
CURRENT VS 15Y AVG
-6.52%
CURRENT VS 20Y AVG
+18.43%
FCF Payout Ratio TTM
39.0%
Earnings Payout Ratio
48.7%
Dividend Yield
2.81%
FCF Yield
7.18%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.04B | $2.04B | 40.6% |
| 2024 | $6.59B | $1.95B | 29.6% |
| 2023 | $4.92B | $2.07B | 42.2% |
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 | 38.97% |
| 2025-12-31 | 40.45% |
| 2025-09-30 | 35.02% |
| 2025-06-30 | 33.27% |
| 2025-03-31 | 31.11% |
| 2024-12-31 | 29.77% |
| 2024-09-30 | 31.95% |
| 2024-06-30 | 32.16% |
| 2024-03-31 | 34.65% |
| 2023-12-31 | 42.84% |
| 2023-09-30 | 44.21% |
| 2023-06-30 | 41.00% |
| 2023-03-31 | 31.79% |
| 2022-12-31 | 24.65% |
| 2022-09-30 | 26.79% |
| 2022-06-30 | 22.05% |
| 2022-03-31 | 23.84% |
| 2021-12-31 | 21.56% |
| 2021-09-30 | 22.48% |
| 2021-06-30 | 51.78% |
| 2021-03-31 | 384.14% |
| 2020-06-30 | 289.74% |
| 2020-03-31 | 61.20% |
| 2019-12-31 | 53.74% |
| 2019-09-30 | 40.86% |
| 2019-06-30 | 31.66% |
| 2019-03-31 | 37.42% |
| 2018-12-31 | 45.21% |
| 2018-09-30 | 51.52% |
| 2018-06-30 | 89.28% |
| 2018-03-31 | 132.16% |
| 2017-12-31 | 86.18% |
| 2017-09-30 | 82.89% |
| 2017-06-30 | 131.71% |
| 2017-03-31 | 240.44% |
| 2015-12-31 | 729.18% |
| 2015-09-30 | 187.73% |
| 2015-06-30 | 150.98% |
| 2015-03-31 | 111.46% |
| 2014-12-31 | 74.82% |
| 2014-09-30 | 57.17% |
| 2014-06-30 | 54.48% |
| 2014-03-31 | 49.32% |
| 2013-12-31 | 32.74% |
| 2013-09-30 | 58.97% |
| 2013-06-30 | 62.33% |
| 2013-03-31 | 40.45% |
| 2012-12-31 | 40.63% |
| 2012-09-30 | 18.71% |
| 2012-06-30 | 17.24% |
| 2012-03-31 | 21.42% |
| 2011-12-31 | 21.48% |
| 2011-09-30 | 32.37% |
| 2011-06-30 | 48.51% |
| 2011-03-31 | 46.93% |
| 2010-06-30 | 772.84% |
| 2009-12-31 | 40.73% |
| 2009-09-30 | 13.16% |
| 2009-06-30 | 6.35% |
| 2009-03-31 | 4.62% |
| 2008-12-31 | 4.05% |
| 2008-09-30 | 3.90% |
| 2008-06-30 | 4.40% |
| 2008-03-31 | 4.26% |
| 2007-12-31 | 5.65% |
| 2007-09-30 | 9.97% |
| 2007-06-30 | 6.64% |
| 2007-03-31 | 5.96% |
| 2006-12-31 | 3.73% |
| 2006-09-30 | 2.54% |
| 2006-06-30 | 2.91% |
| 2006-03-31 | 3.51% |
| 2005-12-31 | 4.20% |
| 2005-09-30 | 5.50% |
| 2005-06-30 | 4.79% |
| 2005-03-31 | 4.86% |
| 2004-12-31 | 4.76% |
| 2004-09-30 | 5.05% |
| 2004-06-30 | 4.27% |
| 2004-03-31 | 3.15% |
| 2003-12-31 | 3.12% |
| 2003-09-30 | 3.48% |
| 2003-06-30 | 6.40% |
| 2003-03-31 | 12.36% |
| 2022 |
| $7.79B |
| $1.92B |
| 24.6% |
| 2021 | $5.70B | $1.23B | 21.5% |
| 2020 | ($981.78M) | $1.31B | N/A (Loss) |
| 2019 | $3.74B | $2.01B | 53.8% |
| 2018 | $3.79B | $1.71B | 45.1% |
| 2017 | $1.92B | $1.69B | 88.0% |
| 2016 | ($670.37M) | $1.39B | N/A (Loss) |
| 2015 | $156.72M | $1.19B | 759.4% |
| 2014 | $1.70B | $1.28B | 75.4% |
| 2013 | $3.13B | $1.03B | 33.0% |
| 2012 | $1.90B | $761.59M | 40.1% |
| 2011 | $3.07B | $650.06M | 21.2% |
| 2010 | ($347.49M) | $611.86M | N/A (Loss) |
| 2009 | ($1.59B) | $380.47M | N/A (Loss) |
| 2008 | $3.65B | $147.15M | 4.0% |
| 2007 | $3.90B | $162.13M | 4.2% |
| 2006 | $816.05M | $108.87M | 13.3% |
| 2005 | $2.08B | $88.01M | 4.2% |
| 2004 | $296.43M | $87.83M | 29.6% |
| 2003 | $1.62B | $97.32M | 6.0% |
| 2002 | $368.29M | $77.06M | 20.9% |
| 2001 | ($544.17M) | $75.02M | N/A (Loss) |
| 2000 | ($727.44M) | $79.05M | N/A (Loss) |
| 1999 | ($353.74M) | $76.94M | N/A (Loss) |
| 1998 | ($276.39M) | $49.05M | N/A (Loss) |
| 1997 | ($186.07M) | $51.79M | N/A (Loss) |
| 1996 | $345.85M | $51.09M | 14.8% |
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.
