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 51.35% is 26% below its 5-year average of 69.80%, near the low end of its 5-year range (42.00%–153.98%).
As of the fiscal period ended Saturday, March 28, 2026. 2.99% below its 12-month average of 52.93%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
51.35%
FCF PAYOUT RATIO AVG TTM
52.93%
FCF PAYOUT RATIO AVG 3Y
50.98%
FCF PAYOUT RATIO AVG 5Y
60.54%
FCF PAYOUT RATIO AVG 10Y
50.58%
FCF PAYOUT RATIO AVG 15Y
66.04%
FCF PAYOUT RATIO AVG 20Y
65.76%
CURRENT VS TTM AVG
-2.99%
CURRENT VS 3Y AVG
+0.73%
CURRENT VS 5Y AVG
-15.18%
CURRENT VS 10Y AVG
+1.52%
CURRENT VS 15Y AVG
-22.24%
CURRENT VS 20Y AVG
-21.92%
FCF Payout Ratio TTM
51.4%
Earnings Payout Ratio
58.0%
Dividend Yield
2.61%
FCF Yield
5.00%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.78B | $1.00B | 56.1% |
| 2024 | $2.16B | $1.01B | 46.7% |
| 2023 | $2.08B | $996.00M | 48.0% |
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 |
|---|---|
| 2026-03-28 | 51.35% |
| 2025-12-27 | 52.67% |
| 2025-09-27 | 56.76% |
| 2025-06-28 | 56.15% |
| 2025-03-29 | 47.73% |
| 2024-12-28 | 55.43% |
| 2024-09-28 | 46.32% |
| 2024-06-29 | 46.73% |
| 2024-03-31 | 51.21% |
| 2023-12-30 | 42.00% |
| 2023-09-30 | 50.01% |
| 2023-06-30 | 48.02% |
| 2023-04-01 | 58.32% |
| 2022-12-31 | 84.37% |
| 2022-10-01 | 86.09% |
| 2022-06-30 | 82.78% |
| 2022-04-02 | 152.22% |
| 2022-01-01 | 109.83% |
| 2021-10-02 | 153.98% |
| 2021-06-30 | 64.02% |
| 2021-03-27 | 55.53% |
| 2020-12-26 | 69.92% |
| 2020-09-26 | 50.35% |
| 2020-06-30 | 95.33% |
| 2020-03-28 | 68.40% |
| 2019-12-28 | 57.38% |
| 2019-09-28 | 50.92% |
| 2019-06-30 | 45.11% |
| 2019-03-30 | 44.81% |
| 2018-12-29 | 50.74% |
| 2018-09-29 | 43.52% |
| 2018-06-30 | 49.21% |
| 2018-03-31 | 43.73% |
| 2017-12-30 | 37.58% |
| 2017-09-30 | 50.65% |
| 2017-06-30 | 45.14% |
| 2017-04-01 | 48.19% |
| 2016-12-31 | 45.09% |
| 2016-10-01 | 36.48% |
| 2016-06-30 | 49.71% |
| 2016-03-26 | 57.69% |
| 2015-12-26 | 65.16% |
| 2015-09-26 | 102.64% |
| 2015-06-30 | 68.66% |
| 2015-03-28 | 73.59% |
| 2014-12-27 | 72.59% |
| 2014-09-27 | 76.50% |
| 2014-06-30 | 68.81% |
| 2014-03-29 | 61.83% |
| 2013-12-28 | 62.19% |
| 2013-09-28 | 67.05% |
| 2013-06-30 | 64.84% |
| 2013-03-30 | 87.57% |
| 2012-12-29 | 98.66% |
| 2012-09-29 | 96.75% |
| 2012-06-30 | 100.51% |
| 2012-03-31 | 118.90% |
| 2011-12-31 | 102.63% |
| 2011-10-01 | 150.99% |
| 2011-06-30 | 131.20% |
| 2011-04-02 | 124.99% |
| 2011-01-01 | 160.44% |
| 2010-10-02 | 129.10% |
| 2010-06-30 | 192.35% |
| 2010-03-27 | 117.91% |
| 2009-12-26 | 89.56% |
| 2009-09-26 | 52.27% |
| 2009-06-30 | 49.05% |
| 2009-03-28 | 46.85% |
| 2008-12-27 | 39.56% |
| 2008-09-27 | 51.18% |
| 2008-06-30 | 46.05% |
| 2008-03-28 | 53.36% |
| 2007-12-29 | 66.97% |
| 2007-09-29 | 56.88% |
| 2007-06-30 | 55.70% |
| 2007-03-31 | 51.79% |
| 2006-12-30 | 55.16% |
| 2006-09-30 | 72.19% |
| 2006-06-30 | 64.69% |
| 2006-04-01 | 69.43% |
| 2005-12-31 | 52.34% |
| 2005-09-30 | 41.57% |
| 2005-06-30 | 44.57% |
| 2005-04-02 | 43.21% |
| 2005-01-01 | 47.65% |
| 2004-10-02 | 53.80% |
| 2004-06-30 | 46.94% |
| 2004-03-27 | 40.22% |
| 2003-12-27 | 35.11% |
| 2003-09-27 | 27.92% |
| 2003-06-30 | 27.94% |
| 2003-03-29 | 30.97% |
| 2022 |
| $1.16B |
| $959.00M |
| 82.8% |
| 2021 | $1.43B | $917.56M | 64.0% |
| 2020 | $898.26M | $856.31M | 95.3% |
| 2019 | $1.72B | $775.43M | 45.1% |
| 2018 | $1.47B | $722.16M | 49.2% |
| 2017 | $1.55B | $698.65M | 45.2% |
| 2016 | $1.46B | $698.87M | 47.8% |
| 2015 | $1.01B | $695.27M | 68.7% |
| 2014 | $969.61M | $667.22M | 68.8% |
| 2013 | $999.73M | $648.25M | 64.8% |
| 2012 | $619.68M | $622.87M | 100.5% |
| 2011 | $455.08M | $597.07M | 131.2% |
| 2010 | $290.82M | $579.76M | 199.4% |
| 2009 | $1.11B | $548.25M | 49.3% |
| 2008 | $1.08B | $497.47M | 46.1% |
| 2007 | $799.68M | $445.42M | 55.7% |
| 2006 | $614.50M | $397.54M | 64.7% |
| 2005 | $801.96M | $357.30M | 44.6% |
| 2004 | $660.93M | $309.54M | 46.8% |
| 2003 | $937.20M | $261.85M | 27.9% |
| 2002 | $668.59M | $213.28M | 31.9% |
| 2001 | $614.09M | $173.70M | 28.3% |
| 2000 | $442.31M | $145.42M | 32.9% |
| 1999 | $298.62M | $126.69M | 42.4% |
| 1998 | $14.00M | $110.90M | 792.1% |
| 1997 | $281.90M | $99.60M | 35.3% |
| 1996 | $114.50M | $87.70M | 76.6% |
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.
