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 19.36% is in line with its 5-year average of 18.99%, around the middle of its 5-year range (7.69%–24.58%).
As of the fiscal period ended Tuesday, March 31, 2026. 5.19% below its 12-month average of 20.42%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
19.36%
FCF PAYOUT RATIO AVG TTM
20.42%
FCF PAYOUT RATIO AVG 3Y
20.70%
FCF PAYOUT RATIO AVG 5Y
20.53%
FCF PAYOUT RATIO AVG 10Y
13.06%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-5.19%
CURRENT VS 3Y AVG
-6.50%
CURRENT VS 5Y AVG
-5.69%
CURRENT VS 10Y AVG
+48.25%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
19.4%
Earnings Payout Ratio
19.6%
Dividend Yield
1.21%
FCF Yield
6.29%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $27.19B | $5.37B | 19.7% |
| 2024 | $22.25B | $3.95B | 17.8% |
| 2023 | $24.59B | $2.96B | 12.0% |
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 |
|---|---|
| 2026-03-31 | 19.36% |
| 2025-12-31 | 20.58% |
| 2025-09-30 | 21.12% |
| 2025-06-30 | 23.14% |
| 2025-03-31 | 17.89% |
| 2024-12-31 | 17.57% |
| 2024-09-30 | 24.58% |
| 2024-06-30 | 23.74% |
| 2024-03-31 | 21.95% |
| 2023-12-31 | 21.57% |
| 2023-09-30 | 20.08% |
| 2023-06-30 | 20.52% |
| 2023-03-31 | 17.05% |
| 2022-12-31 | 20.96% |
| 2022-09-30 | 18.24% |
| 2022-06-30 | 20.59% |
| 2022-03-31 | 21.38% |
| 2021-12-31 | 19.14% |
| 2021-09-30 | 11.60% |
| 2021-06-30 | 10.15% |
| 2021-03-31 | 7.69% |
| 2020-12-31 | 7.61% |
| 2020-09-30 | 6.87% |
| 2020-06-30 | 6.41% |
| 2020-03-31 | 5.69% |
| 2019-12-31 | 6.70% |
| 2019-09-30 | 7.28% |
| 2019-06-30 | 8.18% |
| 2019-03-31 | 7.13% |
| 2018-12-31 | 7.94% |
| 2018-09-30 | 8.55% |
| 2018-06-30 | 8.06% |
| 2018-03-31 | 5.90% |
| 2017-12-31 | 5.31% |
| 2017-09-30 | 5.65% |
| 2017-06-30 | 6.95% |
| 2017-03-31 | 5.57% |
| 2016-12-31 | 6.60% |
| 2016-09-30 | 6.71% |
| 2016-06-30 | 7.20% |
| 2016-03-31 | 6.15% |
| 2015-12-31 | 6.77% |
| 2015-09-30 | 8.58% |
| 2015-06-30 | 8.37% |
| 2015-03-31 | 5.60% |
| 2014-12-31 | 6.18% |
| 2014-09-30 | 6.95% |
| 2014-06-30 | 8.14% |
| 2014-03-31 | 7.68% |
| 2013-12-31 | 7.49% |
| 2013-09-30 | 8.33% |
| 2013-06-30 | 8.04% |
| 2013-03-31 | 0.00% |
| 2012-12-31 | 0.00% |
| 2022 |
| $13.80B |
| $1.88B |
| 13.6% |
| 2021 | $17.79B | $1.97B | 11.1% |
| 2020 | $19.54B | $1.58B | 8.1% |
| 2019 | $13.15B | $1.19B | 9.1% |
| 2018 | $7.62B | $985.23M | 12.9% |
| 2017 | $11.39B | $775.99M | 6.8% |
| 2016 | $6.73B | $532.66M | 7.9% |
| 2015 | $4.98B | $406.56M | 8.2% |
| 2014 | $4.20B | $283.87M | 6.8% |
| 2013 | $3.02B | $242.37M | 8.0% |
| 2012 | $2.34B | $177.71M | 7.6% |
| 2011 | $1.35B | $133.04M | 9.8% |
| 2010 | $1.56B | $96.98M | 6.2% |
| 2009 | $1.11B | $81.19M | 7.3% |
| 2008 | $317.59M | $37.64M | 11.9% |
| 2007 | $101.54M | $28.67M | 28.2% |
| 2006 | $148.75M | $18.65M | 12.5% |
| 2005 | $90.40M | $16.38M | 18.1% |
| 2004 | ($36.06M) | $3.48M | N/A (Loss) |
| 2003 | $35.44M | $1.25M | 3.5% |
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.
