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 23.42% is 25% below its 5-year average of 31.12%, near the low end of its 5-year range (23.42%–44.49%).
As of the fiscal period ended Friday, June 26, 2026. 7.69% below its 12-month average of 25.37%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.42%
FCF PAYOUT RATIO AVG TTM
25.37%
FCF PAYOUT RATIO AVG 3Y
26.68%
FCF PAYOUT RATIO AVG 5Y
31.12%
FCF PAYOUT RATIO AVG 10Y
34.22%
FCF PAYOUT RATIO AVG 15Y
32.96%
FCF PAYOUT RATIO AVG 20Y
32.27%
CURRENT VS TTM AVG
-7.69%
CURRENT VS 3Y AVG
-12.23%
CURRENT VS 5Y AVG
-24.75%
CURRENT VS 10Y AVG
-31.57%
CURRENT VS 15Y AVG
-28.94%
CURRENT VS 20Y AVG
-27.42%
FCF Payout Ratio TTM
23.4%
Earnings Payout Ratio
46.9%
Dividend Yield
1.42%
FCF Yield
6.06%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.20B | $803.00M | 25.1% |
| 2024 | $2.80B | $760.00M | 27.2% |
| 2023 | $2.40B | $725.00M | 30.2% |
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 |
|---|---|
| 2026-06-26 | 23.42% |
| 2026-03-27 | 24.71% |
| 2025-12-26 | 26.24% |
| 2025-09-26 | 25.07% |
| 2025-06-27 | 27.41% |
| 2025-03-28 | 27.93% |
| 2024-12-27 | 26.40% |
| 2024-09-27 | 27.17% |
| 2024-06-28 | 25.69% |
| 2024-03-29 | 27.55% |
| 2023-12-29 | 28.40% |
| 2023-09-30 | 30.21% |
| 2023-06-30 | 32.91% |
| 2023-03-31 | 36.63% |
| 2022-12-30 | 40.28% |
| 2022-09-30 | 40.29% |
| 2022-06-24 | 44.49% |
| 2022-03-25 | 39.84% |
| 2021-12-24 | 35.23% |
| 2021-09-30 | 32.58% |
| 2021-06-25 | 31.36% |
| 2021-03-26 | 35.63% |
| 2020-12-25 | 37.17% |
| 2020-09-30 | 43.65% |
| 2020-06-26 | 40.47% |
| 2020-03-27 | 34.15% |
| 2019-12-27 | 33.61% |
| 2019-09-30 | 36.34% |
| 2019-06-28 | 37.10% |
| 2019-03-29 | 36.18% |
| 2018-12-28 | 40.31% |
| 2018-09-30 | 39.12% |
| 2018-06-29 | 39.34% |
| 2018-03-30 | 44.66% |
| 2017-12-29 | 38.17% |
| 2017-09-30 | 33.72% |
| 2017-06-30 | 36.48% |
| 2017-03-31 | 31.37% |
| 2016-12-30 | 38.33% |
| 2016-09-30 | 39.34% |
| 2016-06-24 | 40.17% |
| 2016-03-25 | 44.01% |
| 2015-12-25 | 37.03% |
| 2015-09-30 | 38.44% |
| 2015-06-26 | 34.71% |
| 2015-03-27 | 37.26% |
| 2014-12-26 | 34.94% |
| 2014-09-30 | 31.42% |
| 2014-06-27 | 34.21% |
| 2014-03-28 | 29.86% |
| 2013-12-27 | 28.09% |
| 2013-09-30 | 26.83% |
| 2013-06-28 | 23.04% |
| 2013-03-29 | 23.13% |
| 2012-12-28 | 21.46% |
| 2012-09-30 | 23.48% |
| 2012-06-29 | 25.06% |
| 2012-03-30 | 26.17% |
| 2011-12-30 | 24.39% |
| 2011-09-30 | 24.71% |
| 2011-06-24 | 26.17% |
| 2011-03-25 | 25.79% |
| 2010-12-24 | 26.56% |
| 2010-09-30 | 22.33% |
| 2010-06-25 | 20.21% |
| 2010-03-26 | 20.52% |
| 2009-12-25 | 21.97% |
| 2009-09-30 | 29.37% |
| 2009-06-26 | 29.59% |
| 2009-03-27 | 29.62% |
| 2008-09-30 | 73.24% |
| 2008-06-27 | 49.52% |
| 2008-03-28 | 44.16% |
| 2007-12-28 | 6.22% |
| 2022 |
| $1.70B |
| $685.00M |
| 40.3% |
| 2021 | $1.99B | $647.00M | 32.6% |
| 2020 | $1.43B | $625.00M | 43.6% |
| 2019 | $1.67B | $608.00M | 36.3% |
| 2018 | $1.52B | $588.00M | 38.8% |
| 2017 | $1.62B | $546.00M | 33.7% |
| 2016 | $1.29B | $509.00M | 39.3% |
| 2015 | $1.31B | $502.00M | 38.2% |
| 2014 | $1.41B | $443.00M | 31.4% |
| 2013 | $1.43B | $384.00M | 26.8% |
| 2012 | $1.41B | $332.00M | 23.5% |
| 2011 | $1.20B | $296.00M | 24.7% |
| 2010 | $1.29B | $289.00M | 22.3% |
| 2009 | $1.00B | $294.00M | 29.4% |
| 2008 | $370.00M | $271.00M | 73.2% |
| 2007 | $626.00M | $0 | 0.0% |
| 2006 | $1.11B | $0 | 0.0% |
| 2005 | $677.00M | $0 | 0.0% |
| 2004 | $378.00M | $0 | 0.0% |
| 2003 | ($667.00M) | $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.
