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 48.06% is in line with its 5-year average of 52.08%, near the low end of its 5-year range (9.12%–238.37%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.12% above its 12-month average of 46.16%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.06%
FCF PAYOUT RATIO AVG TTM
46.16%
FCF PAYOUT RATIO AVG 3Y
32.39%
FCF PAYOUT RATIO AVG 5Y
35.08%
FCF PAYOUT RATIO AVG 10Y
40.14%
FCF PAYOUT RATIO AVG 15Y
38.24%
FCF PAYOUT RATIO AVG 20Y
32.86%
CURRENT VS TTM AVG
+4.12%
CURRENT VS 3Y AVG
+48.38%
CURRENT VS 5Y AVG
+37.01%
CURRENT VS 10Y AVG
+19.74%
CURRENT VS 15Y AVG
+25.69%
CURRENT VS 20Y AVG
+46.26%
FCF Payout Ratio TTM
48.1%
Earnings Payout Ratio
47.9%
Dividend Yield
3.10%
FCF Yield
6.32%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.98B | $900.36M | 45.4% |
| 2024 | $2.16B | $757.79M | 35.1% |
| 2023 | $3.78B | $636.51M | 16.9% |
| 2022 | $769.87M | $531.24M | 69.0% |
| 2021 | ($125.52M) | $318.74M | N/A (Loss) |
| 2020 | $1.33B | $82.64M | 6.2% |
| 2019 | $1.18B | $484.02M | 41.0% |
| 2018 | $267.34M | $484.02M | 181.1% |
| 2017 | ($574.82M) | $484.02M | N/A (Loss) |
| 2016 | $100.30M | $507.63M | 506.1% |
| 2015 | $1.09B | $531.24M | 48.6% |
| 2014 | $902.46M | $531.24M | 58.9% |
| 2013 | $1.63B | $507.63M | 31.1% |
| 2012 | $1.08B | $448.60M | 41.6% |
| 2011 | $420.65M | $401.38M | 95.4% |
| 2010 | $23.50M | $401.38M | n/m |
| 2009 | $2.60B | $553.72M | 21.3% |
| 2008 | $1.02B | $535.80M | 52.4% |
| 2007 | $1.57B | $567.89M | 36.1% |
| 2006 | $1.37B | $204.23M | 14.9% |
| 2005 | $1.01B | $363.76M | 36.0% |
| 2004 | ($85.02M) | $135.08M | N/A (Loss) |
| 2003 | $113.01M | $129.07M | 114.2% |
| 2002 | $336.83M | $80.77M | 24.0% |
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.
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 | 48.06% |
| 2025-12-31 | 44.69% |
| 2025-09-30 | 54.14% |
| 2025-06-30 | 47.58% |
| 2025-03-31 | 36.33% |
| 2024-12-31 | 35.18% |
| 2024-09-30 | 27.61% |
| 2024-06-30 | 21.14% |
| 2024-03-31 | 17.16% |
| 2023-12-31 | 16.76% |
| 2023-09-30 | 17.04% |
| 2023-06-30 | 23.88% |
| 2023-03-31 | 31.52% |
| 2022-12-31 | 69.00% |
| 2022-09-30 | 137.83% |
| 2022-06-30 | 238.37% |
| 2021-06-30 | 62.07% |
| 2021-03-31 | 9.12% |
| 2020-12-31 | 6.21% |
| 2020-09-30 | 10.81% |
| 2020-06-30 | 11.52% |
| 2020-03-31 | 41.19% |
| 2019-12-31 | 40.69% |
| 2019-09-30 | 41.72% |
| 2019-06-30 | 57.22% |
| 2019-03-31 | 57.00% |
| 2018-12-31 | 181.39% |
| 2016-12-31 | 506.11% |
| 2016-09-30 | 222.96% |
| 2016-06-30 | 120.64% |
| 2016-03-31 | 95.37% |
| 2015-12-31 | 48.58% |
| 2015-09-30 | 52.46% |
| 2015-06-30 | 50.15% |
| 2015-03-31 | 47.37% |
| 2014-12-31 | 58.87% |
| 2014-09-30 | 37.92% |
| 2014-06-30 | 32.44% |
| 2014-03-31 | 30.78% |
| 2013-12-31 | 31.05% |
| 2013-09-30 | 33.26% |
| 2013-06-30 | 39.84% |
| 2013-03-31 | 42.65% |
| 2012-12-31 | 41.68% |
| 2012-09-30 | 37.55% |
| 2012-06-30 | 44.36% |
| 2012-03-31 | 17.56% |
| 2011-12-31 | 36.48% |
| 2011-09-30 | 126.97% |
| 2010-12-31 | 652.95% |
| 2010-09-30 | 49.13% |
| 2010-06-30 | 15.65% |
| 2010-03-31 | 7.70% |
| 2009-12-31 | 6.62% |
| 2009-09-30 | 9.50% |
| 2009-06-30 | 14.55% |
| 2009-03-31 | 24.96% |
| 2008-12-31 | 28.95% |
| 2008-09-30 | 31.02% |
| 2008-06-30 | 13.88% |
| 2008-03-31 | 14.39% |
| 2007-12-31 | 13.59% |
| 2006-09-30 | 12.18% |
| 2006-06-30 | 13.01% |
| 2006-03-31 | 11.96% |
| 2005-12-31 | 15.98% |
| 2005-09-30 | 0.65% |
| 2005-06-30 | 0.00% |
| 2005-03-31 | 0.00% |
| 2003-12-31 | 9.35% |
