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 44.76% is 30% below its 5-year average of 63.99%, near the low end of its 5-year range (37.68%–130.98%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.18% below its 12-month average of 46.23%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
44.76%
FCF PAYOUT RATIO AVG TTM
46.23%
FCF PAYOUT RATIO AVG 3Y
45.16%
FCF PAYOUT RATIO AVG 5Y
63.99%
FCF PAYOUT RATIO AVG 10Y
74.16%
FCF PAYOUT RATIO AVG 15Y
74.95%
FCF PAYOUT RATIO AVG 20Y
55.55%
CURRENT VS TTM AVG
-3.18%
CURRENT VS 3Y AVG
-0.90%
CURRENT VS 5Y AVG
-30.06%
CURRENT VS 10Y AVG
-39.65%
CURRENT VS 15Y AVG
-40.29%
CURRENT VS 20Y AVG
-19.42%
FCF Payout Ratio TTM
44.8%
Earnings Payout Ratio
32.9%
Dividend Yield
0.87%
FCF Yield
1.80%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $34.97B | $15.03B | 43.0% |
| 2024 | $26.50B | $11.06B | 41.7% |
| 2023 | $9.33B | $9.50B | 101.8% |
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 |
|---|---|
| 2026-06-30 | 44.76% |
| 2026-03-31 | 45.11% |
| 2025-12-31 | 46.17% |
| 2025-09-30 | 50.25% |
| 2025-06-30 | 44.84% |
| 2025-03-31 | 42.88% |
| 2024-12-31 | 41.74% |
| 2024-09-30 | 37.68% |
| 2024-06-30 | 40.78% |
| 2024-03-31 | 57.42% |
| 2023-12-31 | 83.59% |
| 2023-09-30 | 130.98% |
| 2023-06-30 | 96.93% |
| 2023-03-31 | 57.69% |
| 2022-12-31 | 54.84% |
| 2022-09-30 | 55.47% |
| 2022-06-30 | 55.61% |
| 2022-03-31 | 68.21% |
| 2021-12-31 | 98.56% |
| 2021-09-30 | 87.74% |
| 2021-06-30 | 102.61% |
| 2021-03-31 | 94.69% |
| 2020-12-31 | 83.68% |
| 2020-09-30 | 146.03% |
| 2020-06-30 | 315.25% |
| 2020-03-31 | 370.26% |
| 2019-12-31 | 169.83% |
| 2019-09-30 | 105.75% |
| 2019-06-30 | 120.45% |
| 2019-03-31 | 86.33% |
| 2018-12-31 | 79.89% |
| 2018-09-30 | 62.93% |
| 2018-06-30 | 50.60% |
| 2018-03-31 | 63.15% |
| 2017-12-31 | 71.95% |
| 2017-09-30 | 103.88% |
| 2017-06-30 | 105.96% |
| 2017-03-31 | 86.26% |
| 2016-12-31 | 77.32% |
| 2016-09-30 | 82.79% |
| 2016-06-30 | 52.55% |
| 2016-03-31 | 46.59% |
| 2015-12-31 | 42.03% |
| 2015-09-30 | 36.16% |
| 2015-06-30 | 26.18% |
| 2015-03-31 | 31.15% |
| 2014-12-31 | 62.09% |
| 2014-09-30 | 133.47% |
| 2014-06-30 | 138.94% |
| 2014-03-31 | 176.58% |
| 2013-12-31 | 136.65% |
| 2013-09-30 | 140.80% |
| 2013-06-30 | 600.85% |
| 2013-03-31 | 289.70% |
| 2012-12-31 | 181.19% |
| 2012-09-30 | 132.58% |
| 2012-06-30 | 0.00% |
| 2012-03-31 | 0.00% |
| 2011-12-31 | 0.00% |
| 2011-09-30 | 0.00% |
| 2011-06-30 | 0.00% |
| 2011-03-31 | 0.00% |
| 2010-12-31 | 0.00% |
| 2010-09-30 | 0.00% |
| 2010-06-30 | 0.00% |
| 2010-03-31 | 0.00% |
| 2009-12-31 | 0.00% |
| 2009-09-30 | 0.39% |
| 2009-06-30 | 0.29% |
| 2009-03-31 | 0.28% |
| 2008-12-31 | 0.24% |
| 2008-09-30 | 0.62% |
| 2008-06-30 | 0.74% |
| 2008-03-31 | 0.81% |
| 2007-12-31 | 0.97% |
| 2007-09-30 | 0.07% |
| 2007-06-30 | 0.07% |
| 2007-03-31 | 0.06% |
| 2006-12-31 | 0.05% |
| 2006-09-30 | 0.04% |
| 2006-06-30 | 0.04% |
| 2006-03-31 | 0.04% |
| 2005-12-31 | 0.06% |
| 2005-09-30 | 0.17% |
| 2005-06-30 | 15.21% |
| 2005-03-31 | 15.47% |
| 2004-12-31 | 12.47% |
| 2004-09-30 | 13.03% |
| 2004-06-30 | 0.02% |
| 2004-03-31 | 0.01% |
| 2003-12-31 | 0.02% |
| 2022 |
| $16.99B |
| $9.30B |
| 54.8% |
| 2021 | $9.48B | $9.59B | 101.2% |
| 2020 | $10.71B | $9.22B | 86.1% |
| 2019 | $4.86B | $8.67B | 178.4% |
| 2018 | $8.22B | $6.78B | 82.6% |
| 2017 | $8.39B | $6.11B | 72.8% |
| 2016 | $6.36B | $4.79B | 75.3% |
| 2015 | $8.13B | $3.54B | 43.5% |
| 2014 | $4.07B | $2.45B | 60.2% |
| 2013 | $1.91B | $2.60B | 136.4% |
| 2012 | $1.48B | $2.68B | 181.1% |
| 2011 | $1.11B | $2.56B | 231.2% |
| 2010 | $1.40B | $2.67B | 190.8% |
| 2009 | $2.26B | $2.40B | 106.5% |
| 2008 | $4.95B | $2.34B | 47.3% |
| 2007 | $3.07B | $2.38B | 77.6% |
| 2006 | $3.87B | $1.89B | 48.9% |
| 2005 | $2.37B | $1.43B | 60.2% |
| 2004 | $2.21B | $372.69M | 16.9% |
| 2003 | $3.62B | $13.78M | 0.4% |
| 2002 | $1.35B | $14.12M | 1.0% |
| 2001 | $114.41M | $1.29M | 1.1% |
| 2000 | ($323.19M) | $0 | N/A (Loss) |
| 1999 | $303.95M | $0 | 0.0% |
| 1998 | ($81.79M) | $0 | N/A (Loss) |
| 1997 | ($240.74M) | $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.
