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 95.46% is 51% below its 5-year average of 193.47%, near the low end of its 5-year range (52.73%–490.96%).
As of the fiscal period ended Tuesday, June 30, 2026. 51.65% below its 12-month average of 197.45%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
95.46%
FCF PAYOUT RATIO AVG TTM
197.45%
FCF PAYOUT RATIO AVG 3Y
270.54%
FCF PAYOUT RATIO AVG 5Y
193.47%
FCF PAYOUT RATIO AVG 10Y
75.77%
FCF PAYOUT RATIO AVG 15Y
46.44%
FCF PAYOUT RATIO AVG 20Y
38.62%
CURRENT VS TTM AVG
-51.65%
CURRENT VS 3Y AVG
-64.71%
CURRENT VS 5Y AVG
-50.66%
CURRENT VS 10Y AVG
+25.99%
CURRENT VS 15Y AVG
+105.55%
CURRENT VS 20Y AVG
+147.16%
FCF Payout Ratio TTM
95.5%
Earnings Payout Ratio
86.3%
Dividend Yield
2.20%
FCF Yield
2.25%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.60B | $5.00B | 192.0% |
| 2024 | $1.50B | $4.79B | 320.1% |
| 2023 | $1.35B | $4.56B | 337.8% |
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 | 95.46% |
| 2026-03-31 | 135.77% |
| 2025-12-31 | 192.05% |
| 2025-09-30 | 237.93% |
| 2025-06-30 | 326.01% |
| 2025-03-31 | 333.33% |
| 2024-12-31 | 320.09% |
| 2024-09-30 | 322.62% |
| 2024-06-30 | 312.92% |
| 2024-03-31 | 490.96% |
| 2023-12-31 | 337.81% |
| 2023-09-30 | 273.00% |
| 2023-06-30 | 139.03% |
| 2023-03-31 | 99.07% |
| 2022-12-31 | 72.55% |
| 2022-09-30 | 71.52% |
| 2022-06-30 | 70.08% |
| 2022-03-31 | 62.13% |
| 2021-12-31 | 61.74% |
| 2021-09-30 | 52.73% |
| 2021-06-30 | 56.17% |
| 2021-03-31 | 55.58% |
| 2020-12-31 | 62.40% |
| 2020-09-30 | 64.43% |
| 2020-06-30 | 56.46% |
| 2020-03-31 | 55.45% |
| 2019-12-31 | 51.84% |
| 2019-09-30 | 48.12% |
| 2019-06-30 | 46.98% |
| 2019-03-31 | 44.53% |
| 2018-12-31 | 42.18% |
| 2018-09-30 | 40.95% |
| 2018-06-30 | 40.51% |
| 2018-03-31 | 44.99% |
| 2017-12-31 | 45.07% |
| 2017-09-30 | 46.90% |
| 2017-06-30 | 47.15% |
| 2017-03-31 | 42.69% |
| 2016-12-31 | 42.37% |
| 2016-09-30 | 39.57% |
| 2016-06-30 | 38.73% |
| 2016-03-31 | 40.26% |
| 2015-12-31 | 38.85% |
| 2015-09-30 | 39.30% |
| 2015-06-30 | 38.39% |
| 2015-03-31 | 37.53% |
| 2014-12-31 | 37.72% |
| 2014-09-30 | 37.46% |
| 2014-06-30 | 40.08% |
| 2014-03-31 | 41.16% |
| 2013-12-31 | 39.54% |
| 2013-09-30 | 37.78% |
| 2013-06-30 | 33.52% |
| 2013-03-31 | 30.08% |
| 2012-12-31 | 28.09% |
| 2012-09-30 | 28.31% |
| 2012-06-30 | 27.71% |
| 2012-03-31 | 27.84% |
| 2011-12-31 | 26.39% |
| 2011-09-30 | 23.68% |
| 2011-06-30 | 23.69% |
| 2011-03-31 | 24.31% |
| 2010-12-31 | 22.59% |
| 2010-09-30 | 26.05% |
| 2010-06-30 | 30.01% |
| 2010-03-31 | 26.46% |
| 2009-12-31 | 30.00% |
| 2009-09-30 | 23.63% |
| 2009-06-30 | 21.13% |
| 2009-03-31 | 23.16% |
| 2008-12-31 | 20.92% |
| 2008-09-30 | 19.29% |
| 2008-06-30 | 15.70% |
| 2008-03-31 | 13.27% |
| 2007-12-31 | 11.42% |
| 2007-09-30 | 11.10% |
| 2007-06-30 | 14.79% |
| 2007-03-31 | 14.78% |
| 2006-12-31 | 16.75% |
| 2006-09-30 | 16.89% |
| 2006-06-30 | 7.01% |
| 2006-03-31 | 5.84% |
| 2005-12-31 | 5.41% |
| 2005-09-30 | 4.30% |
| 2005-06-30 | 6.50% |
| 2005-03-31 | 7.61% |
| 2004-12-31 | 8.33% |
| 2004-09-30 | 9.43% |
| 2004-06-30 | 12.12% |
| 2004-03-31 | 11.49% |
| 2003-12-31 | 10.88% |
| 2003-09-30 | 13.80% |
| 2003-06-30 | 10.15% |
| 2022 |
| $5.92B |
| $4.30B |
| 72.5% |
| 2021 | $6.29B | $3.89B | 61.7% |
| 2020 | $5.49B | $3.43B | 62.4% |
| 2019 | $5.80B | $3.01B | 51.8% |
| 2018 | $6.06B | $2.56B | 42.2% |
| 2017 | $4.67B | $2.10B | 45.1% |
| 2016 | $4.08B | $1.65B | 40.3% |
| 2015 | $3.72B | $1.44B | 38.8% |
| 2014 | $3.51B | $1.32B | 37.7% |
| 2013 | $2.97B | $1.18B | 39.5% |
| 2012 | $2.92B | $819.00M | 28.1% |
| 2011 | $2.44B | $644.00M | 26.4% |
| 2010 | $2.62B | $592.00M | 22.6% |
| 2009 | $1.89B | $567.00M | 30.0% |
| 2008 | $2.57B | $537.00M | 20.9% |
| 2007 | $3.72B | $425.00M | 11.4% |
| 2006 | $1.19B | $199.00M | 16.8% |
| 2005 | $2.44B | $173.00M | 7.1% |
| 2004 | $1.85B | $154.00M | 8.3% |
| 2003 | $1.35B | $147.00M | 10.9% |
| 2002 | $1.19B | $147.00M | 12.4% |
| 2001 | $29.00M | $147.00M | 506.9% |
| 2000 | ($577.00M) | $141.00M | N/A (Loss) |
| 1999 | $656.00M | $134.00M | 20.4% |
| 1998 | $220.00M | $133.00M | 60.5% |
| 1997 | $678.00M | $131.00M | 19.3% |
| 1996 | ($1.18B) | $129.00M | 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.
