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 115.33% is in line with its 5-year average of 110.33%, near the low end of its 5-year range (43.66%–334.54%).
As of the fiscal period ended Tuesday, June 30, 2026. 13.99% below its 12-month average of 134.10%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
115.33%
FCF PAYOUT RATIO AVG TTM
134.10%
FCF PAYOUT RATIO AVG 3Y
113.49%
FCF PAYOUT RATIO AVG 5Y
94.47%
FCF PAYOUT RATIO AVG 10Y
64.17%
FCF PAYOUT RATIO AVG 15Y
80.07%
FCF PAYOUT RATIO AVG 20Y
72.52%
CURRENT VS TTM AVG
-13.99%
CURRENT VS 3Y AVG
+1.62%
CURRENT VS 5Y AVG
+22.09%
CURRENT VS 10Y AVG
+79.72%
CURRENT VS 15Y AVG
+44.04%
CURRENT VS 20Y AVG
+59.04%
FCF Payout Ratio TTM
115.3%
Earnings Payout Ratio
175.2%
Dividend Yield
6.91%
FCF Yield
6.15%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.06B | $3.57B | 116.8% |
| 2024 | $2.88B | $3.83B | 132.9% |
| 2023 | $7.36B | $5.60B | 76.1% |
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 | 115.33% |
| 2026-03-31 | 131.33% |
| 2025-12-31 | 116.83% |
| 2025-09-30 | 119.55% |
| 2025-06-30 | 187.45% |
| 2025-03-31 | 334.54% |
| 2024-12-31 | 141.56% |
| 2024-09-30 | 122.68% |
| 2024-06-30 | 99.57% |
| 2024-03-31 | 87.36% |
| 2023-12-31 | 76.35% |
| 2023-09-30 | 73.91% |
| 2023-06-30 | 90.01% |
| 2023-03-31 | 69.78% |
| 2022-12-31 | 109.34% |
| 2022-09-30 | 107.24% |
| 2022-06-30 | 91.80% |
| 2022-03-31 | 80.79% |
| 2021-12-31 | 64.95% |
| 2021-09-30 | 52.83% |
| 2021-06-30 | 43.66% |
| 2021-03-31 | 47.06% |
| 2020-12-31 | 33.87% |
| 2020-09-30 | 56.91% |
| 2020-06-30 | 3.27% |
| 2020-03-31 | 2.44% |
| 2019-12-31 | 2.14% |
| 2019-06-30 | 19.95% |
| 2019-03-31 | 18.73% |
| 2018-12-31 | 34.12% |
| 2018-09-30 | 31.56% |
| 2018-06-30 | 17.52% |
| 2018-03-31 | 38.23% |
| 2017-12-31 | 17.94% |
| 2017-09-30 | 24.59% |
| 2017-06-30 | 25.41% |
| 2017-03-31 | 4.57% |
| 2016-12-31 | 13.85% |
| 2014-12-31 | 422.11% |
| 2014-09-30 | 230.04% |
| 2014-06-30 | 123.19% |
| 2014-03-31 | 129.68% |
| 2013-12-31 | 196.42% |
| 2013-09-30 | 224.07% |
| 2013-06-30 | 306.12% |
| 2013-03-31 | 321.89% |
| 2012-12-31 | 464.40% |
| 2012-09-30 | 90.90% |
| 2012-06-30 | 147.74% |
| 2012-03-31 | 122.85% |
| 2011-12-31 | 96.58% |
| 2011-09-30 | 71.12% |
| 2011-06-30 | 36.37% |
| 2011-03-31 | 36.65% |
| 2010-12-31 | 41.05% |
| 2010-09-30 | 156.85% |
| 2009-09-30 | 119.08% |
| 2009-06-30 | 48.16% |
| 2009-03-31 | 35.98% |
| 2008-12-31 | 38.27% |
| 2008-09-30 | 50.63% |
| 2008-06-30 | 78.05% |
| 2008-03-31 | 35.38% |
| 2007-12-31 | 24.08% |
| 2007-09-30 | 11.39% |
| 2007-06-30 | 11.66% |
| 2007-03-31 | 14.90% |
| 2006-12-31 | 23.21% |
| 2022 |
| $6.04B |
| $6.60B |
| 109.3% |
| 2021 | $20.65B | $13.48B | 65.3% |
| 2020 | $10.10B | $3.35B | 33.2% |
| 2019 | $8.65B | $0 | 0.0% |
| 2018 | $9.12B | $3.31B | 36.3% |
| 2017 | $8.62B | $1.46B | 16.9% |
| 2016 | $1.45B | $250.00M | 17.2% |
| 2015 | ($4.18B) | $1.50B | N/A (Loss) |
| 2014 | $1.33B | $4.20B | 316.5% |
| 2013 | $1.69B | $4.50B | 266.7% |
| 2012 | $813.00M | $6.00B | 738.0% |
| 2011 | $7.60B | $9.00B | 118.5% |
| 2010 | $6.54B | $3.00B | 45.9% |
| 2009 | ($960.00M) | $2.72B | N/A (Loss) |
| 2008 | $8.14B | $2.85B | 35.0% |
| 2007 | $4.36B | $1.88B | 43.0% |
| 2006 | $2.80B | $1.30B | 46.4% |
| 2005 | $1.18B | $1.30B | 109.8% |
| 2004 | $1.45B | $787.00M | 54.3% |
| 2003 | $214.00M | $0 | 0.0% |
| 2002 | $1.34B | $0 | 0.0% |
| 2001 | $923.00M | $0 | 0.0% |
| 2000 | $977.00M | $246.00M | 25.2% |
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.
