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 23.76% is 39% below its 5-year average of 38.84%, near the low end of its 5-year range (11.33%–262.30%).
As of the fiscal period ended Tuesday, March 31, 2026. 20.35% below its 12-month average of 29.83%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.76%
FCF PAYOUT RATIO AVG TTM
29.83%
FCF PAYOUT RATIO AVG 3Y
23.49%
FCF PAYOUT RATIO AVG 5Y
23.75%
FCF PAYOUT RATIO AVG 10Y
31.03%
FCF PAYOUT RATIO AVG 15Y
26.30%
FCF PAYOUT RATIO AVG 20Y
23.89%
CURRENT VS TTM AVG
-20.35%
CURRENT VS 3Y AVG
+1.11%
CURRENT VS 5Y AVG
+0.03%
CURRENT VS 10Y AVG
-23.43%
CURRENT VS 15Y AVG
-9.67%
CURRENT VS 20Y AVG
-0.57%
FCF Payout Ratio TTM
23.8%
Earnings Payout Ratio
61.6%
Dividend Yield
1.54%
FCF Yield
6.57%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.03B | $1.41B | 27.9% |
| 2024 | $5.78B | $1.38B | 24.0% |
| 2023 | $8.32B | $1.45B | 17.5% |
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 | 23.76% |
| 2025-12-31 | 26.02% |
| 2025-09-30 | 32.12% |
| 2025-06-30 | 37.19% |
| 2025-03-31 | 30.04% |
| 2024-12-31 | 27.20% |
| 2024-09-30 | 27.70% |
| 2024-06-30 | 20.06% |
| 2024-03-31 | 22.63% |
| 2023-12-31 | 18.07% |
| 2023-09-30 | 13.46% |
| 2023-06-30 | 15.86% |
| 2023-03-31 | 11.33% |
| 2022-12-31 | 14.34% |
| 2022-09-30 | 17.33% |
| 2022-06-30 | 18.69% |
| 2022-03-31 | 33.47% |
| 2021-12-31 | 38.20% |
| 2021-09-30 | 87.11% |
| 2021-06-30 | 262.30% |
| 2020-06-30 | 503.92% |
| 2020-03-31 | 149.41% |
| 2019-12-31 | 77.95% |
| 2019-09-30 | 44.58% |
| 2019-06-30 | 61.11% |
| 2019-03-31 | 47.28% |
| 2018-12-31 | 59.55% |
| 2018-09-30 | 50.84% |
| 2018-06-30 | 39.92% |
| 2018-03-31 | 40.41% |
| 2017-12-31 | 30.27% |
| 2017-09-30 | 34.09% |
| 2017-06-30 | 34.47% |
| 2017-03-31 | 29.13% |
| 2016-12-31 | 31.37% |
| 2016-09-30 | 36.42% |
| 2016-06-30 | 29.43% |
| 2016-03-31 | 27.50% |
| 2015-12-31 | 21.24% |
| 2015-09-30 | 17.83% |
| 2015-06-30 | 15.33% |
| 2015-03-31 | 20.05% |
| 2014-12-31 | 27.11% |
| 2014-09-30 | 13.86% |
| 2014-06-30 | 22.61% |
| 2014-03-31 | 20.84% |
| 2013-12-31 | 13.42% |
| 2013-09-30 | 62.18% |
| 2013-06-30 | 15.73% |
| 2013-03-31 | 15.58% |
| 2012-12-31 | 15.39% |
| 2012-09-30 | 18.10% |
| 2012-06-30 | 27.58% |
| 2012-03-31 | 18.95% |
| 2011-12-31 | 10.04% |
| 2011-09-30 | 3.71% |
| 2011-06-30 | 4.92% |
| 2011-03-31 | 5.60% |
| 2010-12-31 | 8.67% |
| 2010-09-30 | 46.96% |
| 2010-06-30 | 53.18% |
| 2010-03-31 | 550.00% |
| 2009-03-31 | 198.73% |
| 2008-12-31 | 148.02% |
| 2008-09-30 | 13.22% |
| 2008-06-30 | 87.86% |
| 2008-03-31 | 14.94% |
| 2007-12-31 | 9.04% |
| 2007-09-30 | 8.99% |
| 2007-06-30 | 5.62% |
| 2007-03-31 | 6.27% |
| 2006-12-31 | 5.89% |
| 2006-09-30 | 4.31% |
| 2006-06-30 | 2.95% |
| 2006-03-31 | 2.92% |
| 2005-12-31 | 2.89% |
| 2005-09-30 | 3.06% |
| 2005-06-30 | 4.55% |
| 2005-03-31 | 4.14% |
| 2004-12-31 | 4.77% |
| 2004-09-30 | 7.97% |
| 2004-06-30 | 7.90% |
| 2004-03-31 | 11.69% |
| 2003-12-31 | 11.48% |
| 2003-09-30 | 5.54% |
| 2003-06-30 | 13.74% |
| 2022 |
| $10.89B |
| $1.56B |
| 14.3% |
| 2021 | $4.19B | $1.60B | 38.2% |
| 2020 | ($840.00M) | $1.60B | N/A (Loss) |
| 2019 | ($1.68B) | $1.49B | N/A (Loss) |
| 2018 | $2.30B | $1.37B | 59.5% |
| 2017 | $4.10B | $1.24B | 30.3% |
| 2016 | $3.54B | $1.11B | 31.4% |
| 2015 | $3.99B | $848.00M | 21.2% |
| 2014 | $2.09B | $566.00M | 27.1% |
| 2013 | $3.44B | $462.00M | 13.4% |
| 2012 | $2.34B | $360.00M | 15.4% |
| 2011 | $1.68B | $169.00M | 10.0% |
| 2010 | $1.31B | $114.00M | 8.7% |
| 2009 | ($504.00M) | $324.00M | N/A (Loss) |
| 2008 | $202.00M | $299.00M | 148.0% |
| 2007 | $3.00B | $271.00M | 9.0% |
| 2006 | $3.13B | $184.00M | 5.9% |
| 2005 | $3.67B | $106.00M | 2.9% |
| 2004 | $1.67B | $79.40M | 4.8% |
| 2003 | $440.60M | $50.60M | 11.5% |
| 2002 | ($538.90M) | $42.30M | N/A (Loss) |
| 2001 | $511.95M | $20.70M | 4.0% |
| 2000 | $406.41M | $18.69M | 4.6% |
| 1999 | $334.50M | $17.90M | 5.4% |
| 1998 | ($334.90M) | $0 | N/A (Loss) |
| 1997 | $99.10M | $5.40M | 5.4% |
| 1996 | $147.30M | $34.20M | 23.2% |
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.
