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 22.50% is in line with its 5-year average of 23.24%, around the middle of its 5-year range (19.26%–27.06%).
As of the fiscal period ended Tuesday, March 31, 2026. 0.72% above its 12-month average of 22.34%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
22.50%
FCF PAYOUT RATIO AVG TTM
22.34%
FCF PAYOUT RATIO AVG 3Y
23.53%
FCF PAYOUT RATIO AVG 5Y
23.24%
FCF PAYOUT RATIO AVG 10Y
N/A
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+0.72%
CURRENT VS 3Y AVG
-4.39%
CURRENT VS 5Y AVG
-3.22%
CURRENT VS 10Y AVG
N/A
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
22.5%
Earnings Payout Ratio
29.2%
Dividend Yield
0.92%
FCF Yield
4.03%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.19B | $251.10M | 21.1% |
| 2024 | $920.10M | $221.30M | 24.1% |
| 2023 | $830.70M | $196.80M | 23.7% |
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 | 22.50% |
| 2025-12-31 | 21.07% |
| 2025-09-30 | 21.80% |
| 2025-06-30 | 23.13% |
| 2025-03-31 | 23.18% |
| 2024-12-31 | 24.28% |
| 2024-09-30 | 23.74% |
| 2024-06-30 | 24.27% |
| 2024-03-31 | 24.11% |
| 2023-12-31 | 23.69% |
| 2023-09-30 | 24.37% |
| 2023-06-30 | 23.74% |
| 2023-03-31 | 26.04% |
| 2022-12-31 | 24.89% |
| 2022-09-30 | 27.06% |
| 2022-06-30 | 26.47% |
| 2022-03-31 | 22.75% |
| 2021-12-31 | 21.21% |
| 2021-09-30 | 19.26% |
| 2021-06-30 | 20.71% |
| 2021-03-31 | 19.86% |
| 2020-12-31 | 21.40% |
| 2020-09-30 | 22.79% |
| 2020-06-30 | 22.08% |
| 2020-03-31 | 22.86% |
| 2019-12-31 | 22.11% |
| 2019-09-30 | 16.95% |
| 2019-06-30 | 11.03% |
| 2019-03-31 | 5.52% |
| 2022 |
| $784.30M |
| $195.20M |
| 24.9% |
| 2021 | $887.30M | $188.20M | 21.2% |
| 2020 | $821.40M | $175.80M | 21.4% |
| 2019 | $739.50M | $163.50M | 22.1% |
| 2018 | $703.40M | $0 | 0.0% |
| 2017 | $560.00M | $0 | 0.0% |
| 2016 | $421.00M | $0 | 0.0% |
| 2015 | $497.70M | $0 | 0.0% |
| 2014 | $342.60M | $0 | 0.0% |
| 2013 | $360.94M | $0 | 0.0% |
| 2012 | $393.86M | $0 | 0.0% |
| 2011 | $315.89M | $0 | 0.0% |
| 2010 | $297.39M | $0 | 0.0% |
| 2009 | $287.71M | $0 | 0.0% |
| 2008 | $217.25M | $0 | 0.0% |
| 2007 | $215.58M | $0 | 0.0% |
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.
