Basis: Trailing twelve months (TTM). Source: stored company filings and market data; unavailable inputs remain N/A.
The FCF payout ratio is 69.13%.
Reported annual FCF payout ratio; periods with losses or near-zero free cash flow are omitted. Historical series through 2025-12-31.
FCF PAYOUT RATIO
69.13%
FCF PAYOUT RATIO AVG TTM
67.70%
FCF PAYOUT RATIO AVG 3Y
72.64%
FCF PAYOUT RATIO AVG 5Y
73.65%
FCF PAYOUT RATIO AVG 10Y
76.56%
FCF PAYOUT RATIO AVG 15Y
80.19%
FCF PAYOUT RATIO AVG 20Y
79.67%
CURRENT VS TTM AVG
+2.11%
CURRENT VS 3Y AVG
-4.83%
CURRENT VS 5Y AVG
-6.13%
CURRENT VS 10Y AVG
-9.70%
CURRENT VS 15Y AVG
-13.80%
CURRENT VS 20Y AVG
-13.23%
FCF Payout Ratio TTM
69.1%
Earnings Payout Ratio
370.4%
Dividend Yield
2.24%
FCF Yield
N/A
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.32B | $860.06M | 65.3% |
| 2024 | $1.06B | $740.33M | 70.1% |
| 2023 | $935.13M | $723.56M | 77.4% |
| 2022 | $926.34M | $720.32M | 77.8% |
| 2021 | $858.69M | $686.89M | 80.0% |
| 2020 | $1.30B | $928.81M | 71.3% |
| 2019 | $1.28B | $1.16B | 90.4% |
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.
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 |
|---|---|
| 2025-12-31 | 65.33% |
| 2024-12-31 | 70.08% |
| 2023-12-31 | 77.38% |
| 2022-12-31 | 77.76% |
| 2021-12-31 | 79.99% |
| 2020-12-31 | 71.34% |
| 2019-12-31 | 90.36% |
| 2018-12-31 | 86.23% |
| 2017-12-31 | 63.52% |
| 2016-12-31 | 82.00% |
| 2015-12-31 | 78.13% |
| 2014-12-31 | 82.57% |
| 2013-12-31 | 78.84% |
| 2012-12-31 | 90.01% |
| 2011-12-31 | 77.56% |
| 2010-12-31 | 80.46% |
| 2009-12-31 | 79.42% |
| 2008-12-31 | 79.45% |
| 2007-12-31 | 72.74% |
| 2003-12-31 | 58.53% |
| 2002-12-31 | 43.18% |
| 2001-12-31 | 82.85% |
| 2000-12-31 | 49.72% |
| 1999-12-31 | 25.65% |
| 2018 |
| $1.31B |
| $1.13B |
| 86.2% |
| 2017 | $1.30B | $827.28M | 63.5% |
| 2016 | $1.25B | $1.02B | 82.0% |
| 2015 | $1.28B | $1.00B | 78.1% |
| 2014 | $1.06B | $875.61M | 82.6% |
| 2013 | $1.02B | $802.12M | 78.8% |
| 2012 | $809.38M | $728.55M | 90.0% |
| 2011 | $675.13M | $523.60M | 77.6% |
| 2010 | $427.77M | $344.17M | 80.5% |
| 2009 | $408.30M | $324.27M | 79.4% |
| 2008 | $363.55M | $288.85M | 79.5% |
| 2007 | $393.44M | $286.19M | 72.7% |
| 2006 | $0.00M | $160.60M | N/A (Loss) |
| 2005 | $0.00M | $125.84M | N/A (Loss) |
| 2004 | ($173.97M) | $103.52M | N/A (Loss) |
| 2003 | $137.11M | $80.25M | 58.5% |
| 2002 | $116.08M | $50.13M | 43.2% |
| 2001 | $78.78M | $65.27M | 82.9% |
| 2000 | $85.34M | $42.43M | 49.7% |
| 1999 | $103.28M | $26.49M | 25.6% |
| 1998 | $72.18M | $0 | 0.0% |
| 1997 | ($10.74M) | $0 | N/A (Loss) |
| 1996 | $48.51M | $0 | 0.0% |
