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 57.52% is 20% below its 4-year average of 72.10%, near the low end of its 4-year range (55.30%–105.07%).
As of the fiscal period ended Tuesday, March 31, 2026. 0.97% above its 12-month average of 56.97%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
57.52%
FCF PAYOUT RATIO AVG TTM
56.97%
FCF PAYOUT RATIO AVG 3Y
58.54%
FCF PAYOUT RATIO AVG 5Y
72.10%
FCF PAYOUT RATIO AVG 10Y
67.17%
FCF PAYOUT RATIO AVG 15Y
52.44%
FCF PAYOUT RATIO AVG 20Y
52.06%
CURRENT VS TTM AVG
+0.97%
CURRENT VS 3Y AVG
-1.74%
CURRENT VS 5Y AVG
-20.23%
CURRENT VS 10Y AVG
-14.37%
CURRENT VS 15Y AVG
+9.70%
CURRENT VS 20Y AVG
+10.50%
FCF Payout Ratio TTM
57.5%
Earnings Payout Ratio
68.1%
Dividend Yield
5.96%
FCF Yield
10.27%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $20.13B | $11.48B | 57.0% |
| 2024 | $18.92B | $11.25B | 59.4% |
| 2023 | $18.71B | $11.03B | 58.9% |
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 | 57.52% |
| 2025-12-31 | 58.03% |
| 2025-09-30 | 55.30% |
| 2025-06-30 | 57.95% |
| 2025-03-31 | 56.05% |
| 2024-12-31 | 59.45% |
| 2024-09-30 | 63.00% |
| 2024-06-30 | 59.73% |
| 2024-03-31 | 59.44% |
| 2023-12-31 | 58.93% |
| 2023-09-30 | 70.61% |
| 2023-06-30 | 81.13% |
| 2023-03-31 | 80.29% |
| 2022-12-31 | 103.88% |
| 2022-09-30 | 98.47% |
| 2022-06-30 | 105.07% |
| 2022-03-31 | 100.92% |
| 2020-12-31 | 47.70% |
| 2020-09-30 | 53.26% |
| 2020-06-30 | 47.89% |
| 2020-03-31 | 57.43% |
| 2019-12-31 | 59.23% |
| 2019-09-30 | 57.07% |
| 2019-06-30 | 60.11% |
| 2019-03-31 | 55.25% |
| 2018-12-31 | 60.13% |
| 2018-09-30 | 64.95% |
| 2018-06-30 | 78.82% |
| 2018-03-31 | 97.77% |
| 2017-12-31 | 140.76% |
| 2017-09-30 | 234.06% |
| 2017-06-30 | 507.97% |
| 2016-12-31 | 177.53% |
| 2016-09-30 | 81.12% |
| 2016-06-30 | 56.34% |
| 2016-03-31 | 46.63% |
| 2015-12-31 | 40.36% |
| 2015-09-30 | 45.38% |
| 2015-06-30 | 47.67% |
| 2015-03-31 | 50.19% |
| 2014-12-31 | 59.63% |
| 2014-09-30 | 45.74% |
| 2014-06-30 | 35.71% |
| 2014-03-31 | 29.04% |
| 2013-12-31 | 27.44% |
| 2013-09-30 | 32.20% |
| 2013-06-30 | 43.65% |
| 2013-03-31 | 42.29% |
| 2012-12-31 | 45.97% |
| 2012-09-30 | 37.35% |
| 2012-06-30 | 30.75% |
| 2012-03-31 | 35.84% |
| 2011-12-31 | 41.04% |
| 2011-09-30 | 44.13% |
| 2011-06-30 | 47.42% |
| 2011-03-31 | 39.31% |
| 2010-12-31 | 32.20% |
| 2010-09-30 | 31.45% |
| 2010-06-30 | 30.39% |
| 2010-03-31 | 34.87% |
| 2009-12-31 | 36.31% |
| 2009-09-30 | 38.58% |
| 2009-06-30 | 42.71% |
| 2009-03-31 | 42.26% |
| 2008-12-31 | 48.78% |
| 2008-09-30 | 45.23% |
| 2008-06-30 | 49.13% |
| 2008-03-31 | 53.58% |
| 2007-12-31 | 58.20% |
| 2007-09-30 | 82.23% |
| 2007-06-30 | 75.08% |
| 2007-03-31 | 87.95% |
| 2006-12-31 | 67.37% |
| 2006-09-30 | 52.33% |
| 2006-06-30 | 60.13% |
| 2006-03-31 | 54.47% |
| 2005-12-31 | 66.19% |
| 2005-09-30 | 74.52% |
| 2005-06-30 | 63.97% |
| 2005-03-31 | 56.81% |
| 2004-12-31 | 49.78% |
| 2004-09-30 | 48.02% |
| 2004-06-30 | 47.47% |
| 2004-03-31 | 49.18% |
| 2003-12-31 | 40.09% |
| 2003-09-30 | 41.21% |
| 2003-06-30 | 37.58% |
| 2003-03-31 | 36.99% |
| 2022 |
| $10.40B |
| $10.80B |
| 103.9% |
| 2021 | $19.25B | $10.45B | 54.3% |
| 2020 | $21.45B | $10.23B | 47.7% |
| 2019 | $16.91B | $10.02B | 59.2% |
| 2018 | $16.25B | $9.77B | 60.1% |
| 2017 | $6.49B | $9.47B | 146.0% |
| 2016 | $4.10B | $9.26B | 226.1% |
| 2015 | $21.25B | $8.54B | 40.2% |
| 2014 | $13.09B | $7.80B | 59.6% |
| 2013 | $21.63B | $5.94B | 27.4% |
| 2012 | $11.38B | $5.23B | 46.0% |
| 2011 | $13.54B | $5.55B | 41.0% |
| 2010 | $16.91B | $5.41B | 32.0% |
| 2009 | $14.34B | $5.27B | 36.7% |
| 2008 | $10.21B | $4.99B | 48.9% |
| 2007 | $9.30B | $4.77B | 51.3% |
| 2006 | $7.00B | $4.72B | 67.4% |
| 2005 | $6.70B | $4.43B | 66.1% |
| 2004 | $8.53B | $4.26B | 50.0% |
| 2003 | $10.58B | $4.24B | 40.1% |
| 2002 | $10.10B | $4.20B | 41.6% |
| 2001 | $2.15B | $4.17B | 193.4% |
| 2000 | ($1.81B) | $4.42B | N/A (Loss) |
| 1999 | $7.84B | $4.23B | 53.9% |
| 1998 | $8.22B | $4.19B | 51.0% |
| 1997 | $2.22B | $2.34B | 105.4% |
| 1996 | $6.23B | $2.20B | 35.4% |
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.
