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 19.15% is 21% below its 5-year average of 24.15%, near the low end of its 5-year range (19.15%–29.93%).
As of the fiscal period ended Tuesday, June 30, 2026. 26.70% below its 12-month average of 26.13%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
19.15%
FCF PAYOUT RATIO AVG TTM
26.13%
FCF PAYOUT RATIO AVG 3Y
24.51%
FCF PAYOUT RATIO AVG 5Y
24.15%
FCF PAYOUT RATIO AVG 10Y
22.30%
FCF PAYOUT RATIO AVG 15Y
20.79%
FCF PAYOUT RATIO AVG 20Y
20.56%
CURRENT VS TTM AVG
-26.70%
CURRENT VS 3Y AVG
-21.84%
CURRENT VS 5Y AVG
-20.70%
CURRENT VS 10Y AVG
-14.10%
CURRENT VS 15Y AVG
-7.86%
CURRENT VS 20Y AVG
-6.84%
FCF Payout Ratio TTM
19.2%
Earnings Payout Ratio
33.4%
Dividend Yield
0.85%
FCF Yield
4.28%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.22B | $333.81M | 27.4% |
| 2024 | $1.17B | $302.26M | 25.8% |
| 2023 | $1.19B | $270.60M | 22.7% |
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 |
|---|---|
| 2026-06-30 | 19.15% |
| 2026-03-31 | 29.93% |
| 2025-12-31 | 27.37% |
| 2025-09-30 | 26.32% |
| 2025-06-30 | 27.88% |
| 2025-03-31 | 26.25% |
| 2024-12-31 | 25.77% |
| 2024-09-30 | 23.83% |
| 2024-06-30 | 22.32% |
| 2024-03-31 | 22.33% |
| 2023-12-31 | 22.69% |
| 2023-09-30 | 22.15% |
| 2023-06-30 | 22.59% |
| 2023-03-31 | 22.93% |
| 2022-12-31 | 21.90% |
| 2022-09-30 | 22.69% |
| 2022-06-30 | 23.66% |
| 2022-03-31 | 24.04% |
| 2021-12-31 | 23.08% |
| 2021-09-30 | 25.67% |
| 2021-06-30 | 24.65% |
| 2021-03-31 | 25.22% |
| 2020-12-31 | 26.87% |
| 2020-09-30 | 22.84% |
| 2020-06-30 | 22.27% |
| 2020-03-31 | 21.13% |
| 2019-12-31 | 20.02% |
| 2019-09-30 | 18.29% |
| 2019-06-30 | 18.11% |
| 2019-03-31 | 17.56% |
| 2018-12-31 | 17.63% |
| 2018-09-30 | 18.37% |
| 2018-06-30 | 17.29% |
| 2018-03-31 | 18.84% |
| 2017-12-31 | 18.64% |
| 2017-09-30 | 18.43% |
| 2017-06-30 | 18.46% |
| 2017-03-31 | 19.76% |
| 2016-12-31 | 20.54% |
| 2016-09-30 | 20.88% |
| 2016-06-30 | 25.82% |
| 2016-03-31 | 20.78% |
| 2015-12-31 | 19.51% |
| 2015-09-30 | 19.33% |
| 2015-06-30 | 19.27% |
| 2015-03-31 | 19.28% |
| 2014-12-31 | 19.38% |
| 2014-09-30 | 19.29% |
| 2014-06-30 | 18.22% |
| 2014-03-31 | 18.49% |
| 2013-12-31 | 18.68% |
| 2013-09-30 | 16.90% |
| 2013-06-30 | 16.36% |
| 2013-03-31 | 16.34% |
| 2012-12-31 | 16.92% |
| 2012-09-30 | 17.01% |
| 2012-06-30 | 16.50% |
| 2012-03-31 | 14.82% |
| 2011-12-31 | 14.44% |
| 2011-09-30 | 10.16% |
| 2011-06-30 | 6.89% |
| 2011-03-31 | 4.07% |
| 2009-03-31 | 2.02% |
| 2008-12-31 | 3.84% |
| 2008-09-30 | 4.43% |
| 2008-06-30 | 4.51% |
| 2008-03-31 | 2.57% |
| 2006-12-31 | 1.91% |
| 2006-09-30 | 4.34% |
| 2006-06-30 | 8.37% |
| 2006-03-31 | 12.42% |
| 2005-12-31 | 10.25% |
| 2005-09-30 | 9.17% |
| 2005-06-30 | 8.60% |
| 2005-03-31 | 9.14% |
| 2004-12-31 | 10.17% |
| 2004-09-30 | 9.09% |
| 2004-06-30 | 6.29% |
| 2004-03-31 | 3.10% |
| 2022 |
| $1.11B |
| $243.01M |
| 21.9% |
| 2021 | $953.91M | $220.20M | 23.1% |
| 2020 | $743.96M | $199.88M | 26.9% |
| 2019 | $874.46M | $175.07M | 20.0% |
| 2018 | $865.09M | $152.55M | 17.6% |
| 2017 | $707.97M | $131.97M | 18.6% |
| 2016 | $450.59M | $92.55M | 20.5% |
| 2015 | $338.17M | $65.99M | 19.5% |
| 2014 | $303.94M | $58.91M | 19.4% |
| 2013 | $274.19M | $51.21M | 18.7% |
| 2012 | $262.81M | $44.47M | 16.9% |
| 2011 | $246.25M | $35.57M | 14.4% |
| 2010 | $193.57M | $0 | 0.0% |
| 2009 | $175.39M | $0 | 0.0% |
| 2008 | $156.91M | $0 | 0.0% |
| 2007 | $94.83M | $0 | 0.0% |
| 2006 | $107.72M | $0 | 0.0% |
| 2005 | $102.33M | $10.49M | 10.2% |
| 2004 | $108.42M | $11.03M | 10.2% |
| 2003 | $87.00M | $0 | 0.0% |
| 2002 | $71.14M | $0 | 0.0% |
| 2001 | $46.98M | $0 | 0.0% |
| 2000 | $28.37M | $0 | 0.0% |
| 1999 | ($230.40M) | $0.50M | N/A (Loss) |
| 1998 | ($56.40M) | $0.20M | N/A (Loss) |
| 1997 | ($9.20M) | $0 | N/A (Loss) |
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.
