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 39.99% is 25% below its 5-year average of 53.18%, near the low end of its 5-year range (37.31%–73.37%).
As of the fiscal period ended Tuesday, June 30, 2026. 17.49% below its 12-month average of 48.47%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
39.99%
FCF PAYOUT RATIO AVG TTM
48.47%
FCF PAYOUT RATIO AVG 3Y
57.88%
FCF PAYOUT RATIO AVG 5Y
53.18%
FCF PAYOUT RATIO AVG 10Y
48.34%
FCF PAYOUT RATIO AVG 15Y
52.76%
FCF PAYOUT RATIO AVG 20Y
50.86%
CURRENT VS TTM AVG
-17.49%
CURRENT VS 3Y AVG
-30.90%
CURRENT VS 5Y AVG
-24.79%
CURRENT VS 10Y AVG
-17.27%
CURRENT VS 15Y AVG
-24.20%
CURRENT VS 20Y AVG
-21.36%
FCF Payout Ratio TTM
40.0%
Earnings Payout Ratio
52.7%
Dividend Yield
1.56%
FCF Yield
3.91%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.82B | $1.33B | 47.4% |
| 2024 | $2.16B | $1.21B | 56.0% |
| 2023 | $1.82B | $1.14B | 62.3% |
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 | 39.99% |
| 2026-03-31 | 42.04% |
| 2025-12-31 | 47.37% |
| 2025-09-30 | 54.20% |
| 2025-06-30 | 58.76% |
| 2025-03-31 | 67.45% |
| 2024-12-31 | 56.04% |
| 2024-09-30 | 56.59% |
| 2024-06-30 | 55.39% |
| 2024-03-31 | 53.95% |
| 2023-12-31 | 62.28% |
| 2023-09-30 | 67.09% |
| 2023-06-30 | 73.37% |
| 2023-03-31 | 73.07% |
| 2022-12-31 | 55.26% |
| 2022-09-30 | 53.11% |
| 2022-06-30 | 45.07% |
| 2022-03-31 | 41.17% |
| 2021-12-31 | 39.85% |
| 2021-09-30 | 37.31% |
| 2021-06-30 | 37.37% |
| 2021-03-31 | 40.52% |
| 2020-12-31 | 52.34% |
| 2020-09-30 | 42.55% |
| 2020-06-30 | 46.71% |
| 2020-03-31 | 45.75% |
| 2019-12-31 | 42.61% |
| 2019-09-30 | 48.09% |
| 2019-06-30 | 46.99% |
| 2019-03-31 | 43.43% |
| 2018-12-31 | 42.75% |
| 2018-09-30 | 46.96% |
| 2018-06-30 | 45.16% |
| 2018-03-31 | 45.06% |
| 2017-12-31 | 44.88% |
| 2017-09-30 | 41.79% |
| 2017-06-30 | 43.73% |
| 2017-03-31 | 45.47% |
| 2016-12-31 | 44.79% |
| 2016-09-30 | 51.21% |
| 2016-06-30 | 54.29% |
| 2016-03-31 | 50.58% |
| 2015-12-31 | 54.94% |
| 2015-09-30 | 55.25% |
| 2015-06-30 | 53.42% |
| 2015-03-31 | 61.61% |
| 2014-12-31 | 58.73% |
| 2014-09-30 | 58.64% |
| 2014-06-30 | 56.27% |
| 2014-03-31 | 57.68% |
| 2013-12-31 | 57.69% |
| 2013-09-30 | 54.91% |
| 2013-06-30 | 67.54% |
| 2013-03-31 | 66.40% |
| 2012-12-31 | 83.82% |
| 2012-09-30 | 75.08% |
| 2012-06-30 | 60.35% |
| 2012-03-31 | 69.07% |
| 2011-12-31 | 58.17% |
| 2011-09-30 | 59.65% |
| 2011-06-30 | 57.90% |
| 2011-03-31 | 54.78% |
| 2010-12-31 | 55.42% |
| 2010-09-30 | 50.00% |
| 2010-06-30 | 53.25% |
| 2010-03-31 | 50.49% |
| 2009-12-31 | 52.32% |
| 2009-09-30 | 56.24% |
| 2009-06-30 | 45.85% |
| 2009-03-31 | 45.75% |
| 2008-12-31 | 39.22% |
| 2008-09-30 | 42.69% |
| 2008-06-30 | 41.83% |
| 2008-03-31 | 38.32% |
| 2007-12-31 | 40.31% |
| 2007-09-30 | 37.99% |
| 2007-06-30 | 42.27% |
| 2007-03-31 | 44.33% |
| 2006-12-31 | 39.31% |
| 2006-09-30 | 36.25% |
| 2006-06-30 | 36.12% |
| 2006-03-31 | 35.39% |
| 2005-12-31 | 37.08% |
| 2005-09-30 | 39.04% |
| 2005-06-30 | 41.78% |
| 2005-03-31 | 42.86% |
| 2004-12-31 | 45.00% |
| 2004-09-30 | 32.58% |
| 2004-06-30 | 34.62% |
| 2004-03-31 | 16.17% |
| 2003-12-31 | 0.83% |
| 2003-09-30 | 0.00% |
| 2022 |
| $1.95B |
| $1.08B |
| 55.3% |
| 2021 | $2.43B | $970.00M | 39.9% |
| 2020 | $1.77B | $927.00M | 52.3% |
| 2019 | $2.06B | $876.00M | 42.6% |
| 2018 | $1.88B | $802.00M | 42.8% |
| 2017 | $1.67B | $750.00M | 44.9% |
| 2016 | $1.62B | $726.00M | 44.8% |
| 2015 | $1.26B | $695.00M | 54.9% |
| 2014 | $1.18B | $693.00M | 58.7% |
| 2013 | $1.18B | $683.00M | 57.7% |
| 2012 | $785.00M | $658.00M | 83.8% |
| 2011 | $1.15B | $696.00M | 60.8% |
| 2010 | $1.17B | $604.00M | 51.6% |
| 2009 | $1.18B | $619.00M | 52.3% |
| 2008 | $1.35B | $531.00M | 39.2% |
| 2007 | $1.23B | $495.00M | 40.3% |
| 2006 | $1.21B | $476.00M | 39.3% |
| 2005 | $1.21B | $449.00M | 37.1% |
| 2004 | $960.00M | $432.00M | 45.0% |
| 2003 | $726.00M | $6.00M | 0.8% |
| 2002 | $866.00M | $6.00M | 0.7% |
| 2001 | $1.03B | $6.00M | 0.6% |
| 2000 | $812.00M | $6.00M | 0.7% |
| 1999 | ($926.40M) | $6.20M | N/A (Loss) |
| 1998 | ($2.10B) | $93.80M | N/A (Loss) |
| 1997 | ($1.80B) | $0 | N/A (Loss) |
| 1996 | ($143.20M) | $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.
