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 342.66% is 223% above its 5-year average of 105.95%, near the high end of its 5-year range (64.64%–342.66%).
As of the fiscal period ended Tuesday, March 31, 2026. 71.10% above its 12-month average of 200.27%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
342.66%
FCF PAYOUT RATIO AVG TTM
200.27%
FCF PAYOUT RATIO AVG 3Y
91.42%
FCF PAYOUT RATIO AVG 5Y
84.78%
FCF PAYOUT RATIO AVG 10Y
89.26%
FCF PAYOUT RATIO AVG 15Y
89.17%
FCF PAYOUT RATIO AVG 20Y
92.23%
CURRENT VS TTM AVG
+71.10%
CURRENT VS 3Y AVG
+274.81%
CURRENT VS 5Y AVG
+304.19%
CURRENT VS 10Y AVG
+283.91%
CURRENT VS 15Y AVG
+284.27%
CURRENT VS 20Y AVG
+271.52%
FCF Payout Ratio TTM
342.7%
Earnings Payout Ratio
95.8%
Dividend Yield
2.89%
FCF Yield
0.83%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.00B | $2.44B | 243.0% |
| 2024 | $2.40B | $2.32B | 96.5% |
| 2023 | $3.37B | $2.18B | 64.6% |
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 | 342.66% |
| 2025-12-31 | 271.64% |
| 2025-09-30 | 139.44% |
| 2025-06-30 | 131.80% |
| 2025-03-31 | 115.79% |
| 2024-12-31 | 100.87% |
| 2024-09-30 | 74.18% |
| 2024-06-30 | 73.74% |
| 2024-03-31 | 71.38% |
| 2023-12-31 | 64.64% |
| 2023-09-30 | 81.28% |
| 2023-06-30 | 77.12% |
| 2023-03-31 | 75.42% |
| 2022-12-31 | 79.47% |
| 2022-09-30 | 67.18% |
| 2022-06-30 | 68.18% |
| 2022-03-31 | 71.12% |
| 2021-12-31 | 73.83% |
| 2021-09-30 | 74.51% |
| 2021-06-30 | 89.28% |
| 2021-03-31 | 81.52% |
| 2020-12-31 | 87.39% |
| 2020-09-30 | 96.14% |
| 2020-06-30 | 97.78% |
| 2020-03-31 | 111.60% |
| 2019-12-31 | 119.30% |
| 2019-09-30 | 135.40% |
| 2019-06-30 | 140.08% |
| 2019-03-31 | 243.39% |
| 2017-12-31 | 855.17% |
| 2017-09-30 | 73.40% |
| 2017-06-30 | 56.21% |
| 2017-03-31 | 71.46% |
| 2016-12-31 | 78.18% |
| 2016-09-30 | 448.17% |
| 2012-03-31 | 116.20% |
| 2011-12-31 | 71.07% |
| 2011-09-30 | 77.72% |
| 2011-06-30 | 400.00% |
| 2010-09-30 | 355.81% |
| 2010-06-30 | 67.84% |
| 2010-03-31 | 101.73% |
| 2009-12-31 | 208.11% |
| 2005-12-31 | 108.48% |
| 2005-09-30 | 44.21% |
| 2005-06-30 | 16.06% |
| 2005-03-31 | 9.58% |
| 2004-12-31 | 7.88% |
| 2004-09-30 | 11.56% |
| 2004-06-30 | 54.60% |
| 2004-03-31 | 51.85% |
| 2022 |
| $2.61B |
| $2.07B |
| 79.5% |
| 2021 | $2.70B | $1.99B | 73.8% |
| 2020 | $2.22B | $1.94B | 87.4% |
| 2019 | $1.54B | $1.84B | 119.3% |
| 2018 | $30.00M | $1.39B | n/m |
| 2017 | $116.00M | $992.00M | 855.2% |
| 2016 | $1.61B | $1.26B | 78.2% |
| 2015 | ($489.00M) | $1.84B | N/A (Loss) |
| 2014 | ($1.92B) | $1.41B | N/A (Loss) |
| 2013 | ($1.35B) | $982.00M | N/A (Loss) |
| 2012 | ($694.00M) | $742.00M | N/A (Loss) |
| 2011 | $643.00M | $457.00M | 71.1% |
| 2010 | ($137.00M) | $429.00M | N/A (Loss) |
| 2009 | $185.00M | $385.00M | 208.1% |
| 2008 | ($120.00M) | $250.00M | N/A (Loss) |
| 2007 | ($579.00M) | $233.00M | N/A (Loss) |
| 2006 | ($619.60M) | $206.60M | N/A (Loss) |
| 2005 | $150.90M | $163.70M | 108.5% |
| 2004 | $700.50M | $49.30M | 7.0% |
| 2003 | ($186.70M) | $73.10M | N/A (Loss) |
| 2002 | ($2.69B) | $301.60M | N/A (Loss) |
| 2001 | ($335.80M) | $400.50M | N/A (Loss) |
| 2000 | ($4.40B) | $265.80M | N/A (Loss) |
| 1999 | ($2.03B) | $263.70M | N/A (Loss) |
| 1998 | ($1.10B) | $261.40M | N/A (Loss) |
| 1997 | ($242.50M) | $181.50M | N/A (Loss) |
| 1996 | ($108.50M) | $158.40M | 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.
