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 25.21% is 46% above its 3-year average of 17.23%, near the high end of its 3-year range (11.44%–25.23%).
As of the fiscal period ended Tuesday, March 31, 2026. 10.75% above its 12-month average of 22.77%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
25.21%
FCF PAYOUT RATIO AVG TTM
22.77%
FCF PAYOUT RATIO AVG 3Y
17.23%
FCF PAYOUT RATIO AVG 5Y
17.23%
FCF PAYOUT RATIO AVG 10Y
30.35%
FCF PAYOUT RATIO AVG 15Y
76.00%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+10.75%
CURRENT VS 3Y AVG
+46.37%
CURRENT VS 5Y AVG
+46.37%
CURRENT VS 10Y AVG
-16.92%
CURRENT VS 15Y AVG
-66.83%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
25.2%
Earnings Payout Ratio
31.6%
Dividend Yield
1.01%
FCF Yield
6.74%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $691.76M | $174.66M | 25.2% |
| 2024 | $1.00B | $139.56M | 13.9% |
| 2023 | $740.70M | $84.73M | 11.4% |
| 2022 | ($423.78M) | $1.45M | N/A (Loss) |
| 2021 | ($569.28M) | $1.55M | N/A (Loss) |
| 2020 | ($1.36B) | $108.78M | N/A (Loss) |
| 2019 | ($168.22M) | $566.52M | N/A (Loss) |
| 2018 | ($640.90M) | $569.78M | N/A (Loss) |
| 2017 | $927.53M | $569.78M | 61.4% |
| 2016 | ($270.38M) | $325.22M | N/A (Loss) |
| 2015 | ($1.35B) | $499.11M | N/A (Loss) |
| 2014 | ($247.62M) | $942.93M | N/A (Loss) |
| 2013 | $1.17B | $1.03B | 88.5% |
| 2012 | $944.73M | $955.49M | 101.1% |
| 2011 | $1.33B | $1.03B | 77.6% |
| 2010 | $773.48M | $1.19B | 154.1% |
| 2009 | $53.03M | $0 | 0.0% |
| 2008 | ($853.59M) | $0 | N/A (Loss) |
| 2007 | ($391.41M) | $0 | N/A (Loss) |
| 2006 | ($462.05M) | $0 | N/A (Loss) |
| 2005 | ($828.60M) | $0 | N/A (Loss) |
| 2004 | ($1.12B) | $0 | N/A (Loss) |
| 2003 | ($436.76M) | $0 | N/A (Loss) |
| 2002 | ($76.60M) | $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.
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 | 25.21% |
| 2025-12-31 | 25.23% |
| 2025-09-30 | 23.94% |
| 2025-06-30 | 21.23% |
| 2025-03-31 | 18.21% |
| 2024-12-31 | 13.91% |
| 2024-09-30 | 14.32% |
| 2024-06-30 | 13.39% |
| 2024-03-31 | 12.22% |
| 2023-12-31 | 11.44% |
| 2023-09-30 | 13.29% |
| 2023-06-30 | 14.32% |
| 2019-06-30 | 468.79% |
| 2017-12-31 | 61.43% |
| 2017-09-30 | 65.49% |
| 2017-06-30 | 121.61% |
| 2017-03-31 | 208.56% |
| 2014-09-30 | 227.66% |
| 2014-06-30 | 168.67% |
| 2014-03-31 | 126.31% |
| 2013-12-31 | 88.47% |
| 2013-09-30 | 132.66% |
| 2013-06-30 | 115.40% |
| 2013-03-31 | 100.30% |
| 2012-12-31 | 101.14% |
| 2012-09-30 | 97.29% |
| 2012-06-30 | 97.64% |
| 2012-03-31 | 75.98% |
| 2011-12-31 | 72.89% |
| 2011-09-30 | 85.09% |
| 2011-06-30 | 88.05% |
| 2011-03-31 | 114.72% |
| 2010-12-31 | 150.16% |
| 2010-09-30 | 6.55% |
