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 56.43% is 15% above its 5-year average of 48.87%, around the middle of its 5-year range (25.06%–97.58%).
As of the fiscal period ended Tuesday, June 30, 2026. 20.02% below its 12-month average of 70.55%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
56.43%
FCF PAYOUT RATIO AVG TTM
70.55%
FCF PAYOUT RATIO AVG 3Y
53.08%
FCF PAYOUT RATIO AVG 5Y
48.87%
FCF PAYOUT RATIO AVG 10Y
65.33%
FCF PAYOUT RATIO AVG 15Y
64.05%
FCF PAYOUT RATIO AVG 20Y
58.41%
CURRENT VS TTM AVG
-20.02%
CURRENT VS 3Y AVG
+6.32%
CURRENT VS 5Y AVG
+15.46%
CURRENT VS 10Y AVG
-13.63%
CURRENT VS 15Y AVG
-11.90%
CURRENT VS 20Y AVG
-3.39%
FCF Payout Ratio TTM
56.4%
Earnings Payout Ratio
53.0%
Dividend Yield
2.58%
FCF Yield
4.59%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $23.61B | $17.23B | 73.0% |
| 2024 | $30.72B | $16.70B | 54.4% |
| 2023 | $33.45B | $14.94B | 44.7% |
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 | 56.43% |
| 2026-03-31 | 91.69% |
| 2025-12-31 | 72.98% |
| 2025-09-30 | 72.50% |
| 2025-06-30 | 59.18% |
| 2025-03-31 | 61.14% |
| 2024-12-31 | 54.38% |
| 2024-09-30 | 49.34% |
| 2024-06-30 | 48.11% |
| 2024-03-31 | 46.75% |
| 2023-12-31 | 44.67% |
| 2023-09-30 | 39.30% |
| 2023-06-30 | 32.13% |
| 2023-03-31 | 25.52% |
| 2022-12-31 | 25.58% |
| 2022-09-30 | 25.06% |
| 2022-06-30 | 30.37% |
| 2022-03-31 | 37.35% |
| 2021-12-31 | 41.39% |
| 2021-09-30 | 63.59% |
| 2021-06-30 | 97.58% |
| 2021-03-31 | 370.72% |
| 2020-03-31 | 584.13% |
| 2019-12-31 | 273.61% |
| 2019-09-30 | 175.64% |
| 2019-06-30 | 125.55% |
| 2019-03-31 | 97.24% |
| 2018-12-31 | 83.93% |
| 2018-09-30 | 80.69% |
| 2018-06-30 | 98.64% |
| 2018-03-31 | 90.43% |
| 2017-12-31 | 88.66% |
| 2017-09-30 | 84.16% |
| 2017-06-30 | 86.96% |
| 2017-03-31 | 114.03% |
| 2016-12-31 | 210.39% |
| 2016-06-30 | 833.40% |
| 2016-03-31 | 420.27% |
| 2015-12-31 | 313.70% |
| 2015-09-30 | 288.82% |
| 2015-06-30 | 212.83% |
| 2015-03-31 | 211.91% |
| 2014-12-31 | 95.10% |
| 2014-09-30 | 73.92% |
| 2014-06-30 | 72.14% |
| 2014-03-31 | 85.48% |
| 2013-12-31 | 96.71% |
| 2013-09-30 | 84.85% |
| 2013-06-30 | 77.07% |
| 2013-03-31 | 63.02% |
| 2012-12-31 | 46.08% |
| 2012-09-30 | 46.75% |
| 2012-06-30 | 41.23% |
| 2012-03-31 | 34.81% |
| 2011-12-31 | 37.01% |
| 2011-09-30 | 32.51% |
| 2011-06-30 | 34.46% |
| 2011-03-31 | 36.16% |
| 2010-12-31 | 39.45% |
| 2010-09-30 | 46.25% |
| 2010-06-30 | 50.51% |
| 2010-03-31 | 88.20% |
| 2009-12-31 | 134.91% |
| 2009-09-30 | 85.95% |
| 2009-06-30 | 53.86% |
| 2009-03-31 | 30.33% |
| 2008-12-31 | 19.94% |
| 2008-09-30 | 18.90% |
| 2008-06-30 | 17.80% |
| 2008-03-31 | 17.90% |
| 2007-12-31 | 20.81% |
| 2007-09-30 | 21.92% |
| 2007-06-30 | 22.02% |
| 2007-03-31 | 21.98% |
| 2006-12-31 | 22.55% |
| 2006-09-30 | 21.44% |
| 2006-06-30 | 20.63% |
| 2006-03-31 | 21.79% |
| 2005-12-31 | 21.80% |
| 2005-09-30 | 20.14% |
| 2005-06-30 | 23.55% |
| 2005-03-31 | 22.92% |
| 2004-12-31 | 24.89% |
| 2004-09-30 | 30.72% |
| 2004-06-30 | 36.63% |
| 2004-03-31 | 40.89% |
| 2003-12-31 | 44.41% |
| 2003-09-30 | 47.98% |
| 2003-06-30 | 41.61% |
| 2022 |
| $58.39B |
| $14.94B |
| 25.6% |
| 2021 | $36.05B | $14.92B | 41.4% |
| 2020 | ($2.61B) | $14.87B | N/A (Loss) |
| 2019 | $5.36B | $14.65B | 273.6% |
| 2018 | $16.44B | $13.80B | 83.9% |
| 2017 | $14.66B | $13.00B | 88.7% |
| 2016 | $5.92B | $12.45B | 210.4% |
| 2015 | $3.85B | $12.09B | 313.7% |
| 2014 | $12.16B | $11.57B | 95.1% |
| 2013 | $11.24B | $10.88B | 96.7% |
| 2012 | $21.90B | $10.09B | 46.1% |
| 2011 | $24.37B | $9.02B | 37.0% |
| 2010 | $21.54B | $8.50B | 39.4% |
| 2009 | $5.95B | $8.02B | 134.9% |
| 2008 | $40.41B | $8.06B | 19.9% |
| 2007 | $36.62B | $7.62B | 20.8% |
| 2006 | $33.82B | $7.63B | 22.6% |
| 2005 | $34.30B | $7.48B | 21.8% |
| 2004 | $28.57B | $7.11B | 24.9% |
| 2003 | $15.64B | $6.95B | 44.4% |
| 2002 | $9.83B | $6.39B | 65.0% |
| 2001 | $12.90B | $6.45B | 50.0% |
| 2000 | $14.49B | $6.37B | 44.0% |
| 1999 | $4.16B | $6.09B | 146.3% |
| 1998 | $2.70B | $6.23B | 231.0% |
| 1997 | $7.28B | $6.18B | 84.8% |
| 1996 | $5.95B | $4.19B | 70.4% |
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.
