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 10.32% is 37% below its 5-year average of 16.46%, near the low end of its 5-year range (10.30%–23.73%).
As of the fiscal period ended Tuesday, March 31, 2026. 14.67% below its 12-month average of 12.09%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
10.32%
FCF PAYOUT RATIO AVG TTM
12.09%
FCF PAYOUT RATIO AVG 3Y
16.00%
FCF PAYOUT RATIO AVG 5Y
16.10%
FCF PAYOUT RATIO AVG 10Y
15.78%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-14.67%
CURRENT VS 3Y AVG
-35.50%
CURRENT VS 5Y AVG
-35.91%
CURRENT VS 10Y AVG
-34.62%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
10.3%
Earnings Payout Ratio
27.0%
Dividend Yield
0.99%
FCF Yield
9.66%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.47B | $190.30M | 12.9% |
| 2024 | $1.14B | $196.00M | 17.2% |
| 2023 | $1.19B | $200.90M | 16.9% |
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 | 10.32% |
| 2025-12-31 | 10.30% |
| 2025-09-30 | 11.92% |
| 2025-06-30 | 13.52% |
| 2025-03-31 | 14.41% |
| 2024-12-31 | 17.15% |
| 2024-09-30 | 15.90% |
| 2024-06-30 | 18.11% |
| 2024-03-31 | 18.61% |
| 2023-12-31 | 16.85% |
| 2023-09-30 | 23.73% |
| 2023-06-30 | 19.55% |
| 2023-03-31 | 17.61% |
| 2022-12-31 | 18.34% |
| 2022-09-30 | 17.30% |
| 2022-06-30 | 17.50% |
| 2022-03-31 | 16.65% |
| 2021-12-31 | 16.35% |
| 2021-09-30 | 14.52% |
| 2021-06-30 | 14.90% |
| 2021-03-31 | 22.17% |
| 2020-12-31 | 18.27% |
| 2020-09-30 | 18.67% |
| 2020-06-30 | 16.08% |
| 2020-03-31 | 14.65% |
| 2019-12-31 | 16.65% |
| 2019-09-30 | 17.20% |
| 2019-06-30 | 18.75% |
| 2019-03-31 | 14.31% |
| 2018-12-31 | 12.32% |
| 2018-09-30 | 12.10% |
| 2018-06-30 | 12.05% |
| 2018-03-31 | 11.71% |
| 2017-12-31 | 13.57% |
| 2017-09-30 | 11.76% |
| 2017-06-30 | 12.74% |
| 2017-03-31 | 13.38% |
| 2016-12-31 | 13.02% |
| 2016-09-30 | 15.26% |
| 2016-06-30 | 18.18% |
| 2016-03-31 | 20.68% |
| 2015-12-31 | 25.89% |
| 2015-09-30 | 26.11% |
| 2015-06-30 | 19.85% |
| 2015-03-31 | 18.42% |
| 2014-12-31 | 16.03% |
| 2014-09-30 | 16.13% |
| 2014-06-30 | 15.21% |
| 2014-03-31 | 15.79% |
| 2013-12-31 | 15.34% |
| 2013-09-30 | 12.78% |
| 2013-06-30 | 11.82% |
| 2013-03-31 | 8.39% |
| 2012-12-31 | 5.50% |
| 2012-09-30 | 3.11% |
| 2022 |
| $1.07B |
| $201.20M |
| 18.9% |
| 2021 | $1.35B | $200.10M | 14.9% |
| 2020 | $1.09B | $198.50M | 18.2% |
| 2019 | $1.18B | $196.70M | 16.7% |
| 2018 | $1.58B | $195.20M | 12.3% |
| 2017 | $1.43B | $193.60M | 13.6% |
| 2016 | $1.45B | $188.40M | 13.0% |
| 2015 | $682.10M | $157.10M | 23.0% |
| 2014 | $915.60M | $145.50M | 15.9% |
| 2013 | $863.10M | $132.40M | 15.3% |
| 2012 | $1.04B | $94.40M | 9.1% |
| 2011 | $1.06B | $510.40M | 48.0% |
| 2010 | $1.11B | $0 | 0.0% |
| 2009 | $852.90M | $0 | 0.0% |
| 2008 | $440.80M | $0 | 0.0% |
| 2007 | $753.20M | $0 | 0.0% |
| 2006 | $772.40M | $0 | 0.0% |
| 2005 | $772.90M | $0 | 0.0% |
| 2004 | $761.40M | $0 | 0.0% |
| 2003 | $336.30M | $0 | 0.0% |
| 2002 | $186.50M | $0 | 0.0% |
| 2001 | $117.10M | $290.00M | 247.7% |
| 2000 | $203.40M | $0 | 0.0% |
| 1999 | $147.00M | $0 | 0.0% |
| 1998 | $179.00M | $0 | 0.0% |
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.
