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 37.57% is in line with its 5-year average of 37.80%, around the middle of its 5-year range (25.13%–50.66%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.37% below its 12-month average of 38.89%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
37.57%
FCF PAYOUT RATIO AVG TTM
38.89%
FCF PAYOUT RATIO AVG 3Y
38.42%
FCF PAYOUT RATIO AVG 5Y
37.80%
FCF PAYOUT RATIO AVG 10Y
31.34%
FCF PAYOUT RATIO AVG 15Y
30.63%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-3.37%
CURRENT VS 3Y AVG
-2.21%
CURRENT VS 5Y AVG
-0.61%
CURRENT VS 10Y AVG
+19.89%
CURRENT VS 15Y AVG
+22.66%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
37.6%
Earnings Payout Ratio
34.4%
Dividend Yield
2.76%
FCF Yield
7.47%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.28B | $889.00M | 38.9% |
| 2024 | $2.30B | $786.00M | 34.2% |
| 2023 | $1.62B | $692.00M | 42.7% |
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 | 37.57% |
| 2026-03-31 | 41.62% |
| 2025-12-31 | 38.94% |
| 2025-09-30 | 38.53% |
| 2025-06-30 | 37.76% |
| 2025-03-31 | 35.60% |
| 2024-12-31 | 34.20% |
| 2024-09-30 | 33.10% |
| 2024-06-30 | 35.19% |
| 2024-03-31 | 40.91% |
| 2023-12-31 | 42.69% |
| 2023-09-30 | 44.97% |
| 2023-06-30 | 50.66% |
| 2023-03-31 | 43.28% |
| 2022-12-31 | 46.08% |
| 2022-09-30 | 45.54% |
| 2022-06-30 | 38.00% |
| 2022-03-31 | 31.67% |
| 2021-12-31 | 27.30% |
| 2021-09-30 | 25.13% |
| 2021-06-30 | 25.15% |
| 2021-03-31 | 24.02% |
| 2020-12-31 | 22.71% |
| 2020-09-30 | 24.03% |
| 2020-06-30 | 23.83% |
| 2020-03-31 | 24.94% |
| 2019-12-31 | 23.52% |
| 2019-09-30 | 21.61% |
| 2019-06-30 | 19.00% |
| 2019-03-31 | 18.03% |
| 2018-12-31 | 16.74% |
| 2018-09-30 | 15.28% |
| 2018-06-30 | 15.56% |
| 2018-03-31 | 15.64% |
| 2017-12-31 | 18.36% |
| 2017-10-01 | 24.54% |
| 2017-07-02 | 32.08% |
| 2017-04-02 | 33.98% |
| 2016-12-31 | 37.83% |
| 2016-10-02 | 38.89% |
| 2016-07-03 | 40.41% |
| 2016-04-03 | 40.14% |
| 2015-12-31 | 38.18% |
| 2015-09-27 | 28.32% |
| 2015-06-28 | 32.38% |
| 2015-03-29 | 29.57% |
| 2014-12-31 | 33.87% |
| 2014-09-28 | 41.28% |
| 2014-06-29 | 40.35% |
| 2014-03-30 | 78.82% |
| 2013-12-31 | 26.36% |
| 2013-09-29 | 19.10% |
| 2013-06-30 | 13.35% |
| 2013-03-31 | 7.07% |
| 2012-12-31 | 19.21% |
| 2012-09-30 | 349.59% |
| 2012-06-30 | 184.91% |
| 2012-03-31 | 157.05% |
| 2011-12-31 | 114.92% |
| 2022 |
| $1.33B |
| $611.00M |
| 46.1% |
| 2021 | $1.74B | $474.00M | 27.3% |
| 2020 | $1.67B | $380.00M | 22.7% |
| 2019 | $1.33B | $314.00M | 23.5% |
| 2018 | $1.45B | $243.00M | 16.7% |
| 2017 | $1.12B | $206.00M | 18.4% |
| 2016 | $497.00M | $188.00M | 37.8% |
| 2015 | $440.00M | $168.00M | 38.2% |
| 2014 | $431.00M | $146.00M | 33.9% |
| 2013 | $497.00M | $98.00M | 19.7% |
| 2012 | $328.00M | $63.00M | 19.2% |
| 2011 | $362.00M | $416.00M | 114.9% |
| 2010 | $130.00M | $207.00M | 159.2% |
| 2009 | ($37.00M) | $101.00M | 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.
