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 22.69% is in line with its 5-year average of 21.24%, around the middle of its 5-year range (16.19%–28.50%).
As of the fiscal period ended Thursday, April 30, 2026. 9.02% below its 12-month average of 24.94%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
22.69%
FCF PAYOUT RATIO AVG TTM
24.94%
FCF PAYOUT RATIO AVG 3Y
21.29%
FCF PAYOUT RATIO AVG 5Y
21.24%
FCF PAYOUT RATIO AVG 10Y
22.01%
FCF PAYOUT RATIO AVG 15Y
21.65%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-9.02%
CURRENT VS 3Y AVG
+6.60%
CURRENT VS 5Y AVG
+6.85%
CURRENT VS 10Y AVG
+3.11%
CURRENT VS 15Y AVG
+4.82%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
22.7%
Earnings Payout Ratio
22.1%
Dividend Yield
0.73%
FCF Yield
3.19%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.15B | $282.00M | 24.5% |
| 2024 | $1.37B | $274.00M | 20.0% |
| 2023 | $1.47B | $265.00M | 18.0% |
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 |
|---|---|
| 2026-04-30 | 22.69% |
| 2026-01-31 | 28.50% |
| 2025-10-31 | 24.48% |
| 2025-07-31 | 25.74% |
| 2025-04-30 | 23.30% |
| 2025-01-31 | 21.04% |
| 2024-10-31 | 19.96% |
| 2024-07-31 | 19.20% |
| 2024-04-30 | 17.56% |
| 2024-01-31 | 16.19% |
| 2023-10-31 | 17.98% |
| 2023-07-31 | 18.38% |
| 2023-04-30 | 21.72% |
| 2023-01-31 | 23.94% |
| 2022-10-31 | 24.49% |
| 2022-07-31 | 24.17% |
| 2022-04-30 | 23.08% |
| 2022-01-31 | 18.76% |
| 2021-10-31 | 18.21% |
| 2021-07-31 | 18.31% |
| 2021-04-30 | 18.28% |
| 2021-01-31 | 20.60% |
| 2020-10-31 | 27.68% |
| 2020-07-31 | 29.62% |
| 2020-04-30 | 32.03% |
| 2020-01-31 | 35.12% |
| 2019-10-31 | 23.82% |
| 2019-07-31 | 22.03% |
| 2019-04-30 | 22.44% |
| 2019-01-31 | 20.99% |
| 2018-10-31 | 20.99% |
| 2018-07-31 | 23.26% |
| 2018-04-30 | 21.94% |
| 2018-01-31 | 22.45% |
| 2017-10-31 | 23.84% |
| 2017-07-31 | 24.81% |
| 2017-04-30 | 24.62% |
| 2017-01-31 | 23.16% |
| 2016-10-31 | 22.94% |
| 2016-07-31 | 21.26% |
| 2016-04-30 | 23.46% |
| 2016-01-31 | 25.61% |
| 2015-10-31 | 32.44% |
| 2015-07-31 | 44.86% |
| 2015-04-30 | 79.08% |
| 2015-01-31 | 54.43% |
| 2014-10-31 | 34.78% |
| 2014-07-31 | 23.42% |
| 2014-04-30 | 18.10% |
| 2014-01-31 | 17.93% |
| 2013-10-31 | 16.30% |
| 2013-07-31 | 14.58% |
| 2013-04-30 | 13.62% |
| 2013-01-31 | 12.44% |
| 2012-10-31 | 10.05% |
| 2012-07-31 | 6.54% |
| 2012-04-30 | 3.23% |
| 2022 |
| $1.02B |
| $250.00M |
| 24.5% |
| 2021 | $1.30B | $236.00M | 18.2% |
| 2020 | $802.00M | $222.00M | 27.7% |
| 2019 | $865.00M | $206.00M | 23.8% |
| 2018 | $910.00M | $191.00M | 21.0% |
| 2017 | $713.00M | $170.00M | 23.8% |
| 2016 | $654.00M | $150.00M | 22.9% |
| 2015 | $393.00M | $133.00M | 33.8% |
| 2014 | $506.00M | $176.00M | 34.8% |
| 2013 | $957.00M | $156.00M | 16.3% |
| 2012 | $1.03B | $104.00M | 10.0% |
| 2011 | $1.07B | $0 | 0.0% |
| 2010 | $593.00M | $0 | 0.0% |
| 2009 | $280.00M | $0 | 0.0% |
| 2008 | $602.00M | $0 | 0.0% |
| 2007 | $815.00M | $0 | 0.0% |
| 2006 | $449.00M | $0 | 0.0% |
| 2005 | $760.00M | $0 | 0.0% |
| 2004 | $586.00M | $0 | 0.0% |
| 2003 | ($349.00M) | $0 | N/A (Loss) |
| 2002 | ($799.00M) | $0 | N/A (Loss) |
| 2001 | $621.00M | $0 | 0.0% |
| 2000 | $14.00M | $0 | 0.0% |
| 1999 | $27.00M | $0 | 0.0% |
| 1998 | $341.00M | $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.
