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 31.28% is in line with its 5-year average of 32.04%, around the middle of its 5-year range (23.87%–37.62%).
As of the fiscal period ended Sunday, May 31, 2026. 4.72% below its 12-month average of 32.83%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
31.28%
FCF PAYOUT RATIO AVG TTM
32.83%
FCF PAYOUT RATIO AVG 3Y
33.70%
FCF PAYOUT RATIO AVG 5Y
32.04%
FCF PAYOUT RATIO AVG 10Y
32.09%
FCF PAYOUT RATIO AVG 15Y
32.56%
FCF PAYOUT RATIO AVG 20Y
29.52%
CURRENT VS TTM AVG
-4.72%
CURRENT VS 3Y AVG
-7.19%
CURRENT VS 5Y AVG
-2.38%
CURRENT VS 10Y AVG
-2.52%
CURRENT VS 15Y AVG
-3.95%
CURRENT VS 20Y AVG
+5.97%
FCF Payout Ratio TTM
31.3%
Earnings Payout Ratio
51.8%
Dividend Yield
4.33%
FCF Yield
13.91%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $10.87B | $3.70B | 34.0% |
| 2024 | $8.61B | $3.24B | 37.6% |
| 2023 | $9.00B | $2.82B | 31.4% |
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 |
|---|---|
| 2026-05-31 | 31.28% |
| 2026-02-28 | 30.92% |
| 2025-11-30 | 32.89% |
| 2025-08-31 | 34.05% |
| 2025-05-31 | 35.01% |
| 2025-02-28 | 35.64% |
| 2024-11-30 | 37.07% |
| 2024-08-31 | 37.62% |
| 2024-05-31 | 36.20% |
| 2024-02-29 | 34.47% |
| 2023-11-30 | 32.43% |
| 2023-08-31 | 31.40% |
| 2023-05-31 | 29.13% |
| 2023-02-28 | 29.01% |
| 2022-11-30 | 28.74% |
| 2022-08-31 | 27.84% |
| 2022-05-31 | 32.41% |
| 2022-02-28 | 34.60% |
| 2021-11-30 | 31.67% |
| 2021-08-31 | 26.64% |
| 2021-05-31 | 23.87% |
| 2021-02-28 | 22.47% |
| 2020-11-30 | 24.75% |
| 2020-08-31 | 26.76% |
| 2020-05-31 | 23.43% |
| 2020-02-29 | 32.98% |
| 2019-11-30 | 24.95% |
| 2019-08-31 | 30.93% |
| 2019-05-31 | 30.65% |
| 2019-02-28 | 30.23% |
| 2018-11-30 | 33.26% |
| 2018-08-31 | 32.27% |
| 2018-05-31 | 34.69% |
| 2018-02-28 | 34.34% |
| 2017-11-30 | 39.37% |
| 2017-08-31 | 36.71% |
| 2017-05-31 | 35.50% |
| 2017-02-28 | 35.31% |
| 2016-11-30 | 34.39% |
| 2016-08-31 | 36.88% |
| 2016-05-31 | 42.79% |
| 2016-02-29 | 44.05% |
| 2015-11-30 | 43.39% |
| 2015-08-31 | 38.68% |
| 2015-05-31 | 36.76% |
| 2015-02-28 | 35.68% |
| 2014-11-30 | 35.71% |
| 2014-08-31 | 42.06% |
| 2014-05-31 | 47.81% |
| 2014-02-28 | 43.47% |
| 2013-11-30 | 39.08% |
| 2013-08-31 | 40.93% |
| 2013-05-31 | 33.45% |
| 2013-02-28 | 33.79% |
| 2012-11-30 | 31.44% |
| 2012-08-31 | 24.48% |
| 2012-05-31 | 26.89% |
| 2012-02-29 | 21.85% |
| 2011-11-30 | 23.46% |
| 2011-08-31 | 21.19% |
| 2011-05-31 | 21.86% |
| 2011-02-28 | 22.76% |
| 2010-11-30 | 22.00% |
| 2010-08-31 | 28.90% |
| 2010-05-31 | 44.98% |
| 2010-02-28 | 33.92% |
| 2009-11-30 | 34.38% |
| 2009-08-31 | 25.95% |
| 2009-05-31 | 13.10% |
| 2009-02-28 | 12.91% |
| 2008-11-30 | 12.62% |
| 2008-08-31 | 13.44% |
| 2008-05-31 | 15.33% |
| 2008-02-29 | 16.21% |
| 2007-11-30 | 16.30% |
| 2007-08-31 | 12.93% |
| 2007-05-31 | 12.51% |
| 2007-02-28 | 13.37% |
| 2006-11-30 | 13.50% |
| 2006-08-31 | 11.35% |
| 2006-05-31 | 12.86% |
| 2006-02-28 | 14.39% |
| 2005-11-30 | 13.56% |
| 2022 |
| $8.82B |
| $2.45B |
| 27.8% |
| 2021 | $8.40B | $2.23B | 26.6% |
| 2020 | $7.62B | $2.04B | 26.7% |
| 2019 | $6.03B | $1.86B | 30.9% |
| 2018 | $5.41B | $1.71B | 31.6% |
| 2017 | $4.46B | $1.57B | 35.2% |
| 2016 | $4.08B | $1.44B | 35.3% |
| 2015 | $3.70B | $1.35B | 36.6% |
| 2014 | $3.16B | $1.25B | 39.7% |
| 2013 | $2.93B | $1.12B | 38.2% |
| 2012 | $3.88B | $950.86M | 24.5% |
| 2011 | $3.04B | $643.64M | 21.2% |
| 2010 | $2.85B | $824.15M | 28.9% |
| 2009 | $2.92B | $378.45M | 13.0% |
| 2008 | $2.48B | $333.69M | 13.4% |
| 2007 | $2.27B | $293.06M | 12.9% |
| 2006 | $2.36B | $267.97M | 11.3% |
| 2005 | $1.57B | $0 | 0.0% |
| 2004 | $1.47B | $0 | 0.0% |
| 2003 | $1.30B | $0 | 0.0% |
| 2002 | $800.55M | $0 | 0.0% |
| 2001 | $1.90B | $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.
