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 62.90% is 10% below its 5-year average of 70.22%, around the middle of its 5-year range (50.10%–91.02%).
As of the fiscal period ended Wednesday, December 31, 2025. 6.80% below its 12-month average of 67.49%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
62.90%
FCF PAYOUT RATIO AVG TTM
67.49%
FCF PAYOUT RATIO AVG 3Y
75.25%
FCF PAYOUT RATIO AVG 5Y
70.22%
FCF PAYOUT RATIO AVG 10Y
69.20%
FCF PAYOUT RATIO AVG 15Y
66.40%
FCF PAYOUT RATIO AVG 20Y
59.42%
CURRENT VS TTM AVG
-6.80%
CURRENT VS 3Y AVG
-16.41%
CURRENT VS 5Y AVG
-10.42%
CURRENT VS 10Y AVG
-9.10%
CURRENT VS 15Y AVG
-5.27%
CURRENT VS 20Y AVG
+5.85%
FCF Payout Ratio TTM
62.9%
Earnings Payout Ratio
74.7%
Dividend Yield
2.95%
FCF Yield
9.11%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $9.28B | $6.39B | 68.9% |
| 2024 | $11.85B | $7.67B | 64.8% |
| 2023 | $11.62B | $13.27B | 114.2% |
| 2022 | $26.06B | $17.85B | 68.5% |
| 2021 | $21.43B | $7.90B | 36.9% |
| 2020 | $8.07B | $6.88B | 85.2% |
| 2019 | $10.75B | $11.39B | 106.0% |
| 2018 | $13.48B | $5.22B | 38.7% |
| 2017 | $12.55B | $2.92B | 23.3% |
| 2016 | $3.68B | $4.13B | 112.3% |
| 2015 | $7.25B | $6.50B | 89.6% |
| 2014 | $9.15B | $6.39B | 69.8% |
| 2013 | ($2.27B) | $6.17B | N/A (Loss) |
| 2012 | $4.13B | $5.88B | 142.3% |
| 2011 | $18.46B | $5.05B | 27.4% |
| 2010 | $7.18B | $4.62B | 64.3% |
| 2009 | $7.99B | $4.56B | 57.1% |
| 2008 | $9.23B | $3.13B | 33.9% |
| 2007 | $8.42B | $2.27B | 27.0% |
| 2006 | $4.47B | $1.94B | 43.3% |
| 2005 | $4.70B | $1.64B | 35.0% |
| 2004 | $2.42B | $1.58B | 65.3% |
| 2003 | $807.00M | $868.00M | 107.6% |
| 2002 | $1.07B | $811.00M | 76.0% |
| 2001 | $1.55B | $472.00M | 30.5% |
| 2000 | $1.69B | $297.00M | 17.5% |
| 1999 | $637.00M | $339.00M | 53.2% |
| 1998 | ($139.00M) | $281.00M | N/A (Loss) |
| 1997 | ($50.00M) | $493.00M | N/A (Loss) |
| 1996 | ($262.70M) | $504.70M | 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.
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 |
|---|---|
| 2025-12-31 | 62.90% |
| 2025-06-30 | 68.06% |
| 2024-12-31 | 71.52% |
| 2024-06-30 | 91.02% |
| 2023-12-31 | 79.99% |
| 2023-06-30 | 82.59% |
| 2022-12-31 | 70.66% |
| 2022-06-30 | 54.22% |
| 2021-12-31 | 57.58% |
| 2021-06-30 | 50.10% |
| 2020-12-31 | 83.75% |
| 2020-06-30 | 97.11% |
| 2019-12-31 | 82.30% |
| 2019-06-30 | 71.14% |
| 2018-12-31 | 44.27% |
| 2018-06-30 | 32.36% |
| 2017-12-31 | 31.28% |
| 2017-06-30 | 45.59% |
| 2016-12-31 | 75.87% |
| 2016-06-30 | 112.50% |
| 2015-12-31 | 88.39% |
| 2015-06-30 | 78.19% |
| 2014-12-31 | 82.99% |
| 2014-06-30 | 192.93% |
| 2012-12-31 | 139.53% |
| 2012-06-30 | 48.38% |
| 2011-12-31 | 46.23% |
| 2011-06-30 | 37.72% |
| 2010-12-31 | 46.20% |
| 2010-06-30 | 60.54% |
| 2009-12-31 | 52.11% |
| 2009-06-30 | 44.70% |
| 2008-12-31 | 37.57% |
| 2008-06-30 | 30.62% |
| 2007-12-31 | 31.47% |
| 2007-06-30 | 32.64% |
| 2006-12-31 | 35.30% |
| 2006-06-30 | 39.04% |
| 2005-12-31 | 41.75% |
| 2005-06-30 | 45.26% |
| 2004-12-31 | 54.80% |
| 2004-06-30 | 75.85% |
| 2003-12-31 | 80.91% |
| 2003-06-30 | 89.59% |
| 2002-12-31 | 65.95% |
| 2002-06-30 | 49.03% |
| 2001-12-31 | 35.02% |
| 2001-06-30 | 23.71% |
| 2000-12-31 | 25.21% |
| 2000-06-30 | 27.30% |
| 1999-12-30 | 44.41% |
| 1999-05-31 | 124.50% |
| 1998-11-30 | 451.13% |
| 1996-11-30 | 695.41% |
| 1996-05-31 | 147.15% |
| 1995-11-30 | 71.79% |
| 1995-05-31 | 43.47% |
| 1994-11-30 | 43.96% |
| 1994-05-31 | 44.56% |
| 1993-11-30 | 57.80% |
| 1993-05-31 | 79.95% |
| 1992-11-30 | 47.70% |
| 1992-05-31 | 28.54% |
| 1991-11-30 | 11.34% |
