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 11.18% is 62% below its 5-year average of 29.07%, near the low end of its 5-year range (8.99%–126.91%).
As of the fiscal period ended Tuesday, March 31, 2026. 28.64% below its 12-month average of 15.67%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
11.18%
FCF PAYOUT RATIO AVG TTM
15.67%
FCF PAYOUT RATIO AVG 3Y
16.90%
FCF PAYOUT RATIO AVG 5Y
23.93%
FCF PAYOUT RATIO AVG 10Y
25.96%
FCF PAYOUT RATIO AVG 15Y
24.26%
FCF PAYOUT RATIO AVG 20Y
22.56%
CURRENT VS TTM AVG
-28.64%
CURRENT VS 3Y AVG
-33.85%
CURRENT VS 5Y AVG
-53.27%
CURRENT VS 10Y AVG
-56.93%
CURRENT VS 15Y AVG
-53.91%
CURRENT VS 20Y AVG
-50.45%
FCF Payout Ratio TTM
11.2%
Earnings Payout Ratio
31.6%
Dividend Yield
0.89%
FCF Yield
8.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.85B | $494.00M | 26.7% |
| 2024 | $3.25B | $499.00M | 15.3% |
| 2023 | $2.36B | $525.00M | 22.2% |
| 2022 | $2.73B | $559.00M | 20.4% |
| 2021 | $2.03B | $573.00M | 28.2% |
| 2020 | $1.58B | $569.00M | 35.9% |
| 2019 | $2.39B | $577.00M | 24.1% |
| 2018 | $2.38B | $581.00M | 24.4% |
| 2017 | $797.00M | $577.00M | 72.4% |
| 2016 | $2.51B | $512.00M | 20.4% |
| 2015 | $2.24B | $460.00M | 20.5% |
| 2014 | $2.27B | $415.00M | 18.2% |
| 2013 | $1.53B | $353.00M | 23.0% |
| 2012 | $913.00M | $300.00M | 32.9% |
| 2011 | $1.10B | $274.20M | 24.9% |
| 2010 | $1.88B | $253.10M | 13.5% |
| 2009 | $1.03B | $200.40M | 19.4% |
| 2008 | $1.14B | $173.10M | 15.2% |
| 2007 | $865.70M | $144.40M | 16.7% |
| 2006 | $1.70B | $101.80M | 6.0% |
| 2005 | $2.28B | $51.70M | 2.3% |
| 2004 | $2.21B | $52.30M | 2.4% |
| 2003 | $974.80M | $44.80M | 4.6% |
| 2002 | $698.50M | $45.00M | 6.4% |
| 2001 | $530.50M | $36.60M | 6.9% |
| 2000 | $330.40M | $28.00M | 8.5% |
| 1999 | ($121.70M) | $56.70M | N/A (Loss) |
| 1998 | $28.40M | $11.50M | 40.5% |
| 1997 | ($36.00M) | $9.10M | N/A (Loss) |
| 1996 | $49.10M | $7.60M | 15.5% |
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 |
|---|---|
| 2026-03-31 | 11.18% |
| 2025-12-31 | 8.99% |
| 2025-09-30 | 11.12% |
| 2025-06-30 | 26.70% |
| 2025-03-31 | 20.34% |
| 2024-09-30 | 46.23% |
| 2024-06-30 | 15.37% |
| 2024-03-31 | 25.11% |
| 2023-12-31 | 15.00% |
| 2023-09-30 | 18.09% |
| 2023-06-30 | 22.26% |
| 2023-03-31 | 11.73% |
| 2022-12-31 | 19.38% |
| 2022-09-30 | 16.23% |
| 2022-06-30 | 20.44% |
| 2022-03-31 | 126.91% |
| 2021-12-31 | 50.98% |
| 2021-09-30 | 51.25% |
| 2021-06-30 | 28.24% |
| 2021-03-31 | 35.95% |
| 2020-12-31 | 19.01% |
| 2020-09-30 | 22.74% |
| 2020-06-30 | 35.90% |
| 2020-03-31 | 30.79% |
| 2019-12-31 | 34.21% |
| 2019-09-30 | 42.07% |
| 2019-06-30 | 24.10% |
| 2019-03-31 | 23.77% |
| 2018-12-31 | 33.76% |
| 2018-09-30 | 36.84% |
| 2018-06-30 | 24.37% |
| 2018-03-31 | 22.25% |
| 2017-12-31 | 35.28% |
| 2017-09-30 | 30.31% |
| 2017-06-30 | 72.40% |
| 2017-03-31 | 89.47% |
| 2016-12-31 | 31.84% |
| 2016-09-30 | 20.04% |
| 2016-06-30 | 20.43% |
| 2016-03-31 | 18.16% |
| 2015-12-31 | 19.10% |
| 2015-09-30 | 22.69% |
| 2015-06-30 | 20.54% |
| 2015-03-31 | 21.00% |
| 2014-12-31 | 19.06% |
| 2014-09-30 | 31.20% |
| 2014-06-30 | 18.24% |
| 2014-03-31 | 21.67% |
| 2013-12-31 | 19.28% |
| 2013-09-30 | 19.53% |
| 2013-06-30 | 23.04% |
| 2013-03-31 | 29.72% |
| 2012-12-31 | 31.19% |
| 2012-09-30 | 30.70% |
| 2012-06-30 | 32.71% |
| 2012-03-31 | 25.84% |
| 2011-12-31 | 24.87% |
| 2011-09-30 | 19.96% |
| 2011-06-30 | 24.85% |
| 2011-03-31 | 20.69% |
| 2010-12-31 | 20.90% |
| 2010-09-30 | 15.58% |
| 2010-06-30 | 13.48% |
| 2010-03-31 | 10.81% |
| 2009-12-31 | 10.60% |
| 2009-09-30 | 11.65% |
| 2009-06-30 | 19.38% |
| 2009-03-31 | 32.44% |
| 2008-12-31 | 28.01% |
| 2008-09-30 | 47.35% |
| 2008-06-30 | 15.24% |
| 2008-03-31 | 23.05% |
| 2007-12-31 | 26.86% |
| 2007-09-30 | 27.58% |
| 2007-06-30 | 16.68% |
| 2007-03-31 | 8.76% |
| 2006-12-31 | 12.21% |
| 2006-09-30 | 6.74% |
| 2006-06-30 | 6.00% |
| 2006-03-31 | 4.85% |
| 2005-12-31 | 3.60% |
| 2005-09-30 | 3.00% |
| 2005-06-30 | 2.27% |
| 2005-03-31 | 1.78% |
| 2004-12-31 | 1.65% |
| 2004-09-30 | 1.86% |
| 2004-06-30 | 2.36% |
| 2004-03-31 | 2.83% |
| 2003-12-31 | 4.17% |
| 2003-09-30 | 3.68% |
| 2003-06-30 | 4.60% |
| 2003-03-31 | 2.84% |
