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 24.26% is 39% below its 5-year average of 39.55%, near the low end of its 5-year range (24.26%–80.55%).
As of the fiscal period ended Tuesday, March 31, 2026. 18.33% below its 12-month average of 29.71%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
24.26%
FCF PAYOUT RATIO AVG TTM
29.71%
FCF PAYOUT RATIO AVG 3Y
29.64%
FCF PAYOUT RATIO AVG 5Y
35.35%
FCF PAYOUT RATIO AVG 10Y
48.94%
FCF PAYOUT RATIO AVG 15Y
44.12%
FCF PAYOUT RATIO AVG 20Y
43.05%
CURRENT VS TTM AVG
-18.33%
CURRENT VS 3Y AVG
-18.15%
CURRENT VS 5Y AVG
-31.37%
CURRENT VS 10Y AVG
-50.42%
CURRENT VS 15Y AVG
-45.01%
CURRENT VS 20Y AVG
-43.65%
FCF Payout Ratio TTM
24.3%
Earnings Payout Ratio
32.0%
Dividend Yield
0.68%
FCF Yield
2.77%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $10.27B | $2.75B | 26.8% |
| 2024 | $8.82B | $2.65B | 30.0% |
| 2023 | $9.79B | $2.56B | 26.2% |
| 2022 | $5.17B | $2.44B | 47.2% |
| 2021 | $4.73B | $2.33B | 49.3% |
| 2020 | $4.21B | $2.24B | 53.3% |
| 2019 | $4.24B | $2.13B | 50.2% |
| 2018 | $3.64B | $1.95B | 53.6% |
| 2017 | $3.37B | $1.83B | 54.3% |
| 2016 | $2.71B | $1.80B | 66.4% |
| 2015 | $3.44B | $1.76B | 51.1% |
| 2014 | $4.68B | $1.62B | 34.6% |
| 2013 | $5.75B | $1.11B | 19.3% |
| 2012 | $108.00M | $1.62B | n/m |
| 2011 | $3.03B | $1.16B | 38.2% |
| 2010 | $2.42B | $1.08B | 44.7% |
| 2009 | $4.03B | $1.03B | 25.6% |
| 2008 | $786.00M | $953.00M | 121.2% |
| 2007 | $4.92B | $845.00M | 17.2% |
| 2006 | $3.12B | $726.00M | 23.2% |
| 2005 | $698.00M | $618.00M | 88.5% |
| 2004 | ($6.11B) | $534.00M | N/A (Loss) |
| 2003 | ($7.38B) | $491.00M | N/A (Loss) |
| 2002 | ($5.74B) | $481.00M | N/A (Loss) |
| 2001 | $19.00M | $474.00M | n/m |
| 2000 | $671.00M | $462.00M | 68.9% |
| 1999 | $1.31B | $445.00M | 34.0% |
| 1998 | $509.00M | $400.00M | 78.6% |
| 1997 | $990.00M | $338.00M | 34.1% |
| 1996 | $1.01B | $289.00M | 28.6% |
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 | 24.26% |
| 2025-12-31 | 26.76% |
| 2025-09-30 | 28.71% |
| 2025-06-30 | 34.87% |
| 2025-03-31 | 33.93% |
| 2024-12-31 | 30.00% |
| 2024-09-30 | 27.34% |
| 2024-06-30 | 25.96% |
| 2024-03-31 | 25.19% |
| 2023-12-31 | 26.17% |
| 2023-09-30 | 29.06% |
| 2023-06-30 | 34.31% |
| 2023-03-31 | 38.78% |
| 2022-12-31 | 47.22% |
| 2022-09-30 | 64.28% |
| 2022-06-30 | 78.41% |
| 2022-03-31 | 80.55% |
| 2021-12-31 | 49.34% |
| 2021-09-30 | 41.34% |
| 2021-06-30 | 39.82% |
| 2021-03-31 | 44.28% |
| 2020-12-31 | 53.25% |
| 2020-09-30 | 51.33% |
| 2020-06-30 | 69.20% |
| 2020-03-31 | 51.87% |
| 2019-12-31 | 50.25% |
| 2019-09-30 | 52.86% |
| 2019-06-30 | 43.84% |
| 2019-03-31 | 48.98% |
| 2018-12-31 | 53.57% |
| 2018-09-30 | 87.20% |
| 2018-06-30 | 87.44% |
| 2018-03-31 | 73.40% |
| 2017-12-31 | 54.33% |
| 2017-09-30 | 40.90% |
| 2017-06-30 | 42.09% |
| 2017-03-31 | 45.36% |
| 2016-12-31 | 66.83% |
| 2016-09-30 | 71.21% |
| 2016-06-30 | 66.36% |
| 2016-03-31 | 65.48% |
| 2015-12-31 | 51.46% |
| 2015-09-30 | 48.91% |
| 2015-06-30 | 43.09% |
| 2015-03-31 | 41.90% |
| 2014-12-31 | 34.63% |
| 2014-09-30 | 30.94% |
| 2014-06-30 | 25.66% |
| 2014-03-31 | 22.26% |
| 2013-12-31 | 19.34% |
| 2013-09-30 | 28.91% |
| 2013-06-30 | 48.02% |
| 2013-03-31 | 117.04% |
| 2012-06-30 | 121.76% |
| 2012-03-31 | 51.87% |
| 2011-12-31 | 37.56% |
| 2011-09-30 | 27.47% |
| 2011-06-30 | 33.73% |
| 2011-03-31 | 49.02% |
| 2010-12-31 | 44.74% |
| 2010-09-30 | 46.61% |
| 2010-06-30 | 35.09% |
| 2010-03-31 | 27.64% |
| 2009-12-31 | 25.55% |
| 2009-09-30 | 34.31% |
| 2009-06-30 | 43.84% |
| 2009-03-31 | 83.66% |
| 2008-12-31 | 121.25% |
| 2008-09-30 | 41.41% |
| 2008-06-30 | 27.75% |
| 2008-03-31 | 21.28% |
| 2007-12-31 | 17.26% |
| 2007-09-30 | 17.09% |
| 2007-06-30 | 18.10% |
| 2007-03-31 | 19.03% |
| 2006-12-31 | 23.24% |
| 2006-09-30 | 33.25% |
| 2006-06-30 | 42.70% |
| 2006-03-31 | 68.33% |
| 2005-12-31 | 88.54% |
| 2003-12-31 | 163.12% |
| 2003-09-30 | 62.71% |
| 2003-06-30 | 51.23% |
| 2003-03-31 | 64.65% |
