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 36.58% is 33% above its 5-year average of 27.57%, near the high end of its 5-year range (19.99%–36.58%).
As of the fiscal period ended Tuesday, June 30, 2026. 12.66% above its 12-month average of 32.47%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
36.58%
FCF PAYOUT RATIO AVG TTM
32.47%
FCF PAYOUT RATIO AVG 3Y
28.62%
FCF PAYOUT RATIO AVG 5Y
27.57%
FCF PAYOUT RATIO AVG 10Y
23.48%
FCF PAYOUT RATIO AVG 15Y
21.37%
FCF PAYOUT RATIO AVG 20Y
21.37%
CURRENT VS TTM AVG
+12.66%
CURRENT VS 3Y AVG
+27.82%
CURRENT VS 5Y AVG
+32.67%
CURRENT VS 10Y AVG
+55.80%
CURRENT VS 15Y AVG
+71.13%
CURRENT VS 20Y AVG
+71.13%
FCF Payout Ratio TTM
36.6%
Earnings Payout Ratio
30.9%
Dividend Yield
1.84%
FCF Yield
6.37%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.09B | $328.60M | 30.2% |
| 2024 | $1.15B | $332.10M | 28.8% |
| 2023 | $1.45B | $321.50M | 22.2% |
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 |
|---|---|
| 2026-06-30 | 36.58% |
| 2026-03-31 | 30.38% |
| 2025-12-31 | 30.20% |
| 2025-09-30 | 32.71% |
| 2025-06-30 | 32.48% |
| 2025-03-31 | 33.01% |
| 2024-12-31 | 28.76% |
| 2024-09-30 | 24.77% |
| 2024-06-30 | 22.54% |
| 2024-03-31 | 21.27% |
| 2023-12-31 | 22.16% |
| 2023-09-30 | 27.47% |
| 2023-06-30 | 29.71% |
| 2023-03-31 | 24.54% |
| 2022-12-31 | 23.39% |
| 2022-09-30 | 24.34% |
| 2022-06-30 | 23.94% |
| 2022-03-31 | 35.10% |
| 2021-12-31 | 34.30% |
| 2021-09-30 | 19.99% |
| 2021-06-30 | 21.36% |
| 2021-03-31 | 17.30% |
| 2020-12-31 | 18.99% |
| 2020-09-30 | 27.51% |
| 2020-06-30 | 24.57% |
| 2020-03-31 | 25.70% |
| 2019-12-31 | 23.19% |
| 2019-09-30 | 19.68% |
| 2019-06-30 | 18.16% |
| 2019-03-31 | 17.81% |
| 2018-12-31 | 17.00% |
| 2018-09-30 | 14.76% |
| 2018-06-30 | 18.36% |
| 2018-03-31 | 20.52% |
| 2017-12-31 | 15.35% |
| 2017-09-30 | 21.66% |
| 2017-06-30 | 15.75% |
| 2017-03-31 | 18.19% |
| 2016-12-31 | 14.56% |
| 2016-09-30 | 18.11% |
| 2016-06-30 | 16.41% |
| 2016-03-31 | 13.57% |
| 2015-12-31 | 28.23% |
| 2015-09-30 | 14.70% |
| 2015-06-30 | 14.01% |
| 2015-03-31 | 12.23% |
| 2014-12-31 | 8.84% |
| 2014-09-30 | 7.42% |
| 2014-06-30 | 5.09% |
| 2014-03-31 | 2.04% |
| 2004-06-30 | 15.74% |
| 2004-03-31 | 14.69% |
| 2003-12-31 | 21.81% |
| 2003-09-30 | 15.17% |
| 2022 |
| $1.21B |
| $282.60M |
| 23.4% |
| 2021 | $684.60M | $234.80M | 34.3% |
| 2020 | $1.16B | $219.60M | 19.0% |
| 2019 | $790.90M | $183.40M | 23.2% |
| 2018 | $819.80M | $139.40M | 17.0% |
| 2017 | $696.60M | $106.90M | 15.3% |
| 2016 | $540.50M | $78.70M | 14.6% |
| 2015 | $187.40M | $52.90M | 28.2% |
| 2014 | $380.00M | $33.60M | 8.8% |
| 2013 | $319.20M | $7.30M | 2.3% |
| 2012 | $276.00M | $0 | 0.0% |
| 2011 | $169.00M | $0 | 0.0% |
| 2010 | $382.20M | $0 | 0.0% |
| 2009 | $92.00M | $0 | 0.0% |
| 2008 | $133.10M | $0 | 0.0% |
| 2006 | $131.15M | $40.72M | 31.1% |
| 2005 | $254.60M | $35.11M | 13.8% |
| 2004 | $162.09M | $30.03M | 18.5% |
| 2003 | $114.04M | $24.87M | 21.8% |
| 2002 | $220.83M | $0 | 0.0% |
| 2001 | $279.91M | $0 | 0.0% |
| 2000 | $108.81M | $0 | 0.0% |
| 1999 | $13.37M | $0 | 0.0% |
| 1998 | ($10.59M) | $0 | N/A (Loss) |
| 1997 | $2.40M | $0 | 0.0% |
| 1996 | $17.70M | $0 | 0.0% |
| 1995 | $9.10M | $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.
