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 45.65% is 78% below its 4-year average of 204.41%, near the low end of its 4-year range (37.73%–529.85%).
As of the fiscal period ended Tuesday, March 31, 2026. 9.49% above its 12-month average of 41.69%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.65%
FCF PAYOUT RATIO AVG TTM
41.69%
FCF PAYOUT RATIO AVG 3Y
41.69%
FCF PAYOUT RATIO AVG 5Y
204.41%
FCF PAYOUT RATIO AVG 10Y
76.42%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+9.49%
CURRENT VS 3Y AVG
+9.49%
CURRENT VS 5Y AVG
-77.67%
CURRENT VS 10Y AVG
-40.27%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
45.6%
Earnings Payout Ratio
22.0%
Dividend Yield
0.61%
FCF Yield
1.20%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.29B | $486.00M | 37.7% |
| 2024 | ($5.03B) | $444.00M | N/A (Loss) |
| 2023 | ($7.72B) | $366.00M | N/A (Loss) |
| 2022 | ($4.04B) | $185.00M | N/A (Loss) |
| 2021 | ($2.67B) | $1.83B | N/A (Loss) |
| 2020 | ($1.16B) | $1.73B | N/A (Loss) |
| 2019 | $1.03B | $899.00M | 87.5% |
| 2018 | $1.62B | $1.00B | 61.8% |
| 2017 | $1.04B | $659.00M | 63.4% |
| 2016 | $1.36B | $922.00M | 67.6% |
| 2015 | $358.00M | $2.47B | 691.1% |
| 2014 | ($1.19B) | $645.00M | N/A (Loss) |
| 2013 | $1.14B | $625.00M | 55.1% |
| 2012 | $6.00M | $1.63B | n/m |
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 | 45.65% |
| 2025-12-31 | 37.73% |
| 2022-03-31 | 529.85% |
| 2020-06-30 | 164.92% |
| 2020-03-31 | 112.07% |
| 2019-12-31 | 87.45% |
| 2019-09-30 | 93.20% |
| 2019-06-30 | 77.08% |
| 2019-03-31 | 70.95% |
| 2018-12-31 | 61.83% |
| 2018-09-30 | 39.22% |
| 2018-06-30 | 34.95% |
| 2018-03-31 | 46.40% |
| 2017-12-31 | 63.37% |
| 2017-09-30 | 137.25% |
| 2017-06-30 | 140.00% |
| 2017-03-31 | 68.55% |
| 2016-12-31 | 67.50% |
| 2016-09-30 | 27.35% |
| 2016-06-30 | 922.86% |
| 2015-12-31 | 691.06% |
| 2014-09-30 | 173.99% |
| 2014-06-30 | 42.84% |
| 2014-03-31 | 57.96% |
| 2013-12-31 | 55.07% |
| 2013-09-30 | 308.17% |
