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 16.44% is 37% below its 5-year average of 25.90%, near the low end of its 5-year range (6.81%–125.37%).
As of the fiscal period ended Tuesday, June 30, 2026. 11.47% below its 12-month average of 18.57%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
16.44%
FCF PAYOUT RATIO AVG TTM
18.57%
FCF PAYOUT RATIO AVG 3Y
18.73%
FCF PAYOUT RATIO AVG 5Y
16.26%
FCF PAYOUT RATIO AVG 10Y
20.53%
FCF PAYOUT RATIO AVG 15Y
19.43%
FCF PAYOUT RATIO AVG 20Y
18.20%
CURRENT VS TTM AVG
-11.47%
CURRENT VS 3Y AVG
-12.24%
CURRENT VS 5Y AVG
+1.10%
CURRENT VS 10Y AVG
-19.90%
CURRENT VS 15Y AVG
-15.38%
CURRENT VS 20Y AVG
-9.65%
FCF Payout Ratio TTM
16.4%
Earnings Payout Ratio
22.3%
Dividend Yield
1.75%
FCF Yield
10.86%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.80B | $326.00M | 18.1% |
| 2024 | $1.75B | $364.00M | 20.8% |
| 2023 | $2.26B | $311.00M | 13.8% |
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 | 16.44% |
| 2026-03-31 | 19.62% |
| 2025-12-31 | 18.09% |
| 2025-09-30 | 19.51% |
| 2025-06-30 | 19.19% |
| 2025-03-31 | 18.98% |
| 2024-12-31 | 20.79% |
| 2024-09-30 | 59.70% |
| 2024-06-30 | 125.37% |
| 2024-03-31 | 66.06% |
| 2023-12-31 | 30.16% |
| 2023-09-30 | 12.99% |
| 2023-06-30 | 11.54% |
| 2023-03-31 | 10.87% |
| 2022-12-31 | 9.02% |
| 2022-09-30 | 6.81% |
| 2022-06-30 | 6.98% |
| 2022-03-31 | 8.19% |
| 2021-12-31 | 11.07% |
| 2021-09-30 | 21.89% |
| 2021-06-30 | 30.54% |
| 2021-03-31 | 21.43% |
| 2020-12-31 | 27.98% |
| 2020-09-30 | 27.77% |
| 2020-06-30 | 22.50% |
| 2020-03-31 | 23.93% |
| 2019-12-31 | 24.09% |
| 2019-09-30 | 26.57% |
| 2019-06-30 | 23.51% |
| 2019-03-31 | 25.48% |
| 2018-12-31 | 26.05% |
| 2018-09-30 | 27.67% |
| 2018-06-30 | 45.98% |
| 2018-03-31 | 25.23% |
| 2017-12-31 | 24.18% |
| 2017-09-30 | 37.72% |
| 2017-06-30 | 82.11% |
| 2014-06-30 | 53.93% |
| 2014-03-31 | 33.52% |
| 2013-12-31 | 20.08% |
| 2013-09-30 | 10.17% |
| 2013-06-30 | 27.69% |
| 2013-03-31 | 17.10% |
| 2012-12-31 | 17.03% |
| 2012-09-30 | 18.19% |
| 2012-06-30 | 5.60% |
| 2012-03-31 | 5.00% |
| 2011-12-31 | 3.75% |
| 2011-09-30 | 6.44% |
| 2011-06-30 | 6.93% |
| 2011-03-31 | 9.48% |
| 2010-12-31 | 15.29% |
| 2010-09-30 | 8.76% |
| 2010-06-30 | 152.00% |
| 2010-03-31 | 53.93% |
| 2009-12-31 | 29.52% |
| 2009-09-30 | 34.41% |
| 2009-06-30 | 32.08% |
| 2009-03-31 | 4.67% |
| 2008-12-31 | 4.43% |
| 2008-09-30 | 2.73% |
| 2008-06-30 | 1.78% |
| 2008-03-31 | 1.33% |
| 2007-12-31 | 0.77% |
| 2007-09-30 | 0.98% |
| 2007-06-30 | 0.90% |
| 2007-03-31 | 1.07% |
| 2006-12-31 | 2.29% |
| 2006-09-30 | 31.91% |
| 2006-06-30 | 88.10% |
| 2006-03-31 | 61.77% |
| 2022 |
| $3.39B |
| $306.00M |
| 9.0% |
| 2021 | $2.35B | $260.00M | 11.1% |
| 2020 | $922.00M | $258.00M | 28.0% |
| 2019 | $1.10B | $265.00M | 24.1% |
| 2018 | $1.07B | $280.00M | 26.0% |
| 2017 | $1.16B | $280.00M | 24.2% |
| 2016 | ($1.59B) | $280.00M | N/A (Loss) |
| 2015 | ($1.27B) | $282.00M | N/A (Loss) |
| 2014 | ($399.90M) | $255.70M | N/A (Loss) |
| 2013 | $643.00M | $129.10M | 20.1% |
| 2012 | $1.85B | $102.70M | 5.5% |
| 2011 | $1.83B | $68.70M | 3.8% |
| 2010 | $936.30M | $46.20M | 4.9% |
| 2009 | $446.10M | $131.70M | 29.5% |
| 2008 | $496.80M | $22.00M | 4.4% |
| 2007 | $585.00M | $4.50M | 0.8% |
| 2006 | $144.30M | $4.40M | 3.0% |
| 2005 | $67.80M | $1.10M | 1.6% |
| 2004 | $310.55M | $26.32M | 8.5% |
| 2003 | ($47.20M) | $0 | 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.
