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 25.82% is 16% below its 5-year average of 30.80%, near the low end of its 5-year range (25.82%–38.90%).
As of the fiscal period ended Tuesday, June 30, 2026. 6.12% below its 12-month average of 27.51%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
25.82%
FCF PAYOUT RATIO AVG TTM
27.51%
FCF PAYOUT RATIO AVG 3Y
29.80%
FCF PAYOUT RATIO AVG 5Y
30.80%
FCF PAYOUT RATIO AVG 10Y
29.83%
FCF PAYOUT RATIO AVG 15Y
30.74%
FCF PAYOUT RATIO AVG 20Y
25.83%
CURRENT VS TTM AVG
-6.12%
CURRENT VS 3Y AVG
-13.34%
CURRENT VS 5Y AVG
-16.16%
CURRENT VS 10Y AVG
-13.43%
CURRENT VS 15Y AVG
-16.01%
CURRENT VS 20Y AVG
-0.03%
FCF Payout Ratio TTM
25.8%
Earnings Payout Ratio
39.3%
Dividend Yield
1.26%
FCF Yield
4.85%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.09B | $287.20M | 26.3% |
| 2024 | $976.40M | $277.00M | 28.4% |
| 2023 | $807.10M | $266.50M | 33.0% |
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 | 25.82% |
| 2026-03-31 | 26.97% |
| 2025-12-31 | 26.28% |
| 2025-09-30 | 27.97% |
| 2025-06-30 | 30.50% |
| 2025-03-31 | 30.19% |
| 2024-12-31 | 28.37% |
| 2024-09-30 | 31.41% |
| 2024-06-30 | 34.64% |
| 2024-03-31 | 34.70% |
| 2023-12-31 | 33.02% |
| 2023-09-30 | 27.93% |
| 2023-06-30 | 29.59% |
| 2023-03-31 | 31.52% |
| 2022-12-31 | 36.10% |
| 2022-09-30 | 35.05% |
| 2022-06-30 | 29.69% |
| 2022-03-31 | 26.57% |
| 2021-12-31 | 28.29% |
| 2021-09-30 | 33.28% |
| 2021-06-30 | 38.90% |
| 2021-03-31 | 32.22% |
| 2020-12-31 | 26.62% |
| 2020-09-30 | 24.42% |
| 2020-06-30 | 22.33% |
| 2020-03-31 | 25.69% |
| 2019-12-31 | 28.34% |
| 2019-09-30 | 29.85% |
| 2019-06-30 | 30.11% |
| 2019-03-31 | 31.62% |
| 2018-12-31 | 30.33% |
| 2018-09-30 | 26.83% |
| 2018-06-30 | 28.67% |
| 2018-03-31 | 29.84% |
| 2017-12-31 | 29.91% |
| 2017-09-30 | 34.85% |
| 2017-06-30 | 33.06% |
| 2017-03-31 | 32.80% |
| 2016-12-31 | 30.22% |
| 2016-09-30 | 28.02% |
| 2016-06-30 | 29.49% |
| 2016-03-31 | 30.05% |
| 2015-12-31 | 32.21% |
| 2015-09-30 | 37.47% |
| 2015-06-30 | 34.46% |
| 2015-03-31 | 34.01% |
| 2014-12-31 | 35.65% |
| 2014-09-30 | 35.95% |
| 2014-06-30 | 33.72% |
| 2014-03-31 | 34.09% |
| 2013-12-31 | 35.88% |
| 2013-09-30 | 28.31% |
| 2013-06-30 | 32.78% |
| 2013-03-31 | 33.70% |
| 2012-12-31 | 29.95% |
| 2012-09-30 | 35.90% |
| 2012-06-30 | 32.10% |
| 2012-03-31 | 27.70% |
| 2011-12-31 | 26.97% |
| 2011-09-30 | 21.75% |
| 2011-07-01 | 17.78% |
| 2011-04-01 | 15.59% |
| 2010-12-31 | 12.07% |
| 2010-10-01 | 14.15% |
| 2010-07-02 | 17.07% |
| 2010-04-02 | 13.96% |
| 2009-12-31 | 12.21% |
| 2009-09-25 | 10.27% |
| 2009-06-26 | 9.64% |
| 2009-03-27 | 9.59% |
| 2008-12-31 | 9.73% |
| 2008-09-26 | 8.65% |
| 2008-06-27 | 8.03% |
| 2008-03-28 | 8.60% |
| 2007-12-31 | 9.88% |
| 2007-09-28 | 10.25% |
| 2007-06-29 | 10.10% |
| 2007-03-30 | 11.38% |
| 2006-12-31 | 12.15% |
| 2006-09-29 | 12.87% |
| 2006-06-30 | 13.50% |
| 2006-03-31 | 11.67% |
| 2005-12-31 | 10.05% |
| 2005-09-30 | 10.76% |
| 2005-07-01 | 10.71% |
| 2005-04-01 | 9.18% |
| 2004-12-31 | 8.76% |
| 2004-10-01 | 9.00% |
| 2004-07-02 | 10.77% |
| 2004-04-02 | 14.52% |
| 2003-12-31 | 14.59% |
| 2003-09-26 | 13.55% |
| 2003-06-27 | 15.31% |
| 2022 |
| $706.40M |
| $255.00M |
| 36.1% |
| 2021 | $875.00M | $247.50M | 28.3% |
| 2020 | $891.40M | $237.30M | 26.6% |
| 2019 | $790.80M | $224.10M | 28.3% |
| 2018 | $703.20M | $213.30M | 30.3% |
| 2017 | $636.50M | $190.40M | 29.9% |
| 2016 | $605.50M | $183.00M | 30.2% |
| 2015 | $544.30M | $175.30M | 32.2% |
| 2014 | $469.80M | $167.50M | 35.7% |
| 2013 | $432.50M | $155.20M | 35.9% |
| 2012 | $449.10M | $134.50M | 29.9% |
| 2011 | $361.20M | $97.40M | 27.0% |
| 2010 | $364.65M | $44.04M | 12.1% |
| 2009 | $265.57M | $32.34M | 12.2% |
| 2008 | $237.85M | $23.11M | 9.7% |
| 2007 | $199.80M | $19.75M | 9.9% |
| 2006 | $138.85M | $16.87M | 12.1% |
| 2005 | $152.37M | $15.31M | 10.1% |
| 2004 | $159.91M | $14.01M | 8.8% |
| 2003 | $85.66M | $12.49M | 14.6% |
| 2002 | $75.28M | $11.89M | 15.8% |
| 2001 | ($124.11M) | $11.28M | N/A (Loss) |
| 2000 | $76.11M | $10.74M | 14.1% |
| 1999 | ($23.90M) | $10.10M | N/A (Loss) |
| 1998 | $6.90M | $9.30M | 134.8% |
| 1997 | $7.70M | $9.00M | 116.9% |
| 1996 | $26.60M | $8.60M | 32.3% |
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.
