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 17.82% is in line with its 5-year average of 18.09%, near the low end of its 5-year range (12.31%–40.24%).
As of the fiscal period ended Tuesday, June 30, 2026. 25.66% below its 12-month average of 23.97%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
17.82%
FCF PAYOUT RATIO AVG TTM
23.97%
FCF PAYOUT RATIO AVG 3Y
18.86%
FCF PAYOUT RATIO AVG 5Y
18.09%
FCF PAYOUT RATIO AVG 10Y
17.48%
FCF PAYOUT RATIO AVG 15Y
17.48%
FCF PAYOUT RATIO AVG 20Y
10.58%
CURRENT VS TTM AVG
-25.66%
CURRENT VS 3Y AVG
-5.49%
CURRENT VS 5Y AVG
-1.49%
CURRENT VS 10Y AVG
+1.96%
CURRENT VS 15Y AVG
+1.96%
CURRENT VS 20Y AVG
+68.46%
FCF Payout Ratio TTM
17.8%
Earnings Payout Ratio
25.6%
Dividend Yield
2.24%
FCF Yield
12.52%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $8.39B | $1.61B | 19.2% |
| 2024 | $8.96B | $1.57B | 17.5% |
| 2023 | $10.24B | $1.45B | 14.2% |
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 | 17.82% |
| 2026-03-31 | 21.10% |
| 2025-12-31 | 19.20% |
| 2025-09-30 | 21.50% |
| 2025-06-30 | 40.24% |
| 2025-03-31 | 26.26% |
| 2024-12-31 | 17.49% |
| 2024-09-30 | 29.73% |
| 2024-06-30 | 19.01% |
| 2024-03-31 | 14.60% |
| 2023-12-31 | 14.16% |
| 2023-09-30 | 13.09% |
| 2023-06-30 | 12.31% |
| 2023-03-31 | 13.62% |
| 2022-12-31 | 18.80% |
| 2022-09-30 | 14.35% |
| 2022-06-30 | 16.22% |
| 2022-03-31 | 19.53% |
| 2021-12-31 | 22.21% |
| 2021-09-30 | 16.83% |
| 2021-06-30 | 13.98% |
| 2021-03-31 | 4.24% |
| 2020-12-31 | 0.16% |
| 2020-09-30 | 0.19% |
| 2020-06-30 | 0.16% |
| 2010-03-31 | 1.43% |
| 2009-12-31 | 2.51% |
| 2009-09-30 | 1.90% |
| 2009-06-30 | 1.17% |
| 2009-03-31 | 0.98% |
| 2008-12-31 | 1.00% |
| 2008-09-30 | 1.24% |
| 2008-06-30 | 1.67% |
| 2008-03-31 | 1.19% |
| 2007-12-31 | 1.02% |
| 2007-09-30 | 1.37% |
| 2007-06-30 | 1.37% |
| 2007-03-31 | 1.12% |
| 2006-12-31 | 2.37% |
| 2006-09-30 | 1.66% |
| 2006-06-30 | 4.91% |
| 2006-03-31 | 5.12% |
| 2005-12-31 | 2.10% |
| 2005-09-30 | 12.96% |
| 2005-06-30 | 10.47% |
| 2005-03-31 | 9.48% |
| 2004-12-31 | 7.15% |
| 2004-09-30 | 3.88% |
| 2004-06-30 | 5.04% |
| 2004-03-31 | 6.81% |
| 2003-12-31 | 8.41% |
| 2003-09-30 | 13.70% |
| 2003-06-30 | 10.59% |
| 2022 |
| $7.36B |
| $1.38B |
| 18.8% |
| 2021 | $6.04B | $1.34B | 22.2% |
| 2020 | $9.26B | $15.00M | 0.2% |
| 2019 | $8.44B | $15.00M | 0.2% |
| 2018 | $3.24B | $0 | 0.0% |
| 2017 | $3.62B | $0 | 0.0% |
| 2016 | $3.56B | $0 | 0.0% |
| 2015 | $2.21B | $0 | 0.0% |
| 2014 | $1.52B | $11.00M | 0.7% |
| 2013 | $192.00M | $11.00M | 5.7% |
| 2012 | $1.94B | $11.00M | 0.6% |
| 2011 | $1.07B | $11.00M | 1.0% |
| 2010 | $1.44B | $11.00M | 0.8% |
| 2009 | $438.00M | $11.00M | 2.5% |
| 2008 | $1.40B | $14.00M | 1.0% |
| 2007 | $1.08B | $11.00M | 1.0% |
| 2006 | $506.00M | $12.00M | 2.4% |
| 2005 | $657.00M | $13.00M | 2.0% |
| 2004 | $1.40B | $100.00M | 7.2% |
| 2003 | $2.20B | $185.00M | 8.4% |
| 2002 | $1.07B | $185.00M | 17.2% |
| 2001 | $1.09B | $190.00M | 17.5% |
| 2000 | $1.69B | $200.00M | 11.9% |
| 1999 | ($1.63B) | $238.00M | N/A (Loss) |
| 1998 | $627.00M | $243.00M | 38.8% |
| 1997 | $1.23B | $245.00M | 19.9% |
| 1996 | $700.00M | $242.00M | 34.6% |
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.
