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 40.43% is 50% below its 5-year average of 81.34%, near the low end of its 5-year range (29.36%–347.31%).
As of the fiscal period ended Tuesday, March 31, 2026. 15.07% below its 12-month average of 47.61%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
40.43%
FCF PAYOUT RATIO AVG TTM
47.61%
FCF PAYOUT RATIO AVG 3Y
53.25%
FCF PAYOUT RATIO AVG 5Y
55.31%
FCF PAYOUT RATIO AVG 10Y
48.87%
FCF PAYOUT RATIO AVG 15Y
41.10%
FCF PAYOUT RATIO AVG 20Y
36.14%
CURRENT VS TTM AVG
-15.07%
CURRENT VS 3Y AVG
-24.07%
CURRENT VS 5Y AVG
-26.89%
CURRENT VS 10Y AVG
-17.26%
CURRENT VS 15Y AVG
-1.62%
CURRENT VS 20Y AVG
+11.90%
FCF Payout Ratio TTM
40.4%
Earnings Payout Ratio
38.8%
Dividend Yield
1.20%
FCF Yield
2.90%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.39B | $1.05B | 44.2% |
| 2024 | $279.00M | $969.00M | 347.3% |
| 2023 | $2.75B | $921.00M | 33.5% |
| 2022 | $1.05B | $855.00M | 81.7% |
| 2021 | $1.47B | $809.00M | 55.0% |
| 2020 | $2.15B | $782.00M | 36.4% |
| 2019 | $2.41B | $761.00M | 31.6% |
| 2018 | $1.59B | $718.00M | 45.0% |
| 2017 | $1.69B | $701.00M | 41.5% |
| 2016 | $1.34B | $676.00M | 50.4% |
| 2015 | $1.26B | $622.00M | 49.4% |
| 2014 | $1.47B | $512.00M | 34.9% |
| 2013 | $1.35B | $420.00M | 31.1% |
| 2012 | $755.00M | $340.00M | 45.0% |
| 2011 | $1.39B | $255.00M | 18.3% |
| 2010 | $599.00M | $200.00M | 33.4% |
| 2009 | $792.00M | $141.00M | 17.8% |
| 2008 | $362.00M | $146.00M | 40.3% |
| 2007 | $390.00M | $89.00M | 22.8% |
| 2006 | $539.00M | $66.00M | 12.2% |
| 2005 | $574.00M | $56.00M | 9.8% |
| 2004 | $463.00M | $61.00M | 13.2% |
| 2003 | $18.00M | $50.00M | 277.8% |
| 2002 | $103.00M | $50.00M | 48.5% |
| 2001 | ($62.00M) | $50.00M | N/A (Loss) |
| 2000 | $160.00M | $50.00M | 31.3% |
| 1999 | $92.00M | $47.00M | 51.1% |
| 1998 | $0.00M | $46.00M | N/A (Loss) |
| 1997 | ($205.00M) | $45.00M | N/A (Loss) |
| 1996 | ($111.00M) | $40.00M | 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.
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 | 40.43% |
| 2025-12-31 | 44.22% |
| 2025-09-30 | 45.13% |
| 2025-06-30 | 60.65% |
| 2024-12-31 | 347.31% |
| 2024-09-30 | 283.98% |
| 2024-06-30 | 78.42% |
| 2024-03-31 | 36.67% |
| 2023-12-31 | 33.45% |
| 2023-09-30 | 41.76% |
| 2023-06-30 | 82.47% |
| 2023-03-31 | 69.32% |
| 2022-12-31 | 85.33% |
| 2022-09-30 | 84.78% |
| 2022-06-30 | 66.77% |
| 2022-03-31 | 64.08% |
| 2021-12-31 | 55.03% |
| 2021-10-03 | 40.17% |
| 2021-07-04 | 29.36% |
| 2021-04-04 | 37.48% |
| 2020-12-31 | 36.42% |
| 2020-09-27 | 43.70% |
| 2020-06-28 | 48.06% |
| 2020-03-29 | 32.12% |
| 2019-12-31 | 31.63% |
| 2019-09-29 | 29.48% |
| 2019-06-30 | 31.54% |
| 2019-03-31 | 34.55% |
| 2018-12-31 | 45.04% |
| 2018-09-30 | 46.74% |
| 2018-07-01 | 53.29% |
| 2018-04-01 | 58.27% |
| 2017-12-31 | 41.48% |
| 2017-10-01 | 45.74% |
| 2017-07-02 | 48.07% |
| 2017-04-02 | 47.24% |
| 2016-12-31 | 50.41% |
| 2016-10-02 | 44.53% |
| 2016-07-03 | 45.67% |
| 2016-04-03 | 47.45% |
| 2015-12-31 | 49.37% |
| 2015-09-27 | 48.33% |
| 2015-06-28 | 42.08% |
| 2015-03-29 | 38.61% |
| 2014-12-31 | 34.88% |
| 2014-09-28 | 34.28% |
| 2014-06-29 | 41.14% |
| 2014-03-30 | 37.01% |
| 2013-12-31 | 31.13% |
| 2013-09-29 | 30.07% |
| 2013-06-30 | 28.45% |
| 2013-03-31 | 30.39% |
| 2012-12-31 | 45.03% |
| 2012-09-30 | 44.13% |
| 2012-07-01 | 31.28% |
| 2012-04-01 | 21.90% |
| 2011-12-31 | 18.33% |
| 2011-09-25 | 20.21% |
| 2011-06-26 | 25.76% |
| 2011-03-27 | 35.88% |
| 2010-12-31 | 28.71% |
| 2010-09-26 | 26.58% |
| 2010-06-27 | 18.45% |
| 2010-03-28 | 20.52% |
| 2009-12-31 | 22.10% |
| 2009-09-27 | 31.80% |
| 2009-06-28 | 46.63% |
| 2009-03-29 | 34.88% |
| 2008-12-31 | 40.33% |
| 2008-09-28 | 25.63% |
| 2008-06-29 | 18.92% |
| 2008-03-30 | 20.32% |
| 2007-12-31 | 22.82% |
| 2007-09-30 | 20.20% |
| 2007-06-30 | 23.17% |
| 2007-04-01 | 17.27% |
| 2006-12-31 | 12.24% |
| 2006-10-01 | 8.27% |
| 2006-06-30 | 10.30% |
| 2006-04-02 | 10.63% |
| 2005-12-31 | 11.50% |
| 2005-09-25 | 16.70% |
| 2005-06-26 | 12.31% |
| 2005-03-27 | 10.84% |
| 2004-12-31 | 7.34% |
| 2004-09-26 | 7.12% |
| 2004-06-27 | 12.14% |
| 2004-03-28 | 32.48% |
| 2003-12-31 | 277.78% |
| 2003-09-28 | 73.53% |
| 2003-06-29 | 151.52% |
| 2003-03-30 | 69.44% |
