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 26.19% is 52% below its 5-year average of 55.03%, near the low end of its 5-year range (19.41%–383.76%).
As of the fiscal period ended Tuesday, March 31, 2026. 23.34% below its 12-month average of 34.16%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
26.19%
FCF PAYOUT RATIO AVG TTM
34.16%
FCF PAYOUT RATIO AVG 3Y
44.70%
FCF PAYOUT RATIO AVG 5Y
38.59%
FCF PAYOUT RATIO AVG 10Y
41.19%
FCF PAYOUT RATIO AVG 15Y
44.15%
FCF PAYOUT RATIO AVG 20Y
42.21%
CURRENT VS TTM AVG
-23.34%
CURRENT VS 3Y AVG
-41.41%
CURRENT VS 5Y AVG
-32.13%
CURRENT VS 10Y AVG
-36.41%
CURRENT VS 15Y AVG
-40.68%
CURRENT VS 20Y AVG
-37.96%
FCF Payout Ratio TTM
26.2%
Earnings Payout Ratio
51.9%
Dividend Yield
2.74%
FCF Yield
10.44%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $16.77B | $4.00B | 23.8% |
| 2024 | $8.01B | $3.65B | 45.5% |
| 2023 | $8.72B | $5.58B | 64.0% |
| 2022 | $18.16B | $5.73B | 31.5% |
| 2021 | $11.67B | $2.36B | 20.2% |
| 2020 | $87.00M | $1.83B | n/m |
| 2019 | $4.47B | $1.50B | 33.6% |
| 2018 | $6.18B | $1.36B | 22.0% |
| 2017 | $2.49B | $1.30B | 52.5% |
| 2016 | ($466.00M) | $1.25B | N/A (Loss) |
| 2015 | ($2.48B) | $3.66B | N/A (Loss) |
| 2014 | ($516.00M) | $3.52B | N/A (Loss) |
| 2013 | $550.00M | $3.33B | 606.2% |
| 2012 | ($250.00M) | $3.28B | N/A (Loss) |
| 2011 | $6.38B | $3.63B | 56.9% |
| 2010 | $7.28B | $3.17B | 43.6% |
| 2009 | $1.62B | $2.83B | 175.0% |
| 2008 | $3.56B | $2.85B | 80.2% |
| 2007 | $12.76B | $2.66B | 20.9% |
| 2006 | $5.92B | $2.28B | 38.5% |
| 2005 | $6.01B | $1.64B | 27.3% |
| 2004 | $2.46B | $1.23B | 50.0% |
| 2003 | $3.19B | $1.11B | 34.7% |
| 2002 | $581.00M | $684.00M | 117.7% |
| 2001 | $477.00M | $403.00M | 84.5% |
| 2000 | $1.99B | $346.00M | 17.4% |
| 1999 | $251.00M | $344.00M | 137.1% |
| 1998 | ($422.00M) | $353.00M | N/A (Loss) |
| 1997 | $202.00M | $353.00M | 174.8% |
| 1996 | $541.00M | $329.00M | 60.8% |
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 | 26.19% |
| 2025-12-31 | 23.82% |
| 2025-09-30 | 23.19% |
| 2025-06-30 | 54.73% |
| 2025-03-31 | 42.89% |
| 2024-12-31 | 45.54% |
| 2024-09-30 | 44.96% |
| 2024-06-30 | 49.30% |
| 2024-03-31 | 60.62% |
| 2023-12-31 | 64.05% |
| 2023-09-30 | 63.15% |
| 2023-06-30 | 48.85% |
| 2023-03-31 | 33.86% |
| 2022-12-31 | 31.54% |
| 2022-09-30 | 21.43% |
| 2022-06-30 | 19.41% |
| 2022-03-31 | 20.75% |
| 2021-12-31 | 20.21% |
| 2021-09-30 | 27.76% |
| 2021-06-30 | 49.55% |
| 2021-03-31 | 383.76% |
| 2020-09-30 | 212.79% |
| 2020-06-30 | 96.14% |
| 2020-03-31 | 43.85% |
| 2019-12-31 | 33.57% |
| 2019-09-30 | 26.51% |
| 2019-06-30 | 21.64% |
| 2019-03-31 | 20.91% |
| 2018-12-31 | 22.04% |
| 2018-09-30 | 26.66% |
| 2018-06-30 | 42.00% |
| 2018-03-31 | 51.94% |
| 2017-12-31 | 52.12% |
| 2017-09-30 | 65.47% |
| 2017-06-30 | 54.14% |
| 2017-03-31 | 71.57% |
| 2014-09-30 | 507.46% |
| 2014-06-30 | 370.90% |
| 2014-03-31 | 204.24% |
| 2013-12-31 | 606.18% |
| 2013-09-30 | 250.57% |
| 2012-06-30 | 113.98% |
| 2012-03-31 | 42.46% |
| 2011-12-31 | 49.76% |
| 2011-09-30 | 49.16% |
| 2011-06-30 | 47.66% |
| 2011-03-31 | 62.76% |
| 2010-12-31 | 43.59% |
| 2010-09-30 | 45.24% |
| 2010-06-30 | 72.13% |
| 2010-03-31 | 172.35% |
| 2008-12-31 | 80.19% |
| 2008-09-30 | 23.34% |
| 2008-06-30 | 23.52% |
| 2008-03-31 | 22.65% |
| 2007-12-31 | 20.86% |
| 2007-09-30 | 23.07% |
| 2007-06-30 | 24.11% |
| 2007-03-31 | 25.41% |
| 2006-12-31 | 38.46% |
| 2006-09-30 | 35.25% |
| 2006-06-30 | 33.47% |
| 2006-03-31 | 44.38% |
| 2005-12-31 | 27.28% |
| 2005-09-30 | 56.79% |
| 2005-06-30 | 46.03% |
| 2005-03-31 | 31.08% |
| 2004-12-31 | 50.02% |
| 2004-09-30 | 27.35% |
| 2004-06-30 | 56.02% |
| 2004-03-31 | 59.19% |
| 2003-12-31 | 34.73% |
| 2003-09-30 | 35.13% |
| 2003-06-30 | 27.79% |
| 2003-03-31 | 32.31% |
