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 37.29% is in line with its 5-year average of 35.33%, around the middle of its 5-year range (28.88%–53.01%).
As of the fiscal period ended Sunday, May 31, 2026. 1.27% above its 12-month average of 36.82%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
37.29%
FCF PAYOUT RATIO AVG TTM
36.82%
FCF PAYOUT RATIO AVG 3Y
34.81%
FCF PAYOUT RATIO AVG 5Y
33.83%
FCF PAYOUT RATIO AVG 10Y
33.48%
FCF PAYOUT RATIO AVG 15Y
33.87%
FCF PAYOUT RATIO AVG 20Y
31.14%
CURRENT VS TTM AVG
+1.27%
CURRENT VS 3Y AVG
+7.12%
CURRENT VS 5Y AVG
+10.23%
CURRENT VS 10Y AVG
+11.37%
CURRENT VS 15Y AVG
+10.11%
CURRENT VS 20Y AVG
+19.76%
FCF Payout Ratio TTM
37.3%
Earnings Payout Ratio
36.2%
Dividend Yield
0.88%
FCF Yield
2.27%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $1.88B | $701.49M | 37.3% |
| 2025 | $1.76B | $611.63M | 34.8% |
| 2024 | $1.67B | $530.91M | 31.8% |
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 |
|---|---|
| 2026-05-31 | 37.29% |
| 2026-02-28 | 37.94% |
| 2025-11-30 | 36.85% |
| 2025-08-31 | 37.22% |
| 2025-05-31 | 34.81% |
| 2025-02-28 | 32.36% |
| 2024-11-30 | 30.76% |
| 2024-08-31 | 30.41% |
| 2024-05-31 | 31.79% |
| 2024-02-29 | 33.48% |
| 2023-11-30 | 37.09% |
| 2023-08-31 | 37.03% |
| 2023-05-31 | 35.52% |
| 2023-02-28 | 33.23% |
| 2022-11-30 | 32.09% |
| 2022-08-31 | 30.01% |
| 2022-05-31 | 28.92% |
| 2022-02-28 | 28.88% |
| 2021-11-30 | 53.01% |
| 2021-08-31 | 46.16% |
| 2021-05-31 | 37.08% |
| 2021-02-28 | 33.19% |
| 2020-11-30 | 23.70% |
| 2020-08-31 | 23.72% |
| 2020-05-31 | 25.27% |
| 2020-02-29 | 24.97% |
| 2019-11-30 | 0.00% |
| 2019-08-31 | 0.00% |
| 2019-05-31 | 0.00% |
| 2019-02-28 | 25.43% |
| 2018-11-30 | 53.79% |
| 2018-08-31 | 58.62% |
| 2018-05-31 | 50.71% |
| 2018-02-28 | 25.44% |
| 2017-11-30 | 24.12% |
| 2017-08-31 | 23.61% |
| 2017-05-31 | 29.04% |
| 2017-02-28 | 70.43% |
| 2016-11-30 | 118.97% |
| 2016-08-31 | 121.97% |
| 2016-05-31 | 121.05% |
| 2016-02-29 | 76.57% |
| 2015-11-30 | 61.92% |
| 2015-08-31 | 55.67% |
| 2015-05-31 | 55.71% |
| 2015-02-28 | 41.06% |
| 2014-11-30 | 18.80% |
| 2014-08-31 | 18.76% |
| 2014-05-31 | 20.18% |
| 2014-02-28 | 42.02% |
| 2013-11-30 | 42.69% |
| 2013-08-31 | 45.06% |
| 2013-05-31 | 44.77% |
| 2013-02-28 | 44.86% |
| 2012-11-30 | 20.76% |
| 2012-08-31 | 20.57% |
| 2012-05-31 | 22.91% |
| 2012-02-29 | 25.41% |
| 2011-11-30 | 30.78% |
| 2011-08-31 | 39.17% |
| 2011-05-31 | 45.37% |
| 2008-02-29 | 0.00% |
| 2007-11-30 | 0.00% |
| 2007-08-31 | 0.00% |
| 2007-05-31 | 0.00% |
| 2007-02-28 | 0.00% |
| 2023 |
| $1.27B |
| $449.92M |
| 35.5% |
| 2022 | $1.30B | $375.12M | 28.9% |
| 2021 | $1.22B | $451.33M | 37.1% |
| 2020 | $1.06B | $267.96M | 25.3% |
| 2019 | $791.14M | $220.76M | 27.9% |
| 2018 | $692.46M | $175.59M | 25.4% |
| 2017 | $490.57M | $142.43M | 29.0% |
| 2016 | $190.46M | $115.27M | 60.5% |
| 2015 | $362.56M | $201.89M | 55.7% |
| 2014 | $462.39M | $93.32M | 20.2% |
| 2013 | $356.26M | $79.74M | 22.4% |
| 2012 | $309.06M | $70.82M | 22.9% |
| 2011 | $158.29M | $71.81M | 45.4% |
| 2010 | $450.49M | $73.96M | 16.4% |
| 2009 | $363.43M | $72.21M | 19.9% |
| 2008 | $354.21M | $70.83M | 20.0% |
| 2007 | $268.57M | $62.00M | 23.1% |
| 2006 | $305.25M | $58.82M | 19.3% |
| 2005 | $273.49M | $54.97M | 20.1% |
| 2004 | $396.82M | $49.63M | 12.5% |
| 2003 | $215.67M | $46.00M | 21.3% |
| 2002 | $270.15M | $42.45M | 15.7% |
| 2001 | $99.51M | $37.17M | 37.4% |
| 2000 | $96.60M | $31.25M | 32.3% |
| 1999 | $16.30M | $24.90M | 152.8% |
| 1998 | $8.00M | $17.60M | 220.0% |
| 1997 | $48.60M | $14.50M | 29.8% |
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.
