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 99.42% is 30% above its 5-year average of 76.49%, near the low end of its 5-year range (29.15%–386.21%).
As of the fiscal period ended Tuesday, March 31, 2026. 19.21% above its 12-month average of 83.40%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
99.42%
FCF PAYOUT RATIO AVG TTM
83.40%
FCF PAYOUT RATIO AVG 3Y
66.51%
FCF PAYOUT RATIO AVG 5Y
61.01%
FCF PAYOUT RATIO AVG 10Y
63.65%
FCF PAYOUT RATIO AVG 15Y
62.18%
FCF PAYOUT RATIO AVG 20Y
58.29%
CURRENT VS TTM AVG
+19.21%
CURRENT VS 3Y AVG
+49.48%
CURRENT VS 5Y AVG
+62.96%
CURRENT VS 10Y AVG
+56.20%
CURRENT VS 15Y AVG
+59.88%
CURRENT VS 20Y AVG
+70.56%
FCF Payout Ratio TTM
99.4%
Earnings Payout Ratio
105.0%
Dividend Yield
3.58%
FCF Yield
3.46%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $16.59B | $12.75B | 76.9% |
| 2024 | $15.04B | $11.80B | 78.4% |
| 2023 | $19.78B | $11.34B | 57.3% |
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 | 99.42% |
| 2025-12-31 | 78.51% |
| 2025-09-30 | 80.40% |
| 2025-06-30 | 72.63% |
| 2025-03-31 | 86.03% |
| 2024-12-31 | 77.09% |
| 2024-09-30 | 61.62% |
| 2024-06-30 | 63.25% |
| 2024-03-31 | 61.90% |
| 2023-12-31 | 57.31% |
| 2023-09-30 | 55.18% |
| 2023-06-30 | 40.27% |
| 2023-03-31 | 31.03% |
| 2022-12-31 | 29.15% |
| 2022-09-30 | 30.21% |
| 2022-06-30 | 35.08% |
| 2022-03-31 | 41.97% |
| 2021-12-31 | 47.86% |
| 2021-09-30 | 69.08% |
| 2021-06-30 | 102.18% |
| 2021-03-31 | 386.21% |
| 2020-12-31 | 583.14% |
| 2020-09-30 | 321.19% |
| 2020-06-30 | 169.24% |
| 2020-03-31 | 71.88% |
| 2019-12-31 | 67.88% |
| 2019-09-30 | 52.34% |
| 2019-06-30 | 47.38% |
| 2019-03-31 | 51.07% |
| 2018-12-31 | 50.53% |
| 2018-09-30 | 59.07% |
| 2018-06-30 | 79.00% |
| 2018-03-31 | 95.05% |
| 2017-12-31 | 115.00% |
| 2017-09-30 | 187.22% |
| 2017-06-30 | 244.51% |
| 2013-03-31 | 240.67% |
| 2012-12-31 | 86.92% |
| 2012-09-30 | 91.18% |
| 2012-06-30 | 54.80% |
| 2012-03-31 | 52.79% |
| 2011-12-31 | 42.05% |
| 2011-09-30 | 38.38% |
| 2011-06-30 | 44.38% |
| 2011-03-31 | 43.04% |
| 2010-12-31 | 48.30% |
| 2010-09-30 | 52.44% |
| 2010-06-30 | 50.71% |
| 2010-03-31 | 80.54% |
| 2009-03-31 | 192.42% |
| 2008-12-31 | 51.80% |
| 2008-09-30 | 40.35% |
| 2008-06-30 | 52.91% |
| 2008-03-31 | 51.20% |
| 2007-12-31 | 57.73% |
| 2007-09-30 | 57.93% |
| 2007-06-30 | 45.56% |
| 2007-03-31 | 46.39% |
| 2006-12-31 | 41.83% |
| 2006-09-30 | 37.41% |
| 2006-06-30 | 36.63% |
| 2006-03-31 | 32.93% |
| 2005-12-31 | 33.99% |
| 2005-09-30 | 35.79% |
| 2005-06-30 | 39.43% |
| 2005-03-31 | 38.70% |
| 2004-12-31 | 39.11% |
| 2004-09-30 | 41.69% |
| 2004-06-30 | 43.45% |
| 2004-03-31 | 45.72% |
| 2003-12-31 | 45.89% |
| 2003-09-30 | 43.13% |
| 2003-06-03 | 44.50% |
| 2003-03-31 | 58.22% |
| 2022 |
| $37.63B |
| $10.97B |
| 29.1% |
| 2021 | $21.09B | $10.18B | 48.3% |
| 2020 | $1.68B | $9.65B | 575.5% |
| 2019 | $13.20B | $8.96B | 67.9% |
| 2018 | $16.80B | $8.50B | 50.6% |
| 2017 | $7.11B | $8.13B | 114.4% |
| 2016 | ($5.26B) | $8.03B | N/A (Loss) |
| 2015 | ($10.05B) | $7.99B | N/A (Loss) |
| 2014 | ($3.93B) | $7.93B | N/A (Loss) |
| 2013 | ($2.98B) | $7.47B | N/A (Loss) |
| 2012 | $7.87B | $6.84B | 86.9% |
| 2011 | $14.60B | $6.14B | 42.1% |
| 2010 | $11.75B | $5.67B | 48.3% |
| 2009 | ($470.00M) | $5.30B | N/A (Loss) |
| 2008 | $9.97B | $5.16B | 51.8% |
| 2007 | $8.30B | $4.79B | 57.7% |
| 2006 | $10.51B | $4.40B | 41.8% |
| 2005 | $11.40B | $3.88B | 34.0% |
| 2004 | $8.38B | $3.28B | 39.1% |
| 2003 | $6.69B | $3.07B | 45.9% |
| 2002 | $2.34B | $2.99B | 127.6% |
| 2001 | $1.74B | $2.86B | 163.9% |
| 2000 | $5.84B | $2.79B | 47.8% |
| 1999 | ($124.00M) | $2.67B | N/A (Loss) |
| 1998 | ($149.00M) | $1.60B | N/A (Loss) |
| 1997 | $684.00M | $1.49B | 218.3% |
| 1996 | $2.37B | $1.36B | 57.2% |
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.
