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 29.75% is in line with its 5-year average of 28.34%, around the middle of its 5-year range (14.14%–51.85%).
As of the fiscal period ended Tuesday, June 30, 2026. 9.79% above its 12-month average of 27.10%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
29.75%
FCF PAYOUT RATIO AVG TTM
27.10%
FCF PAYOUT RATIO AVG 3Y
31.47%
FCF PAYOUT RATIO AVG 5Y
28.34%
FCF PAYOUT RATIO AVG 10Y
27.91%
FCF PAYOUT RATIO AVG 15Y
27.14%
FCF PAYOUT RATIO AVG 20Y
23.26%
CURRENT VS TTM AVG
+9.79%
CURRENT VS 3Y AVG
-5.44%
CURRENT VS 5Y AVG
+4.97%
CURRENT VS 10Y AVG
+6.61%
CURRENT VS 15Y AVG
+9.62%
CURRENT VS 20Y AVG
+27.93%
FCF Payout Ratio TTM
29.8%
Earnings Payout Ratio
37.4%
Dividend Yield
1.39%
FCF Yield
4.57%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.36B | $353.00M | 26.0% |
| 2024 | $909.00M | $331.00M | 36.4% |
| 2023 | $864.00M | $314.00M | 36.3% |
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 |
|---|---|
| 2026-06-30 | 29.75% |
| 2026-03-31 | 26.92% |
| 2025-12-31 | 25.97% |
| 2025-09-30 | 24.91% |
| 2025-06-30 | 27.94% |
| 2025-03-31 | 31.82% |
| 2024-12-31 | 36.41% |
| 2024-09-30 | 31.96% |
| 2024-06-30 | 36.91% |
| 2024-03-31 | 33.69% |
| 2023-12-31 | 36.34% |
| 2023-09-30 | 51.85% |
| 2023-06-30 | 34.97% |
| 2023-03-31 | 35.30% |
| 2022-12-31 | 23.21% |
| 2022-09-30 | 20.97% |
| 2022-06-30 | 19.65% |
| 2022-03-31 | 19.23% |
| 2021-12-31 | 16.89% |
| 2021-09-30 | 16.40% |
| 2021-06-30 | 14.14% |
| 2021-03-31 | 14.56% |
| 2020-12-31 | 18.71% |
| 2020-09-30 | 21.17% |
| 2020-06-30 | 35.42% |
| 2020-03-31 | 36.59% |
| 2019-12-31 | 33.93% |
| 2019-09-30 | 34.90% |
| 2019-06-30 | 30.14% |
| 2019-03-31 | 29.53% |
| 2018-12-31 | 32.56% |
| 2018-09-30 | 28.34% |
| 2018-06-30 | 28.25% |
| 2018-03-31 | 28.08% |
| 2017-12-31 | 26.76% |
| 2017-09-30 | 28.09% |
| 2017-06-30 | 29.54% |
| 2017-03-31 | 27.58% |
| 2016-12-31 | 28.74% |
| 2016-09-30 | 28.57% |
| 2016-06-30 | 31.56% |
| 2016-03-31 | 33.85% |
| 2015-12-31 | 38.76% |
| 2015-09-30 | 35.27% |
| 2015-06-30 | 33.56% |
| 2015-03-31 | 31.48% |
| 2014-12-31 | 29.68% |
| 2014-09-30 | 33.22% |
| 2014-06-30 | 34.98% |
| 2014-03-31 | 41.01% |
| 2013-12-31 | 43.94% |
| 2013-09-30 | 27.71% |
| 2013-06-30 | 18.17% |
| 2013-03-31 | 14.83% |
| 2012-12-31 | 10.76% |
| 2012-09-30 | 9.90% |
| 2012-06-30 | 9.25% |
| 2012-03-31 | 10.01% |
| 2011-12-31 | 8.81% |
| 2011-09-30 | 10.86% |
| 2011-06-30 | 11.37% |
| 2011-03-31 | 9.73% |
| 2010-12-31 | 9.04% |
| 2010-09-30 | 8.95% |
| 2010-06-30 | 9.44% |
| 2010-03-31 | 13.76% |
| 2009-12-31 | 13.28% |
| 2009-09-30 | 16.26% |
| 2009-06-30 | 14.74% |
| 2009-03-31 | 11.36% |
| 2008-12-31 | 13.04% |
| 2008-09-30 | 9.27% |
| 2008-06-30 | 11.27% |
| 2008-03-31 | 10.93% |
| 2007-12-31 | 10.92% |
| 2007-09-30 | 11.52% |
| 2007-06-30 | 12.47% |
| 2007-03-31 | 11.72% |
| 2006-12-31 | 10.17% |
| 2006-09-30 | 9.82% |
| 2006-06-30 | 10.54% |
| 2006-03-31 | 8.96% |
| 2005-12-31 | 11.11% |
| 2005-09-30 | 11.27% |
| 2005-06-30 | 9.92% |
| 2005-03-31 | 10.46% |
| 2004-12-31 | 9.86% |
| 2004-09-30 | 7.57% |
| 2004-06-30 | 5.49% |
| 2004-03-31 | 2.90% |
| 2022 |
| $1.31B |
| $305.00M |
| 23.2% |
| 2021 | $1.83B | $309.00M | 16.9% |
| 2020 | $1.59B | $297.00M | 18.7% |
| 2019 | $843.00M | $286.00M | 33.9% |
| 2018 | $817.00M | $266.00M | 32.6% |
| 2017 | $923.00M | $247.00M | 26.8% |
| 2016 | $776.00M | $223.00M | 28.7% |
| 2015 | $547.00M | $212.00M | 38.8% |
| 2014 | $630.00M | $187.00M | 29.7% |
| 2013 | $421.00M | $185.00M | 43.9% |
| 2012 | $1.00B | $108.10M | 10.8% |
| 2011 | $734.00M | $64.70M | 8.8% |
| 2010 | $912.60M | $108.00M | 11.8% |
| 2009 | $830.50M | $110.20M | 13.3% |
| 2008 | $850.40M | $78.00M | 9.2% |
| 2007 | $707.82M | $77.33M | 10.9% |
| 2006 | $758.47M | $77.14M | 10.2% |
| 2005 | $627.31M | $69.67M | 11.1% |
| 2004 | $622.65M | $61.39M | 9.9% |
| 2003 | $488.16M | $0 | 0.0% |
| 2002 | $441.18M | $0 | 0.0% |
| 2001 | $316.82M | $8.95M | 2.8% |
| 2000 | $253.00M | $6.90M | 2.7% |
| 1999 | ($851.50M) | $0.10M | N/A (Loss) |
| 1998 | $100.90M | $0.10M | 0.1% |
| 1997 | $129.50M | $0.10M | 0.1% |
| 1996 | ($158.88M) | $1.17M | 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.
