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 22.23% is 23% below its 5-year average of 28.94%, near the low end of its 5-year range (17.95%–50.70%).
As of the fiscal period ended Tuesday, June 30, 2026. 31.79% below its 12-month average of 32.59%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
22.23%
FCF PAYOUT RATIO AVG TTM
32.59%
FCF PAYOUT RATIO AVG 3Y
29.87%
FCF PAYOUT RATIO AVG 5Y
28.94%
FCF PAYOUT RATIO AVG 10Y
27.55%
FCF PAYOUT RATIO AVG 15Y
31.09%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-31.79%
CURRENT VS 3Y AVG
-25.56%
CURRENT VS 5Y AVG
-23.17%
CURRENT VS 10Y AVG
-19.30%
CURRENT VS 15Y AVG
-28.49%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
22.2%
Earnings Payout Ratio
24.8%
Dividend Yield
1.15%
FCF Yield
5.08%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.66B | $531.00M | 32.0% |
| 2024 | $1.96B | $533.00M | 27.2% |
| 2023 | $1.97B | $528.00M | 26.8% |
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 |
|---|---|
| 2026-06-30 | 22.23% |
| 2026-03-31 | 31.75% |
| 2025-12-31 | 37.03% |
| 2025-09-30 | 34.55% |
| 2025-06-30 | 37.40% |
| 2025-03-31 | 24.81% |
| 2024-12-31 | 27.25% |
| 2024-09-30 | 38.36% |
| 2024-06-30 | 35.13% |
| 2024-03-31 | 30.76% |
| 2023-12-31 | 26.80% |
| 2023-09-30 | 20.68% |
| 2023-06-30 | 21.49% |
| 2023-03-31 | 24.90% |
| 2022-12-31 | 27.09% |
| 2022-09-30 | 32.58% |
| 2022-06-30 | 50.70% |
| 2022-03-31 | 26.51% |
| 2021-12-31 | 21.06% |
| 2021-09-30 | 17.95% |
| 2021-06-30 | 18.63% |
| 2021-03-31 | 19.05% |
| 2020-12-31 | 23.24% |
| 2020-09-30 | 22.42% |
| 2020-06-30 | 15.41% |
| 2020-03-31 | 17.19% |
| 2019-12-31 | 18.46% |
| 2019-09-30 | 37.11% |
| 2019-06-30 | 40.50% |
| 2019-03-31 | 42.93% |
| 2018-12-31 | 37.37% |
| 2016-09-30 | 0.19% |
| 2016-06-30 | 66.01% |
| 2016-03-31 | 62.96% |
| 2015-12-31 | 55.50% |
| 2015-09-30 | 49.24% |
| 2013-09-30 | 16.16% |
| 2013-06-30 | 109.72% |
| 2013-03-31 | 122.04% |
| 2012-12-31 | 167.43% |
| 2012-09-30 | 205.97% |
| 2012-06-30 | 84.84% |
| 2012-03-31 | 74.98% |
| 2011-12-31 | 34.18% |
| 2011-09-30 | 2.95% |
| 2010-09-30 | 110.95% |
| 2010-06-30 | 111.90% |
| 2010-03-31 | 107.32% |
| 2009-12-31 | 93.04% |
| 2022 |
| $1.80B |
| $489.00M |
| 27.1% |
| 2021 | $2.21B | $466.00M | 21.1% |
| 2020 | $1.93B | $447.00M | 23.2% |
| 2019 | $2.56B | $473.00M | 18.5% |
| 2018 | $2.01B | $0 | 0.0% |
| 2017 | $2.48B | $0 | 0.0% |
| 2016 | $2.20B | $0 | 0.0% |
| 2015 | $3.37B | $0 | 0.0% |
| 2014 | $4.41B | $0 | 0.0% |
| 2013 | $3.75B | $0 | 0.0% |
| 2012 | $2.58B | $0 | 0.0% |
| 2011 | $2.31B | $0 | 0.0% |
| 2010 | $2.02B | $0 | 0.0% |
| 2009 | $2.34B | $0 | 0.0% |
| 2008 | $2.32B | $0 | 0.0% |
| 2007 | $2.19B | $0 | 0.0% |
| 2006 | $1.73B | $0 | 0.0% |
| 2005 | $1.67B | $0 | 0.0% |
| 2004 | $992.48M | $0 | 0.0% |
| 2003 | $508.74M | $0 | 0.0% |
| 2002 | $341.23M | $0.05M | 0.0% |
| 2001 | $194.69M | $0.32M | 0.2% |
| 2000 | $50.40M | $0.16M | 0.3% |
| 1999 | ($19.80M) | $3.90M | N/A (Loss) |
| 1998 | ($2.60M) | $0 | N/A (Loss) |
| 1997 | $0.10M | $0 | 0.0% |
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.
