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 39.46% is 29% below its 5-year average of 55.44%, near the low end of its 5-year range (21.86%–93.33%).
As of the fiscal period ended Tuesday, March 31, 2026. 34.57% below its 12-month average of 60.30%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
39.46%
FCF PAYOUT RATIO AVG TTM
60.30%
FCF PAYOUT RATIO AVG 3Y
66.46%
FCF PAYOUT RATIO AVG 5Y
55.44%
FCF PAYOUT RATIO AVG 10Y
35.60%
FCF PAYOUT RATIO AVG 15Y
33.92%
FCF PAYOUT RATIO AVG 20Y
32.07%
CURRENT VS TTM AVG
-34.57%
CURRENT VS 3Y AVG
-40.64%
CURRENT VS 5Y AVG
-28.83%
CURRENT VS 10Y AVG
+10.84%
CURRENT VS 15Y AVG
+16.31%
CURRENT VS 20Y AVG
+23.05%
FCF Payout Ratio TTM
39.5%
Earnings Payout Ratio
N/A
Dividend Yield
1.65%
FCF Yield
4.15%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $670.00M | $618.00M | 92.2% |
| 2024 | $1.44B | $947.00M | 65.7% |
| 2023 | ($1.56B) | $925.00M | N/A (Loss) |
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 | 39.46% |
| 2025-12-31 | 44.59% |
| 2025-09-30 | 48.33% |
| 2025-06-30 | 92.24% |
| 2025-03-31 | 76.90% |
| 2024-12-31 | 73.28% |
| 2024-09-30 | 71.34% |
| 2024-06-30 | 65.72% |
| 2023-03-31 | 86.33% |
| 2022-12-31 | 93.33% |
| 2022-09-30 | 58.15% |
| 2022-06-30 | 42.00% |
| 2022-03-31 | 42.63% |
| 2021-12-31 | 29.93% |
| 2021-09-30 | 31.27% |
| 2021-06-30 | 25.15% |
| 2021-03-31 | 21.86% |
| 2020-12-31 | 22.35% |
| 2020-09-30 | 23.75% |
| 2020-06-30 | 30.36% |
| 2020-03-31 | 34.01% |
| 2019-12-31 | 36.56% |
| 2019-09-30 | 36.17% |
| 2019-06-30 | 34.35% |
| 2019-03-31 | 34.91% |
| 2018-12-31 | 33.14% |
| 2018-09-30 | 32.62% |
| 2018-06-30 | 28.09% |
| 2018-03-31 | 27.67% |
| 2017-12-31 | 27.69% |
| 2017-09-30 | 33.22% |
| 2017-06-30 | 37.50% |
| 2017-03-31 | 38.73% |
| 2016-12-31 | 40.10% |
| 2016-09-30 | 39.98% |
| 2016-06-30 | 33.44% |
| 2016-03-31 | 29.85% |
| 2015-12-31 | 27.24% |
| 2015-09-30 | 27.03% |
| 2015-06-30 | 23.80% |
| 2015-03-31 | 25.81% |
| 2014-12-31 | 25.46% |
| 2014-09-30 | 27.39% |
| 2014-06-30 | 29.44% |
| 2014-03-31 | 30.64% |
| 2013-12-31 | 32.70% |
| 2013-09-30 | 52.52% |
| 2013-06-30 | 54.78% |
| 2013-03-31 | 47.40% |
| 2012-12-31 | 38.45% |
| 2012-09-30 | 33.90% |
| 2012-06-30 | 28.90% |
| 2012-03-31 | 26.49% |
| 2011-12-31 | 24.86% |
| 2011-09-30 | 30.95% |
| 2011-06-30 | 29.66% |
| 2011-03-31 | 40.96% |
| 2010-12-31 | 56.83% |
| 2010-09-30 | 19.07% |
| 2010-06-30 | 17.56% |
| 2010-03-31 | 12.76% |
| 2009-12-31 | 13.50% |
| 2009-09-30 | 18.08% |
| 2009-06-30 | 28.04% |
| 2009-03-31 | 138.80% |
| 2008-12-31 | 113.16% |
| 2008-09-30 | 39.30% |
| 2008-06-30 | 32.08% |
| 2008-03-31 | 27.33% |
| 2007-12-31 | 26.94% |
| 2007-09-30 | 37.43% |
| 2007-06-30 | 29.64% |
| 2006-10-24 | 20.00% |
| 2006-06-30 | 19.01% |
| 2006-03-31 | 22.57% |
| 2005-12-31 | 28.08% |
| 2005-09-30 | 35.26% |
| 2005-06-30 | 39.64% |
| 2005-03-31 | 54.53% |
| 2004-12-31 | 26.41% |
| 2004-09-30 | 1.94% |
| 2004-06-30 | 1.09% |
| 2004-03-31 | 1.17% |
| 2003-12-31 | 15.23% |
| 2003-09-30 | 19.43% |
| 2003-06-30 | 21.20% |
| 2003-03-31 | 23.52% |
| 2022 |
| $2.00B |
| $840.00M |
| 42.0% |
| 2021 | $2.99B | $753.00M | 25.2% |
| 2020 | $1.66B | $503.00M | 30.4% |
| 2019 | $1.77B | $609.00M | 34.3% |
| 2018 | $1.94B | $546.00M | 28.1% |
| 2017 | $1.30B | $486.00M | 37.5% |
| 2016 | $1.26B | $422.50M | 33.4% |
| 2015 | $1.47B | $349.90M | 23.8% |
| 2014 | $1.02B | $301.80M | 29.4% |
| 2013 | $765.30M | $419.20M | 54.8% |
| 2012 | $706.00M | $204.00M | 28.9% |
| 2011 | $676.00M | $148.00M | 21.9% |
| 2010 | $686.10M | $109.10M | 15.9% |
| 2009 | $416.20M | $116.70M | 28.0% |
| 2008 | $332.30M | $106.60M | 32.1% |
| 2007 | $349.50M | $103.60M | 29.6% |
| 2006 | $449.20M | $85.40M | 19.0% |
| 2005 | $248.50M | $98.50M | 39.6% |
| 2004 | $460.80M | $76.30M | 16.6% |
| 2003 | $385.40M | $81.70M | 21.2% |
| 2002 | $314.80M | $71.00M | 22.6% |
| 2001 | $113.20M | $71.00M | 62.7% |
| 2000 | $261.60M | $70.90M | 27.1% |
| 1999 | $159.40M | $63.60M | 39.9% |
| 1998 | ($322.30M) | $53.60M | N/A (Loss) |
| 1997 | $170.20M | $63.40M | 37.3% |
| 1996 | $108.60M | $107.30M | 98.8% |
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.
