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 130.27% is 113% above its 5-year average of 61.24%, near the high end of its 5-year range (21.83%–130.27%).
As of the fiscal period ended Tuesday, March 31, 2026. 29.90% above its 12-month average of 100.28%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
130.27%
FCF PAYOUT RATIO AVG TTM
100.28%
FCF PAYOUT RATIO AVG 3Y
68.15%
FCF PAYOUT RATIO AVG 5Y
54.36%
FCF PAYOUT RATIO AVG 10Y
89.21%
FCF PAYOUT RATIO AVG 15Y
89.21%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+29.90%
CURRENT VS 3Y AVG
+91.16%
CURRENT VS 5Y AVG
+139.62%
CURRENT VS 10Y AVG
+46.02%
CURRENT VS 15Y AVG
+46.02%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
130.3%
Earnings Payout Ratio
98.2%
Dividend Yield
6.63%
FCF Yield
5.25%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.85B | $4.72B | 122.9% |
| 2024 | $7.34B | $4.62B | 63.0% |
| 2023 | $6.42B | $4.25B | 66.2% |
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 | 130.27% |
| 2025-12-31 | 122.85% |
| 2025-09-30 | 90.46% |
| 2025-06-30 | 81.45% |
| 2025-03-31 | 76.39% |
| 2024-12-31 | 62.97% |
| 2024-09-30 | 66.86% |
| 2024-06-30 | 66.96% |
| 2024-03-31 | 63.40% |
| 2023-12-31 | 66.16% |
| 2023-09-30 | 64.55% |
| 2023-06-30 | 57.90% |
| 2023-03-31 | 52.53% |
| 2022-12-31 | 53.74% |
| 2022-09-30 | 42.58% |
| 2022-06-30 | 39.86% |
| 2022-03-31 | 38.14% |
| 2021-12-31 | 22.73% |
| 2021-09-30 | 21.83% |
| 2021-06-30 | 27.31% |
| 2021-03-31 | 37.11% |
| 2020-12-31 | 118.23% |
| 2020-09-30 | 172.63% |
| 2020-06-30 | 236.27% |
| 2020-03-31 | 185.97% |
| 2019-12-31 | 149.34% |
| 2019-09-30 | 175.62% |
| 2019-06-30 | 173.84% |
| 2019-03-31 | 611.88% |
| 2010-03-31 | 287.71% |
| 2022 |
| $5.67B |
| $3.05B |
| 53.7% |
| 2021 | $8.34B | $1.90B | 22.8% |
| 2020 | $2.23B | $2.80B | 125.6% |
| 2019 | $2.19B | $3.05B | 139.2% |
| 2018 | $99.00M | $1.68B | n/m |
| 2017 | ($4.01B) | $1.01B | N/A (Loss) |
| 2016 | ($4.67B) | $1.02B | N/A (Loss) |
| 2015 | ($6.32B) | $1.09B | N/A (Loss) |
| 2014 | ($2.21B) | $819.00M | N/A (Loss) |
| 2013 | ($1.09B) | $731.00M | N/A (Loss) |
| 2012 | ($2.19B) | $666.00M | N/A (Loss) |
| 2011 | ($433.54M) | $1.30B | N/A (Loss) |
| 2010 | ($423.10M) | $1.05B | N/A (Loss) |
| 2009 | ($25.16M) | $852.13M | N/A (Loss) |
| 2008 | ($1.23B) | $435.87M | N/A (Loss) |
| 2007 | ($342.17M) | $277.00M | N/A (Loss) |
| 2006 | ($369.38M) | $101.26M | N/A (Loss) |
| 2005 | ($140.01M) | $0 | N/A (Loss) |
| 2004 | $12.41M | $266.28M | n/m |
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.
