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 35.02% is 38% below its 5-year average of 56.66%, near the low end of its 5-year range (35.02%–115.49%).
As of the fiscal period ended Tuesday, March 31, 2026. 14.15% below its 12-month average of 40.79%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
35.02%
FCF PAYOUT RATIO AVG TTM
40.79%
FCF PAYOUT RATIO AVG 3Y
45.36%
FCF PAYOUT RATIO AVG 5Y
53.72%
FCF PAYOUT RATIO AVG 10Y
48.82%
FCF PAYOUT RATIO AVG 15Y
50.00%
FCF PAYOUT RATIO AVG 20Y
45.60%
CURRENT VS TTM AVG
-14.15%
CURRENT VS 3Y AVG
-22.81%
CURRENT VS 5Y AVG
-34.82%
CURRENT VS 10Y AVG
-28.28%
CURRENT VS 15Y AVG
-29.96%
CURRENT VS 20Y AVG
-23.22%
FCF Payout Ratio TTM
35.0%
Earnings Payout Ratio
40.8%
Dividend Yield
1.06%
FCF Yield
2.99%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.55B | $1.63B | 45.8% |
| 2024 | $3.52B | $1.50B | 42.6% |
| 2023 | $2.87B | $1.38B | 48.1% |
| 2022 | $1.94B | $1.30B | 67.1% |
| 2021 | $1.59B | $1.22B | 76.8% |
| 2020 | $2.56B | $1.18B | 46.0% |
| 2019 | $2.86B | $1.20B | 41.9% |
| 2018 | $2.09B | $1.15B | 54.9% |
| 2017 | $2.15B | $1.07B | 49.8% |
| 2016 | $2.07B | $1.04B | 50.0% |
| 2015 | $1.90B | $1.03B | 53.9% |
| 2014 | $1.25B | $929.00M | 74.6% |
| 2013 | $1.67B | $796.00M | 47.6% |
| 2012 | $1.07B | $512.00M | 47.8% |
| 2011 | $680.00M | $462.00M | 67.9% |
| 2010 | $888.00M | $363.00M | 40.9% |
| 2009 | $1.21B | $334.00M | 27.5% |
| 2008 | $968.00M | $320.00M | 33.1% |
| 2007 | $807.00M | $251.00M | 31.1% |
| 2006 | $1.07B | $220.00M | 20.5% |
| 2005 | $772.00M | $184.00M | 23.8% |
| 2004 | $508.00M | $163.00M | 32.1% |
| 2003 | $601.00M | $134.00M | 22.3% |
| 2002 | $672.00M | $123.00M | 18.3% |
| 2001 | $470.00M | $120.00M | 25.5% |
| 2000 | $29.00M | $127.00M | 437.9% |
| 1999 | $186.00M | $128.00M | 68.8% |
| 1998 | $159.00M | $126.00M | 79.2% |
| 1997 | $325.00M | $133.00M | 40.9% |
| 1996 | $346.00M | $124.00M | 35.8% |
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.
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 | 35.02% |
| 2025-12-31 | 36.36% |
| 2025-09-30 | 43.37% |
| 2025-06-30 | 43.10% |
| 2025-03-31 | 46.08% |
| 2024-12-31 | 42.63% |
| 2024-09-30 | 45.61% |
| 2024-06-30 | 47.80% |
| 2024-03-31 | 47.90% |
| 2023-12-31 | 48.10% |
| 2023-09-30 | 48.66% |
| 2023-06-30 | 49.41% |
| 2023-03-31 | 59.22% |
| 2022-12-31 | 67.13% |
| 2022-09-30 | 80.50% |
| 2022-06-30 | 115.49% |
| 2022-03-31 | 90.17% |
| 2021-12-31 | 76.76% |
| 2021-09-30 | 67.02% |
| 2021-06-30 | 51.95% |
| 2021-03-31 | 47.65% |
| 2020-12-31 | 45.99% |
| 2020-09-30 | 47.10% |
| 2020-06-30 | 45.38% |
| 2020-03-31 | 44.52% |
| 2019-12-31 | 41.93% |
| 2019-09-30 | 43.52% |
| 2019-06-30 | 44.23% |
| 2019-03-31 | 51.03% |
| 2018-12-31 | 54.90% |
| 2018-09-30 | 52.83% |
| 2018-06-30 | 57.97% |
| 2018-03-31 | 54.26% |
| 2017-12-31 | 49.77% |
| 2017-09-30 | 55.12% |
| 2017-06-30 | 53.29% |
| 2017-03-31 | 48.74% |
| 2016-12-31 | 50.05% |
| 2016-09-30 | 47.28% |
| 2016-06-30 | 44.11% |
| 2016-03-31 | 47.51% |
| 2015-12-31 | 55.01% |
| 2015-09-30 | 51.26% |
| 2015-06-30 | 78.27% |
| 2015-03-31 | 72.26% |
| 2014-12-31 | 74.56% |
| 2014-09-30 | 75.80% |
| 2014-06-30 | 53.39% |
| 2014-03-31 | 52.10% |
| 2013-12-31 | 47.64% |
| 2013-09-30 | 48.59% |
| 2013-06-30 | 47.08% |
| 2013-03-31 | 46.25% |
| 2012-12-31 | 47.81% |
| 2012-09-30 | 50.05% |
| 2012-06-30 | 48.79% |
| 2012-03-31 | 54.43% |
| 2011-12-31 | 67.94% |
| 2011-09-30 | 66.27% |
| 2011-06-30 | 84.06% |
| 2011-03-31 | 56.75% |
| 2010-12-31 | 40.88% |
| 2010-09-30 | 37.53% |
| 2010-06-30 | 32.00% |
| 2010-03-31 | 35.12% |
| 2009-12-31 | 27.54% |
| 2009-09-30 | 25.21% |
| 2009-06-30 | 27.63% |
| 2009-03-31 | 29.28% |
| 2008-12-31 | 33.06% |
| 2008-09-30 | 39.81% |
| 2008-06-30 | 32.90% |
| 2008-03-31 | 29.39% |
| 2007-12-31 | 31.10% |
| 2007-09-30 | 31.42% |
| 2007-06-30 | 32.84% |
| 2007-03-31 | 28.00% |
| 2006-12-31 | 20.54% |
| 2006-09-30 | 19.15% |
| 2006-06-30 | 20.97% |
| 2006-03-31 | 23.33% |
| 2005-12-31 | 23.83% |
| 2005-09-30 | 29.39% |
| 2005-06-30 | 31.52% |
| 2005-03-31 | 30.34% |
| 2004-12-31 | 32.09% |
| 2004-09-30 | 24.73% |
| 2004-06-30 | 22.55% |
| 2004-03-31 | 23.00% |
| 2003-12-31 | 22.30% |
| 2003-09-30 | 25.39% |
| 2003-06-30 | 21.05% |
| 2003-03-31 | 21.31% |
