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 22.53% is in line with its 5-year average of 21.75%, around the middle of its 5-year range (9.81%–34.26%).
As of the fiscal period ended Tuesday, March 31, 2026. 5.00% below its 12-month average of 23.72%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
22.53%
FCF PAYOUT RATIO AVG TTM
23.72%
FCF PAYOUT RATIO AVG 3Y
22.80%
FCF PAYOUT RATIO AVG 5Y
21.75%
FCF PAYOUT RATIO AVG 10Y
26.86%
FCF PAYOUT RATIO AVG 15Y
26.86%
FCF PAYOUT RATIO AVG 20Y
24.32%
CURRENT VS TTM AVG
-5.00%
CURRENT VS 3Y AVG
-1.15%
CURRENT VS 5Y AVG
+3.59%
CURRENT VS 10Y AVG
-16.10%
CURRENT VS 15Y AVG
-16.12%
CURRENT VS 20Y AVG
-7.33%
FCF Payout Ratio TTM
22.5%
Earnings Payout Ratio
26.5%
Dividend Yield
0.95%
FCF Yield
4.11%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $953.40M | $207.44M | 21.8% |
| 2024 | $682.89M | $204.09M | 29.9% |
| 2023 | $1.01B | $202.03M | 19.9% |
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 | 22.53% |
| 2025-12-31 | 21.76% |
| 2025-09-30 | 22.28% |
| 2025-06-30 | 25.38% |
| 2025-03-31 | 26.66% |
| 2024-12-31 | 29.89% |
| 2024-09-30 | 34.26% |
| 2024-06-30 | 29.12% |
| 2024-03-31 | 27.89% |
| 2023-12-31 | 19.93% |
| 2023-09-30 | 15.45% |
| 2023-06-30 | 11.41% |
| 2023-03-31 | 9.81% |
| 2022-12-31 | 10.47% |
| 2022-09-30 | 11.09% |
| 2022-06-30 | 15.00% |
| 2022-03-31 | 22.13% |
| 2021-12-31 | 23.52% |
| 2021-09-30 | 27.82% |
| 2021-06-30 | 28.46% |
| 2021-03-31 | 21.98% |
| 2020-12-31 | 28.80% |
| 2020-09-30 | 27.24% |
| 2020-06-30 | 27.52% |
| 2020-03-31 | 28.25% |
| 2019-12-31 | 23.53% |
| 2019-09-30 | 24.64% |
| 2019-06-30 | 27.60% |
| 2019-03-31 | 26.87% |
| 2018-12-31 | 29.86% |
| 2018-09-30 | 28.93% |
| 2018-06-30 | 30.31% |
| 2018-03-31 | 34.81% |
| 2017-12-31 | 38.23% |
| 2017-09-30 | 42.52% |
| 2017-06-30 | 36.98% |
| 2017-03-31 | 33.69% |
| 2016-12-31 | 30.89% |
| 2016-09-30 | 26.89% |
| 2016-06-30 | 25.89% |
| 2016-03-31 | 21.98% |
| 2015-12-31 | 26.07% |
| 2015-09-30 | 26.35% |
| 2015-06-30 | 28.97% |
| 2015-03-31 | 42.94% |
| 2014-12-31 | 37.72% |
| 2014-09-30 | 41.00% |
| 2014-06-30 | 40.68% |
| 2014-03-31 | 33.87% |
| 2013-12-31 | 34.82% |
| 2013-09-30 | 33.93% |
| 2013-06-30 | 36.52% |
| 2013-03-31 | 34.09% |
| 2012-12-31 | 36.73% |
| 2012-09-30 | 31.45% |
| 2012-06-30 | 29.99% |
| 2012-03-31 | 15.03% |
| 2011-12-31 | 13.98% |
| 2011-09-30 | 10.37% |
| 2011-06-30 | 9.90% |
| 2011-03-31 | 21.99% |
| 2010-12-31 | 24.31% |
| 2010-09-30 | 31.60% |
| 2010-06-30 | 42.79% |
| 2010-03-31 | 32.15% |
| 2009-12-31 | 27.40% |
| 2009-09-30 | 20.95% |
| 2009-06-30 | 18.87% |
| 2009-03-31 | 9.86% |
| 2008-12-31 | 9.72% |
| 2008-09-30 | 9.38% |
| 2008-06-30 | 12.27% |
| 2008-03-31 | 10.09% |
| 2007-12-31 | 12.99% |
| 2007-09-30 | 10.96% |
| 2007-06-30 | 7.90% |
| 2007-03-31 | 13.17% |
| 2006-12-31 | 12.21% |
| 2006-09-30 | 7.76% |
| 2006-06-30 | 9.93% |
| 2006-03-31 | 6.70% |
| 2005-12-31 | 8.48% |
| 2005-09-30 | 7.20% |
| 2005-06-30 | 8.56% |
| 2005-03-31 | 9.32% |
| 2004-12-31 | 9.28% |
| 2004-09-30 | 8.08% |
| 2004-06-30 | 7.83% |
| 2004-03-31 | 8.28% |
| 2003-12-31 | 8.98% |
| 2003-09-30 | 13.83% |
| 2003-06-30 | 11.72% |
| 2003-03-31 | 11.22% |
| 2022 |
| $2.04B |
| $213.80M |
| 10.5% |
| 2021 | $832.25M | $195.77M | 23.5% |
| 2020 | $607.47M | $174.93M | 28.8% |
| 2019 | $724.91M | $170.55M | 23.5% |
| 2018 | $525.33M | $156.84M | 29.9% |
| 2017 | $393.62M | $150.50M | 38.2% |
| 2016 | $469.78M | $145.12M | 30.9% |
| 2015 | $520.33M | $135.67M | 26.1% |
| 2014 | $330.39M | $124.63M | 37.7% |
| 2013 | $354.13M | $123.29M | 34.8% |
| 2012 | $322.50M | $117.26M | 36.4% |
| 2011 | $379.02M | $106.01M | 28.0% |
| 2010 | $353.11M | $84.87M | 24.0% |
| 2009 | $296.10M | $81.64M | 27.6% |
| 2008 | $349.24M | $68.10M | 19.5% |
| 2007 | $229.80M | $59.75M | 26.0% |
| 2006 | $192.06M | $47.02M | 24.5% |
| 2005 | $188.77M | $32.05M | 17.0% |
| 2004 | $126.42M | $23.37M | 18.5% |
| 2003 | $93.59M | $16.77M | 17.9% |
| 2002 | $35.07M | $12.48M | 35.6% |
| 2001 | $130.23M | $10.41M | 8.0% |
| 2000 | $128.88M | $7.18M | 5.6% |
| 1999 | $26.73M | $5.03M | 18.8% |
| 1998 | $0.78M | $3.45M | 440.5% |
| 1997 | $23.80M | $2.44M | 10.3% |
| 1996 | $3.34M | $1.93M | 57.8% |
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.
