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 25.75% is 11% below its 5-year average of 29.09%, near the low end of its 5-year range (4.11%–224.54%).
As of the fiscal period ended Tuesday, June 30, 2026. 11.40% above its 12-month average of 23.11%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
25.75%
FCF PAYOUT RATIO AVG TTM
23.11%
FCF PAYOUT RATIO AVG 3Y
37.91%
FCF PAYOUT RATIO AVG 5Y
29.09%
FCF PAYOUT RATIO AVG 10Y
19.50%
FCF PAYOUT RATIO AVG 15Y
26.13%
FCF PAYOUT RATIO AVG 20Y
26.00%
CURRENT VS TTM AVG
+11.40%
CURRENT VS 3Y AVG
-32.09%
CURRENT VS 5Y AVG
-11.48%
CURRENT VS 10Y AVG
+32.01%
CURRENT VS 15Y AVG
-1.48%
CURRENT VS 20Y AVG
-0.99%
FCF Payout Ratio TTM
25.7%
Earnings Payout Ratio
29.4%
Dividend Yield
0.82%
FCF Yield
5.64%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.12B | $865.00M | 77.5% |
| 2024 | $2.35B | $865.00M | 36.8% |
| 2023 | $455.00M | $863.00M | 189.7% |
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 | 25.75% |
| 2026-03-31 | 24.38% |
| 2025-12-31 | 23.14% |
| 2025-09-30 | 21.32% |
| 2025-06-30 | 20.98% |
| 2025-03-31 | 54.20% |
| 2024-12-31 | 36.78% |
| 2024-09-30 | 40.94% |
| 2024-06-30 | 57.68% |
| 2024-03-31 | 73.97% |
| 2023-12-31 | 189.67% |
| 2023-09-30 | 165.90% |
| 2023-06-30 | 224.54% |
| 2023-03-31 | 136.77% |
| 2022-12-31 | 51.86% |
| 2022-09-30 | 24.17% |
| 2022-06-30 | 14.12% |
| 2022-03-31 | 9.40% |
| 2021-12-31 | 5.91% |
| 2021-09-30 | 5.77% |
| 2021-06-30 | 4.11% |
| 2021-03-31 | 2.91% |
| 2020-12-31 | 13.54% |
| 2019-03-31 | 35.40% |
| 2018-12-31 | 12.14% |
| 2018-09-30 | 3.95% |
| 2018-06-30 | 1.94% |
| 2018-03-31 | 0.08% |
| 2017-12-31 | 0.12% |
| 2017-09-30 | 0.11% |
| 2017-06-30 | 0.13% |
| 2017-03-31 | 0.19% |
| 2016-12-31 | 0.66% |
| 2014-03-31 | 587.79% |
| 2013-12-31 | 287.28% |
| 2013-09-30 | 551.10% |
| 2013-03-31 | 560.38% |
| 2012-12-31 | 403.21% |
| 2012-06-30 | 67.57% |
| 2012-03-31 | 56.35% |
| 2011-12-31 | 34.92% |
| 2011-09-30 | 25.54% |
| 2011-06-30 | 27.93% |
| 2011-03-31 | 22.54% |
| 2010-12-31 | 20.16% |
| 2010-09-30 | 17.98% |
| 2010-06-30 | 11.97% |
| 2010-03-31 | 10.74% |
| 2009-12-31 | 15.34% |
| 2009-09-30 | 51.41% |
| 2009-06-30 | 214.78% |
| 2008-12-31 | 73.41% |
| 2008-09-30 | 20.68% |
| 2008-06-30 | 21.63% |
| 2008-03-31 | 18.54% |
| 2007-12-31 | 13.33% |
| 2007-09-30 | 17.75% |
| 2007-06-30 | 23.50% |
| 2007-03-31 | 38.22% |
| 2006-12-31 | 60.42% |
| 2006-09-30 | 51.49% |
| 2006-06-30 | 85.19% |
| 2006-03-31 | 78.38% |
| 2005-12-31 | 63.10% |
| 2005-09-30 | 71.77% |
| 2005-06-30 | 47.60% |
| 2005-03-31 | 67.72% |
| 2004-12-31 | 122.63% |
| 2004-03-31 | 69.29% |
| 2003-12-31 | 17.80% |
| 2003-09-30 | 11.72% |
| 2003-06-30 | 8.84% |
| 2022 |
| $1.67B |
| $866.00M |
| 51.9% |
| 2021 | $5.60B | $331.00M | 5.9% |
| 2020 | $1.06B | $73.00M | 6.9% |
| 2019 | ($1.17B) | $291.00M | N/A (Loss) |
| 2018 | $1.79B | $218.00M | 12.1% |
| 2017 | $3.27B | $2.00M | 0.1% |
| 2016 | $916.00M | $6.00M | 0.7% |
| 2015 | ($3.13B) | $605.00M | N/A (Loss) |
| 2014 | ($1.58B) | $1.30B | N/A (Loss) |
| 2013 | $794.00M | $2.28B | 287.3% |
| 2012 | $280.00M | $1.13B | 403.2% |
| 2011 | $4.09B | $1.42B | 34.8% |
| 2010 | $4.86B | $980.00M | 20.2% |
| 2009 | $2.81B | $764.00M | 27.2% |
| 2008 | $662.00M | $1.68B | 253.5% |
| 2007 | $4.47B | $596.00M | 13.3% |
| 2006 | $1.62B | $976.27M | 60.4% |
| 2005 | $1.41B | $637.65M | 45.2% |
| 2004 | $200.36M | $245.70M | 122.6% |
| 2003 | $432.89M | $77.04M | 17.8% |
| 2002 | $324.73M | $37.29M | 11.5% |
| 2001 | $342.01M | $43.40M | 12.7% |
| 2000 | $339.34M | $103.65M | 30.5% |
| 1999 | $408.00M | $51.70M | 12.7% |
| 1998 | $186.70M | $83.70M | 44.8% |
| 1997 | ($80.90M) | $252.70M | N/A (Loss) |
| 1996 | $108.30M | $272.20M | 251.3% |
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.
