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 25.47% is 38% below its 5-year average of 41.38%, near the low end of its 5-year range (24.90%–69.83%).
As of the fiscal period ended Sunday, July 5, 2026. 18.19% below its 12-month average of 31.13%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
25.47%
FCF PAYOUT RATIO AVG TTM
31.13%
FCF PAYOUT RATIO AVG 3Y
45.30%
FCF PAYOUT RATIO AVG 5Y
41.38%
FCF PAYOUT RATIO AVG 10Y
42.56%
FCF PAYOUT RATIO AVG 15Y
40.67%
FCF PAYOUT RATIO AVG 20Y
36.01%
CURRENT VS TTM AVG
-18.19%
CURRENT VS 3Y AVG
-43.77%
CURRENT VS 5Y AVG
-38.45%
CURRENT VS 10Y AVG
-40.16%
CURRENT VS 15Y AVG
-37.37%
CURRENT VS 20Y AVG
-29.27%
FCF Payout Ratio TTM
25.5%
Earnings Payout Ratio
38.9%
Dividend Yield
1.59%
FCF Yield
6.16%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.96B | $1.59B | 40.2% |
| 2024 | $3.20B | $1.53B | 47.8% |
| 2023 | $3.81B | $1.43B | 37.5% |
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 |
|---|---|
| 2026-07-05 | 25.47% |
| 2026-04-05 | 26.04% |
| 2025-12-31 | 40.24% |
| 2025-09-28 | 32.77% |
| 2025-06-29 | 37.87% |
| 2025-03-30 | 46.40% |
| 2024-12-31 | 47.84% |
| 2024-09-29 | 65.70% |
| 2024-06-30 | 68.13% |
| 2024-03-31 | 69.83% |
| 2023-12-31 | 37.52% |
| 2023-10-01 | 45.74% |
| 2023-07-02 | 46.15% |
| 2023-04-02 | 47.09% |
| 2022-12-31 | 39.51% |
| 2022-10-02 | 29.56% |
| 2022-07-03 | 27.78% |
| 2022-04-03 | 24.90% |
| 2021-12-31 | 38.86% |
| 2021-10-03 | 30.16% |
| 2021-07-04 | 32.58% |
| 2021-04-04 | 34.89% |
| 2020-12-31 | 42.89% |
| 2020-09-27 | 45.37% |
| 2020-06-28 | 45.57% |
| 2020-03-29 | 55.64% |
| 2019-12-31 | 57.77% |
| 2019-09-29 | 62.71% |
| 2019-06-30 | 70.38% |
| 2019-03-31 | 52.50% |
| 2018-12-31 | 43.73% |
| 2018-09-30 | 42.47% |
| 2018-07-01 | 39.49% |
| 2018-04-01 | 42.27% |
| 2017-12-31 | 28.57% |
| 2017-10-01 | 42.34% |
| 2017-07-02 | 49.22% |
| 2017-04-02 | 48.66% |
| 2016-12-31 | 50.44% |
| 2016-10-02 | 71.79% |
| 2016-07-03 | 58.77% |
| 2016-04-03 | 53.23% |
| 2015-12-31 | 45.23% |
| 2015-10-04 | 55.21% |
| 2015-07-05 | 26.07% |
| 2015-04-05 | 23.63% |
| 2014-12-31 | 25.63% |
| 2014-09-28 | 16.81% |
| 2014-06-29 | 27.89% |
| 2014-03-30 | 30.61% |
| 2013-12-31 | 22.17% |
| 2013-09-29 | 39.75% |
| 2013-06-30 | 34.73% |
| 2013-03-31 | 30.91% |
| 2012-12-31 | 39.92% |
| 2012-09-30 | 20.29% |
| 2012-07-01 | 24.04% |
| 2012-04-01 | 24.14% |
| 2011-12-31 | 24.21% |
| 2011-10-02 | 30.03% |
| 2011-07-03 | 21.95% |
| 2011-04-03 | 23.44% |
| 2010-12-31 | 24.12% |
| 2010-10-03 | 22.85% |
| 2010-07-04 | 24.84% |
| 2010-04-04 | 23.20% |
| 2009-12-31 | 23.50% |
| 2009-10-04 | 33.02% |
| 2009-07-05 | 28.62% |
| 2009-04-05 | 23.57% |
| 2008-12-31 | 20.34% |
| 2008-09-28 | 17.80% |
| 2008-06-29 | 16.68% |
| 2008-03-30 | 20.08% |
| 2007-12-31 | 18.16% |
| 2007-09-30 | 18.90% |
| 2007-07-01 | 21.17% |
| 2007-04-01 | 20.18% |
| 2006-12-31 | 20.01% |
| 2006-10-01 | 18.14% |
| 2006-07-02 | 16.83% |
| 2006-04-02 | 17.21% |
| 2005-12-31 | 17.67% |
| 2005-10-02 | 17.84% |
| 2005-07-03 | 20.76% |
| 2005-04-03 | 18.20% |
| 2004-12-31 | 18.10% |
| 2004-10-03 | 16.72% |
| 2004-07-04 | 15.48% |
| 2004-04-04 | 15.70% |
| 2003-12-31 | 16.61% |
| 2003-09-28 | 21.85% |
| 2003-06-29 | 23.96% |
| 2022 |
| $3.46B |
| $1.37B |
| 39.5% |
| 2021 | $3.38B | $1.31B | 38.9% |
| 2020 | $2.89B | $1.24B | 42.9% |
| 2019 | $1.99B | $1.15B | 57.8% |
| 2018 | $2.46B | $1.07B | 43.7% |
| 2017 | $3.45B | $986.00M | 28.6% |
| 2016 | $1.81B | $911.00M | 50.4% |
| 2015 | $1.93B | $873.00M | 45.2% |
| 2014 | $3.21B | $822.00M | 25.6% |
| 2013 | $2.67B | $591.00M | 22.2% |
| 2012 | $2.24B | $893.00M | 39.9% |
| 2011 | $2.78B | $673.00M | 24.2% |
| 2010 | $2.62B | $631.00M | 24.1% |
| 2009 | $2.46B | $577.00M | 23.5% |
| 2008 | $2.62B | $533.00M | 20.3% |
| 2007 | $2.45B | $445.00M | 18.2% |
| 2006 | $1.79B | $359.00M | 20.0% |
| 2005 | $1.78B | $314.00M | 17.7% |
| 2004 | $1.54B | $278.00M | 18.1% |
| 2003 | $1.50B | $249.00M | 16.6% |
| 2002 | $861.00M | $236.00M | 27.4% |
| 2001 | $747.00M | $219.00M | 29.3% |
| 2000 | $783.00M | $202.00M | 25.8% |
| 1999 | ($271.00M) | $136.00M | N/A (Loss) |
| 1998 | ($44.00M) | $108.00M | N/A (Loss) |
| 1997 | ($756.00M) | $102.00M | N/A (Loss) |
| 1996 | $961.00M | $101.00M | 10.5% |
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.
