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 75.66% is 35% above its 5-year average of 56.21%, near the low end of its 5-year range (28.68%–422.48%).
As of the fiscal period ended Tuesday, June 30, 2026. 60.56% below its 12-month average of 191.81%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
75.66%
FCF PAYOUT RATIO AVG TTM
191.81%
FCF PAYOUT RATIO AVG 3Y
95.31%
FCF PAYOUT RATIO AVG 5Y
56.21%
FCF PAYOUT RATIO AVG 10Y
52.98%
FCF PAYOUT RATIO AVG 15Y
48.33%
FCF PAYOUT RATIO AVG 20Y
49.12%
CURRENT VS TTM AVG
-60.56%
CURRENT VS 3Y AVG
-20.62%
CURRENT VS 5Y AVG
+34.59%
CURRENT VS 10Y AVG
+42.82%
CURRENT VS 15Y AVG
+56.55%
CURRENT VS 20Y AVG
+54.03%
FCF Payout Ratio TTM
75.7%
Earnings Payout Ratio
890.4%
Dividend Yield
3.10%
FCF Yield
4.07%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $420.92M | $563.84M | 134.0% |
| 2024 | $683.91M | $554.93M | 81.1% |
| 2023 | $922.93M | $526.67M | 57.1% |
| 2022 | $1.13B | $495.92M | 44.0% |
| 2021 | $992.15M | $465.65M | 46.9% |
| 2020 | $1.87B | $453.28M | 24.3% |
| 2019 | $614.14M | $438.89M | 71.5% |
| 2018 | $912.74M | $415.98M | 45.6% |
| 2017 | $658.28M | $395.48M | 60.1% |
| 2016 | $785.43M | $386.86M | 49.3% |
| 2015 | $1.05B | $368.28M | 35.1% |
| 2014 | $682.46M | $347.27M | 50.9% |
| 2013 | $932.67M | $326.22M | 35.0% |
| 2012 | $804.45M | $300.98M | 37.4% |
| 2011 | $521.46M | $276.37M | 53.0% |
| 2010 | $593.28M | $257.90M | 43.5% |
| 2009 | $703.04M | $253.56M | 36.1% |
| 2008 | $425.28M | $251.81M | 59.2% |
| 2007 | $525.82M | $243.24M | 46.3% |
| 2006 | $307.46M | $228.05M | 74.2% |
| 2005 | $354.80M | $215.87M | 60.8% |
| 2004 | $483.16M | $208.57M | 43.2% |
| 2003 | $328.28M | $204.56M | 62.3% |
| 2002 | $207.65M | $201.15M | 96.9% |
| 2001 | $291.21M | $195.02M | 67.0% |
| 2000 | $243.30M | $190.00M | 78.1% |
| 1999 | $188.60M | $184.20M | 97.7% |
| 1998 | ($114.90M) | $178.00M | N/A (Loss) |
| 1997 | $160.20M | $169.20M | 105.6% |
| 1996 | $232.80M | $160.20M | 68.8% |
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 |
|---|---|
| 2026-06-30 | 75.66% |
| 2026-03-31 | 104.25% |
| 2025-12-31 | 133.95% |
| 2025-09-30 | 422.48% |
| 2025-06-30 | 222.72% |
| 2025-03-31 | 173.61% |
| 2024-12-31 | 81.14% |
| 2024-09-30 | 60.45% |
| 2024-06-30 | 52.62% |
| 2024-03-31 | 52.46% |
| 2023-12-31 | 57.07% |
| 2023-09-30 | 60.49% |
| 2023-06-30 | 69.24% |
| 2023-03-31 | 55.27% |
| 2022-12-31 | 43.99% |
| 2022-09-30 | 43.27% |
| 2022-06-30 | 46.94% |
| 2022-03-31 | 44.09% |
| 2021-12-31 | 46.93% |
| 2021-09-30 | 33.07% |
| 2021-06-30 | 28.68% |
| 2021-03-31 | 21.84% |
| 2020-12-31 | 24.29% |
| 2020-09-30 | 32.46% |
| 2020-06-30 | 34.49% |
| 2020-03-31 | 70.91% |
| 2019-12-31 | 71.46% |
| 2019-09-30 | 67.59% |
| 2019-06-30 | 59.66% |
| 2019-03-31 | 51.37% |
| 2018-12-31 | 45.58% |
| 2018-09-30 | 39.10% |
| 2018-06-30 | 53.20% |
| 2018-03-31 | 57.69% |
| 2017-12-31 | 60.08% |
| 2017-09-30 | 68.50% |
| 2017-06-30 | 66.35% |
| 2017-03-31 | 53.02% |
| 2016-12-31 | 49.25% |
| 2016-09-30 | 43.86% |
| 2016-06-30 | 33.78% |
| 2016-03-31 | 34.94% |
| 2015-12-31 | 35.08% |
| 2015-09-30 | 36.30% |
| 2015-06-30 | 46.38% |
| 2015-03-31 | 47.19% |
| 2014-12-31 | 50.88% |
| 2014-09-30 | 49.26% |
| 2014-06-30 | 40.01% |
| 2014-03-31 | 38.17% |
| 2013-12-31 | 34.98% |
| 2013-09-30 | 37.02% |
| 2013-06-30 | 36.87% |
| 2013-03-31 | 40.88% |
| 2012-12-31 | 37.41% |
| 2012-09-30 | 37.67% |
| 2012-06-30 | 42.16% |
| 2012-03-31 | 44.17% |
| 2011-12-31 | 53.00% |
| 2011-09-30 | 52.36% |
| 2011-06-30 | 55.78% |
| 2011-03-31 | 51.55% |
| 2010-12-31 | 43.47% |
| 2010-09-30 | 51.91% |
| 2010-06-30 | 44.52% |
| 2010-03-31 | 39.57% |
| 2009-12-31 | 36.18% |
| 2009-09-30 | 34.56% |
| 2009-06-30 | 39.22% |
| 2009-03-31 | 51.93% |
| 2008-12-31 | 59.21% |
| 2008-09-30 | 61.04% |
| 2008-06-30 | 54.19% |
| 2008-03-31 | 52.82% |
| 2007-12-31 | 46.26% |
| 2007-09-30 | 47.01% |
| 2007-06-30 | 56.03% |
| 2007-03-31 | 50.52% |
| 2006-12-31 | 74.17% |
| 2006-09-30 | 92.41% |
| 2006-06-30 | 83.36% |
| 2006-03-31 | 74.52% |
| 2005-12-31 | 60.84% |
| 2005-09-30 | 43.31% |
| 2005-06-30 | 38.70% |
| 2005-03-31 | 41.16% |
| 2004-12-31 | 43.17% |
| 2004-09-30 | 42.37% |
| 2004-06-30 | 47.79% |
| 2004-03-31 | 53.80% |
| 2003-12-31 | 62.31% |
| 2003-09-30 | 94.89% |
| 2003-06-30 | 146.66% |
