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 47.74% is 33% below its 5-year average of 71.39%, near the low end of its 5-year range (41.38%–187.21%).
As of the fiscal period ended Saturday, March 28, 2026. 2.67% below its 12-month average of 49.05%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
47.74%
FCF PAYOUT RATIO AVG TTM
49.05%
FCF PAYOUT RATIO AVG 3Y
46.71%
FCF PAYOUT RATIO AVG 5Y
65.29%
FCF PAYOUT RATIO AVG 10Y
60.75%
FCF PAYOUT RATIO AVG 15Y
59.65%
FCF PAYOUT RATIO AVG 20Y
48.25%
CURRENT VS TTM AVG
-2.67%
CURRENT VS 3Y AVG
+2.20%
CURRENT VS 5Y AVG
-26.88%
CURRENT VS 10Y AVG
-21.42%
CURRENT VS 15Y AVG
-19.96%
CURRENT VS 20Y AVG
-1.06%
FCF Payout Ratio TTM
47.7%
Earnings Payout Ratio
43.4%
Dividend Yield
1.48%
FCF Yield
2.96%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.36B | $663.88M | 48.7% |
| 2024 | $1.24B | $572.36M | 46.2% |
| 2023 | $1.18B | $558.77M | 47.3% |
| 2022 | $542.07M | $679.10M | 125.3% |
| 2021 | $702.84M | $491.46M | 69.9% |
| 2020 | $947.80M | $450.63M | 47.5% |
| 2019 | $578.14M | $417.26M | 72.2% |
| 2018 | $759.16M | $296.15M | 39.0% |
| 2017 | $508.91M | $382.98M | 75.3% |
| 2016 | $609.01M | $481.45M | 79.1% |
| 2015 | $195.99M | $378.12M | 192.9% |
| 2014 | $444.65M | $360.07M | 81.0% |
| 2013 | $572.88M | $351.71M | 61.4% |
| 2012 | $639.52M | $253.39M | 39.6% |
| 2011 | $781.16M | $310.76M | 39.8% |
| 2010 | $734.66M | $298.85M | 40.7% |
| 2009 | $1.04B | $149.85M | 14.4% |
| 2008 | $735.57M | $150.25M | 20.4% |
| 2007 | $522.39M | $162.53M | 31.1% |
| 2006 | $265.83M | $107.92M | 40.6% |
| 2005 | $219.88M | $53.97M | 24.5% |
| 2004 | $130.79M | $54.09M | 41.4% |
| 2003 | $142.41M | $54.04M | 37.9% |
| 2002 | $162.98M | $0 | 0.0% |
| 2001 | $115.11M | $0 | 0.0% |
| 2000 | $63.50M | $28.95M | 45.6% |
| 1999 | $12.15M | $7.53M | 62.0% |
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 |
|---|---|
| 2026-03-28 | 47.74% |
| 2025-12-27 | 48.71% |
| 2025-09-27 | 47.65% |
| 2025-06-28 | 53.77% |
| 2025-03-29 | 47.37% |
| 2024-12-31 | 46.20% |
| 2024-09-28 | 45.20% |
| 2024-06-29 | 41.78% |
| 2024-03-30 | 41.38% |
| 2023-12-31 | 47.30% |
| 2023-09-30 | 65.16% |
| 2023-07-01 | 80.96% |
| 2023-04-01 | 106.37% |
| 2022-12-31 | 125.28% |
| 2022-09-24 | 187.21% |
| 2022-06-25 | 134.93% |
| 2022-03-26 | 101.24% |
| 2021-12-31 | 69.92% |
| 2021-09-25 | 46.03% |
| 2021-06-26 | 43.54% |
| 2021-03-27 | 41.89% |
| 2020-12-31 | 47.54% |
| 2020-09-26 | 57.59% |
| 2020-06-27 | 47.24% |
| 2020-03-28 | 51.81% |
| 2019-12-31 | 72.17% |
| 2019-09-28 | 55.75% |
| 2019-06-29 | 64.86% |
| 2019-03-30 | 56.67% |
| 2018-12-31 | 39.01% |
| 2018-09-29 | 54.68% |
| 2018-06-30 | 61.12% |
| 2018-03-31 | 63.69% |
| 2017-12-31 | 75.25% |
| 2017-09-30 | 90.15% |
| 2017-07-01 | 82.94% |
| 2017-04-01 | 81.67% |
| 2016-12-31 | 79.06% |
| 2016-09-24 | 67.11% |
| 2016-06-25 | 77.26% |
| 2016-03-26 | 154.98% |
| 2015-12-31 | 192.93% |
| 2015-09-26 | 189.27% |
| 2015-06-27 | 193.66% |
| 2015-03-28 | 80.41% |
| 2014-12-31 | 80.98% |
| 2014-09-27 | 79.27% |
| 2014-06-28 | 49.09% |
| 2014-03-29 | 45.45% |
| 2013-12-31 | 61.39% |
| 2013-09-28 | 44.06% |
| 2013-06-29 | 63.96% |
| 2013-03-30 | 61.29% |
| 2012-12-31 | 39.62% |
| 2012-09-29 | 58.74% |
| 2012-06-30 | 67.08% |
| 2012-03-31 | 55.77% |
| 2011-12-31 | 39.78% |
| 2011-09-24 | 20.91% |
| 2011-06-25 | 0.03% |
| 2011-03-26 | 0.03% |
| 2010-12-31 | 0.03% |
| 2010-09-25 | 19.03% |
| 2010-06-26 | 17.24% |
| 2010-03-27 | 15.88% |
| 2009-12-31 | 14.44% |
| 2009-09-26 | 13.14% |
| 2009-06-27 | 14.11% |
| 2009-03-28 | 17.52% |
| 2008-12-31 | 20.43% |
| 2008-09-27 | 0.00% |
| 2008-06-28 | 0.00% |
| 2008-03-29 | 0.00% |
| 2007-12-31 | 0.00% |
| 2007-09-29 | 22.10% |
| 2007-06-30 | 22.99% |
| 2007-03-31 | 28.46% |
| 2006-12-31 | 40.60% |
| 2006-09-30 | 20.20% |
| 2006-07-01 | 21.51% |
| 2006-04-01 | 23.45% |
| 2005-12-31 | 24.55% |
| 2005-09-24 | 32.98% |
| 2005-06-25 | 37.11% |
| 2005-03-26 | 42.47% |
| 2004-12-31 | 41.36% |
