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 32.78% is in line with its 5-year average of 33.95%, around the middle of its 5-year range (22.00%–52.35%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.28% below its 12-month average of 33.89%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
32.78%
FCF PAYOUT RATIO AVG TTM
33.89%
FCF PAYOUT RATIO AVG 3Y
28.63%
FCF PAYOUT RATIO AVG 5Y
32.02%
FCF PAYOUT RATIO AVG 10Y
35.96%
FCF PAYOUT RATIO AVG 15Y
38.16%
FCF PAYOUT RATIO AVG 20Y
36.16%
CURRENT VS TTM AVG
-3.28%
CURRENT VS 3Y AVG
+14.50%
CURRENT VS 5Y AVG
+2.39%
CURRENT VS 10Y AVG
-8.84%
CURRENT VS 15Y AVG
-14.09%
CURRENT VS 20Y AVG
-9.33%
FCF Payout Ratio TTM
32.8%
Earnings Payout Ratio
26.1%
Dividend Yield
0.73%
FCF Yield
2.50%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.33B | $467.00M | 35.1% |
| 2024 | $1.57B | $421.00M | 26.8% |
| 2023 | $1.59B | $392.00M | 24.7% |
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 | 32.78% |
| 2026-03-31 | 33.36% |
| 2025-12-31 | 35.09% |
| 2025-09-30 | 37.18% |
| 2025-06-30 | 31.07% |
| 2025-03-31 | 27.82% |
| 2024-12-31 | 26.82% |
| 2024-09-30 | 22.00% |
| 2024-06-30 | 23.06% |
| 2024-03-31 | 23.14% |
| 2023-12-31 | 24.72% |
| 2023-09-30 | 27.09% |
| 2023-06-30 | 28.06% |
| 2023-03-31 | 32.52% |
| 2022-12-31 | 34.35% |
| 2022-09-30 | 41.41% |
| 2022-06-30 | 52.30% |
| 2022-03-31 | 48.19% |
| 2021-12-31 | 52.35% |
| 2021-09-30 | 43.15% |
| 2021-06-30 | 36.50% |
| 2021-03-31 | 35.78% |
| 2020-12-31 | 36.50% |
| 2020-09-30 | 39.10% |
| 2020-06-30 | 38.21% |
| 2020-03-31 | 34.81% |
| 2019-12-31 | 39.95% |
| 2019-09-30 | 38.27% |
| 2019-06-30 | 36.44% |
| 2019-03-31 | 39.65% |
| 2018-12-31 | 37.72% |
| 2018-09-30 | 35.23% |
| 2018-06-30 | 35.38% |
| 2018-03-31 | 37.35% |
| 2017-12-31 | 37.16% |
| 2017-09-30 | 38.82% |
| 2017-06-30 | 41.56% |
| 2017-03-31 | 42.07% |
| 2016-12-31 | 42.15% |
| 2016-09-30 | 48.49% |
| 2016-06-30 | 45.47% |
| 2016-03-31 | 44.76% |
| 2015-12-31 | 48.05% |
| 2015-09-30 | 48.17% |
| 2015-06-30 | 50.84% |
| 2015-03-31 | 56.91% |
| 2014-12-31 | 50.91% |
| 2014-09-30 | 52.24% |
| 2014-06-30 | 46.80% |
| 2014-03-31 | 38.61% |
| 2013-12-31 | 35.76% |
| 2013-09-30 | 33.46% |
| 2013-06-30 | 32.72% |
| 2013-03-31 | 36.20% |
| 2012-12-31 | 38.86% |
| 2012-09-30 | 39.29% |
| 2012-06-30 | 43.37% |
| 2012-03-31 | 36.06% |
| 2011-12-31 | 32.87% |
| 2011-09-30 | 35.25% |
| 2011-06-30 | 35.93% |
| 2011-03-31 | 32.95% |
| 2010-12-31 | 31.43% |
| 2010-09-30 | 24.61% |
| 2010-06-30 | 21.62% |
| 2010-03-31 | 20.52% |
| 2009-12-31 | 22.90% |
| 2009-09-30 | 23.80% |
| 2009-06-30 | 25.52% |
| 2009-03-31 | 33.59% |
| 2008-12-31 | 36.26% |
| 2008-09-30 | 43.66% |
| 2008-06-30 | 64.42% |
| 2008-03-31 | 57.76% |
| 2007-12-31 | 41.66% |
| 2007-09-30 | 38.97% |
| 2007-06-30 | 28.96% |
| 2007-03-31 | 28.58% |
| 2006-12-31 | 32.63% |
| 2006-09-30 | 28.60% |
| 2006-06-30 | 30.63% |
| 2006-03-31 | 26.78% |
| 2005-12-31 | 25.81% |
| 2005-09-30 | 32.42% |
| 2005-06-30 | 35.04% |
| 2005-03-31 | 38.02% |
| 2004-12-31 | 25.61% |
| 2004-09-30 | 18.55% |
| 2004-06-30 | 18.03% |
| 2004-03-31 | 18.13% |
| 2003-12-31 | 21.02% |
| 2003-09-30 | 38.23% |
| 2003-06-30 | 37.25% |
| 2022 |
| $1.08B |
| $370.00M |
| 34.4% |
| 2021 | $682.00M | $357.00M | 52.3% |
| 2020 | $926.00M | $338.00M | 36.5% |
| 2019 | $821.00M | $328.00M | 40.0% |
| 2018 | $818.00M | $316.00M | 38.6% |
| 2017 | $819.27M | $304.00M | 37.1% |
| 2016 | $718.73M | $303.00M | 42.2% |
| 2015 | $637.79M | $306.47M | 48.1% |
| 2014 | $572.42M | $291.39M | 50.9% |
| 2013 | $714.35M | $255.47M | 35.8% |
| 2012 | $566.34M | $220.08M | 38.9% |
| 2011 | $534.02M | $180.53M | 33.8% |
| 2010 | $475.83M | $152.34M | 32.0% |
| 2009 | $591.67M | $134.68M | 22.8% |
| 2008 | $349.12M | $121.50M | 34.8% |
| 2007 | $271.45M | $113.09M | 41.7% |
| 2006 | $299.99M | $97.90M | 32.6% |
| 2005 | $320.25M | $82.66M | 25.8% |
| 2004 | $278.21M | $71.24M | 25.6% |
| 2003 | $320.04M | $67.28M | 21.0% |
| 2002 | $169.49M | $66.47M | 39.2% |
| 2001 | $410.34M | $65.44M | 15.9% |
| 2000 | $182.84M | $62.86M | 34.4% |
| 1999 | ($84.40M) | $58.80M | N/A (Loss) |
| 1998 | $204.40M | $56.70M | 27.7% |
| 1997 | $317.80M | $53.90M | 17.0% |
| 1996 | $209.30M | $50.00M | 23.9% |
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.
