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 8.60% is 39% below its 5-year average of 14.21%, near the low end of its 5-year range (2.36%–50.78%).
As of the fiscal period ended Tuesday, March 31, 2026. 12.37% below its 12-month average of 9.82%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
8.60%
FCF PAYOUT RATIO AVG TTM
9.82%
FCF PAYOUT RATIO AVG 3Y
12.07%
FCF PAYOUT RATIO AVG 5Y
12.84%
FCF PAYOUT RATIO AVG 10Y
11.87%
FCF PAYOUT RATIO AVG 15Y
9.72%
FCF PAYOUT RATIO AVG 20Y
14.79%
CURRENT VS TTM AVG
-12.37%
CURRENT VS 3Y AVG
-28.72%
CURRENT VS 5Y AVG
-32.97%
CURRENT VS 10Y AVG
-27.55%
CURRENT VS 15Y AVG
-11.52%
CURRENT VS 20Y AVG
-41.83%
FCF Payout Ratio TTM
8.6%
Earnings Payout Ratio
10.5%
Dividend Yield
0.76%
FCF Yield
8.83%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.69B | $679.00M | 8.8% |
| 2024 | $5.64B | $690.00M | 12.2% |
| 2023 | $4.69B | $661.00M | 14.1% |
| 2022 | $4.13B | $653.00M | 15.8% |
| 2021 | $5.38B | $624.00M | 11.6% |
| 2020 | $6.40B | $153.00M | 2.4% |
| 2019 | $3.44B | $550.00M | 16.0% |
| 2018 | $3.19B | $487.00M | 15.3% |
| 2017 | $2.41B | $0 | 0.0% |
| 2016 | $2.89B | $0 | 0.0% |
| 2015 | $2.36B | $0 | 0.0% |
| 2014 | $2.27B | $7.00M | 0.3% |
| 2013 | $1.74B | $16.00M | 0.9% |
| 2012 | $2.31B | $3.15B | 136.1% |
| 2011 | $2.25B | $31.00M | 1.4% |
| 2010 | $1.76B | $4.26B | 241.9% |
| 2009 | $1.43B | $0 | 0.0% |
| 2008 | $197.00M | $0 | 0.0% |
| 2007 | ($48.00M) | $0 | N/A (Loss) |
| 2006 | ($20.00M) | $201.00M | N/A (Loss) |
| 2005 | $1.57B | $258.00M | 16.5% |
| 2004 | $1.54B | $199.00M | 13.0% |
| 2003 | $328.00M | $39.00M | 11.9% |
| 2002 | $1.03B | $40.00M | 3.9% |
| 2001 | $43.00M | $42.00M | 97.7% |
| 2000 | $392.00M | $44.00M | 11.2% |
| 1999 | ($64.00M) | $0 | N/A (Loss) |
| 1998 | $661.00M | $0 | 0.0% |
| 1997 | $61.00M | $0 | 0.0% |
| 1996 | $1.22B | $54.00M | 4.4% |
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 |
|---|---|
| 2026-03-31 | 8.60% |
| 2025-12-31 | 8.83% |
| 2025-09-30 | 8.42% |
| 2025-06-30 | 9.39% |
| 2025-03-31 | 13.84% |
| 2024-12-31 | 12.24% |
| 2024-09-30 | 11.65% |
| 2024-06-30 | 13.87% |
| 2024-03-31 | 12.35% |
| 2023-12-31 | 14.10% |
| 2023-09-30 | 15.01% |
| 2023-06-30 | 13.28% |
| 2023-03-31 | 15.32% |
| 2022-12-31 | 15.82% |
| 2022-09-30 | 15.45% |
| 2022-06-30 | 17.32% |
| 2022-03-31 | 13.95% |
| 2021-12-31 | 11.59% |
| 2021-06-30 | 50.78% |
| 2021-03-31 | 2.36% |
| 2020-12-31 | 2.39% |
| 2020-09-30 | 2.42% |
| 2020-06-30 | 3.97% |
| 2020-03-31 | 14.87% |
| 2019-12-31 | 15.97% |
| 2019-09-30 | 16.54% |
| 2019-06-30 | 16.65% |
| 2019-03-31 | 18.20% |
| 2018-12-31 | 15.28% |
| 2018-09-30 | 12.54% |
| 2018-06-30 | 10.55% |
| 2018-03-31 | 5.33% |
| 2015-12-31 | 0.25% |
| 2015-09-30 | 0.24% |
| 2015-06-30 | 0.23% |
| 2015-03-31 | 0.21% |
| 2014-12-31 | 0.31% |
| 2014-09-30 | 0.51% |
| 2014-06-30 | 0.70% |
| 2014-03-31 | 0.90% |
| 2013-12-31 | 0.92% |
| 2013-09-30 | 122.64% |
| 2013-06-30 | 145.26% |
| 2013-03-31 | 99.50% |
| 2012-12-31 | 136.10% |
| 2012-09-30 | 38.98% |
| 2012-05-30 | 34.65% |
| 2012-03-31 | 46.22% |
| 2011-12-31 | 1.38% |
| 2011-09-30 | 147.08% |
| 2011-06-30 | 110.95% |
| 2011-03-31 | 152.59% |
| 2010-12-31 | 241.88% |
| 2010-09-30 | 126.39% |
| 2010-06-30 | 141.57% |
| 2010-03-31 | 92.79% |
| 2006-09-30 | 148.89% |
| 2006-06-30 | 47.76% |
| 2006-03-31 | 25.02% |
| 2005-12-31 | 16.46% |
| 2005-09-30 | 15.69% |
| 2005-06-30 | 13.66% |
| 2005-03-31 | 14.51% |
| 2004-12-31 | 12.96% |
| 2004-09-30 | 8.56% |
| 2004-06-30 | 10.83% |
| 2004-03-31 | 9.31% |
| 2003-12-31 | 11.89% |
| 2003-09-30 | 11.43% |
| 2003-06-30 | 5.05% |
| 2003-03-31 | 3.66% |
