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 69.96% is 17% above its 5-year average of 59.64%, near the high end of its 5-year range (46.20%–75.48%).
As of the fiscal period ended Tuesday, June 30, 2026. 15.85% above its 12-month average of 60.39%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
69.96%
FCF PAYOUT RATIO AVG TTM
60.39%
FCF PAYOUT RATIO AVG 3Y
59.56%
FCF PAYOUT RATIO AVG 5Y
59.64%
FCF PAYOUT RATIO AVG 10Y
51.50%
FCF PAYOUT RATIO AVG 15Y
47.12%
FCF PAYOUT RATIO AVG 20Y
42.59%
CURRENT VS TTM AVG
+15.85%
CURRENT VS 3Y AVG
+17.48%
CURRENT VS 5Y AVG
+17.30%
CURRENT VS 10Y AVG
+35.84%
CURRENT VS 15Y AVG
+48.49%
CURRENT VS 20Y AVG
+64.27%
FCF Payout Ratio TTM
70.0%
Earnings Payout Ratio
63.5%
Dividend Yield
3.90%
FCF Yield
4.23%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.39B | $2.98B | 55.2% |
| 2024 | $5.23B | $2.90B | 55.5% |
| 2023 | $4.60B | $2.85B | 62.1% |
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 | 69.96% |
| 2026-03-31 | 73.55% |
| 2025-12-31 | 55.81% |
| 2025-09-30 | 46.20% |
| 2025-06-30 | 56.44% |
| 2025-03-31 | 54.71% |
| 2024-12-31 | 55.53% |
| 2024-09-30 | 50.96% |
| 2024-06-30 | 52.67% |
| 2024-03-31 | 51.57% |
| 2023-12-31 | 66.38% |
| 2023-09-30 | 73.92% |
| 2023-06-30 | 66.51% |
| 2023-03-31 | 75.48% |
| 2022-12-31 | 60.31% |
| 2022-09-30 | 56.75% |
| 2022-06-30 | 70.98% |
| 2022-03-31 | 62.61% |
| 2021-12-31 | 51.06% |
| 2021-09-30 | 49.90% |
| 2021-06-30 | 51.21% |
| 2021-03-31 | 49.38% |
| 2020-12-31 | 48.89% |
| 2020-09-30 | 50.39% |
| 2020-06-30 | 44.98% |
| 2020-03-31 | 42.13% |
| 2019-12-31 | 40.31% |
| 2019-09-30 | 47.71% |
| 2019-06-30 | 43.30% |
| 2019-03-31 | 41.44% |
| 2018-12-31 | 40.53% |
| 2018-09-30 | 36.58% |
| 2018-06-30 | 38.99% |
| 2018-03-31 | 42.10% |
| 2017-12-31 | 42.94% |
| 2017-09-30 | 42.22% |
| 2017-06-30 | 39.64% |
| 2017-03-31 | 37.54% |
| 2016-12-31 | 43.49% |
| 2016-09-30 | 43.83% |
| 2016-06-30 | 42.74% |
| 2016-03-31 | 43.22% |
| 2015-12-31 | 39.40% |
| 2015-09-30 | 40.16% |
| 2015-06-30 | 43.41% |
| 2015-03-31 | 42.33% |
| 2014-12-31 | 38.42% |
| 2014-09-30 | 37.90% |
| 2014-06-30 | 38.04% |
| 2014-03-31 | 37.77% |
| 2013-12-31 | 39.94% |
| 2013-09-30 | 41.82% |
| 2013-06-30 | 42.16% |
| 2013-03-31 | 44.64% |
| 2012-12-31 | 45.99% |
| 2012-09-30 | 43.09% |
| 2012-06-30 | 46.73% |
| 2012-03-31 | 42.25% |
| 2011-12-31 | 53.61% |
| 2011-09-30 | 63.36% |
| 2011-06-30 | 43.72% |
| 2011-03-31 | 42.26% |
| 2010-12-31 | 26.58% |
| 2010-09-30 | 24.17% |
| 2010-06-30 | 24.84% |
| 2010-03-31 | 24.48% |
| 2009-12-31 | 27.51% |
| 2009-09-30 | 27.74% |
| 2009-06-30 | 31.35% |
| 2009-03-31 | 32.36% |
| 2008-12-31 | 27.90% |
| 2008-09-30 | 25.63% |
| 2008-06-30 | 23.83% |
| 2008-03-31 | 23.70% |
| 2007-12-31 | 24.40% |
| 2007-09-30 | 25.85% |
| 2007-06-30 | 26.64% |
| 2007-03-31 | 26.75% |
| 2006-12-31 | 30.02% |
| 2006-09-30 | 34.08% |
| 2006-06-30 | 35.20% |
| 2006-03-31 | 42.42% |
| 2005-12-31 | 39.82% |
| 2005-09-30 | 40.78% |
| 2005-06-30 | 40.32% |
| 2005-03-31 | 40.72% |
| 2004-12-31 | 39.59% |
| 2004-09-30 | 48.17% |
| 2004-06-30 | 47.67% |
| 2004-03-31 | 46.81% |
| 2003-12-31 | 41.77% |
| 2003-09-30 | 35.08% |
| 2003-06-30 | 38.63% |
| 2022 |
| $4.51B |
| $2.72B |
| 60.3% |
| 2021 | $5.14B | $2.63B | 51.1% |
| 2020 | $5.30B | $2.59B | 48.9% |
| 2019 | $6.06B | $2.44B | 40.3% |
| 2018 | $5.61B | $2.27B | 40.5% |
| 2017 | $4.93B | $2.12B | 42.9% |
| 2016 | $4.40B | $1.92B | 43.5% |
| 2015 | $4.38B | $1.73B | 39.4% |
| 2014 | $3.93B | $1.51B | 38.4% |
| 2013 | $3.39B | $1.35B | 39.9% |
| 2012 | $2.63B | $1.21B | 46.0% |
| 2011 | $2.04B | $1.09B | 53.6% |
| 2010 | $3.55B | $944.00M | 26.6% |
| 2009 | $3.34B | $918.00M | 27.5% |
| 2008 | $2.91B | $811.00M | 27.9% |
| 2007 | $3.14B | $767.00M | 24.4% |
| 2006 | $2.48B | $744.00M | 30.0% |
| 2005 | $1.76B | $700.00M | 39.8% |
| 2004 | $1.62B | $643.00M | 39.6% |
| 2003 | $1.54B | $645.00M | 41.8% |
| 2002 | $1.71B | $614.00M | 35.9% |
| 2001 | $1.12B | $609.00M | 54.4% |
| 2000 | $1.14B | $599.00M | 52.7% |
| 1999 | $1.39B | $527.00M | 38.0% |
| 1998 | $511.00M | $338.00M | 66.1% |
| 1997 | $589.00M | $295.00M | 50.1% |
| 1996 | $441.00M | $262.00M | 59.4% |
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.
