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 43.89% is 16% below its 5-year average of 52.13%, near the low end of its 5-year range (40.17%–73.66%).
As of the fiscal period ended Sunday, June 28, 2026. 17.54% below its 12-month average of 53.22%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
43.89%
FCF PAYOUT RATIO AVG TTM
53.22%
FCF PAYOUT RATIO AVG 3Y
57.78%
FCF PAYOUT RATIO AVG 5Y
52.13%
FCF PAYOUT RATIO AVG 10Y
52.04%
FCF PAYOUT RATIO AVG 15Y
53.84%
FCF PAYOUT RATIO AVG 20Y
51.30%
CURRENT VS TTM AVG
-17.54%
CURRENT VS 3Y AVG
-24.05%
CURRENT VS 5Y AVG
-15.81%
CURRENT VS 10Y AVG
-15.66%
CURRENT VS 15Y AVG
-18.48%
CURRENT VS 20Y AVG
-14.44%
FCF Payout Ratio TTM
43.9%
Earnings Payout Ratio
128.3%
Dividend Yield
3.22%
FCF Yield
7.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.75B | $1.09B | 62.0% |
| 2024 | $1.93B | $1.08B | 56.3% |
| 2023 | $1.55B | $889.07M | 57.3% |
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 |
|---|---|
| 2026-06-28 | 43.89% |
| 2026-03-29 | 50.80% |
| 2025-12-31 | 52.54% |
| 2025-09-28 | 50.26% |
| 2025-06-29 | 68.63% |
| 2025-03-30 | 59.47% |
| 2024-12-31 | 56.33% |
| 2024-09-29 | 63.62% |
| 2024-06-30 | 73.66% |
| 2024-03-31 | 71.89% |
| 2023-12-31 | 57.28% |
| 2023-10-01 | 52.82% |
| 2023-07-02 | 50.01% |
| 2023-04-02 | 42.80% |
| 2022-12-31 | 42.86% |
| 2022-10-02 | 43.26% |
| 2022-07-03 | 43.28% |
| 2022-04-03 | 43.82% |
| 2021-12-31 | 43.23% |
| 2021-10-03 | 44.20% |
| 2021-07-04 | 40.17% |
| 2021-04-04 | 40.20% |
| 2020-12-31 | 50.93% |
| 2020-09-27 | 42.57% |
| 2020-06-28 | 45.89% |
| 2020-03-29 | 45.86% |
| 2019-12-31 | 42.22% |
| 2019-09-29 | 43.63% |
| 2019-06-30 | 45.13% |
| 2019-03-31 | 47.24% |
| 2018-12-31 | 44.24% |
| 2018-09-30 | 47.12% |
| 2018-07-01 | 44.55% |
| 2018-04-01 | 49.19% |
| 2017-12-31 | 53.06% |
| 2017-10-01 | 55.48% |
| 2017-07-02 | 70.97% |
| 2017-04-02 | 72.21% |
| 2016-12-31 | 69.95% |
| 2016-10-02 | 64.93% |
| 2016-07-03 | 63.51% |
| 2016-04-03 | 55.03% |
| 2015-12-31 | 55.52% |
| 2015-10-04 | 70.72% |
| 2015-07-05 | 59.43% |
| 2015-04-05 | 83.73% |
| 2014-12-31 | 94.22% |
| 2014-09-28 | 72.11% |
| 2014-06-29 | 62.86% |
| 2014-03-30 | 53.46% |
| 2013-12-31 | 47.02% |
| 2013-09-29 | 46.28% |
| 2013-06-30 | 42.43% |
| 2013-03-31 | 41.97% |
| 2012-12-31 | 41.77% |
| 2012-09-30 | 51.38% |
| 2012-07-01 | 108.72% |
| 2012-04-01 | 91.58% |
| 2011-12-31 | 130.34% |
| 2011-10-02 | 67.68% |
| 2011-07-03 | 45.94% |
| 2011-04-03 | 42.52% |
| 2010-12-31 | 37.58% |
| 2010-10-03 | 40.91% |
| 2010-07-04 | 35.83% |
| 2010-04-04 | 33.39% |
| 2009-12-31 | 28.62% |
| 2009-10-04 | 36.16% |
| 2009-07-05 | 60.39% |
| 2009-04-05 | 88.44% |
| 2008-12-31 | 111.14% |
| 2008-09-28 | 61.89% |
| 2008-06-29 | 48.86% |
| 2008-03-30 | 51.42% |
| 2007-12-31 | 43.88% |
| 2007-09-30 | 40.14% |
| 2007-07-01 | 37.06% |
| 2007-04-01 | 36.27% |
| 2006-12-31 | 44.81% |
| 2006-10-01 | 43.11% |
| 2006-07-02 | 56.37% |
| 2006-04-02 | 89.58% |
| 2005-12-31 | 82.72% |
| 2005-10-02 | 103.78% |
| 2005-07-03 | 41.95% |
| 2005-04-01 | 36.68% |
| 2004-12-31 | 34.20% |
| 2004-10-03 | 31.95% |
| 2004-07-04 | 54.62% |
| 2004-04-30 | 42.71% |
| 2003-12-31 | 49.34% |
| 2003-09-28 | 50.42% |
| 2003-06-29 | 39.14% |
| 2022 |
| $1.81B |
| $775.03M |
| 42.9% |
| 2021 | $1.59B | $685.99M | 43.2% |
| 2020 | $1.26B | $640.73M | 50.9% |
| 2019 | $1.45B | $610.31M | 42.2% |
| 2018 | $1.27B | $562.52M | 44.2% |
| 2017 | $991.84M | $526.27M | 53.1% |
| 2016 | $714.00M | $499.48M | 70.0% |
| 2015 | $857.65M | $476.13M | 55.5% |
| 2014 | $467.43M | $440.41M | 94.2% |
| 2013 | $837.49M | $393.80M | 47.0% |
| 2012 | $816.86M | $341.21M | 41.8% |
| 2011 | $233.30M | $304.08M | 130.3% |
| 2010 | $699.94M | $273.24M | 39.0% |
| 2009 | $920.28M | $256.08M | 27.8% |
| 2008 | $236.58M | $262.95M | 111.1% |
| 2007 | $574.94M | $252.26M | 43.9% |
| 2006 | $524.68M | $235.13M | 44.8% |
| 2005 | $267.46M | $221.24M | 82.7% |
| 2004 | $601.56M | $205.75M | 34.2% |
| 2003 | $374.29M | $184.69M | 49.3% |
| 2002 | $492.61M | $167.82M | 34.1% |
| 2001 | $546.30M | $154.75M | 28.3% |
| 2000 | $273.88M | $144.89M | 52.9% |
| 1999 | $212.30M | $136.70M | 64.4% |
| 1998 | $228.40M | $129.00M | 56.5% |
| 1997 | $304.00M | $121.50M | 40.0% |
| 1996 | ($132.90M) | $114.80M | N/A (Loss) |
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.
