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 43.26% is 22% below its 5-year average of 55.64%, near the low end of its 5-year range (40.11%–84.72%).
As of the fiscal period ended Tuesday, June 30, 2026. 10.79% below its 12-month average of 48.49%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
43.26%
FCF PAYOUT RATIO AVG TTM
48.49%
FCF PAYOUT RATIO AVG 3Y
50.51%
FCF PAYOUT RATIO AVG 5Y
52.91%
FCF PAYOUT RATIO AVG 10Y
46.93%
FCF PAYOUT RATIO AVG 15Y
42.04%
FCF PAYOUT RATIO AVG 20Y
37.28%
CURRENT VS TTM AVG
-10.79%
CURRENT VS 3Y AVG
-14.35%
CURRENT VS 5Y AVG
-18.24%
CURRENT VS 10Y AVG
-7.82%
CURRENT VS 15Y AVG
+2.91%
CURRENT VS 20Y AVG
+16.03%
FCF Payout Ratio TTM
43.3%
Earnings Payout Ratio
59.2%
Dividend Yield
3.14%
FCF Yield
7.15%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $11.57B | $6.25B | 54.0% |
| 2024 | $11.76B | $6.15B | 52.3% |
| 2023 | $12.12B | $6.04B | 49.8% |
| 2022 | $8.46B | $5.95B | 70.3% |
| 2021 | $10.03B | $5.87B | 58.5% |
| 2020 | $14.97B | $5.80B | 38.7% |
| 2019 | $11.86B | $5.71B | 48.1% |
| 2018 | $11.28B | $5.67B | 50.2% |
| 2017 | $12.95B | $5.51B | 42.5% |
| 2016 | $12.93B | $5.26B | 40.6% |
| 2015 | $13.10B | $4.90B | 37.4% |
| 2014 | $12.69B | $4.30B | 33.9% |
| 2013 | $13.35B | $4.10B | 30.7% |
| 2012 | $14.87B | $3.77B | 25.4% |
| 2011 | $15.18B | $3.47B | 22.9% |
| 2010 | $14.79B | $3.18B | 21.5% |
| 2009 | $16.70B | $2.86B | 17.1% |
| 2008 | $13.93B | $2.58B | 18.6% |
| 2007 | $10.58B | $2.15B | 20.3% |
| 2006 | $9.85B | $1.68B | 17.1% |
| 2005 | $10.28B | $1.25B | 12.2% |
| 2004 | $10.29B | $1.17B | 11.4% |
| 2003 | $9.56B | $1.08B | 11.3% |
| 2002 | $8.44B | $1.00B | 11.9% |
| 2001 | $8.62B | $966.00M | 11.2% |
| 2000 | $3.09B | $929.00M | 30.0% |
| 1999 | $3.69B | $879.00M | 23.8% |
| 1998 | $2.50B | $834.00M | 33.3% |
| 1997 | $1.76B | $783.00M | 44.5% |
| 1996 | $4.10B | $706.00M | 17.2% |
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 |
|---|---|
| 2026-06-30 | 43.26% |
| 2026-03-31 | 48.00% |
| 2025-12-31 | 50.92% |
| 2025-09-30 | 47.76% |
| 2025-06-30 | 52.51% |
| 2025-03-31 | 51.71% |
| 2024-12-31 | 52.27% |
| 2024-09-30 | 51.47% |
| 2024-06-30 | 50.36% |
| 2024-03-31 | 48.10% |
| 2023-12-31 | 49.83% |
| 2023-09-30 | 52.24% |
| 2023-06-30 | 58.19% |
| 2023-03-31 | 66.55% |
| 2022-12-31 | 70.28% |
| 2022-09-30 | 84.72% |
| 2022-06-30 | 78.46% |
| 2022-03-31 | 68.61% |
| 2021-12-31 | 58.53% |
| 2021-09-30 | 44.57% |
| 2021-06-30 | 40.11% |
| 2021-03-31 | 37.46% |
| 2020-12-31 | 38.73% |
| 2020-09-30 | 45.70% |
| 2020-06-30 | 47.53% |
| 2020-03-31 | 50.03% |
| 2019-12-31 | 48.11% |
| 2019-09-30 | 46.12% |
| 2019-06-30 | 44.60% |
| 2019-03-31 | 48.39% |
| 2018-12-31 | 50.22% |
| 2018-09-30 | 44.24% |
| 2018-06-30 | 46.48% |
| 2018-03-31 | 41.31% |
| 2017-12-31 | 42.52% |
| 2017-09-30 | 50.23% |
| 2017-06-30 | 47.02% |
| 2017-03-31 | 47.31% |
| 2016-12-31 | 41.28% |
| 2016-09-30 | 36.27% |
| 2016-06-30 | 36.09% |
| 2016-03-31 | 34.82% |
| 2015-12-31 | 38.89% |
| 2015-09-30 | 35.15% |
| 2015-06-30 | 34.67% |
| 2015-03-31 | 33.87% |
| 2014-12-31 | 33.82% |
| 2014-09-30 | 32.15% |
| 2014-06-30 | 31.73% |
| 2014-03-31 | 31.90% |
| 2013-12-31 | 29.22% |
| 2013-09-30 | 29.27% |
| 2013-06-30 | 27.66% |
| 2013-03-31 | 25.83% |
| 2012-12-31 | 25.59% |
| 2012-09-30 | 23.91% |
| 2012-06-30 | 23.03% |
| 2012-03-31 | 22.53% |
| 2011-12-31 | 22.85% |
| 2011-09-30 | 23.93% |
| 2011-06-30 | 24.41% |
| 2011-03-31 | 24.42% |
| 2010-12-31 | 22.36% |
| 2010-09-30 | 21.72% |
| 2010-06-30 | 19.35% |
| 2010-03-31 | 17.48% |
| 2009-12-31 | 17.13% |
| 2009-09-30 | 16.51% |
| 2009-06-30 | 17.93% |
| 2009-03-31 | 18.58% |
| 2008-12-31 | 18.56% |
| 2008-09-30 | 20.79% |
| 2008-06-30 | 18.81% |
| 2008-03-31 | 19.21% |
| 2007-12-31 | 20.26% |
| 2007-09-30 | 18.69% |
| 2007-06-30 | 18.58% |
| 2007-03-31 | 18.97% |
| 2006-12-31 | 17.08% |
| 2006-09-30 | 16.18% |
| 2006-06-30 | 14.02% |
| 2006-03-31 | 11.87% |
| 2005-12-31 | 12.91% |
| 2005-09-30 | 15.92% |
| 2005-06-30 | 15.45% |
| 2005-03-31 | 13.60% |
| 2004-12-31 | 11.38% |
| 2004-09-30 | 9.73% |
| 2004-06-30 | 9.75% |
| 2004-03-31 | 9.83% |
| 2003-12-31 | 10.83% |
| 2003-09-30 | 11.16% |
| 2003-06-30 | 11.40% |
