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 33.27% is in line with its 5-year average of 33.73%, around the middle of its 5-year range (30.17%–38.55%).
As of the fiscal period ended Tuesday, June 30, 2026. 4.78% below its 12-month average of 34.94%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
33.27%
FCF PAYOUT RATIO AVG TTM
34.94%
FCF PAYOUT RATIO AVG 3Y
33.37%
FCF PAYOUT RATIO AVG 5Y
33.73%
FCF PAYOUT RATIO AVG 10Y
31.75%
FCF PAYOUT RATIO AVG 15Y
30.78%
FCF PAYOUT RATIO AVG 20Y
28.05%
CURRENT VS TTM AVG
-4.78%
CURRENT VS 3Y AVG
-0.30%
CURRENT VS 5Y AVG
-1.39%
CURRENT VS 10Y AVG
+4.76%
CURRENT VS 15Y AVG
+8.09%
CURRENT VS 20Y AVG
+18.58%
FCF Payout Ratio TTM
33.3%
Earnings Payout Ratio
44.9%
Dividend Yield
1.23%
FCF Yield
3.69%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $616.80M | $212.60M | 34.5% |
| 2024 | $603.00M | $205.30M | 34.0% |
| 2023 | $626.80M | $190.70M | 30.4% |
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 | 33.27% |
| 2026-03-31 | 34.84% |
| 2025-12-31 | 34.47% |
| 2025-09-30 | 36.24% |
| 2025-06-30 | 35.86% |
| 2025-03-31 | 37.50% |
| 2024-12-31 | 34.05% |
| 2024-09-30 | 32.21% |
| 2024-06-30 | 30.85% |
| 2024-03-31 | 30.17% |
| 2023-12-31 | 30.42% |
| 2023-09-30 | 31.53% |
| 2023-06-30 | 32.35% |
| 2023-03-31 | 33.17% |
| 2022-12-31 | 36.25% |
| 2022-09-30 | 36.20% |
| 2022-06-30 | 38.55% |
| 2022-03-31 | 35.63% |
| 2021-12-31 | 32.71% |
| 2021-09-30 | 31.20% |
| 2021-06-30 | 30.93% |
| 2021-03-31 | 27.98% |
| 2020-12-31 | 29.33% |
| 2020-09-30 | 30.12% |
| 2020-06-30 | 29.53% |
| 2020-03-31 | 32.22% |
| 2019-12-31 | 30.85% |
| 2019-09-30 | 29.70% |
| 2019-06-30 | 30.69% |
| 2019-03-31 | 30.46% |
| 2018-12-31 | 30.41% |
| 2018-09-30 | 30.63% |
| 2018-06-30 | 29.39% |
| 2018-03-31 | 30.28% |
| 2017-12-31 | 28.59% |
| 2017-09-30 | 28.88% |
| 2017-06-30 | 28.37% |
| 2017-03-31 | 27.83% |
| 2016-12-31 | 28.38% |
| 2016-09-30 | 29.69% |
| 2016-06-30 | 30.17% |
| 2016-03-31 | 29.12% |
| 2015-12-31 | 30.38% |
| 2015-09-30 | 29.67% |
| 2015-06-30 | 30.31% |
| 2015-03-31 | 30.16% |
| 2014-12-31 | 26.79% |
| 2014-09-30 | 25.30% |
| 2014-06-30 | 22.66% |
| 2014-03-31 | 20.33% |
| 2013-12-31 | 19.70% |
| 2013-09-30 | 19.87% |
| 2013-06-30 | 20.47% |
| 2013-03-31 | 21.82% |
| 2012-12-31 | 22.07% |
| 2012-09-30 | 25.00% |
| 2012-06-30 | 24.58% |
| 2012-03-31 | 26.32% |
| 2011-12-31 | 30.00% |
| 2011-09-30 | 31.19% |
| 2011-06-30 | 37.16% |
| 2011-03-31 | 32.44% |
| 2010-12-31 | 30.34% |
| 2010-09-30 | 24.38% |
| 2010-06-30 | 20.23% |
| 2010-03-31 | 19.98% |
| 2009-12-31 | 20.61% |
| 2009-09-30 | 20.67% |
| 2009-06-30 | 22.01% |
| 2009-03-31 | 20.92% |
| 2008-12-31 | 20.07% |
| 2008-09-30 | 19.45% |
| 2008-06-30 | 20.90% |
| 2008-03-31 | 21.10% |
| 2007-12-31 | 21.57% |
| 2007-09-30 | 21.77% |
| 2007-06-30 | 23.22% |
| 2007-03-31 | 25.05% |
| 2006-12-31 | 21.89% |
| 2006-09-30 | 21.82% |
| 2006-06-30 | 19.13% |
| 2006-03-31 | 18.86% |
| 2005-12-31 | 20.19% |
| 2005-09-30 | 19.28% |
| 2005-06-30 | 20.23% |
| 2005-03-31 | 19.43% |
| 2004-12-31 | 17.67% |
| 2004-09-30 | 21.21% |
| 2004-06-30 | 19.43% |
| 2004-03-31 | 19.87% |
| 2003-12-31 | 20.01% |
| 2003-09-30 | 19.69% |
| 2003-06-30 | 22.12% |
| 2022 |
| $489.40M |
| $177.40M |
| 36.2% |
| 2021 | $492.60M | $161.10M | 32.7% |
| 2020 | $517.70M | $151.80M | 29.3% |
| 2019 | $477.20M | $147.20M | 30.8% |
| 2018 | $419.26M | $127.48M | 30.4% |
| 2017 | $388.89M | $111.17M | 28.6% |
| 2016 | $361.68M | $102.65M | 28.4% |
| 2015 | $316.55M | $96.17M | 30.4% |
| 2014 | $319.96M | $85.73M | 26.8% |
| 2013 | $369.99M | $72.91M | 19.7% |
| 2012 | $290.37M | $64.09M | 22.1% |
| 2011 | $182.07M | $54.61M | 30.0% |
| 2010 | $152.74M | $46.33M | 30.3% |
| 2009 | $187.47M | $38.64M | 20.6% |
| 2008 | $195.22M | $39.40M | 20.2% |
| 2007 | $172.74M | $37.27M | 21.6% |
| 2006 | $138.82M | $30.39M | 21.9% |
| 2005 | $122.36M | $24.69M | 20.2% |
| 2004 | $121.20M | $21.41M | 17.7% |
| 2003 | $91.37M | $18.28M | 20.0% |
| 2002 | $89.07M | $17.72M | 19.9% |
| 2001 | $83.85M | $17.06M | 20.3% |
| 2000 | $70.44M | $16.78M | 23.8% |
| 1999 | $29.40M | $16.50M | 56.1% |
| 1998 | ($49.80M) | $15.80M | N/A (Loss) |
| 1997 | $72.60M | $14.00M | 19.3% |
| 1996 | ($54.10M) | $12.30M | 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.
