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 506.50% is 208% above its 5-year average of 164.19%, near the high end of its 5-year range (32.23%–506.50%).
As of the fiscal period ended Saturday, June 27, 2026.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
506.50%
FCF PAYOUT RATIO AVG TTM
N/A
FCF PAYOUT RATIO AVG 3Y
N/A
FCF PAYOUT RATIO AVG 5Y
164.19%
FCF PAYOUT RATIO AVG 10Y
39.43%
FCF PAYOUT RATIO AVG 15Y
41.06%
FCF PAYOUT RATIO AVG 20Y
41.77%
CURRENT VS TTM AVG
N/A
CURRENT VS 3Y AVG
N/A
CURRENT VS 5Y AVG
+208.49%
CURRENT VS 10Y AVG
+1184.41%
CURRENT VS 15Y AVG
+1133.57%
CURRENT VS 20Y AVG
+1112.57%
FCF Payout Ratio TTM
506.5%
Earnings Payout Ratio
N/A
Dividend Yield
N/A
FCF Yield
0.58%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | ($4.95B) | $0 | N/A (Loss) |
| 2024 | ($15.66B) | $1.60B | N/A (Loss) |
| 2023 | ($14.28B) | $3.09B | N/A (Loss) |
| 2022 | ($9.62B) | $6.00B | N/A (Loss) |
| 2021 | $9.13B | $5.64B | 61.8% |
| 2020 | $20.93B | $5.57B | 26.6% |
| 2019 | $16.93B | $5.58B | 32.9% |
| 2018 | $14.25B | $5.54B | 38.9% |
| 2017 | $10.33B | $5.07B | 49.1% |
| 2016 | $12.18B | $4.92B | 40.4% |
| 2015 | $11.57B | $4.56B | 39.4% |
| 2014 | $10.22B | $4.41B | 43.1% |
| 2013 | $10.03B | $4.48B | 44.7% |
| 2012 | $7.04B | $4.35B | 61.8% |
| 2011 | $10.20B | $4.13B | 40.5% |
| 2010 | $11.48B | $3.50B | 30.5% |
| 2009 | $6.66B | $3.11B | 46.7% |
| 2008 | $5.73B | $3.10B | 54.1% |
| 2007 | $7.63B | $2.62B | 34.3% |
| 2006 | $4.84B | $2.32B | 47.9% |
| 2005 | $9.01B | $1.96B | 21.7% |
| 2004 | $9.28B | $1.02B | 11.0% |
| 2003 | $7.86B | $524.00M | 6.7% |
| 2002 | $4.43B | $533.00M | 12.0% |
| 2001 | $1.34B | $538.00M | 40.0% |
| 2000 | $6.15B | $470.00M | 7.6% |
| 1999 | $7.93B | $366.00M | 4.6% |
| 1998 | $4.73B | $217.00M | 4.6% |
| 1997 | $5.51B | $180.00M | 3.3% |
| 1996 | $5.72B | $148.00M | 2.6% |
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 |
|---|---|
| 2026-06-27 | 506.50% |
| 2022-04-02 | 59.61% |
| 2021-12-31 | 58.41% |
| 2021-09-25 | 32.23% |
| 2021-06-26 | 34.16% |
| 2021-03-27 | 29.01% |
| 2020-12-31 | 26.60% |
| 2020-09-26 | 27.44% |
| 2020-06-27 | 25.38% |
| 2020-03-28 | 30.63% |
| 2019-12-31 | 32.93% |
| 2019-09-28 | 37.92% |
| 2019-06-29 | 40.75% |
| 2019-03-30 | 44.39% |
| 2018-12-31 | 38.88% |
| 2018-09-29 | 37.82% |
| 2018-06-30 | 42.13% |
| 2018-03-31 | 44.15% |
| 2017-12-31 | 49.09% |
| 2017-09-30 | 42.67% |
| 2017-07-01 | 42.24% |
| 2017-04-01 | 43.57% |
| 2016-12-31 | 40.43% |
| 2016-10-01 | 45.77% |
| 2016-07-02 | 40.20% |
| 2016-04-02 | 39.08% |
| 2015-12-31 | 39.37% |
| 2015-09-26 | 37.04% |
| 2015-06-27 | 41.00% |
| 2015-03-28 | 37.52% |
| 2014-12-31 | 43.14% |
| 2014-09-27 | 45.64% |
| 2014-06-28 | 47.78% |
| 2014-03-29 | 51.17% |
| 2013-12-31 | 44.66% |
| 2013-09-28 | 43.84% |
| 2013-06-29 | 49.55% |
| 2013-03-30 | 48.40% |
| 2012-12-31 | 61.77% |
| 2012-09-29 | 56.92% |
| 2012-06-30 | 45.05% |
| 2012-03-31 | 46.95% |
| 2011-12-31 | 40.46% |
| 2011-10-01 | 38.99% |
| 2011-07-02 | 42.79% |
| 2011-04-02 | 37.69% |
| 2010-12-31 | 30.50% |
| 2010-09-25 | 33.55% |
| 2010-06-26 | 30.00% |
| 2010-03-27 | 29.25% |
| 2009-12-31 | 46.70% |
| 2009-09-26 | 60.29% |
| 2009-06-27 | 58.48% |
| 2009-03-28 | 95.44% |
| 2008-12-31 | 54.11% |
| 2008-09-27 | 35.50% |
| 2008-06-28 | 35.89% |
| 2008-03-29 | 30.97% |
| 2007-12-31 | 34.33% |
| 2007-09-29 | 35.15% |
| 2007-06-30 | 40.65% |
| 2007-03-31 | 50.81% |
| 2006-12-31 | 47.92% |
| 2006-09-30 | 53.96% |
| 2006-07-01 | 38.22% |
| 2006-04-01 | 27.74% |
| 2005-12-31 | 21.74% |
| 2005-10-01 | 17.78% |
| 2005-07-02 | 17.19% |
| 2005-04-02 | 12.41% |
| 2004-12-31 | 11.02% |
| 2004-09-25 | 9.53% |
| 2004-06-26 | 8.20% |
| 2004-03-27 | 7.96% |
| 2003-12-31 | 6.67% |
| 2003-09-27 | 7.59% |
| 2003-06-28 | 8.45% |
