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 79.06% is 10% above its 5-year average of 71.57%, around the middle of its 5-year range (38.78%–147.58%).
As of the fiscal period ended Tuesday, March 31, 2026. 2.89% above its 12-month average of 76.84%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
79.06%
FCF PAYOUT RATIO AVG TTM
76.84%
FCF PAYOUT RATIO AVG 3Y
90.80%
FCF PAYOUT RATIO AVG 5Y
67.77%
FCF PAYOUT RATIO AVG 10Y
53.27%
FCF PAYOUT RATIO AVG 15Y
46.19%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+2.89%
CURRENT VS 3Y AVG
-12.93%
CURRENT VS 5Y AVG
+16.66%
CURRENT VS 10Y AVG
+48.42%
CURRENT VS 15Y AVG
+71.17%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
79.1%
Earnings Payout Ratio
60.1%
Dividend Yield
2.96%
FCF Yield
3.73%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.50B | $1.25B | 83.1% |
| 2024 | $1.66B | $1.19B | 72.1% |
| 2023 | $848.00M | $1.14B | 134.7% |
| 2022 | $2.46B | $1.08B | 43.9% |
| 2021 | $2.42B | $955.00M | 39.5% |
| 2020 | $1.94B | $846.00M | 43.6% |
| 2019 | $2.11B | $844.00M | 40.0% |
| 2018 | $1.43B | $232.00M | 16.2% |
| 2017 | $830.00M | $414.00M | 49.9% |
| 2016 | $757.00M | $386.00M | 51.0% |
| 2015 | $811.00M | $355.00M | 43.8% |
| 2014 | $851.00M | $317.00M | 37.3% |
| 2013 | $682.00M | $302.00M | 44.3% |
| 2012 | $258.00M | $284.00M | 110.1% |
| 2011 | $542.00M | $251.00M | 46.3% |
| 2010 | $2.29B | $194.00M | 8.5% |
| 2009 | $548.00M | $0 | 0.0% |
| 2008 | $405.00M | $2.06B | 509.9% |
| 2007 | $373.00M | $213.00M | 57.1% |
| 2006 | $423.00M | $80.00M | 18.9% |
| 2005 | $539.00M | $0 | 0.0% |
| 2004 | $539.00M | $0 | 0.0% |
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 |
|---|---|
| 2026-03-31 | 79.06% |
| 2025-12-31 | 83.06% |
| 2025-09-30 | 77.37% |
| 2025-06-30 | 77.28% |
| 2025-03-31 | 67.43% |
| 2024-12-31 | 74.77% |
| 2024-09-30 | 111.08% |
| 2024-06-30 | 114.71% |
| 2024-03-31 | 147.58% |
| 2023-12-31 | 134.67% |
| 2023-09-30 | 83.72% |
| 2023-06-30 | 71.15% |
| 2023-03-31 | 58.55% |
| 2022-12-31 | 43.94% |
| 2022-09-30 | 39.98% |
| 2022-06-30 | 39.95% |
| 2022-03-31 | 40.42% |
| 2021-12-31 | 39.17% |
| 2021-09-30 | 39.89% |
| 2021-06-30 | 40.51% |
| 2021-03-31 | 38.78% |
| 2020-12-31 | 43.63% |
| 2020-09-30 | 46.95% |
| 2020-06-30 | 46.91% |
| 2020-03-31 | 46.23% |
| 2019-12-31 | 40.02% |
| 2019-09-30 | 40.77% |
| 2019-06-30 | 37.52% |
| 2019-03-31 | 32.48% |
| 2018-12-31 | 29.17% |
| 2018-09-30 | 27.38% |
| 2018-06-30 | 29.13% |
| 2018-03-31 | 40.54% |
| 2017-12-31 | 49.88% |
| 2017-09-30 | 49.21% |
| 2017-06-30 | 51.15% |
| 2017-03-31 | 57.21% |
| 2016-12-31 | 50.99% |
| 2016-09-30 | 51.78% |
| 2016-06-30 | 44.19% |
| 2016-03-31 | 41.59% |
| 2015-12-31 | 43.77% |
| 2015-09-30 | 41.10% |
| 2015-06-30 | 41.97% |
| 2015-03-31 | 38.21% |
| 2014-12-31 | 37.25% |
| 2014-09-30 | 37.07% |
| 2014-06-30 | 37.11% |
| 2014-03-31 | 41.04% |
| 2013-12-31 | 44.28% |
| 2013-09-30 | 45.96% |
| 2013-06-30 | 48.10% |
| 2013-03-31 | 42.94% |
| 2012-12-31 | 110.08% |
| 2012-09-30 | 125.45% |
| 2012-06-30 | 111.07% |
| 2012-03-31 | 161.35% |
| 2011-12-31 | 46.31% |
| 2011-09-30 | 17.83% |
| 2011-06-30 | 17.77% |
| 2011-03-31 | 15.66% |
| 2010-12-31 | 8.48% |
| 2010-09-30 | 9.41% |
| 2010-06-30 | 5.16% |
| 2010-03-31 | 2.74% |
