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 25.07% is in line with its 5-year average of 24.04%, around the middle of its 5-year range (21.15%–28.63%).
As of the fiscal period ended Tuesday, March 31, 2026. 3.91% above its 12-month average of 24.13%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
25.07%
FCF PAYOUT RATIO AVG TTM
24.13%
FCF PAYOUT RATIO AVG 3Y
23.87%
FCF PAYOUT RATIO AVG 5Y
24.04%
FCF PAYOUT RATIO AVG 10Y
30.66%
FCF PAYOUT RATIO AVG 15Y
31.05%
FCF PAYOUT RATIO AVG 20Y
29.51%
CURRENT VS TTM AVG
+3.91%
CURRENT VS 3Y AVG
+5.05%
CURRENT VS 5Y AVG
+4.27%
CURRENT VS 10Y AVG
-18.23%
CURRENT VS 15Y AVG
-19.27%
CURRENT VS 20Y AVG
-15.05%
FCF Payout Ratio TTM
25.1%
Earnings Payout Ratio
26.2%
Dividend Yield
0.38%
FCF Yield
1.45%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.74B | $904.59M | 24.2% |
| 2024 | $3.03B | $773.04M | 25.5% |
| 2023 | $3.33B | $732.56M | 22.0% |
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 | 25.07% |
| 2025-12-31 | 22.45% |
| 2025-09-30 | 24.79% |
| 2025-06-30 | 24.16% |
| 2025-03-31 | 24.16% |
| 2024-12-31 | 24.38% |
| 2024-09-30 | 25.06% |
| 2024-06-30 | 25.50% |
| 2024-03-31 | 24.52% |
| 2023-12-31 | 23.32% |
| 2023-09-30 | 22.57% |
| 2023-06-30 | 22.01% |
| 2023-03-31 | 22.25% |
| 2022-12-31 | 23.06% |
| 2022-09-30 | 21.15% |
| 2022-06-30 | 21.25% |
| 2022-03-31 | 23.23% |
| 2021-12-31 | 23.68% |
| 2021-09-30 | 25.35% |
| 2021-06-30 | 28.63% |
| 2021-03-31 | 28.29% |
| 2020-12-31 | 30.93% |
| 2020-09-30 | 33.48% |
| 2020-06-30 | 32.13% |
| 2020-03-31 | 34.42% |
| 2019-12-31 | 40.14% |
| 2019-09-30 | 41.81% |
| 2019-06-30 | 46.20% |
| 2019-03-31 | 42.42% |
| 2018-12-31 | 34.26% |
| 2018-09-30 | 36.49% |
| 2018-06-30 | 34.60% |
| 2018-03-31 | 29.26% |
| 2017-12-31 | 31.81% |
| 2017-09-30 | 28.65% |
| 2017-06-30 | 33.04% |
| 2017-03-31 | 36.39% |
| 2016-12-31 | 40.97% |
| 2016-09-30 | 47.61% |
| 2016-06-30 | 47.57% |
| 2016-03-31 | 50.00% |
| 2015-12-31 | 42.11% |
| 2015-09-30 | 422.07% |
| 2015-06-30 | 542.93% |
| 2015-03-31 | 622.81% |
| 2014-12-31 | 637.75% |
| 2014-09-30 | 53.11% |
| 2014-06-30 | 42.01% |
| 2014-03-31 | 45.94% |
| 2013-12-31 | 34.88% |
| 2013-09-30 | 35.62% |
| 2013-06-30 | 31.71% |
| 2013-03-31 | 27.50% |
| 2012-12-31 | 31.65% |
| 2012-09-30 | 26.79% |
| 2012-06-30 | 26.42% |
| 2012-03-31 | 24.05% |
| 2011-12-31 | 22.65% |
| 2011-09-30 | 20.58% |
| 2011-06-30 | 21.68% |
| 2011-03-31 | 26.28% |
| 2010-12-31 | 29.17% |
| 2010-09-30 | 27.43% |
| 2010-06-30 | 24.52% |
| 2010-03-31 | 24.91% |
| 2009-12-31 | 27.84% |
| 2009-09-30 | 59.31% |
| 2009-06-30 | 58.89% |
| 2009-03-31 | 36.69% |
| 2008-12-31 | 30.13% |
| 2008-09-30 | 21.53% |
| 2008-06-30 | 17.77% |
| 2008-03-31 | 18.84% |
| 2007-12-31 | 17.20% |
| 2007-09-30 | 15.96% |
| 2007-06-30 | 18.04% |
| 2007-03-31 | 18.46% |
| 2006-12-31 | 22.06% |
| 2006-09-30 | 27.77% |
| 2006-06-30 | 38.95% |
| 2006-03-31 | 26.08% |
| 2005-12-31 | 13.29% |
| 2005-09-30 | 6.43% |
| 2022 |
| $3.01B |
| $638.53M |
| 21.2% |
| 2021 | $1.95B | $559.35M | 28.6% |
| 2020 | $1.63B | $522.42M | 32.1% |
| 2019 | $1.02B | $472.26M | 46.2% |
| 2018 | $1.16B | $402.06M | 34.6% |
| 2017 | $1.04B | $343.99M | 33.0% |
| 2016 | $727.96M | $346.28M | 47.6% |
| 2015 | $560.12M | $3.04B | 542.9% |
| 2014 | $711.38M | $298.87M | 42.0% |
| 2013 | $838.62M | $265.89M | 31.7% |
| 2012 | $884.02M | $233.56M | 26.4% |
| 2011 | $772.01M | $167.40M | 21.7% |
| 2010 | $417.60M | $102.41M | 24.5% |
| 2009 | $173.46M | $102.15M | 58.9% |
| 2008 | $610.85M | $108.52M | 17.8% |
| 2007 | $526.90M | $95.06M | 18.0% |
| 2006 | $241.36M | $95.35M | 39.5% |
| 2005 | $447.06M | $23.64M | 5.3% |
| 2004 | $294.15M | $0 | 0.0% |
| 2003 | $112.49M | $0 | 0.0% |
| 2002 | $201.53M | $0 | 0.0% |
| 2001 | $245.72M | $0 | 0.0% |
| 2000 | $173.82M | $0 | 0.0% |
| 1999 | $61.60M | $0 | 0.0% |
| 1998 | ($9.00M) | $0 | N/A (Loss) |
| 1997 | $189.20M | $0 | 0.0% |
| 1996 | $46.70M | $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.
