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 67.93% is in line with its 5-year average of 72.02%, around the middle of its 5-year range (56.35%–94.75%).
As of the fiscal period ended Tuesday, June 30, 2026. 14.31% below its 12-month average of 79.28%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
67.93%
FCF PAYOUT RATIO AVG TTM
79.28%
FCF PAYOUT RATIO AVG 3Y
75.04%
FCF PAYOUT RATIO AVG 5Y
69.66%
FCF PAYOUT RATIO AVG 10Y
77.77%
FCF PAYOUT RATIO AVG 15Y
81.12%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-14.31%
CURRENT VS 3Y AVG
-9.47%
CURRENT VS 5Y AVG
-2.47%
CURRENT VS 10Y AVG
-12.64%
CURRENT VS 15Y AVG
-16.26%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
67.9%
Earnings Payout Ratio
85.8%
Dividend Yield
3.76%
FCF Yield
5.56%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.22B | $2.60B | 80.8% |
| 2024 | $3.01B | $2.56B | 85.1% |
| 2023 | $4.15B | $2.53B | 61.0% |
| 2022 | $3.35B | $2.50B | 74.8% |
| 2021 | $4.43B | $2.44B | 55.2% |
| 2020 | $2.84B | $2.36B | 83.1% |
| 2019 | $2.48B | $2.16B | 87.3% |
| 2018 | $2.12B | $1.77B | 83.7% |
| 2017 | $1.41B | $1.28B | 90.3% |
| 2016 | $1.91B | $1.27B | 66.8% |
| 2015 | $1.41B | $4.22B | 300.2% |
| 2014 | $850.00M | $1.76B | 207.1% |
| 2013 | $695.00M | $1.62B | 233.4% |
| 2012 | $773.00M | $1.18B | 153.2% |
| 2011 | $1.17B | $769.60M | 66.1% |
| 2010 | $908.50M | $700.00M | 77.1% |
| 2009 | $263.20M | $650.00M | 247.0% |
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 |
|---|---|
| 2026-06-30 | 67.93% |
| 2026-03-31 | 67.23% |
| 2025-12-31 | 72.33% |
| 2025-09-30 | 94.15% |
| 2025-06-30 | 94.75% |
| 2025-03-31 | 91.19% |
| 2024-12-31 | 84.53% |
| 2024-09-30 | 64.34% |
| 2024-06-30 | 63.36% |
| 2024-03-31 | 64.54% |
| 2023-12-31 | 61.00% |
| 2023-09-30 | 74.14% |
| 2023-06-30 | 75.98% |
| 2023-03-31 | 71.96% |
| 2022-12-31 | 74.84% |
| 2022-09-30 | 75.94% |
| 2022-06-30 | 71.25% |
| 2022-03-31 | 72.07% |
| 2021-12-31 | 57.04% |
| 2021-09-30 | 56.35% |
| 2021-06-30 | 57.47% |
| 2021-03-31 | 61.91% |
| 2020-12-31 | 85.86% |
| 2020-09-30 | 79.98% |
| 2020-06-30 | 83.27% |
| 2020-03-31 | 80.91% |
| 2019-12-31 | 87.73% |
| 2019-09-30 | 88.58% |
| 2019-06-30 | 97.90% |
| 2019-03-31 | 98.97% |
| 2018-12-31 | 83.72% |
| 2018-09-30 | 106.46% |
| 2018-06-30 | 90.94% |
| 2018-03-31 | 87.31% |
| 2017-12-31 | 90.30% |
| 2017-09-30 | 79.94% |
| 2017-06-30 | 68.51% |
| 2017-03-31 | 67.53% |
| 2016-12-31 | 66.77% |
| 2016-09-30 | 91.64% |
| 2016-06-30 | 172.70% |
| 2016-03-31 | 278.01% |
| 2015-12-31 | 300.21% |
| 2015-09-30 | 650.74% |
| 2015-06-30 | 292.65% |
| 2015-03-31 | 245.41% |
| 2014-12-31 | 207.06% |
| 2014-09-30 | 172.65% |
| 2014-06-30 | 210.51% |
| 2014-03-31 | 208.14% |
| 2013-12-31 | 233.38% |
| 2013-09-30 | 208.78% |
| 2013-06-30 | 159.85% |
| 2013-03-31 | 183.15% |
| 2012-12-31 | 153.17% |
| 2012-09-30 | 107.58% |
| 2012-06-30 | 93.34% |
| 2012-03-31 | 63.99% |
| 2011-12-31 | 66.06% |
| 2011-09-30 | 76.09% |
| 2011-06-30 | 63.19% |
| 2011-03-31 | 82.66% |
| 2010-12-31 | 71.55% |
| 2010-09-30 | 35.62% |
