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 17.36% is 18% below its 4-year average of 21.26%, around the middle of its 4-year range (3.58%–38.30%).
As of the fiscal period ended Tuesday, March 31, 2026. 8.67% below its 12-month average of 19.01%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
17.36%
FCF PAYOUT RATIO AVG TTM
19.01%
FCF PAYOUT RATIO AVG 3Y
24.19%
FCF PAYOUT RATIO AVG 5Y
21.26%
FCF PAYOUT RATIO AVG 10Y
21.26%
FCF PAYOUT RATIO AVG 15Y
18.15%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-8.67%
CURRENT VS 3Y AVG
-28.23%
CURRENT VS 5Y AVG
-18.33%
CURRENT VS 10Y AVG
-18.33%
CURRENT VS 15Y AVG
-4.36%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
17.4%
Earnings Payout Ratio
27.3%
Dividend Yield
0.92%
FCF Yield
5.31%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.21B | $240.70M | 20.0% |
| 2024 | $1.10B | $243.10M | 22.2% |
| 2023 | $874.10M | $254.00M | 29.1% |
| 2022 | $1.47B | $195.20M | 13.2% |
| 2021 | $2.65B | $0 | 0.0% |
| 2020 | $1.75B | $0 | 0.0% |
| 2019 | $1.04B | $0 | 0.0% |
| 2018 | $925.60M | $0 | 0.0% |
| 2017 | $1.14B | $0 | 0.0% |
| 2016 | $897.00M | $0 | 0.0% |
| 2015 | $726.60M | $0 | 0.0% |
| 2014 | $535.50M | $0 | 0.0% |
| 2013 | $616.50M | $0 | 0.0% |
| 2012 | $665.10M | $0 | 0.0% |
| 2011 | $709.90M | $0 | 0.0% |
| 2010 | $757.10M | $0 | 0.0% |
| 2009 | $747.70M | $0 | 0.0% |
| 2008 | $624.20M | $0 | 0.0% |
| 2007 | $566.40M | $0 | 0.0% |
| 2006 | $515.80M | $0 | 0.0% |
| 2005 | $480.60M | $0 | 0.0% |
| 2004 | $443.10M | $0 | 0.0% |
| 2003 | $480.70M | $0 | 0.0% |
| 2002 | $370.60M | $0 | 0.0% |
| 2001 | $227.90M | $0 | 0.0% |
| 2000 | $191.20M | $9.50M | 5.0% |
| 1999 | $111.10M | $18.50M | 16.7% |
| 1998 | $42.70M | $18.50M | 43.3% |
| 1997 | $109.90M | $9.70M | 8.8% |
| 1996 | ($240.90M) | $0 | 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.
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 | 17.36% |
| 2025-12-31 | 19.96% |
| 2025-09-30 | 17.49% |
| 2025-06-30 | 19.19% |
| 2025-03-31 | 21.06% |
| 2024-12-31 | 22.18% |
| 2024-09-30 | 28.95% |
| 2024-06-30 | 29.04% |
| 2024-03-31 | 38.30% |
| 2023-12-31 | 29.95% |
| 2023-09-30 | 26.41% |
| 2023-06-30 | 24.04% |
| 2023-03-31 | 20.56% |
| 2022-12-31 | 13.24% |
| 2022-09-30 | 8.86% |
| 2022-06-30 | 3.58% |
| 2011-09-30 | 1.24% |
| 2011-06-30 | 1.62% |
| 2011-03-31 | 1.93% |
| 2010-12-31 | 2.25% |
| 2010-09-30 | 1.46% |
| 2010-06-30 | 0.98% |
| 2010-03-31 | 0.62% |
| 2009-12-31 | 0.53% |
| 2009-09-30 | 0.27% |
| 2009-06-30 | 0.30% |
| 2009-03-31 | 0.30% |
