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 35.26% is 22% below its 5-year average of 45.04%, near the low end of its 5-year range (31.62%–75.89%).
As of the fiscal period ended Friday, April 3, 2026. 10.63% below its 12-month average of 39.46%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
35.26%
FCF PAYOUT RATIO AVG TTM
39.46%
FCF PAYOUT RATIO AVG 3Y
45.19%
FCF PAYOUT RATIO AVG 5Y
43.41%
FCF PAYOUT RATIO AVG 10Y
40.96%
FCF PAYOUT RATIO AVG 15Y
36.71%
FCF PAYOUT RATIO AVG 20Y
32.61%
CURRENT VS TTM AVG
-10.63%
CURRENT VS 3Y AVG
-21.96%
CURRENT VS 5Y AVG
-18.77%
CURRENT VS 10Y AVG
-13.91%
CURRENT VS 15Y AVG
-3.94%
CURRENT VS 20Y AVG
+8.16%
FCF Payout Ratio TTM
35.3%
Earnings Payout Ratio
57.2%
Dividend Yield
1.61%
FCF Yield
4.51%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $2.68B | $903.00M | 33.7% |
| 2025 | $2.15B | $886.00M | 41.2% |
| 2023 | $1.65B | $868.00M | 52.7% |
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 |
|---|---|
| 2026-04-03 | 35.26% |
| 2026-01-02 | 33.67% |
| 2025-10-03 | 47.59% |
| 2025-06-27 | 41.31% |
| 2025-03-28 | 39.22% |
| 2025-01-03 | 41.19% |
| 2024-09-27 | 49.16% |
| 2024-06-28 | 59.06% |
| 2024-03-29 | 75.89% |
| 2023-12-29 | 52.70% |
| 2023-09-29 | 50.76% |
| 2023-06-30 | 47.14% |
| 2023-03-31 | 39.35% |
| 2022-12-31 | 45.33% |
| 2022-09-30 | 45.11% |
| 2022-07-01 | 47.42% |
| 2022-04-01 | 47.61% |
| 2021-12-31 | 34.84% |
| 2021-10-01 | 36.53% |
| 2021-07-02 | 31.62% |
| 2021-04-02 | 29.67% |
| 2020-12-31 | 29.93% |
| 2020-10-02 | 26.47% |
| 2020-07-03 | 35.32% |
| 2020-04-03 | 39.93% |
| 2019-12-31 | 35.95% |
| 2019-09-27 | 44.92% |
| 2019-06-28 | 31.74% |
| 2019-03-29 | 25.20% |
| 2018-12-28 | 43.38% |
| 2018-09-28 | 45.31% |
| 2018-06-29 | 44.23% |
| 2018-03-30 | 140.31% |
| 2017-12-31 | 49.63% |
| 2017-09-29 | 52.60% |
| 2017-06-30 | 58.22% |
| 2017-03-31 | 34.52% |
| 2016-12-31 | 38.09% |
| 2016-09-30 | 33.95% |
| 2016-07-01 | 32.64% |
| 2016-04-01 | 28.50% |
| 2015-12-31 | 25.11% |
| 2015-10-02 | 30.02% |
| 2015-07-03 | 28.08% |
| 2015-04-03 | 31.33% |
| 2015-01-02 | 32.29% |
| 2014-09-26 | 34.49% |
| 2014-06-27 | 28.32% |
| 2014-03-28 | 30.06% |
| 2013-12-27 | 26.22% |
| 2013-09-27 | 23.44% |
| 2013-06-28 | 25.15% |
| 2013-03-29 | 23.38% |
| 2012-12-28 | 24.09% |
| 2012-09-28 | 21.30% |
| 2012-06-29 | 22.55% |
| 2012-03-30 | 29.31% |
| 2011-12-31 | 33.32% |
| 2011-09-30 | 50.66% |
| 2011-07-01 | 24.99% |
| 2011-04-01 | 26.66% |
| 2010-12-31 | 19.97% |
| 2010-10-01 | 15.88% |
| 2010-07-02 | 19.02% |
| 2010-04-02 | 15.33% |
| 2009-12-31 | 15.75% |
| 2009-10-02 | 16.64% |
| 2009-07-03 | 19.56% |
| 2009-04-03 | 21.46% |
| 2009-01-02 | 22.96% |
| 2008-09-26 | 22.92% |
| 2008-06-27 | 19.93% |
| 2008-03-28 | 22.54% |
| 2007-12-28 | 22.50% |
| 2007-09-28 | 19.91% |
| 2007-06-29 | 18.80% |
| 2007-03-30 | 18.96% |
| 2006-12-31 | 20.32% |
| 2006-09-29 | 32.16% |
| 2006-06-30 | 22.74% |
| 2006-03-31 | 15.99% |
| 2005-12-31 | 15.49% |
| 2005-09-30 | 10.99% |
| 2005-07-01 | 13.34% |
| 2005-04-01 | 17.82% |
| 2004-12-31 | 18.12% |
| 2004-10-01 | 22.67% |
| 2004-07-02 | 13.05% |
| 2004-04-02 | 14.78% |
| 2004-01-02 | 16.55% |
| 2003-09-26 | 13.13% |
| 2003-06-27 | 13.28% |
| 2003-03-28 | 6.33% |
| 2022 |
| $1.91B |
| $864.00M |
| 45.3% |
| 2021 | $2.42B | $725.00M | 29.9% |
| 2021 | $2.35B | $817.00M | 34.8% |
| 2019 | $1.02B | $325.00M | 31.7% |
| 2019 | $766.00M | $337.00M | 44.0% |
| 2018 | $615.00M | $272.00M | 44.2% |
| 2017 | $450.00M | $262.00M | 58.2% |
| 2016 | $772.00M | $252.00M | 32.6% |
| 2015 | $706.00M | $198.00M | 28.0% |
| 2014 | $645.00M | $180.00M | 27.9% |
| 2013 | $655.00M | $165.00M | 25.2% |
| 2012 | $619.10M | $139.60M | 22.5% |
| 2011 | $508.20M | $127.00M | 25.0% |
| 2010 | $604.70M | $115.00M | 19.0% |
| 2009 | $545.00M | $106.60M | 19.6% |
| 2008 | $409.30M | $81.50M | 19.9% |
| 2007 | $309.50M | $58.20M | 18.8% |
| 2006 | $187.80M | $42.70M | 22.7% |
| 2005 | $240.00M | $31.90M | 13.3% |
| 2004 | $212.10M | $26.60M | 12.5% |
| 2003 | $79.80M | $21.20M | 26.6% |
| 2002 | $160.70M | $13.20M | 8.2% |
| 2001 | ($82.50M) | $13.30M | N/A (Loss) |
| 2000 | ($36.60M) | $29.90M | N/A (Loss) |
| 1999 | $201.70M | $76.50M | 37.9% |
| 1998 | $357.70M | $70.10M | 19.6% |
| 1997 | $276.70M | $60.30M | 21.8% |
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.
