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 25.98% is 13% above its 5-year average of 22.89%, around the middle of its 5-year range (18.17%–31.93%).
As of the fiscal period ended Sunday, June 28, 2026. 25.27% above its 12-month average of 20.74%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
25.98%
FCF PAYOUT RATIO AVG TTM
20.74%
FCF PAYOUT RATIO AVG 3Y
21.78%
FCF PAYOUT RATIO AVG 5Y
22.89%
FCF PAYOUT RATIO AVG 10Y
21.99%
FCF PAYOUT RATIO AVG 15Y
20.76%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+25.27%
CURRENT VS 3Y AVG
+19.27%
CURRENT VS 5Y AVG
+13.48%
CURRENT VS 10Y AVG
+18.14%
CURRENT VS 15Y AVG
+25.11%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
26.0%
Earnings Payout Ratio
18.1%
Dividend Yield
0.32%
FCF Yield
1.21%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $4.89B | $1.27B | 26.0% |
| 2025 | $5.41B | $1.15B | 21.2% |
| 2024 | $4.26B | $1.02B | 23.9% |
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 |
|---|---|
| 2026-06-28 | 25.98% |
| 2026-03-29 | 19.23% |
| 2025-12-28 | 18.17% |
| 2025-09-28 | 20.18% |
| 2025-06-29 | 20.12% |
| 2025-03-30 | 27.26% |
| 2024-12-29 | 24.87% |
| 2024-09-29 | 21.69% |
| 2024-06-30 | 23.94% |
| 2024-03-31 | 21.81% |
| 2023-12-24 | 19.76% |
| 2023-09-24 | 20.72% |
| 2023-06-30 | 19.41% |
| 2023-03-26 | 22.36% |
| 2022-12-25 | 29.09% |
| 2022-09-25 | 25.46% |
| 2022-06-30 | 31.93% |
| 2022-03-27 | 22.22% |
| 2021-12-26 | 19.07% |
| 2021-09-26 | 25.01% |
| 2021-06-30 | 22.44% |
| 2021-03-28 | 26.56% |
| 2020-12-27 | 32.92% |
| 2020-09-27 | 32.00% |
| 2020-06-30 | 34.15% |
| 2020-03-29 | 33.11% |
| 2019-12-29 | 28.25% |
| 2019-09-29 | 25.17% |
| 2019-06-30 | 23.62% |
| 2019-03-31 | 22.08% |
| 2018-12-23 | 17.74% |
| 2018-09-23 | 18.20% |
| 2018-06-30 | 12.91% |
| 2018-03-25 | 12.28% |
| 2017-12-24 | 16.14% |
| 2017-09-24 | 11.98% |
| 2017-06-30 | 13.01% |
| 2017-03-26 | 14.01% |
| 2016-12-25 | 14.63% |
| 2016-09-25 | 15.81% |
| 2016-06-30 | 16.21% |
| 2016-03-27 | 16.65% |
| 2015-12-27 | 14.52% |
| 2015-09-27 | 15.15% |
| 2015-06-30 | 19.76% |
| 2015-03-29 | 15.53% |
| 2014-12-28 | 8.99% |
| 2014-09-28 | 4.55% |
| 2011-03-27 | 0.05% |
| 2010-12-26 | 0.05% |
| 2010-09-26 | 0.06% |
| 2010-06-30 | 0.11% |
| 2023 |
| $4.68B |
| $907.91M |
| 19.4% |
| 2022 | $2.55B | $815.29M | 31.9% |
| 2021 | $3.24B | $726.99M | 22.4% |
| 2020 | $1.92B | $656.84M | 34.2% |
| 2019 | $2.87B | $678.35M | 23.6% |
| 2018 | $2.38B | $307.61M | 12.9% |
| 2017 | $1.87B | $243.50M | 13.0% |
| 2016 | $1.17B | $190.40M | 16.2% |
| 2015 | $587.24M | $116.06M | 19.8% |
| 2014 | $571.55M | $0 | 0.0% |
| 2013 | $559.14M | $0 | 0.0% |
| 2012 | $391.76M | $0 | 0.0% |
| 2011 | $753.53M | $0 | 0.0% |
| 2010 | $315.12M | $0 | 0.0% |
| 2009 | ($122.41M) | $0 | N/A (Loss) |
| 2008 | $513.52M | $0 | 0.0% |
| 2007 | $763.59M | $0 | 0.0% |
| 2006 | $318.61M | $0 | 0.0% |
| 2005 | $403.08M | $0 | 0.0% |
| 2004 | $133.12M | $0 | 0.0% |
| 2003 | $56.98M | $0 | 0.0% |
| 2002 | $11.18M | $0 | 0.0% |
| 2001 | $196.89M | $0 | 0.0% |
| 2000 | $69.49M | $0 | 0.0% |
| 1999 | ($70.40M) | $0 | N/A (Loss) |
| 1998 | $1.04M | $0 | 0.0% |
| 1997 | $40.62M | $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.
