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 48.57% is 10% above its 5-year average of 44.00%, near the high end of its 5-year range (24.99%–57.59%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.02% below its 12-month average of 50.08%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.57%
FCF PAYOUT RATIO AVG TTM
50.08%
FCF PAYOUT RATIO AVG 3Y
51.88%
FCF PAYOUT RATIO AVG 5Y
44.00%
FCF PAYOUT RATIO AVG 10Y
43.91%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-3.02%
CURRENT VS 3Y AVG
-6.40%
CURRENT VS 5Y AVG
+10.38%
CURRENT VS 10Y AVG
+10.61%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
48.6%
Earnings Payout Ratio
61.5%
Dividend Yield
2.91%
FCF Yield
6.55%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $16.97B | $7.57B | 44.6% |
| 2024 | $13.85B | $6.72B | 48.5% |
| 2023 | $11.70B | $6.90B | 59.0% |
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 |
|---|---|
| 2026-06-30 | 48.57% |
| 2025-12-31 | 50.25% |
| 2025-06-30 | 51.42% |
| 2024-12-31 | 57.59% |
| 2024-06-30 | 55.03% |
| 2023-12-31 | 54.29% |
| 2023-06-30 | 46.05% |
| 2022-12-31 | 35.26% |
| 2022-06-30 | 32.31% |
| 2021-12-31 | 24.99% |
| 2021-06-30 | 28.22% |
| 2020-12-31 | 31.88% |
| 2020-06-30 | 36.62% |
| 2019-12-31 | 42.01% |
| 2019-06-30 | 47.69% |
| 2018-12-31 | 47.19% |
| 2018-06-30 | 46.33% |
| 2017-12-31 | 45.42% |
| 2017-06-30 | 47.30% |
| 2016-12-31 | 46.47% |
| 2016-06-30 | 47.18% |
| 2015-12-31 | 53.19% |
| 2015-06-30 | 52.50% |
| 2014-12-31 | 55.05% |
| 2022 |
| $13.64B |
| $6.45B |
| 47.2% |
| 2021 | $17.52B | $4.01B | 22.9% |
| 2020 | $10.30B | $2.83B | 27.5% |
| 2019 | $9.27B | $3.50B | 37.8% |
| 2018 | $6.14B | $3.11B | 50.6% |
| 2017 | $5.56B | $2.38B | 42.8% |
| 2016 | $3.77B | $1.96B | 51.8% |
| 2015 | $3.89B | $1.82B | 46.7% |
| 2014 | $3.34B | $1.96B | 58.7% |
| 2013 | $3.97B | $2.07B | 52.1% |
| 2012 | $3.00B | $1.91B | 63.7% |
| 2011 | $2.64B | $1.39B | 52.4% |
| 2010 | $4.10B | $1.28B | 31.1% |
| 2009 | $3.13B | $1.09B | 34.7% |
| 2008 | $1.73B | $1.06B | 61.2% |
| 2007 | $2.14B | $1.00B | 46.7% |
| 2006 | $2.00B | $747.24M | 37.3% |
| 2005 | $1.52B | $528.02M | 34.7% |
| 2004 | $1.68B | $557.52M | 33.1% |
| 2003 | $1.59B | $471.02M | 29.6% |
| 2002 | $1.46B | $366.45M | 25.0% |
| 2001 | ($366.18M) | $306.34M | 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.
