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 23.34% is in line with its 4-year average of 24.56%, around the middle of its 4-year range (5.25%–42.15%).
As of the fiscal period ended Tuesday, June 30, 2026. 25.05% below its 12-month average of 31.14%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.34%
FCF PAYOUT RATIO AVG TTM
31.14%
FCF PAYOUT RATIO AVG 3Y
28.14%
FCF PAYOUT RATIO AVG 5Y
24.56%
FCF PAYOUT RATIO AVG 10Y
26.90%
FCF PAYOUT RATIO AVG 15Y
24.87%
FCF PAYOUT RATIO AVG 20Y
24.53%
CURRENT VS TTM AVG
-25.05%
CURRENT VS 3Y AVG
-17.07%
CURRENT VS 5Y AVG
-4.95%
CURRENT VS 10Y AVG
-13.25%
CURRENT VS 15Y AVG
-6.14%
CURRENT VS 20Y AVG
-4.87%
FCF Payout Ratio TTM
23.3%
Earnings Payout Ratio
28.6%
Dividend Yield
0.81%
FCF Yield
3.45%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.61B | $718.00M | 27.5% |
| 2024 | $2.00B | $682.00M | 34.1% |
| 2023 | $2.72B | $587.00M | 21.6% |
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 | 23.34% |
| 2026-03-31 | 25.57% |
| 2025-12-31 | 27.53% |
| 2025-09-30 | 37.10% |
| 2025-06-30 | 42.15% |
| 2025-03-31 | 38.29% |
| 2024-12-31 | 34.12% |
| 2024-09-30 | 24.92% |
| 2024-06-30 | 23.63% |
| 2024-03-31 | 23.65% |
| 2023-12-31 | 21.60% |
| 2023-09-30 | 23.36% |
| 2023-06-30 | 20.61% |
| 2023-03-31 | 17.99% |
| 2022-12-31 | 15.81% |
| 2022-09-30 | 9.32% |
| 2022-06-30 | 5.25% |
| 2020-12-31 | 10.37% |
| 2020-09-30 | 19.53% |
| 2020-06-30 | 25.24% |
| 2020-03-31 | 44.86% |
| 2019-12-31 | 59.30% |
| 2019-09-30 | 42.61% |
| 2019-06-30 | 34.96% |
| 2019-03-31 | 44.24% |
| 2018-12-31 | 30.15% |
| 2018-09-30 | 29.16% |
| 2018-06-30 | 29.82% |
| 2018-03-31 | 21.77% |
| 2017-12-31 | 23.73% |
| 2017-09-30 | 24.20% |
| 2017-06-30 | 27.01% |
| 2017-03-31 | 27.98% |
| 2016-12-31 | 25.67% |
| 2016-09-30 | 24.01% |
| 2016-06-30 | 20.44% |
| 2016-03-31 | 20.23% |
| 2015-12-31 | 22.49% |
| 2015-09-30 | 24.70% |
| 2015-06-30 | 26.65% |
| 2015-03-31 | 26.05% |
| 2014-12-31 | 27.43% |
| 2014-09-30 | 26.07% |
| 2014-06-30 | 26.94% |
| 2014-03-31 | 25.34% |
| 2013-12-31 | 26.63% |
| 2013-09-30 | 58.29% |
| 2013-06-30 | 36.11% |
| 2013-03-31 | 47.26% |
| 2012-12-31 | 63.88% |
| 2012-09-07 | 25.40% |
| 2012-06-15 | 22.76% |
| 2012-03-23 | 19.91% |
| 2011-12-31 | 16.11% |
| 2011-09-09 | 14.63% |
| 2011-06-17 | 12.92% |
| 2011-03-25 | 10.27% |
| 2010-12-31 | 5.46% |
| 2010-09-10 | 2.93% |
| 2010-06-18 | 1.77% |
| 2010-03-26 | 4.64% |
| 2009-12-31 | 8.90% |
| 2009-09-11 | 21.66% |
| 2009-06-19 | 38.73% |
| 2009-03-27 | 25.65% |
| 2008-12-31 | 71.88% |
| 2008-09-05 | 20.74% |
| 2008-06-13 | 69.18% |
| 2008-03-21 | 40.07% |
| 2007-12-31 | 98.13% |
| 2007-06-15 | 35.87% |
| 2007-03-23 | 45.54% |
| 2006-12-31 | 21.09% |
| 2006-09-08 | 17.42% |
| 2006-06-16 | 112.66% |
| 2006-03-24 | 122.86% |
| 2005-12-31 | 147.37% |
| 2005-09-09 | 41.03% |
| 2005-06-17 | 11.19% |
| 2005-03-25 | 11.33% |
| 2004-12-31 | 10.28% |
| 2004-09-10 | 10.79% |
| 2004-06-18 | 11.98% |
| 2004-03-26 | 18.13% |
| 2003-12-31 | 26.36% |
| 2003-06-20 | 515.38% |
| 2022 |
| $2.03B |
| $321.00M |
| 15.8% |
| 2021 | $994.00M | $0 | 0.0% |
| 2020 | $1.50B | $156.00M | 10.4% |
| 2019 | $1.03B | $612.00M | 59.3% |
| 2018 | $1.80B | $543.00M | 30.1% |
| 2017 | $1.99B | $482.00M | 24.3% |
| 2016 | $1.42B | $374.00M | 26.3% |
| 2015 | $1.21B | $253.00M | 20.9% |
| 2014 | $813.00M | $223.00M | 27.4% |
| 2013 | $844.00M | $196.00M | 23.2% |
| 2012 | $552.00M | $191.00M | 34.6% |
| 2011 | $906.00M | $134.00M | 14.8% |
| 2010 | $788.00M | $43.00M | 5.5% |
| 2009 | $682.00M | $63.00M | 9.2% |
| 2008 | $151.00M | $115.00M | 76.2% |
| 2007 | $107.00M | $105.00M | 98.1% |
| 2006 | $441.00M | $93.00M | 21.1% |
| 2005 | $60.00M | $84.00M | 140.0% |
| 2004 | $710.00M | $73.00M | 10.3% |
| 2003 | $193.00M | $68.00M | 35.2% |
| 2002 | $224.00M | $65.00M | 29.0% |
| 2001 | ($157.00M) | $61.00M | N/A (Loss) |
| 2000 | ($239.00M) | $55.00M | N/A (Loss) |
| 1999 | ($279.00M) | $52.00M | N/A (Loss) |
| 1998 | ($380.00M) | $37.00M | N/A (Loss) |
| 1997 | $1.00M | $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.
