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 125.43% is 125% above its 5-year average of 55.83%, near the high end of its 5-year range (20.19%–138.33%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.51% below its 12-month average of 131.35%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
125.43%
FCF PAYOUT RATIO AVG TTM
131.35%
FCF PAYOUT RATIO AVG 3Y
77.22%
FCF PAYOUT RATIO AVG 5Y
55.83%
FCF PAYOUT RATIO AVG 10Y
27.03%
FCF PAYOUT RATIO AVG 15Y
40.51%
FCF PAYOUT RATIO AVG 20Y
46.27%
CURRENT VS TTM AVG
-4.51%
CURRENT VS 3Y AVG
+62.44%
CURRENT VS 5Y AVG
+124.65%
CURRENT VS 10Y AVG
+364.11%
CURRENT VS 15Y AVG
+209.61%
CURRENT VS 20Y AVG
+171.06%
FCF Payout Ratio TTM
125.4%
Earnings Payout Ratio
674.1%
Dividend Yield
2.31%
FCF Yield
2.02%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $871.00M | $1.09B | 125.4% |
| 2025 | $772.10M | $975.70M | 126.4% |
| 2024 | $2.61B | $911.50M | 35.0% |
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 |
|---|---|
| 2026-03-31 | 125.43% |
| 2025-12-31 | 129.64% |
| 2025-09-30 | 137.01% |
| 2025-06-30 | 138.33% |
| 2025-03-31 | 126.37% |
| 2024-12-31 | 100.32% |
| 2024-09-30 | 63.96% |
| 2024-06-30 | 46.57% |
| 2024-03-31 | 34.96% |
| 2023-12-31 | 30.73% |
| 2023-09-30 | 25.59% |
| 2023-06-30 | 22.77% |
| 2023-03-31 | 22.18% |
| 2022-12-31 | 20.19% |
| 2022-09-30 | 21.04% |
| 2022-06-30 | 20.54% |
| 2022-03-31 | 20.38% |
| 2021-12-31 | 21.03% |
| 2021-09-30 | 22.30% |
| 2021-06-30 | 21.92% |
| 2021-03-31 | 21.29% |
| 2020-12-31 | 20.65% |
| 2020-09-30 | 21.47% |
| 2020-06-30 | 21.93% |
| 2020-03-31 | 23.72% |
| 2019-12-31 | 23.57% |
| 2019-09-30 | 22.38% |
| 2019-06-30 | 21.77% |
| 2019-03-31 | 23.82% |
| 2018-12-31 | 24.78% |
| 2018-09-30 | 27.81% |
| 2018-06-30 | 30.84% |
| 2018-03-31 | 27.83% |
| 2017-12-31 | 27.66% |
| 2017-09-30 | 27.61% |
| 2017-06-30 | 29.15% |
| 2017-03-31 | 32.05% |
| 2016-12-31 | 35.14% |
| 2016-09-30 | 38.18% |
| 2016-06-30 | 42.04% |
| 2016-03-31 | 45.02% |
| 2015-12-31 | 47.58% |
| 2015-09-30 | 51.11% |
| 2015-06-30 | 48.06% |
| 2015-03-31 | 50.11% |
| 2014-12-31 | 48.16% |
| 2014-09-30 | 49.99% |
| 2014-06-30 | 52.12% |
| 2014-03-31 | 50.40% |
| 2013-12-31 | 56.09% |
| 2013-09-30 | 56.28% |
| 2013-06-30 | 66.71% |
| 2013-03-31 | 69.26% |
| 2012-12-31 | 70.84% |
| 2012-09-30 | 85.83% |
| 2012-06-30 | 67.57% |
| 2012-03-31 | 79.67% |
| 2011-12-31 | 54.71% |
| 2011-09-30 | 62.53% |
| 2011-06-30 | 62.46% |
| 2011-03-31 | 56.05% |
| 2010-12-31 | 76.34% |
| 2010-09-30 | 63.75% |
| 2010-06-30 | 63.98% |
| 2010-03-31 | 61.70% |
| 2009-12-31 | 71.15% |
| 2009-09-30 | 103.09% |
| 2009-06-30 | 114.53% |
| 2009-03-31 | 119.57% |
| 2008-12-31 | 102.53% |
| 2008-09-30 | 64.71% |
| 2008-06-30 | 49.18% |
| 2008-03-31 | 49.77% |
| 2007-12-31 | 49.38% |
| 2007-09-30 | 49.88% |
| 2007-06-30 | 63.03% |
| 2007-03-31 | 56.23% |
| 2006-12-31 | 49.33% |
| 2006-09-30 | 42.90% |
| 2006-06-30 | 37.06% |
| 2006-03-31 | 33.27% |
| 2005-12-31 | 28.55% |
| 2005-09-30 | 22.50% |
| 2005-06-30 | 19.63% |
| 2005-03-31 | 14.85% |
| 2004-12-31 | 11.49% |
| 2004-09-30 | 10.19% |
| 2004-06-30 | 8.53% |
| 2004-03-31 | 8.34% |
| 2003-12-31 | 8.12% |
| 2003-09-30 | 6.39% |
| 2003-06-30 | 4.68% |
| 2003-03-31 | 2.26% |
| 2023 |
| $3.13B |
| $695.30M |
| 22.2% |
| 2022 | $2.47B | $503.80M | 20.4% |
| 2021 | $1.82B | $388.30M | 21.3% |
| 2020 | $1.48B | $350.10M | 23.7% |
| 2019 | $1.45B | $344.40M | 23.8% |
| 2018 | $1.21B | $337.50M | 27.8% |
| 2017 | $984.14M | $315.40M | 32.0% |
| 2016 | $646.59M | $291.09M | 45.0% |
| 2015 | $571.71M | $286.48M | 50.1% |
| 2014 | $563.49M | $281.20M | 49.9% |
| 2013 | $395.36M | $273.82M | 69.3% |
| 2012 | $334.09M | $266.18M | 79.7% |
| 2011 | $458.21M | $256.81M | 56.0% |
| 2010 | $404.44M | $249.56M | 61.7% |
| 2009 | $206.28M | $246.66M | 119.6% |
| 2008 | $377.48M | $251.96M | 66.7% |
| 2007 | $369.73M | $207.90M | 56.2% |
| 2006 | $361.03M | $120.11M | 33.3% |
| 2005 | $289.50M | $43.00M | 14.9% |
| 2004 | $279.57M | $23.32M | 8.3% |
| 2003 | $179.80M | $8.13M | 4.5% |
| 2002 | $134.14M | $0 | 0.0% |
| 2001 | ($186.78M) | $0 | N/A (Loss) |
| 2000 | $27.33M | $0 | 0.0% |
| 1999 | $63.00M | $0 | 0.0% |
| 1998 | ($8.76M) | $0 | N/A (Loss) |
| 1997 | ($1.43M) | $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.
