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 6.42% is 16% below its 5-year average of 7.67%, near the low end of its 5-year range (3.67%–20.56%).
As of the fiscal period ended Tuesday, March 31, 2026. 12.59% above its 12-month average of 5.70%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
6.42%
FCF PAYOUT RATIO AVG TTM
5.70%
FCF PAYOUT RATIO AVG 3Y
7.10%
FCF PAYOUT RATIO AVG 5Y
6.84%
FCF PAYOUT RATIO AVG 10Y
7.67%
FCF PAYOUT RATIO AVG 15Y
8.09%
FCF PAYOUT RATIO AVG 20Y
7.98%
CURRENT VS TTM AVG
+12.59%
CURRENT VS 3Y AVG
-9.65%
CURRENT VS 5Y AVG
-6.20%
CURRENT VS 10Y AVG
-16.32%
CURRENT VS 15Y AVG
-20.69%
CURRENT VS 20Y AVG
-19.57%
FCF Payout Ratio TTM
6.4%
Earnings Payout Ratio
8.5%
Dividend Yield
0.38%
FCF Yield
5.65%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $5.72B | $381.00M | 6.7% |
| 2025 | $5.23B | $345.00M | 6.6% |
| 2024 | $3.63B | $314.00M | 8.7% |
| 2023 | $4.60B | $292.00M | 6.3% |
| 2022 | $3.90B | $277.00M | 7.1% |
| 2021 | $3.90B | $276.00M | 7.1% |
| 2020 | $3.87B | $294.00M | 7.6% |
| 2019 | $3.48B | $292.00M | 8.4% |
| 2018 | $3.77B | $262.00M | 7.0% |
| 2017 | $4.18B | $253.00M | 6.0% |
| 2016 | $3.00B | $244.00M | 8.1% |
| 2015 | $2.57B | $227.00M | 8.8% |
| 2014 | $2.72B | $214.00M | 7.9% |
| 2013 | $2.08B | $194.00M | 9.3% |
| 2012 | $2.55B | $195.00M | 7.7% |
| 2011 | $1.95B | $171.00M | 8.8% |
| 2010 | $1.94B | $131.00M | 6.8% |
| 2009 | $959.00M | $116.00M | 12.1% |
| 2008 | $513.00M | $70.00M | 13.6% |
| 2007 | $1.23B | $72.00M | 5.8% |
| 2006 | $2.58B | $73.00M | 2.8% |
| 2005 | $1.40B | $70.60M | 5.0% |
| 2004 | $448.40M | $69.80M | 15.6% |
| 2003 | $579.50M | $79.70M | 13.8% |
| 2002 | $197.50M | $78.50M | 39.7% |
| 2001 | $194.20M | $78.30M | 40.3% |
| 2000 | ($561.10M) | $77.50M | N/A (Loss) |
| 1999 | ($236.30M) | $94.80M | N/A (Loss) |
| 1998 | ($230.20M) | $46.30M | N/A (Loss) |
| 1997 | ($1.05B) | $43.30M | 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.
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 | 6.42% |
| 2025-12-31 | 3.67% |
| 2025-09-30 | 5.66% |
| 2025-06-30 | 6.15% |
| 2025-03-31 | 6.60% |
| 2024-12-31 | 20.56% |
| 2024-09-30 | 7.58% |
| 2024-06-30 | 9.89% |
| 2024-03-31 | 8.66% |
| 2023-12-31 | 10.65% |
| 2023-09-30 | 7.01% |
| 2023-06-30 | 6.61% |
| 2023-03-31 | 6.35% |
| 2022-12-31 | 6.85% |
| 2022-09-30 | 7.14% |
| 2022-06-30 | 6.01% |
| 2022-03-31 | 7.10% |
| 2021-12-31 | 6.32% |
| 2021-09-30 | 6.59% |
| 2021-06-30 | 8.21% |
| 2021-03-31 | 7.08% |
| 2020-12-31 | 5.37% |
| 2020-09-30 | 7.32% |
| 2020-06-30 | 10.28% |
| 2020-03-31 | 7.60% |
| 2019-12-31 | 9.54% |
| 2019-09-30 | 9.82% |
| 2019-06-30 | 6.54% |
| 2019-03-31 | 8.39% |
| 2018-12-31 | 11.13% |
| 2018-09-30 | 10.18% |
| 2018-06-30 | 14.00% |
| 2018-03-31 | 6.96% |
| 2017-12-31 | 11.64% |
| 2017-09-30 | 9.50% |
| 2017-06-30 | 8.14% |
| 2017-03-31 | 6.05% |
| 2016-12-31 | 4.44% |
| 2016-09-30 | 5.50% |
| 2016-06-30 | 5.70% |
| 2016-03-31 | 8.15% |
| 2015-12-31 | 12.42% |
| 2015-09-30 | 6.19% |
| 2015-06-30 | 8.00% |
| 2015-03-31 | 8.84% |
| 2014-12-31 | 6.86% |
| 2014-09-30 | 11.51% |
| 2014-06-30 | 10.15% |
| 2014-03-31 | 7.86% |
| 2013-12-31 | 8.95% |
| 2013-09-30 | 8.04% |
| 2013-06-30 | 5.83% |
| 2013-03-31 | 9.34% |
| 2012-12-31 | 17.10% |
| 2012-09-30 | 11.85% |
| 2012-06-30 | 11.87% |
| 2012-03-31 | 7.66% |
| 2011-12-31 | 8.34% |
| 2011-09-30 | 7.51% |
| 2011-06-30 | 10.72% |
| 2011-03-31 | 8.77% |
| 2010-12-31 | 10.23% |
| 2010-09-30 | 11.98% |
| 2010-06-30 | 8.34% |
| 2010-03-31 | 6.76% |
| 2009-12-31 | 6.66% |
| 2009-09-30 | 6.86% |
| 2009-06-30 | 8.61% |
| 2009-03-31 | 12.10% |
| 2008-12-31 | 7.98% |
| 2008-06-30 | 17.56% |
| 2008-03-31 | 13.65% |
| 2007-12-31 | 12.26% |
| 2007-09-30 | 4.01% |
| 2007-06-30 | 5.26% |
| 2007-03-31 | 5.84% |
| 2006-12-31 | 4.51% |
| 2006-09-30 | 5.77% |
| 2006-06-30 | 3.31% |
| 2006-03-31 | 2.83% |
| 2005-12-31 | 3.18% |
| 2005-09-30 | 2.44% |
| 2005-06-30 | 3.77% |
| 2005-03-31 | 5.05% |
| 2004-12-31 | 5.67% |
| 2004-09-30 | 5.85% |
| 2004-06-30 | 12.44% |
| 2004-03-31 | 15.57% |
| 2003-09-30 | 22.02% |
| 2003-06-30 | 9.11% |
| 2003-03-31 | 12.56% |
