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 59.52% is 13% below its 5-year average of 68.30%, near the low end of its 5-year range (56.40%–90.11%).
As of the fiscal period ended Friday, July 31, 2026. 9.49% below its 12-month average of 65.77%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
59.52%
FCF PAYOUT RATIO AVG TTM
65.77%
FCF PAYOUT RATIO AVG 3Y
68.81%
FCF PAYOUT RATIO AVG 5Y
68.30%
FCF PAYOUT RATIO AVG 10Y
61.37%
FCF PAYOUT RATIO AVG 15Y
50.70%
FCF PAYOUT RATIO AVG 20Y
44.71%
CURRENT VS TTM AVG
-9.49%
CURRENT VS 3Y AVG
-13.49%
CURRENT VS 5Y AVG
-12.85%
CURRENT VS 10Y AVG
-3.00%
CURRENT VS 15Y AVG
+17.41%
CURRENT VS 20Y AVG
+33.14%
FCF Payout Ratio TTM
59.5%
Earnings Payout Ratio
70.2%
Dividend Yield
3.03%
FCF Yield
5.07%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $5.43B | $3.64B | 67.1% |
| 2025 | $5.18B | $3.59B | 69.2% |
| 2024 | $5.20B | $3.67B | 70.5% |
| 2023 | $4.58B | $3.62B | 79.0% |
| 2022 | $5.98B | $3.38B | 56.6% |
| 2021 | $4.88B | $3.12B | 63.9% |
| 2020 | $6.02B | $2.89B | 48.1% |
| 2019 | $5.87B | $2.69B | 45.9% |
| 2018 | $3.62B | $2.49B | 69.0% |
| 2017 | $5.63B | $2.38B | 42.2% |
| 2016 | $4.17B | $2.14B | 51.3% |
| 2015 | $4.33B | $1.34B | 30.9% |
| 2014 | $4.56B | $1.12B | 24.5% |
| 2013 | $4.43B | $1.05B | 23.8% |
| 2012 | $3.85B | $1.02B | 26.5% |
| 2011 | $3.19B | $969.00M | 30.3% |
| 2010 | $3.50B | $907.00M | 25.9% |
| 2009 | $3.21B | $843.00M | 26.2% |
| 2008 | $2.88B | $565.00M | 19.6% |
| 2007 | $2.29B | $504.00M | 22.1% |
| 2006 | $963.20M | $464.80M | 48.3% |
| 2005 | $2.37B | $404.90M | 17.1% |
| 2004 | $2.42B | $351.50M | 14.5% |
| 2003 | $1.70B | $304.20M | 17.9% |
| 2002 | $1.20B | $278.80M | 23.2% |
| 2001 | $1.39B | $240.70M | 17.3% |
| 2000 | $699.90M | $189.50M | 27.1% |
| 1999 | ($788.50M) | $131.90M | N/A (Loss) |
| 1998 | $441.90M | $102.90M | 23.3% |
| 1997 | $273.40M | $90.70M | 33.2% |
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 |
|---|---|
| 2026-07-31 | 59.52% |
| 2026-04-24 | 67.07% |
| 2026-01-23 | 67.06% |
| 2025-10-24 | 69.42% |
| 2025-07-25 | 67.90% |
| 2025-04-25 | 69.22% |
| 2025-01-24 | 65.94% |
| 2024-10-25 | 65.92% |
| 2024-07-26 | 70.86% |
| 2024-04-26 | 70.50% |
| 2024-01-26 | 74.18% |
| 2023-10-27 | 90.11% |
| 2023-07-28 | 81.71% |
| 2023-04-28 | 78.95% |
| 2023-01-27 | 85.31% |
| 2022-10-28 | 72.52% |
| 2022-07-29 | 60.13% |
| 2022-04-29 | 56.59% |
| 2022-01-28 | 58.51% |
| 2021-10-29 | 56.40% |
| 2021-07-30 | 54.47% |
| 2021-04-30 | 63.89% |
| 2021-01-29 | 66.14% |
| 2020-10-30 | 63.24% |
| 2020-07-31 | 61.98% |
| 2020-04-24 | 48.07% |
| 2020-01-24 | 42.66% |
| 2019-10-25 | 44.28% |
| 2019-07-26 | 48.32% |
| 2019-04-26 | 45.85% |
| 2019-01-25 | 54.37% |
| 2018-10-26 | 53.41% |
| 2018-07-27 | 55.74% |
| 2018-04-27 | 68.97% |
| 2018-01-26 | 57.13% |
| 2017-10-27 | 56.25% |
| 2017-07-28 | 49.37% |
| 2017-04-28 | 42.23% |
| 2017-01-27 | 44.86% |
| 2016-10-28 | 45.60% |
| 2016-07-29 | 45.83% |
| 2016-04-29 | 51.27% |
| 2016-01-29 | 42.07% |
| 2015-10-30 | 36.44% |
| 2015-07-31 | 33.27% |
| 2015-04-24 | 30.87% |
| 2015-01-23 | 30.25% |
| 2014-10-31 | 30.86% |
| 2014-07-31 | 29.41% |
| 2014-04-30 | 24.46% |
| 2014-01-31 | 24.90% |
| 2013-10-31 | 25.20% |
| 2013-07-31 | 25.80% |
| 2013-04-30 | 23.84% |
| 2013-01-31 | 24.11% |
| 2012-10-31 | 26.14% |
| 2012-07-31 | 24.78% |
| 2012-04-30 | 25.71% |
| 2012-01-31 | 27.60% |
| 2011-10-31 | 26.80% |
| 2011-07-31 | 28.19% |
| 2011-04-30 | 30.35% |
| 2011-01-31 | 26.78% |
| 2010-10-31 | 24.50% |
| 2010-07-31 | 24.85% |
| 2010-04-30 | 25.94% |
| 2010-01-31 | 25.95% |
| 2009-10-31 | 28.47% |
| 2009-07-31 | 28.51% |
| 2009-04-30 | 26.22% |
| 2009-01-31 | 28.39% |
| 2008-10-31 | 26.67% |
| 2008-07-31 | 22.55% |
| 2008-04-30 | 19.60% |
| 2008-01-31 | 17.72% |
| 2007-10-31 | 19.04% |
| 2007-07-31 | 20.16% |
| 2007-04-30 | 22.06% |
| 2007-01-31 | 37.00% |
| 2006-10-31 | 43.10% |
| 2006-07-31 | 31.08% |
| 2006-04-30 | 48.42% |
| 2006-01-31 | 24.45% |
| 2005-10-31 | 21.45% |
| 2005-07-31 | 25.03% |
| 2005-04-30 | 17.10% |
| 2005-01-31 | 15.29% |
| 2004-10-31 | 14.46% |
| 2004-07-31 | 14.67% |
| 2004-04-30 | 14.52% |
| 2004-01-31 | 15.87% |
| 2003-10-31 | 16.13% |
| 2003-07-31 | 16.10% |
