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 24.94% is in line with its 5-year average of 25.47%, around the middle of its 5-year range (19.25%–37.70%).
As of the fiscal period ended Tuesday, June 30, 2026. 20.08% above its 12-month average of 20.77%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
24.94%
FCF PAYOUT RATIO AVG TTM
20.77%
FCF PAYOUT RATIO AVG 3Y
25.15%
FCF PAYOUT RATIO AVG 5Y
25.47%
FCF PAYOUT RATIO AVG 10Y
28.56%
FCF PAYOUT RATIO AVG 15Y
36.95%
FCF PAYOUT RATIO AVG 20Y
40.93%
CURRENT VS TTM AVG
+20.08%
CURRENT VS 3Y AVG
-0.85%
CURRENT VS 5Y AVG
-2.09%
CURRENT VS 10Y AVG
-12.67%
CURRENT VS 15Y AVG
-32.51%
CURRENT VS 20Y AVG
-39.08%
FCF Payout Ratio TTM
24.9%
Earnings Payout Ratio
17.6%
Dividend Yield
0.61%
FCF Yield
2.48%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $978.00M | $197.00M | 20.1% |
| 2024 | $604.00M | $189.00M | 31.3% |
| 2023 | $878.00M | $174.00M | 19.8% |
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 | 24.94% |
| 2026-03-31 | 19.25% |
| 2025-12-31 | 20.14% |
| 2025-09-30 | 19.36% |
| 2025-06-30 | 20.15% |
| 2025-03-31 | 31.12% |
| 2024-12-31 | 31.29% |
| 2024-09-30 | 35.87% |
| 2024-06-30 | 37.70% |
| 2024-03-31 | 20.67% |
| 2023-12-31 | 19.81% |
| 2023-09-30 | 22.08% |
| 2023-06-30 | 24.59% |
| 2023-03-31 | 34.70% |
| 2022-12-31 | 31.23% |
| 2022-09-30 | 30.80% |
| 2022-06-30 | 27.72% |
| 2022-03-31 | 22.71% |
| 2021-12-31 | 20.68% |
| 2021-09-30 | 20.27% |
| 2021-06-30 | 19.79% |
| 2021-03-31 | 18.40% |
| 2020-12-31 | 20.32% |
| 2020-09-30 | 21.81% |
| 2020-06-30 | 21.52% |
| 2020-03-31 | 22.84% |
| 2019-12-31 | 22.66% |
| 2019-09-30 | 24.28% |
| 2019-06-30 | 29.88% |
| 2019-03-31 | 38.59% |
| 2018-12-31 | 35.37% |
| 2018-09-30 | 35.96% |
| 2018-06-30 | 39.29% |
| 2018-03-31 | 38.76% |
| 2017-12-31 | 44.02% |
| 2017-09-30 | 39.57% |
| 2017-06-30 | 34.09% |
| 2017-03-31 | 35.64% |
| 2016-12-31 | 35.13% |
| 2016-09-30 | 36.81% |
| 2016-06-30 | 41.02% |
| 2016-03-31 | 41.99% |
| 2015-12-31 | 42.16% |
| 2015-09-30 | 55.93% |
| 2015-06-30 | 66.49% |
| 2015-03-31 | 63.63% |
| 2014-12-31 | 61.08% |
| 2014-09-30 | 53.97% |
| 2014-06-30 | 52.80% |
| 2014-03-31 | 58.63% |
| 2013-12-31 | 48.27% |
| 2013-09-30 | 62.33% |
| 2013-06-30 | 68.04% |
| 2013-03-31 | 67.02% |
| 2012-12-31 | 102.93% |
| 2012-09-30 | 220.17% |
| 2012-06-30 | 109.67% |
| 2012-03-31 | 103.41% |
| 2011-12-31 | 71.00% |
| 2011-09-30 | 57.67% |
| 2011-06-30 | 64.50% |
| 2011-03-31 | 60.10% |
| 2010-12-31 | 54.93% |
| 2010-09-30 | 53.33% |
| 2010-06-30 | 47.11% |
| 2010-03-31 | 46.38% |
| 2009-12-31 | 39.73% |
| 2009-09-30 | 40.94% |
| 2009-06-30 | 42.37% |
| 2009-03-31 | 54.04% |
| 2008-12-31 | 71.90% |
| 2008-09-30 | 57.21% |
| 2008-06-30 | 79.98% |
| 2008-03-31 | 45.27% |
| 2007-12-31 | 41.03% |
| 2007-09-30 | 34.16% |
| 2007-06-30 | 35.10% |
| 2007-03-31 | 42.63% |
| 2006-12-31 | 64.28% |
| 2006-09-30 | 106.85% |
| 2006-06-30 | 94.05% |
| 2006-03-31 | 57.41% |
| 2005-12-31 | 41.45% |
| 2005-09-30 | 33.85% |
| 2005-06-30 | 29.31% |
| 2005-03-31 | 28.09% |
| 2004-12-31 | 35.31% |
| 2004-09-30 | 33.11% |
| 2004-06-30 | 26.12% |
| 2004-03-31 | 29.57% |
| 2003-12-31 | 21.54% |
| 2003-09-30 | 27.60% |
| 2003-06-30 | 40.78% |
| 2022 |
| $509.00M |
| $160.00M |
| 31.4% |
| 2021 | $714.60M | $147.80M | 20.7% |
| 2020 | $690.40M | $140.30M | 20.3% |
| 2019 | $572.60M | $129.80M | 22.7% |
| 2018 | $329.10M | $116.40M | 35.4% |
| 2017 | $247.30M | $108.90M | 44.0% |
| 2016 | $301.67M | $105.04M | 34.8% |
| 2015 | $262.37M | $107.46M | 41.0% |
| 2014 | $149.47M | $91.30M | 61.1% |
| 2013 | $153.72M | $74.20M | 48.3% |
| 2012 | $71.67M | $73.77M | 102.9% |
| 2011 | $103.73M | $73.65M | 71.0% |
| 2010 | $133.89M | $73.55M | 54.9% |
| 2009 | $179.14M | $71.18M | 39.7% |
| 2008 | $87.39M | $62.51M | 71.5% |
| 2007 | $130.65M | $53.61M | 41.0% |
| 2006 | $72.22M | $46.42M | 64.3% |
| 2005 | $96.38M | $39.95M | 41.5% |
| 2004 | $103.40M | $36.51M | 35.3% |
| 2003 | $156.53M | $33.71M | 21.5% |
| 2002 | $50.88M | $28.28M | 55.6% |
| 2001 | $58.56M | $26.93M | 46.0% |
| 2000 | $42.08M | $25.25M | 60.0% |
| 1999 | $8.80M | $24.30M | 276.1% |
| 1998 | ($249.20M) | $23.20M | N/A (Loss) |
| 1997 | ($169.90M) | $22.10M | N/A (Loss) |
| 1996 | $51.70M | $21.20M | 41.0% |
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.
