Microsoft Corporation(MSFT)
Software - Infrastructure · Redmond, WA
$493.41-6.29 (-1.26%)
Delayed quote: Sep 8, 2026, 3:45 PM EDT
Software - Infrastructure · Redmond, WA
Delayed quote: Sep 8, 2026, 3:45 PM EDT
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 39.48% is 27% above its 5-year average of 31.13%, near the high end of its 5-year range (27.84%–39.48%).
As of the fiscal period ended Tuesday, June 30, 2026. 14.20% above its 12-month average of 34.57%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
39.48%
FCF PAYOUT RATIO AVG TTM
34.57%
FCF PAYOUT RATIO AVG 3Y
32.18%
FCF PAYOUT RATIO AVG 5Y
31.13%
FCF PAYOUT RATIO AVG 10Y
34.39%
FCF PAYOUT RATIO AVG 15Y
33.44%
FCF PAYOUT RATIO AVG 20Y
31.14%
CURRENT VS TTM AVG
+14.20%
CURRENT VS 3Y AVG
+22.69%
CURRENT VS 5Y AVG
+26.83%
CURRENT VS 10Y AVG
+14.79%
CURRENT VS 15Y AVG
+18.04%
CURRENT VS 20Y AVG
+26.79%
FCF Payout Ratio TTM
39.5%
Earnings Payout Ratio
19.8%
Dividend Yield
0.71%
FCF Yield
1.80%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $66.99B | $26.45B | 39.5% |
| 2025 | $71.61B | $24.08B | 33.6% |
| 2024 | $74.07B | $21.77B | 29.4% |
| 2023 | $59.48B | $19.80B | 33.3% |
| 2022 | $65.15B | $18.14B | 27.8% |
| 2021 | $56.12B | $16.52B | 29.4% |
| 2020 | $45.23B | $15.14B | 33.5% |
| 2019 | $38.26B | $13.81B | 36.1% |
| 2018 | $32.25B | $12.70B | 39.4% |
| 2017 | $31.38B | $11.85B | 37.7% |
| 2016 | $24.98B | $11.01B | 44.1% |
| 2015 | $23.72B | $9.88B | 41.7% |
| 2014 | $27.02B | $8.88B | 32.9% |
| 2013 | $24.58B | $7.46B | 30.3% |
| 2012 | $29.32B | $6.38B | 21.8% |
| 2011 | $24.64B | $5.18B | 21.0% |
| 2010 | $22.10B | $4.58B | 20.7% |
| 2009 | $15.92B | $4.47B | 28.1% |
| 2008 | $18.43B | $4.01B | 21.8% |
| 2007 | $15.53B | $3.81B | 24.5% |
| 2006 | $12.83B | $3.54B | 27.6% |
| 2005 | $15.79B | $36.11B | 228.7% |
| 2004 | $13.52B | $1.73B | 12.8% |
| 2003 | $14.91B | $857.00M | 5.7% |
| 2002 | $13.74B | $0 | 0.0% |
| 2001 | $12.32B | $0 | 0.0% |
| 2000 | $10.55B | $13.00M | 0.1% |
| 1999 | $12.55B | $28.00M | 0.2% |
| 1998 | $7.59B | $28.00M | 0.4% |
| 1997 | $4.19B | $15.00M | 0.4% |
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 |
|---|---|
| 2026-06-30 | 39.48% |
| 2026-03-31 | 35.46% |
| 2025-12-31 | 32.64% |
| 2025-09-30 | 31.63% |
| 2025-06-30 | 33.63% |
| 2025-03-31 | 33.86% |
| 2024-12-31 | 32.69% |
| 2024-09-30 | 30.68% |
| 2024-06-30 | 29.39% |
| 2024-03-31 | 30.11% |
| 2023-12-31 | 30.75% |
| 2023-09-30 | 32.00% |
| 2023-06-30 | 33.29% |
| 2023-03-31 | 33.76% |
| 2022-12-31 | 31.81% |
| 2022-09-30 | 29.29% |
| 2022-06-30 | 27.84% |
| 2022-03-31 | 27.84% |
| 2021-12-31 | 28.49% |
| 2021-09-30 | 27.92% |
| 2021-06-30 | 29.44% |
| 2021-03-31 | 30.07% |
| 2020-12-31 | 31.38% |
| 2020-09-30 | 31.45% |
| 2020-06-30 | 33.46% |
| 2020-03-31 | 34.12% |
| 2019-12-31 | 35.59% |
| 2019-09-30 | 36.50% |
| 2019-06-30 | 36.10% |
| 2019-03-31 | 40.18% |
| 2018-12-31 | 41.44% |
| 2018-09-30 | 40.36% |
| 2018-06-30 | 39.37% |
| 2018-03-31 | 37.22% |
| 2017-12-31 | 36.84% |
| 2017-09-30 | 37.30% |
| 2017-06-30 | 37.75% |
| 2017-03-31 | 40.95% |
| 2016-12-31 | 41.68% |
| 2016-09-30 | 42.20% |
| 2016-06-30 | 44.06% |
| 2016-03-31 | 44.12% |
| 2015-12-31 | 42.58% |
| 2015-09-30 | 42.56% |
| 2015-06-30 | 42.66% |
| 2015-03-31 | 36.84% |
| 2014-12-31 | 35.11% |
| 2014-09-30 | 34.53% |
| 2014-06-30 | 33.20% |
| 2014-03-31 | 37.45% |
| 2013-12-31 | 35.97% |
| 2013-09-30 | 32.51% |
| 2013-06-30 | 30.33% |
| 2013-03-31 | 26.20% |
| 2012-12-31 | 25.23% |
| 2012-09-30 | 23.06% |
| 2012-06-30 | 21.78% |
| 2012-03-31 | 21.97% |
| 2011-12-31 | 21.41% |
| 2011-09-30 | 21.56% |
| 2011-06-30 | 21.02% |
| 2011-03-31 | 20.51% |
| 2010-12-31 | 20.51% |
| 2010-09-30 | 18.87% |
| 2010-06-30 | 20.72% |
| 2010-03-31 | 22.77% |
| 2009-12-31 | 24.78% |
| 2009-09-30 | 24.36% |
| 2009-06-30 | 28.07% |
| 2009-03-31 | 27.39% |
| 2008-12-31 | 25.10% |
| 2008-09-30 | 26.03% |
| 2008-06-30 | 21.79% |
| 2008-03-31 | 20.62% |
| 2007-12-31 | 19.85% |
| 2007-09-30 | 22.30% |
| 2007-06-30 | 24.50% |
| 2007-03-31 | 26.03% |
| 2006-12-31 | 31.21% |
| 2006-09-30 | 29.00% |
| 2006-06-30 | 27.64% |
| 2006-03-31 | 24.90% |
| 2005-12-31 | 23.70% |
| 2005-09-30 | 224.57% |
| 2005-06-30 | 228.66% |
| 2005-03-31 | 267.51% |
| 2004-12-31 | 261.65% |
| 2004-09-30 | 6.17% |