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 203.72% is 23% above its 5-year average of 165.42%, around the middle of its 5-year range (76.70%–495.36%).
As of the fiscal period ended Tuesday, March 31, 2026. 42.35% above its 12-month average of 143.12%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
203.72%
FCF PAYOUT RATIO AVG TTM
143.12%
FCF PAYOUT RATIO AVG 3Y
132.43%
FCF PAYOUT RATIO AVG 5Y
165.42%
FCF PAYOUT RATIO AVG 10Y
140.80%
FCF PAYOUT RATIO AVG 15Y
116.61%
FCF PAYOUT RATIO AVG 20Y
96.69%
CURRENT VS TTM AVG
+42.35%
CURRENT VS 3Y AVG
+53.84%
CURRENT VS 5Y AVG
+23.15%
CURRENT VS 10Y AVG
+44.69%
CURRENT VS 15Y AVG
+74.70%
CURRENT VS 20Y AVG
+110.69%
FCF Payout Ratio TTM
203.7%
Earnings Payout Ratio
71.9%
Dividend Yield
2.65%
FCF Yield
1.26%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $3.21B | $4.68B | 145.7% |
| 2024 | $4.75B | $4.24B | 89.2% |
| 2023 | $1.75B | $3.78B | 215.7% |
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 | 203.72% |
| 2025-12-31 | 145.75% |
| 2025-09-30 | 148.32% |
| 2025-06-30 | 119.20% |
| 2025-03-31 | 98.59% |
| 2024-12-31 | 89.23% |
| 2024-09-30 | 76.70% |
| 2024-06-30 | 95.94% |
| 2024-03-31 | 131.08% |
| 2023-12-31 | 215.74% |
| 2021-06-30 | 495.36% |
| 2020-12-31 | 477.04% |
| 2020-09-30 | 124.32% |
| 2020-06-30 | 209.24% |
| 2020-03-31 | 169.84% |
| 2018-12-31 | 360.38% |
| 2018-09-30 | 398.63% |
| 2018-06-30 | 228.24% |
| 2018-03-31 | 131.77% |
| 2017-12-31 | 190.60% |
| 2017-09-30 | 130.39% |
| 2017-06-30 | 114.73% |
| 2017-03-31 | 124.89% |
| 2016-12-31 | 76.91% |
| 2016-09-30 | 57.98% |
| 2016-06-30 | 71.77% |
| 2016-03-31 | 63.94% |
| 2015-12-31 | 61.72% |
| 2015-09-30 | 62.77% |
| 2015-06-30 | 54.25% |
| 2015-03-31 | 54.58% |
| 2014-12-31 | 63.14% |
| 2014-09-30 | 53.99% |
| 2014-06-30 | 62.47% |
| 2014-03-31 | 72.83% |
| 2013-12-31 | 59.87% |
| 2013-09-30 | 180.13% |
| 2013-06-30 | 283.69% |
| 2011-09-30 | 108.74% |
| 2011-06-30 | 93.46% |
| 2011-03-31 | 84.04% |
| 2010-12-31 | 92.78% |
| 2010-09-30 | 92.66% |
| 2010-06-30 | 97.42% |
| 2010-03-31 | 65.68% |
| 2009-12-31 | 50.23% |
| 2009-09-30 | 46.00% |
| 2009-06-30 | 31.81% |
| 2009-03-31 | 85.53% |
| 2008-12-31 | 63.24% |
| 2008-09-30 | 72.59% |
| 2008-06-30 | 150.00% |
| 2008-03-31 | 38.36% |
| 2007-12-31 | 37.67% |
| 2007-09-30 | 32.06% |
| 2007-06-30 | 19.08% |
| 2007-03-31 | 30.45% |
| 2006-12-31 | 88.24% |
| 2005-09-30 | 45.76% |
| 2005-06-30 | 400.00% |
| 2005-03-31 | 121.53% |
| 2004-12-31 | 41.88% |
| 2004-09-30 | 36.54% |
| 2004-06-30 | 31.23% |
| 2004-03-31 | 42.07% |
| 2003-12-31 | 49.25% |
| 2003-09-30 | 105.02% |
| 2003-06-30 | 70.39% |
| 2003-03-31 | 30.21% |
| 2022 |
| ($1.48B) |
| $3.35B |
| N/A (Loss) |
| 2021 | ($277.00M) | $3.02B | N/A (Loss) |
| 2020 | $224.00M | $2.74B | n/m |
| 2019 | ($2.92B) | $2.41B | N/A (Loss) |
| 2018 | $583.00M | $2.10B | 360.4% |
| 2017 | $968.00M | $1.84B | 190.6% |
| 2016 | $2.10B | $1.61B | 76.9% |
| 2015 | $2.24B | $1.39B | 61.7% |
| 2014 | $2.00B | $1.26B | 63.1% |
| 2013 | $1.87B | $1.12B | 60.0% |
| 2012 | ($878.00M) | $1.00B | N/A (Loss) |
| 2011 | $47.00M | $920.00M | n/m |
| 2010 | $887.00M | $823.00M | 92.8% |
| 2009 | $1.56B | $766.00M | 49.0% |
| 2008 | $1.13B | $714.00M | 63.2% |
| 2007 | $1.74B | $654.00M | 37.7% |
| 2006 | $672.00M | $593.00M | 88.2% |
| 2005 | ($69.00M) | $544.00M | N/A (Loss) |
| 2004 | $1.11B | $467.00M | 41.9% |
| 2003 | $863.00M | $425.00M | 49.2% |
| 2002 | $1.06B | $400.00M | 37.7% |
| 2001 | $788.00M | $377.00M | 47.8% |
| 2000 | ($323.00M) | $366.00M | N/A (Loss) |
| 1999 | $702.00M | $355.00M | 50.6% |
| 1998 | $1.13B | $345.00M | 30.6% |
| 1997 | $1.05B | $332.00M | 31.7% |
| 1996 | $1.10B | $320.30M | 29.0% |
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.
