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 47.31% is in line with its 5-year average of 48.28%, near the low end of its 5-year range (18.18%–120.91%).
As of the fiscal period ended Tuesday, March 31, 2026. 28.71% below its 12-month average of 66.37%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
47.31%
FCF PAYOUT RATIO AVG TTM
66.37%
FCF PAYOUT RATIO AVG 3Y
44.52%
FCF PAYOUT RATIO AVG 5Y
40.64%
FCF PAYOUT RATIO AVG 10Y
60.13%
FCF PAYOUT RATIO AVG 15Y
57.49%
FCF PAYOUT RATIO AVG 20Y
50.26%
CURRENT VS TTM AVG
-28.71%
CURRENT VS 3Y AVG
+6.27%
CURRENT VS 5Y AVG
+16.40%
CURRENT VS 10Y AVG
-21.32%
CURRENT VS 15Y AVG
-17.71%
CURRENT VS 20Y AVG
-5.88%
FCF Payout Ratio TTM
47.3%
Earnings Payout Ratio
46.2%
Dividend Yield
3.17%
FCF Yield
6.71%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.04B | $1.08B | 53.0% |
| 2024 | $1.38B | $1.06B | 76.8% |
| 2023 | $2.47B | $1.03B | 41.8% |
| 2022 | $5.63B | $1.03B | 18.3% |
| 2021 | $2.00B | $1.04B | 52.2% |
| 2020 | $1.77B | $1.03B | 58.1% |
| 2019 | $1.77B | $1.02B | 57.6% |
| 2018 | $545.00M | $952.00M | 174.7% |
| 2017 | $574.00M | $330.00M | 57.5% |
| 2016 | $367.00M | $809.00M | 220.4% |
| 2015 | $1.12B | $1.20B | 107.4% |
| 2014 | $1.48B | $1.14B | 77.3% |
| 2013 | $1.59B | $997.00M | 62.8% |
| 2012 | $1.09B | $467.00M | 42.8% |
| 2011 | $1.31B | $208.00M | 15.9% |
| 2010 | $1.05B | $119.00M | 11.3% |
| 2009 | ($894.00M) | $116.90M | N/A (Loss) |
| 2008 | $1.77B | $122.60M | 6.9% |
| 2007 | $1.08B | $93.60M | 8.7% |
| 2006 | $188.20M | $60.90M | 32.4% |
| 2005 | $482.40M | $65.40M | 13.6% |
| 2004 | $429.10M | $56.10M | 13.1% |
| 2003 | $230.80M | $52.30M | 22.7% |
| 2002 | $104.20M | $52.00M | 49.9% |
| 2001 | ($438.00M) | $51.90M | N/A (Loss) |
| 2000 | $294.80M | $51.90M | 17.6% |
| 1999 | $224.76M | $53.32M | 23.7% |
| 1998 | $387.80M | $51.70M | 13.3% |
| 1997 | ($762.90M) | $55.30M | N/A (Loss) |
| 1996 | $234.50M | $48.20M | 20.6% |
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 | 47.31% |
| 2025-12-31 | 53.56% |
| 2025-09-30 | 47.82% |
| 2025-06-30 | 62.23% |
| 2025-03-31 | 120.91% |
| 2024-12-31 | 74.54% |
| 2024-09-30 | 45.50% |
| 2024-06-30 | 39.52% |
| 2024-03-31 | 37.02% |
| 2023-12-31 | 44.01% |
| 2023-09-30 | 36.62% |
| 2023-06-30 | 24.66% |
| 2023-03-31 | 21.42% |
| 2022-12-31 | 18.18% |
| 2022-09-30 | 21.01% |
| 2022-06-30 | 39.10% |
| 2022-03-31 | 49.46% |
| 2021-12-31 | 51.73% |
| 2021-09-30 | 86.93% |
| 2021-06-30 | 45.33% |
| 2021-03-31 | 47.09% |
| 2020-12-31 | 58.06% |
| 2020-09-30 | 83.25% |
| 2020-06-30 | 45.48% |
| 2020-03-31 | 64.26% |
| 2019-12-31 | 61.71% |
| 2019-09-30 | 70.64% |
| 2019-06-30 | 116.32% |
| 2019-03-31 | 264.66% |
| 2018-12-31 | 147.14% |
| 2017-12-31 | 57.49% |
| 2017-09-30 | 63.34% |
| 2017-06-30 | 90.44% |
| 2017-03-31 | 112.23% |
| 2016-12-31 | 220.44% |
| 2016-09-30 | 220.99% |
| 2016-06-30 | 257.82% |
| 2016-03-31 | 161.43% |
| 2015-12-31 | 107.40% |
| 2015-09-30 | 97.45% |
| 2015-06-30 | 81.81% |
| 2015-03-31 | 77.17% |
| 2014-12-31 | 77.30% |
| 2014-09-30 | 81.44% |
| 2014-06-30 | 82.95% |
| 2014-03-31 | 67.01% |
| 2013-12-31 | 62.78% |
| 2013-09-30 | 53.72% |
| 2013-06-30 | 44.19% |
| 2013-03-31 | 39.66% |
| 2012-12-31 | 41.36% |
| 2012-09-30 | 35.30% |
| 2012-06-30 | 28.18% |
| 2012-03-31 | 27.04% |
| 2011-12-31 | 16.81% |
| 2011-09-30 | 13.80% |
| 2011-06-30 | 14.52% |
| 2011-03-31 | 12.94% |
| 2010-12-31 | 12.11% |
| 2010-09-30 | 15.64% |
| 2010-06-30 | 18.66% |
| 2009-06-30 | 81.37% |
| 2009-03-31 | 9.66% |
| 2008-12-31 | 6.93% |
| 2008-09-30 | 7.04% |
| 2008-06-30 | 9.22% |
| 2008-03-31 | 9.86% |
| 2007-12-31 | 8.65% |
| 2007-09-30 | 7.82% |
| 2007-06-30 | 6.71% |
| 2007-03-31 | 11.54% |
| 2006-12-31 | 32.36% |
| 2006-06-30 | 256.97% |
| 2006-03-31 | 22.05% |
| 2005-12-31 | 13.56% |
| 2005-09-30 | 11.54% |
| 2005-06-30 | 12.31% |
| 2005-03-31 | 15.78% |
| 2004-12-31 | 12.94% |
| 2004-09-30 | 11.40% |
| 2004-06-30 | 12.35% |
| 2004-03-31 | 16.42% |
| 2003-12-31 | 22.66% |
| 2003-09-30 | 34.57% |
| 2003-06-30 | 62.35% |
| 2003-03-31 | 55.79% |
