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 166.77% is 157% above its 5-year average of 64.91%, near the high end of its 5-year range (38.60%–174.55%).
As of the fiscal period ended Tuesday, March 31, 2026. 46.23% above its 12-month average of 114.05%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
166.77%
FCF PAYOUT RATIO AVG TTM
114.05%
FCF PAYOUT RATIO AVG 3Y
61.14%
FCF PAYOUT RATIO AVG 5Y
53.78%
FCF PAYOUT RATIO AVG 10Y
53.67%
FCF PAYOUT RATIO AVG 15Y
50.01%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+46.23%
CURRENT VS 3Y AVG
+172.76%
CURRENT VS 5Y AVG
+210.10%
CURRENT VS 10Y AVG
+210.72%
CURRENT VS 15Y AVG
+233.45%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
166.8%
Earnings Payout Ratio
49.8%
Dividend Yield
3.83%
FCF Yield
2.31%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.55B | $8.12B | 178.6% |
| 2024 | $9.64B | $6.11B | 63.4% |
| 2023 | $10.36B | $4.70B | 45.4% |
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 | 166.77% |
| 2025-12-31 | 174.55% |
| 2025-09-30 | 81.30% |
| 2025-06-30 | 79.41% |
| 2025-03-31 | 68.20% |
| 2024-12-31 | 63.08% |
| 2024-09-30 | 65.85% |
| 2024-06-30 | 64.02% |
| 2024-03-31 | 83.79% |
| 2023-12-31 | 45.39% |
| 2023-09-30 | 40.10% |
| 2023-06-30 | 40.40% |
| 2023-03-31 | 41.01% |
| 2022-12-31 | 39.16% |
| 2022-09-30 | 44.39% |
| 2022-06-30 | 41.86% |
| 2022-03-31 | 38.60% |
| 2021-12-31 | 44.57% |
| 2021-09-30 | 41.53% |
| 2021-06-30 | 48.51% |
| 2021-03-31 | 50.62% |
| 2020-12-31 | 48.79% |
| 2020-09-30 | 43.82% |
| 2020-06-30 | 39.96% |
| 2020-03-31 | 51.13% |
| 2019-12-31 | 52.82% |
| 2019-09-30 | 52.44% |
| 2019-06-30 | 62.25% |
| 2019-03-31 | 59.71% |
| 2018-12-31 | 60.50% |
| 2018-09-30 | 61.42% |
| 2018-06-30 | 58.00% |
| 2018-03-31 | 67.79% |
| 2017-12-31 | 56.67% |
| 2017-09-30 | 49.35% |
| 2017-06-30 | 47.49% |
| 2017-03-31 | 42.98% |
| 2016-12-31 | 60.88% |
| 2016-09-30 | 62.74% |
| 2016-06-30 | 45.09% |
| 2016-03-31 | 47.55% |
| 2015-12-31 | 39.29% |
| 2015-09-30 | 39.95% |
| 2015-06-30 | 37.76% |
| 2015-03-31 | 40.12% |
| 2014-12-31 | 46.09% |
| 2014-09-30 | 47.08% |
| 2014-06-30 | 59.06% |
| 2014-03-31 | 62.74% |
| 2013-12-31 | 42.21% |
| 2013-09-30 | 52.39% |
| 2013-06-30 | 48.60% |
| 2013-03-31 | 52.80% |
| 2012-12-31 | 42.83% |
| 2012-09-30 | 38.09% |
| 2012-06-30 | 37.34% |
| 2012-03-31 | 38.41% |
| 2011-12-31 | 32.53% |
| 2011-09-30 | 31.02% |
| 2011-06-30 | 33.70% |
| 2011-03-31 | 35.61% |
| 2010-12-31 | 28.47% |
| 2010-09-30 | 30.28% |
| 2010-06-30 | 32.20% |
| 2010-03-31 | 34.67% |
| 2022 |
| $9.20B |
| $3.63B |
| 39.5% |
| 2021 | $7.28B | $3.29B | 45.2% |
| 2020 | $4.89B | $3.30B | 67.4% |
| 2019 | $5.32B | $2.91B | 54.6% |
| 2018 | $4.95B | $2.93B | 59.1% |
| 2017 | $5.23B | $3.03B | 57.9% |
| 2016 | $5.66B | $3.37B | 59.5% |
| 2015 | $4.64B | $1.88B | 40.5% |
| 2014 | $4.44B | $1.93B | 43.4% |
| 2013 | $4.11B | $1.79B | 43.6% |
| 2012 | $3.28B | $1.36B | 41.6% |
| 2011 | $3.14B | $991.23M | 31.6% |
| 2010 | $2.82B | $787.60M | 27.9% |
| 2009 | $2.36B | $0 | 0.0% |
| 2008 | $2.03B | $524.44M | 25.8% |
| 2007 | $1.48B | $434.02M | 29.4% |
| 2006 | $781.35M | $343.28M | 43.9% |
| 2005 | $762.58M | $252.19M | 33.1% |
| 2004 | $816.18M | $272.73M | 33.4% |
| 2003 | $620.01M | $211.00M | 34.0% |
| 2002 | $149.08M | $186.64M | 125.2% |
| 2001 | $60.45M | $146.41M | 242.2% |
| 2000 | $465.59M | $110.92M | 23.8% |
| 1999 | $273.41M | $90.34M | 33.0% |
| 1998 | $214.95M | $68.82M | 32.0% |
| 1997 | $67.82M | $44.92M | 66.2% |
| 1996 | ($20.31M) | $29.98M | N/A (Loss) |
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.
