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 22.19% is 51% below its 5-year average of 45.21%, near the low end of its 5-year range (19.71%–78.67%).
As of the fiscal period ended Tuesday, March 31, 2026. 23.47% below its 12-month average of 29.00%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
22.19%
FCF PAYOUT RATIO AVG TTM
29.00%
FCF PAYOUT RATIO AVG 3Y
34.47%
FCF PAYOUT RATIO AVG 5Y
45.21%
FCF PAYOUT RATIO AVG 10Y
33.81%
FCF PAYOUT RATIO AVG 15Y
31.62%
FCF PAYOUT RATIO AVG 20Y
26.82%
CURRENT VS TTM AVG
-23.47%
CURRENT VS 3Y AVG
-35.62%
CURRENT VS 5Y AVG
-50.91%
CURRENT VS 10Y AVG
-34.37%
CURRENT VS 15Y AVG
-29.82%
CURRENT VS 20Y AVG
-17.26%
FCF Payout Ratio TTM
22.2%
Earnings Payout Ratio
N/A
Dividend Yield
3.89%
FCF Yield
18.32%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.79B | $549.60M | 19.7% |
| 2024 | $1.59B | $552.70M | 34.7% |
| 2023 | $1.34B | $562.70M | 41.9% |
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 | 22.19% |
| 2025-12-31 | 19.71% |
| 2025-09-30 | 33.01% |
| 2025-06-30 | 31.19% |
| 2025-03-31 | 38.89% |
| 2024-12-31 | 34.70% |
| 2024-09-30 | 36.94% |
| 2024-06-30 | 41.36% |
| 2024-03-31 | 44.84% |
| 2023-12-31 | 41.88% |
| 2023-09-30 | 78.67% |
| 2023-06-30 | 71.03% |
| 2023-03-31 | 66.15% |
| 2022-12-31 | 68.50% |
| 2022-09-30 | 76.49% |
| 2022-06-30 | 72.75% |
| 2022-03-31 | 50.59% |
| 2021-12-31 | 46.29% |
| 2021-09-30 | 22.80% |
| 2021-06-30 | 25.70% |
| 2021-03-31 | 25.63% |
| 2020-12-31 | 34.12% |
| 2020-09-30 | 41.77% |
| 2020-06-30 | 40.49% |
| 2020-03-31 | 49.11% |
| 2019-12-31 | 32.18% |
| 2019-09-30 | 35.44% |
| 2019-06-30 | 33.43% |
| 2019-03-31 | 30.92% |
| 2018-12-31 | 35.93% |
| 2018-09-30 | 30.44% |
| 2018-06-30 | 33.20% |
| 2018-03-31 | 36.38% |
| 2017-12-31 | 27.58% |
| 2017-09-30 | 40.39% |
| 2017-06-30 | 28.50% |
| 2017-03-31 | 25.18% |
| 2016-12-31 | 28.62% |
| 2016-09-30 | 26.29% |
| 2016-06-30 | 29.48% |
| 2016-03-31 | 28.26% |
| 2015-12-31 | 25.22% |
| 2015-09-30 | 30.12% |
| 2015-06-30 | 36.62% |
| 2015-03-31 | 33.44% |
| 2014-12-31 | 37.04% |
| 2014-09-30 | 35.57% |
| 2014-06-30 | 32.07% |
| 2014-03-31 | 30.92% |
| 2013-12-31 | 21.38% |
| 2013-09-30 | 30.15% |
| 2013-06-30 | 31.75% |
| 2013-03-31 | 34.30% |
| 2012-12-31 | 32.47% |
| 2012-09-30 | 22.06% |
| 2012-06-30 | 19.33% |
| 2012-03-31 | 21.62% |
| 2011-12-31 | 23.82% |
| 2011-09-30 | 20.35% |
| 2011-06-30 | 20.46% |
| 2011-03-31 | 16.93% |
| 2010-12-31 | 17.22% |
| 2010-09-30 | 18.20% |
| 2010-06-30 | 15.29% |
| 2010-03-31 | 12.09% |
| 2009-12-31 | 11.69% |
| 2009-09-30 | 12.82% |
| 2009-06-30 | 13.33% |
| 2009-03-31 | 12.81% |
| 2008-12-31 | 16.24% |
| 2008-09-30 | 13.40% |
| 2008-06-30 | 14.61% |
| 2008-03-31 | 15.67% |
| 2007-12-31 | 13.28% |
| 2007-09-30 | 13.56% |
| 2007-06-30 | 13.08% |
| 2007-03-31 | 15.54% |
| 2006-12-31 | 11.24% |
| 2006-09-30 | 11.51% |
| 2006-06-30 | 10.85% |
| 2006-03-31 | 10.20% |
| 2005-12-31 | 19.79% |
| 2005-09-30 | 16.92% |
| 2005-06-30 | 19.92% |
| 2005-03-31 | 13.78% |
| 2004-12-31 | 14.46% |
| 2004-09-30 | 18.33% |
| 2004-06-30 | 15.52% |
| 2004-03-31 | 19.34% |
| 2003-12-31 | 16.35% |
| 2003-09-30 | 14.98% |
| 2003-06-30 | 16.31% |
| 2003-03-31 | 15.17% |
| 2022 |
| $848.30M |
| $581.10M |
| 68.5% |
| 2021 | $1.28B | $592.30M | 46.3% |
| 2020 | $1.65B | $562.70M | 34.1% |
| 2019 | $1.75B | $564.30M | 32.2% |
| 2018 | $1.53B | $548.50M | 35.9% |
| 2017 | $1.87B | $515.20M | 27.6% |
| 2016 | $1.77B | $505.40M | 28.6% |
| 2015 | $1.97B | $496.70M | 25.2% |
| 2014 | $1.26B | $468.00M | 37.0% |
| 2013 | $1.60B | $318.40M | 19.9% |
| 2012 | $1.23B | $397.80M | 32.5% |
| 2011 | $1.13B | $269.10M | 23.8% |
| 2010 | $1.33B | $229.70M | 17.2% |
| 2009 | $1.60B | $187.10M | 11.7% |
| 2008 | $1.18B | $192.00M | 16.2% |
| 2007 | $1.38B | $182.80M | 13.3% |
| 2006 | $1.56B | $175.80M | 11.2% |
| 2005 | $828.50M | $164.00M | 19.8% |
| 2004 | $1.13B | $163.10M | 14.5% |
| 2003 | $913.13M | $149.32M | 16.4% |
| 2002 | $883.40M | $148.41M | 16.8% |
| 2001 | $626.14M | $135.68M | 21.7% |
| 2000 | $535.59M | $262.33M | 49.0% |
| 1999 | $79.70M | $103.90M | 130.4% |
| 1998 | ($182.80M) | $128.80M | N/A (Loss) |
| 1997 | $457.60M | $100.80M | 22.0% |
| 1996 | $445.20M | $78.50M | 17.6% |
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.
