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 86.53% is 15% above its 5-year average of 75.30%, near the high end of its 5-year range (65.54%–93.57%).
As of the fiscal period ended Tuesday, June 30, 2026. 12.35% above its 12-month average of 77.02%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
86.53%
FCF PAYOUT RATIO AVG TTM
77.02%
FCF PAYOUT RATIO AVG 3Y
75.94%
FCF PAYOUT RATIO AVG 5Y
75.30%
FCF PAYOUT RATIO AVG 10Y
97.26%
FCF PAYOUT RATIO AVG 15Y
97.26%
FCF PAYOUT RATIO AVG 20Y
107.21%
CURRENT VS TTM AVG
+12.35%
CURRENT VS 3Y AVG
+13.95%
CURRENT VS 5Y AVG
+14.92%
CURRENT VS 10Y AVG
-11.03%
CURRENT VS 15Y AVG
-11.03%
CURRENT VS 20Y AVG
-19.28%
FCF Payout Ratio TTM
86.5%
Earnings Payout Ratio
107.1%
Dividend Yield
4.29%
FCF Yield
5.27%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.83B | $1.29B | 70.4% |
| 2024 | $1.57B | $1.18B | 75.3% |
| 2023 | $1.53B | $1.19B | 77.8% |
| 2022 | $1.71B | $1.22B | 71.0% |
| 2021 | $1.57B | $1.20B | 76.4% |
| 2020 | $959.81M | $1.20B | 125.1% |
| 2019 | $682.46M | $1.02B | 149.2% |
| 2018 | $754.78M | $913.80M | 121.1% |
| 2017 | ($259.01M) | $620.50M | N/A (Loss) |
| 2016 | ($496.46M) | $260.86M | N/A (Loss) |
| 2015 | ($729.42M) | $212.33M | N/A (Loss) |
| 2014 | ($526.26M) | $231.31M | N/A (Loss) |
| 2013 | ($215.40M) | $207.87M | N/A (Loss) |
| 2012 | ($188.40M) | $182.49M | N/A (Loss) |
| 2011 | ($188.58M) | $21.24M | N/A (Loss) |
| 2010 | $56.48M | $254.43M | 450.5% |
| 2009 | $76.65M | $0 | 0.0% |
| 2008 | ($3.33M) | $161.17M | N/A (Loss) |
| 2007 | ($110.86M) | $175.73M | N/A (Loss) |
| 2006 | ($21.52M) | $0 | N/A (Loss) |
| 2005 | $28.30M | $0 | 0.0% |
| 2004 | $76.77M | $88.03M | 114.7% |
| 2003 | $67.33M | $77.52M | 115.1% |
| 2002 | $49.93M | $60.91M | 122.0% |
| 2001 | $51.10M | $49.75M | 97.3% |
| 2000 | $6.00M | $40.87M | 680.9% |
| 1999 | $34.00M | $40.98M | 120.5% |
| 1998 | $33.66M | $41.60M | 123.6% |
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 |
|---|---|
| 2026-06-30 | 86.53% |
| 2026-03-31 | 89.24% |
| 2025-12-31 | 71.02% |
| 2025-09-30 | 69.64% |
| 2025-06-30 | 68.68% |
| 2025-03-31 | 65.54% |
| 2024-12-31 | 75.32% |
| 2024-09-30 | 71.22% |
| 2024-06-30 | 75.61% |
| 2024-03-31 | 78.50% |
| 2023-12-31 | 77.65% |
| 2023-09-30 | 82.73% |
| 2023-06-30 | 75.54% |
| 2023-03-31 | 77.63% |
| 2022-12-31 | 71.20% |
| 2022-09-30 | 72.66% |
| 2022-06-30 | 71.11% |
| 2022-03-31 | 72.30% |
| 2021-12-31 | 78.48% |
| 2021-09-30 | 75.35% |
| 2021-06-30 | 93.57% |
| 2021-03-31 | 94.23% |
| 2020-12-31 | 121.96% |
| 2020-09-30 | 159.20% |
| 2020-06-30 | 184.15% |
| 2020-03-31 | 237.21% |
| 2019-12-31 | 148.95% |
| 2019-09-30 | 145.06% |
| 2019-06-30 | 130.77% |
| 2019-03-31 | 114.43% |
| 2018-12-31 | 121.64% |
| 2018-09-30 | 130.30% |
| 2018-06-30 | 161.98% |
| 2018-03-31 | 423.90% |
| 2010-12-31 | 396.01% |
| 2010-09-30 | 105.83% |
| 2010-06-30 | 95.73% |
| 2010-03-31 | 108.16% |
| 2009-12-31 | 198.02% |
| 2009-09-30 | 216.72% |
| 2009-06-30 | 309.43% |
| 2009-03-31 | 567.27% |
| 2006-03-31 | 926.28% |
| 2005-12-31 | 259.58% |
| 2005-09-30 | 184.37% |
| 2005-06-30 | 135.64% |
| 2005-03-31 | 113.56% |
| 2004-12-31 | 116.02% |
| 2004-09-30 | 36.24% |
| 2004-06-30 | 68.29% |
| 2004-03-31 | 55.71% |
| 2003-12-31 | 52.58% |
| 2003-06-30 | 162.56% |
