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 45.27% is 34% below its 5-year average of 68.12%, near the low end of its 5-year range (25.11%–180.19%).
As of the fiscal period ended Tuesday, June 30, 2026. 28.21% below its 12-month average of 63.07%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.27%
FCF PAYOUT RATIO AVG TTM
63.07%
FCF PAYOUT RATIO AVG 3Y
56.19%
FCF PAYOUT RATIO AVG 5Y
57.45%
FCF PAYOUT RATIO AVG 10Y
43.23%
FCF PAYOUT RATIO AVG 15Y
37.52%
FCF PAYOUT RATIO AVG 20Y
39.51%
CURRENT VS TTM AVG
-28.21%
CURRENT VS 3Y AVG
-19.43%
CURRENT VS 5Y AVG
-21.19%
CURRENT VS 10Y AVG
+4.72%
CURRENT VS 15Y AVG
+20.66%
CURRENT VS 20Y AVG
+14.58%
FCF Payout Ratio TTM
45.3%
Earnings Payout Ratio
40.8%
Dividend Yield
2.57%
FCF Yield
5.69%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.16B | $628.00M | 54.0% |
| 2024 | $699.00M | $622.00M | 89.0% |
| 2023 | $1.90B | $598.00M | 31.6% |
| 2022 | $477.00M | $570.00M | 119.5% |
| 2021 | $1.19B | $536.00M | 45.0% |
| 2020 | $1.83B | $496.00M | 27.2% |
| 2019 | $1.67B | $468.00M | 28.1% |
| 2018 | $1.06B | $453.00M | 42.9% |
| 2017 | $1.21B | $434.00M | 35.9% |
| 2016 | $923.00M | $414.00M | 44.9% |
| 2015 | $1.36B | $383.00M | 28.1% |
| 2014 | $941.00M | $361.00M | 38.4% |
| 2013 | $1.28B | $345.00M | 27.0% |
| 2012 | $1.38B | $358.00M | 26.0% |
| 2011 | $1.05B | $355.00M | 33.9% |
| 2010 | $1.00B | $360.00M | 35.9% |
| 2009 | $1.11B | $430.00M | 38.9% |
| 2008 | $975.00M | $422.00M | 43.3% |
| 2007 | $643.00M | $335.00M | 52.1% |
| 2006 | $758.00M | $316.00M | 41.7% |
| 2005 | $777.00M | $316.00M | 40.7% |
| 2004 | $774.00M | $307.00M | 39.7% |
| 2003 | $906.00M | $294.00M | 32.5% |
| 2002 | $634.00M | $287.00M | 45.3% |
| 2001 | $769.00M | $283.00M | 36.8% |
| 2000 | $309.00M | $276.00M | 89.3% |
| 1999 | $412.00M | $264.00M | 64.1% |
| 1998 | $455.00M | $252.00M | 55.4% |
| 1997 | $541.00M | $239.00M | 44.2% |
| 1996 | $532.00M | $237.00M | 44.5% |
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 | 45.27% |
| 2026-03-31 | 51.59% |
| 2025-12-31 | 54.00% |
| 2025-09-30 | 86.34% |
| 2025-06-30 | 78.13% |
| 2025-03-31 | 79.46% |
| 2024-12-31 | 88.98% |
| 2024-09-30 | 48.17% |
| 2024-06-30 | 43.00% |
| 2024-03-31 | 38.17% |
| 2023-12-31 | 32.12% |
| 2023-09-30 | 37.67% |
| 2023-06-30 | 47.63% |
| 2023-03-31 | 63.55% |
| 2022-12-31 | 128.09% |
| 2022-09-30 | 180.19% |
| 2022-06-30 | 158.81% |
| 2022-03-31 | 68.72% |
| 2021-12-31 | 45.00% |
| 2021-09-30 | 30.50% |
| 2021-06-30 | 25.11% |
| 2021-03-31 | 26.26% |
| 2020-12-31 | 27.16% |
| 2020-09-30 | 30.30% |
| 2020-06-30 | 31.14% |
| 2020-03-31 | 29.99% |
| 2019-12-31 | 28.07% |
| 2019-09-30 | 27.80% |
| 2019-06-30 | 32.90% |
| 2019-03-31 | 36.44% |
| 2018-12-31 | 42.90% |
| 2018-09-30 | 54.73% |
| 2018-06-30 | 49.56% |
| 2018-03-31 | 46.15% |
| 2017-12-31 | 35.93% |
| 2017-09-30 | 33.94% |
| 2017-06-30 | 29.15% |
| 2017-03-31 | 47.52% |
| 2016-12-31 | 44.85% |
| 2016-09-30 | 35.71% |
| 2016-06-30 | 34.70% |
| 2016-03-31 | 21.04% |
| 2015-12-31 | 28.14% |
| 2015-09-30 | 38.59% |
| 2015-06-30 | 46.86% |
| 2015-03-31 | 96.58% |
| 2014-12-31 | 38.36% |
| 2014-09-30 | 38.09% |
| 2014-06-30 | 31.74% |
| 2014-03-31 | 23.22% |
| 2013-12-31 | 27.04% |
| 2013-09-30 | 22.07% |
| 2013-06-30 | 24.67% |
| 2013-03-31 | 27.48% |
| 2012-12-31 | 26.02% |
| 2012-09-30 | 24.15% |
| 2012-06-30 | 23.52% |
| 2012-03-31 | 26.73% |
| 2011-12-31 | 30.50% |
| 2011-09-30 | 41.19% |
| 2011-06-30 | 53.01% |
| 2011-03-31 | 50.00% |
| 2010-12-31 | 44.57% |
| 2010-09-30 | 42.39% |
| 2010-06-30 | 32.97% |
| 2010-03-31 | 32.10% |
| 2009-12-31 | 38.88% |
| 2009-09-30 | 37.50% |
| 2009-06-30 | 48.50% |
| 2009-03-31 | 62.48% |
| 2008-12-31 | 41.13% |
| 2008-09-30 | 43.56% |
| 2008-06-30 | 47.35% |
| 2008-03-31 | 41.07% |
| 2007-12-31 | 52.10% |
| 2007-09-30 | 53.24% |
| 2007-06-30 | 52.17% |
| 2007-03-31 | 52.46% |
| 2006-12-31 | 41.69% |
| 2006-09-30 | 45.19% |
| 2006-06-30 | 38.34% |
| 2006-03-31 | 47.73% |
| 2005-12-31 | 40.67% |
| 2005-09-30 | 42.51% |
| 2005-06-30 | 46.51% |
| 2005-03-31 | 40.36% |
| 2004-12-31 | 39.66% |
| 2004-09-30 | 36.44% |
| 2004-06-30 | 35.83% |
| 2004-03-31 | 31.79% |
| 2003-12-31 | 32.45% |
| 2003-09-30 | 36.28% |
| 2003-06-30 | 43.37% |
