Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
The FCF payout ratio is 94.10% as of the fiscal period ended Tuesday, March 31, 2026.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
94.10%
FCF PAYOUT RATIO AVG TTM
88.75%
FCF PAYOUT RATIO AVG 3Y
85.63%
FCF PAYOUT RATIO AVG 5Y
81.21%
FCF PAYOUT RATIO AVG 10Y
88.27%
FCF PAYOUT RATIO AVG 15Y
85.78%
FCF PAYOUT RATIO AVG 20Y
82.77%
CURRENT VS TTM AVG
+6.03%
CURRENT VS 3Y AVG
+9.90%
CURRENT VS 5Y AVG
+15.88%
CURRENT VS 10Y AVG
+6.61%
CURRENT VS 15Y AVG
+9.71%
CURRENT VS 20Y AVG
+13.69%
FCF Payout Ratio TTM
94.1%
Earnings Payout Ratio
132.7%
Dividend Yield
3.72%
FCF Yield
5.40%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.90B | $2.30B | 79.5% |
| 2024 | $2.71B | $2.30B | 85.0% |
| 2023 | $2.79B | $2.31B | 82.8% |
| 2022 | $2.66B | $3.91B | 147.1% |
| 2021 | $2.27B | $1.59B | 69.9% |
| 2020 | $1.87B | $1.61B | 85.8% |
| 2019 | $1.88B | $1.61B | 85.6% |
| 2018 | $1.92B | $1.61B | 83.9% |
| 2017 | $1.85B | $1.63B | 88.0% |
| 2016 | $1.59B | $1.51B | 94.5% |
| 2015 | $1.45B | $1.37B | 94.3% |
| 2014 | $1.38B | $1.20B | 86.9% |
| 2013 | $1.27B | $1.09B | 85.9% |
| 2012 | $1.21B | $959.15M | 79.5% |
| 2011 | $1.11B | $846.25M | 75.9% |
| 2010 | $998.96M | $754.77M | 75.6% |
| 2009 | $1.05B | $651.64M | 62.0% |
| 2008 | $1.00B | $755.29M | 75.5% |
| 2007 | $763.40M | $619.79M | 81.2% |
| 2006 | $477.47M | $533.86M | 111.8% |
| 2005 | $307.18M | $438.66M | 142.8% |
| 2004 | $595.32M | $432.68M | 72.7% |
| 2003 | $547.92M | $393.56M | 71.8% |
| 2002 | $591.28M | $391.73M | 66.3% |
| 2001 | $538.53M | $342.03M | 63.5% |
| 2000 | $130.12M | $388.88M | 298.9% |
| 1999 | $118.39M | $233.40M | 197.1% |
| 1998 | $145.61M | $211.40M | 145.2% |
| 1997 | ($16.40M) | $195.50M | N/A (Loss) |
| 1996 | ($19.70M) | $136.30M | 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.
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 | 94.10% |
| 2025-12-31 | 93.29% |
| 2025-09-30 | 92.33% |
| 2025-06-30 | 81.69% |
| 2025-03-31 | 82.35% |
| 2024-12-31 | 85.00% |
| 2024-09-30 | 85.40% |
| 2024-06-30 | 83.52% |
| 2024-03-31 | 83.96% |
| 2023-12-31 | 82.76% |
| 2023-09-30 | 77.51% |
| 2023-06-30 | 152.35% |
| 2023-03-31 | 151.25% |
| 2022-12-31 | 147.08% |
| 2022-09-30 | 146.32% |
| 2022-06-30 | 64.49% |
| 2022-03-31 | 67.54% |
| 2021-12-31 | 69.89% |
| 2021-09-30 | 74.86% |
| 2021-06-30 | 79.30% |
| 2021-03-31 | 82.51% |
| 2020-12-31 | 85.77% |
| 2020-09-30 | 87.47% |
| 2020-06-30 | 87.35% |
| 2020-03-31 | 86.86% |
| 2019-12-31 | 85.56% |
| 2019-09-30 | 89.93% |
| 2019-06-30 | 87.04% |
| 2019-03-31 | 87.98% |
| 2018-12-31 | 88.00% |
| 2018-09-30 | 88.73% |
| 2018-06-30 | 95.85% |
| 2018-03-31 | 102.45% |
| 2017-12-31 | 107.61% |
| 2017-09-30 | 105.89% |
| 2017-06-30 | 102.80% |
| 2017-03-31 | 97.53% |
| 2016-12-31 | 94.47% |
| 2016-09-30 | 91.90% |
| 2016-06-30 | 93.75% |
| 2016-03-31 | 94.68% |
| 2015-12-31 | 94.41% |
| 2015-09-30 | 90.10% |
| 2015-06-30 | 87.87% |
| 2015-03-31 | 86.72% |
| 2014-12-31 | 87.09% |
| 2014-09-30 | 87.24% |
| 2014-06-30 | 87.41% |
| 2014-03-31 | 87.93% |
| 2013-12-31 | 86.78% |
| 2013-09-30 | 65.66% |
| 2013-06-30 | 62.98% |
| 2013-03-31 | 61.18% |
| 2012-12-31 | 59.96% |
| 2012-09-30 | 61.43% |
| 2012-06-30 | 41.70% |
| 2012-03-31 | 21.24% |
| 2011-06-30 | 17.05% |
| 2011-03-31 | 34.91% |
| 2010-12-31 | 51.67% |
| 2010-09-29 | 73.90% |
| 2010-06-30 | 69.80% |
| 2010-03-31 | 66.38% |
| 2009-12-31 | 63.56% |
| 2009-09-30 | 74.01% |
| 2009-06-30 | 75.29% |
| 2009-03-31 | 77.33% |
| 2008-12-31 | 81.06% |
| 2008-09-30 | 70.71% |
| 2008-06-30 | 75.69% |
| 2008-03-31 | 75.46% |
| 2007-12-31 | 79.98% |
| 2007-09-30 | 79.37% |
| 2007-06-30 | 81.91% |
| 2007-03-31 | 90.20% |
| 2006-12-31 | 93.28% |
| 2006-09-30 | 144.40% |
| 2006-06-30 | 157.40% |
| 2006-03-31 | 157.43% |
| 2005-12-31 | 143.00% |
| 2005-09-30 | 136.48% |
| 2005-06-30 | 133.89% |
| 2005-03-31 | 120.73% |
| 2004-12-31 | 109.61% |
| 2004-09-30 | 95.96% |
| 2004-06-30 | 83.44% |
| 2004-03-31 | 83.39% |
| 2003-12-31 | 82.81% |
| 2003-09-30 | 88.49% |
| 2003-06-30 | 96.91% |
| 2003-03-31 | 97.36% |
