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 21.19% is 46% below its 5-year average of 39.49%, near the low end of its 5-year range (18.15%–125.74%).
As of the fiscal period ended Tuesday, June 30, 2026. 10.26% above its 12-month average of 19.22%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
21.19%
FCF PAYOUT RATIO AVG TTM
19.22%
FCF PAYOUT RATIO AVG 3Y
22.34%
FCF PAYOUT RATIO AVG 5Y
39.49%
FCF PAYOUT RATIO AVG 10Y
40.43%
FCF PAYOUT RATIO AVG 15Y
42.22%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+10.26%
CURRENT VS 3Y AVG
-5.15%
CURRENT VS 5Y AVG
-46.35%
CURRENT VS 10Y AVG
-47.60%
CURRENT VS 15Y AVG
-49.82%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
21.2%
Earnings Payout Ratio
N/A
Dividend Yield
1.13%
FCF Yield
5.31%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $1.65B | $349.66M | 21.2% |
| 2025 | $1.66B | $310.88M | 18.7% |
| 2024 | $1.29B | $282.32M | 21.9% |
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 |
|---|---|
| 2026-06-30 | 21.19% |
| 2026-03-31 | 19.46% |
| 2025-12-31 | 18.55% |
| 2025-09-30 | 18.15% |
| 2025-06-30 | 18.74% |
| 2025-03-31 | 19.42% |
| 2024-12-31 | 21.37% |
| 2024-09-30 | 21.48% |
| 2024-06-30 | 21.93% |
| 2024-03-31 | 25.78% |
| 2023-12-31 | 28.64% |
| 2023-09-30 | 33.37% |
| 2023-06-30 | 46.18% |
| 2023-03-31 | 62.56% |
| 2022-12-31 | 113.63% |
| 2022-09-30 | 81.54% |
| 2022-06-30 | 125.74% |
| 2022-03-31 | 70.02% |
| 2021-12-31 | 52.97% |
| 2021-09-30 | 58.26% |
| 2021-06-30 | 36.57% |
| 2021-03-31 | 30.87% |
| 2020-12-31 | 29.21% |
| 2020-09-30 | 32.98% |
| 2020-06-30 | 32.33% |
| 2020-03-31 | 43.93% |
| 2019-12-31 | 52.01% |
| 2019-09-30 | 44.16% |
| 2019-06-30 | 55.46% |
| 2019-03-31 | 55.79% |
| 2018-12-31 | 53.35% |
| 2018-09-30 | 51.90% |
| 2018-06-30 | 46.01% |
| 2018-03-31 | 44.26% |
| 2017-12-31 | 53.59% |
| 2017-09-30 | 54.33% |
| 2017-06-30 | 54.40% |
| 2017-03-31 | 50.13% |
| 2016-12-31 | 42.26% |
| 2016-09-30 | 38.66% |
| 2016-06-30 | 35.02% |
| 2016-03-31 | 38.85% |
| 2015-12-31 | 41.03% |
| 2015-09-30 | 45.63% |
| 2015-06-30 | 50.53% |
| 2015-03-31 | 47.75% |
| 2014-12-31 | 46.04% |
| 2014-09-30 | 48.16% |
| 2014-06-30 | 45.63% |
| 2014-03-31 | 40.66% |
| 2013-12-31 | 36.66% |
| 2013-09-30 | 32.34% |
| 2013-06-30 | 29.36% |
| 2013-03-31 | 83.62% |
| 2012-12-31 | 78.72% |
| 2012-09-30 | 65.59% |
| 2012-06-30 | 57.56% |
| 2012-03-31 | 26.94% |
| 2011-12-31 | 27.83% |
| 2011-09-30 | 33.66% |
| 2011-06-30 | 37.80% |
| 2023 |
| $559.30M |
| $258.28M |
| 46.2% |
| 2022 | $195.11M | $245.34M | 125.7% |
| 2021 | $619.89M | $226.71M | 36.6% |
| 2020 | $696.32M | $225.09M | 32.3% |
| 2019 | $381.71M | $211.71M | 55.5% |
| 2018 | $433.57M | $199.50M | 46.0% |
| 2017 | $342.58M | $186.35M | 54.4% |
| 2016 | $480.10M | $168.13M | 35.0% |
| 2015 | $311.24M | $157.26M | 50.5% |
| 2014 | $310.11M | $141.52M | 45.6% |
| 2013 | $331.04M | $97.20M | 29.4% |
| 2012 | $322.05M | $0 | 0.0% |
| 2011 | $208.19M | $0 | 0.0% |
| 2010 | $126.57M | $0 | 0.0% |
| 2009 | $124.66M | $0 | 0.0% |
| 2008 | $62.06M | $0 | 0.0% |
| 2007 | $13.55M | $0 | 0.0% |
| 2006 | ($3.72M) | $0 | N/A (Loss) |
| 2005 | $31.39M | $0 | 0.0% |
| 2004 | $19.30M | $0 | 0.0% |
| 2003 | $33.65M | $0 | 0.0% |
| 2002 | $7.46M | $0 | 0.0% |
| 2001 | $2.06M | $0 | 0.0% |
| 2000 | $4.11M | $0 | 0.0% |
| 1999 | ($4.30M) | $0 | N/A (Loss) |
| 1998 | ($5.00M) | $0 | N/A (Loss) |
| 1997 | $5.50M | $0 | 0.0% |
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.
