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 40.63% is 28% below its 5-year average of 56.45%, near the low end of its 5-year range (38.27%–106.37%).
As of the fiscal period ended Tuesday, June 30, 2026. 8.48% below its 12-month average of 44.39%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
40.63%
FCF PAYOUT RATIO AVG TTM
44.39%
FCF PAYOUT RATIO AVG 3Y
50.26%
FCF PAYOUT RATIO AVG 5Y
56.45%
FCF PAYOUT RATIO AVG 10Y
47.01%
FCF PAYOUT RATIO AVG 15Y
44.09%
FCF PAYOUT RATIO AVG 20Y
44.89%
CURRENT VS TTM AVG
-8.48%
CURRENT VS 3Y AVG
-19.17%
CURRENT VS 5Y AVG
-28.04%
CURRENT VS 10Y AVG
-13.58%
CURRENT VS 15Y AVG
-7.85%
CURRENT VS 20Y AVG
-9.50%
FCF Payout Ratio TTM
40.6%
Earnings Payout Ratio
51.9%
Dividend Yield
1.27%
FCF Yield
3.08%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.36B | $591.00M | 43.5% |
| 2024 | $639.10M | $571.00M | 89.3% |
| 2023 | $1.21B | $542.40M | 44.7% |
| 2022 | $682.00M | $519.40M | 76.2% |
| 2021 | $1.14B | $497.10M | 43.6% |
| 2020 | $1.01B | $472.80M | 47.0% |
| 2019 | $1.05B | $459.80M | 43.8% |
| 2018 | $1.17B | $440.80M | 37.5% |
| 2017 | $892.30M | $390.70M | 43.8% |
| 2016 | $830.40M | $378.20M | 45.5% |
| 2015 | $1.06B | $350.10M | 32.9% |
| 2014 | $892.30M | $320.50M | 35.9% |
| 2013 | $868.60M | $276.30M | 31.8% |
| 2012 | $579.10M | $247.40M | 42.7% |
| 2011 | $523.60M | $211.00M | 40.3% |
| 2010 | $394.60M | $173.60M | 44.0% |
| 2009 | $427.90M | $164.50M | 38.4% |
| 2008 | $439.80M | $170.20M | 38.7% |
| 2007 | $327.80M | $184.70M | 56.3% |
| 2006 | $276.10M | $159.30M | 57.7% |
| 2005 | $542.20M | $142.70M | 26.3% |
| 2004 | $498.90M | $122.50M | 24.6% |
| 2003 | $327.00M | $122.00M | 37.3% |
| 2002 | $336.00M | $122.00M | 36.3% |
| 2001 | $178.00M | $170.00M | 95.5% |
| 2000 | $611.00M | $192.00M | 31.4% |
| 1999 | $255.00M | $194.00M | 76.1% |
| 1998 | ($15.00M) | $202.00M | N/A (Loss) |
| 1997 | ($16.00M) | $248.00M | N/A (Loss) |
| 1996 | $330.00M | $253.00M | 76.7% |
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 | 40.63% |
| 2026-03-31 | 45.03% |
| 2025-12-31 | 48.42% |
| 2025-09-30 | 43.52% |
| 2025-06-30 | 44.36% |
| 2025-03-31 | 54.28% |
| 2024-12-31 | 59.49% |
| 2024-09-30 | 89.24% |
| 2024-06-30 | 53.84% |
| 2024-03-31 | 53.14% |
| 2023-12-31 | 48.43% |
| 2023-09-30 | 44.68% |
| 2023-06-30 | 67.29% |
| 2023-03-31 | 60.10% |
| 2022-12-31 | 67.93% |
| 2022-09-30 | 76.16% |
| 2022-06-30 | 106.37% |
| 2022-03-31 | 85.59% |
| 2021-12-31 | 65.13% |
| 2021-09-30 | 43.58% |
| 2021-06-30 | 38.27% |
| 2021-03-31 | 41.90% |
| 2020-12-31 | 42.34% |
| 2020-09-30 | 46.97% |
| 2020-06-30 | 40.50% |
| 2020-03-31 | 39.75% |
| 2019-12-31 | 42.93% |
| 2019-09-30 | 43.82% |
| 2019-06-30 | 50.25% |
| 2019-03-31 | 50.44% |
| 2018-12-31 | 38.63% |
| 2018-09-30 | 37.53% |
| 2018-06-30 | 46.22% |
| 2018-03-31 | 46.14% |
| 2017-12-31 | 50.09% |
| 2017-09-30 | 43.79% |
| 2017-06-30 | 36.34% |
| 2017-03-31 | 37.28% |
| 2016-12-31 | 39.71% |
| 2016-09-30 | 45.54% |
| 2016-06-30 | 41.09% |
| 2016-03-31 | 39.80% |
| 2015-12-31 | 36.45% |
| 2015-09-30 | 32.88% |
| 2015-06-30 | 33.04% |
| 2015-03-31 | 32.27% |
| 2014-12-31 | 34.44% |
| 2014-09-30 | 35.92% |
| 2014-06-30 | 34.71% |
| 2014-03-31 | 33.89% |
| 2013-12-31 | 32.70% |
| 2013-09-30 | 31.81% |
| 2013-06-30 | 29.25% |
| 2013-03-31 | 28.92% |
| 2012-12-31 | 26.72% |
| 2012-09-30 | 42.72% |
| 2012-06-30 | 64.72% |
| 2012-03-31 | 69.44% |
| 2011-12-31 | 70.55% |
| 2011-09-30 | 40.04% |
| 2011-06-30 | 49.81% |
| 2011-03-31 | 59.38% |
| 2010-12-31 | 64.91% |
| 2010-09-30 | 44.06% |
| 2010-06-30 | 35.41% |
| 2010-03-31 | 31.57% |
| 2009-12-31 | 32.16% |
| 2009-09-30 | 38.44% |
| 2009-06-30 | 30.74% |
| 2009-03-31 | 32.15% |
| 2008-12-31 | 42.88% |
| 2008-09-30 | 38.70% |
| 2008-06-30 | 44.07% |
| 2008-03-31 | 69.77% |
| 2007-12-31 | 58.45% |
| 2007-09-30 | 56.35% |
| 2007-06-30 | 43.74% |
| 2007-03-31 | 31.85% |
| 2006-12-31 | 28.40% |
| 2006-09-30 | 57.70% |
| 2006-06-30 | 85.85% |
| 2006-03-31 | 84.06% |
| 2005-12-31 | 73.07% |
| 2005-09-30 | 26.32% |
| 2005-06-30 | 23.04% |
| 2005-03-31 | 24.67% |
| 2004-12-31 | 25.48% |
| 2004-09-30 | 24.55% |
| 2004-06-30 | 27.51% |
| 2004-03-31 | 29.15% |
| 2003-12-31 | 33.27% |
| 2003-09-30 | 37.31% |
| 2003-06-30 | 34.37% |
