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 14.08% is 22% below its 5-year average of 18.00%, near the low end of its 5-year range (11.87%–41.58%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.21% below its 12-month average of 14.25%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
14.08%
FCF PAYOUT RATIO AVG TTM
14.25%
FCF PAYOUT RATIO AVG 3Y
14.44%
FCF PAYOUT RATIO AVG 5Y
14.99%
FCF PAYOUT RATIO AVG 10Y
13.45%
FCF PAYOUT RATIO AVG 15Y
12.12%
FCF PAYOUT RATIO AVG 20Y
11.13%
CURRENT VS TTM AVG
-1.21%
CURRENT VS 3Y AVG
-2.51%
CURRENT VS 5Y AVG
-6.06%
CURRENT VS 10Y AVG
+4.70%
CURRENT VS 15Y AVG
+16.16%
CURRENT VS 20Y AVG
+26.53%
FCF Payout Ratio TTM
14.1%
Earnings Payout Ratio
24.8%
Dividend Yield
0.91%
FCF Yield
6.51%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.49B | $355.00M | 14.2% |
| 2024 | $2.33B | $321.90M | 13.8% |
| 2023 | $1.93B | $290.20M | 15.1% |
| 2022 | $664.30M | $262.30M | 39.5% |
| 2021 | $1.95B | $236.40M | 12.1% |
| 2020 | $1.48B | $214.10M | 14.5% |
| 2019 | $1.40B | $191.70M | 13.7% |
| 2018 | $1.37B | $170.10M | 12.4% |
| 2017 | $1.17B | $142.80M | 12.2% |
| 2016 | $923.68M | $121.10M | 13.1% |
| 2015 | $892.57M | $100.33M | 11.2% |
| 2014 | $802.80M | $79.86M | 9.9% |
| 2013 | $760.02M | $49.09M | 6.5% |
| 2012 | $639.45M | $69.90M | 10.9% |
| 2011 | $560.92M | $42.09M | 7.5% |
| 2010 | $470.95M | $35.71M | 7.6% |
| 2009 | $341.64M | $29.82M | 8.7% |
| 2008 | $404.39M | $25.89M | 6.4% |
| 2007 | $313.70M | $22.95M | 7.3% |
| 2006 | $230.38M | $20.40M | 8.9% |
| 2005 | $256.54M | $18.15M | 7.1% |
| 2004 | $152.68M | $14.20M | 9.3% |
| 2003 | $60.87M | $11.74M | 19.3% |
| 2002 | $79.19M | $10.32M | 13.0% |
| 2001 | $94.99M | $9.23M | 9.7% |
| 2000 | $52.49M | $8.54M | 16.3% |
| 1999 | $11.40M | $7.90M | 69.3% |
| 1998 | $8.00M | $7.40M | 92.5% |
| 1997 | $30.40M | $6.00M | 19.7% |
| 1996 | $28.10M | $4.80M | 17.1% |
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 | 14.08% |
| 2026-03-31 | 14.26% |
| 2025-12-31 | 14.24% |
| 2025-09-30 | 14.10% |
| 2025-06-30 | 14.58% |
| 2025-03-31 | 14.35% |
| 2024-12-31 | 14.03% |
| 2024-09-30 | 14.40% |
| 2024-06-30 | 14.80% |
| 2024-03-31 | 14.95% |
| 2023-12-31 | 15.06% |
| 2023-09-30 | 20.26% |
| 2023-06-30 | 27.07% |
| 2023-03-31 | 41.58% |
| 2022-12-31 | 39.49% |
| 2022-09-30 | 21.80% |
| 2022-06-30 | 18.08% |
| 2022-03-31 | 13.01% |
| 2021-12-31 | 12.13% |
| 2021-09-30 | 11.87% |
| 2021-06-30 | 13.77% |
| 2021-03-31 | 13.19% |
| 2020-12-31 | 14.50% |
| 2020-09-30 | 15.18% |
| 2020-06-30 | 12.41% |
| 2020-03-31 | 13.32% |
| 2019-12-31 | 13.70% |
| 2019-09-30 | 13.42% |
| 2019-06-30 | 12.86% |
| 2019-03-31 | 12.79% |
| 2018-12-31 | 12.40% |
| 2018-09-30 | 12.75% |
| 2018-06-30 | 13.30% |
| 2018-03-31 | 13.77% |
| 2017-12-31 | 12.15% |
| 2017-09-30 | 12.69% |
| 2017-06-30 | 12.14% |
| 2017-03-31 | 11.64% |
| 2016-12-31 | 13.11% |
| 2016-09-30 | 12.49% |
| 2016-06-30 | 13.19% |
| 2016-03-31 | 12.56% |
| 2015-12-31 | 11.24% |
| 2015-09-30 | 10.76% |
| 2015-06-30 | 10.21% |
| 2015-03-31 | 9.99% |
| 2014-12-31 | 9.95% |
| 2014-09-30 | 9.82% |
| 2014-06-30 | 9.03% |
| 2014-03-31 | 8.60% |
| 2013-12-31 | 6.46% |
| 2013-09-30 | 8.49% |
| 2013-06-30 | 8.65% |
| 2013-03-31 | 8.47% |
| 2012-12-31 | 10.93% |
| 2012-10-31 | 8.20% |
| 2012-06-30 | 8.26% |
| 2012-03-31 | 7.31% |
| 2011-12-31 | 7.50% |
| 2011-09-30 | 7.69% |
| 2011-06-30 | 7.74% |
| 2011-03-31 | 8.10% |
| 2010-12-31 | 7.58% |
| 2010-09-30 | 7.84% |
| 2010-06-30 | 8.52% |
| 2010-03-31 | 8.13% |
| 2009-12-31 | 8.73% |
| 2009-09-30 | 8.27% |
| 2009-06-30 | 6.96% |
| 2009-03-31 | 6.98% |
| 2008-12-31 | 6.40% |
| 2008-09-30 | 6.43% |
| 2008-06-30 | 7.10% |
| 2008-03-31 | 7.23% |
| 2007-12-31 | 7.32% |
| 2007-09-30 | 7.24% |
| 2007-06-30 | 8.19% |
| 2007-03-31 | 9.00% |
| 2006-12-31 | 8.86% |
| 2006-09-30 | 8.76% |
| 2006-06-30 | 7.58% |
| 2006-03-31 | 6.91% |
| 2005-12-31 | 7.08% |
| 2005-09-30 | 7.81% |
| 2005-06-30 | 8.83% |
| 2005-03-31 | 9.29% |
| 2004-12-31 | 9.30% |
| 2004-09-30 | 13.51% |
| 2004-06-30 | 14.54% |
| 2004-03-31 | 16.57% |
| 2003-12-31 | 20.63% |
| 2003-07-31 | 13.60% |
| 2003-04-30 | 14.00% |
