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 24.10% is 207% above its 3-year average of 7.86%, near the high end of its 3-year range (0.04%–24.10%).
As of the fiscal period ended Tuesday, June 30, 2026. 31.89% above its 12-month average of 18.28%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
24.10%
FCF PAYOUT RATIO AVG TTM
18.28%
FCF PAYOUT RATIO AVG 3Y
7.86%
FCF PAYOUT RATIO AVG 5Y
7.86%
FCF PAYOUT RATIO AVG 10Y
21.54%
FCF PAYOUT RATIO AVG 15Y
33.35%
FCF PAYOUT RATIO AVG 20Y
34.98%
CURRENT VS TTM AVG
+31.89%
CURRENT VS 3Y AVG
+206.55%
CURRENT VS 5Y AVG
+206.55%
CURRENT VS 10Y AVG
+11.92%
CURRENT VS 15Y AVG
-27.74%
CURRENT VS 20Y AVG
-31.10%
FCF Payout Ratio TTM
24.1%
Earnings Payout Ratio
8.8%
Dividend Yield
0.39%
FCF Yield
2.83%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.95B | $1.16B | 23.5% |
| 2024 | $3.62B | $1.25M | 0.0% |
| 2023 | $2.25B | $1.27M | 0.1% |
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 | 24.10% |
| 2025-12-31 | 21.03% |
| 2025-06-30 | 9.70% |
| 2024-12-31 | 0.04% |
| 2024-06-30 | 0.04% |
| 2023-12-31 | 0.05% |
| 2023-06-30 | 0.08% |
| 2019-12-31 | 15.81% |
| 2019-06-30 | 19.32% |
| 2018-12-31 | 20.38% |
| 2018-06-30 | 22.12% |
| 2017-12-31 | 32.31% |
| 2017-06-30 | 42.24% |
| 2016-12-31 | 55.04% |
| 2016-06-30 | 60.79% |
| 2015-12-31 | 70.35% |
| 2015-06-30 | 46.73% |
| 2014-12-31 | 37.59% |
| 2014-06-30 | 33.98% |
| 2013-12-31 | 33.52% |
| 2013-06-30 | 81.97% |
| 2012-12-31 | 59.07% |
| 2012-06-30 | 131.08% |
| 2011-12-31 | 54.52% |
| 2011-06-30 | 59.73% |
| 2010-12-31 | 66.94% |
| 2010-06-30 | 62.83% |
| 2009-12-31 | 50.29% |
| 2009-06-30 | 30.97% |
| 2006-06-30 | 2.96% |
| 2005-12-31 | 6.50% |
| 2005-06-30 | 14.20% |
| 2004-12-31 | 27.57% |
| 2004-06-30 | 40.42% |
| 2003-12-31 | 62.37% |
| 2003-06-30 | 82.82% |
| 2002-12-31 | 191.33% |
| 2002-06-30 | 103.65% |
| 2022 |
| $1.52B |
| $1.21M |
| 0.1% |
| 2021 | ($1.11B) | $0 | N/A (Loss) |
| 2020 | ($5.41B) | $124.27M | N/A (Loss) |
| 2019 | $1.21B | $291.50M | 24.2% |
| 2018 | $816.58M | $275.16M | 33.7% |
| 2017 | $86.42M | $288.97M | 334.4% |
| 2016 | $240.43M | $371.13M | 154.4% |
| 2015 | $293.19M | $620.26M | 211.6% |
| 2014 | $274.12M | $118.37M | 43.2% |
| 2013 | $1.44B | $99.43M | 6.9% |
| 2012 | $926.97M | $517.15M | 55.8% |
| 2011 | $747.73M | $489.68M | 65.5% |
| 2010 | $917.02M | $414.84M | 45.2% |
| 2009 | $315.20M | $404.10M | 128.2% |
| 2008 | $415.90M | $0 | 0.0% |
| 2007 | $21.82M | $0 | 0.0% |
| 2006 | $894.81M | $0 | 0.0% |
| 2005 | $1.14B | $0 | 0.0% |
| 2004 | $461.73M | $107.29M | 23.2% |
| 2003 | $495.90M | $156.97M | 31.7% |
| 2002 | $40.25M | $175.50M | 436.0% |
| 2001 | $50.91M | $0 | 0.0% |
| 2000 | $22.40M | $0 | 0.0% |
| 1999 | ($280.98M) | $0 | N/A (Loss) |
| 1998 | ($332.68M) | $0 | N/A (Loss) |
| 1997 | ($24.79M) | $0 | N/A (Loss) |
| 1996 | ($130.16M) | $0 | 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.
