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 28.46% is 25% below its 5-year average of 38.18%, near the low end of its 5-year range (28.46%–51.62%).
As of the fiscal period ended Tuesday, March 31, 2026. 8.30% below its 12-month average of 31.04%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
28.46%
FCF PAYOUT RATIO AVG TTM
31.04%
FCF PAYOUT RATIO AVG 3Y
37.12%
FCF PAYOUT RATIO AVG 5Y
38.18%
FCF PAYOUT RATIO AVG 10Y
41.43%
FCF PAYOUT RATIO AVG 15Y
36.10%
FCF PAYOUT RATIO AVG 20Y
30.74%
CURRENT VS TTM AVG
-8.30%
CURRENT VS 3Y AVG
-23.33%
CURRENT VS 5Y AVG
-25.46%
CURRENT VS 10Y AVG
-31.29%
CURRENT VS 15Y AVG
-21.17%
CURRENT VS 20Y AVG
-7.40%
FCF Payout Ratio TTM
28.5%
Earnings Payout Ratio
41.0%
Dividend Yield
1.07%
FCF Yield
3.63%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.28B | $1.28B | 30.0% |
| 2024 | $3.49B | $1.22B | 35.0% |
| 2023 | $3.14B | $1.14B | 36.3% |
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 | 28.46% |
| 2025-12-31 | 29.98% |
| 2025-09-30 | 31.13% |
| 2025-06-30 | 31.09% |
| 2025-03-31 | 34.53% |
| 2024-12-31 | 34.96% |
| 2024-09-30 | 37.41% |
| 2024-06-30 | 42.06% |
| 2024-03-31 | 40.55% |
| 2023-12-31 | 36.32% |
| 2023-09-30 | 43.50% |
| 2023-06-30 | 45.30% |
| 2023-03-31 | 47.33% |
| 2022-12-31 | 51.62% |
| 2022-09-30 | 50.87% |
| 2022-06-30 | 48.38% |
| 2022-03-31 | 39.71% |
| 2021-12-31 | 34.70% |
| 2021-09-30 | 30.80% |
| 2021-06-30 | 30.51% |
| 2021-03-31 | 32.67% |
| 2020-12-31 | 30.93% |
| 2020-09-30 | 37.27% |
| 2020-06-30 | 41.79% |
| 2020-03-31 | 44.38% |
| 2019-12-31 | 50.45% |
| 2019-09-30 | 40.04% |
| 2019-06-30 | 38.80% |
| 2019-03-31 | 35.17% |
| 2018-12-31 | 34.49% |
| 2018-09-30 | 41.92% |
| 2018-06-30 | 61.02% |
| 2018-03-31 | 58.04% |
| 2017-12-31 | 66.18% |
| 2017-09-30 | 63.62% |
| 2017-06-30 | 42.66% |
| 2017-03-31 | 46.03% |
| 2016-12-31 | 42.17% |
| 2016-09-30 | 38.77% |
| 2016-06-30 | 115.01% |
| 2016-03-31 | 138.90% |
| 2015-12-31 | 82.83% |
| 2015-09-30 | 77.88% |
| 2015-06-30 | 28.54% |
| 2015-03-31 | 27.36% |
| 2014-12-31 | 29.83% |
| 2014-09-30 | 28.76% |
| 2014-06-30 | 26.23% |
| 2014-03-31 | 25.30% |
| 2013-12-31 | 23.71% |
| 2013-09-30 | 23.55% |
| 2013-06-30 | 23.36% |
| 2013-03-31 | 20.84% |
| 2012-12-31 | 22.39% |
| 2012-09-30 | 21.33% |
| 2012-06-30 | 22.43% |
| 2012-03-31 | 27.76% |
| 2011-12-31 | 23.10% |
| 2011-09-30 | 24.34% |
| 2011-06-30 | 23.85% |
| 2011-03-31 | 19.66% |
| 2010-12-31 | 17.48% |
| 2010-09-30 | 15.62% |
| 2010-06-30 | 10.83% |
| 2010-03-31 | 7.47% |
| 2009-12-31 | 14.92% |
| 2009-09-30 | 24.43% |
| 2009-06-30 | 27.87% |
| 2009-03-31 | 26.68% |
| 2008-12-31 | 26.57% |
| 2008-09-30 | 19.02% |
| 2008-06-30 | 19.73% |
| 2008-03-31 | 20.31% |
| 2007-12-31 | 16.04% |
| 2007-09-30 | 10.63% |
| 2007-06-30 | 10.92% |
| 2007-03-31 | 11.33% |
| 2006-12-31 | 6.86% |
| 2006-09-30 | 6.97% |
| 2006-06-30 | 7.41% |
| 2006-03-31 | 7.77% |
| 2005-12-31 | 6.11% |
| 2005-09-30 | 6.77% |
| 2005-06-30 | 7.54% |
| 2005-03-31 | 9.91% |
| 2004-12-31 | 6.91% |
| 2004-09-30 | 8.69% |
| 2004-06-30 | 7.68% |
| 2004-03-31 | 6.21% |
| 2003-12-31 | 4.78% |
| 2003-09-30 | 5.01% |
| 2003-06-30 | 5.82% |
| 2003-03-31 | 5.97% |
| 2022 |
| $2.04B |
| $1.05B |
| 51.6% |
| 2021 | $2.74B | $950.00M | 34.7% |
| 2020 | $2.79B | $863.00M | 30.9% |
| 2019 | $1.54B | $778.00M | 50.5% |
| 2018 | $2.04B | $703.00M | 34.5% |
| 2017 | $961.00M | $636.00M | 66.2% |
| 2016 | $1.43B | $568.00M | 39.9% |
| 2015 | $629.00M | $521.00M | 82.8% |
| 2014 | $1.55B | $462.00M | 29.8% |
| 2013 | $1.69B | $401.00M | 23.7% |
| 2012 | $1.45B | $324.00M | 22.4% |
| 2011 | $1.21B | $279.00M | 23.1% |
| 2010 | $1.37B | $238.30M | 17.5% |
| 2009 | $1.33B | $198.40M | 14.9% |
| 2008 | $1.02B | $135.60M | 13.3% |
| 2007 | $840.60M | $89.70M | 10.7% |
| 2006 | $649.80M | $44.60M | 6.9% |
| 2005 | $592.10M | $36.20M | 6.1% |
| 2004 | $405.50M | $28.00M | 6.9% |
| 2003 | $504.00M | $23.70M | 4.7% |
| 2002 | $364.90M | $19.70M | 5.4% |
| 2001 | $306.40M | $15.70M | 5.1% |
| 2000 | $251.10M | $12.70M | 5.1% |
| 1999 | $207.80M | $11.60M | 5.6% |
| 1998 | ($1.59B) | $10.60M | N/A (Loss) |
| 1997 | $56.70M | $9.70M | 17.1% |
| 1996 | $177.60M | $4.40M | 2.5% |
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.
