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 45.42% is 14% below its 5-year average of 52.72%, near the low end of its 5-year range (37.23%–91.52%).
As of the fiscal period ended Tuesday, June 30, 2026. 4.63% above its 12-month average of 43.41%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.42%
FCF PAYOUT RATIO AVG TTM
43.41%
FCF PAYOUT RATIO AVG 3Y
41.99%
FCF PAYOUT RATIO AVG 5Y
50.78%
FCF PAYOUT RATIO AVG 10Y
56.68%
FCF PAYOUT RATIO AVG 15Y
60.81%
FCF PAYOUT RATIO AVG 20Y
60.04%
CURRENT VS TTM AVG
+4.63%
CURRENT VS 3Y AVG
+8.16%
CURRENT VS 5Y AVG
-10.56%
CURRENT VS 10Y AVG
-19.87%
CURRENT VS 15Y AVG
-25.31%
CURRENT VS 20Y AVG
-24.36%
FCF Payout Ratio TTM
45.4%
Earnings Payout Ratio
36.5%
Dividend Yield
4.60%
FCF Yield
10.54%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $19.44B | $8.18B | 42.1% |
| 2024 | $18.51B | $8.21B | 44.3% |
| 2023 | $20.46B | $8.14B | 39.8% |
| 2022 | $12.40B | $9.86B | 79.5% |
| 2021 | $25.43B | $15.07B | 59.3% |
| 2020 | $27.45B | $14.96B | 54.5% |
| 2019 | $29.23B | $14.89B | 50.9% |
| 2018 | $22.84B | $13.41B | 58.7% |
| 2017 | $17.36B | $12.04B | 69.3% |
| 2016 | $17.83B | $11.80B | 66.2% |
| 2015 | $16.66B | $10.20B | 61.2% |
| 2014 | $10.14B | $9.55B | 94.2% |
| 2013 | $13.85B | $9.70B | 70.0% |
| 2012 | $19.71B | $10.24B | 52.0% |
| 2011 | $14.54B | $10.17B | 70.0% |
| 2010 | $15.46B | $9.92B | 64.1% |
| 2009 | $17.85B | $9.67B | 54.2% |
| 2008 | $13.98B | $9.51B | 68.0% |
| 2007 | $16.36B | $8.74B | 53.5% |
| 2006 | $7.29B | $5.15B | 70.6% |
| 2005 | $7.40B | $4.26B | 57.5% |
| 2004 | $5.86B | $4.14B | 70.7% |
| 2003 | $8.30B | $4.54B | 54.7% |
| 2002 | $8.40B | $3.56B | 42.3% |
| 2001 | $3.62B | $3.46B | 95.6% |
| 2000 | $1.18B | $3.42B | 290.9% |
| 1999 | $6.27B | $3.29B | 52.4% |
| 1998 | $2.45B | $3.13B | 127.6% |
| 1997 | $1.20B | $2.97B | 246.3% |
| 1996 | $1.80B | $1.76B | 98.2% |
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 | 45.42% |
| 2026-03-31 | 46.61% |
| 2025-12-31 | 42.07% |
| 2025-09-30 | 41.12% |
| 2025-06-30 | 41.84% |
| 2025-03-31 | 42.40% |
| 2024-12-31 | 44.35% |
| 2024-09-30 | 40.49% |
| 2024-06-30 | 38.94% |
| 2024-03-31 | 37.23% |
| 2023-12-31 | 39.76% |
| 2023-09-30 | 41.13% |
| 2023-06-30 | 44.55% |
| 2023-03-31 | 59.84% |
| 2022-12-31 | 80.70% |
| 2022-09-30 | 85.53% |
| 2022-06-30 | 91.52% |
| 2022-03-31 | 73.47% |
| 2021-12-31 | 59.25% |
| 2021-09-30 | 58.61% |
| 2021-06-30 | 52.36% |
| 2021-03-31 | 50.85% |
| 2020-12-31 | 54.47% |
| 2020-09-30 | 53.44% |
| 2020-06-30 | 57.43% |
| 2020-03-31 | 54.76% |
| 2019-12-31 | 50.93% |
| 2019-09-30 | 50.92% |
| 2019-06-30 | 49.97% |
| 2019-03-31 | 54.50% |
| 2018-12-31 | 58.70% |
| 2018-09-30 | 68.46% |
| 2018-06-30 | 66.93% |
| 2018-03-31 | 71.51% |
| 2017-12-31 | 69.33% |
| 2017-09-30 | 68.73% |
| 2017-06-30 | 71.23% |
| 2017-03-31 | 66.57% |
| 2016-12-31 | 66.17% |
| 2016-09-30 | 68.08% |
| 2016-06-30 | 63.79% |
| 2016-03-31 | 62.21% |
| 2015-12-31 | 61.22% |
| 2015-10-28 | 65.88% |
| 2015-06-30 | 77.20% |
| 2015-03-31 | 96.40% |
| 2014-12-31 | 94.21% |
| 2014-09-30 | 84.42% |
| 2014-06-30 | 86.61% |
| 2014-03-31 | 73.85% |
| 2013-12-31 | 70.00% |
| 2013-09-30 | 62.60% |
| 2013-06-30 | 52.44% |
| 2013-03-31 | 50.38% |
| 2012-12-31 | 51.96% |
| 2012-09-30 | 59.31% |
| 2012-06-30 | 64.62% |
| 2012-03-31 | 70.73% |
| 2011-12-31 | 69.97% |
| 2011-09-30 | 63.94% |
| 2011-06-30 | 67.55% |
| 2011-03-31 | 66.67% |
| 2010-12-31 | 64.13% |
| 2010-09-30 | 63.10% |
| 2010-06-30 | 57.50% |
| 2010-03-31 | 56.57% |
| 2009-12-31 | 54.17% |
| 2009-09-30 | 48.02% |
| 2009-06-30 | 51.39% |
| 2009-03-31 | 52.95% |
| 2008-12-31 | 68.00% |
| 2008-09-30 | 73.62% |
| 2008-06-30 | 70.24% |
| 2008-03-31 | 56.42% |
| 2007-12-31 | 53.46% |
| 2007-09-30 | 52.58% |
| 2007-06-30 | 59.58% |
| 2007-03-31 | 76.67% |
| 2006-12-31 | 70.64% |
| 2006-09-30 | 68.58% |
| 2006-06-30 | 60.36% |
| 2006-03-31 | 57.21% |
| 2005-12-31 | 57.53% |
| 2005-09-30 | 65.89% |
| 2005-06-30 | 85.51% |
| 2005-03-31 | 84.23% |
| 2004-12-31 | 70.71% |
| 2004-09-30 | 79.18% |
| 2004-06-30 | 64.80% |
| 2004-03-31 | 60.98% |
| 2003-12-31 | 54.70% |
| 2003-09-30 | 43.85% |
| 2003-06-30 | 37.55% |
