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 31.78% is 17% above its 5-year average of 27.17%, near the high end of its 5-year range (0.02%–43.77%).
As of the fiscal period ended Tuesday, March 31, 2026. 8.74% below its 12-month average of 34.82%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
31.78%
FCF PAYOUT RATIO AVG TTM
34.82%
FCF PAYOUT RATIO AVG 3Y
31.00%
FCF PAYOUT RATIO AVG 5Y
31.27%
FCF PAYOUT RATIO AVG 10Y
28.51%
FCF PAYOUT RATIO AVG 15Y
30.31%
FCF PAYOUT RATIO AVG 20Y
32.20%
CURRENT VS TTM AVG
-8.74%
CURRENT VS 3Y AVG
+2.51%
CURRENT VS 5Y AVG
+1.62%
CURRENT VS 10Y AVG
+11.44%
CURRENT VS 15Y AVG
+4.84%
CURRENT VS 20Y AVG
-1.32%
FCF Payout Ratio TTM
31.8%
Earnings Payout Ratio
N/A
Dividend Yield
4.62%
FCF Yield
14.97%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.07B | $376.30M | 35.2% |
| 2024 | $1.24B | $369.20M | 29.9% |
| 2023 | $1.41B | $354.70M | 25.2% |
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 | 31.78% |
| 2025-12-31 | 35.24% |
| 2025-09-30 | 34.34% |
| 2025-06-30 | 38.87% |
| 2025-03-31 | 33.86% |
| 2024-12-31 | 29.87% |
| 2024-09-30 | 31.95% |
| 2024-06-30 | 27.02% |
| 2024-03-31 | 25.93% |
| 2023-12-31 | 25.20% |
| 2023-09-30 | 25.58% |
| 2023-06-30 | 30.54% |
| 2023-03-31 | 32.80% |
| 2022-12-31 | 39.17% |
| 2022-09-30 | 43.77% |
| 2022-06-30 | 39.44% |
| 2022-03-31 | 23.46% |
| 2021-12-31 | 14.06% |
| 2021-09-30 | 7.48% |
| 2021-06-30 | 0.02% |
| 2021-03-31 | 0.18% |
| 2020-12-31 | 11.18% |
| 2020-09-30 | 16.48% |
| 2020-06-30 | 24.81% |
| 2020-03-31 | 33.84% |
| 2019-12-31 | 32.56% |
| 2019-09-30 | 32.19% |
| 2019-06-30 | 28.36% |
| 2019-03-31 | 27.77% |
| 2018-12-31 | 21.09% |
| 2018-09-30 | 18.76% |
| 2018-06-30 | 20.23% |
| 2018-03-31 | 21.15% |
| 2017-12-31 | 27.90% |
| 2017-09-30 | 34.52% |
| 2017-06-30 | 31.89% |
| 2017-03-31 | 54.18% |
| 2016-12-31 | 44.95% |
| 2016-09-30 | 55.77% |
| 2016-06-30 | 64.76% |
| 2016-03-31 | 59.17% |
| 2015-12-31 | 72.00% |
| 2015-09-30 | 73.47% |
| 2015-06-30 | 46.51% |
| 2015-03-31 | 43.16% |
| 2014-12-31 | 27.01% |
| 2014-09-30 | 28.54% |
| 2014-06-30 | 28.84% |
| 2014-03-31 | 26.92% |
| 2013-12-31 | 26.83% |
| 2013-09-28 | 26.68% |
| 2013-06-29 | 26.53% |
| 2013-03-30 | 29.89% |
| 2012-12-31 | 31.15% |
| 2012-09-29 | 27.81% |
| 2012-06-30 | 31.44% |
| 2012-03-31 | 36.74% |
| 2011-12-31 | 36.18% |
| 2011-09-24 | 55.73% |
| 2011-06-25 | 50.71% |
| 2011-03-26 | 40.31% |
| 2010-12-31 | 35.33% |
| 2010-09-25 | 25.80% |
| 2010-06-26 | 25.34% |
| 2010-03-27 | 22.94% |
| 2009-12-31 | 24.36% |
| 2009-09-26 | 29.21% |
| 2009-06-28 | 33.57% |
| 2009-03-29 | 45.07% |
| 2008-12-31 | 88.07% |
| 2008-09-28 | 38.07% |
| 2008-06-29 | 36.96% |
| 2008-03-30 | 50.23% |
| 2007-12-31 | 70.21% |
| 2007-09-30 | 934.96% |
| 2007-07-01 | 92.39% |
| 2007-04-01 | 61.80% |
| 2006-12-31 | 33.18% |
| 2006-09-24 | 29.31% |
| 2006-06-25 | 36.71% |
| 2006-03-26 | 136.70% |
| 2005-12-31 | 677.51% |
| 2005-09-25 | 113.09% |
| 2005-03-27 | 42.96% |
| 2004-12-31 | 13.09% |
| 2004-09-26 | 10.27% |
| 2004-06-27 | 10.88% |
| 2004-03-28 | 10.14% |
| 2003-12-31 | 9.82% |
| 2003-09-28 | 19.53% |
| 2003-06-29 | 36.81% |
| 2003-03-30 | 40.70% |
| 2022 |
| $840.60M |
| $329.30M |
| 39.2% |
| 2021 | $1.05B | $147.80M | 14.1% |
| 2020 | $1.12B | $125.30M | 11.2% |
| 2019 | $1.30B | $424.40M | 32.6% |
| 2018 | $1.68B | $354.20M | 21.1% |
| 2017 | $1.27B | $353.40M | 27.9% |
| 2016 | $785.10M | $352.90M | 44.9% |
| 2015 | $421.40M | $303.40M | 72.0% |
| 2014 | $1.01B | $273.60M | 27.0% |
| 2013 | $874.30M | $234.60M | 26.8% |
| 2012 | $761.40M | $237.20M | 31.2% |
| 2011 | $632.70M | $228.10M | 36.1% |
| 2010 | $571.80M | $201.10M | 35.2% |
| 2009 | $699.50M | $170.40M | 24.4% |
| 2008 | $181.00M | $159.40M | 88.1% |
| 2007 | $187.69M | $131.77M | 70.2% |
| 2006 | $386.87M | $128.35M | 33.2% |
| 2005 | $16.23M | $109.96M | 677.5% |
| 2004 | $288.38M | $37.75M | 13.1% |
| 2003 | $303.78M | $29.82M | 9.8% |
| 2002 | $19.00M | $29.67M | 156.2% |
| 2001 | ($51.15M) | $29.51M | N/A (Loss) |
| 2000 | $131.09M | $26.56M | 20.3% |
| 1999 | $35.41M | $23.75M | 67.1% |
| 1998 | $76.64M | $21.89M | 28.6% |
| 1997 | $200.18M | $20.52M | 10.3% |
| 1996 | $130.31M | $18.98M | 14.6% |
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.
