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 34.54% is 36% below its 5-year average of 53.84%, near the low end of its 5-year range (13.64%–176.52%).
As of the fiscal period ended Saturday, May 2, 2026. 13.86% below its 12-month average of 40.10%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
34.54%
FCF PAYOUT RATIO AVG TTM
40.10%
FCF PAYOUT RATIO AVG 3Y
36.95%
FCF PAYOUT RATIO AVG 5Y
41.40%
FCF PAYOUT RATIO AVG 10Y
35.73%
FCF PAYOUT RATIO AVG 15Y
28.97%
FCF PAYOUT RATIO AVG 20Y
25.93%
CURRENT VS TTM AVG
-13.86%
CURRENT VS 3Y AVG
-6.50%
CURRENT VS 5Y AVG
-16.57%
CURRENT VS 10Y AVG
-3.32%
CURRENT VS 15Y AVG
+19.26%
CURRENT VS 20Y AVG
+33.20%
FCF Payout Ratio TTM
34.5%
Earnings Payout Ratio
35.9%
Dividend Yield
1.14%
FCF Yield
3.17%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2026 | $4.92B | $1.84B | 37.5% |
| 2025 | $4.20B | $1.65B | 39.3% |
| 2024 | $4.33B | $1.48B | 34.2% |
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 |
|---|---|
| 2026-05-02 | 34.54% |
| 2026-01-31 | 37.46% |
| 2025-11-01 | 40.58% |
| 2025-08-02 | 43.13% |
| 2025-05-03 | 44.80% |
| 2025-01-31 | 39.26% |
| 2024-11-02 | 36.76% |
| 2024-08-03 | 35.08% |
| 2024-05-04 | 35.63% |
| 2024-01-31 | 34.23% |
| 2023-10-28 | 31.13% |
| 2023-07-29 | 30.76% |
| 2023-04-29 | 34.67% |
| 2023-01-31 | 50.95% |
| 2022-10-29 | 176.52% |
| 2022-07-30 | 155.04% |
| 2022-04-30 | 72.31% |
| 2022-01-31 | 62.20% |
| 2021-10-30 | 68.12% |
| 2021-07-31 | 13.64% |
| 2021-05-01 | 4.70% |
| 2021-01-31 | 6.97% |
| 2020-10-31 | 9.56% |
| 2020-08-01 | 34.55% |
| 2020-01-31 | 37.68% |
| 2019-11-02 | 46.23% |
| 2019-08-03 | 43.49% |
| 2019-05-04 | 41.27% |
| 2019-01-31 | 31.13% |
| 2018-11-03 | 35.59% |
| 2018-08-04 | 35.42% |
| 2018-05-05 | 35.42% |
| 2018-01-31 | 38.82% |
| 2017-10-28 | 31.22% |
| 2017-07-29 | 28.10% |
| 2017-04-29 | 26.00% |
| 2017-01-31 | 25.02% |
| 2016-10-29 | 26.05% |
| 2016-07-30 | 26.96% |
| 2016-04-30 | 28.47% |
| 2016-01-31 | 26.58% |
| 2015-10-31 | 26.26% |
| 2015-08-01 | 25.61% |
| 2015-05-02 | 23.47% |
| 2015-01-31 | 22.22% |
| 2014-11-01 | 23.91% |
| 2014-08-02 | 21.75% |
| 2014-05-03 | 21.93% |
| 2014-01-31 | 23.96% |
| 2013-11-02 | 22.88% |
| 2013-08-03 | 23.50% |
| 2013-05-04 | 20.27% |
| 2013-01-31 | 15.67% |
| 2012-10-27 | 13.87% |
| 2012-07-28 | 14.28% |
| 2012-04-28 | 17.45% |
| 2012-01-31 | 24.72% |
| 2011-10-29 | 29.87% |
| 2011-07-30 | 30.71% |
| 2011-04-30 | 29.56% |
| 2011-01-31 | 18.07% |
| 2010-10-30 | 15.39% |
| 2010-07-31 | 12.87% |
| 2010-05-01 | 10.45% |
| 2010-01-31 | 10.73% |
| 2009-10-31 | 15.34% |
| 2009-08-01 | 20.84% |
| 2009-05-02 | 25.74% |
| 2009-01-31 | 30.92% |
| 2008-10-25 | 18.01% |
| 2008-07-26 | 15.83% |
| 2008-04-26 | 14.85% |
| 2008-01-31 | 18.16% |
| 2007-10-27 | 17.91% |
| 2007-07-28 | 16.98% |
| 2007-04-28 | 16.20% |
| 2007-01-31 | 15.05% |
| 2006-10-28 | 15.99% |
| 2006-07-29 | 15.97% |
| 2006-04-29 | 20.99% |
| 2006-01-31 | 15.90% |
| 2005-10-29 | 28.61% |
| 2005-07-30 | 23.10% |
| 2005-04-30 | 14.43% |
| 2005-01-31 | 12.82% |
| 2004-10-30 | 10.55% |
| 2004-07-31 | 10.43% |
| 2004-05-01 | 10.89% |
| 2004-01-31 | 19.06% |
| 2003-10-25 | 14.69% |
| 2003-07-26 | 23.59% |
| 2003-04-26 | 26.70% |
| 2023 |
| $2.63B |
| $1.34B |
| 51.0% |
| 2022 | $2.01B | $1.25B | 62.2% |
| 2021 | $3.99B | $278.00M | 7.0% |
| 2020 | $2.84B | $1.07B | 37.7% |
| 2019 | $2.96B | $922.60M | 31.1% |
| 2018 | $1.97B | $764.04M | 38.8% |
| 2017 | $2.58B | $650.99M | 25.3% |
| 2016 | $2.07B | $544.27M | 26.3% |
| 2015 | $2.10B | $465.90M | 22.2% |
| 2014 | $1.64B | $393.75M | 24.0% |
| 2013 | $2.07B | $323.92M | 15.7% |
| 2012 | $1.11B | $275.02M | 24.7% |
| 2011 | $1.27B | $229.33M | 18.1% |
| 2010 | $1.84B | $197.66M | 10.7% |
| 2009 | $571.64M | $176.75M | 30.9% |
| 2008 | $834.12M | $151.49M | 18.2% |
| 2007 | $817.02M | $122.93M | 15.0% |
| 2006 | $662.07M | $105.25M | 15.9% |
| 2005 | $650.70M | $83.42M | 12.8% |
| 2004 | $361.46M | $68.89M | 19.1% |
| 2003 | $511.84M | $60.02M | 11.7% |
| 2002 | $463.00M | $48.29M | 10.4% |
| 2001 | $299.76M | $44.69M | 14.9% |
| 2000 | $339.40M | $42.74M | 12.6% |
| 1999 | $435.10M | $41.70M | 9.6% |
| 1998 | $214.40M | $43.50M | 20.3% |
| 1997 | $594.60M | $35.00M | 5.9% |
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.
