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 9.05% is 18% above its 5-year average of 7.63%, near the high end of its 5-year range (4.48%–10.19%).
As of the fiscal period ended Saturday, June 27, 2026. 7.41% below its 12-month average of 9.77%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
9.05%
FCF PAYOUT RATIO AVG TTM
9.77%
FCF PAYOUT RATIO AVG 3Y
8.52%
FCF PAYOUT RATIO AVG 5Y
7.63%
FCF PAYOUT RATIO AVG 10Y
7.44%
FCF PAYOUT RATIO AVG 15Y
8.31%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-7.41%
CURRENT VS 3Y AVG
+6.16%
CURRENT VS 5Y AVG
+18.50%
CURRENT VS 10Y AVG
+21.61%
CURRENT VS 15Y AVG
+8.89%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
9.0%
Earnings Payout Ratio
10.1%
Dividend Yield
0.32%
FCF Yield
3.47%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $6.29B | $636.00M | 10.1% |
| 2024 | $7.27B | $583.00M | 8.0% |
| 2023 | $6.93B | $523.00M | 7.6% |
| 2022 | $6.91B | $455.00M | 6.6% |
| 2021 | $7.02B | $395.00M | 5.6% |
| 2020 | $6.82B | $337.00M | 4.9% |
| 2019 | $4.05B | $297.00M | 7.3% |
| 2018 | $3.79B | $266.00M | 7.0% |
| 2017 | $3.50B | $237.00M | 6.8% |
| 2016 | $2.71B | $238.40M | 8.8% |
| 2015 | $2.39B | $240.60M | 10.1% |
| 2014 | $2.19B | $234.80M | 10.7% |
| 2013 | $1.73B | $216.20M | 12.5% |
| 2012 | $1.72B | $142.20M | 8.2% |
| 2011 | $1.42B | $0 | 0.0% |
| 2010 | $1.23B | $0 | 0.0% |
| 2009 | $1.45B | $0 | 0.0% |
| 2008 | $1.16B | $0 | 0.0% |
| 2007 | $1.31B | $0 | 0.0% |
| 2006 | $328.86M | $0 | 0.0% |
| 2005 | $227.37M | $0 | 0.0% |
| 2004 | $214.53M | $0 | 0.0% |
| 2003 | $170.58M | $0 | 0.0% |
| 2002 | $51.68M | $0 | 0.0% |
| 2001 | $103.60M | $0 | 0.0% |
| 2000 | $125.88M | $0 | 0.0% |
| 1999 | ($150.88M) | $0 | N/A (Loss) |
| 1998 | ($72.70M) | $0 | N/A (Loss) |
| 1997 | ($691.70M) | $0 | N/A (Loss) |
| 1996 | $100.00M | $0 | 0.0% |
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 |
|---|---|
| 2026-06-27 | 9.05% |
| 2026-03-28 | 9.62% |
| 2025-12-31 | 10.11% |
| 2025-09-27 | 10.19% |
| 2025-06-28 | 9.89% |
| 2025-03-29 | 8.88% |
| 2024-12-31 | 8.02% |
| 2024-09-28 | 7.33% |
| 2024-06-29 | 6.97% |
| 2024-03-30 | 7.16% |
| 2023-12-31 | 7.55% |
| 2023-09-30 | 7.70% |
| 2023-07-01 | 8.32% |
| 2023-04-01 | 8.35% |
| 2022-12-31 | 6.58% |
| 2022-10-01 | 7.56% |
| 2022-07-02 | 6.47% |
| 2022-04-02 | 5.68% |
| 2021-12-31 | 5.63% |
| 2021-10-02 | 4.79% |
| 2021-07-03 | 4.48% |
| 2021-04-03 | 4.32% |
| 2020-12-31 | 4.94% |
| 2020-09-26 | 5.73% |
| 2020-06-27 | 7.44% |
| 2020-03-28 | 8.24% |
| 2019-12-31 | 7.34% |
| 2019-09-28 | 7.34% |
| 2019-06-29 | 6.88% |
| 2019-03-30 | 6.41% |
| 2018-12-31 | 7.03% |
| 2018-09-29 | 6.58% |
| 2018-06-30 | 6.72% |
| 2018-03-31 | 7.46% |
| 2017-12-31 | 6.78% |
| 2017-09-30 | 8.09% |
| 2017-07-01 | 8.49% |
| 2017-04-01 | 8.45% |
| 2016-12-31 | 8.79% |
| 2016-10-01 | 8.73% |
| 2016-07-02 | 8.90% |
| 2016-04-02 | 9.29% |
| 2015-12-31 | 10.05% |
| 2015-09-26 | 11.50% |
| 2015-06-27 | 11.82% |
| 2015-03-28 | 11.05% |
| 2014-12-31 | 10.71% |
| 2014-09-27 | 11.29% |
| 2014-06-28 | 11.78% |
| 2014-03-29 | 14.55% |
| 2013-12-31 | 12.51% |
| 2013-09-28 | 12.66% |
| 2013-06-29 | 12.61% |
| 2013-03-30 | 12.01% |
| 2012-12-31 | 8.25% |
| 2012-09-29 | 5.53% |
| 2012-06-30 | 2.95% |
