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 48.23% is in line with its 5-year average of 50.75%, around the middle of its 5-year range (29.83%–77.20%).
As of the fiscal period ended Tuesday, June 30, 2026. 6.68% below its 12-month average of 51.68%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.23%
FCF PAYOUT RATIO AVG TTM
51.68%
FCF PAYOUT RATIO AVG 3Y
50.25%
FCF PAYOUT RATIO AVG 5Y
50.75%
FCF PAYOUT RATIO AVG 10Y
53.84%
FCF PAYOUT RATIO AVG 15Y
58.45%
FCF PAYOUT RATIO AVG 20Y
55.69%
CURRENT VS TTM AVG
-6.68%
CURRENT VS 3Y AVG
-4.01%
CURRENT VS 5Y AVG
-4.96%
CURRENT VS 10Y AVG
-10.41%
CURRENT VS 15Y AVG
-17.49%
CURRENT VS 20Y AVG
-13.39%
FCF Payout Ratio TTM
48.2%
Earnings Payout Ratio
116.0%
Dividend Yield
3.71%
FCF Yield
4.76%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.05B | $1.06B | 51.5% |
| 2024 | $1.76B | $903.43M | 51.3% |
| 2023 | $1.83B | $908.36M | 49.6% |
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 | 48.23% |
| 2026-03-31 | 50.92% |
| 2025-12-31 | 51.25% |
| 2025-09-30 | 55.59% |
| 2025-06-30 | 52.42% |
| 2025-03-31 | 52.22% |
| 2024-12-31 | 51.22% |
| 2024-09-30 | 45.92% |
| 2024-06-30 | 46.85% |
| 2024-03-31 | 46.14% |
| 2023-12-31 | 49.52% |
| 2023-09-30 | 49.83% |
| 2023-06-30 | 53.12% |
| 2023-03-31 | 62.35% |
| 2022-12-31 | 62.43% |
| 2022-09-30 | 77.20% |
| 2022-06-30 | 74.77% |
| 2022-03-31 | 70.73% |
| 2021-12-31 | 33.99% |
| 2021-09-30 | 31.05% |
| 2021-06-30 | 29.83% |
| 2021-03-31 | 30.19% |
| 2020-12-31 | 57.79% |
| 2020-09-30 | 72.05% |
| 2020-06-30 | 106.01% |
| 2020-03-31 | 175.16% |
| 2019-12-31 | 347.22% |
| 2019-06-30 | 176.90% |
| 2019-03-31 | 76.78% |
| 2018-12-31 | 59.92% |
| 2018-09-30 | 41.30% |
| 2018-06-30 | 42.80% |
| 2018-03-31 | 42.14% |
| 2017-12-31 | 66.08% |
| 2017-09-30 | 61.84% |
| 2017-06-30 | 67.62% |
| 2017-03-31 | 76.42% |
| 2016-12-31 | 47.27% |
| 2016-09-30 | 48.72% |
| 2016-06-30 | 51.71% |
| 2016-03-31 | 48.27% |
| 2015-12-31 | 56.61% |
| 2015-09-30 | 63.23% |
| 2015-06-30 | 67.45% |
| 2015-03-31 | 70.35% |
| 2014-12-31 | 74.11% |
| 2014-09-30 | 101.66% |
| 2014-06-30 | 91.88% |
| 2014-03-31 | 87.15% |
| 2013-12-31 | 94.63% |
| 2013-09-30 | 62.80% |
| 2013-06-30 | 66.54% |
| 2013-03-31 | 69.32% |
| 2012-12-31 | 60.09% |
| 2012-09-30 | 61.23% |
| 2012-06-30 | 60.99% |
| 2012-03-31 | 61.10% |
| 2011-12-31 | 61.89% |
| 2011-09-30 | 57.30% |
| 2011-06-30 | 61.88% |
| 2011-03-31 | 60.38% |
| 2010-12-31 | 57.83% |
| 2010-09-30 | 67.10% |
| 2010-06-30 | 64.83% |
| 2010-03-31 | 60.42% |
| 2009-12-31 | 57.81% |
| 2009-09-30 | 43.10% |
| 2009-06-30 | 36.61% |
| 2009-03-31 | 47.90% |
| 2008-12-31 | 39.41% |
| 2008-09-30 | 51.28% |
| 2008-06-30 | 53.70% |
| 2008-03-31 | 49.54% |
| 2007-12-31 | 51.16% |
| 2007-09-30 | 39.48% |
| 2007-06-30 | 34.11% |
| 2007-03-31 | 32.66% |
| 2006-12-31 | 33.07% |
| 2006-09-30 | 39.99% |
| 2006-06-30 | 41.56% |
| 2006-03-31 | 43.36% |
| 2005-12-31 | 41.15% |
| 2005-09-30 | 40.03% |
| 2005-06-30 | 40.51% |
| 2005-03-31 | 42.11% |
| 2004-12-31 | 40.96% |
| 2004-09-30 | 39.22% |
| 2004-06-30 | 40.94% |
| 2004-03-31 | 37.06% |
| 2003-12-31 | 62.12% |
| 2003-09-30 | 50.16% |
| 2003-06-30 | 50.25% |
| 2022 |
| $1.31B |
| $803.84M |
| 61.4% |
| 2021 | $2.26B | $768.18M | 34.0% |
| 2020 | $1.31B | $770.67M | 59.0% |
| 2019 | $201.58M | $717.30M | 355.8% |
| 2018 | $1.41B | $856.95M | 60.8% |
| 2017 | $1.56B | $992.45M | 63.4% |
| 2016 | $2.05B | $970.19M | 47.2% |
| 2015 | $1.74B | $934.83M | 53.8% |
| 2014 | $1.33B | $987.88M | 74.1% |
| 2013 | $1.07B | $1.01B | 94.7% |
| 2012 | $1.73B | $1.03B | 59.3% |
| 2011 | $1.51B | $963.00M | 63.7% |
| 2010 | $1.62B | $901.00M | 55.8% |
| 2009 | $1.71B | $986.70M | 57.8% |
| 2008 | $1.58B | $519.53M | 33.0% |
| 2007 | $1.31B | $672.13M | 51.3% |
| 2006 | $1.63B | $543.83M | 33.4% |
| 2005 | $1.50B | $527.98M | 35.1% |
| 2004 | $1.28B | $528.94M | 41.3% |
| 2003 | $1.08B | $669.00M | 62.1% |
| 2002 | $1.17B | $305.00M | 26.1% |
| 2001 | $939.00M | $279.00M | 29.7% |
| 2000 | $510.73M | $270.70M | 53.0% |
| 1999 | $308.01M | $254.99M | 82.8% |
| 1998 | ($463.01M) | $241.04M | N/A (Loss) |
| 1997 | $508.01M | $235.05M | 46.3% |
| 1996 | ($2.99B) | $195.99M | N/A (Loss) |
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.
