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 94.45% is 68% below its 5-year average of 294.11%, near the low end of its 5-year range (94.45%–809.55%).
As of the fiscal period ended Tuesday, June 30, 2026. 37.16% below its 12-month average of 150.30%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
94.45%
FCF PAYOUT RATIO AVG TTM
150.30%
FCF PAYOUT RATIO AVG 3Y
210.77%
FCF PAYOUT RATIO AVG 5Y
294.11%
FCF PAYOUT RATIO AVG 10Y
338.43%
FCF PAYOUT RATIO AVG 15Y
275.34%
FCF PAYOUT RATIO AVG 20Y
217.07%
CURRENT VS TTM AVG
-37.16%
CURRENT VS 3Y AVG
-55.19%
CURRENT VS 5Y AVG
-67.89%
CURRENT VS 10Y AVG
-72.09%
CURRENT VS 15Y AVG
-65.70%
CURRENT VS 20Y AVG
-56.49%
FCF Payout Ratio TTM
94.4%
Earnings Payout Ratio
104.1%
Dividend Yield
3.99%
FCF Yield
4.02%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.50B | $2.64B | 175.8% |
| 2024 | $929.78M | $2.82B | 302.8% |
| 2023 | ($664.71M) | $2.17B | N/A (Loss) |
| 2022 | ($259.67M) | $2.43B | N/A (Loss) |
| 2021 | $763.72M | $2.73B | 358.0% |
| 2020 | ($845.23M) | $2.47B | N/A (Loss) |
| 2019 | ($846.34M) | $1.51B | N/A (Loss) |
| 2018 | ($2.46B) | $1.27B | N/A (Loss) |
| 2017 | ($1.83B) | $1.19B | N/A (Loss) |
| 2016 | ($173.17M) | $1.14B | N/A (Loss) |
| 2015 | ($32.50M) | $1.11B | N/A (Loss) |
| 2014 | ($95.45M) | $1.24B | N/A (Loss) |
| 2013 | ($1.01B) | $1.28B | N/A (Loss) |
| 2012 | $980.20M | $1.29B | 131.7% |
| 2011 | $1.15B | $994.66M | 86.6% |
| 2010 | ($1.96B) | $755.06M | N/A (Loss) |
| 2009 | ($2.30B) | $690.73M | N/A (Loss) |
| 2008 | ($240.34M) | $586.97M | N/A (Loss) |
| 2007 | $1.19B | $634.51M | 53.5% |
| 2006 | $431.50M | $529.38M | 122.7% |
| 2005 | $988.11M | $504.06M | 51.0% |
| 2004 | $1.02B | $459.12M | 45.1% |
| 2003 | $1.17B | $452.82M | 38.8% |
| 2002 | $839.39M | $347.20M | 41.4% |
| 2001 | $334.94M | $324.88M | 97.0% |
| 2000 | $605.82M | $357.62M | 59.0% |
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 |
|---|---|
| 2026-06-30 | 94.45% |
| 2026-03-31 | 100.80% |
| 2025-12-31 | 172.80% |
| 2025-09-30 | 187.48% |
| 2025-06-30 | 195.97% |
| 2025-03-31 | 348.32% |
| 2024-12-31 | 212.28% |
| 2024-09-30 | 374.09% |
| 2023-03-31 | 494.00% |
| 2022-12-31 | 468.09% |
| 2022-09-30 | 359.41% |
| 2022-06-30 | 809.55% |
| 2022-03-31 | 312.30% |
| 2021-12-31 | 356.70% |
| 2021-09-30 | 440.89% |
| 2016-06-30 | 487.81% |
| 2013-03-31 | 247.04% |
| 2012-12-31 | 135.56% |
| 2012-09-30 | 152.70% |
| 2012-06-30 | 160.72% |
| 2012-03-31 | 164.44% |
| 2011-12-31 | 144.00% |
| 2011-09-30 | 447.73% |
| 2008-09-30 | 82.28% |
| 2008-06-30 | 57.33% |
| 2008-03-31 | 38.58% |
| 2007-12-31 | 45.71% |
| 2007-09-30 | 92.42% |
| 2007-06-30 | 118.26% |
| 2007-03-31 | 151.40% |
| 2006-12-31 | 180.14% |
| 2006-09-30 | 66.75% |
| 2006-06-30 | 55.77% |
| 2006-03-31 | 52.15% |
| 2005-12-31 | 49.26% |
| 2005-09-30 | 54.02% |
| 2005-06-30 | 54.10% |
| 2005-03-31 | 49.88% |
| 2004-12-31 | 49.00% |
| 2004-09-30 | 46.45% |
| 2004-06-30 | 41.92% |
| 2004-03-31 | 31.37% |
