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 23.40% is 38% below its 5-year average of 37.78%, near the low end of its 5-year range (23.40%–75.52%).
As of the fiscal period ended Tuesday, June 30, 2026. 16.69% below its 12-month average of 28.09%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.40%
FCF PAYOUT RATIO AVG TTM
28.09%
FCF PAYOUT RATIO AVG 3Y
28.99%
FCF PAYOUT RATIO AVG 5Y
32.50%
FCF PAYOUT RATIO AVG 10Y
34.20%
FCF PAYOUT RATIO AVG 15Y
32.55%
FCF PAYOUT RATIO AVG 20Y
30.25%
CURRENT VS TTM AVG
-16.69%
CURRENT VS 3Y AVG
-19.29%
CURRENT VS 5Y AVG
-28.01%
CURRENT VS 10Y AVG
-31.57%
CURRENT VS 15Y AVG
-28.10%
CURRENT VS 20Y AVG
-22.65%
FCF Payout Ratio TTM
23.4%
Earnings Payout Ratio
30.4%
Dividend Yield
0.83%
FCF Yield
3.49%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.81B | $837.30M | 29.8% |
| 2024 | $2.77B | $757.50M | 27.3% |
| 2023 | $2.09B | $683.70M | 32.7% |
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 | 23.40% |
| 2026-03-31 | 27.21% |
| 2025-12-31 | 29.39% |
| 2025-09-30 | 32.06% |
| 2025-06-30 | 28.39% |
| 2025-03-31 | 27.44% |
| 2024-12-31 | 27.27% |
| 2024-09-30 | 25.66% |
| 2024-06-30 | 28.87% |
| 2024-03-31 | 30.13% |
| 2023-12-31 | 32.56% |
| 2023-09-30 | 35.54% |
| 2023-06-30 | 42.26% |
| 2023-03-31 | 44.39% |
| 2022-12-31 | 50.32% |
| 2022-09-30 | 67.76% |
| 2022-06-30 | 75.52% |
| 2022-03-31 | 65.09% |
| 2021-12-31 | 41.10% |
| 2021-09-30 | 34.11% |
| 2021-06-30 | 24.98% |
| 2021-03-31 | 27.93% |
| 2020-12-31 | 39.36% |
| 2020-09-30 | 33.43% |
| 2020-06-30 | 41.78% |
| 2020-03-31 | 35.88% |
| 2019-12-31 | 30.63% |
| 2019-09-30 | 40.49% |
| 2019-06-30 | 46.80% |
| 2019-03-31 | 47.30% |
| 2018-12-31 | 46.01% |
| 2018-09-30 | 37.82% |
| 2018-06-30 | 37.56% |
| 2018-03-31 | 34.79% |
| 2017-12-31 | 33.03% |
| 2017-09-30 | 39.50% |
| 2017-06-30 | 29.91% |
| 2017-03-31 | 28.59% |
| 2016-12-31 | 26.46% |
| 2016-09-30 | 21.48% |
| 2016-06-30 | 35.60% |
| 2016-03-31 | 42.68% |
| 2015-12-31 | 50.42% |
| 2015-09-30 | 61.99% |
| 2015-06-30 | 36.93% |
| 2015-03-31 | 37.09% |
| 2014-12-31 | 35.78% |
| 2014-09-30 | 51.15% |
| 2014-06-30 | 36.98% |
| 2014-03-31 | 29.42% |
| 2013-12-31 | 26.45% |
| 2013-09-30 | 22.47% |
| 2013-06-30 | 24.48% |
| 2013-03-31 | 26.65% |
| 2012-12-31 | 23.21% |
| 2012-09-30 | 20.17% |
| 2012-06-30 | 19.34% |
| 2012-03-31 | 15.91% |
| 2011-12-31 | 14.55% |
| 2011-09-30 | 19.88% |
| 2011-06-30 | 22.12% |
| 2011-03-31 | 21.89% |
| 2010-12-31 | 21.50% |
| 2010-09-30 | 18.30% |
| 2010-06-30 | 11.68% |
| 2010-03-31 | 10.06% |
| 2009-12-31 | 11.83% |
| 2009-09-30 | 12.43% |
| 2009-06-30 | 16.16% |
| 2009-03-31 | 30.30% |
| 2008-12-31 | 855.02% |
| 2008-09-30 | 109.25% |
| 2008-03-31 | 373.58% |
| 2007-12-31 | 27.02% |
| 2007-09-30 | 28.39% |
| 2007-06-30 | 28.67% |
| 2007-03-31 | 28.66% |
| 2006-12-31 | 28.64% |
| 2006-09-30 | 29.78% |
| 2006-06-30 | 28.00% |
| 2006-03-31 | 25.50% |
| 2005-12-31 | 27.55% |
| 2005-09-30 | 31.80% |
| 2005-06-30 | 32.31% |
| 2005-03-31 | 26.26% |
| 2004-12-31 | 23.67% |
| 2004-09-30 | 26.10% |
| 2004-06-30 | 31.77% |
| 2004-03-31 | 53.08% |
| 2003-12-31 | 306.47% |
| 2003-09-30 | 33.83% |
| 2003-06-30 | 27.09% |
| 2022 |
| $1.21B |
| $620.20M |
| 51.2% |
| 2021 | $1.37B | $561.10M | 41.1% |
| 2020 | $1.29B | $507.30M | 39.4% |
| 2019 | $1.67B | $510.10M | 30.6% |
| 2018 | $1.04B | $479.50M | 46.0% |
| 2017 | $1.30B | $430.10M | 33.0% |
| 2016 | $1.32B | $348.60M | 26.5% |
| 2015 | $601.50M | $303.30M | 50.4% |
| 2014 | $739.70M | $264.70M | 35.8% |
| 2013 | $928.20M | $245.50M | 26.4% |
| 2012 | $918.30M | $213.10M | 23.2% |
| 2011 | $943.90M | $137.30M | 14.5% |
| 2010 | $515.90M | $110.90M | 21.5% |
| 2009 | $1.53B | $181.00M | 11.8% |
| 2008 | $24.90M | $212.90M | 855.0% |
| 2007 | $776.40M | $209.80M | 27.0% |
| 2006 | $759.90M | $217.60M | 28.6% |
| 2005 | $697.30M | $192.10M | 27.5% |
| 2004 | $644.60M | $152.60M | 23.7% |
| 2003 | $40.20M | $123.20M | 306.5% |
| 2002 | $585.90M | $114.90M | 19.6% |
| 2001 | $401.00M | $113.10M | 28.2% |
| 2000 | $587.50M | $109.80M | 18.7% |
| 1999 | $517.60M | $105.30M | 20.3% |
| 1998 | $622.40M | $98.30M | 15.8% |
| 1997 | $517.50M | $93.60M | 18.1% |
| 1996 | $190.70M | $83.90M | 44.0% |
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.
