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 52.35% is in line with its 5-year average of 48.85%, around the middle of its 5-year range (20.47%–76.62%).
As of the fiscal period ended Tuesday, June 30, 2026. 21.62% below its 12-month average of 66.79%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
52.35%
FCF PAYOUT RATIO AVG TTM
66.79%
FCF PAYOUT RATIO AVG 3Y
53.56%
FCF PAYOUT RATIO AVG 5Y
48.85%
FCF PAYOUT RATIO AVG 10Y
54.16%
FCF PAYOUT RATIO AVG 15Y
67.21%
FCF PAYOUT RATIO AVG 20Y
76.86%
CURRENT VS TTM AVG
-21.62%
CURRENT VS 3Y AVG
-2.26%
CURRENT VS 5Y AVG
+7.17%
CURRENT VS 10Y AVG
-3.34%
CURRENT VS 15Y AVG
-22.11%
CURRENT VS 20Y AVG
-31.88%
FCF Payout Ratio TTM
52.4%
Earnings Payout Ratio
67.5%
Dividend Yield
4.57%
FCF Yield
8.38%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $10.81B | $8.45B | 78.2% |
| 2024 | $15.95B | $7.72B | 48.4% |
| 2023 | $22.96B | $7.52B | 32.7% |
| 2022 | $31.68B | $9.99B | 31.5% |
| 2021 | $18.07B | $8.23B | 45.5% |
| 2020 | $4.04B | $6.69B | 165.6% |
| 2019 | $12.88B | $6.64B | 51.6% |
| 2018 | $7.62B | $4.91B | 64.4% |
| 2017 | $8.55B | $2.92B | 34.1% |
| 2016 | ($1.58B) | $2.66B | N/A (Loss) |
| 2015 | ($5.19B) | $2.85B | N/A (Loss) |
| 2014 | ($712.00M) | $7.31B | N/A (Loss) |
| 2013 | ($1.28B) | $7.41B | N/A (Loss) |
| 2012 | $3.38B | $6.86B | 202.7% |
| 2011 | $2.06B | $6.66B | 324.1% |
| 2010 | $6.23B | $6.78B | 108.9% |
| 2009 | $732.13M | $7.56B | n/m |
| 2008 | $9.48B | $7.18B | 75.8% |
| 2007 | $10.42B | $6.59B | 63.2% |
| 2006 | $8.12B | $5.28B | 65.0% |
| 2005 | $7.32B | $4.43B | 60.6% |
| 2004 | $9.84B | $6.10B | 62.0% |
| 2003 | $7.27B | $3.39B | 46.6% |
| 2002 | $4.27B | $2.75B | 64.3% |
| 2001 | $4.27B | $0 | 0.0% |
| 2000 | $6.40B | $1.72B | 26.9% |
| 1999 | ($334.00M) | $997.00M | N/A (Loss) |
| 1998 | ($387.00M) | $587.40M | N/A (Loss) |
| 1997 | ($116.10M) | $455.30M | N/A (Loss) |
| 1996 | ($178.80M) | $164.20M | 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.
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 | 52.35% |
| 2026-03-31 | 75.97% |
| 2025-12-31 | 76.62% |
| 2025-09-30 | 61.56% |
| 2025-06-30 | 67.46% |
| 2025-03-31 | 49.33% |
| 2024-12-31 | 48.40% |
| 2024-09-30 | 41.71% |
| 2024-06-30 | 36.44% |
| 2024-03-31 | 35.17% |
| 2023-12-31 | 32.74% |
| 2023-09-30 | 74.63% |
| 2023-06-30 | 43.93% |
| 2023-03-31 | 35.77% |
| 2022-12-31 | 31.52% |
| 2022-09-30 | 20.47% |
| 2022-06-30 | 30.82% |
| 2022-03-31 | 42.37% |
| 2021-12-31 | 45.54% |
| 2021-09-30 | 64.63% |
| 2021-06-30 | 58.37% |
| 2021-03-31 | 83.16% |
| 2020-12-31 | 165.59% |
| 2020-09-30 | 136.13% |
| 2020-06-30 | 66.23% |
| 2020-03-31 | 61.49% |
| 2019-12-31 | 51.58% |
| 2019-09-30 | 33.39% |
| 2019-06-30 | 42.84% |
| 2019-03-31 | 43.08% |
| 2018-12-31 | 64.45% |
| 2018-09-30 | 89.46% |
| 2018-06-30 | 112.54% |
| 2018-03-31 | 127.95% |
| 2017-12-31 | 34.13% |
| 2017-09-30 | 46.86% |
| 2017-06-30 | 52.62% |
| 2017-03-31 | 87.83% |
| 2014-06-30 | 939.16% |
| 2013-03-31 | 406.49% |
| 2012-12-31 | 208.18% |
| 2012-06-30 | 379.07% |
| 2012-03-31 | 474.85% |
| 2011-12-31 | 307.77% |
| 2011-09-30 | 196.98% |
| 2011-06-30 | 166.18% |
| 2011-03-31 | 173.71% |
| 2010-12-31 | 114.65% |
| 2010-09-30 | 122.37% |
| 2010-06-30 | 130.65% |
| 2010-03-31 | 638.79% |
| 2009-12-31 | 995.30% |
| 2009-09-30 | 284.00% |
| 2009-06-30 | 131.70% |
| 2009-03-31 | 121.28% |
| 2008-12-31 | 86.47% |
| 2008-09-30 | 72.69% |
| 2008-06-30 | 110.45% |
| 2008-03-31 | 70.31% |
| 2007-12-31 | 63.66% |
| 2007-09-30 | 76.27% |
| 2007-06-30 | 61.29% |
| 2007-03-31 | 52.76% |
| 2006-12-31 | 68.81% |
| 2006-09-30 | 50.55% |
| 2006-06-30 | 53.49% |
| 2006-03-31 | 59.76% |
| 2005-12-31 | 60.89% |
| 2005-09-30 | 51.76% |
| 2005-06-30 | 52.63% |
| 2005-03-31 | 62.96% |
| 2004-12-31 | 61.96% |
| 2004-09-30 | 51.78% |
| 2004-06-30 | 57.51% |
| 2004-03-31 | 43.36% |
| 2003-12-31 | 46.63% |
