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 34.28% is in line with its 5-year average of 36.49%, near the low end of its 5-year range (16.67%–115.07%).
As of the fiscal period ended Tuesday, June 30, 2026. 14.39% below its 12-month average of 40.04%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
34.28%
FCF PAYOUT RATIO AVG TTM
40.04%
FCF PAYOUT RATIO AVG 3Y
38.13%
FCF PAYOUT RATIO AVG 5Y
30.79%
FCF PAYOUT RATIO AVG 10Y
26.96%
FCF PAYOUT RATIO AVG 15Y
23.18%
FCF PAYOUT RATIO AVG 20Y
18.51%
CURRENT VS TTM AVG
-14.39%
CURRENT VS 3Y AVG
-10.11%
CURRENT VS 5Y AVG
+11.32%
CURRENT VS 10Y AVG
+27.13%
CURRENT VS 15Y AVG
+47.91%
CURRENT VS 20Y AVG
+85.25%
FCF Payout Ratio TTM
34.3%
Earnings Payout Ratio
67.7%
Dividend Yield
2.13%
FCF Yield
6.20%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $16.07B | $7.92B | 49.2% |
| 2024 | $20.70B | $7.53B | 36.4% |
| 2023 | $25.68B | $6.76B | 26.3% |
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 | 34.28% |
| 2026-03-31 | 40.73% |
| 2025-12-31 | 49.24% |
| 2025-09-30 | 45.16% |
| 2025-06-30 | 30.79% |
| 2025-03-31 | 31.04% |
| 2024-12-31 | 36.38% |
| 2024-09-30 | 56.04% |
| 2024-06-30 | 115.07% |
| 2024-03-31 | 66.12% |
| 2023-12-31 | 26.33% |
| 2023-09-30 | 24.83% |
| 2023-06-30 | 16.67% |
| 2023-03-31 | 18.02% |
| 2022-12-31 | 25.60% |
| 2022-09-30 | 18.56% |
| 2022-06-30 | 27.58% |
| 2022-03-31 | 28.42% |
| 2021-12-31 | 26.55% |
| 2021-09-30 | 22.27% |
| 2021-06-30 | 26.58% |
| 2021-03-31 | 20.54% |
| 2020-12-31 | 22.78% |
| 2020-09-30 | 21.95% |
| 2020-06-30 | 21.00% |
| 2020-03-31 | 25.29% |
| 2019-12-31 | 23.99% |
| 2019-09-30 | 29.78% |
| 2019-06-30 | 34.89% |
| 2019-03-31 | 41.02% |
| 2018-12-31 | 24.32% |
| 2018-09-30 | 36.98% |
| 2018-06-30 | 19.89% |
| 2018-03-31 | 21.45% |
| 2017-12-31 | 23.96% |
| 2017-09-30 | 20.49% |
| 2017-06-30 | 19.91% |
| 2017-03-31 | 19.59% |
| 2016-12-31 | 27.95% |
| 2016-09-30 | 16.46% |
| 2016-06-30 | 23.38% |
| 2016-03-31 | 23.30% |
| 2015-12-31 | 21.82% |
| 2015-09-30 | 22.98% |
| 2015-06-30 | 20.40% |
| 2015-03-31 | 19.38% |
| 2014-12-31 | 20.62% |
| 2014-09-30 | 24.45% |
| 2014-06-30 | 21.88% |
| 2014-03-31 | 18.13% |
| 2013-12-31 | 18.11% |
| 2013-09-30 | 15.34% |
| 2013-06-30 | 32.93% |
| 2013-03-31 | 24.81% |
| 2012-12-31 | 13.48% |
| 2012-09-30 | 19.27% |
| 2012-06-30 | 7.82% |
| 2012-03-31 | 8.33% |
| 2011-12-31 | 11.03% |
| 2011-09-30 | 10.29% |
| 2011-06-30 | 13.27% |
| 2011-03-31 | 14.21% |
| 2010-12-31 | 11.55% |
| 2010-09-30 | 6.57% |
| 2010-06-30 | 4.06% |
| 2010-03-31 | 0.72% |
| 2009-12-31 | 0.74% |
| 2009-09-30 | 0.70% |
| 2009-06-30 | 0.87% |
| 2009-03-31 | 0.85% |
| 2008-12-31 | 1.07% |
| 2008-09-30 | 1.37% |
| 2008-06-30 | 2.43% |
| 2008-03-31 | 1.48% |
| 2007-12-31 | 0.80% |
| 2007-09-30 | 0.75% |
| 2007-06-30 | 0.77% |
| 2007-03-31 | 0.75% |
| 2006-12-31 | 0.71% |
| 2006-09-30 | 0.39% |
| 2006-06-30 | 0.33% |
| 2006-03-31 | 0.35% |
| 2005-12-31 | 0.50% |
| 2005-09-30 | 0.40% |
| 2005-06-30 | 0.42% |
| 2005-03-31 | 0.44% |
| 2004-12-31 | 0.48% |
| 2022 |
| $23.40B |
| $5.99B |
| 25.6% |
| 2021 | $19.89B | $5.28B | 26.5% |
| 2020 | $20.12B | $4.58B | 22.8% |
| 2019 | $16.39B | $3.93B | 24.0% |
| 2018 | $13.65B | $3.32B | 24.3% |
| 2017 | $11.57B | $2.77B | 24.0% |
| 2016 | $8.09B | $2.26B | 27.9% |
| 2015 | $8.18B | $1.79B | 21.8% |
| 2014 | $6.60B | $1.36B | 20.6% |
| 2013 | $5.83B | $1.06B | 18.1% |
| 2012 | $6.08B | $820.00M | 13.5% |
| 2011 | $5.95B | $651.00M | 10.9% |
| 2010 | $5.39B | $449.00M | 8.3% |
| 2009 | $4.89B | $36.00M | 0.7% |
| 2008 | $3.45B | $37.00M | 1.1% |
| 2007 | $5.01B | $40.00M | 0.8% |
| 2006 | $5.80B | $41.00M | 0.7% |
| 2005 | $3.82B | $19.00M | 0.5% |
| 2004 | $3.79B | $18.00M | 0.5% |
| 2003 | $2.65B | $9.00M | 0.3% |
| 2002 | $2.00B | $9.00M | 0.4% |
| 2001 | $1.42B | $9.00M | 0.6% |
| 2000 | $1.28B | $5.00M | 0.4% |
| 1999 | $993.00M | $6.00M | 0.6% |
| 1998 | $861.00M | $34.00M | 3.9% |
| 1997 | $496.00M | $35.00M | 7.1% |
| 1996 | $397.04M | $34.09M | 8.6% |
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.
