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 119.78% is 105% above its 5-year average of 58.55%, near the high end of its 5-year range (41.67%–119.78%).
As of the fiscal period ended Tuesday, June 30, 2026. 75.68% above its 12-month average of 68.18%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
119.78%
FCF PAYOUT RATIO AVG TTM
68.18%
FCF PAYOUT RATIO AVG 3Y
59.02%
FCF PAYOUT RATIO AVG 5Y
56.21%
FCF PAYOUT RATIO AVG 10Y
52.33%
FCF PAYOUT RATIO AVG 15Y
50.76%
FCF PAYOUT RATIO AVG 20Y
50.07%
CURRENT VS TTM AVG
+75.68%
CURRENT VS 3Y AVG
+102.94%
CURRENT VS 5Y AVG
+113.08%
CURRENT VS 10Y AVG
+128.89%
CURRENT VS 15Y AVG
+135.97%
CURRENT VS 20Y AVG
+139.23%
FCF Payout Ratio TTM
119.8%
Earnings Payout Ratio
46.0%
Dividend Yield
1.80%
FCF Yield
1.50%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $5.50B | $3.24B | 58.8% |
| 2024 | $5.89B | $3.21B | 54.5% |
| 2023 | $4.77B | $3.17B | 66.5% |
| 2022 | $5.74B | $3.16B | 55.0% |
| 2021 | $6.10B | $2.80B | 45.9% |
| 2020 | $5.61B | $2.63B | 46.8% |
| 2019 | $5.16B | $2.60B | 50.4% |
| 2018 | $5.25B | $2.30B | 43.8% |
| 2017 | $3.97B | $1.98B | 49.9% |
| 2016 | $4.02B | $1.88B | 46.7% |
| 2015 | $2.69B | $2.34B | 87.0% |
| 2014 | $3.04B | $1.63B | 53.7% |
| 2013 | $3.33B | $1.33B | 40.1% |
| 2012 | $2.42B | $1.15B | 47.3% |
| 2011 | $2.61B | $837.00M | 32.0% |
| 2010 | $1.62B | $602.00M | 37.1% |
| 2009 | $3.10B | $544.00M | 17.5% |
| 2008 | $902.00M | $481.00M | 53.3% |
| 2007 | $160.00M | $364.00M | 227.5% |
| 2006 | $102.00M | $322.00M | 315.7% |
| 2005 | $426.00M | $314.00M | 73.7% |
| 2004 | $361.00M | $310.00M | 85.9% |
| 2003 | $670.00M | $234.00M | 34.9% |
| 2002 | $363.00M | $201.00M | 55.4% |
| 2001 | $420.00M | $198.00M | 47.1% |
| 2000 | $175.00M | $199.00M | 113.7% |
| 1999 | $35.00M | $198.00M | 565.7% |
| 1998 | ($1.55B) | $255.00M | N/A (Loss) |
| 1997 | ($501.00M) | $422.00M | N/A (Loss) |
| 1996 | $297.00M | $353.00M | 118.9% |
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 | 119.78% |
| 2026-03-31 | 57.09% |
| 2025-12-31 | 58.85% |
| 2025-09-30 | 53.68% |
| 2025-06-30 | 51.49% |
| 2025-03-31 | 54.86% |
| 2024-12-31 | 54.51% |
| 2024-09-30 | 57.85% |
| 2024-06-30 | 65.34% |
| 2024-03-31 | 63.08% |
| 2023-12-31 | 66.48% |
| 2023-09-30 | 66.69% |
| 2023-06-30 | 58.33% |
| 2023-03-31 | 59.22% |
| 2022-12-31 | 55.02% |
| 2022-09-30 | 52.67% |
| 2022-06-30 | 53.78% |
| 2022-03-31 | 47.72% |
| 2021-12-31 | 45.93% |
| 2021-09-30 | 41.67% |
| 2021-06-30 | 45.43% |
| 2021-03-31 | 46.00% |
| 2020-12-31 | 46.78% |
| 2020-09-30 | 52.04% |
| 2020-06-30 | 47.58% |
| 2020-03-31 | 49.69% |
| 2019-12-31 | 50.39% |
| 2019-09-30 | 49.45% |
| 2019-06-30 | 46.85% |
| 2019-03-31 | 43.13% |
| 2018-12-31 | 43.80% |
| 2018-09-30 | 45.50% |
| 2018-06-30 | 46.84% |
| 2018-03-31 | 52.62% |
| 2017-12-31 | 49.65% |
| 2017-09-30 | 46.86% |
| 2017-06-30 | 48.90% |
| 2017-03-31 | 52.86% |
| 2016-12-31 | 46.74% |
| 2016-09-30 | 56.80% |
| 2016-06-30 | 60.99% |
| 2016-03-31 | 58.66% |
| 2015-12-31 | 87.01% |
| 2015-09-30 | 72.39% |
| 2015-06-30 | 65.38% |
| 2015-03-31 | 70.04% |
| 2014-12-31 | 53.70% |
| 2014-09-30 | 48.27% |
| 2014-06-30 | 48.90% |
| 2014-03-31 | 39.69% |
| 2013-12-31 | 40.07% |
| 2013-09-30 | 36.93% |
| 2013-06-30 | 41.24% |
| 2013-03-31 | 46.00% |
| 2012-12-31 | 47.30% |
| 2012-09-30 | 58.79% |
| 2012-06-30 | 44.28% |
| 2012-03-31 | 36.78% |
| 2011-12-31 | 32.04% |
| 2011-09-30 | 29.43% |
| 2011-06-30 | 31.83% |
| 2011-03-31 | 31.33% |
| 2010-12-31 | 37.09% |
| 2010-09-30 | 38.45% |
| 2010-06-30 | 46.78% |
| 2010-03-31 | 162.09% |
| 2009-12-31 | 72.53% |
| 2009-09-30 | 97.67% |
| 2009-06-30 | 56.66% |
| 2009-03-31 | 34.36% |
| 2008-12-31 | 53.33% |
| 2008-09-30 | 28.99% |
| 2008-06-30 | 46.27% |
| 2008-03-31 | 145.05% |
| 2007-12-31 | 227.50% |
| 2007-03-31 | 178.57% |
| 2006-12-31 | 315.69% |
| 2006-09-30 | 46.31% |
| 2006-06-30 | 67.80% |
| 2006-03-31 | 102.27% |
| 2005-12-31 | 73.71% |
| 2005-06-30 | 95.99% |
| 2005-03-31 | 79.13% |
| 2004-12-31 | 85.87% |
| 2004-09-30 | 51.41% |
| 2004-06-30 | 47.72% |
| 2004-03-31 | 36.04% |
| 2003-12-31 | 34.93% |
| 2003-09-30 | 49.02% |
| 2003-06-30 | 51.05% |
