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 119.62% is 45% above its 5-year average of 82.29%, near the high end of its 5-year range (31.79%–152.44%).
As of the fiscal period ended Tuesday, March 31, 2026. 1.72% below its 12-month average of 121.71%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
119.62%
FCF PAYOUT RATIO AVG TTM
121.71%
FCF PAYOUT RATIO AVG 3Y
106.82%
FCF PAYOUT RATIO AVG 5Y
82.29%
FCF PAYOUT RATIO AVG 10Y
79.79%
FCF PAYOUT RATIO AVG 15Y
69.28%
FCF PAYOUT RATIO AVG 20Y
65.35%
CURRENT VS TTM AVG
-1.72%
CURRENT VS 3Y AVG
+11.99%
CURRENT VS 5Y AVG
+45.36%
CURRENT VS 10Y AVG
+49.92%
CURRENT VS 15Y AVG
+72.65%
CURRENT VS 20Y AVG
+83.04%
FCF Payout Ratio TTM
119.6%
Earnings Payout Ratio
100.0%
Dividend Yield
5.71%
FCF Yield
4.63%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.76B | $5.40B | 113.3% |
| 2024 | $6.21B | $5.40B | 86.9% |
| 2023 | $5.08B | $5.37B | 105.7% |
| 2022 | $9.34B | $5.11B | 54.8% |
| 2021 | $10.81B | $3.44B | 31.8% |
| 2020 | $5.05B | $3.37B | 66.9% |
| 2019 | $2.26B | $3.19B | 141.4% |
| 2018 | $6.43B | $3.01B | 46.8% |
| 2017 | ($3.75B) | $2.77B | N/A (Loss) |
| 2016 | $3.51B | $2.64B | 75.3% |
| 2015 | $5.05B | $2.52B | 50.0% |
| 2014 | $3.40B | $2.37B | 69.6% |
| 2013 | $5.24B | $2.26B | 43.1% |
| 2012 | $5.06B | $2.13B | 42.1% |
| 2011 | $5.07B | $2.00B | 39.4% |
| 2010 | $2.45B | $1.82B | 74.3% |
| 2009 | $3.68B | $1.75B | 47.5% |
| 2008 | $5.79B | $2.22B | 38.3% |
| 2007 | ($1.70B) | $1.70B | N/A (Loss) |
| 2006 | $2.50B | $1.58B | 63.0% |
| 2005 | $3.61B | $1.39B | 38.6% |
| 2004 | $3.20B | $1.21B | 37.7% |
| 2003 | $2.70B | $1.03B | 38.0% |
| 2002 | $3.97B | $849.00M | 21.4% |
| 2001 | $1.53B | $856.00M | 56.0% |
| 2000 | $595.00M | $786.00M | 132.1% |
| 1999 | $747.00M | $672.00M | 90.0% |
| 1998 | $1.22B | $466.00M | 38.1% |
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 |
|---|---|
| 2026-03-31 | 119.62% |
| 2025-12-31 | 113.28% |
| 2025-09-30 | 122.73% |
| 2025-06-30 | 152.44% |
| 2025-03-31 | 100.47% |
| 2024-12-31 | 86.90% |
| 2024-09-30 | 123.61% |
| 2024-06-30 | 115.77% |
| 2024-03-31 | 95.71% |
| 2023-12-31 | 105.75% |
| 2023-09-30 | 95.45% |
| 2023-06-30 | 84.46% |
| 2023-03-31 | 72.41% |
| 2022-12-31 | 54.78% |
| 2022-09-30 | 46.47% |
| 2022-06-30 | 39.20% |
| 2022-03-31 | 34.97% |
| 2021-12-31 | 31.79% |
| 2021-09-30 | 41.89% |
| 2021-06-30 | 42.89% |
| 2021-03-31 | 47.59% |
| 2020-12-31 | 66.85% |
| 2020-09-30 | 47.73% |
| 2020-06-30 | 68.36% |
| 2020-03-31 | 103.92% |
| 2019-12-31 | 141.39% |
| 2019-09-30 | 110.34% |
| 2019-06-30 | 90.65% |
| 2019-03-31 | 65.57% |
| 2018-12-31 | 46.84% |
| 2018-09-30 | 621.52% |
| 2017-09-30 | 396.10% |
| 2017-06-30 | 693.59% |
| 2017-03-31 | 472.08% |
| 2016-12-31 | 75.34% |
| 2016-09-30 | 68.58% |
| 2016-06-30 | 46.95% |
| 2016-03-31 | 52.06% |
| 2015-12-31 | 49.99% |
| 2015-09-30 | 45.87% |
| 2015-06-30 | 43.18% |
| 2015-03-31 | 62.67% |
| 2014-12-31 | 69.63% |
| 2014-09-30 | 51.60% |
| 2014-06-30 | 60.57% |
| 2014-03-31 | 38.85% |
| 2013-12-31 | 43.14% |
| 2013-09-30 | 44.48% |
| 2013-06-30 | 47.84% |
| 2013-03-31 | 48.01% |
| 2012-12-31 | 42.07% |
| 2012-09-30 | 44.03% |
| 2012-06-30 | 36.71% |
| 2012-03-31 | 33.57% |
| 2011-12-31 | 39.40% |
| 2011-09-30 | 58.55% |
| 2011-06-30 | 77.77% |
| 2011-03-31 | 90.58% |
| 2010-12-31 | 74.33% |
| 2010-09-30 | 50.78% |
| 2010-06-30 | 50.35% |
| 2010-03-31 | 56.43% |
| 2009-12-31 | 47.54% |
| 2009-09-30 | 43.80% |
| 2009-06-30 | 37.95% |
| 2009-03-31 | 35.71% |
| 2008-12-31 | 38.32% |
| 2007-09-30 | 42.66% |
| 2007-06-30 | 70.20% |
| 2007-03-31 | 68.59% |
| 2006-12-31 | 62.98% |
| 2006-09-30 | 64.24% |
| 2006-06-30 | 49.66% |
| 2006-03-31 | 39.88% |
| 2005-12-31 | 38.63% |
| 2005-09-30 | 47.18% |
| 2005-06-30 | 39.61% |
| 2005-03-31 | 42.30% |
| 2004-12-31 | 37.70% |
| 2004-09-30 | 45.19% |
| 2004-06-30 | 35.27% |
| 2004-03-31 | 35.05% |
| 2003-12-31 | 38.01% |
| 2003-09-30 | 24.32% |
| 2003-06-30 | 26.20% |
| 2003-03-31 | 23.10% |
