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 23.44% is 30% below its 5-year average of 33.25%, near the low end of its 5-year range (22.01%–52.46%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.07% below its 12-month average of 24.44%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.44%
FCF PAYOUT RATIO AVG TTM
24.44%
FCF PAYOUT RATIO AVG 3Y
31.17%
FCF PAYOUT RATIO AVG 5Y
33.25%
FCF PAYOUT RATIO AVG 10Y
34.47%
FCF PAYOUT RATIO AVG 15Y
32.53%
FCF PAYOUT RATIO AVG 20Y
53.69%
CURRENT VS TTM AVG
-4.07%
CURRENT VS 3Y AVG
-24.78%
CURRENT VS 5Y AVG
-29.50%
CURRENT VS 10Y AVG
-32.00%
CURRENT VS 15Y AVG
-27.93%
CURRENT VS 20Y AVG
-56.34%
FCF Payout Ratio TTM
23.4%
Earnings Payout Ratio
24.8%
Dividend Yield
0.72%
FCF Yield
3.02%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.14B | $259.80M | 22.9% |
| 2024 | $806.10M | $244.40M | 30.3% |
| 2023 | $664.20M | $228.40M | 34.4% |
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 | 23.44% |
| 2025-12-31 | 22.88% |
| 2025-09-30 | 24.29% |
| 2025-06-30 | 22.98% |
| 2025-03-31 | 28.58% |
| 2024-12-31 | 30.32% |
| 2024-09-30 | 29.91% |
| 2024-06-30 | 43.72% |
| 2024-03-31 | 35.49% |
| 2023-12-31 | 34.39% |
| 2023-09-30 | 35.86% |
| 2023-06-30 | 33.77% |
| 2023-03-31 | 39.52% |
| 2022-12-31 | 39.69% |
| 2022-09-30 | 46.13% |
| 2022-06-30 | 52.46% |
| 2022-03-31 | 39.54% |
| 2021-12-31 | 35.04% |
| 2021-09-30 | 31.77% |
| 2021-06-30 | 26.47% |
| 2021-03-31 | 22.01% |
| 2020-12-31 | 25.45% |
| 2020-09-30 | 22.89% |
| 2020-06-30 | 23.70% |
| 2020-03-31 | 30.81% |
| 2019-12-31 | 27.33% |
| 2019-09-30 | 33.41% |
| 2019-06-30 | 37.90% |
| 2019-03-31 | 38.59% |
| 2018-12-31 | 40.72% |
| 2018-09-30 | 38.29% |
| 2018-06-30 | 40.15% |
| 2018-03-31 | 72.43% |
| 2017-12-31 | 71.49% |
| 2017-09-30 | 46.72% |
| 2017-06-30 | 46.58% |
| 2017-03-31 | 35.13% |
| 2016-12-31 | 36.11% |
| 2016-09-30 | 45.33% |
| 2016-06-30 | 39.81% |
| 2016-03-31 | 37.22% |
| 2015-12-31 | 24.85% |
| 2015-09-30 | 39.33% |
| 2015-06-30 | 94.53% |
| 2015-03-31 | 63.58% |
| 2014-12-31 | 81.40% |
| 2014-06-30 | 16.06% |
| 2014-03-31 | 14.02% |
| 2013-12-31 | 6.07% |
| 2013-09-30 | 2.13% |
| 2013-06-30 | 6.80% |
| 2013-03-31 | 5.45% |
| 2012-12-31 | 3.57% |
| 2012-09-30 | 7.39% |
| 2012-06-30 | 46.41% |
| 2012-03-31 | 110.92% |
| 2011-12-31 | 139.98% |
| 2011-09-30 | 135.69% |
| 2011-06-30 | 134.99% |
| 2011-03-31 | 85.90% |
| 2010-12-31 | 109.80% |
| 2010-09-30 | 85.67% |
| 2010-06-30 | 60.01% |
| 2010-03-31 | 59.47% |
| 2009-12-31 | 49.95% |
| 2009-09-30 | 54.00% |
| 2009-06-30 | 84.63% |
| 2009-03-31 | 83.65% |
| 2008-12-31 | 261.97% |
| 2008-09-30 | 152.20% |
| 2008-06-30 | 113.33% |
| 2008-03-31 | 124.71% |
| 2007-12-31 | 80.65% |
| 2007-09-30 | 111.39% |
| 2007-06-30 | 131.04% |
| 2007-03-31 | 105.06% |
| 2006-12-31 | 99.96% |
| 2006-09-30 | 69.47% |
| 2006-06-30 | 88.18% |
| 2006-03-31 | 71.09% |
| 2005-12-31 | 45.91% |
| 2005-09-30 | 41.60% |
| 2005-06-30 | 29.38% |
| 2005-03-31 | 28.71% |
| 2004-12-31 | 28.22% |
| 2004-09-30 | 30.96% |
| 2004-06-30 | 27.72% |
| 2004-03-31 | 28.45% |
| 2003-12-31 | 30.63% |
| 2003-09-30 | 30.81% |
| 2003-06-30 | 40.43% |
| 2003-03-31 | 44.83% |
| 2022 |
| $535.60M |
| $212.60M |
| 39.7% |
| 2021 | $560.60M | $196.40M | 35.0% |
| 2020 | $708.16M | $180.22M | 25.4% |
| 2019 | $600.03M | $163.97M | 27.3% |
| 2018 | $363.69M | $148.11M | 40.7% |
| 2017 | $185.11M | $132.34M | 71.5% |
| 2016 | $294.44M | $106.33M | 36.1% |
| 2015 | $214.12M | $53.21M | 24.9% |
| 2014 | $35.48M | $28.88M | 81.4% |
| 2013 | $85.58M | $5.19M | 6.1% |
| 2012 | $145.12M | $5.18M | 3.6% |
| 2011 | $70.13M | $98.17M | 140.0% |
| 2010 | $116.38M | $127.79M | 109.8% |
| 2009 | $343.31M | $171.47M | 49.9% |
| 2008 | $81.99M | $214.78M | 262.0% |
| 2007 | $224.82M | $181.31M | 80.6% |
| 2006 | $144.14M | $144.08M | 100.0% |
| 2005 | $257.54M | $118.23M | 45.9% |
| 2004 | $376.81M | $106.33M | 28.2% |
| 2003 | $325.12M | $99.58M | 30.6% |
| 2002 | $212.72M | $95.38M | 44.8% |
| 2001 | $223.41M | $91.08M | 40.8% |
| 2000 | ($187.33M) | $84.77M | N/A (Loss) |
| 1999 | ($692.10M) | $78.70M | N/A (Loss) |
| 1998 | $159.30M | $70.00M | 43.9% |
| 1997 | $172.50M | $63.60M | 36.9% |
| 1996 | $193.80M | $58.40M | 30.1% |
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.
