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 32.61% is 29% above its 5-year average of 25.30%, near the high end of its 5-year range (7.96%–35.41%).
As of the fiscal period ended Tuesday, March 31, 2026. 0.31% below its 12-month average of 32.71%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
32.61%
FCF PAYOUT RATIO AVG TTM
32.71%
FCF PAYOUT RATIO AVG 3Y
29.45%
FCF PAYOUT RATIO AVG 5Y
25.30%
FCF PAYOUT RATIO AVG 10Y
N/A
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-0.31%
CURRENT VS 3Y AVG
+10.73%
CURRENT VS 5Y AVG
+28.86%
CURRENT VS 10Y AVG
N/A
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
32.6%
Earnings Payout Ratio
N/A
Dividend Yield
2.72%
FCF Yield
8.24%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.94B | $561.20M | 29.0% |
| 2024 | $1.98B | $574.80M | 29.1% |
| 2023 | $2.33B | $575.60M | 24.8% |
| 2022 | $2.51B | $581.60M | 23.2% |
| 2021 | $2.51B | $399.00M | 15.9% |
| 2020 | $550.60M | $0 |
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 | 32.61% |
| 2025-12-31 | 30.83% |
| 2025-09-30 | 35.41% |
| 2025-06-30 | 33.60% |
| 2025-03-31 | 31.10% |
| 2024-12-31 | 29.41% |
| 2024-09-30 | 30.23% |
| 2024-06-30 | 30.41% |
| 2024-03-31 | 28.73% |
| 2023-12-31 | 24.76% |
| 2023-09-30 | 28.52% |
| 2023-06-30 | 28.30% |
| 2023-03-31 | 24.89% |
| 2022-12-31 | 23.18% |
| 2022-09-30 | 20.08% |
| 2022-06-30 | 18.34% |
| 2022-03-31 | 19.49% |
| 2021-12-31 | 15.83% |
| 2021-09-30 | 12.44% |
| 2021-06-30 | 7.96% |
| 0.0% |
| 2019 | $1.40B | $0 | 0.0% |
| 2018 | $2.09B | $0 | 0.0% |
| 2017 | $1.79B | $0 | 0.0% |
| 2016 | $1.66B | $0 | 0.0% |
| 2015 | $1.65B | $0 | 0.0% |
| 2014 | $689.50M | $0 | 0.0% |
| 2013 | $772.00M | $0 | 0.0% |
| 2012 | $643.69M | $0 | 0.0% |
| 2011 | $440.58M | $0 | 0.0% |
| 2010 | $738.61M | $139.03M | 18.8% |
| 2009 | $450.67M | $139.03M | 30.9% |
| 2008 | $219.33M | $137.50M | 62.7% |
| 2007 | $57.15M | $29.82M | 52.2% |
| 2006 | $312.87M | $49.77M | 15.9% |
| 2005 | $112.97M | $32.26M | 28.6% |
| 2004 | $107.13M | $26.02M | 24.3% |
