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 9.80% is 16% below its 5-year average of 11.63%, near the low end of its 5-year range (8.58%–22.06%).
As of the fiscal period ended Tuesday, June 30, 2026. 9.15% below its 12-month average of 10.78%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
9.80%
FCF PAYOUT RATIO AVG TTM
10.78%
FCF PAYOUT RATIO AVG 3Y
10.13%
FCF PAYOUT RATIO AVG 5Y
10.54%
FCF PAYOUT RATIO AVG 10Y
12.20%
FCF PAYOUT RATIO AVG 15Y
9.19%
FCF PAYOUT RATIO AVG 20Y
7.63%
CURRENT VS TTM AVG
-9.15%
CURRENT VS 3Y AVG
-3.26%
CURRENT VS 5Y AVG
-7.05%
CURRENT VS 10Y AVG
-19.72%
CURRENT VS 15Y AVG
+6.58%
CURRENT VS 20Y AVG
+28.33%
FCF Payout Ratio TTM
9.8%
Earnings Payout Ratio
16.3%
Dividend Yield
0.37%
FCF Yield
3.81%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.50B | $173.00M | 11.5% |
| 2024 | $1.63B | $140.00M | 8.6% |
| 2023 | $1.01B | $123.00M | 12.1% |
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 | 9.80% |
| 2026-03-31 | 11.14% |
| 2025-12-31 | 10.57% |
| 2025-09-30 | 11.66% |
| 2025-06-30 | 10.74% |
| 2025-03-31 | 9.99% |
| 2024-12-31 | 8.60% |
| 2024-09-30 | 8.58% |
| 2024-06-30 | 8.88% |
| 2024-03-31 | 9.31% |
| 2023-12-31 | 12.12% |
| 2023-09-30 | 16.02% |
| 2023-06-30 | 22.06% |
| 2023-03-31 | 16.50% |
| 2022-12-31 | 12.49% |
| 2022-09-30 | 13.13% |
| 2022-06-30 | 11.80% |
| 2022-03-31 | 11.87% |
| 2021-12-31 | 9.77% |
| 2021-09-30 | 9.53% |
| 2021-06-30 | 9.73% |
| 2021-03-31 | 9.00% |
| 2020-12-31 | 14.29% |
| 2020-09-30 | 12.62% |
| 2020-06-30 | 15.40% |
| 2020-03-31 | 13.04% |
| 2019-12-31 | 9.84% |
| 2019-09-30 | 9.93% |
| 2019-06-30 | 10.00% |
| 2019-03-31 | 21.49% |
| 2018-12-31 | 20.91% |
| 2018-09-30 | 43.24% |
| 2018-06-30 | 25.68% |
| 2018-03-31 | 29.16% |
| 2017-12-31 | 42.50% |
| 2017-09-30 | 26.38% |
| 2017-07-01 | 24.36% |
| 2017-03-31 | 12.09% |
| 2016-12-31 | 8.13% |
| 2016-09-30 | 7.96% |
| 2016-06-30 | 5.95% |
| 2016-03-31 | 6.63% |
| 2015-12-31 | 6.76% |
| 2015-09-30 | 5.60% |
| 2015-06-30 | 5.85% |
| 2015-03-31 | 4.82% |
| 2014-12-31 | 4.53% |
| 2014-09-30 | 5.21% |
| 2014-06-30 | 5.49% |
| 2014-03-31 | 7.46% |
| 2013-12-31 | 6.50% |
| 2013-09-30 | 6.44% |
| 2013-06-30 | 4.40% |
| 2013-03-31 | 3.65% |
| 2012-12-31 | 3.81% |
| 2012-09-30 | 3.02% |
| 2012-06-30 | 3.36% |
| 2012-03-31 | 2.50% |
| 2011-12-31 | 1.83% |
| 2011-09-30 | 1.70% |
| 2011-06-30 | 1.04% |
| 2011-03-31 | 1.24% |
| 2010-12-31 | 1.23% |
| 2010-09-30 | 1.51% |
| 2010-06-30 | 1.41% |
| 2010-03-31 | 1.19% |
| 2009-12-31 | 1.35% |
| 2009-09-30 | 1.26% |
| 2009-06-30 | 1.32% |
| 2009-03-31 | 1.15% |
| 2008-12-31 | 1.39% |
| 2008-09-30 | 1.25% |
| 2008-06-30 | 1.52% |
| 2008-03-31 | 2.81% |
| 2007-12-31 | 1.59% |
| 2007-09-30 | 2.98% |
| 2007-06-30 | 2.35% |
| 2007-03-31 | 1.88% |
| 2006-12-31 | 1.50% |
| 2006-09-30 | 1.53% |
| 2006-06-30 | 1.80% |
| 2006-03-31 | 1.98% |
| 2005-12-31 | 3.09% |
| 2005-09-30 | 3.59% |
| 2005-06-30 | 4.76% |
| 2005-03-31 | 3.46% |
| 2004-12-31 | 5.39% |
| 2004-09-30 | 4.64% |
| 2004-06-30 | 3.90% |
| 2004-03-31 | 6.01% |
| 2003-12-31 | 4.56% |
| 2003-09-30 | 6.99% |
| 2003-06-30 | 6.38% |
| 2022 |
| $889.00M |
| $111.00M |
| 12.5% |
| 2021 | $943.00M | $92.00M | 9.8% |
| 2020 | $647.30M | $92.50M | 14.3% |
| 2019 | $830.20M | $81.70M | 9.8% |
| 2018 | $221.37M | $46.28M | 20.9% |
| 2017 | $99.34M | $42.22M | 42.5% |
| 2016 | $399.09M | $32.43M | 8.1% |
| 2015 | $398.83M | $26.96M | 6.8% |
| 2014 | $424.72M | $19.25M | 4.5% |
| 2013 | $194.41M | $12.64M | 6.5% |
| 2012 | $201.44M | $7.67M | 3.8% |
| 2011 | $210.66M | $3.85M | 1.8% |
| 2010 | $155.29M | $1.91M | 1.2% |
| 2009 | $142.23M | $1.92M | 1.3% |
| 2008 | $139.67M | $1.94M | 1.4% |
| 2007 | $122.09M | $1.94M | 1.6% |
| 2006 | $130.09M | $1.95M | 1.5% |
| 2005 | $61.41M | $1.90M | 3.1% |
| 2004 | $33.60M | $1.81M | 5.4% |
| 2003 | $38.43M | $1.75M | 4.6% |
| 2002 | $5.19M | $1.81M | 34.8% |
| 2001 | $104.30M | $1.68M | 1.6% |
| 2000 | $33.88M | $1.70M | 5.0% |
| 1999 | $46.58M | $0.99M | 2.1% |
| 1998 | ($99.40M) | $1.00M | N/A (Loss) |
| 1997 | $24.30M | $1.00M | 4.1% |
| 1996 | ($32.80M) | $1.10M | N/A (Loss) |
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.
