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 41.30% is 24% below its 5-year average of 54.15%, near the low end of its 5-year range (28.55%–149.65%).
As of the fiscal period ended Tuesday, March 31, 2026. 0.69% below its 12-month average of 41.59%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
41.30%
FCF PAYOUT RATIO AVG TTM
41.59%
FCF PAYOUT RATIO AVG 3Y
44.21%
FCF PAYOUT RATIO AVG 5Y
46.97%
FCF PAYOUT RATIO AVG 10Y
38.46%
FCF PAYOUT RATIO AVG 15Y
36.01%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-0.69%
CURRENT VS 3Y AVG
-6.58%
CURRENT VS 5Y AVG
-12.07%
CURRENT VS 10Y AVG
+7.41%
CURRENT VS 15Y AVG
+14.71%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
41.3%
Earnings Payout Ratio
42.2%
Dividend Yield
1.39%
FCF Yield
3.31%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $910.00M | $391.00M | 43.0% |
| 2024 | $942.00M | $350.00M | 37.2% |
| 2023 | $566.00M | $299.00M | 52.8% |
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 | 41.30% |
| 2025-12-31 | 42.97% |
| 2025-09-30 | 41.08% |
| 2025-06-30 | 42.11% |
| 2025-03-31 | 40.49% |
| 2024-12-31 | 37.15% |
| 2024-09-30 | 41.43% |
| 2024-06-30 | 37.64% |
| 2024-03-31 | 50.39% |
| 2023-12-31 | 52.83% |
| 2023-09-30 | 53.85% |
| 2023-06-30 | 68.91% |
| 2023-03-31 | 49.33% |
| 2022-12-31 | 55.93% |
| 2022-09-30 | 95.11% |
| 2022-06-30 | 149.65% |
| 2022-03-31 | 78.11% |
| 2021-12-31 | 61.52% |
| 2021-09-30 | 38.52% |
| 2021-06-30 | 28.55% |
| 2021-03-31 | 30.37% |
| 2020-12-31 | 29.33% |
| 2020-09-30 | 28.24% |
| 2020-06-30 | 29.35% |
| 2020-03-31 | 32.60% |
| 2019-12-31 | 28.38% |
| 2019-09-30 | 41.42% |
| 2019-06-30 | 48.51% |
| 2019-03-31 | 43.77% |
| 2018-12-31 | 43.55% |
| 2018-09-30 | 31.08% |
| 2018-06-30 | 26.50% |
| 2018-03-31 | 26.52% |
| 2017-12-31 | 25.19% |
| 2017-09-30 | 27.84% |
| 2017-06-30 | 31.51% |
| 2017-03-31 | 30.95% |
| 2016-12-31 | 30.03% |
| 2016-09-30 | 31.23% |
| 2016-06-30 | 31.10% |
| 2016-03-31 | 29.80% |
| 2015-12-31 | 29.39% |
| 2015-09-30 | 33.00% |
| 2015-06-30 | 31.31% |
| 2015-03-31 | 31.79% |
| 2014-12-31 | 31.65% |
| 2014-09-30 | 30.79% |
| 2014-06-30 | 36.99% |
| 2014-03-31 | 43.41% |
| 2013-12-31 | 43.94% |
| 2013-09-30 | 40.58% |
| 2013-06-30 | 36.24% |
| 2013-03-31 | 31.97% |
| 2012-12-31 | 26.41% |
| 2012-09-30 | 18.73% |
| 2012-06-30 | 13.78% |
| 2012-03-31 | 6.31% |
| 2022 |
| $388.00M |
| $217.00M |
| 55.9% |
| 2021 | $330.00M | $203.00M | 61.5% |
| 2020 | $641.00M | $188.00M | 29.3% |
| 2019 | $613.00M | $174.00M | 28.4% |
| 2018 | $349.00M | $152.00M | 43.6% |
| 2017 | $516.00M | $130.00M | 25.2% |
| 2016 | $373.00M | $112.00M | 30.0% |
| 2015 | $347.00M | $102.00M | 29.4% |
| 2014 | $297.00M | $94.00M | 31.6% |
| 2013 | $198.00M | $87.00M | 43.9% |
| 2012 | $284.00M | $75.00M | 26.4% |
| 2011 | $323.00M | $19.00M | 5.9% |
| 2010 | $301.00M | $0 | 0.0% |
| 2009 | $308.00M | $0 | 0.0% |
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.
