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 48.06% is in line with its 5-year average of 49.40%, around the middle of its 5-year range (37.82%–56.53%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.67% below its 12-month average of 48.88%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.06%
FCF PAYOUT RATIO AVG TTM
48.88%
FCF PAYOUT RATIO AVG 3Y
50.89%
FCF PAYOUT RATIO AVG 5Y
51.19%
FCF PAYOUT RATIO AVG 10Y
50.44%
FCF PAYOUT RATIO AVG 15Y
51.36%
FCF PAYOUT RATIO AVG 20Y
50.08%
CURRENT VS TTM AVG
-1.67%
CURRENT VS 3Y AVG
-5.56%
CURRENT VS 5Y AVG
-6.11%
CURRENT VS 10Y AVG
-4.71%
CURRENT VS 15Y AVG
-6.41%
CURRENT VS 20Y AVG
-4.03%
FCF Payout Ratio TTM
48.1%
Earnings Payout Ratio
52.2%
Dividend Yield
1.91%
FCF Yield
3.93%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.64B | $789.00M | 48.1% |
| 2024 | $1.43B | $752.00M | 52.5% |
| 2023 | $1.32B | $678.00M | 51.4% |
| 2022 | $1.15B | $649.00M | 56.5% |
| 2021 | $1.48B | $592.00M | 40.1% |
| 2020 | $1.15B | $566.00M | 49.4% |
| 2019 | $1.12B | $511.00M | 45.7% |
| 2018 | $942.00M | $462.00M | 49.0% |
| 2017 | $712.00M | $416.00M | 58.4% |
| 2016 | $782.00M | $744.00M | 95.1% |
| 2015 | $1.17B | $730.00M | 62.6% |
| 2014 | $1.02B | $669.00M | 65.8% |
| 2013 | $1.09B | $615.00M | 56.4% |
| 2012 | $1.20B | $544.00M | 45.5% |
| 2011 | $1.23B | $481.00M | 39.1% |
| 2010 | $1.17B | $412.00M | 35.2% |
| 2009 | $607.00M | $362.00M | 59.6% |
| 2008 | $825.00M | $273.00M | 33.1% |
| 2008 | $499.00M | $322.00M | 64.5% |
| 2006 | $663.00M | $123.00M | 18.6% |
| 2006 | $688.00M | $144.00M | 20.9% |
| 2004 | $486.00M | $58.00M | 11.9% |
| 2003 | $390.00M | $0 | 0.0% |
| 2002 | $328.00M | $0 | 0.0% |
| 2001 | $196.00M | $0 | 0.0% |
| 2000 | ($81.00M) | $0 | N/A (Loss) |
| 1999 | $89.00M | $0 | 0.0% |
| 1998 | $214.00M | $0 | 0.0% |
| 1997 | $269.00M | $2.37B | 880.7% |
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 |
|---|---|
| 2026-06-30 | 48.06% |
| 2026-03-31 | 48.39% |
| 2025-12-31 | 48.08% |
| 2025-09-30 | 49.74% |
| 2025-06-30 | 50.13% |
| 2025-03-31 | 52.45% |
| 2024-12-31 | 52.51% |
| 2024-09-30 | 53.77% |
| 2024-06-30 | 52.34% |
| 2024-03-31 | 51.90% |
| 2023-12-31 | 51.44% |
| 2023-09-30 | 51.11% |
| 2023-06-30 | 51.68% |
| 2023-03-31 | 53.35% |
| 2022-12-31 | 56.53% |
| 2022-09-30 | 55.75% |
| 2022-06-30 | 51.16% |
| 2022-03-31 | 43.11% |
| 2021-12-31 | 40.11% |
| 2021-09-30 | 37.99% |
| 2021-06-30 | 37.82% |
| 2021-03-31 | 47.09% |
| 2020-12-31 | 49.43% |
| 2020-09-30 | 50.14% |
| 2020-06-30 | 52.19% |
| 2020-03-31 | 49.06% |
| 2019-12-31 | 45.67% |
| 2019-09-30 | 46.67% |
| 2019-06-30 | 46.85% |
| 2019-03-31 | 44.81% |
| 2018-12-31 | 49.04% |
| 2018-09-30 | 51.66% |
| 2018-06-30 | 61.34% |
| 2018-03-31 | 66.46% |
| 2017-12-31 | 58.43% |
| 2017-09-30 | 71.63% |
| 2017-06-30 | 77.84% |
| 2017-03-31 | 78.80% |
| 2016-12-31 | 66.31% |
| 2016-09-03 | 83.65% |
| 2016-06-11 | 58.27% |
| 2016-03-19 | 54.55% |
| 2015-12-26 | 62.61% |
| 2015-09-05 | 57.62% |
| 2015-06-13 | 78.94% |
| 2015-03-21 | 74.32% |
| 2014-12-27 | 65.85% |
| 2014-09-06 | 54.82% |
| 2014-06-14 | 42.48% |
| 2014-03-22 | 47.43% |
| 2013-12-28 | 56.42% |
| 2013-09-07 | 66.23% |
| 2013-06-15 | 62.42% |
| 2013-03-23 | 53.26% |
| 2012-12-29 | 45.52% |
| 2012-09-08 | 42.95% |
| 2012-06-16 | 44.07% |
| 2012-03-24 | 41.34% |
| 2011-12-31 | 39.11% |
| 2011-09-03 | 35.51% |
| 2011-06-11 | 35.66% |
| 2011-03-19 | 33.72% |
| 2010-12-25 | 35.15% |
| 2010-09-04 | 40.04% |
| 2010-06-12 | 40.08% |
| 2010-03-20 | 55.00% |
| 2009-12-26 | 59.83% |
| 2009-09-05 | 57.07% |
| 2009-06-30 | 82.39% |
| 2009-03-21 | 71.06% |
| 2008-12-27 | 58.44% |
| 2008-09-06 | 50.90% |
| 2008-06-30 | 41.27% |
| 2008-03-22 | 37.93% |
| 2008-01-28 | 33.09% |
| 2007-09-30 | 30.18% |
| 2007-06-16 | 28.90% |
| 2007-03-31 | 21.38% |
| 2006-12-31 | 20.93% |
| 2006-09-09 | 20.36% |
| 2006-06-30 | 21.12% |
| 2006-03-31 | 18.18% |
| 2005-12-31 | 18.55% |
| 2005-09-03 | 15.85% |
| 2005-06-11 | 11.66% |
| 2005-03-19 | 9.75% |
| 2004-12-25 | 5.97% |
