AAPL Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
AAPL Payout Ratio by year
Yearly range of AAPL’s payout ratio from 2016 to 2026. Over the full period it ranged from 11.3% to 24.2%, averaging 17.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 11.3% | 11.6% | 11.9% | 11.3% |
| 2025 | 12.4% | 14.7% | 15.7% | 12.4% |
| 2024 | 13.7% | 14.5% | 15.3% | 15.3% |
| 2023 | 13.8% | 14.5% | 15.0% | 13.8% |
| 2022 | 13.0% | 13.8% | 14.9% | 14.9% |
| 2021 | 14.0% | 14.8% | 15.3% | 14.0% |
| 2020 | 17.2% | 18.8% | 20.4% | 17.2% |
| 2019 | 21.2% | 22.8% | 23.7% | 21.2% |
| 2018 | 20.6% | 21.9% | 23.5% | 21.7% |
| 2017 | 22.6% | 23.6% | 24.2% | 23.9% |
| 2016 | 22.5% | 22.5% | 22.6% | 22.6% |
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What fraction of free cash flow is paid out as dividends. More reliable than the earnings-based payout ratio because cash is harder to manipulate through accounting choices. Low ratio = room to grow the dividend and absorb an earnings dip. High ratio = dividend is consuming most of the cash generated.
TTM Dividends Per Share / (TTM FCF ÷ Shares) × 100%A steadily rising FCF payout ratio warrants scrutiny only if FCF itself is flat or falling — that means the company is paying out a larger slice of shrinking cash. A high but stable ratio in a capital-light business (e.g. consumer staples) can be perfectly sustainable.
- FCF can be lumpy: large one-off capex or working-capital swings distort a single year. Look at the multi-year trend rather than any single data point.
- Utilities and REITs naturally sustain 60–90% FCF payout ratios; industrials and tech companies typically run 20–50%. Always compare to sector context.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.