CVX Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CVX Payout Ratio by year
Yearly range of CVX’s payout ratio from 2017 to 2026. Over the full period it ranged from 29.0% to 595.7%, averaging 104.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 51.0% | 75.3% | 99.6% | 51.0% |
| 2025 | 71.3% | 80.7% | 85.0% | 82.0% |
| 2024 | 60.8% | 65.1% | 75.7% | 75.7% |
| 2023 | 30.7% | 45.6% | 57.0% | 57.0% |
| 2022 | 29.0% | 34.4% | 42.7% | 29.0% |
| 2021 | 48.3% | 153.6% | 392.9% | 48.3% |
| 2020 | 71.5% | 288.8% | 595.7% | 595.7% |
| 2019 | 47.6% | 54.7% | 67.5% | 67.5% |
| 2018 | 50.8% | 71.8% | 96.4% | 50.8% |
| 2017 | 116.5% | 184.0% | 246.6% | 116.5% |
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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.
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