EPD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
EPD Payout Ratio by year
Yearly range of EPD’s payout ratio from 2016 to 2026. Over the full period it ranged from 56.7% to 335.9%, averaging 152.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 138.3% | 177.3% | 216.3% | 138.3% |
| 2025 | 110.3% | 135.8% | 159.2% | 159.2% |
| 2024 | 98.9% | 118.3% | 127.6% | 127.6% |
| 2023 | 80.3% | 90.1% | 100.7% | 100.7% |
| 2022 | 56.7% | 63.5% | 70.1% | 67.9% |
| 2021 | 62.8% | 89.8% | 129.6% | 62.8% |
| 2020 | 133.7% | 160.7% | 187.7% | 150.5% |
| 2019 | 178.2% | 198.4% | 234.4% | 194.3% |
| 2018 | 175.8% | 243.9% | 335.9% | 197.8% |
| 2017 | 154.8% | 213.0% | 241.3% | 238.0% |
| 2016 | 323.2% | 323.2% | 323.2% | 323.2% |
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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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