KDP Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
KDP Payout Ratio by year
Yearly range of KDP’s payout ratio from 2016 to 2026. Over the full period it ranged from 39.9% to 12,563.6%, averaging 998.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 63.7% | 71.5% | 79.4% | 63.7% |
| 2025 | 68.9% | 77.2% | 83.3% | 83.3% |
| 2024 | 75.0% | 112.7% | 149.2% | 75.0% |
| 2023 | 59.6% | 87.9% | 134.7% | 134.7% |
| 2022 | 40.6% | 42.1% | 44.3% | 44.3% |
| 2021 | 39.9% | 49.2% | 53.8% | 39.9% |
| 2020 | 44.1% | 46.4% | 47.4% | 44.1% |
| 2019 | 40.4% | 3,654.2% | 7,751.5% | 40.4% |
| 2018 | 171.9% | 5,803.7% | 12,563.6% | 10,252.6% |
| 2017 | 50.0% | 52.7% | 58.3% | 50.3% |
| 2016 | 51.7% | 52.1% | 52.5% | 51.7% |
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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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