MCD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
MCD Payout Ratio by year
Yearly range of MCD’s payout ratio from 2016 to 2026. Over the full period it ranged from 54.4% to 106.8%, averaging 72.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 67.6% | 70.6% | 73.6% | 67.6% |
| 2025 | 68.8% | 71.6% | 73.7% | 71.3% |
| 2024 | 64.5% | 69.3% | 73.2% | 73.2% |
| 2023 | 61.8% | 66.3% | 75.2% | 62.5% |
| 2022 | 56.4% | 67.5% | 75.9% | 75.9% |
| 2021 | 54.4% | 60.0% | 71.8% | 55.6% |
| 2020 | 68.4% | 86.3% | 106.8% | 81.8% |
| 2019 | 62.4% | 67.1% | 72.2% | 62.4% |
| 2018 | 77.0% | 81.8% | 87.9% | 77.0% |
| 2017 | 75.5% | 81.6% | 90.7% | 83.2% |
| 2016 | 62.2% | 66.6% | 71.1% | 71.1% |
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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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