PEP Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PEP Payout Ratio by year
Yearly range of PEP’s payout ratio from 2016 to 2026. Over the full period it ranged from 56.4% to 119.5%, averaging 90.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 84.8% | 86.5% | 88.2% | 84.8% |
| 2025 | 100.5% | 105.5% | 112.3% | 100.5% |
| 2024 | 96.4% | 104.0% | 116.4% | 102.2% |
| 2023 | 86.2% | 103.9% | 119.5% | 86.2% |
| 2022 | 79.9% | 96.1% | 111.8% | 111.8% |
| 2021 | 80.6% | 85.2% | 88.4% | 84.5% |
| 2020 | 86.4% | 95.1% | 107.3% | 87.6% |
| 2019 | 74.8% | 86.2% | 98.1% | 98.1% |
| 2018 | 78.3% | 82.9% | 88.3% | 83.1% |
| 2017 | 60.6% | 63.6% | 65.1% | 64.0% |
| 2016 | 56.4% | 56.4% | 56.4% | 56.4% |
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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.