PSX Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PSX Payout Ratio by year
Yearly range of PSX’s payout ratio from 2016 to 2026. Over the full period it ranged from 13.9% to 1,650.4%, averaging 160.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 13.9% | 565.1% | 1,650.4% | 13.9% |
| 2025 | 63.8% | 100.7% | 141.1% | 70.5% |
| 2024 | 43.1% | 60.9% | 80.8% | 80.8% |
| 2023 | 21.3% | 27.9% | 40.1% | 40.1% |
| 2022 | 21.1% | 30.2% | 35.6% | 21.1% |
| 2021 | 37.8% | 67.4% | 114.0% | 37.8% |
| 2020 | 88.1% | 283.4% | 478.6% | 478.6% |
| 2019 | 41.9% | 77.9% | 167.6% | 167.6% |
| 2018 | 29.2% | 39.8% | 45.8% | 29.2% |
| 2017 | 76.9% | 288.2% | 497.3% | 76.9% |
| 2016 | 1,083.5% | 1,083.5% | 1,083.5% | 1,083.5% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.