QSR Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
QSR Payout Ratio by year
Yearly range of QSR’s payout ratio from 2016 to 2026. Over the full period it ranged from 23.6% to 120.0%, averaging 68.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 74.2% | 75.2% | 76.1% | 74.2% |
| 2025 | 80.5% | 82.7% | 87.3% | 81.0% |
| 2024 | 81.0% | 83.1% | 87.1% | 81.2% |
| 2023 | 79.6% | 82.2% | 84.0% | 82.8% |
| 2022 | 61.2% | 65.4% | 70.7% | 70.7% |
| 2021 | 60.5% | 76.1% | 103.6% | 60.5% |
| 2020 | 68.6% | 91.3% | 120.0% | 120.0% |
| 2019 | 64.2% | 67.2% | 69.9% | 66.3% |
| 2018 | 52.1% | 62.0% | 78.2% | 78.2% |
| 2017 | 23.7% | 27.5% | 31.3% | 27.6% |
| 2016 | 23.6% | 24.0% | 24.3% | 23.6% |
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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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