RTX Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
RTX Payout Ratio by year
Yearly range of RTX’s payout ratio from 2016 to 2026. Over the full period it ranged from 25.6% to 184.2%, averaging 67.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 31.5% | 37.9% | 44.4% | 31.5% |
| 2025 | 45.8% | 73.4% | 113.9% | 45.8% |
| 2024 | 39.3% | 54.0% | 81.9% | 81.9% |
| 2023 | 64.1% | 96.7% | 144.0% | 64.1% |
| 2022 | 68.9% | 78.5% | 102.8% | 70.2% |
| 2021 | 63.3% | 104.9% | 171.1% | 63.3% |
| 2020 | 29.7% | 100.8% | 184.2% | 184.2% |
| 2019 | 25.6% | 29.2% | 31.8% | 25.6% |
| 2018 | 31.2% | 42.8% | 51.7% | 36.9% |
| 2017 | 28.4% | 38.3% | 50.3% | 42.2% |
| 2016 | 53.1% | 64.6% | 76.1% | 76.1% |
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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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