TXN Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TXN Payout Ratio by year
Yearly range of TXN’s payout ratio from 2016 to 2026. Over the full period it ranged from 39.9% to 495.6%, averaging 125.5%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 96.6% | 116.6% | 136.6% | 96.6% |
| 2025 | 192.9% | 273.3% | 334.9% | 192.9% |
| 2024 | 316.2% | 365.1% | 495.6% | 322.7% |
| 2023 | 99.5% | 214.0% | 340.5% | 340.5% |
| 2022 | 62.8% | 69.4% | 72.5% | 72.5% |
| 2021 | 53.5% | 57.5% | 62.6% | 62.6% |
| 2020 | 55.9% | 60.0% | 64.7% | 63.2% |
| 2019 | 44.4% | 48.1% | 52.4% | 52.4% |
| 2018 | 41.0% | 42.6% | 45.7% | 42.1% |
| 2017 | 43.4% | 46.1% | 47.9% | 45.7% |
| 2016 | 39.9% | 41.4% | 43.0% | 43.0% |
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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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