UPS Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
UPS Payout Ratio by year
Yearly range of UPS’s payout ratio from 2016 to 2026. Over the full period it ranged from 33.2% to 723.3%, averaging 137.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 101.8% | 112.6% | 123.5% | 101.8% |
| 2025 | 103.3% | 125.9% | 156.5% | 117.4% |
| 2024 | 90.0% | 109.1% | 127.4% | 90.0% |
| 2023 | 74.8% | 92.5% | 109.4% | 109.4% |
| 2022 | 36.4% | 45.5% | 56.7% | 56.7% |
| 2021 | 33.2% | 42.9% | 49.8% | 33.2% |
| 2020 | 49.9% | 74.9% | 108.6% | 69.7% |
| 2019 | 68.8% | 106.5% | 146.7% | 146.7% |
| 2018 | 49.2% | 351.3% | 653.4% | 49.2% |
| 2017 | 413.0% | 542.9% | 723.3% | 413.0% |
| 2016 | 71.3% | 74.6% | 77.9% | 77.9% |
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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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