USB Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
USB Payout Ratio by year
Yearly range of USB’s payout ratio from 2016 to 2026. Over the full period it ranged from 13.4% to 109.8%, averaging 33.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 26.1% | 29.8% | 33.4% | 26.1% |
| 2025 | 31.8% | 37.6% | 41.7% | 39.8% |
| 2024 | 27.4% | 33.1% | 44.4% | 27.4% |
| 2023 | 19.9% | 24.3% | 35.6% | 35.6% |
| 2022 | 13.4% | 16.7% | 19.4% | 13.4% |
| 2021 | 26.5% | 49.1% | 109.8% | 26.5% |
| 2020 | 41.6% | 55.0% | 68.2% | 68.2% |
| 2019 | 21.7% | 33.5% | 50.4% | 50.4% |
| 2018 | 20.5% | 29.9% | 41.5% | 20.5% |
| 2017 | 21.9% | 25.7% | 29.8% | 29.8% |
| 2016 | 31.1% | 32.6% | 34.2% | 34.2% |
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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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