VZ Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
VZ Payout Ratio by year
Yearly range of VZ’s payout ratio from 2016 to 2026. Over the full period it ranged from 47.8% to 509.2%, averaging 90.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 53.8% | 55.6% | 57.4% | 53.8% |
| 2025 | 55.6% | 57.0% | 58.2% | 58.2% |
| 2024 | 59.6% | 60.6% | 63.3% | 59.6% |
| 2023 | 59.1% | 72.9% | 81.4% | 59.1% |
| 2022 | 98.9% | 102.8% | 105.9% | 104.1% |
| 2020 | 47.8% | 51.6% | 57.5% | 47.8% |
| 2019 | 55.4% | 58.0% | 60.2% | 59.3% |
| 2018 | 60.5% | 76.0% | 98.4% | 60.5% |
| 2017 | 141.2% | 295.0% | 509.2% | 141.2% |
| 2016 | 82.6% | 130.3% | 178.0% | 178.0% |
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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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