Dividends paid as a share of free cash flow, by fiscal year
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-11-07, from VZ vs T Dividend: Yield, Growth, Coverage.
| year | vz_fcf_payout_pct | t_fcf_payout_pct |
|---|---|---|
| 2019 | 56.2 | 51.3 |
| 2020 | 43.4 | 52.6 |
| 2021 | 54.3 | 57 |
| 2022 | 76.9 | 79.5 |
| 2023 | 58.9 | 39.8 |
| 2024 | 56.8 | 44.3 |
| 2025 | 57 | 42.1 |
- Rows × columns
- 7 × 3
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
year |
number | 2,019 to 2,025 | |
vz_fcf_payout_pct |
number | 43.4 to 76.9 | percent |
t_fcf_payout_pct |
number | 39.8 to 79.5 | percent |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH
raw AS
(
SELECT
arrayJoin(tickers) AS tk,
period_end,
filing_date,
toFloat64(net_cash_from_operating_activities) AS ocf,
toFloat64(purchase_of_property_plant_and_equipment) AS capex,
toFloat64(dividends) AS divs_paid
FROM global_markets.stocks_cash_flow_statements
WHERE timeframe = 'quarterly'
AND period_end >= toDate('2019-01-01')
AND hasAny(tickers, ['VZ', 'T'])
),
q AS
(
SELECT
tk,
period_end,
argMax(ocf, (filing_date, period_end)) AS ocf,
argMax(capex, (filing_date, period_end)) AS capex,
argMax(divs_paid, (filing_date, period_end)) AS divs_paid
FROM raw
WHERE tk IN ('VZ', 'T')
GROUP BY tk, period_end
)
SELECT
toYear(period_end) AS year,
round(100 * sumIf(abs(divs_paid), tk = 'VZ') / sumIf(ocf - abs(capex), tk = 'VZ'), 1) AS vz_fcf_payout_pct,
round(100 * sumIf(abs(divs_paid), tk = 'T') / sumIf(ocf - abs(capex), tk = 'T'), 1) AS t_fcf_payout_pct
FROM q
GROUP BY year
HAVING countIf(tk = 'VZ') = 4 AND countIf(tk = 'T') = 4
ORDER BY year
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