On this page is an interactive history of the S&P 500 payout ratio – the share of company earnings paid out to shareholders as dividends, going back to the index's precursors in 1871. Snap the summary stats to any window you want.
The S&P 500 payout ratio calculator
Using the S&P 500 payout ratio calculator
The tool charts the trailing-twelve-month payout ratio – dividends as a percentage of earnings. Choose a range or drag the chart and the figures update right away.
- Highlights cards – these cards display the current payout ratio, the average across your selected window (with the full-history average shown beside it), and the highest and lowest readings in that window.
- Chart range – jump to a span with the 10Y / 20Y / 30Y / 50Y / Max shortcuts, or drag the slider beneath the chart. Send the series to a spreadsheet with the copy and CSV buttons on the right.
- By-year table – one row per December, newest on top, sortable, showing the payout ratio for each year.
S&P 500 payout ratio by year
Below is the year-by-year history of the S&P 500 payout ratio (December readings). Click to expand.
S&P 500 payout ratio by year
| Year | Payout Ratio |
|---|---|
| 2025 | 32.0% |
| 2024 | 35.6% |
| 2023 | 36.5% |
| 2022 | 38.7% |
| 2021 | 30.5% |
| 2020 | 61.9% |
| 2019 | 41.8% |
| 2018 | 40.6% |
| 2017 | 44.5% |
| 2016 | 48.3% |
| 2015 | 50.1% |
| 2014 | 38.5% |
| 2013 | 34.9% |
| 2012 | 36.1% |
| 2011 | 30.4% |
| 2010 | 29.4% |
| 2009 | 44.0% |
| 2008 | 190.8% |
| 2007 | 41.9% |
| 2006 | 30.5% |
| 2005 | 31.8% |
| 2004 | 33.2% |
| 2003 | 35.7% |
| 2002 | 58.2% |
| 2001 | 63.8% |
| 2000 | 32.5% |
| 1999 | 34.2% |
| 1998 | 43.0% |
| 1997 | 39.0% |
| 1996 | 38.5% |
| 1995 | 40.6% |
| 1994 | 43.1% |
| 1993 | 57.5% |
| 1992 | 64.9% |
| 1991 | 76.4% |
| 1990 | 56.7% |
| 1989 | 48.3% |
| 1988 | 41.0% |
| 1987 | 50.3% |
| 1986 | 57.2% |
| 1985 | 54.1% |
| 1984 | 45.3% |
| 1983 | 50.5% |
| 1982 | 54.4% |
| 1981 | 43.2% |
| 1980 | 41.6% |
| 1979 | 38.0% |
| 1978 | 41.1% |
| 1977 | 42.9% |
| 1976 | 40.9% |
| 1975 | 46.2% |
| 1974 | 40.5% |
| 1973 | 41.4% |
| 1972 | 49.1% |
| 1971 | 53.9% |
| 1970 | 61.2% |
| 1969 | 54.7% |
| 1968 | 53.3% |
| 1967 | 54.8% |
| 1966 | 51.7% |
| 1965 | 52.4% |
| 1964 | 54.9% |
| 1963 | 56.7% |
| 1962 | 58.0% |
| 1961 | 63.3% |
| 1960 | 59.6% |
| 1959 | 54.0% |
| 1958 | 60.6% |
| 1957 | 53.1% |
| 1956 | 51.0% |
| 1955 | 45.3% |
| 1954 | 55.6% |
| 1953 | 57.8% |
| 1952 | 58.8% |
| 1951 | 57.8% |
| 1950 | 51.8% |
| 1949 | 49.1% |
| 1948 | 40.6% |
| 1947 | 52.2% |
| 1946 | 67.0% |
| 1945 | 68.8% |
| 1944 | 68.8% |
| 1943 | 64.9% |
| 1942 | 57.3% |
| 1941 | 61.2% |
| 1940 | 63.8% |
| 1939 | 68.9% |
| 1938 | 79.7% |
| 1937 | 70.8% |
| 1936 | 70.6% |
| 1935 | 61.8% |
| 1934 | 91.8% |
| 1933 | 100.0% |
| 1932 | 122.0% |
| 1931 | 134.4% |
| 1930 | 101.0% |
| 1929 | 60.2% |
| 1928 | 61.6% |
| 1927 | 69.4% |
| 1926 | 55.6% |
| 1925 | 48.0% |
| 1924 | 59.1% |
| 1923 | 54.1% |
| 1922 | 73.9% |
| 1921 | 158.6% |
| 1920 | 63.7% |
| 1919 | 57.0% |
| 1918 | 57.6% |
| 1917 | 53.9% |
| 1916 | 36.6% |
| 1915 | 48.9% |
| 1914 | 80.8% |
| 1913 | 76.2% |
| 1912 | 68.6% |
| 1911 | 79.7% |
| 1910 | 64.4% |
| 1909 | 57.9% |
| 1908 | 69.0% |
| 1907 | 66.7% |
| 1906 | 52.6% |
| 1905 | 49.3% |
| 1904 | 63.3% |
| 1903 | 66.0% |
| 1902 | 52.4% |
| 1901 | 64.0% |
| 1900 | 62.5% |
| 1899 | 43.8% |
| 1898 | 57.1% |
| 1897 | 58.1% |
| 1896 | 85.7% |
| 1895 | 76.0% |
| 1894 | 131.3% |
| 1893 | 96.2% |
| 1892 | 64.9% |
| 1891 | 64.7% |
| 1890 | 75.9% |
| 1889 | 73.3% |
| 1888 | 88.5% |
| 1887 | 69.4% |
| 1886 | 66.7% |
| 1885 | 88.9% |
| 1884 | 100.0% |
| 1883 | 82.5% |
| 1882 | 74.4% |
| 1881 | 72.7% |
| 1880 | 53.1% |
| 1879 | 52.6% |
| 1878 | 58.1% |
| 1877 | 63.3% |
| 1876 | 107.1% |
| 1875 | 83.3% |
| 1874 | 71.7% |
| 1873 | 71.7% |
| 1872 | 69.8% |
| 1871 | 65.0% |
What is the S&P 500 payout ratio?
The payout ratio is the slice of earnings paid out as dividends: trailing-twelve-month dividends divided by trailing-twelve-month earnings. A 40% reading means 40 cents of every dollar earned went out as a dividend and the remaining 60 was retained.
Because the denominator is as-reported (GAAP, or Generally Accepted Accounting Principles) earnings, the ratio can run past 100% when earnings drop sharply while dividends hold steady. That is what happened in 2008–2009: dividends barely moved while earnings briefly collapsed, so the index paid out more than it earned for a stretch. It reads as a spike here, but that is real data and not a glitch – companies funded the gap from reserves rather than cut their dividends.
One important limit: the payout ratio counts dividends only. Many large companies now return as much cash or more through buybacks, which do not appear in this figure, so a low payout ratio does not necessarily mean a company is hoarding cash – it may just be returning it a different way. The catch is that a lot of buyback activity only offsets shares issued as stock-based compensation, and at some tech firms RSU grants outpace repurchases entirely – so gross buybacks overstate the cash actually returned. Dividends plus net buybacks (total shareholder yield) is the fuller measure of what shareholders receive.
Methodology and sources
Earnings and dividends come from Robert J. Shiller's compiled dataset, with recent quarters from S&P Dow Jones Indices. Both are trailing four-quarter totals, and the ratio is one divided by the other.
The S&P 500 Return Calculator documents how the underlying earnings and dividend series are built.
- The payout ratio is trailing-twelve-month dividends divided by trailing-twelve-month, as-reported (GAAP) earnings.
- Quarter-end months (March, June, September, December) use the actual reported figures; the months between are interpolated. The by-year table uses December, so it is the real reported full-year ratio.
- Because earnings are GAAP, the ratio can exceed 100% during earnings troughs like 2008–2009. It carries no inflation adjustment – it is a ratio of two same-year dollar figures.
\text{Payout Ratio} = \dfrac{\text{Dividends}_{\text{TTM}}}{\text{Earnings}_{\text{TTM}}}