Dividend sustainability runs through free cash flow coverage
operating cash flow
capex
capital build-out
free cash flow
after capital spend
2026 FCF guided higher — coverage widens
dividend obligation
drawn from FCF
coverage (FCF ÷ dividend)
1.7×
0
1.0×
2.0×
covered
streak sustains
thinning
headroom shrinks
at risk
dividend unsupported
20-year increase streak
coverage holds the streak — leverage & rate risk remain
free cash flow
dividend obligation
coverage
1.7×