The usual payout ratio divides dividends by profit, and profit is full of accruals: sales booked before the customer pays, costs spread over years, write-downs and estimates. That's legitimate accounting, but it means profit and cash can drift apart for years. The FCF payout ratio divides dividends by free cash flow instead — the cash left after running and maintaining the business.
When the two agree, there's nothing to reconcile. When the earnings ratio says 50% and the cash ratio says 110%, the dividend is being paid from something other than this year's cash: savings, borrowing or selling assets. A holding's detail shows the earnings version as Payout Ratio and a cash check as Cash Flow — operating cash flow ÷ dividends paid, from the latest annual report. That's before capital spending, so it looks kinder than an FCF ratio would; for the stricter one, take capital spending off operating cash flow in the company's cash flow statement. Both change only when the company reports (data latency).
Same dividend, same year, illustrative numbers. Only one of those ratios was paid for in cash.
Educational content only. It is not personal financial advice.