Abstract. This study aims to find out the effect of free cash flow, liquidity on dividend policy in the consumer goods industry sub sector in the Indonesia Stock Exchange (IDX) period 2012-2015. Sember data in this study is by using annual financial statements that have been audited and listed on the Indonesia Stock Exchange for 4 consecutive years. The approach used in this research is quantitative with multiple linear analysis method. The population in this study are manufacturing companies of consumer goods industry sub-sector in Indonesian Stock Exchange (BEI) in 2012-2015. In this research the determination of sample using purposive sampling method and get 13 companies with 52 data. The result of the research shows that the variable of free cash flow influence to dividend policy. The size of free cash flow affect the dividend to be distributed. The liquidity variable that uses the current ratio in its calculation has no effect on the dividend policy. The size of a company's liquidity does not affect the payment of dividends to shareholders. Keywords: Free Cash Flow (FCF), Liquidity (CR), Policy dividend (DPR)Abstrak. Penelitian ini bertujuan untuk mencari tahu pengaruh free cash flow, likuiditas terhadap kebijakan dividen pada perusahaan sub sektor industri barang konsumsi di Bursa Efek Indonesia (BEI) periode 2012-2015. Pendekatan yang digunakan dalam penelitian ini adalah kuantitatif dengan metode analisis linier berganda. Populasi dalam penelitian ini adalah perusahaan-perushaan manufaktur sub sektor industri barang konsumsi yang ada di Burasa Efek Indonesia (BEI) tahun 2012-2015. Dalam penelitian ini penentuan sample menggunakan metode purposive sampling dan di dapatkan 13 perusahaan dengan 52 data. Hasil dari penelitian menunjukkan bahwa variabel free cash flow berpengaruh terhadap kebijakan dividen. Besar kecilnya free cash flow berpengaruh terhadap dividen yang akan dibagikan. Variabel likuiditas yang menggunakan current ratio dalam perhitungannya tidak memiliki pengaruh terhadap kebijakan dividen. Besar kecilnya likuiditas suatu perusahaan tidak mempengaruhi pembayaran dividen kepada pemegang saham. Kata kunci : This study aims to find out the effect of free cash flow, liquidity on dividend policy in the consumer goods industry sub sector in the Indonesia Stock Exchange (IDX) period 2012-2015. Sember data in this study is by using annual financial statements that have been audited and listed on the Indonesia Stock Exchange for 4 consecutive years. The approach used in this research is quantitative with multiple linear analysis method. The population in this study are manufacturing companies of consumer goods industry sub-sector in Indonesian Stock Exchange (BEI) in 2012-2015. In this research the determination of sample using purposive sampling method and get 13 companies with 52 data. The result of the research shows that the variable of free cash flow influence to dividend policy. The size of free cash flow affect the dividend to be distributed. The liquidity variable that uses the current ratio in its calculation has no effect on the dividend policy. The size of a company's liquidity does not affect the payment of dividends to shareholders. Keywords: Free Cash Flow (FCF), Liquidity (CR), Policy dividend (DPR)