Fonterra shareholders are reportedly disappointed with their final payout for the season.

Full farmer shareholders are getting a cash payout of $4.65 per kilogram of milk solids.

That includes a 25c dividend, which is at the lower end of expectations.

But the company forecasts a better season ahead, with payouts upwards of $5 per kilogram of milk solids.

Fonterra's total sales volumes are up, but revenue is down.