AEE Ameren Corporation Common Stock
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About Ameren Corporation Common Stock Company overview from Wikipedia
Ameren Corporation is an American power company created December 31, 1997, by the merger of Union Electric Company (formerly NYSE: UEP) of St. Louis, Missouri and the neighboring Central Illinois Public Service Company (CIPSCO Inc. holding, formerly NYSE: CIP) of Springfield, Illinois. It is now a holding company for several power companies and energy companies. The company is based in St. Louis, with 2.4 million electric, and 900,000 natural gas customers across 64,000 square miles in central and eastern Missouri and the southern four-fifths of Illinois by area.
Ameren is the holding company for the following:
Ameren Missouri
Ameren Illinois
Ameren Transmission Company
Ameren Services
The Ameren Missouri subsidiary owns Bagnell Dam on the Osage River, which forms the Lake of the Ozarks. Ameren Missouri is responsible for managing water levels on the lake according to federal regulations.
History
Origins
Prior to the formation of Ameren, the first major development in the history of its constituent parts occurred in 1929, when the Bagnell Dam was completed on the Osage River and generated almost 175 megawatts of hydroelectricity for Missouri's Union Electric Company. The dam also created the Lake of the Ozarks with 1,400 miles (2,300 km) of shoreline.
In 1931, Union Electric Light and Power sought additional generating sources (interurbans being one need) and the company began buying power from the Keokuk, IA dam, 150 miles (240 km) north of St. Louis. Union Electric later bought the dam, providing 134 megawatts of hydroelectricity carried over a longer distance than had ever been achieved before.
By the 1950s Union Electric owned gas operations in and around Alton, Illinois, and acquired other utilities to become the third largest distributor of natural gas in Missouri.
In 1952, Ameren's second major constituent, the Central Illinois Public Service Company, became a major pooled energy power distributor with its future Ameren mate, Union Electric Company. The arrangement formed the Midwest Power Pool system. The CIPS Meredosia, Illinois Power Station became a key contributor to the pool, which also included the later Ameren subsidiary Illinois Power Company.
In 1963 Union Electric completed construction of one of the largest pumped storage plants at that time, the then-350-megawatt Taum Sauk Plant, in Reynolds County, Missouri. In 1984 Union Electric added nuclear energy to the mix, when the Callaway Nuclear Generating Station began providing 1,143 megawatts of power from Callaway County, Missouri.
Ameren history
In 1995 shareholders of both CIPSCO Inc. and of its neighboring utility of twice its size, the S&P 500-listed Union Electric Company, approved the merger of the two companies, which were to then be combined as Ameren Corporation. Both of those former utilities had traded publicly on the New York Stock Exchange, under ticker symbol CIP and UEP, respectively. At the time of the merger, Union Electric had assets of nearly US$600 million, but still carried nearly US$1.8 billion in long-term debt, although down from US$2.5 billion which it had accumulated by the 1980s. CIPSCO had assets of about US$210 million, but still carried nearly half of US$1 billion in long-term debt, which it had also accumulated by the 1980s.
The merger was completed on December 31, 1997, when the two public companies became one, as Ameren Corporation, which then began to trade publicly on the New York Stock Exchange with the ticker symbol AEE. The name Ameren comes from the combination of American energy/ Following the merger, Union Electric began doing business as AmerenUE, now known as Ameren Missouri. Today, with nine power plants Ameren Missouri serves 1.2 million power customers and 110,000 gas customers, primarily in Missouri, where more than half of its customers reside in the St. Louis metropolitan area. It also served Iowa as well through the mid-1990s, and served adjoining parts of Illinois until 2010. The former CIPSCO Inc. utility, Central Illinois Public Service Company, became Ameren's other operating company, doing business as AmerenCIPS.
In 2000, Ameren formed the holding company, AmerenEnergy Resources. It contained two further subsidiaries, AmerenEnergy Marketing, and AmerenEnergy Generating. In 2002, Ameren Corporation announced a voluntary retirement program, which was offered to approximately 1,000 of Ameren's 7,400 current employees, expecting to realize significant long-term savings.
In 2003, Ameren acquired Peoria-based CILCORP, Inc. and its leading subsidiary, Central Illinois Light Company, from AES Corporation. CILCORP had traded on the NYSE with ticker symbol CER prior to its acquisition by AES, and by the mid-1990s had become a member of the S&P Small Cap 600 index. CILCO had been another pioneer utility in the region, which had paid a dividend since 1921. By 1996, it had grown to over US$150 million in assets, and carried US$330 million in long-term debt. Following the 2003 Ameren acquisition, that utility began doing business as AmerenCILCO.
At the end of 2003, Ameren's chairman and chief executive, Charles Mueller, retired and was succeeded in both positions by Gary Rainwater, the company's president and chief operating officer the past two years.
In 2004, Ameren acquired the third partner from the 1952 Midwest Power Pool system, Illinois Power Company, from Dynegy Inc. That utility had traded publicly on the NYSE under the ticker symbol IPC through the 1980s, and paid dividends since 1947. As of the late 1980s, the company generated electricity and natural gas, almost entirely from coal plants, with less than 1% fueled from oil and gas. By then, with about $360 million in assets, it carried long-term debt of over US$2 billion.
In 1991, Illinois Power reorganized as a holding company, Illinova Corporation, which traded on the NYSE with ticker symbol ILN. Illinova had grown to an S&P Midcap 400 stock by 1996, with over US$415 million in assets, and had brought the IP utility's debt down to US$1.8 billion by then. In a merger completed February 1, 2000, Illinova became a wholly owned subsidiary of Dynegy Inc. (NYSE: DYN), in which Chevron Corporation also took a 28% stake. Dynegy in turn had been created in June 1998, from the merger of Chevron's natural gas and natural gas liquids businesses with Dynegy's predecessor, NGC Corp. (former ticker NGL). NGC had been an integrated natural gas services company around since 1994. Following Ameren's acquisition of Illinois Power, that subsidiary began doing business as AmerenIP. The IP acquisition made Ameren the major investor-owned power company in downstate Illinois.
In December 2004, Ameren announced that Patrick T. Stokes, the president and chief executive officer of Anheuser-Busch Cos., Inc., was elected to the Ameren board of directors. In 2009, AmerenUE signed an agreement to purchase 102 megawatts (MW) of wind power from phase II of Horizon Wind Energy's Pioneer Prairie Wind Farm in Iowa, which is enough to power 26,000 households. The power AmerenUE is purchasing will tie into the Midwest Independent System Operator (MISO) transmission grid, of which the company is a member, fulfilling AmerenUE's commitment to add 100 megawatts of renewable capacity to serve its Missouri customers by 2010. On October 1, 2010 Ameren's three Illinois operating companies merged to become Ameren Illinois Company. The merger resulted in a single operating company providing power to most of downstate Illinois. However, the Ameren Illinois service territory is split into three rate zones corresponding to the service territories of the three former Illinois operating companies—Zone I (the former AmerenCIPS), Zone II (the former AmerenCILCO) and Zone III (the former AmerenIP). On the same date, AmerenUE changed its name to Ameren Missouri Company. The former Illinois portion of the AmerenUE territory was transferred to Ameren Illinois Zone I. In 2015, Ameren became the first major energy company to open an Innovation Center at the Research Park, University of Illinois at Urbana-Champaign. In 2016, Ameren was named 10th on Business Insider’s 10 best energy companies to work for in America list. In the report, seventy four percent of employees said their job has high meaning.
Ameren Transmission
Ameren owns and operates transmission lines at the following voltages: 345kV, 230kV, 161kV, 138kV, 69kV and 34.5kV.
Service area
As of 2021, Ameren Illinois and Ameren Missouri distribute electricity and natural gas to most of central and southern Illinois and to much of northern and eastern Missouri. This service area includes the cities of St. Louis and East Saint Louis and surrounding suburbs. It excludes almost all of the Chicago metropolitan area, where about three quarters of Illinois's population resides.
Ownership
As of 2017 Ameren shares are mainly held by institutional investors (Vanguard group, BlackRock, State Street Corporation, among others).
Taum Sauk pumped storage plant
Ameren Missouri owns the Taum Sauk pumped storage plant, which failed on December 14, 2005, causing extensive damage to the east fork of the Black River and to Johnson's Shut-Ins State Park. Consequently, FERC fined Ameren $15 million. The State of Missouri has sued Ameren for actual and punitive damages, alleging Ameren recklessly operated the plant and put financial considerations from sale of power to other companies over safety, maintenance and engineering. The plant was operated by remote control with no one onsite during pumping operations. Rebuilding the upper reservoir of the AmerenUE Taum Sauk pumped-storage hydroelectric plant cost $450 million. The upper reservoir was constructed with roller compacted concrete (RCC); and online in 2010, this 54.5-acre (221,000 m2) reservoir is the largest RCC dam in North America. The 450-megawatt Taum Sauk pumped storage hydroelectric plant began generating electricity again on April 21, 2010.
Environmental issues
Clean Air Act
In 2011 the United States Environmental Protection Agency (EPA) filed suit (Case No. 4:11 CV 77 RWS) against Ameren Missouri concerning excess sulfur (SO2) emissions from the Rush Island Plant in Festus, Missouri United States v. Ameren Missouri, 229 F.Supp.3d 906 (2017) 48295 (D.C., E.D. Missouri, Eastern Division. January 23, 2017).
EPA alleged Ameren violated the Clean Air Act, the Missouri State Implementation Plan, and Ameren's Rush Island Plant Title V Permit when it undertook major modifications at the Rush Island Plant in 2007 through 2010 without obtaining the required permits under the Prevention of Significant Deterioration (PSD) provisions of the New Source Review (NSR) program.
In January 2017 the District Court found that Ameren "...violated the Clean Air Act without obtaining the necessary permits, installing best-available pollution technology, and otherwise meeting applicable requirements." Judge Rodney Sippel entered a finding of liability in January 2017 and ordered a remedy that called for the company to equip its Rush Island coal plant in Jefferson County, Missouri, with scrubbers. Ameren instead decided to close the plant in 2024, 15 years ahead of schedule. Sippel also ordered Ameren to install sulfur dioxide scrubbers on its Labadie plant, also in Missouri, but a federal appeals court overturned that condition even though “the government never provided notice of or alleged” that the plant committed a Clean Air Act violation.
Electric vehicles
Ameren has a history of supporting the adoption of electric vehicles. In 2016, the company attempted to launch a pilot program to install electric vehicle charging stations but state utility regulators turned down oversight of the project. As a result, Ameren canceled the program because it would not recover its investments. However, in early 2018 Ameren tried again, this time launching a program called "Charge Ahead" which incentivizes the installation of around 1,200 charging stations. In addition, the program creates incentives for the adoption of commercial electric vehicles.
Former manufactured gas plant
In the nineteenth and twentieth centuries a local utility company operated a coal gasification plant at the corner of Ash and Orr streets in Columbia, Missouri, that was subsequently demolished. The company was purchased by the Ameren Corporation. The gasification process contaminated the soil and some groundwater in the area with carcinogenic chemicals. In June 2014 Ameren was removing contaminated soil from the area, and expected to finish by September 2014. As of 2019 the city is considering purchasing the lot to create a public park. Ameren has been criticized by the North Village Board of Directors for owning "a whole city block that is in disrepair and for an aversion to commerce."
Lake of the Ozarks
Ameren Missouri sponsors the Adopt-the-Shoreline program, which enables people to “adopt” portions of the shoreline for litter control. They also control other shoreline activities in the Lake of the Ozarks such as the regulation of boat docks, seawalls and other structures within the Osage Project boundary on the lake and downstream from Bagnell Dam. The company maintains the Lake and Shoreline Protection Hotline that anyone who wishes can use to report neglected docks or other concerns they may have about the lake.
Labadie Energy Center
Ameren UE Tower
The Ameren UE Tower is a unique combination of an electricity pylon and a radio tower located near Ameren's headquarters in St. Louis, Missouri, USA at 38.623313 N 90.210840 W. It is a 106.5-metres (with antennas on top 111 metres) tall lattice steel structure, which was built in 2009. It carries two 138 kV circuits on three crossbars approximately in half height.
Unlike other electricity pylons that carries antennas, the height of the Ameren UE Tower is not determined by its function as electricity pylon, but rather by its task as radio tower, which requires a significantly greater height than a pour use as an electricity pylon. The design of the Ameren UE Tower has the disadvantage that the installation of larger antennas with a crane or pulley is significantly hampered by the crossbars and power conductors, requiring the shutdown of the high-voltage circuits.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | AEE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 17.65Y avg ≈20.0 | ≈20.0 | 23.8 | Undervalued | |
| P/S (TTM) | 3.25Y avg ≈3.1 | ≈3.1 | 3.3 | Overvalued | |
| P/B (MRQ) | 2.05Y avg ≈2.1 | ≈2.1 | 2.3 | Fair value | |
| EV / EBITDA | 13.05Y avg ≈13.3 | ≈13.3 | 13.1 | Fair value | |
| Price / FCF (TTM) | -19.85Y avg ≈-21.8 | ≈-21.8 | · | · | |
| Price / Cash Flow (TTM) | 8.55Y avg ≈9.7 | ≈9.7 | 9.6 | Undervalued | |
| EV / Revenue | 5.45Y avg ≈5.3 | ≈5.3 | · | · | |
| EV / FCF | -61.35Y avg ≈-37.4 | ≈-37.4 | · | · | |
| Price / Tangible Book | 2.15Y avg ≈2.1 | ≈2.1 | · | · | |
| PEG Ratio | ≈2.0 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | AEE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 24.9%5Y avg ≈20.7% | ≈20.7% | 19.1% | Top tier | |
| EBITDA Margin (TTM) | 43.8%5Y avg ≈39.6% | ≈39.6% | 28.7% | Below avg | |
| Pretax Margin (TTM) | 19.7%5Y avg ≈17.3% | ≈17.3% | 15.1% | Top tier | |
| Net Profit Margin (TTM) | 17.9%5Y avg ≈15.3% | ≈15.3% | 12.5% | Top tier | |
| ROA (TTM) | 3.2%5Y avg ≈2.9% | ≈2.9% | 2.8% | Top tier | |
| ROE (TTM) | 12.1%5Y avg ≈10.7% | ≈10.7% | 11.0% | Top tier | |
| ROIC | 5.6%5Y avg ≈5.0% | ≈5.0% | 5.6% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | AEE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 1.65Y avg ≈1.5 | ≈1.5 | 1.4 | High debt | |
| Current Ratio (MRQ) | 0.55Y avg ≈0.7 | ≈0.7 | 0.9 | Low liquidity | |
| Quick Ratio | 0.25Y avg ≈0.2 | ≈0.2 | 0.3 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 1.45Y avg ≈1.3 | ≈1.3 | 1.4 | In line | |
| Interest Coverage | 2.65Y avg ≈2.8 | ≈2.8 | 2.6 | In line |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | AEE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 15.4%5Y avg ≈9.2% | ≈9.2% | · | · | |
| Revenue CAGR 3Y | 3.4%5Y avg ≈6.1% | ≈6.1% | · | · | |
| Revenue CAGR 5Y | 8.7% | · | · | · | |
| EPS YoY | 21.0%5Y avg ≈9.1% | ≈9.1% | · | · | |
| Net Income YoY | 23.1%5Y avg ≈11.0% | ≈11.0% | · | · | |
| EPS CAGR 3Y | 8.9%5Y avg ≈7.2% | ≈7.2% | · | · | |
| EPS CAGR 5Y | 8.9% | · | · | · | |
| Net Income CAGR 3Y | 10.6%5Y avg ≈8.8% | ≈8.8% | · | · | |
| Net Income CAGR 5Y | 10.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | AEE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.2 | ≈0.2 | 0.2 | Weak | |
| Receivables Turnover | 14.85Y avg ≈14.8 | ≈14.8 | 7.0 | Top tier | |
| Revenue / Employee | ≈$987.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 8, 2026 | $0.75 | USD | ≈2.8% |
| Jun 9, 2026 | $0.75 | USD | ≈2.7% |
| Mar 10, 2026 | $0.75 | USD | ≈2.6% |
| Dec 9, 2025 | $0.71 | USD | ≈2.9% |
| Sep 9, 2025 | $0.71 | USD | ≈2.8% |
| Jun 10, 2025 | $0.71 | USD | ≈2.9% |
| Mar 11, 2025 | $0.71 | USD | ≈2.8% |
| Dec 11, 2024 | $0.67 | USD | ≈3.0% |
| Sep 11, 2024 | $0.67 | USD | ≈3.2% |
| Jun 12, 2024 | $0.67 | USD | ≈3.7% |
| Mar 12, 2024 | $0.67 | USD | ≈3.5% |
| Dec 12, 2023 | $0.63 | USD | ≈3.2% |
| Sep 12, 2023 | $0.63 | USD | ≈3.1% |
| Jun 13, 2023 | $0.63 | USD | ≈3.0% |
| Mar 14, 2023 | $0.63 | USD | ≈2.9% |
| Dec 6, 2022 | $0.59 | USD | ≈2.7% |
| Sep 6, 2022 | $0.59 | USD | ≈2.5% |
| Jun 7, 2022 | $0.59 | USD | ≈2.4% |
| Mar 8, 2022 | $0.59 | USD | ≈2.6% |
| Dec 7, 2021 | $0.55 | USD | ≈2.5% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 29, 2026 | $1.13 | $1.10 | 3.0% |
| March 31, 2026 | $1.28 | $1.19 | 7.3% | |
| Dec. 31, 2025 | $0.78 | $0.78 | -0.04% | |
| Sept. 30, 2025 | $2.17 | $2.13 | 2.0% | |
| June 30, 2025 | $1.01 | $0.99 | 1.7% | |
| March 31, 2025 | $1.07 | $1.08 | -0.49% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.80B | $7.62B | $7.50B | $7.96B | $6.39B | $5.79B | $5.91B | $6.29B | $6.17B | $6.08B | $6.10B | $6.05B | |
| Operating Expenses | $6.77B | $6.11B | $5.94B | $6.44B | $5.06B | $4.49B | $4.64B | $4.93B | $4.76B | $4.75B | $4.84B | $4.80B | |
| Operating Income | $2.03B | $1.52B | $1.56B | $1.51B | $1.33B | $1.30B | $1.27B | $1.36B | $1.41B | $1.32B | $1.26B | $1.25B | |
| Interest Expense | $776M | $663M | $566M | $486M | $383M | $419M | $381M | $401M | $391M | $382M | $355M | $341M | |
| Other Non-op | $347M | $417M | $348M | $226M | $202M | $151M | $130M | $102M | $86M | $101M | $44M | $57M | |
| Pretax Income | $1.60B | $1.27B | $1.34B | $1.25B | $1.15B | $1.03B | $1.02B | $1.06B | $1.10B | $1.04B | $948M | $970M | |
| Income Tax | $136M | $83M | $183M | $176M | $157M | $155M | $182M | $237M | $576M | $382M | $363M | $377M | |
| Net Income | $1.46B | $1.19B | $1.16B | $1.08B | $995M | $877M | $834M | $821M | $529M | $659M | $630M | $586M | |
| EPS (Basic) | $5.38 | $4.43 | $4.39 | $4.16 | $3.86 | $3.53 | $3.37 | $3.34 | $2.16 | $2.69 | $2.60 | $2.42 | |
| EPS (Diluted) | $5.35 | $4.42 | $4.38 | $4.14 | $3.84 | $3.50 | $3.35 | $3.32 | $2.14 | $2.68 | $2.59 | $2.40 | |
| Shares (Basic) | 270,500,000 | 266,800,000 | 262,800,000 | 258,400,000 | 256,300,000 | 247,000,000 | 245,600,000 | 243,800,000 | 242,600,000 | 242,600,000 | 242,600,000 | 242,600,000 | |
| Shares (Diluted) | 272,200,000 | 267,400,000 | 263,400,000 | 259,500,000 | 257,600,000 | 248,700,000 | 247,100,000 | 245,800,000 | 244,200,000 | 243,400,000 | 243,600,000 | 244,400,000 | |
| EBITDA | $3.64B | $3.04B | $2.99B | $2.95B | $2.55B | $2.38B | $2.27B | $2.29B | $2.33B | $2.22B | $2.04B | $1.96B |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13M | $7M | $25M | $10M | $8M | $139M | $16M | $16M | $10M | $9M | $292M | $5M | |
| Receivables | $665M | $525M | $494M | $600M | $434M | $415M | $393M | $463M | $445M | $437M | $388M | $423M | |
| Inventory | $774M | $762M | $733M | $667M | $592M | $521M | $494M | $483M | $522M | $527M | $538M | $524M | |
| Other Current Assets | $210M | $162M | $139M | $155M | $155M | $135M | $118M | $63M | $98M | $113M | $88M | $86M | |
| Current Assets | $2.57B | $2.26B | $2.18B | $2.67B | $1.97B | $1.65B | $1.43B | $1.53B | $1.61B | $1.59B | $1.92B | $1.69B | |
| PP&E (Net) | $39.31B | $36.30B | $33.78B | $31.26B | $29.26B | $26.81B | $24.38B | $22.81B | $21.47B | $20.11B | $18.80B | $17.42B | |
| PP&E (Gross) | · | · | $47.18B | $43.84B | $41.60B | $39.72B | $36.65B | $34.00B | $32.03B | $30.12B | $27.60B | $26.20B | |
| Accum. Depreciation | $16.57B | $16.50B | $15.43B | $14.46B | $14.21B | $13.77B | $13.01B | $12.27B | $11.63B | $10.96B | $10.35B | $9.76B | |
| Goodwill | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | |
| Other Non-current Assets | $1.15B | $1.12B | $921M | $768M | $891M | $789M | $876M | $650M | $522M | $538M | $575M | $629M | |
| Total Assets | $48.48B | $44.60B | $40.83B | $37.90B | $35.73B | $32.03B | $28.93B | $27.21B | $25.95B | $24.70B | $23.64B | $22.29B | |
| Accounts Payable | $1.25B | $1.06B | $1.14B | $1.16B | $1.09B | $958M | $874M | $817M | $902M | $805M | $777M | $711M | |
| Short-term Debt | $643M | $1.14B | $536M | $1.07B | $545M | $490M | $440M | $597M | $484M | $558M | $301M | $714M | |
| Current Liabilities | $3.91B | $3.41B | $3.35B | $3.37B | $2.83B | $2.18B | $2.50B | $2.69B | $2.94B | $2.67B | $2.09B | $2.25B | |
| Capital Leases | $73M | $67M | · | · | · | · | $29M | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $2.88B | $2.62B | $2.51B | $4.26B | $3.88B | $3.57B | |
| Other Non-current Liabilities | $540M | $487M | $426M | $340M | $414M | $503M | $467M | $408M | $460M | $477M | $531M | $514M | |
| Long-term Debt | $19.43B | $17.80B | $16.11B | $14.15B | $13.18B | $11.19B | $9.44B | $8.51B | $8.00B | $7.33B | $7.33B | $6.25B | |
| Total Debt | $19.83B | $18.72B | $16.51B | $15.10B | $13.61B | $11.58B | $9.80B | $9.04B | $8.42B | $7.83B | $7.58B | $6.95B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Paid-in Capital | $8.11B | $7.51B | $7.22B | $6.86B | $6.50B | $6.18B | $5.69B | $5.63B | $5.54B | $5.56B | $5.62B | $5.62B | |
| Retained Earnings | $5.29B | $4.60B | $4.14B | $3.65B | $3.18B | $2.76B | $2.38B | $2.02B | $1.66B | $1.57B | $1.33B | $1.10B | |
| AOCI | $0 | $-6M | $-6M | $-1M | $13M | $-1M | $-17M | $-22M | $-18M | $-23M | $-3M | $-9M | |
| Stockholders' Equity | $13.40B | $12.11B | $11.35B | $10.51B | $9.70B | $8.94B | $8.06B | $7.63B | $7.18B | $7.10B | $6.95B | $6.71B | |
| Liabilities + Equity | $48.48B | $44.60B | $40.83B | $37.90B | $35.73B | $32.03B | $28.93B | $27.21B | $25.95B | $24.70B | $23.64B | $22.29B | |
| Shares Outstanding | 276,400,000 | 269,900,000 | 266,300,000 | 262,000,000 | 257,700,000 | 253,300,000 | 246,200,000 | 244,500,000 | 242,600,000 | 242,600,000 | 242,600,000 | 242,600,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.61B | $1.52B | $1.43B | $1.37B | $1.22B | $1.15B | $1.00B | $938M | $876M | $835M | $777M | $710M | |
| Stock-based Comp | $28M | $28M | $26M | $24M | $22M | $21M | $20M | $20M | $17M | $17M | $24M | $25M | |
| Other Non-cash | $252M | $24M | $-51M | $-278M | $-575M | $-256M | $314M | $391M | $688M | $618M | $586M | $230M | |
| Operating Cash Flow | $3.35B | $2.76B | $2.56B | $2.26B | $1.66B | $1.73B | $2.17B | $2.17B | $2.12B | $2.12B | $2.03B | $1.56B | |
| CapEx | $4.13B | $4.32B | $3.60B | $3.35B | $3.48B | $3.23B | $2.41B | $2.29B | $2.13B | $2.08B | $1.92B | $1.78B | |
| Investing Cash Flow | $-4.14B | $-4.46B | $-3.80B | $-3.37B | $-3.53B | $-3.33B | $-2.44B | $-2.34B | $-2.20B | $-2.16B | $-1.98B | $-1.72B | |
| Debt Issued | $1.96B | $2.54B | $2.29B | $1.47B | $2.00B | $2.18B | $1.53B | $1.35B | $1.34B | $396M | $1.20B | $898M | |
| Net Debt Issued | $1.96B | $2.54B | $2.29B | $1.47B | $2.00B | $2.18B | $1.53B | $1.35B | $1.34B | $389M | $1.20B | $898M | |
| Stock Issued | $574M | $273M | $346M | $333M | $308M | $476M | $68M | $74M | $0 | $0 | · | · | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $0 | $24M | $51M | · | · | |
| Net Stock Activity | $574M | $273M | $346M | $333M | $308M | $476M | $68M | $74M | · | · | · | · | |
| Dividends Paid | $768M | $714M | $662M | $610M | $565M | $494M | $472M | $451M | $431M | $416M | $402M | $390M | |
| Financing Cash Flow | $884M | $1.75B | $1.29B | $1.17B | $1.72B | $1.73B | $334M | $205M | $102M | $-258M | $232M | $127M | |
| Net Change in Cash | $92M | $56M | $56M | $61M | $-146M | $125M | $69M | · | $1M | $-283M | $287M | $-25M | |
| Taxes Paid | $-312M | $-92M | $-24M | $-8M | $-1M | $13M | $13M | $21M | $-19M | $-12M | $-15M | $-27M | |
| Free Cash Flow | $-775M | $-1.56B | $-1.03B | $-1.09B | $-1.29B | $-942M | $-241M | $-116M | $-28M | $47M | $100M | $-234M | |
| Levered FCF | $-1.48B | $-2.18B | $-1.52B | $-1.51B | $-1.62B | $-1.30B | $-554M | $-427M | $-215M | $-195M | $-119M | $-442M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 23.0% | 19.9% | 20.8% | 19.0% | 20.8% | 22.4% | 21.4% | 21.6% | 23.6% | 22.7% | 20.6% | 20.7% | |
| Net Margin | 16.6% | 15.6% | 15.4% | 13.6% | 15.6% | 15.1% | 14.1% | 13.1% | 8.5% | 10.8% | 10.3% | 9.7% | |
| Pretax Margin | 18.1% | 16.7% | 17.9% | 15.8% | 18.0% | 17.8% | 17.2% | 16.8% | 17.9% | 17.1% | 15.6% | 16.0% | |
| EBITDA Margin | 41.3% | 39.9% | 39.9% | 37.1% | 39.9% | 41.2% | 38.4% | 36.5% | 37.8% | 36.5% | 33.4% | 32.5% | |
| ROA | 3.1% | 2.8% | 2.9% | 2.9% | 2.9% | 2.9% | 3.0% | 3.1% | 2.1% | 2.7% | 2.7% | 2.7% | |
| ROE | 11.5% | 10.1% | 10.6% | 10.7% | 10.7% | 10.3% | 10.6% | 11.1% | 7.3% | 9.3% | 9.2% | 8.8% | |
| ROIC | 5.6% | 4.6% | 4.8% | 5.1% | 4.9% | 5.4% | 5.8% | 6.3% | 4.5% | 5.9% | 5.3% | 5.6% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | 0.8 | 0.6 | 0.6 | 0.5 | 0.6 | 0.9 | 0.9 | |
| Quick Ratio | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | |
| Debt / Equity | 1.5 | 1.5 | 1.5 | 1.4 | 1.4 | 1.3 | 1.2 | 1.2 | 1.2 | 1.1 | 1.1 | 1.0 | |
| LT Debt / Equity | 1.4 | 1.4 | 1.3 | 1.3 | 1.3 | 1.2 | 1.1 | 1.0 | 1.0 | 0.9 | 1.0 | 0.9 | |
| Interest Coverage | 2.6 | 2.3 | 2.8 | 3.1 | 3.5 | 3.1 | 3.3 | 3.4 | 3.7 | 3.6 | 3.5 | 3.7 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | |
| Receivables Turnover | 14.8 | 15.0 | 13.7 | 15.4 | 15.1 | 14.3 | 13.8 | 13.9 | 14.0 | 14.7 | 15.0 | 14.6 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $48.48 | $44.88 | $42.62 | $40.11 | $37.64 | $35.29 | $32.73 | $31.21 | $29.61 | $29.28 | $28.63 | $27.67 | |
| Revenue / Share | $32.33 | $28.51 | $28.47 | $30.66 | $24.82 | $23.30 | $23.92 | $25.59 | $25.29 | $24.96 | $25.03 | $24.77 | |
| Cash Flow / Share | $12.32 | $10.33 | $9.73 | $8.72 | $6.45 | $6.94 | $8.78 | $8.83 | $8.62 | $8.72 | $8.28 | $6.35 | |
| Cash / Share | $0.05 | $0.03 | $0.09 | $0.04 | $0.03 | $0.55 | $0.07 | $0.07 | $0.04 | $0.04 | $1.20 | $0.02 | |
| Dividend Paid / Share | $2.84 | $2.68 | $2.52 | $2.36 | $2.20 | $2.00 | $1.92 | $1.85 | $1.78 | $1.72 | $1.66 | $1.61 | |
| EPS (TTM) | $5.35 | $4.42 | $4.38 | $4.14 | $3.84 | $3.50 | $3.35 | $3.32 | $2.14 | $2.68 | $2.59 | $2.40 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 15.4% | 1.6% | -5.7% | 24.4% | 10.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.4% | 6.0% | 9.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 21.0% | 0.91% | 5.8% | 7.8% | 9.7% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 8.9% | 4.8% | 7.8% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 8.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 23.1% | 2.6% | 7.2% | 8.4% | 13.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 10.6% | 6.1% | 9.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 10.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 9.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.80B | $7.62B | $7.50B | $7.96B | $6.39B | $5.79B | $5.91B | $6.29B | $6.17B | $6.08B | $6.10B | $6.05B | |
| Net Income TTM | $1.46B | $1.19B | $1.16B | $1.08B | $995M | $877M | $834M | $821M | $529M | $659M | $630M | $586M | |
| Market Cap | $27.60B | $24.06B | $19.26B | $23.30B | $22.94B | $19.77B | $18.91B | $15.95B | $14.31B | $12.73B | $10.49B | $11.19B | |
| Enterprise Value | $47.42B | $42.77B | $35.75B | $38.38B | $36.54B | $31.21B | $28.69B | $24.97B | $22.72B | $20.55B | $17.77B | $18.14B | |
| P/E | 18.7 | 20.2 | 16.5 | 21.5 | 23.2 | 22.3 | 22.9 | 19.6 | 27.6 | 19.6 | 16.7 | 19.2 | |
| P/S | 3.1 | 3.2 | 2.6 | 2.9 | 3.6 | 3.4 | 3.2 | 2.5 | 2.3 | 2.1 | 1.7 | 1.8 | |
| P/B | 2.1 | 2.0 | 1.7 | 2.2 | 2.4 | 2.2 | 2.3 | 2.1 | 2.0 | 1.8 | 1.5 | 1.7 | |
| P / Tangible Book | 2.1 | 2.1 | 1.8 | 2.3 | 2.5 | 2.3 | · | · | · | · | · | · | |
| P / Cash Flow | 8.2 | 8.7 | 7.5 | 10.3 | 13.8 | 11.4 | 8.7 | 7.3 | 6.8 | 6.0 | 5.2 | 7.2 | |
| P / FCF | -35.6 | -15.5 | -18.6 | -21.4 | -17.7 | -21.0 | -78.5 | -137.5 | -511.1 | 270.8 | 104.9 | -47.8 | |
| EV / EBITDA | 13.0 | 14.1 | 12.0 | 13.0 | 14.3 | 13.1 | 12.6 | 10.9 | 9.7 | 9.3 | 8.7 | 9.2 | |
| EV / FCF | -61.2 | -27.5 | -34.6 | -35.3 | -28.3 | -33.1 | -119.0 | -215.2 | -811.4 | 437.3 | 177.7 | -77.5 | |
| EV / Revenue | 5.4 | 5.6 | 4.8 | 4.8 | 5.7 | 5.4 | 4.9 | 4.0 | 3.7 | 3.4 | 2.9 | 3.0 | |
| Dividend Yield | 2.8% | 3.0% | 3.4% | 2.6% | 2.5% | 2.5% | 2.5% | 2.8% | 3.0% | 3.3% | 3.8% | 3.5% | |
| Earnings Yield | 5.4% | 5.0% | 6.0% | 4.7% | 4.3% | 4.5% | 4.4% | 5.1% | 3.6% | 5.1% | 6.0% | 5.2% | |
| Payout Ratio | 52.6% | 60.2% | 57.2% | 56.5% | 56.8% | 56.3% | 56.6% | 54.9% | 82.4% | 63.7% | 63.8% | 66.5% | |
| Annual Payout | $768M | $714M | $662M | $610M | $565M | $494M | $472M | $451M | $431M | $416M | $402M | $390M |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.09B | $2.18B | $1.78B | $2.70B | $2.22B | $2.10B | $1.94B | $2.17B | $1.69B | $1.82B | $1.62B | $2.06B | $1.76B | $2.06B | $2.05B | $2.31B | |
| Operating Expenses | $1.63B | $1.64B | $1.42B | $1.87B | $1.81B | $1.67B | $1.74B | $1.59B | $1.33B | $1.45B | $1.35B | $1.45B | $1.43B | $1.71B | $1.77B | $1.71B | |
| Operating Income | $459M | $532M | $360M | $825M | $411M | $430M | $198M | $586M | $361M | $371M | $264M | $614M | $329M | $351M | $276M | $599M | |
| Interest Expense | $209M | $204M | $206M | $208M | $187M | $175M | $171M | $173M | $165M | $154M | $153M | $152M | $134M | $127M | $130M | $126M | |
| Other Non-op | $118M | $90M | $90M | $76M | $96M | $85M | $124M | $101M | $103M | $89M | $87M | $101M | $82M | $78M | $46M | $58M | |
| Pretax Income | $368M | $418M | $244M | $693M | $320M | $340M | $151M | $514M | $299M | $306M | $198M | $563M | $277M | $302M | $192M | $531M | |
| Income Tax | $52M | $60M | $-9M | $52M | $43M | $50M | $-57M | $57M | $39M | $44M | $39M | $69M | $38M | $37M | $28M | $78M | |
| Net Income | $316M | $358M | $253M | $641M | $277M | $290M | $208M | $457M | $260M | $262M | $159M | $494M | $239M | $265M | $164M | $453M | |
| EPS (Basic) | $1.14 | $1.29 | $0.92 | $2.37 | $1.02 | $1.07 | $0.77 | $1.71 | $0.97 | $0.98 | $0.60 | $1.88 | $0.90 | $1.01 | $0.63 | $1.75 | |
| EPS (Diluted) | $1.13 | $1.28 | $0.92 | $2.35 | $1.01 | $1.07 | $0.77 | $1.70 | $0.97 | $0.98 | $0.61 | $1.87 | $0.90 | $1.00 | $0.63 | $1.74 | |
| Shares (Basic) | 276,800,000 | 276,500,000 | · | 270,400,000 | 270,300,000 | 270,000,000 | · | 266,800,000 | 266,700,000 | 266,400,000 | · | 262,800,000 | 262,600,000 | 262,200,000 | · | 258,400,000 | |
| Shares (Diluted) | 278,700,000 | 278,400,000 | · | 272,200,000 | 271,600,000 | 271,400,000 | · | 267,300,000 | 266,800,000 | 266,800,000 | · | 263,400,000 | 263,200,000 | 263,100,000 | · | 259,500,000 | |
| EBITDA | $459M | $949M | · | $825M | $411M | $825M | · | $586M | $361M | $750M | · | $614M | $329M | $701M | · | $599M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12M | $13M | $13M | $9M | $11M | $23M | $7M | $17M | $19M | $85M | · | $8M | $7M | $10M | · | $7M | |
| Receivables | $600M | $703M | $665M | $794M | $567M | $667M | $525M | $651M | $514M | $507M | · | $597M | $482M | $625M | · | $665M | |
| Inventory | $800M | $733M | $774M | $804M | $738M | $669M | $762M | $792M | $740M | $679M | · | $760M | $711M | $630M | · | $695M | |
| Other Current Assets | $218M | $211M | $210M | $252M | $258M | $176M | $162M | $153M | $130M | $103M | · | $124M | $119M | $115M | · | $232M | |
| Current Assets | $2.64B | $2.57B | $2.57B | $2.61B | $2.47B | $2.46B | $2.26B | $2.26B | $2.22B | $2.08B | · | $2.08B | $2.02B | $2.06B | · | $2.52B | |
| PP&E (Net) | $41.37B | $40.47B | $39.31B | $38.41B | $37.82B | $37.01B | $36.30B | $35.72B | $34.87B | $34.11B | · | $32.94B | $32.35B | $31.73B | · | $30.61B | |
| Accum. Depreciation | · | · | $16.57B | · | · | · | $16.50B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | · | $411M | $411M | $411M | · | $411M | |
| Other Non-current Assets | $1.30B | $1.25B | $1.15B | $1.13B | $1.11B | $1.14B | $1.12B | $1.08B | $1.05B | $964M | · | $882M | $859M | $815M | · | $992M | |
| Total Assets | $51.22B | $49.85B | $48.48B | $47.42B | $46.62B | $45.66B | $44.60B | $43.30B | $42.33B | $41.31B | · | $39.60B | $38.95B | $38.06B | · | $37.66B | |
| Accounts Payable | $998M | $733M | $1.25B | $762M | $882M | $702M | $1.06B | $717M | $774M | $647M | · | $955M | $719M | $664M | · | $820M | |
| Short-term Debt | $1.22B | $1.18B | $643M | $903M | $1.14B | $1.25B | $1.14B | $1.54B | $691M | $868M | · | $1.34B | $1.33B | $1.25B | · | $1.22B | |
| Current Liabilities | $4.98B | $4.13B | $3.91B | $2.81B | $3.09B | $2.86B | $3.41B | $3.57B | $3.29B | $3.50B | · | $4.02B | $3.24B | $2.76B | · | $3.17B | |
| Capital Leases | · | · | $73M | · | · | · | $67M | $32M | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $667M | $606M | $540M | $516M | $551M | $535M | $487M | $510M | $446M | $439M | · | $416M | $417M | $370M | · | $361M | |
| Long-term Debt | $20.59B | $20.13B | $19.43B | $19.20B | $18.84B | $18.37B | $17.58B | $16.72B | $17.08B | $16.32B | · | $14.68B | $14.68B | $14.28B | · | $13.73B | |
| Total Debt | $21.81B | $21.30B | · | $20.10B | $19.98B | $19.62B | · | $18.26B | $17.77B | $17.18B | · | $16.02B | $16.01B | $15.53B | · | $14.95B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | |
| Paid-in Capital | $8.13B | $8.11B | $8.11B | $7.56B | $7.54B | $7.52B | $7.51B | $7.26B | $7.25B | $7.23B | · | $6.90B | $6.88B | $6.86B | · | $6.55B | |
| Retained Earnings | $5.55B | $5.44B | $5.29B | $5.23B | $4.78B | $4.70B | $4.60B | $4.58B | $4.30B | $4.22B | · | $4.14B | $3.82B | $3.75B | · | $3.64B | |
| AOCI | $3M | $-2M | $0 | $-14M | $-14M | $-10M | $-6M | $-10M | $-9M | $-7M | · | $-4M | $-3M | $-2M | · | $14M | |
| Stockholders' Equity | $13.69B | $13.56B | $13.40B | $12.78B | $12.31B | $12.22B | $12.11B | $11.83B | $11.54B | $11.44B | · | $11.04B | $10.70B | $10.61B | · | $10.20B | |
| Liabilities + Equity | $51.22B | $49.85B | $48.48B | $47.42B | $46.62B | $45.66B | $44.60B | $43.30B | $42.33B | $41.31B | · | $39.60B | $38.95B | $38.06B | · | $37.66B | |
| Shares Outstanding | 276,800,000 | 276,700,000 | 276,400,000 | 270,500,000 | 270,400,000 | 270,300,000 | 269,900,000 | 266,900,000 | 266,800,000 | 266,600,000 | 266,300,000 | 262,900,000 | 262,700,000 | 262,600,000 | 262,000,000 | 258,500,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $424M | $417M | $413M | $406M | $398M | $395M | $382M | $382M | $381M | $379M | $369M | $360M | $353M | $350M | $357M | $351M | |
| Stock-based Comp | $8M | $8M | $7M | $7M | $7M | $7M | $6M | $8M | $6M | $8M | $5M | $7M | $6M | $8M | $6M | $6M | |
| Other Non-cash | · | $-362M | · | · | · | $-261M | · | · | · | $-157M | · | · | · | $-127M | · | · | |
| Operating Cash Flow | $770M | $421M | $956M | $1.10B | $862M | $431M | $817M | $897M | $557M | $492M | $533M | $920M | $615M | $496M | $664M | $727M | |
| CapEx | $1.08B | $1.57B | $1.01B | $988M | $1.07B | $1.06B | $1.29B | $1.14B | $1.00B | $890M | $1.03B | $749M | $891M | $931M | $914M | $899M | |
| Investing Cash Flow | $-1.09B | $-1.61B | $-1.03B | $-1.00B | $-1.02B | $-1.09B | $-1.35B | $-1.17B | $-1.03B | $-906M | $-1.14B | $-767M | $-925M | $-964M | $-912M | $-906M | |
| Debt Issued | $497M | $1.30B | $0 | $361M | $500M | $1.10B | $925M | $140M | $1.12B | $347M | $1.30B | $0 | $498M | $499M | $349M | $594M | |
| Net Debt Issued | · | $947M | · | · | · | $799M | · | · | · | $347M | · | · | · | $499M | · | · | |
| Stock Issued | $10M | $12M | $539M | $10M | $12M | $13M | $243M | $9M | $11M | $10M | $318M | $12M | $11M | $5M | $304M | $12M | |
| Net Stock Activity | · | $12M | · | · | · | $13M | · | · | · | $10M | · | · | · | $5M | · | · | |
| Dividends Paid | $206M | $208M | $192M | $192M | $193M | $191M | $179M | $179M | $178M | $178M | $166M | $166M | $165M | $165M | $153M | $152M | |
| Financing Cash Flow | $307M | $1.26B | $62M | $-62M | $180M | $704M | $537M | $300M | $415M | $497M | $635M | $-153M | $319M | $489M | $284M | $198M | |
| Net Change in Cash | $-15M | $65M | $-15M | $41M | $18M | $48M | $4M | $23M | $-54M | $83M | $26M | $0 | $9M | $21M | $36M | $19M | |
| Free Cash Flow | · | $-1.15B | · | · | · | $-633M | · | · | · | $-398M | · | · | · | $-435M | · | · | |
| Levered FCF | · | $-1.33B | · | · | · | $-782M | · | · | · | $-530M | · | · | · | $-546M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 21.9% | 24.4% | · | 30.6% | 18.5% | 20.5% | · | 27.0% | 21.3% | 20.4% | · | 29.8% | 18.7% | 17.0% | · | 26.0% | |
| Net Margin | 15.1% | 16.4% | · | 23.8% | 12.5% | 13.8% | · | 21.0% | 15.4% | 14.4% | · | 24.0% | 13.6% | 12.8% | · | 19.6% | |
| Pretax Margin | 17.6% | 19.2% | · | 25.7% | 14.4% | 16.2% | · | 23.6% | 17.7% | 16.9% | · | 27.3% | 15.7% | 14.6% | · | 23.0% | |
| EBITDA Margin | 21.9% | 43.6% | · | 30.6% | 18.5% | 39.3% | · | 27.0% | 21.3% | 41.3% | · | 29.8% | 18.7% | 34.0% | · | 26.0% | |
| ROA | 0.65% | 0.75% | · | 1.4% | 0.62% | 0.67% | · | 1.1% | 0.64% | 0.66% | · | 1.3% | 0.63% | 0.71% | · | 1.2% | |
| ROE | 2.4% | 2.8% | · | 5.2% | 2.3% | 2.5% | · | 4.0% | 2.3% | 2.4% | · | 4.7% | 2.3% | 2.6% | · | 4.6% | |
| ROIC | 1.1% | 1.3% | · | 2.3% | 1.1% | 1.1% | · | 1.7% | 1.1% | 1.1% | · | 2.0% | 1.1% | 1.2% | · | 2.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 0.6 | · | 0.9 | 0.8 | 0.9 | · | 0.6 | 0.7 | 0.6 | · | 0.5 | 0.6 | 0.7 | · | 0.8 | |
| Quick Ratio | 0.1 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Debt / Equity | 1.6 | 1.6 | · | 1.6 | 1.6 | 1.6 | · | 1.5 | 1.5 | 1.5 | · | 1.5 | 1.5 | 1.5 | · | 1.5 | |
| LT Debt / Equity | 1.4 | 1.4 | · | 1.5 | 1.5 | 1.5 | · | 1.4 | 1.4 | 1.3 | · | 1.3 | 1.3 | 1.3 | · | 1.3 | |
| Interest Coverage | 2.2 | 2.6 | · | 4.0 | 2.2 | 2.5 | · | 3.4 | 2.2 | 2.4 | · | 4.0 | 2.5 | 2.8 | · | 4.8 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.1 | · | 0.1 | |
| Receivables Turnover | 3.6 | 3.2 | · | 3.7 | 4.1 | 3.6 | · | 3.5 | 3.4 | 3.2 | · | 3.3 | 3.5 | 3.5 | · | 3.9 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $49.45 | $48.99 | · | $47.25 | $45.54 | $45.21 | · | $44.34 | $43.25 | $42.92 | · | $42.00 | $40.72 | $40.39 | · | $39.46 | |
| Revenue / Share | $7.51 | $7.82 | · | $9.92 | $8.18 | $7.73 | · | $8.13 | $6.35 | $6.81 | · | $7.82 | $6.69 | $7.84 | · | $8.89 | |
| Cash Flow / Share | · | $1.51 | · | · | · | $1.59 | · | · | · | $1.84 | · | · | · | $1.89 | · | · | |
| Cash / Share | $0.04 | $0.05 | · | $0.03 | $0.04 | $0.09 | · | $0.06 | $0.07 | $0.32 | · | $0.03 | $0.03 | $0.04 | · | $0.03 | |
| Dividend Paid / Share | $0.75 | $0.75 | $0.71 | $0.71 | $0.71 | $0.71 | $0.67 | $0.67 | $0.67 | $0.67 | $0.63 | $0.63 | $0.63 | $0.63 | $0.59 | $0.59 | |
| EPS (TTM) | $5.68 | $5.56 | · | $5.20 | $4.55 | $4.51 | · | $4.26 | $4.43 | $4.36 | · | $4.40 | $4.27 | $4.17 | · | $3.99 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8.75B | $8.88B | · | $8.96B | $8.43B | $7.90B | · | $7.30B | $7.19B | $7.25B | · | $7.93B | $8.17B | $8.14B | · | $7.46B | |
| Net Income TTM | $1.57B | $1.53B | · | $1.42B | $1.23B | $1.22B | · | $1.14B | $1.18B | $1.15B | · | $1.16B | $1.12B | $1.09B | · | $1.04B | |
| Market Cap | $31.29B | $30.41B | · | $28.23B | $25.97B | $27.14B | · | $23.34B | $18.97B | $19.72B | · | $19.67B | $21.45B | $22.69B | · | $20.82B | |
| Enterprise Value | $53.09B | $51.71B | · | $48.33B | $45.94B | $46.74B | · | $41.59B | $36.72B | $36.82B | · | $35.68B | $37.45B | $38.21B | · | $35.77B | |
| P/E | 19.9 | 19.8 | · | 20.1 | 21.1 | 22.3 | · | 20.5 | 16.1 | 17.0 | · | 17.0 | 19.1 | 20.7 | · | 20.2 | |
| P/S | 3.6 | 3.4 | · | 3.2 | 3.1 | 3.4 | · | 3.2 | 2.6 | 2.7 | · | 2.5 | 2.6 | 2.8 | · | 2.8 | |
| P/B | 2.3 | 2.2 | · | 2.2 | 2.1 | 2.2 | · | 2.0 | 1.6 | 1.7 | · | 1.8 | 2.0 | 2.1 | · | 2.0 | |
| P / Tangible Book | 2.4 | 2.3 | · | 2.3 | 2.2 | 2.3 | · | 2.0 | 1.7 | 1.8 | · | 1.9 | 2.1 | 2.2 | · | 2.1 | |
| P / Cash Flow | · | 72.2 | · | · | · | 63.0 | · | · | · | 40.1 | · | · | · | 45.7 | · | · | |
| EV / Revenue | 6.1 | 5.8 | · | 5.4 | 5.4 | 5.9 | · | 5.7 | 5.1 | 5.1 | · | 4.5 | 4.6 | 4.7 | · | 4.8 | |
| Dividend Yield | 2.5% | 2.6% | · | 2.7% | 2.9% | 2.7% | · | 3.0% | 3.6% | 3.4% | · | 3.3% | 3.0% | 2.8% | · | 2.9% | |
| Earnings Yield | 5.0% | 5.1% | · | 5.0% | 4.7% | 4.5% | · | 4.9% | 6.2% | 5.9% | · | 5.9% | 5.2% | 4.8% | · | 5.0% | |
| Payout Ratio | · | 58.1% | · | · | · | 65.9% | · | · | · | 67.9% | · | · | · | 62.3% | · | · | |
| Annual Payout | $798M | $785M | · | $755M | $742M | $727M | · | $701M | $688M | $675M | · | $649M | $635M | $623M | · | $599M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $8.80B | $7.62B | $7.50B | $7.96B | $6.39B |
| Operating Margin % | 23.0% | 19.9% | 20.8% | 19.0% | 20.8% |
| Net Income | $1.46B | $1.19B | $1.16B | $1.08B | $995M |
| Diluted EPS | $5.35 | $4.42 | $4.38 | $4.14 | $3.84 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.5 | 1.5 | 1.5 | 1.4 | 1.4 |
| Current Ratio | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 |
| Quick Ratio | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-775M | $-1.56B | $-1.03B | $-1.09B | $-1.29B |
Institutional owners (13F) 1,004 filers · $27.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 99 (-43 vs prior Q) | 72 (+12 vs prior Q) | 404 (+34 vs prior Q) | 245 (+21 vs prior Q) | +15.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $3,559,565,123 | 35,645,555 | 13.19% | Shares |
| BlackRock, Inc. | $2,918,526,220 | 25,818,527 | 10.82% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,040,465,258 | 18,050,825 | 7.56% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,809,972,741 | 16,011,790 | 6.71% | Shares |
| STATE STREET CORP | $1,715,000,603 | 15,171,626 | 6.36% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $880,794,496 | 7,820,813 | 3.26% | Shares |
| FRANKLIN RESOURCES INC | $689,447,479 | 6,099,146 | 2.56% | Shares |
| AMERIPRISE FINANCIAL INC | $671,112,940 | 5,936,910 | 2.49% | Shares |
| JANUS HENDERSON GROUP PLC | $591,056,349 | 5,377,156 | 2.19% | Shares |
| FMR LLC | $541,032,766 | 4,786,206 | 2.01% | Shares |
| Invesco Ltd. | $509,850,435 | 4,510,354 | 1.89% | Shares |
| GOLDMAN SACHS GROUP INC | $415,570,165 | 3,676,311 | 1.54% | Shares |
| MORGAN STANLEY | $384,631,248 | 3,402,611 | 1.43% | Shares |
| ALLIANCEBERNSTEIN L.P. | $380,746,832 | 3,463,854 | 1.41% | Shares |
| WELLS FARGO & COMPANY/MN | $330,679,492 | 2,925,333 | 1.23% | Shares |
| BARCLAYS PLC | $291,372,920 | 2,577,609 | 1.08% | Shares |
| Pictet Asset Management Holding SA | $272,977,131 | 2,414,872 | 1.01% | Shares |
| Nuveen, LLC | $269,421,121 | 2,383,415 | 1.00% | Shares |
| DEUTSCHE BANK AG\ | $253,518,765 | 2,242,735 | 0.94% | Shares |
| BANK OF AMERICA CORP /DE/ | $245,880,667 | 2,175,165 | 0.91% | Shares |
| Point72 Asset Management, L.P. | $241,863,775 | 2,139,630 | 0.90% | Shares |
| NORTHERN TRUST CORP | $238,517,564 | 2,110,028 | 0.88% | Shares |
| Legal & General Group Plc | $213,155,113 | 1,885,661 | 0.79% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $210,864,251 | 1,865,395 | 0.78% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $204,015,181 | 1,776,298 | 0.76% | Shares |
| CITADEL ADVISORS LLC | $200,768,422 | 1,776,083 | 0.74% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $175,730,288 | 1,554,585 | 0.65% | Shares |
| Bank of New York Mellon Corp | $169,224,328 | 1,497,031 | 0.63% | Shares |
| JPMORGAN CHASE & CO | $161,331,774 | 1,407,904 | 0.60% | Shares |
| JENNISON ASSOCIATES LLC | $154,338,599 | 1,365,345 | 0.57% | Shares |
| ANTIPODES PARTNERS Ltd | $145,282,738 | 1,285,233 | 0.54% | Shares |
| Soroban Capital Partners LP | $141,098,902 | 1,248,221 | 0.52% | Shares |
| Maple-Brown Abbott Ltd | $136,933,494 | 1,363,770 | 0.51% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $136,334,831 | 1,206,076 | 0.51% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $134,280,776 | 1,187,748 | 0.50% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $120,775,370 | 1,098,757 | 0.45% | Shares |
| Qube Research & Technologies Ltd | $113,835,010 | 1,007,033 | 0.42% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $113,159,335 | 1,001,055 | 0.42% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $106,740,516 | 944,272 | 0.40% | Shares |
| MILLENNIUM MANAGEMENT LLC | $99,279,302 | 878,267 | 0.37% | Shares |
| UBS Group AG | $98,931,591 | 875,191 | 0.37% | Shares |
| ROYAL BANK OF CANADA | $98,020,000 | 867,122 | 0.36% | Shares |
| REAVES W H & CO INC | $95,665,526 | 846,298 | 0.35% | Shares |
| Swiss National Bank | $88,193,808 | 780,200 | 0.33% | Shares |
| ExodusPoint Capital Management, LP | $86,434,566 | 764,637 | 0.32% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $81,653,540 | 722,342 | 0.30% | Shares |
| Clark Capital Management Group, Inc. | $79,425,907 | 702,635 | 0.29% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $75,588,718 | 668,690 | 0.28% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $75,325,900 | 666,365 | 0.28% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $73,719,036 | 652,150 | 0.27% | Shares |
Company insiders 88 insiders · 18 officers · 34 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Martin J Lyons | Chairman, President & CEO | March 3, 2026 S | 282,681 | 0 | 1 | $-2,999,325 |
| Thomas R Voss | Chairman & CEO | March 10, 2014 M | 132,624 | 0 | 0 | $0 |
| Andrew M Serri | President & CEO of Subsidiary | March 1, 2011 F | 11,331 | 0 | 0 | $0 |
| Aaron P Melda | Chairman & President of Sub | July 1, 2026 A | 6,251 | 0 | 0 | $0 |
| Patrick E Smith | Chairman & President of Sub | July 1, 2026 A | 20,275 | 0 | 1 | $-251,939 |
| Ryan J Martin | SVP Finance | Aug. 20, 2026 S | 25,595 | 0 | 3 | $-253,992 |
| Theresa A Shaw | SVP and CATO | Aug. 14, 2026 S | 32,340 | 0 | 5 | $-305,292 |
| Ajay K Arora | EVP of Subsidiary | July 1, 2026 A | 23,119 | 0 | 1 | $-334,320 |
| Eric V Seidler | SVP of Subsidiary | Feb. 27, 2026 F | 14,041 | 0 | 0 | $0 |
| Chonda J Nwamu | Executive Vice President | March 4, 2025 S | 43,344 | 0 | 0 | $0 |
| Stephen C Lee | VP, INTERIM GC & SECRETARY | Feb. 28, 2025 F | 5,704 | 0 | 0 | $0 |
| Warner L Baxter | Executive Chairman | March 2, 2023 S | 207,272 | 0 | 0 | $0 |
| Bruce A Steinke | SVP, Finance & CAO | March 1, 2021 S | 54,617 | 0 | 0 | $0 |
| Gregory L Nelson | SVP, GC & Secretary | March 1, 2019 S | 42,759 | 0 | 0 | $0 |
| Jerre E Birdsong | Vice President & Treasurer | March 8, 2013 M | 18,996 | 0 | 0 | $0 |
| Michael G Mueller | Vice President of Subsidiary | March 1, 2011 F | 9,115 | 0 | 0 | $0 |
| Karen C Foss | Sr. Vice Pres. of Subsidiary | Feb. 24, 2011 A | · | 0 | 0 | $0 |
| Gary L Rainwater | Exec. Chmn | March 1, 2010 F | 65,842 | 0 | 0 | $0 |
| Rafael Flores | Director | Sept. 11, 2026 S | 13,888 | 0 | 4 | $-294,205 |
| Catherine S Brune | Director | March 5, 2026 G | 26,628 | 0 | 0 | $0 |
| Timothy S. Rausch | Director | March 1, 2026 A | 1,251 | 0 | 0 | $0 |
| Jamie L Engstrom | Director | Jan. 5, 2026 A | 1,686 | 0 | 0 | $0 |
| Steven O Vondran | Director | Jan. 5, 2026 A | 3,597 | 0 | 0 | $0 |
| Ward H. Dickson | Director | Jan. 5, 2026 A | 18,946 | 0 | 0 | $0 |
| Leo S. Mackay Jr. | Director | Jan. 5, 2026 A | 11,834 | 0 | 0 | $0 |
| Steven H Lipstein | Director | Jan. 5, 2026 A | 37,862 | 0 | 0 | $0 |
| Ellen M Fitzsimmons | Director | Jan. 5, 2026 A | 53,026 | 0 | 0 | $0 |
| Richard J Harshman | Director | Jan. 5, 2026 A | 22,135 | 0 | 1 | $-262,250 |
| Noelle K Eder | Director | Jan. 3, 2025 A | 16,609 | 0 | 0 | $0 |
| James C Johnson | Director | Jan. 3, 2025 A | 60,196 | 0 | 0 | $0 |
| Kimberly J Harris | Director | Jan. 3, 2025 A | 3,939 | 0 | 0 | $0 |
| Edward J Coleman | Director | Jan. 3, 2024 A | 23,252 | 0 | 0 | $0 |
| Gayle P W Jackson | Director | Jan. 2, 2019 A | 30,449 | 0 | 0 | $0 |
| Walter J Galvin | Director | Jan. 2, 2019 A | 30,683 | 0 | 0 | $0 |
| Jackie D Woodard | Director | Dec. 31, 2015 A | 29,714 | 0 | 0 | $0 |
| Patrick T Stokes | Director | Jan. 9, 2015 A | 29,328 | 0 | 0 | $0 |
| Stephen F Brauer | Director | Jan. 10, 2013 A | 19,206 | 0 | 0 | $0 |
| Charles W Mueller | Director | Jan. 10, 2011 A | 56,364 | 0 | 0 | $0 |
| Harvey Saligman | Director | Jan. 10, 2011 A | 24,068 | 0 | 0 | $0 |
| Susan S Elliott | Director | Jan. 13, 2010 A | 11,729 | 0 | 0 | $0 |
| Douglas R Oberhelman | Director | Jan. 13, 2010 A | 12,155 | 0 | 0 | $0 |
| Richard A Liddy | Director | Jan. 11, 2008 A | 15,555 | 0 | 0 | $0 |
| LOHMAN GORDON R | Director | Jan. 11, 2008 A | 9,434 | 0 | 0 | $0 |
| Richard Anthony Lumpkin | Director | Jan. 12, 2007 A | 12,243 | 0 | 0 | $0 |
| Paul L Miller JR | Director | July 1, 2005 S | 4,617 | 0 | 0 | $0 |
| Thomas A Hays | Director | Jan. 6, 2005 A | 14,657 | 0 | 0 | $0 |
| GREENWALT CLIFFORD L | Director | Jan. 6, 2005 A | 20,769 | 0 | 0 | $0 |
| CORNELIUS WILLIAM E | Director | June 30, 2003 L | 4,510 | 0 | 0 | $0 |
| MERRIMAN HANNE M | Director | March 31, 2003 L | 5,180 | 0 | 0 | $0 |
| Michael L Moehn | · | Aug. 3, 2026 S | 199,689 | 0 | 4 | $-2,779,595 |
| Mark C Lindgren | · | March 3, 2026 S | 44,983 | 0 | 1 | $-231,844 |
| Shawn E Schukar | · | March 3, 2026 S | 56,830 | 0 | 1 | $-556,404 |
| Leonard P Singh | · | Feb. 27, 2026 F | 32,776 | 0 | 0 | $0 |
| Gwendolyn G Mizell | · | Feb. 27, 2026 F | 6,324 | 0 | 1 | $-393,473 |
| David Matthew Feinberg | · | Feb. 5, 2026 A | 8,260 | 0 | 0 | $0 |
| Craig S Ivey | · | Jan. 5, 2026 A | 16,597 | 0 | 0 | $0 |
| Cynthia J Brinkley | · | Jan. 5, 2026 A | 13,494 | 0 | 0 | $0 |
| Mark C Birk | · | March 4, 2025 G | 108,339 | 0 | 0 | $0 |
| Fadi M Diya | · | Feb. 28, 2025 F | 65,799 | 0 | 0 | $0 |
| Bhavani Amirthalingam | · | Feb. 29, 2024 F | 39,622 | 0 | 0 | $0 |
| Richard J Mark | · | March 31, 2022 S | 144,165 | 0 | 0 | $0 |
| Mary P Heger | · | Feb. 28, 2022 F | 74,457 | 0 | 0 | $0 |
| Stephen R Wilson | · | Jan. 2, 2021 A | 31,758 | 0 | 0 | $0 |
| Maureen A Borkowski | · | Feb. 28, 2017 F | 38,544 | 0 | 0 | $0 |
| Daniel F Cole | · | March 1, 2016 F | 73,743 | 0 | 0 | $0 |
| Charles D Naslund | · | Feb. 27, 2015 F | 49,657 | 0 | 0 | $0 |
| Adam C Heflin | · | March 10, 2014 M | 25,641 | 0 | 0 | $0 |
| Steven R Sullivan | · | March 10, 2014 M | 42,733 | 0 | 0 | $0 |
| Scott A Cisel | · | March 1, 2012 F | 17,893 | 0 | 0 | $0 |
| Donna K Martin | · | May 14, 2009 M | 8,757 | 0 | 0 | $0 |
| Alan R Kelley | · | March 3, 2008 F | 11,973 | 0 | 0 | $0 |
| David A Whiteley | · | March 2, 2007 F | 15,865 | 0 | 0 | $0 |
| Jimmy L Davis | · | Nov. 23, 2005 S | 973 | 0 | 0 | $0 |
| Michael L Menne | · | Oct. 7, 2005 P | 1,424 | 0 | 0 | $0 |
| Robert L Powers | · | Sept. 7, 2005 S | 0 | 0 | 0 | $0 |
| Garry L Randolph | · | May 13, 2005 S | 11,688 | 0 | 0 | $0 |
| Ronald C Zdellar | · | May 3, 2005 M | 12,769 | 0 | 0 | $0 |
| John Peters Maccarthy | · | April 22, 2005 S | 9,661 | 0 | 0 | $0 |
| Craig D Nelson | · | March 14, 2005 J | 7,784 | 0 | 0 | $0 |
| David J Schepers | · | March 4, 2005 S | 3,819 | 0 | 0 | $0 |
| Samuel E Willis | · | March 4, 2005 S | 11,897 | 0 | 0 | $0 |
| Jerry L Simpson | · | March 4, 2005 S | 7,946 | 0 | 0 | $0 |
| Dennis W Weisenborn | · | Feb. 18, 2005 M | 3,486 | 0 | 0 | $0 |
| Scott A Glaeser | · | Feb. 15, 2005 M | 4,161 | 0 | 0 | $0 |
| Charles A Bremer | · | Feb. 11, 2005 M | 17,850 | 0 | 0 | $0 |
| Ronald D Affolter | · | Nov. 4, 2004 M | 7,349 | 0 | 0 | $0 |
| Kay J Smith | · | March 11, 2004 S | 3,727 | 0 | 0 | $0 |
| Paul A Agathen | · | March 9, 2004 S | 12,884 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 120 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| UTES · ETFis Series Trust I | 4.00% | 479,784 NS | July 31, 2026 | N-PORT |
| RSPU · Invesco Exchange-Traded Fund Trust | 3.24% | 153,699 SH | Oct. 2, 2026 | Daily |
| FXU · First Trust Exchange-Traded AlphaDE… | 2.47% | 186,989 NS | July 31, 2026 | N-PORT |
| PUI · Invesco Exchange-Traded Fund Trust | 2.17% | 10,432 SH | Oct. 2, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | 1.99% | 1,893,953 SH | Aug. 19, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 1.98% | 418,785 NS | July 31, 2026 | N-PORT |
| IDU · iShares Trust | 1.86% | 229,081 SH | Sept. 11, 2026 | Daily |
| FPWR · First Trust Exchange-Traded Fund IV | 1.70% | 4,602 NS | July 31, 2026 | N-PORT |
| UTSL · Direxion Shares ETF Trust | 1.70% | 5,872 NS | July 31, 2026 | N-PORT |
| JXI · iShares Trust | 1.33% | 38,058 SH | Sept. 11, 2026 | Daily |
| POWR · iShares, Inc. | 1.17% | 50,782 SH | Sept. 11, 2026 | Daily |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.15% | 795,846 SH | Oct. 2, 2026 | Daily |
| HUSV · First Trust Exchange-Traded Fund III | 1.07% | 7,186 NS | July 31, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 1.06% | 1,800 NS | July 31, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 0.97% | 366,658 NS | July 31, 2026 | N-PORT |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 0.94% | 2,259 NS | July 31, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 0.71% | 36,518 NS | July 31, 2026 | N-PORT |
| SPVM · Invesco Exchange-Traded Fund Trust | 0.67% | 8,814 SH | Oct. 2, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.54% | 1,777,440 SH | Aug. 19, 2026 | Daily |
| QLV · FlexShares Trust | 0.50% | 7,392 NS | July 31, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.49% | 62,130 NS | July 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.37% | 15,582 NS | July 31, 2026 | N-PORT |
| HDV · iShares Trust | 0.36% | 526,406 SH | Sept. 11, 2026 | Daily |
| QUAL · iShares Trust | 0.33% | 1,449,925 SH | Sept. 11, 2026 | Daily |
| EQIN · Columbia ETF Trust I | 0.32% | 8,862 NS | July 31, 2026 | N-PORT |
| VRP · Invesco Exchange-Traded Fund Trust … | 0.31% | 9,390,000 | Oct. 2, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.30% | 12,882 NS | July 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.30% | 5,996,696 SH | Aug. 19, 2026 | Daily |
| BSCQ · Invesco Exchange-Traded Self-Indexe… | 0.29% | 9,207,000 | Oct. 2, 2026 | Daily |
| IWS · iShares Trust | 0.28% | 412,152 SH | Sept. 11, 2026 | Daily |
| USMV · iShares Trust | 0.26% | 596,408 SH | Sept. 11, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.26% | 37,395 NS | July 31, 2026 | N-PORT |
| ESLG · Strategy Shares | 0.26% | 550 NS | July 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.24% | 3,752 NS | July 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 55,288 NS | July 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.24% | 26,040 SH | Sept. 11, 2026 | Daily |
| IWR · iShares Trust | 0.21% | 1,133,470 SH | Sept. 11, 2026 | Daily |
| FDLO · FIDELITY COVINGTON TRUST | 0.21% | 27,218 NS | July 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.21% | 6,257 NS | July 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.20% | 32,388 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.20% | 35,705 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.19% | 15,502 SH | Oct. 2, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.19% | 1,837,010 SH | Oct. 2, 2026 | Daily |
| SIZE · iShares Trust | 0.18% | 7,470 SH | Sept. 11, 2026 | Daily |
| DGRO · iShares Trust | 0.18% | 719,430 SH | Sept. 11, 2026 | Daily |
| IMCG · iShares Trust | 0.17% | 64,203 SH | Sept. 11, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.17% | 225,000 | Oct. 2, 2026 | Daily |
| XOEF · iShares Trust | 0.16% | 348 SH | Sept. 11, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.16% | 4,707,000 | Oct. 2, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.15% | 9,365 NS | July 31, 2026 | N-PORT |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.14% | 1,563,495 SH | Aug. 19, 2026 | Daily |
| VYM · VANGUARD WHITEHALL FUNDS | 0.13% | 1,102,496 SH | Aug. 19, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.12% | 2,628,596 SH | Aug. 19, 2026 | Daily |
| ACWV · iShares, Inc. | 0.12% | 38,305 SH | Sept. 11, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.11% | 5,256,000 | Oct. 2, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.11% | 59,893 NS | July 31, 2026 | N-PORT |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.11% | 63,603 SH | Aug. 19, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.10% | 7,882 SH | Oct. 2, 2026 | Daily |
| VFMV · VANGUARD WELLINGTON FUND | 0.10% | 3,846 SH | Aug. 19, 2026 | Daily |
| IVE · iShares Trust | 0.10% | 460,424 SH | Sept. 11, 2026 | Daily |
| IUSV · iShares Trust | 0.09% | 243,326 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.09% | 166,794 SH | Aug. 19, 2026 | Daily |
| IWD · iShares Trust | 0.08% | 615,730 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.06% | 54,570 SH | Oct. 1, 2026 | Daily |
| TOPC · iShares Trust | 0.05% | 170 SH | Sept. 11, 2026 | Daily |
| USCL · iShares Trust | 0.05% | 14,501 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.05% | 7,189,112 SH | Aug. 19, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.05% | 323,151 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.05% | 1,112 NS | July 31, 2026 | N-PORT |
| ILCV · iShares Trust | 0.05% | 6,191 SH | Sept. 11, 2026 | Daily |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 38,111 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.05% | 13,995 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.05% | 4,673 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.05% | 22,762 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.05% | 51,574 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.05% | 24 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.04% | 3,488,213 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.04% | 83,839 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.04% | 5,353 SH | Sept. 11, 2026 | Daily |
| SPUU · Direxion Shares ETF Trust | 0.04% | 1,045 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.04% | 6,659 NS | July 31, 2026 | N-PORT |
| PBP · Invesco Exchange-Traded Fund Trust | 0.04% | 1,647 SH | Oct. 1, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.04% | 40,930 SH | Oct. 2, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.04% | 47,958 SH | Oct. 2, 2026 | Daily |
| IWB · iShares Trust | 0.04% | 191,780 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.04% | 11,823 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.04% | 8,787,112 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.04% | 45,684 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.04% | 23,284 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.04% | 360,300 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.04% | 75,937 SH | Sept. 11, 2026 | Daily |
| ILCG · iShares Trust | 0.04% | 11,340 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.04% | 1,931 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.04% | 220 SH | Oct. 1, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.04% | 21,634 NS | July 31, 2026 | N-PORT |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.04% | 5,874 SH | Oct. 2, 2026 | Daily |
| TILT · FlexShares Trust | 0.03% | 6,802 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.03% | 744 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.03% | 24,851 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.03% | 14,359 SH | Oct. 2, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.03% | 218,281 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.03% | 130,765 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.03% | 90,460 SH | Sept. 11, 2026 | Daily |
| DIVB · iShares Trust | 0.03% | 5,263 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.02% | 7,394 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.01% | 102 NS | July 31, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.00% | 1,000 | Sept. 30, 2026 | Daily |
| BIV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VUSB · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCRB · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VSDB · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| IFRA · iShares Trust | · | 337,318 SH | Sept. 11, 2026 | Daily |
AEE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
16 analysts · 2026-10-03Mean target $117.88 +17.9%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AEE | $27.60B | 18.7 | 15.4% | 16.6% | 11.5% | · |
| D | $51.50B | 17.0 | 14.2% | 18.2% | 10.7% | · |
| SRE | · | · | · | · | · | · |
| ED | $35.85B | 17.6 | 10.9% | 12.0% | 8.4% | · |
| WEC | $34.32B | 21.9 | 14.0% | 15.9% | 11.2% | · |
| PEG | $39.99B | 19.0 | 18.2% | 17.3% | 12.6% | · |
| DTE | · | · | · | · | · | · |
| CNP | $25.03B | 24.0 | 8.3% | 11.2% | 9.5% | · |
| CMS | $21.43B | 19.8 | 13.6% | 12.5% | 12.3% | · |
| NI | $19.98B | 21.4 | 23.5% | 14.2% | 10.2% | · |
| BKH | $5.24B | 17.4 | 8.6% | 12.6% | 8.0% | · |
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