ATO Atmos Energy Corporation Common Stock
$172.01
Price · Aug 20, 2026
Fundamentals as of Aug 5, 2026
52W Range
$160–$193
37% of range
Analyst Rating
HOLD
19 analysts
Price Target
$189
+10% upside
P/E (TTM)
23.8
ROE
9.0%
Net Profit Margin
25.5%
About Atmos Energy Corporation Common Stock Company overview from Wikipedia
Atmos Energy Corporation, headquartered in Dallas, Texas, is one of the United States' largest natural-gas-only distributors, serving about three million natural gas distribution customers in over 1,400 communities in nine states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West.
Read more
Atmos Energy Corporation, headquartered in Dallas, Texas, is one of the United States' largest natural-gas-only distributors, serving about three million natural gas distribution customers in over 1,400 communities in nine states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West.
Atmos Energy also manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas.
History
Atmos Energy Corporation's history dates back to 1906 in the Panhandle of Texas. Over the years, through various business combinations and mergers, the company became known as Pioneer Corporation, a large diversified West Texas energy company. In 1981, the company was incorporated and became a fully regulated natural-gas-only distributor.
In 1983, Energas, the natural gas distribution division of Pioneer, was spun off and became an independent, publicly held natural gas distribution company. In October 1988, Energas changed its corporate name to Atmos Energy Corporation and its stock began trading on the New York Stock Exchange under the ticker symbol "ATO".
Atmos Energy has grown through acquisitions, its most recent acquisition was the distribution and pipeline operations of TXU Gas Company in October 2004. Today, Atmos Energy Corporation is one of the largest all-natural-gas distributors in the United States. Atmos sold the Gaffney, South Carolina operations of United Cities Gas to Piedmont Natural Gas in 2000. Atmos sold its Missouri, Iowa, Illinois, and Georgia operations to Liberty Utilities in 2012 and 2013.
Utility Operations
Colorado-Kansas Division
Formerly Greeley Gas, acquired 1993; added Kansas units of United Cities Gas in 1999
Kentucky/Mid-States Division
Western Kentucky Gas Company acquired 1989 from Texas American Energy; United Cities Gas acquired 1997
Louisiana Division
Trans Louisiana Gas acquired 1988, Louisiana Gas Service acquired 2001 from Citizens Utilities
Mid-Tex Division
Formerly Lone Star Gas and TXU Gas, acquired 2004
Mississippi Division
Formerly Mississippi Valley Gas, acquired 2001
West Texas Division
Formerly Amarillo Gas, Pioneer Natural Gas, and Energas
Non-Utility Operations
Atmos Pipeline - Texas
Atmos Pipeline - Texas is an intrastate natural gas transmission pipeline network which is connected to three major Texas market centers at Waha, Carthage, and Katy. The Atmos Pipeline - Texas Pipeline infrastructure is located at or near existing, new and proposed gas production fields including the Barnett Shale in north Texas and the Bossier Sand in east Texas. Atmos Pipeline - Texas' system includes approximately 6,000 miles of transmission pipelines within the state of Texas.
The Atmos Pipeline - Texas system transports gas to the largest local distribution company in the state of Texas along with other smaller utilities, industrial end-users, independent power plants, and other pipelines.
Gas Supply and Services
Atmos Energy Gas Supply and Planning (Gas Supply) acquires the natural gas supply for the gas requirements of Atmos Energy's residential, commercial and industrial sales customers located in various states. Annual purchases are approximately 290-300 Bcf for its distribution customers. Gas Supply acquires natural gas from a diverse portfolio of wellhead producers and commercial suppliers utilizing a combination of long and short term commitments, including purchases from the daily spot market.
Charles K. Vaughan Center
Named after the first chairman and CEO, the Charles K. Vaughan Center is a technical training facility designed for new technicians and veterans who must be certified and recertified on a regular basis. Located in Plano, TX, the most visible aspect of the Vaughan Center is Gas City, an area designed to enable employees to practice and enhance their professional and safety skills. The area was built to resemble a simulated community with houses, mini-apartments, commercial buildings along with city streets having natural gas infrastructure, and a short gas transmission pipeline with pig launchers.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ATO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$172.00
Market Cap
$28.71B
P/E (TTM)
23.8
EPS (TTM)
$7.46
Revenue (TTM)
$4.70B
Div Yield
1.9%
ROE
9.0%
Debt/Equity
—
52W Range
$160 – $193
ATO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$4.70B
2016-09-30
→
2025-09-30
EPS
$7.46
2016-09-30
→
2025-09-30
Free Cash Flow
$-1.51B
2016-09-30
→
2025-09-30
Margins
25.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ATO
Peer Median
P/E (TTM)
23.8
17.0
P/S (TTM)
6.1
2.7
P/B
2.1
1.5
Price / FCF
-19.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ATO
Peer Median
Operating Margin
33.2%
—
Net Profit Margin
25.5%
15.1%
ROA
4.5%
4.0%
ROE
9.0%
10.0%
ROIC
9.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ATO
Peer Median
Current Ratio
0.8
0.8
Quick Ratio
0.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ATO
Peer Median
Revenue YoY
12.9%
—
Revenue CAGR 3Y
3.8%
—
Revenue CAGR 5Y
10.8%
—
EPS YoY
9.2%
—
Net Income YoY
14.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ATO
Peer Median
Payout Ratio
46.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.9%
Payout Ratio
46.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 26, 2026 | $1.0000 |
| Feb. 23, 2026 | $1.0000 |
| Nov. 24, 2025 | $1.0000 |
| Aug. 25, 2025 | $0.8700 |
| May 27, 2025 | $0.8700 |
| Feb. 25, 2025 | $0.8700 |
| Nov. 25, 2024 | $0.8700 |
| Aug. 26, 2024 | $0.8050 |
| May 24, 2024 | $0.8050 |
| Feb. 23, 2024 | $0.8050 |
| Nov. 24, 2023 | $0.8050 |
| Aug. 18, 2023 | $0.7400 |
| May 19, 2023 | $0.7400 |
| Feb. 16, 2023 | $0.7400 |
| Nov. 25, 2022 | $0.7400 |
| Aug. 19, 2022 | $0.6800 |
| May 20, 2022 | $0.6800 |
| Feb. 17, 2022 | $0.6800 |
| Nov. 26, 2021 | $0.6800 |
| Aug. 20, 2021 | $0.6250 |
ATO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
19 analysts
- Strong Buy 2 10.5%
- Buy 5 26.3%
- Hold 12 63.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-17
Median
$191.00
Now
$172.00
Low
$170.00
High
$206.00
Median target
$191.00
+11.0%
Mean target
$188.73
+9.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.43 | $1.37 | 0.06% |
| March 31, 2026 | $3.47 | $3.43 | 0.04% |
| Dec. 31, 2025 | $2.44 | $2.45 | -0.01% |
| Sept. 30, 2025 | $1.07 | $1.01 | 0.06% |
| June 30, 2025 | $1.16 | $1.16 | 0.00% |
| March 31, 2025 | $3.03 | $2.90 | 0.13% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ATO | $27.59B | 22.9 | 12.9% | 25.5% | 9.0% | — |
| UGI | $7.13B | 10.8 | 1.1% | 9.3% | 14.5% | — |
| NFG | $8.35B | 16.3 | 17.1% | 22.8% | 17.4% | — |
| SWX | $5.78B | 13.2 | 9.6% | — | 11.2% | — |
| NJR | $4.84B | 14.5 | 9.9% | 24.8% | 13.8% | — |
| OGS | $4.84B | 17.7 | — | — | 8.0% | — |
| SR | — | — | — | — | — | — |
| MDU | — | 21.0 | 6.7% | 10.2% | 6.9% | — |
| CPK | — | 20.9 | 18.1% | 15.1% | 9.1% | — |
| NWN | $1.94B | 16.9 | 11.8% | 8.8% | 7.9% | — |
| SPH | — | 11.5 | 7.9% | 7.4% | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.70B | $4.17B | $4.28B | $4.20B | $3.41B | $2.82B | $2.90B | $3.12B | $2.76B | $2.45B | |
| Cost of Revenue | · | · | $1.45B | $1.68B | $1.03B | $659M | $859M | $1.17B | · | · | |
| Gross Profit | · | · | · | · | · | · | · | · | · | $1.74B | |
| Operating Expenses | · | · | · | · | · | · | · | · | · | $1.08B | |
| Operating Income | $1.56B | $1.36B | $1.07B | $921M | $905M | $824M | $746M | $728M | $736M | $657M | |
| Interest Expense | · | · | $137M | $103M | $84M | $84M | $103M | $107M | $120M | $115M | |
| Other Non-op | $90M | $71M | $70M | $34M | $-2M | $7M | $7M | $-10M | $-11M | $-234.0K | |
| Pretax Income | $1.48B | $1.24B | $1000M | $852M | $819M | $747M | $650M | $611M | $604M | $542M | |
| Income Tax | $279M | $193M | $114M | $78M | $154M | $145M | $139M | $8M | $221M | $197M | |
| Net Income | $1.20B | $1.04B | $886M | $774M | $666M | $601M | $511M | $603M | $396M | $350M | |
| EPS (Basic) | $7.54 | $6.83 | $6.10 | $5.61 | $5.12 | $4.89 | $4.36 | $5.43 | $3.73 | $3.38 | |
| EPS (Diluted) | $7.46 | $6.83 | $6.10 | $5.60 | $5.12 | $4.89 | $4.35 | $5.43 | $3.73 | $3.38 | |
| Shares (Basic) | 158,943,000 | 152,508,000 | 145,121,000 | 137,830,000 | 129,779,000 | 122,788,000 | 117,200,000 | 111,012,000 | 106,100,000 | 103,524,000 | |
| Shares (Diluted) | 160,573,000 | 152,666,000 | 145,166,000 | 138,096,000 | 129,834,000 | 122,872,000 | 117,461,000 | 111,012,000 | 106,100,000 | 103,524,000 | |
| EBITDA | $2.29B | $2.03B | $1.67B | $1.46B | $1.38B | $1.25B | $1.14B | $1.08B | $1.05B | $668M |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $203M | $307M | $15M | $52M | $117M | $21M | $25M | $14M | $26M | $48M | |
| Receivables | $376M | $366M | $329M | $364M | $343M | $231M | $231M | $253M | $222M | $216M | |
| Prepaid Expense | $80M | $75M | $58M | $59M | $49M | $40M | $39M | $33M | $32M | $21M | |
| Other Current Assets | $302M | $288M | $292M | $2.27B | $2.20B | $108M | $73M | $46M | $106M | $88M | |
| Current Assets | $1.05B | $1.13B | $886M | $3.05B | $2.84B | $471M | $458M | $479M | $540M | $682M | |
| Goodwill | $731M | $731M | $731M | $731M | $731M | $731M | $731M | $730M | $730M | $727M | |
| Intangibles | $75M | $83M | $92M | $0 | · | · | · | · | · | · | |
| Other Non-current Assets | $1.10B | $1.04B | $1.20B | $1.17B | $975M | $801M | $391M | $294M | $221M | $305M | |
| Total Assets | $28.25B | $25.19B | $22.52B | $22.19B | $19.61B | $15.36B | $13.37B | $11.87B | $10.75B | $10.01B | |
| Accounts Payable | $507M | $445M | $336M | $496M | $423M | $236M | $265M | $217M | $233M | $196M | |
| Short-term Debt | · | $0 | $242M | $185M | $0 | $0 | $465M | $576M | $448M | $830M | |
| Current Liabilities | $1.36B | $1.21B | $1.35B | $3.60B | $3.51B | $782M | $1.21B | $1.92B | $1.01B | $1.79B | |
| Capital Leases | $263M | $224M | $194M | $184M | $195M | $201M | · | · | · | · | |
| Deferred Tax | $2.92B | $2.59B | $2.30B | $2.00B | $1.71B | $1.46B | $1.30B | $1.15B | $1.88B | $1.60B | |
| Other Non-current Liabilities | $784M | $692M | $600M | $538M | $537M | $642M | $400M | $158M | $176M | $245M | |
| Long-term Debt | · | · | · | · | · | · | $3.53B | $3.07B | $3.07B | $2.44B | |
| Total Debt | · | $0 | $242M | $185M | · | $0 | $3.99B | $3.64B | $3.51B | $3.27B | |
| Common Stock | $808.0K | $776.0K | $742.0K | $704.0K | $662.0K | $629.0K | $597.0K | $556.0K | $531.0K | $520.0K | |
| Retained Earnings | $4.86B | $4.22B | $3.67B | $3.21B | $2.81B | $2.47B | $2.15B | $1.88B | $1.47B | $1.26B | |
| AOCI | $475M | $466M | $519M | $369M | $70M | $-58M | $-115M | $-84M | $-105M | $-188M | |
| Stockholders' Equity | $13.56B | $12.16B | $10.87B | $9.42B | $7.91B | $6.79B | $5.75B | $4.77B | $3.90B | $3.46B | |
| Liabilities + Equity | $28.25B | $25.19B | $22.52B | $22.19B | $19.61B | $15.36B | $13.37B | $11.87B | $10.75B | $10.01B | |
| Shares Outstanding | 161,568,384 | 155,258,845 | 148,492,783 | 140,896,598 | 132,419,754 | 125,882,477 | 119,338,925 | 111,273,683 | 106,104,634 | 103,930,560 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $735M | $670M | $604M | $536M | $478M | $430M | $391M | $361M | $320M | $293M | |
| Stock-based Comp | $13M | $11M | $10M | $11M | $11M | $10M | $11M | $13M | $14M | $15M | |
| Deferred Tax | $269M | $173M | $108M | $54M | $155M | $155M | $132M | $158M | $227M | $194M | |
| Other Non-cash | $-165M | $-163M | $1.85B | $-397M | $-2.39B | $-158M | $-77M | $-11M | $-90M | · | |
| Operating Cash Flow | $2.05B | $1.73B | $3.46B | $978M | $-1.08B | $1.04B | $969M | $1.12B | $867M | $795M | |
| CapEx | $3.56B | $2.94B | $2.81B | $2.44B | $1.97B | $1.94B | $1.69B | $1.47B | $1.14B | $1.09B | |
| Investing Cash Flow | $-3.56B | $-2.92B | $-2.80B | $-2.43B | $-1.96B | $-1.93B | $-1.68B | $-1.46B | $-1.06B | $-1.08B | |
| Debt Issued | $1.14B | $1.24B | $797M | $799M | $2.80B | $999M | $1.05B | $0 | $885M | $0 | |
| Net Debt Issued | $1.14B | $1.24B | $-1.40B | $599M | $2.80B | $999M | $470M | $0 | $635M | $0 | |
| Stock Issued | $698M | $750M | $807M | $777M | $607M | $624M | $694M | $395M | $99M | $99M | |
| Net Stock Activity | $698M | $750M | $807M | $777M | $607M | $624M | $694M | $395M | $99M | $99M | |
| Dividends Paid | $554M | $493M | $430M | $376M | $324M | $282M | $246M | $215M | $192M | $175M | |
| Financing Cash Flow | $1.41B | $1.48B | $-697M | $1.39B | $3.14B | $884M | $726M | $326M | $168M | $304M | |
| Net Change in Cash | $-105M | $290M | $-32M | $-65M | $96M | $-4M | $11M | $-13M | $-21M | $19M | |
| Taxes Paid | $4M | $15M | $15M | $16M | $8M | $-3M | $11M | $6M | $5M | $8M | |
| Free Cash Flow | $-1.51B | $-1.20B | $654M | $-1.47B | $-3.05B | $-898M | $-725M | $-343M | $-270M | $-292M | |
| Levered FCF | · | · | $532M | $-1.56B | $-3.12B | $-966M | $-806M | $-448M | $-346M | $-366M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 33.2% | 32.5% | 25.0% | 21.9% | 26.6% | 29.2% | 25.7% | 23.2% | · | · | |
| Net Margin | 25.5% | 25.0% | 20.7% | 18.4% | 19.5% | 21.3% | 17.6% | 19.4% | · | · | |
| Pretax Margin | 31.4% | 29.7% | 23.4% | 20.3% | 24.0% | 26.5% | 22.4% | 19.6% | · | · | |
| EBITDA Margin | 48.8% | 48.6% | 39.1% | 34.7% | 40.6% | 44.5% | 39.2% | 34.8% | · | · | |
| ROA | 4.5% | 4.4% | 4.0% | 3.7% | 3.8% | 4.2% | 4.0% | 5.3% | 3.8% | 3.7% | |
| ROE | 9.0% | 8.6% | 8.2% | 8.3% | 8.5% | 9.1% | 9.0% | 12.7% | 10.8% | 10.5% | |
| ROIC | 9.3% | 9.4% | 8.5% | 8.7% | 9.3% | 9.8% | 6.0% | 8.5% | 6.2% | 6.3% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.9 | 0.7 | 0.8 | 0.8 | 0.6 | 0.4 | 0.2 | 0.5 | 0.4 | |
| Quick Ratio | 0.4 | 0.6 | 0.3 | 0.1 | 0.1 | 0.3 | 0.2 | 0.1 | 0.2 | 0.2 | |
| Debt / Equity | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.7 | 0.8 | 0.9 | 0.9 | |
| LT Debt / Equity | · | · | · | · | · | · | 0.6 | 0.5 | 0.8 | 0.6 | |
| Interest Coverage | · | · | 7.8 | 9.0 | 10.8 | 9.8 | 7.2 | 6.8 | 6.1 | 5.8 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | · | · | |
| Receivables Turnover | 12.7 | 12.0 | 12.4 | 11.9 | 11.9 | 12.2 | 12.0 | 13.1 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 12.9% | -2.6% | 1.8% | 23.3% | 20.8% | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.8% | 6.9% | 14.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.8% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 9.2% | 12.0% | 8.9% | 9.4% | 4.7% | · | · | · | · | · | |
| EPS CAGR 3Y | 10.0% | 10.1% | 7.6% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 8.8% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 14.9% | 17.7% | 14.4% | 16.4% | 10.7% | · | · | · | · | · | |
| Net Income CAGR 3Y | 15.7% | 16.2% | 13.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 14.8% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 14.4% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.70B | $4.17B | $4.28B | $4.20B | $3.41B | $2.82B | $2.90B | $3.12B | $2.76B | $2.45B | |
| Net Income TTM | $1.20B | $1.04B | $886M | $774M | $666M | $601M | $511M | $603M | $396M | $350M | |
| Market Cap | $27.59B | $21.54B | $15.73B | $14.35B | $11.68B | $12.03B | $13.59B | $10.45B | $8.90B | $7.74B | |
| Enterprise Value | · | $21.23B | $15.96B | $14.48B | · | $12.01B | $17.56B | $14.08B | $12.38B | $10.96B | |
| P/E | 22.9 | 20.3 | 17.4 | 18.2 | 17.2 | 19.5 | 26.2 | 17.3 | 22.5 | 22.0 | |
| P/S | 5.9 | 5.2 | 3.7 | 3.4 | 3.4 | 4.3 | 4.7 | 3.4 | 3.2 | 3.2 | |
| P/B | 2.0 | 1.8 | 1.4 | 1.5 | 1.5 | 1.8 | 2.4 | 2.2 | 2.3 | 2.2 | |
| P / Tangible Book | 2.2 | 1.9 | 1.6 | 1.7 | 1.6 | 2.0 | · | · | · | · | |
| P / Cash Flow | 13.5 | 12.4 | 4.5 | 14.7 | -10.8 | 11.6 | 14.0 | 9.3 | 10.3 | 9.7 | |
| P / FCF | -18.2 | -17.9 | 24.1 | -9.8 | -3.8 | -13.4 | -18.8 | -30.5 | -32.9 | -26.5 | |
| EV / EBITDA | · | 10.5 | 9.5 | 9.9 | · | 9.6 | 15.4 | 13.0 | 11.8 | 16.4 | |
| EV / FCF | · | -17.6 | 24.4 | -9.9 | · | -13.4 | -24.2 | -41.1 | -45.9 | -37.5 | |
| EV / Revenue | · | 5.1 | 3.7 | 3.4 | · | 4.3 | 6.1 | 4.5 | 4.5 | 4.5 | |
| Dividend Yield | 2.0% | 2.3% | 2.7% | 2.6% | 2.8% | 2.4% | 1.8% | 2.1% | 2.2% | 2.3% | |
| Earnings Yield | 4.4% | 4.9% | 5.8% | 5.5% | 5.8% | 5.1% | 3.8% | 5.8% | 4.5% | 4.5% | |
| Payout Ratio | 46.2% | 47.3% | 48.6% | 48.5% | 48.7% | 47.0% | 48.0% | 35.6% | 48.4% | 50.0% | |
| Annual Payout | $554M | $493M | $430M | $376M | $324M | $282M | $246M | $215M | $192M | $175M |
Income Statement 13
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $879M | $1.96B | $1.34B | $737M | $839M | $1.95B | $1.18B | $658M | $702M | $1.65B | $1.16B | $588M | $663M | $1.54B | $1.48B | $723M | |
| Cost of Revenue | · | · | · | · | · | $779M | $234M | · | · | $624M | $339M | · | $45M | $666M | $738M | · | |
| Operating Income | $320M | $765M | $515M | $219M | $252M | $629M | $459M | $185M | $220M | $551M | $399M | $154M | $169M | $423M | $321M | $105M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $55M | $52M | · | $31M | $37M | $37M | · | |
| Other Non-op | $16M | $18M | $22M | $21M | $20M | $24M | $25M | $17M | $20M | $17M | $18M | $15M | $16M | $17M | $21M | $7M | |
| Pretax Income | $303M | $734M | $504M | $213M | $231M | $603M | $431M | $159M | $199M | $512M | $365M | $137M | $154M | $403M | $306M | $84M | |
| Income Tax | $61M | $152M | $101M | $38M | $44M | $118M | $79M | $25M | $33M | $80M | $54M | $19M | $16M | $45M | $34M | $12M | |
| Net Income | $243M | $582M | $403M | $175M | $186M | $486M | $352M | $134M | $166M | $432M | $311M | $119M | $138M | $358M | $272M | $72M | |
| EPS (Basic) | $1.44 | $3.49 | $2.48 | $1.07 | $1.17 | $3.05 | $2.25 | $0.82 | $1.08 | $2.85 | $2.08 | $0.76 | $0.94 | $2.48 | $1.92 | $0.46 | |
| EPS (Diluted) | $1.43 | $3.47 | $2.44 | $1.04 | $1.16 | $3.03 | $2.23 | $0.82 | $1.08 | $2.85 | $2.08 | $0.77 | $0.94 | $2.48 | $1.91 | $0.45 | |
| Shares (Basic) | 168,345,000 | 166,464,000 | 162,727,000 | -315,820,000 | 159,285,000 | 159,177,000 | 156,301,000 | -301,868,000 | 153,309,000 | 151,271,000 | 149,796,000 | -286,691,000 | 146,051,000 | 143,941,000 | 141,820,000 | -272,567,000 | |
| Shares (Diluted) | 169,374,000 | 167,812,000 | 164,871,000 | -318,848,000 | 161,171,000 | 160,426,000 | 157,824,000 | -301,823,000 | 153,396,000 | 151,297,000 | 149,796,000 | -286,825,000 | 146,067,000 | 143,987,000 | 141,937,000 | -273,070,000 | |
| EBITDA | $320M | $765M | $709M | · | $252M | $629M | $640M | · | $220M | $551M | $564M | · | $169M | $423M | $467M | · |
Balance Sheet 22
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $521M | $126M | $367M | $203M | $709M | $544M | $585M | $307M | $675M | $262M | $278M | · | $56M | $95M | $172M | · | |
| Receivables | $469M | $645M | $731M | $376M | $400M | $661M | $629M | $366M | $392M | $596M | $646M | · | $331M | $524M | $826M | · | |
| Prepaid Expense | · | · | · | $80M | · | · | · | $75M | · | · | · | · | · | · | · | · | |
| Other Current Assets | $351M | $354M | $374M | $302M | $300M | $288M | $457M | $288M | $480M | $428M | $527M | · | $289M | $271M | $2.31B | · | |
| Current Assets | $1.50B | $1.26B | $1.64B | $1.05B | $1.55B | $1.59B | $1.83B | $1.13B | $1.71B | $1.43B | $1.68B | · | $889M | $1.07B | $3.63B | · | |
| Goodwill | $731M | $731M | $731M | $731M | $731M | $731M | $731M | $731M | $731M | $731M | $731M | · | $731M | $731M | $731M | · | |
| Intangibles | $68M | $70M | $73M | $75M | $77M | $79M | $81M | $83M | $85M | $87M | $90M | · | $94M | · | · | · | |
| Other Non-current Assets | $1.27B | $1.25B | $1.09B | $1.10B | $974M | $947M | $895M | $1.04B | $944M | $939M | $864M | · | $1.04B | $1.06B | $1.04B | · | |
| Total Assets | $31.59B | $30.38B | $29.80B | $28.25B | $27.71B | $26.98B | $26.50B | $25.19B | $24.89B | $24.00B | $23.68B | · | $21.77B | $21.31B | $23.37B | · | |
| Accounts Payable | $437M | $467M | $617M | $507M | $398M | $445M | $453M | $445M | $319M | $368M | $417M | · | $328M | $365M | $575M | · | |
| Short-term Debt | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | |
| Current Liabilities | $1.84B | $1.26B | $1.45B | $1.36B | $1.13B | $1.20B | $1.17B | $1.21B | $985M | $1.06B | $1.17B | · | $1.03B | $1.11B | $3.53B | · | |
| Capital Leases | · | · | · | $263M | · | · | · | $224M | · | · | · | · | · | · | · | · | |
| Deferred Tax | $3.26B | $3.18B | $3.03B | $2.92B | $2.86B | $2.79B | $2.67B | $2.59B | $2.55B | $2.49B | $2.38B | · | $2.21B | $2.14B | $2.08B | · | |
| Other Non-current Liabilities | $814M | $802M | $792M | $784M | $695M | $682M | $684M | $692M | $596M | $596M | $602M | · | $521M | $508M | $530M | · | |
| Total Debt | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | |
| Common Stock | $845.0K | $835.0K | $827.0K | $808.0K | $803.0K | $794.0K | $794.0K | $776.0K | $776.0K | $754.0K | $754.0K | · | $737.0K | $722.0K | $716.0K | · | |
| Retained Earnings | $5.59B | $5.52B | $5.10B | $4.86B | $4.83B | $4.78B | $4.43B | $4.22B | $4.21B | $4.17B | $3.86B | · | $3.66B | $3.63B | $3.38B | · | |
| AOCI | $460M | $465M | $470M | $475M | $478M | $477M | $482M | $466M | $510M | $496M | $469M | · | $404M | $361M | $391M | · | |
| Stockholders' Equity | $15.26B | $14.91B | $14.28B | $13.56B | $13.39B | $13.14B | $12.78B | $12.16B | $12.18B | $11.62B | $11.27B | $10.87B | $10.60B | $10.21B | $9.84B | $9.42B | |
| Liabilities + Equity | $31.59B | $30.38B | $29.80B | $28.25B | $27.71B | $26.98B | $26.50B | $25.19B | $24.89B | $24.00B | $23.68B | · | $21.77B | $21.31B | $23.37B | · | |
| Shares Outstanding | 168,986,249 | 166,918,310 | 165,434,477 | 161,568,384 | 160,521,011 | 158,835,123 | 158,726,065 | 155,258,845 | 155,229,024 | 150,874,552 | 150,834,397 | 148,492,783 | 147,304,538 | 144,484,650 | 143,155,761 | 140,896,598 |
Cash Flow 15
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $202M | $196M | $195M | $186M | $186M | $183M | $181M | $173M | $167M | $165M | $165M | $159M | $151M | $148M | $146M | $140M | |
| Deferred Tax | $72M | $135M | $93M | $54M | $44M | $100M | $71M | $34M | $29M | $66M | $44M | $33M | $16M | $29M | $30M | $13M | |
| Other Non-cash | · | · | $-383M | · | · | · | $-321M | · | · | · | $-275M | · | · | · | $-259M | · | |
| Operating Cash Flow | $640M | $723M | $308M | $348M | $496M | $923M | $282M | $331M | $411M | $747M | $245M | $238M | $329M | $2.70B | $189M | $48M | |
| CapEx | $1.04B | $1.00B | $1.03B | $964M | $867M | $840M | $891M | $808M | $714M | $646M | $770M | $722M | $668M | $620M | $796M | $718M | |
| Investing Cash Flow | $-1.04B | $-1.00B | $-1.04B | $-968M | $-876M | $-829M | $-889M | $-804M | $-710M | $-645M | $-764M | $-718M | $-667M | $-618M | $-793M | $-715M | |
| Debt Issued | $700M | $0 | $597M | $0 | $498M | $0 | $645M | $0 | $342M | $0 | $898M | $0 | $0 | $0 | $797M | $0 | |
| Net Debt Issued | · | · | $587M | · | · | · | $645M | · | · | · | $898M | · | · | · | $797M | · | |
| Stock Issued | $270M | $200M | $472M | $130M | $189M | $0 | $379M | $0 | $496M | $0 | $254M | $135M | $312M | $140M | $220M | $101M | |
| Net Stock Activity | · | · | $472M | · | · | · | $379M | · | · | · | $254M | · | · | · | $220M | · | |
| Dividends Paid | $166M | $164M | $160M | $141M | $138M | $138M | $135M | $126M | $125M | $122M | $120M | $111M | $108M | $106M | $105M | $97M | |
| Financing Cash Flow | $799M | $32M | $895M | $110M | $548M | $-139M | $887M | $103M | $714M | $-123M | $785M | $441M | $301M | $-2.16B | $724M | $391M | |
| Net Change in Cash | $399M | $-244M | $168M | $-510M | $168M | $-44M | $281M | $-370M | $415M | $-22M | $266M | $-39M | $-37M | $-76M | $120M | $-277M | |
| Free Cash Flow | · | · | $-725M | · | · | · | $-609M | · | · | · | $-524M | · | · | · | $-607M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | $-569M | · | · | · | $-639M | · |
Profitability 7
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 36.4% | 39.0% | 38.3% | · | 30.0% | 32.2% | 39.1% | · | 31.4% | 33.5% | 34.4% | · | 25.5% | 27.4% | 21.6% | · | |
| Net Margin | 27.6% | 29.6% | 30.0% | · | 22.2% | 24.9% | 29.9% | · | 23.6% | 26.2% | 26.9% | · | 20.8% | 23.2% | 18.3% | · | |
| Pretax Margin | 34.5% | 37.4% | 37.5% | · | 27.5% | 30.9% | 36.7% | · | 28.4% | 31.1% | 31.5% | · | 23.2% | 26.1% | 20.6% | · | |
| EBITDA Margin | 36.4% | 39.0% | 52.8% | · | 30.0% | 32.2% | 54.4% | · | 31.4% | 33.5% | 48.7% | · | 25.5% | 27.4% | 31.5% | · | |
| ROA | 0.82% | 2.0% | 1.4% | · | 0.71% | 1.9% | 1.4% | · | 0.71% | 1.9% | 1.3% | · | 0.63% | 1.7% | 1.2% | · | |
| ROE | 1.7% | 4.2% | 3.0% | · | 1.5% | 3.9% | 2.9% | · | 1.5% | 4.0% | 2.9% | · | 1.4% | 3.7% | 3.0% | · | |
| ROIC | 1.7% | 4.1% | 2.9% | · | 1.5% | 3.9% | 2.9% | · | 1.5% | 4.0% | 3.0% | · | 1.4% | 3.7% | 2.9% | · |
Liquidity & Solvency 4
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 1.0 | 1.1 | · | 1.4 | 1.3 | 1.6 | · | 1.7 | 1.4 | 1.4 | · | 0.9 | 1.0 | 1.0 | · | |
| Quick Ratio | 0.5 | 0.6 | 0.8 | · | 1.0 | 1.0 | 1.0 | · | 1.1 | 0.8 | 0.8 | · | 0.4 | 0.6 | 0.3 | · | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 9.9 | 7.7 | · | 5.4 | 11.3 | 8.7 | · |
Efficiency 2
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | |
| Receivables Turnover | 2.0 | 3.0 | 2.0 | · | 2.1 | 3.1 | 1.8 | · | 1.9 | 2.9 | 1.6 | · | 1.9 | 2.8 | 2.2 | · |
Valuation (TTM) 15
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.02B | $6.09B | $5.31B | · | $4.67B | $5.48B | $4.68B | · | $4.17B | $5.01B | $4.85B | · | $4.50B | $5.49B | $4.96B | · | |
| Net Income TTM | $1.41B | $1.66B | $1.43B | · | $1.19B | $1.44B | $1.26B | · | $1.05B | $1.24B | $1.08B | · | $896M | $1.08B | $975M | · | |
| Market Cap | $29.11B | $30.83B | $27.73B | · | $24.74B | $24.55B | $22.11B | · | $18.11B | $17.93B | $17.48B | · | $17.14B | $16.23B | $16.04B | · | |
| Enterprise Value | · | · | · | · | · | · | · | · | $17.43B | $17.67B | $17.20B | · | $17.08B | $16.14B | $15.87B | · | |
| P/E | 20.3 | 18.3 | 18.9 | · | 20.5 | 16.8 | 16.9 | · | 16.8 | 14.2 | 15.6 | · | 18.6 | 14.6 | 15.9 | · | |
| P/S | 5.8 | 5.1 | 5.2 | · | 5.3 | 4.5 | 4.7 | · | 4.3 | 3.6 | 3.6 | · | 3.8 | 3.0 | 3.2 | · | |
| P/B | 1.9 | 2.1 | 1.9 | · | 1.8 | 1.9 | 1.7 | · | 1.5 | 1.5 | 1.6 | · | 1.6 | 1.6 | 1.6 | · | |
| P / Tangible Book | 2.0 | 2.2 | 2.1 | · | 2.0 | 2.0 | 1.8 | · | 1.6 | 1.7 | 1.7 | · | 1.8 | 1.7 | 1.8 | · | |
| P / Cash Flow | · | · | 90.0 | · | · | · | 78.4 | · | · | · | 71.3 | · | · | · | 84.9 | · | |
| P / FCF | · | · | -38.2 | · | · | · | -36.3 | · | · | · | -33.3 | · | · | · | -26.4 | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | 79.1 | 32.1 | 30.5 | · | 100.9 | 38.2 | 34.0 | · | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | -32.8 | · | · | · | -26.2 | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | 4.2 | 3.5 | 3.5 | · | 3.8 | 2.9 | 3.2 | · | |
| Earnings Yield | 4.9% | 5.5% | 5.3% | · | 4.9% | 5.9% | 5.9% | · | 6.0% | 7.0% | 6.4% | · | 5.4% | 6.8% | 6.3% | · | |
| Payout Ratio | · | · | 39.8% | · | · | · | 38.5% | · | · | · | 38.5% | · | · | · | 38.5% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Revenue | $4.70B | $4.17B | $4.28B | $4.20B | $3.41B |
| Operating Margin % | 33.2% | 32.5% | 25.0% | 21.9% | 26.6% |
| Net Income | $1.20B | $1.04B | $886M | $774M | $666M |
| Diluted EPS | $7.46 | $6.83 | $6.10 | $5.60 | $5.12 |
Balance Sheet
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | 0.0 | 0.0 | — |
| Current Ratio | 0.8 | 0.9 | 0.7 | 0.8 | 0.8 |
| Quick Ratio | 0.4 | 0.6 | 0.3 | 0.1 | 0.1 |
Cash Flow
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.51B | $-1.20B | $654M | $-1.47B | $-3.05B |
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Institutional owners (13F) 1,102 filers · $22.1B total · As of June 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 123 (-31 vs prior Q) | 93 (+8 vs prior Q) | 405 (+13 vs prior Q) | 331 (+29 vs prior Q) | +6.5M |
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 | $3,245,043,395 | 19,358,369 | 14.66% | Shares |
| STATE STREET CORP | $1,960,442,936 | 11,380,060 | 8.86% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,875,185,307 | 10,885,153 | 8.47% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,612,470,457 | 9,360,135 | 7.28% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,352,676,960 | 7,852,075 | 6.11% | Shares |
| Capital International Investors | $1,289,959,643 | 7,483,012 | 5.83% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $676,205,419 | 3,942,904 | 3.05% | Shares |
| BANK OF AMERICA CORP /DE/ | $578,346,739 | 3,357,211 | 2.61% | Shares |
| Qube Research & Technologies Ltd | $368,060,368 | 2,136,532 | 1.66% | Shares |
| NORGES BANK | $358,188,435 | 2,079,227 | 1.62% | Shares |
| Capital Research Global Investors | $259,885,813 | 1,508,563 | 1.17% | Shares |
| CITADEL ADVISORS LLC | $251,407,220 | 1,459,379 | 1.14% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $245,078,365 | 1,422,641 | 1.11% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $237,956,896 | 1,381,302 | 1.07% | Shares |
| Point72 Asset Management, L.P. | $234,487,378 | 1,361,162 | 1.06% | Shares |
| Pictet Asset Management Holding SA | $218,851,808 | 1,270,400 | 0.99% | Shares |
| GQG Partners LLC | $202,443,484 | 1,175,136 | 0.91% | Shares |
| Perpetual Ltd | $193,159,460 | 1,121,260 | 0.87% | Shares |
| SFMG, LLC | $182,669,745 | 1,060,369 | 0.83% | Shares |
| AMERICAN CENTURY COMPANIES INC | $171,929,120 | 998,021 | 0.78% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $161,386,326 | 936,822 | 0.73% | Shares |
| ProShare Advisors LLC | $159,319,603 | 924,825 | 0.72% | Shares |
| RAYMOND JAMES FINANCIAL INC | $145,717,442 | 845,867 | 0.66% | Shares |
| PNC Financial Services Group, Inc. | $132,399,487 | 768,558 | 0.60% | Shares |
| GOLDMAN SACHS GROUP INC | $125,837,206 | 730,465 | 0.57% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $117,559,794 | 682,414 | 0.53% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $109,860,886 | 637,725 | 0.50% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $107,848,444 | 626,044 | 0.49% | Shares |
| NEUBERGER BERMAN GROUP LLC | $105,025,701 | 608,995 | 0.47% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $104,891,069 | 608,876 | 0.47% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $104,050,109 | 603,994 | 0.47% | Shares |
| ONTARIO TEACHERS PENSION PLAN BOARD | $100,980,367 | 586,175 | 0.46% | Shares |
| PFA Pension, Forsikringsaktieselskab | $97,498,524 | 565,963 | 0.44% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $87,511,654 | 473,753 | 0.40% | Shares |
| Nilsine Partners, LLC | $83,597,118 | 485,268 | 0.38% | Shares |
| Swiss National Bank | $80,381,182 | 466,600 | 0.36% | Shares |
| HUNTINGTON NATIONAL BANK | $80,342,524 | 466,375 | 0.36% | Shares |
| Legal & General Group Plc | $79,573,931 | 461,914 | 0.36% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $77,159,733 | 447,900 | 0.35% | Shares |
| Clark Capital Management Group, Inc. | $74,990,932 | 435,310 | 0.34% | Shares |
| BlackRock, Inc. | $74,444,241 | 432,137 | 0.34% | Shares |
| EARNEST PARTNERS LLC | $73,992,205 | 429,513 | 0.33% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $73,895,561 | 428,952 | 0.33% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $73,545,681 | 426,921 | 0.33% | Shares |
| FMR LLC | $70,040,633 | 406,575 | 0.32% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $69,183,804 | 401,601 | 0.31% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $66,670,557 | 387,012 | 0.30% | Shares |
| AVIVA PLC | $65,718,593 | 381,486 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $64,826,407 | 376,307 | 0.29% | Shares |
| Vanguard Global Advisers, LLC | $61,857,333 | 359,072 | 0.28% | Shares |
| RHUMBLINE ADVISERS | $60,602,062 | 351,786 | 0.27% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $59,342,191 | 344,472 | 0.27% | Shares |
| BENJAMIN EDWARDS INC | $58,302,689 | 338,415 | 0.26% | Shares |
| JENNISON ASSOCIATES LLC | $58,076,007 | 337,122 | 0.26% | Shares |
| Energy Income Partners, LLC | $55,090,568 | 319,792 | 0.25% | Shares |
| Capital International, Inc./CA/ | $54,579,443 | 316,825 | 0.25% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $50,260,978 | 291,757 | 0.23% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $49,749,681 | 288,789 | 0.22% | Shares |
| MILLENNIUM MANAGEMENT LLC | $46,990,432 | 272,772 | 0.21% | Shares |
| Quantinno Capital Management LP | $46,304,278 | 268,788 | 0.21% | Shares |
| Vest Financial, LLC | $45,079,786 | 261,681 | 0.20% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $43,861,836 | 254,611 | 0.20% | Shares |
| Clearbridge Investments, LLC | $43,805,775 | 254,286 | 0.20% | Shares |
| Munich Reinsurance Co Stock Corp in Munich | $43,370,867 | 251,761 | 0.20% | Shares |
| National Pension Service | $43,147,606 | 250,465 | 0.19% | Shares |
| MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH | $42,380,250 | 275,000 | 0.19% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $40,840,221 | 237,071 | 0.18% | Shares |
| Bahl & Gaynor LLC | $40,773,208 | 236,682 | 0.18% | Shares |
| Partners Group Holding AG | $39,767,496 | 230,844 | 0.18% | Shares |
| California Public Employees Retirement System | $36,100,557 | 209,558 | 0.16% | Shares |
| LPL Financial LLC | $35,511,429 | 206,138 | 0.16% | Shares |
| M&G PLC | $35,462,788 | 206,179 | 0.16% | Shares |
| Aventail Capital Group, LP | $34,952,894 | 202,896 | 0.16% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $33,286,009 | 193,220 | 0.15% | Shares |
| Balyasny Asset Management L.P. | $33,180,408 | 192,607 | 0.15% | Shares |
| TUDOR INVESTMENT CORP ET AL | $33,167,143 | 192,530 | 0.15% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $33,001,764 | 191,570 | 0.15% | Shares |
| DEARBORN PARTNERS LLC | $32,443,435 | 188,329 | 0.15% | Shares |
| Magellan Asset Management Ltd | $32,203,120 | 186,934 | 0.15% | Shares |
| Boston Trust Walden Corp | $31,640,314 | 183,667 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $31,608,917 | 171,118 | 0.14% | Shares |
| TWO SIGMA INVESTMENTS, LP | $31,541,948 | 183,096 | 0.14% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $31,395,319 | 179,566 | 0.14% | Shares |
| Eurizon Capital SGR S.p.A. | $31,354,948 | 181,977 | 0.14% | Shares |
| STRS OHIO | $30,877,847 | 179,241 | 0.14% | Shares |
| Tredje AP-fonden | $30,575,169 | 177,484 | 0.14% | Shares |
| BARCLAYS PLC | $29,113,457 | 168,999 | 0.13% | Shares |
| Maryland State Retirement & Pension System | $28,792,519 | 167,136 | 0.13% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $28,556,222 | 187,073 | 0.13% | Shares |
| Vanguard Investments Australia, Ltd. | $28,412,319 | 164,929 | 0.13% | Shares |
| Assenagon Asset Management S.A. | $28,399,743 | 164,856 | 0.13% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $28,237,293 | 163,913 | 0.13% | Shares |
| Aberdeen Group plc | $28,209,902 | 163,754 | 0.13% | Shares |
| Arbejdsmarkedets Tillaegspension | $28,097,237 | 163,100 | 0.13% | Shares |
| Korea Investment CORP | $27,169,735 | 157,716 | 0.12% | Shares |
| Asset Management One Co., Ltd. | $26,224,514 | 141,969 | 0.12% | Shares |
| KLP KAPITALFORVALTNING AS | $25,798,983 | 149,759 | 0.12% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $25,634,465 | 148,804 | 0.12% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $25,547,813 | 148,301 | 0.12% | Shares |
| HENNESSY ADVISORS INC | $25,545,229 | 148,286 | 0.12% | Shares |
Company insiders 49 insiders · 18 officers · 26 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John K Akers | PRESIDENT & CEO | May 2, 2026 M | 135,979 | 0 | 0 | $0 |
| Michael E Haefner | PAST PRESIDENT & CEO | Nov. 5, 2019 F | 122,126 | 0 | 0 | $0 |
| Christopher T Forsythe | SR VICE PRESIDENT & CFO | May 2, 2026 M | 62,022 | 0 | 0 | $0 |
| Bret J Eckert | SR VICE PRESIDENT & CFO | Nov. 8, 2016 F | 28,101 | 0 | 0 | $0 |
| F E Meisenheimer | Sr VP and CFO | Aug. 13, 2012 S | 31,132 | 0 | 0 | $0 |
| Michelle Faulk | Vice President & Controller | May 2, 2026 M | 1,202 | 0 | 0 | $0 |
| John S Mcdill | SR VP, UTILITY OPERATIONS | May 2, 2026 M | 36,372 | 0 | 0 | $0 |
| Karen E Hartsfield | Senior Advisor | May 2, 2026 M | 32,986 | 0 | 0 | $0 |
| Matt J Robbins | SR VP, HUMAN RESOURCES | May 2, 2026 M | 27,366 | 0 | 0 | $0 |
| Jessica Walker Bateman | Sr VP, Gen Counsel, Corp Sec'y | Feb. 3, 2026 A | 1,458 | 0 | 0 | $0 |
| Richard M Thomas | VICE PRESIDENT & CONTROLLER | Nov. 5, 2024 F | 3,960 | 0 | 0 | $0 |
| David J Park | SR VP, UTILITY OPERATIONS | May 4, 2021 A | 16,886 | 0 | 0 | $0 |
| Louis P Gregory | Sr VP, GC & Corp. Secretary | Dec. 16, 2016 S | 75,934 | 0 | 0 | $0 |
| Marvin L Sweetin | SR VP, Safety & Enterprise Ser | Nov. 8, 2016 A | 51,829 | 0 | 0 | $0 |
| Mark H Johnson | Sr VP, Nonregulated Operations | Oct. 31, 2009 F | 40,098 | 0 | 0 | $0 |
| Wynn D Mcgregor | Senior VP, Human Resources | Feb. 6, 2009 M | 46,289 | 0 | 0 | $0 |
| Earl R Fischer | Sr VP, Utility Operations | Nov. 7, 2006 F | 55,540 | 0 | 0 | $0 |
| J D Woodward | Sr VP, Non-Utility Operations | April 1, 2006 F | 728,364 | 0 | 0 | $0 |
| Edward Geiser | Director | July 1, 2026 A | 2,602 | 0 | 0 | $0 |
| Rafael G Garza | Director | July 1, 2026 A | 257 | 0 | 0 | $0 |
| Kelly H Compton | Director | March 7, 2026 M | 7,959 | 0 | 0 | $0 |
| John C. Ale | Director | March 7, 2026 M | 1,082 | 0 | 0 | $0 |
| Kim R Cocklin | Director | March 7, 2026 M | 173,714 | 0 | 0 | $0 |
| Mitzi H Coogler | Director | March 6, 2026 A | — | 0 | 0 | $0 |
| Telisa Toliver | Director | March 6, 2026 A | — | 0 | 0 | $0 |
| Sean Donohue | Director | March 6, 2026 A | 877 | 0 | 1 | $-77,018 |
| Nancy K Quinn | Director | March 6, 2026 A | 0 | 0 | 0 | $0 |
| Frank H Yoho | Director | March 6, 2026 A | 3,000 | 0 | 0 | $0 |
| Richard A Sampson | Director | Feb. 4, 2026 C | 41,767 | 0 | 0 | $0 |
| Richard K Gordon | Director | Feb. 5, 2025 C | 81,980 | 0 | 0 | $0 |
| Diana J Walters | Director | Feb. 5, 2025 M | 9,300 | 0 | 0 | $0 |
| Robert C Grable | Director | Jan. 3, 2022 A | 10,092 | 0 | 0 | $0 |
| Stephen R Springer | Director | Dec. 2, 2021 C | 53,201 | 0 | 0 | $0 |
| Richard Ware II | Director | Oct. 1, 2021 A | 19,235 | 0 | 0 | $0 |
| Robert W Best | Director | March 5, 2021 A | 592,425 | 0 | 0 | $0 |
| Ruben E Esquivel | Director | March 8, 2019 A | 7,901 | 0 | 0 | $0 |
| Thomas C Meredith | Director | Feb. 8, 2017 C | 20,762 | 0 | 0 | $0 |
| Thomas J Garland | Director | Feb. 3, 2010 C | 45,082 | 0 | 0 | $0 |
| Travis W Bain II | Director | Feb. 3, 2010 C | 15,150 | 0 | 0 | $0 |
| Dan Busbee | Director | Feb. 4, 2009 C | 41,366 | 0 | 0 | $0 |
| Gene C Koonce | Director | Feb. 9, 2007 G | 15,196 | 0 | 0 | $0 |
| Carl S Quinn | Director | July 1, 2004 M | 57,769 | 0 | 0 | $0 |
| William James Ware | — | Aug. 11, 2026 P | 488 | 1 | 0 | $50,277 |
| Richard W Douglas | — | Aug. 16, 2018 S | 6,292 | 0 | 0 | $0 |
| Charles K Vaughan | — | March 5, 2013 S | 69,786 | 0 | 0 | $0 |
| Lee E Schlessman | — | Dec. 12, 2011 G | 583,085 | 0 | 0 | $0 |
| NICHOL PHILLIP E | — | Feb. 9, 2011 C | 16,909 | 0 | 0 | $0 |
| Richard W Cardin | — | Feb. 9, 2011 C | 38,554 | 0 | 0 | $0 |
| Patrick J Reddy | — | Dec. 31, 2008 F | 79,685 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 170 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 |
|---|---|---|---|---|
| TPYP · Tortoise Capital Series Trust | 3.69% | 182,657 NS | May 31, 2026 | N-PORT |
| PUI · Invesco Exchange-Traded Fund Trust | 3.51% | 11,248 SH | Aug. 19, 2026 | Daily |
| RSPU · Invesco Exchange-Traded Fund Trust | 3.24% | 102,174 SH | Aug. 19, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 1.92% | 247,820 NS | April 30, 2026 | N-PORT |
| IQRA · New York Life Investments Active ET… | 1.85% | 673 NS | April 30, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 1.82% | 41,369 NS | April 30, 2026 | N-PORT |
| VPU · VANGUARD WORLD FUND | 1.81% | 1,132,580 SH | Aug. 19, 2026 | Daily |
| IDU · iShares Trust | 1.75% | 138,393 SH | Aug. 19, 2026 | Daily |
| EPSV · Harbor ETF Trust | 1.74% | 457 NS | April 30, 2026 | N-PORT |
| FXU · First Trust Exchange-Traded AlphaDE… | 1.71% | 80,705 NS | April 30, 2026 | N-PORT |
| EPMV · Harbor ETF Trust | 1.64% | 384 NS | April 30, 2026 | N-PORT |
| FLV · AMERICAN CENTURY ETF TRUST | 1.52% | 31,766 NS | May 31, 2026 | N-PORT |
| KNG · First Trust Exchange-Traded Fund IV | 1.51% | 268,021 NS | April 30, 2026 | N-PORT |
| UPW · ProShares Trust | 1.51% | 1,720 NS | May 31, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 1.45% | 2,049 NS | April 30, 2026 | N-PORT |
| TMDV · ProShares Trust | 1.44% | 375 NS | May 31, 2026 | N-PORT |
| NOBL · ProShares Trust | 1.36% | 886,863 NS | May 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.35% | 6,837 NS | April 30, 2026 | N-PORT |
| UTSL · Direxion Shares ETF Trust | 1.34% | 3,070 NS | April 30, 2026 | N-PORT |
| TOLZ · ProShares Trust | 1.29% | 13,254 NS | May 31, 2026 | N-PORT |
| JXI · iShares Trust | 1.27% | 22,954 SH | Aug. 19, 2026 | Daily |
| EMLP · First Trust Exchange-Traded Fund IV | 1.19% | 254,637 NS | April 30, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 1.18% | 4,512 NS | April 30, 2026 | N-PORT |
| MMID · MFS Active Exchange Traded Funds Tr… | 1.12% | 2,261 NS | May 31, 2026 | N-PORT |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.11% | 462,228 SH | Aug. 19, 2026 | Daily |
| QUVU · Hartford Funds Exchange-Traded Trust | 1.11% | 10,070 NS | April 30, 2026 | N-PORT |
| NUDV · Nushares ETF Trust | 1.00% | 2,384 NS | April 30, 2026 | N-PORT |
| NULV · Nushares ETF Trust | 0.92% | 100,870 NS | April 30, 2026 | N-PORT |
| CGDG · Capital Group Dividend Growers ETF | 0.83% | 248,276 NS | May 31, 2026 | N-PORT |
| CGCV · Capital Group Conservative Equity E… | 0.77% | 79,328 NS | May 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 0.71% | 575 NS | April 30, 2026 | N-PORT |
| SPVM · Invesco Exchange-Traded Fund Trust | 0.68% | 5,556 SH | Aug. 19, 2026 | Daily |
| LCAP · Principal Exchange-Traded Funds | 0.62% | 66,017 NS | June 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.61% | 2,429,787 SH | Aug. 19, 2026 | Daily |
| CGGE · Capital Group Global Equity ETF | 0.56% | 92,769 NS | May 31, 2026 | N-PORT |
| TEXN · iShares Trust | 0.47% | 479 SH | Aug. 19, 2026 | Daily |
| EIPX · First Trust Exchange-Traded Fund IV | 0.43% | 11,989 NS | April 30, 2026 | N-PORT |
| QUAL · iShares Trust | 0.42% | 1,182,449 SH | Aug. 19, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.39% | 9,017 NS | April 30, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.36% | 24,433 NS | April 30, 2026 | N-PORT |
| EQIN · Columbia ETF Trust I | 0.34% | 4,969 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.34% | 3,827,757 SH | Aug. 19, 2026 | Daily |
| ACWV · iShares, Inc. | 0.33% | 64,845 SH | Aug. 19, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.31% | 7,155 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.27% | 247,639 SH | Aug. 19, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.25% | 19,951 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.24% | 10,830 NS | May 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.24% | 3,804 NS | May 29, 2026 | N-PORT |
| EVUS · iShares Trust | 0.24% | 5,275 SH | Aug. 19, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.21% | 5,046 NS | May 31, 2026 | N-PORT |