CBSH Commerce Bancshares, Inc. - Common Stock
$59.53
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$47–$63
76% of range
Analyst Rating
HOLD
15 analysts
Price Target
$65
+10% upside
P/E (TTM)
14.7
ROE
16.0%
Net Profit Margin
32.1%
CBSH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$59.53
Market Cap
$8.18B
P/E (TTM)
14.7
EPS (TTM)
$4.04
Revenue (TTM)
—
Div Yield
1.8%
ROE
16.0%
Debt/Equity
—
52W Range
$47 – $63
CBSH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
$4.04
2016-12-31
→
2025-12-31
Free Cash Flow
$592M
2016-12-31
→
2025-12-31
Margins
32.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CBSH
Peer Median
P/E (TTM)
14.7
12.6
P/B
2.2
1.1
Price / FCF
13.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CBSH
Peer Median
Net Profit Margin
32.1%
30.9%
ROA
1.7%
1.2%
ROE
16.0%
9.9%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CBSH
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CBSH
Peer Median
Revenue YoY
6.5%
—
Revenue CAGR 3Y
5.8%
—
Revenue CAGR 5Y
5.7%
—
EPS YoY
9.5%
—
Net Income YoY
7.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CBSH
Peer Median
Payout Ratio
26.5%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.8%
Payout Ratio
26.5%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 5, 2026 | $0.2750 |
| March 6, 2026 | $0.2750 |
| Dec. 2, 2025 | $0.2620 |
| Sept. 5, 2025 | $0.2619 |
| June 6, 2025 | $0.2619 |
| March 7, 2025 | $0.2619 |
| Dec. 3, 2024 | $0.2448 |
| Sept. 5, 2024 | $0.2449 |
| June 5, 2024 | $0.2449 |
| March 6, 2024 | $0.2449 |
| Dec. 1, 2023 | $0.2331 |
| Sept. 5, 2023 | $0.2332 |
| June 2, 2023 | $0.2332 |
| March 6, 2023 | $0.2332 |
| Dec. 1, 2022 | $0.2289 |
| Sept. 6, 2022 | $0.2289 |
| June 6, 2022 | $0.2289 |
| March 7, 2022 | $0.2289 |
| Dec. 1, 2021 | $0.2272 |
| Sept. 3, 2021 | $0.2164 |
CBSH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 2 13.3%
- Buy 4 26.7%
- Hold 9 60.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-13
Median
$64.00
Mean
$65.22
← Below all targets
$59.53
Low
$62.00
High
$73.00
Median target
$64.00
+7.5%
Mean target
$65.22
+9.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.10 | $1.08 | 0.02% |
| March 31, 2026 | $0.96 | $0.90 | 0.06% |
| Dec. 31, 2025 | $1.01 | $1.01 | -0.00% |
| Sept. 30, 2025 | $1.01 | $1.07 | -0.06% |
| June 30, 2025 | $1.09 | $1.01 | 0.08% |
| March 31, 2025 | $0.93 | $0.91 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CBSH | $7.20B | 13.0 | 6.5% | 32.1% | 16.0% | — |
| ZION | $8.64B | 9.7 | 3.6% | 135.8% | 13.1% | — |
| COLB | $8.26B | 12.2 | 18.8% | 310.7% | 8.5% | — |
| PB | $6.43B | 12.1 | 4.8% | 43.4% | 7.1% | — |
| WAL | — | 9.6 | 99.7% | 713.6% | 13.5% | — |
| BOKF | $7.18B | 12.9 | 6.1% | 26.6% | 10.1% | — |
| VLY | — | 11.6 | 9.3% | 29.5% | 7.8% | — |
| CBC | — | 13.8 | 13.8% | 38.3% | 11.3% | — |
| FNB | $3M | 11.0 | 10.6% | 32.0% | 8.5% | — |
| UBSI | — | 11.7 | — | 37.5% | 8.6% | — |
| TFC | $62.13B | 12.9 | 53.0% | 26.1% | 8.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | $383M | $57M | $13M | $43M | $103M | $65M | $44M | $33M | $28M | $28M | |
| Interest Income | $1.48B | $1.47B | $1.38B | $999M | $848M | $873M | $925M | $889M | $777M | $713M | $662M | $648M | |
| Pretax Income | $732M | $679M | $620M | $632M | $686M | $441M | $532M | $544M | $430M | $401M | $384M | $384M | |
| Income Tax | $161M | $145M | $135M | $132M | $146M | $87M | $109M | $106M | $111M | $124M | $117M | $122M | |
| Net Income | $566M | $526M | $477M | $488M | $531M | $354M | $421M | $434M | $319M | $275M | $264M | $262M | |
| EPS (Basic) | $4.04 | $3.69 | $3.30 | $3.50 | $3.92 | $2.64 | $3.25 | $3.44 | $2.63 | $2.38 | $2.33 | $2.38 | |
| EPS (Diluted) | $4.04 | $3.69 | $3.30 | $3.50 | $3.91 | $2.64 | $3.25 | $3.43 | $2.62 | $2.37 | $2.32 | $2.37 | |
| EBITDA | $57M | $54M | $50M | $47M | $45M | $44M | $41M | $39M | $40M | $41M | $43M | $42M |
Balance Sheet 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | · | $512M | $782M | $503M | $1.10B | |
| PP&E (Net) | $486M | $475M | $469M | $419M | $389M | $371M | $371M | $333M | $335M | $338M | $353M | $358M | |
| PP&E (Gross) | $1.15B | $1.11B | $1.09B | $1.03B | $982M | $944M | $923M | $864M | $852M | $887M | $897M | $886M | |
| Accum. Depreciation | $662M | $633M | $622M | $608M | $593M | $573M | $552M | $531M | $517M | $549M | $545M | $528M | |
| Goodwill | $147M | $147M | $147M | $139M | $139M | $139M | $139M | $139M | $139M | $139M | $139M | $139M | |
| Intangibles | $13M | $14M | $14M | $15M | $16M | $11M | $10M | $9M | $8M | $7M | $7M | $7M | |
| Total Assets | $32.92B | $32.00B | $31.70B | $31.88B | $36.69B | $32.92B | $26.07B | $25.46B | $24.83B | $25.64B | $24.60B | $23.99B | |
| Total Liabilities | $29.10B | $28.66B | $28.74B | $29.39B | $33.24B | $29.52B | $22.93B | $22.53B | $22.12B | $23.14B | $22.24B | $21.66B | |
| Common Stock | $693M | $676M | $655M | $629M | $611M | $589M | $564M | $559M | $535M | $510M | $490M | $484M | |
| Paid-in Capital | $3.52B | $3.40B | $3.16B | $2.93B | $2.69B | $2.44B | $2.15B | $2.08B | $1.82B | $1.55B | $1.34B | $1.23B | |
| Retained Earnings | $132M | $45M | $53M | $32M | $92M | $73M | $202M | $241M | $221M | $293M | $383M | $427M | |
| Treasury Stock | $48M | $48M | $36M | $42M | $33M | $33M | $38M | $34M | $14M | $15M | $26M | $17M | |
| AOCI | $-508M | $-759M | $-891M | $-1.09B | $77M | $331M | $110M | $-65M | $14M | $11M | $32M | $62M | |
| Stockholders' Equity | $3.79B | $3.31B | $2.94B | $2.47B | $3.44B | $3.40B | $3.13B | $2.93B | $2.72B | $2.50B | $2.36B | $2.33B | |
| Liabilities + Equity | $32.92B | $32.00B | $31.70B | $31.88B | $36.69B | $32.92B | $26.07B | $25.46B | $24.83B | $25.64B | $24.60B | $23.99B | |
| Shares Outstanding | 137,487,000 | 134,152,000 | 130,176,000 | 124,999,000 | 121,436,000 | 117,138,000 | 112,132,000 | 111,129,000 | 106,615,000 | 101,461,000 | 97,226,000 | 96,327,000 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $57M | $54M | $50M | $47M | $45M | $44M | $41M | $39M | $40M | $41M | $43M | $42M | |
| Stock-based Comp | $17M | $17M | $17M | $17M | $15M | $15M | $14M | $13M | $12M | $12M | $10M | $9M | |
| Deferred Tax | $12M | $-591.0K | $-7M | $22M | $26M | $-20M | $14M | $5M | $14M | $-2M | $7M | $-540.0K | |
| Amort. of Intangibles | $1M | $1M | $1M | $2M | $3M | $2M | $2M | $1M | $1M | $2M | $2M | $2M | |
| Other Non-cash | $-6M | $-19M | $-47M | $-15M | $-19M | $231M | $22M | $62M | $48M | $107M | $-35M | $48M | |
| Operating Cash Flow | $645M | $578M | $489M | $559M | $598M | $624M | $513M | $553M | $427M | $455M | $291M | $361M | |
| CapEx | $53M | $46M | $88M | $65M | $57M | $33M | $43M | $33M | $31M | $24M | $32M | $44M | |
| Investing Cash Flow | $-462M | $484M | $2.18B | $242M | $-2.08B | $-5.39B | $-730M | $-91M | $221M | $-805M | $-1.20B | $-1.06B | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $-100M | $-2M | $-240.0K | $-1M | |
| Stock Repurchased | $208M | $170M | $76M | $187M | $129M | $54M | $135M | $75M | $18M | $39M | $23M | $71M | |
| Net Stock Activity | $-208M | $-170M | $-76M | $-187M | $-129M | $-54M | $-135M | $-75M | $-18M | $-39M | $-23M | $-211M | |
| Dividends Paid | $150M | $145M | $135M | $127M | $123M | $121M | $113M | $100M | $92M | $87M | $85M | $84M | |
| Financing Cash Flow | $-11M | $-373M | $-883M | $-4.20B | $3.57B | $6.07B | $-84M | $223M | $-925M | $649M | $306M | $533M | |
| Net Change in Cash | · | · | · | · | · | · | $-301M | $685M | $-277M | $299M | $-598M | $-169M | |
| Taxes Paid | $163M | $126M | $131M | $117M | $120M | $90M | $76M | $84M | $121M | $120M | $95M | $120M | |
| Free Cash Flow | $592M | $532M | $401M | $494M | $541M | $591M | $470M | $519M | $402M | $408M | $257M | $317M | |
| Levered FCF | · | · | $101M | $449M | $531M | $557M | $388M | $467M | $370M | $385M | $238M | $298M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 32.1% | 31.8% | 30.4% | 32.8% | 38.0% | 26.5% | 31.3% | 32.7% | 26.2% | 23.8% | 24.4% | 24.8% | |
| Pretax Margin | 41.5% | 41.0% | 39.4% | 42.5% | 49.2% | 33.0% | 39.5% | 41.1% | 35.3% | 34.7% | 35.4% | 36.3% | |
| EBITDA Margin | 3.2% | 3.3% | 3.1% | 3.1% | 3.2% | 3.3% | 3.1% | 2.9% | 3.3% | 3.5% | 4.0% | 4.0% | |
| ROA | 1.7% | 1.7% | 1.5% | 1.4% | 1.5% | 1.2% | 1.6% | 1.7% | 1.3% | 1.1% | 1.1% | 1.1% | |
| ROE | 16.0% | 16.8% | 17.6% | 16.6% | 15.5% | 10.8% | 13.9% | 15.3% | 12.2% | 11.3% | 11.2% | 11.5% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.5% | 5.4% | 5.5% | 6.7% | 4.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.8% | 5.9% | 5.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 9.5% | 11.8% | -5.7% | -10.5% | 48.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 4.9% | -1.9% | 7.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 8.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 7.6% | 10.3% | -2.3% | -8.0% | 49.9% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 5.1% | -0.28% | 10.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 9.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | |
| Net Income TTM | $566M | $526M | $477M | $488M | $531M | $354M | $421M | $434M | $319M | $275M | $264M | $262M | |
| Market Cap | $7.20B | $8.36B | $6.62B | $7.72B | $7.57B | $6.65B | $6.27B | $5.15B | $4.66B | $4.60B | $3.24B | $3.13B | |
| P/E | 13.0 | 16.9 | 15.4 | 17.6 | 15.9 | 21.5 | 17.2 | 13.5 | 16.7 | 19.1 | 14.4 | 13.7 | |
| P/B | 1.9 | 2.5 | 2.2 | 3.1 | 2.2 | 2.0 | 2.0 | 1.8 | 1.7 | 1.8 | 1.4 | 1.3 | |
| P / Tangible Book | 2.0 | 2.7 | 2.4 | 3.3 | 2.3 | 2.0 | · | · | · | · | · | · | |
| P / Cash Flow | 11.2 | 14.5 | 13.5 | 13.8 | 12.7 | 10.7 | 12.2 | 9.3 | 10.8 | 10.6 | 11.2 | 8.7 | |
| P / FCF | 12.1 | 15.7 | 16.5 | 15.6 | 14.0 | 11.3 | 13.3 | 9.9 | 11.6 | 11.3 | 12.6 | 9.9 | |
| Dividend Yield | 2.1% | 1.7% | 2.0% | 1.7% | 1.6% | 1.8% | 1.8% | 1.9% | 2.0% | 1.9% | 2.6% | 2.7% | |
| Earnings Yield | 7.7% | 5.9% | 6.5% | 5.7% | 6.3% | 4.7% | 5.8% | 7.4% | 6.0% | 5.2% | 7.0% | 7.3% | |
| Payout Ratio | 26.5% | 27.6% | 28.2% | 26.1% | 23.1% | 34.1% | 26.9% | 23.1% | 28.7% | 31.6% | 32.2% | 32.2% | |
| Annual Payout | $150M | $145M | $135M | $127M | $123M | $121M | $113M | $100M | $92M | $87M | $85M | $84M |
Income Statement 9
| 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 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Interest Expense | · | · | · | · | · | · | · | · | $107M | $110M | · | $113M | $99M | $57M | · | $16M | |
| Interest Income | $407M | $397M | $374M | $374M | $372M | $364M | $369M | $372M | $369M | $359M | $363M | $361M | $349M | $309M | $286M | $263M | |
| Pretax Income | $206M | $185M | $183M | $185M | $196M | $168M | $174M | $179M | $180M | $147M | $144M | $156M | $166M | $153M | $168M | $160M | |
| Income Tax | $46M | $41M | $41M | $41M | $42M | $37M | $37M | $38M | $39M | $32M | $32M | $33M | $36M | $33M | $34M | $34M | |
| Net Income | $160M | $142M | $141M | $142M | $152M | $132M | $136M | $138M | $140M | $113M | $109M | $121M | $128M | $119M | $132M | $123M | |
| EPS (Basic) | $1.10 | $0.96 | $0.86 | $1.06 | $1.09 | $0.93 | $0.82 | $1.02 | $1.03 | $0.82 | $0.50 | $0.92 | $0.97 | $0.91 | $0.69 | $0.97 | |
| EPS (Diluted) | $1.10 | $0.96 | $0.86 | $1.06 | $1.09 | $0.93 | $0.83 | $1.01 | $1.03 | $0.82 | $0.50 | $0.92 | $0.97 | $0.91 | $0.69 | $0.97 | |
| EBITDA | · | $21M | · | · | · | $14M | · | · | · | $13M | · | · | · | $12M | · | · |
Balance Sheet 15
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $528M | $527M | $486M | $483M | $477M | $477M | $475M | $470M | $467M | $467M | · | $461M | $452M | $428M | · | $408M | |
| PP&E (Gross) | · | · | $1.15B | · | · | · | $1.11B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $662M | · | · | · | $633M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $254M | $254M | $147M | $147M | $147M | $147M | $147M | $147M | $147M | $147M | · | $147M | $146M | $139M | · | $139M | |
| Intangibles | $140M | $146M | $13M | $13M | $13M | $13M | $14M | $14M | $14M | $14M | · | $14M | $15M | $15M | · | $16M | |
| Total Assets | $35.27B | $35.72B | $32.92B | $32.29B | $32.28B | $32.36B | $32.00B | $31.49B | $30.57B | $30.37B | · | $31.38B | $32.83B | $32.00B | · | $32.60B | |
| Total Liabilities | $30.89B | $31.39B | $29.10B | $28.50B | $28.62B | $28.87B | $28.66B | $28.04B | $27.41B | $27.41B | · | $28.78B | $30.15B | $29.32B | · | $30.23B | |
| Common Stock | $743M | $743M | $693M | $676M | $676M | $676M | $676M | $655M | $655M | $655M | · | $629M | $629M | $629M | · | $611M | |
| Paid-in Capital | $3.99B | $3.99B | $3.52B | $3.39B | $3.39B | $3.38B | $3.40B | $3.15B | $3.15B | $3.15B | · | $2.92B | $2.92B | $2.92B | · | $2.68B | |
| Retained Earnings | $353M | $233M | $132M | $361M | $256M | $140M | $45M | $339M | $235M | $131M | · | $298M | $211M | $117M | · | $353M | |
| Treasury Stock | $232M | $121M | $48M | $122M | $97M | $86M | $48M | $139M | $98M | $60M | · | $77M | $58M | $60M | · | $177M | |
| AOCI | $-499M | $-540M | $-508M | $-534M | $-581M | $-635M | $-759M | $-577M | $-808M | $-931M | $-891M | $-1.19B | $-1.04B | $-940M | $-1.09B | $-1.12B | |
| Stockholders' Equity | $4.36B | $4.30B | $3.79B | $3.77B | $3.64B | $3.48B | $3.31B | $3.43B | $3.14B | $2.94B | · | $2.58B | $2.67B | $2.67B | · | $2.35B | |
| Liabilities + Equity | $35.27B | $35.72B | $32.92B | $32.29B | $32.28B | $32.36B | $32.00B | $31.49B | $30.57B | $30.37B | · | $31.38B | $32.83B | $32.00B | · | $32.60B | |
| Shares Outstanding | · | · | 137,487,000 | · | · | · | 134,152,000 | · | · | · | 130,176,000 | · | · | · | 124,999,000 | · |
Cash Flow 14
| 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 | $21M | $21M | $15M | $14M | $14M | $14M | $14M | $14M | $14M | $13M | $13M | $12M | $13M | $12M | $12M | $12M | |
| Stock-based Comp | $6M | $6M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Amort. of Intangibles | $6M | $6M | $346.0K | $310.0K | $306.0K | $338.0K | $331.0K | $318.0K | $320.0K | $331.0K | $347.0K | $344.0K | $353.0K | $356.0K | $434.0K | $456.0K | |
| Other Non-cash | · | $516M | · | · | · | $-11M | · | · | · | $5M | · | · | · | $-19M | · | · | |
| Operating Cash Flow | $182M | $685M | $266M | $129M | $111M | $139M | $-137M | $432M | $147M | $135M | $121M | $147M | $105M | $116M | $90M | $184M | |
| CapEx | $13M | $6M | $14M | $16M | $11M | $13M | $14M | $13M | $9M | $11M | $16M | $21M | $32M | $20M | $19M | $18M | |
| Investing Cash Flow | $-327M | $859M | $-62M | $-150M | $123M | $-373M | $-485M | $-237M | $665M | $541M | $465M | $578M | $253M | $888M | $489M | $552M | |
| Stock Repurchased | $112M | $84M | $115M | $25M | $12M | $55M | $47M | $44M | $38M | $42M | $20M | $20M | $318.0K | $36M | $23M | $50M | |
| Net Stock Activity | · | $-84M | · | · | · | $-55M | · | · | · | $-42M | · | · | · | $-36M | · | · | |
| Dividends Paid | $41M | $42M | $36M | $37M | $39M | $38M | $35M | $40M | $35M | $35M | $34M | $34M | $34M | $34M | $32M | $32M | |
| Financing Cash Flow | $-790M | $-1.25B | $389M | $-172M | $-361M | $133M | $847M | $411M | $-168M | $-1.46B | $-108M | $-1.45B | $861M | $-182M | $-690M | $-799M | |
| Taxes Paid | $63M | $564.0K | $29M | $37M | $97M | $562.0K | $40M | $20M | $65M | $1M | $34M | $32M | $61M | $4M | $24M | $30M | |
| Free Cash Flow | · | $678M | · | · | · | $126M | · | · | · | $124M | · | · | · | $96M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $38M | · | · | · | $51M | · | · |
Profitability 4
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | · | · | · | · | · | · | · | 32.8% | 33.7% | · | · | 30.8% | 32.2% | · | · | · | |
| Pretax Margin | · | · | · | · | · | · | · | 42.4% | 43.4% | · | · | 39.9% | 41.9% | · | · | · | |
| ROA | 0.47% | 0.42% | · | 0.44% | 0.49% | 0.42% | · | 0.44% | 0.44% | 0.36% | · | 0.38% | 0.39% | 0.36% | · | 0.37% | |
| ROE | 4.0% | 3.6% | · | 3.9% | 4.5% | 4.1% | · | 4.6% | 4.8% | 4.0% | · | 4.9% | 4.8% | 4.2% | · | 4.2% |
Efficiency 1
| 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 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 5
| 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 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income TTM | $595M | $567M | · | $564M | $562M | $522M | · | $511M | $501M | $480M | · | $491M | $486M | $476M | · | $479M | |
| P/E | 13.7 | 12.0 | · | 14.3 | 14.9 | 16.2 | · | 15.0 | 14.2 | 14.0 | · | 11.5 | 11.7 | 14.2 | · | 15.8 | |
| Earnings Yield | 7.3% | 8.3% | · | 7.0% | 6.7% | 6.2% | · | 6.7% | 7.0% | 7.1% | · | 8.7% | 8.5% | 7.0% | · | 6.3% | |
| Payout Ratio | · | 29.6% | · | · | · | 28.8% | · | · | · | 31.2% | · | · | · | 28.3% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $566M | $526M | $477M | $488M | $531M |
| Diluted EPS | $4.04 | $3.69 | $3.30 | $3.50 | $3.91 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $592M | $532M | $401M | $494M | $541M |
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Institutional owners (13F) 533 filers · $5.1B 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 |
|---|---|---|---|---|
| 88 (+7 vs prior Q) | 47 (+1 vs prior Q) | 168 (+6 vs prior Q) | 139 (-2 vs prior Q) | +22.1M |
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 | $717,242,760 | 13,703,530 | 14.01% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $521,170,766 | 9,024,602 | 10.18% | Shares |
| STATE STREET CORP | $424,701,663 | 7,353,946 | 8.30% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $375,843,928 | 6,508,120 | 7.34% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $358,891,071 | 6,214,564 | 7.01% | Shares |
| AMERICAN CENTURY COMPANIES INC | $342,883,238 | 5,937,371 | 6.70% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $221,211,381 | 3,830,500 | 4.32% | Shares |
| COMMERCE BANK | $192,897,820 | 3,340,222 | 3.77% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $142,697,567 | 2,470,277 | 2.79% | Shares |
| CITADEL ADVISORS LLC | $104,802,332 | 1,814,759 | 2.05% | Shares |
| NORGES BANK | $98,725,935 | 1,709,540 | 1.93% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $89,949,610 | 1,557,569 | 1.76% | Shares |
| BANK OF AMERICA CORP /DE/ | $80,403,477 | 1,392,268 | 1.57% | Shares |
| Boston Trust Walden Corp | $71,566,705 | 1,239,250 | 1.40% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $66,024,016 | 1,143,273 | 1.29% | Shares |
| Balyasny Asset Management L.P. | $65,474,178 | 1,133,752 | 1.28% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $56,515,652 | 978,626 | 1.10% | Shares |
| Champlain Investment Partners, LLC | $56,125,146 | 971,864 | 1.10% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $49,581,667 | 858,557 | 0.97% | Shares |
| TWO SIGMA INVESTMENTS, LP | $40,546,506 | 702,104 | 0.79% | Shares |
| GOLDMAN SACHS GROUP INC | $40,525,081 | 701,733 | 0.79% | Shares |
| COOKE & BIELER LP | $34,143,013 | 591,221 | 0.67% | Shares |
| Alyeska Investment Group, L.P. | $32,503,664 | 562,834 | 0.64% | Shares |
| Point72 Asset Management, L.P. | $32,124,419 | 556,267 | 0.63% | Shares |
| TWO SIGMA ADVISERS, LP | $31,155,333 | 595,249 | 0.61% | Shares |
| Bank of New York Mellon Corp | $30,719,824 | 531,945 | 0.60% | Shares |
| Arbejdsmarkedets Tillaegspension | $30,561,300 | 529,200 | 0.60% | Shares |
| ProShare Advisors LLC | $30,350,570 | 525,551 | 0.59% | Shares |
| Mutual Advisors, LLC | $28,455,344 | 492,733 | 0.56% | Shares |
| MILLENNIUM MANAGEMENT LLC | $25,424,553 | 440,252 | 0.50% | Shares |
| D. E. Shaw & Co., Inc. | $23,907,230 | 413,978 | 0.47% | Shares |
| RHUMBLINE ADVISERS | $21,526,094 | 372,702 | 0.42% | Shares |
| River Road Asset Management, LLC | $19,632,805 | 339,962 | 0.38% | Shares |
| SPEECE THORSON CAPITAL GROUP INC | $19,199,000 | 332,442 | 0.38% | Shares |
| Fisher Asset Management, LLC | $18,005,640 | 311,786 | 0.35% | Shares |
| Quantinno Capital Management LP | $16,692,147 | 289,041 | 0.33% | Shares |
| Swiss National Bank | $15,744,729 | 272,636 | 0.31% | Shares |
| California Public Employees Retirement System | $13,883,735 | 240,411 | 0.27% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $13,082,570 | 226,538 | 0.26% | Shares |
| MONETA GROUP INVESTMENT ADVISORS LLC | $12,679,058 | 219,551 | 0.25% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $8,484,861 | 146,924 | 0.17% | Shares |
| Holocene Advisors, LP | $8,470,943 | 146,683 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $8,387,026 | 170,468 | 0.16% | Shares |
| Edgestream Partners, L.P. | $8,314,441 | 143,973 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $8,261,615 | 167,919 | 0.16% | Shares |
| Midwest Trust Co | $8,229,722 | 142,506 | 0.16% | Shares |
| Retirement Systems of Alabama | $8,097,763 | 140,221 | 0.16% | Shares |
| Cubist Systematic Strategies, LLC | $8,011,841 | 134,067 | 0.16% | Shares |
| Waterfront Wealth Inc. | $7,926,782 | 135,802 | 0.15% | Shares |
| FMR LLC | $7,836,704 | 135,701 | 0.15% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $7,756,749 | 134,316 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $7,220,829 | 125,036 | 0.14% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $7,179,532 | 124,321 | 0.14% | Shares |
| IEQ CAPITAL, LLC | $7,175,586 | 124,253 | 0.14% | Shares |
| Numerai GP LLC | $6,761,370 | 117,080 | 0.13% | Shares |
| BlackRock, Inc. | $6,744,680 | 116,791 | 0.13% | Shares |
| AMERIPRISE FINANCIAL INC | $6,681,213 | 115,692 | 0.13% | Shares |
| IFG Advisory, LLC | $6,585,968 | 114,043 | 0.13% | Shares |
| UMB Bank, n.a. | $6,583,385 | 113,998 | 0.13% | Shares |
| RAYMOND JAMES FINANCIAL INC | $6,490,700 | 112,393 | 0.13% | Shares |
| VAN ECK ASSOCIATES CORP | $6,003,690 | 103,960 | 0.12% | Shares |
| UBS Group AG | $5,914,524 | 102,416 | 0.12% | Shares |
| Vest Financial, LLC | $5,839,738 | 101,121 | 0.11% | Shares |
| MORGAN STANLEY | $5,777,368 | 100,041 | 0.11% | Shares |
| OPPENHEIMER & CO INC | $5,734,229 | 99,294 | 0.11% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $5,731,630 | 107,840 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5,677,229 | 98,307 | 0.11% | Shares |
| Horizon Investments, LLC | $5,552,489 | 96,147 | 0.11% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $5,454,603 | 94,452 | 0.11% | Shares |
| MTM Investment Management, LLC | $5,138,564 | 88,979 | 0.10% | Shares |
| Man Group plc | $4,927,519 | 85,325 | 0.10% | Shares |
| Hilton Capital Management, LLC | $4,867,772 | 84,290 | 0.10% | Shares |
| Clark & Stuart, Inc | $4,813,520 | 83,351 | 0.09% | Shares |
| LPL Financial LLC | $4,756,034 | 82,356 | 0.09% | Shares |
| Stonebridge Financial Group, LLC | $4,694,357 | 81,288 | 0.09% | Shares |
| Legal & General Group Plc | $4,563,810 | 79,027 | 0.09% | Shares |
| Freestone Grove Partners LP | $4,455,182 | 77,146 | 0.09% | Shares |
| MOSAIC FAMILY WEALTH PARTNERS, LLC | $4,376,460 | 75,783 | 0.09% | Shares |
| ATWOOD & PALMER INC | $4,116,882 | 71,288 | 0.08% | Shares |
| &PARTNERS | $4,015,624 | 69,569 | 0.08% | Shares |
| MetLife Investment Management, LLC | $3,769,285 | 65,269 | 0.07% | Shares |
| US BANCORP \DE\ | $3,748,148 | 64,903 | 0.07% | Shares |
| Rafferty Asset Management, LLC | $3,720,717 | 64,428 | 0.07% | Shares |
| NORTHERN TRUST CORP | $3,635,074 | 62,945 | 0.07% | Shares |
| Police & Firemen's Retirement System of New Jersey | $3,588,296 | 62,135 | 0.07% | Shares |
| Cetera Investment Advisers | $3,526,875 | 61,071 | 0.07% | Shares |
| Brandywine Global Investment Management, LLC | $3,493,957 | 66,755 | 0.07% | Shares |
| S.A.C. Capital Advisors (Hong Kong) Ltd. | $3,407,852 | 57,026 | 0.07% | Shares |
| SEI INVESTMENTS CO | $3,321,140 | 57,502 | 0.06% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $3,253,462 | 56,337 | 0.06% | Shares |
| ALGERT GLOBAL LLC | $3,237,465 | 56,060 | 0.06% | Shares |
| PRUDENTIAL PLC | $3,226,493 | 55,870 | 0.06% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,224,760 | 55,840 | 0.06% | Shares |
| Invesco Ltd. | $3,195,423 | 55,332 | 0.06% | Shares |
| Plancorp, LLC | $3,172,322 | 54,237 | 0.06% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $3,128,333 | 63,584 | 0.06% | Shares |
| Summit Trail Advisors, LLC | $3,125,707 | 54,125 | 0.06% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $3,083,010 | 53,385 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $3,053,589 | 52,876 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $3,038,015 | 61,742 | 0.06% | Shares |
Company insiders 53 insiders · 26 officers · 26 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John W Kemper | President and CEO | July 29, 2026 M | 206,528 | 0 | 2 | $-1,616,385 |
| Charles G Kim | Exec. Vice President and CFO | July 27, 2026 M | 119,410 | 0 | 1 | $-1,170,048 |
| David L Orf | Exec. Vice President & CCO | Aug. 14, 2026 M | 24,962 | 0 | 1 | $-38,745 |
| Robert S Holmes | Executive Vice President | July 30, 2026 S | 55,962 | 0 | 1 | $-301,000 |
| Derrick Brooks | Senior Vice President | July 28, 2026 S | 13,117 | 0 | 2 | $-118,879 |
| Kevin G Barth | Executive Vice President | July 1, 2026 A | 89,007 | 0 | 1 | $-410,806 |
| David W Kemper | Executive Chairman | June 23, 2026 A | 26,437 | 0 | 1 | $-149,432 |
| Paula S Petersen | Senior Vice President | March 10, 2026 G | 43,737 | 0 | 0 | $0 |
| Margaret M Rowe | Senior Vice President | March 5, 2026 S | 5,742 | 0 | 1 | $-44,496 |
| Kim L Jakovich | Senior Vice President | March 5, 2026 S | 12,741 | 0 | 1 | $-48,826 |
| Richard W Heise | Senior Vice President | March 3, 2026 F | 21,033 | 0 | 0 | $0 |
| Paul A Steiner | Controller | March 3, 2026 F | 5,894 | 0 | 0 | $0 |
| Douglas D Neff | Senior Vice President | Feb. 3, 2026 A | 11,746 | 0 | 0 | $0 |
| John K Handy | Executive Vice President | Feb. 3, 2026 A | 48,005 | 0 | 0 | $0 |
| Patricia R Kellerhals | Senior Vice President | May 13, 2025 S | 17,688 | 0 | 0 | $0 |
| Thomas J Noack | Executive Vice President | June 18, 2024 A | 10,656 | 0 | 0 | $0 |
| Sara E Foster | Executive Vice President | Feb. 14, 2022 I | 6,054 | 0 | 0 | $0 |
| Jeffrey M. Burik | Senior Vice President | Feb. 8, 2022 S | 10,061 | 0 | 0 | $0 |
| Jeffery D Aberdeen | Controller | March 5, 2019 F | 41,634 | 0 | 0 | $0 |
| Michael J Petrie | Senior Vice President | Jan. 24, 2019 F | 8,875 | 0 | 0 | $0 |
| Raymond V Stranghoener | Executive Vice President | Oct. 26, 2017 S | 47,112 | 0 | 0 | $0 |
| Robert Rauscher | Senior Vice President | June 30, 2016 D | 17,183 | 0 | 0 | $0 |
| Seth M Leadbeater | Vice Chairman | Nov. 3, 2015 M | 87,819 | 0 | 0 | $0 |
| Robert C Matthews JR | Executive Vice President | Jan. 28, 2011 A | 15,430 | 0 | 0 | $0 |
| Bayard A Clark III | Executive Vice President | Dec. 7, 2009 G | 45,374 | 0 | 0 | $0 |
| Andrew F Anderson | Senior Vice President | April 30, 2004 D | 91,435 | 0 | 0 | $0 |
| June Mcallister Fowler | Director | June 16, 2026 S | 6,233 | 0 | 1 | $-11,008 |
| Alaina G Macia | Director | May 29, 2026 A | 2,095 | 0 | 0 | $0 |
| Timothy S Dunn | Director | May 29, 2026 A | 6,255 | 1 | 0 | $119,275 |
| William Kyle Chapman | Director | May 29, 2026 A | 10,126 | 0 | 0 | $0 |
| Blackford F Brauer | Director | May 29, 2026 A | 46,941 | 0 | 0 | $0 |
| Christine B Taylor | Director | May 29, 2026 A | 10,317 | 0 | 0 | $0 |
| Todd R Schnuck | Director | May 29, 2026 A | 34,135 | 0 | 0 | $0 |
| Karen L Daniel | Director | May 29, 2026 A | 20,305 | 0 | 0 | $0 |
| Terry D Bassham | Director | May 29, 2026 A | 30,026 | 0 | 0 | $0 |
| Benjamin F Rassieur III | Director | Feb. 28, 2026 A | 42,946 | 0 | 0 | $0 |
| Jonathan M Kemper | Director | Aug. 29, 2025 A | 1,080,216 | 0 | 0 | $0 |
| Earl H Devanny III | Director | Feb. 28, 2025 A | 32,088 | 0 | 0 | $0 |
| Kimberly G Walker | Director | Feb. 29, 2024 A | 28,011 | 0 | 0 | $0 |
| John R Capps | Director | May 31, 2022 A | 13,227 | 0 | 0 | $0 |
| Thomas W Grant II | Director | April 29, 2022 A | 37,699 | 0 | 0 | $0 |
| TAYLOR ANDREW C | Director | Feb. 28, 2022 A | 30,068 | 0 | 0 | $0 |
| James B Hebenstreit | Director | Jan. 31, 2018 A | 73,244 | 0 | 0 | $0 |
| Terry O Meek | Director | July 31, 2015 A | 38,918 | 0 | 0 | $0 |
| Dan C Simons | Director | Feb. 29, 2012 A | 3,636 | 0 | 0 | $0 |
| Thomas A Mcdonnell | Director | April 30, 2010 A | 26,795 | 0 | 0 | $0 |
| Robert H West | Director | Feb. 28, 2010 A | 26,479 | 0 | 0 | $0 |
| Mary Ann Van Lokeren | Director | Feb. 28, 2007 A | 1,946 | 0 | 0 | $0 |
| Giorgio Balzer | Director | Dec. 31, 2006 A | 1,510 | 0 | 0 | $0 |
| L W Stolzer | Director | Sept. 30, 2004 A | 1,064,719 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 96 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 |
|---|---|---|---|---|
| TMDV · ProShares Trust | 1.63% | 1,379 NS | May 31, 2026 | N-PORT |
| REGL · ProShares Trust | 1.62% | 520,816 NS | May 31, 2026 | N-PORT |
| SMCO · Tidal Trust II | 1.46% | 36,106 NS | April 30, 2026 | N-PORT |
| FLV · AMERICAN CENTURY ETF TRUST | 1.42% | 95,814 NS | May 31, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.29% | 164,331 SH | Aug. 8, 2026 | Daily |
| IAT · iShares Trust | 1.26% | 144,468 SH | Aug. 8, 2026 | Daily |
| DPST · Direxion Shares ETF Trust | 1.00% | 95,484 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.76% | 121,480 NS | April 30, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.63% | 129,568 NS | April 30, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.58% | 3,374 NS | April 30, 2026 | N-PORT |
| FQAL · FIDELITY COVINGTON TRUST | 0.53% | 139,691 NS | April 30, 2026 | N-PORT |
| QDEF · FlexShares Trust | 0.48% | 49,053 NS | April 30, 2026 | N-PORT |
| IJJ · iShares Trust | 0.46% | 689,609 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.45% | 116,415 SH | Aug. 8, 2026 | Daily |
| MIDE · DBX ETF Trust | 0.29% | 184 NS | May 29, 2026 | N-PORT |
| ISCV · iShares Trust | 0.26% | 30,740 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.25% | 10,398 NS | May 31, 2026 | N-PORT |
| XJH · iShares Trust | 0.25% | 18,270 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.23% | 17,441 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.22% | 4,677,709 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.22% | 567,910 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.21% | 219,268 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.21% | 15,721 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.19% | 22,858 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.18% | 131,304 SH | Aug. 8, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.17% | 2,016,219 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.17% | 20,279 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.15% | 4,736 NS | May 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 215,813 NS | April 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.15% | 6,169 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.14% | 36,896 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 55,564 NS | April 30, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.14% | 2,269 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.14% | 237,714 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.13% | 360,886 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.13% | 370,246 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.13% | 6,242 SH | Aug. 8, 2026 | Daily |
| IYF · iShares Trust | 0.12% | 88,945 SH | Aug. 8, 2026 | Daily |
| IYG · iShares Trust | 0.11% | 40,709 SH | Aug. 8, 2026 | Daily |
| UMDD · ProShares Trust | 0.11% | 661 NS | May 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.11% | 67,527 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.10% | 3,176,934 SH | Aug. 8, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.09% | 21,126 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.09% | 1,557,320 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.09% | 221,055 SH | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.08% | 6,498 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.08% | 34,082 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.08% | 202,846 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.07% | 8,087 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 9,335 SH | Aug. 8, 2026 | Daily |