CNP CenterPoint Energy, Inc (Holding Co) Common Stock
$41.02
Price · Aug 18, 2026
Fundamentals as of Jul 28, 2026
52W Range
$37–$45
51% of range
Analyst Rating
HOLD
24 analysts
Price Target
$46
+13% upside
P/E (TTM)
25.6
ROE
9.5%
Net Profit Margin
11.2%
About CenterPoint Energy, Inc (Holding Co) Common Stock Company overview from Wikipedia
CenterPoint Energy, Inc. is an American utility company based in Houston, Texas, that provides electric and natural gas utility to customers in several markets in the American states of Indiana, Ohio, Louisiana, Minnesota, Mississippi, and Texas. Part of the Fortune 500, the company was formerly known as Reliant Energy, NorAm Energy, Houston Industries, and HL&P. The company is headquartered in the CenterPoint Energy Tower at 1111 Louisiana Street in Downtown Houston.
Read more
CenterPoint Energy, Inc. is an American utility company based in Houston, Texas, that provides electric and natural gas utility to customers in several markets in the American states of Indiana, Ohio, Louisiana, Minnesota, Mississippi, and Texas. Part of the Fortune 500, the company was formerly known as Reliant Energy, NorAm Energy, Houston Industries, and HL&P. The company is headquartered in the CenterPoint Energy Tower at 1111 Louisiana Street in Downtown Houston.
History
When Texas deregulated the electricity market, the former Houston Lighting & Power (HL&P) was split into several companies. In 2003 HL&P was split into Reliant Energy, Texas Genco, and CenterPoint Energy.
Until December 15, 2004, CenterPoint Energy and its predecessors operated in its various markets under these names; they were used separately prior to Reliant Energy, and later in conjunction with the Reliant Energy and CenterPoint Energy names:
Minnegasco (natural gas throughout Minnesota)
Houston Lighting and Power (or HL&P) Houston-Galveston electric provider
Entex (Natural gas throughout South and East Texas, Southern Louisiana and Mississippi)
Arkla (Natural gas throughout Northern Louisiana, Northeast Texas, Oklahoma, and Arkansas)
In late 2004, four private equity firms—the Texas Pacific Group, the Blackstone Group, Kohlberg Kravis Roberts, and Hellman & Friedman—combined forces to purchase Texas Genco from Centerpoint. Later in 2006, Texas Genco was sold to NRG Energy of Princeton, N.J.
On April 23, 2018, CenterPoint Energy and Vectren Corporation announced they had entered into a definitive merger agreement, with CenterPoint being the emerging head company. On February 1, 2019, the merger was completed and Vectren was delisted from the NYSE. CenterPoint retained the Vectren name for Vectren's service territory until it was retired on May 3, 2021.
September 2008 power outage
In September 2008, Hurricane Ike caused great disruption of service in the Greater Houston Area, wiping out 2.1 million of CenterPoint's 2.26 million clients' electricity.
Smart meter pilot program
In March 2009, the company's five-year smart meter deployment began, delivering enhanced smart meter functionality to Retail Electric Providers (REPs).
The company worked with the Department of Energy for a pilot program in Texas centered on energy consumption. After working with 500-residential electricity customers in the Houston area, it was found that by using a smart meter, consumers cut down on energy use for the home. The pilot program was funded in part by the $200 million it received from the federal stimulus act.
Electric vehicles
In 2010, CenterPoint Energy and Ford Motor Company formed a partnership to promote adoption of electric vehicles. The two companies teamed up to work together to create electric vehicle consumer outreach and education programs; they also distributed details to various stakeholders about charging needs and the requirements needed to "ensure the electrical infrastructure can support the necessary demand." Additionally: "The Ford and CenterPoint Energy collaboration also includes developing strategies to minimize the emissions and distribution impacts of charging electric vehicles by using statewide system renewable energy resources and more efficient use of household electricity."
2021 Texas power outages
At 1:25 a.m. on February 15, 2021, due to a major cold-weather event affecting the state of Texas, the Electric Reliability Council of Texas (ERCOT) declared a statewide power generation shortfall emergency, due to a 34,000 MW shortfall in generation causing widespread blackouts. At 1:30 a.m., CenterPoint Energy started controlled, rotating outages in the Greater Houston area. At first, the company said that the outages were expected to last 10 to 45 minutes, but soon updated its statement to say that customers who were experiencing an outage should be prepared to be without power for the rest of Monday. The company also told its customers to lower their thermostat settings temporarily to help conserve natural gas across its eight-state service territory.
Overnight on Tuesday morning, CenterPoint Energy was able to restart the process of rolling the outages around, but had to stop at around 4 a.m. due to another ERCOT order because several third-party electric generators tripped offline. However, it was able to restart the process around 1:30 p.m. the same day. Later that evening, CenterPoint Energy stated online that it was given another ERCOT order to reduce electric load and warned customers to make preparations for additional outages.
On Wednesday evening, CenterPoint Energy told its customers to conserve both power and natural gas starting at 6 p.m. CDT until midnight, as it was preparing to re-energize portions of the electric system. In the early hours of Thursday, the company restored electric service to approximately 1.39 million customers, while less than 7000 customers were about to be restored. Later at around Friday morning, ERCOT ended emergency conditions, saying there was enough generation to resume normal operations.
2024 Texas power outage
Category 1 Hurricane Beryl made landfall in Texas the early hours of July 8, 2024. The impact of the storm left 2.2 million CenterPoint customers without power, the largest number in the company's history, and the largest number in the state's history.
On July 10, 2024, a graffiti mural with the name "CenterPointle$$" popped up on an I-10 West underpass near the highway and Studewood Street, indicating the city's response to the company's lack of preparations and failure to give reliable information to its customers after the storm. On Friday, the Texas Department of Transportation (TxDOT) removed the graffiti mural.
Criticism
On December 16, 2005, CenterPoint Energy Inc. said it would restate its finances for 2004 and the first three quarters of 2005 to correct accounting errors that overstated revenue and natural gas expenses.
In December 2011, the non-partisan organization Public Campaign criticized CenterPoint Energy for spending $2.65 million on lobbying and not paying any taxes during 2008–2010, instead getting $284 million in tax rebates, despite making a profit of $1.9 billion and paying its top five executives between $12 and $13 million.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CNP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$41.02
Market Cap
$26.79B
P/E (TTM)
25.6
EPS (TTM)
$1.60
Revenue (TTM)
$9.36B
Div Yield
2.1%
ROE
9.5%
Debt/Equity
1.9
52W Range
$37 – $45
CNP 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
$9.36B
2016-12-31
→
2025-12-31
EPS
$1.60
2016-12-31
→
2025-12-31
Free Cash Flow
$-2.38B
2016-12-31
→
2025-12-31
Margins
11.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CNP
Peer Median
P/E (TTM)
25.6
20.8
P/S (TTM)
2.9
2.7
P/B
2.4
1.6
EV / EBITDA
13.0
—
Price / FCF
-11.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CNP
Peer Median
Operating Margin
22.6%
—
Net Profit Margin
11.2%
12.4%
ROA
2.3%
2.7%
ROE
9.5%
9.5%
ROIC
5.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CNP
Peer Median
Debt / Equity
1.9
—
Current Ratio
0.9
0.8
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CNP
Peer Median
Revenue YoY
8.3%
—
Revenue CAGR 3Y
0.13%
—
Revenue CAGR 5Y
4.8%
—
EPS YoY
1.3%
—
Net Income YoY
3.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CNP
Peer Median
Payout Ratio
54.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.1%
Payout Ratio
54.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 21, 2026 | $0.2300 |
| Feb. 19, 2026 | $0.2300 |
| Nov. 20, 2025 | $0.2200 |
| Aug. 21, 2025 | $0.2200 |
| May 15, 2025 | $0.2200 |
| Feb. 20, 2025 | $0.2200 |
| Nov. 21, 2024 | $0.2100 |
| Aug. 15, 2024 | $0.2000 |
| May 15, 2024 | $0.2000 |
| Feb. 14, 2024 | $0.2000 |
| Nov. 15, 2023 | $0.2000 |
| Aug. 16, 2023 | $0.1900 |
| May 17, 2023 | $0.1900 |
| Feb. 15, 2023 | $0.1900 |
| Nov. 16, 2022 | $0.1800 |
| Aug. 17, 2022 | $0.1800 |
| May 18, 2022 | $0.1700 |
| Feb. 16, 2022 | $0.1700 |
| Nov. 17, 2021 | $0.1700 |
| Aug. 18, 2021 | $0.1600 |
CNP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
24 analysts
- Strong Buy 4 16.7%
- Buy 9 37.5%
- Hold 11 45.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-15
Median
$46.50
Now
$41.02
Low
$40.00
High
$50.00
Median target
$46.50
+13.4%
Mean target
$46.19
+12.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.40 | $0.38 | 0.02% |
| March 31, 2026 | $0.56 | $0.56 | -0.00% |
| Dec. 31, 2025 | $0.45 | $0.45 | -0.00% |
| Sept. 30, 2025 | $0.50 | $0.44 | 0.06% |
| June 30, 2025 | $0.29 | $0.31 | -0.02% |
| March 31, 2025 | $0.53 | $0.54 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CNP | $25.03B | 24.0 | 8.3% | 11.2% | 9.5% | — |
| ED | $35.85B | 17.6 | 10.9% | 12.0% | 8.4% | — |
| PEG | $39.99B | 19.0 | 18.2% | 17.3% | 12.6% | — |
| WEC | $34.32B | 21.9 | 14.0% | 15.9% | 11.2% | — |
| AEE | $27.60B | 18.7 | 15.4% | 16.6% | 11.5% | — |
| DTE | — | — | — | — | — | — |
| 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% | — |
| NWE | $3.96B | 22.0 | 6.4% | 11.2% | 6.3% | — |
| AVA | $3.17B | 16.2 | 1.3% | 9.8% | 7.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.36B | $8.64B | $8.70B | $9.32B | $8.35B | $7.42B | $7.56B | $6.28B | $9.61B | $7.53B | $7.39B | $9.23B | |
| Cost of Revenue | $4M | $3M | $99M | $204M | $208M | $257M | $257M | $40M | $3.79B | $1.98B | · | · | |
| Operating Expenses | $7.25B | $6.65B | $6.94B | $7.75B | $6.99B | $6.38B | $6.49B | $5.41B | $8.48B | $6.50B | $6.45B | $8.29B | |
| Operating Income | $2.11B | $1.99B | $1.76B | $1.57B | $1.36B | $1.04B | $1.07B | $868M | $1.14B | $1.02B | $933M | $935M | |
| Other Non-op | $85M | $56M | $37M | $-26M | $58M | $64M | $51M | $22M | $-4M | $-29M | $46M | $36M | |
| Pretax Income | $1.25B | $1.21B | $1.09B | $1.42B | $778M | $563M | $545M | $551M | $1.06B | $686M | $-1.13B | $885M | |
| Income Tax | $195M | $195M | $170M | $360M | $110M | $80M | $30M | $155M | $-729M | $254M | $-438M | $274M | |
| Net Income | $1.05B | $1.02B | $917M | $1.06B | $1.49B | $-773M | $791M | $368M | $1.79B | $432M | $-692M | $611M | |
| EPS (Basic) | $1.61 | $1.58 | $1.37 | $1.60 | $2.35 | $-1.79 | $1.34 | $0.74 | $4.16 | $1.00 | $-1.61 | $1.42 | |
| EPS (Diluted) | $1.60 | $1.58 | $1.37 | $1.59 | $2.28 | $-1.79 | $1.33 | $0.74 | $4.13 | $1.00 | $-1.61 | $1.42 | |
| Shares (Basic) | 653,000,000 | 643,000,000 | 631,000,000 | 629,000,000 | 593,000,000 | 531,000,000 | 502,000,000 | 449,000,000 | 431,000,000 | 430,606,000 | 430,180,000 | 429,634,000 | |
| Shares (Diluted) | 656,000,000 | 644,000,000 | 633,000,000 | 632,000,000 | 610,000,000 | 531,000,000 | 505,000,000 | 452,000,000 | 434,000,000 | 433,603,000 | 430,180,000 | 431,668,000 | |
| EBITDA | $3.64B | $3.43B | $3.16B | $2.85B | $2.68B | $2.23B | $2.51B | $2.07B | $2.11B | $2.08B | $1.90B | $1.95B |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $38M | $24M | $90M | $74M | $230M | $147M | $241M | $4.23B | $260M | $341M | $264M | $298M | |
| Short-term Investments | $510M | $561M | $541M | $510M | $1.44B | $871M | $822M | $540M | $960M | $953M | $805M | $930M | |
| Receivables | $806M | $717M | $710M | $889M | $690M | $676M | $702M | $1.19B | $1.00B | $740M | $593M | $837M | |
| Prepaid Expense | $140M | $123M | $145M | $171M | $132M | $121M | $123M | $192M | $241M | $161M | $140M | $178M | |
| Current Assets | $5.70B | $4.38B | $3.03B | $4.70B | $7.36B | $2.92B | $3.94B | $7.03B | $3.40B | $2.92B | $2.69B | $3.27B | |
| PP&E (Net) | $34.06B | $32.09B | $29.85B | $27.14B | $23.48B | $22.36B | $20.62B | $14.04B | $13.06B | $12.31B | $11.54B | $10.50B | |
| PP&E (Gross) | $44.68B | $42.67B | $40.40B | $37.73B | $33.67B | $32.51B | $30.32B | $20.27B | $19.03B | $17.83B | $16.65B | $15.36B | |
| Accum. Depreciation | $10.62B | $10.58B | $10.54B | $10.59B | $10.19B | $10.15B | $9.70B | $6.22B | $5.97B | $5.52B | $5.11B | $4.86B | |
| Goodwill | $3.55B | $3.94B | $4.16B | $4.29B | $4.29B | $4.70B | $4.88B | $867M | $867M | $862M | $840M | $840M | |
| Intangibles | · | · | · | $38M | $44M | $50M | $58M | $65M | $74M | $49M | · | · | |
| Other Non-current Assets | $222M | $247M | $162M | $215M | $220M | $253M | $236M | $158M | $191M | $173M | $102M | $147M | |
| Total Assets | $46.53B | $43.77B | $39.72B | $38.55B | $37.68B | $33.47B | $35.53B | $27.09B | $22.74B | $21.83B | $21.29B | $23.15B | |
| Accounts Payable | $1.30B | $1.32B | $917M | $1.35B | $1.20B | $853M | $884M | $1.24B | $963M | $657M | $483M | $716M | |
| Short-term Debt | $500M | $500M | $4M | $511M | $7M | $24M | $0 | $0 | $39M | $35M | $40M | $53M | |
| Current Liabilities | $6.26B | $4.04B | $3.86B | $5.11B | $4.29B | $4.83B | $3.98B | $3.30B | $3.07B | $3.08B | $2.46B | $2.79B | |
| Capital Leases | $57M | $25M | $10M | $14M | $17M | $26M | $42M | · | · | · | · | · | |
| Deferred Tax | $4.60B | $4.39B | $4.08B | $3.99B | $3.90B | $3.60B | $3.93B | $3.24B | $3.17B | $5.26B | $5.05B | $5.44B | |
| Other Non-current Liabilities | $770M | $722M | $766M | $774M | $836M | $1.02B | $738M | $402M | $357M | $278M | $273M | $251M | |
| Long-term Debt | $20.57B | $20.40B | $17.56B | $14.84B | $15.56B | $11.52B | $14.24B | $8.68B | $8.20B | $8.56B | $8.73B | $8.80B | |
| Total Debt | $21.07B | $20.90B | $17.56B | $15.35B | $15.56B | $11.54B | $14.24B | $8.68B | $8.84B | $8.59B | $8.81B | $8.86B | |
| Common Stock | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $5M | $4M | $4M | $4M | $4M | |
| Paid-in Capital | $9.13B | $9.11B | $8.60B | $8.57B | $8.53B | $6.91B | $6.08B | $6.07B | $4.21B | $4.20B | $4.18B | $4.17B | |
| Retained Earnings | $2.04B | $1.57B | $1.09B | $709M | $154M | $-845M | $632M | $349M | $543M | $-668M | $-657M | $461M | |
| AOCI | $-26M | $-17M | $-35M | $-31M | $-64M | $-90M | $-98M | $-108M | $-68M | $-71M | $-66M | $-86M | |
| Stockholders' Equity | $11.15B | $10.67B | $9.67B | $10.04B | $9.41B | $8.35B | $8.36B | $8.06B | $4.69B | $3.46B | $3.46B | $4.55B | |
| Liabilities + Equity | $46.53B | $43.77B | $39.72B | $38.55B | $37.68B | $33.47B | $35.53B | $27.01B | $22.74B | $21.83B | $21.29B | $23.20B | |
| Shares Outstanding | 652,869,575 | 652,000,000 | 631,000,000 | 630,000,000 | 629,000,000 | 551,000,000 | 502,000,000 | 501,000,000 | 431,000,000 | 431,000,000 | 430,000,000 | 429,795,830 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.53B | $1.44B | $1.40B | $1.29B | $1.32B | $1.19B | $1.23B | $1.23B | $1.04B | $1.13B | $970M | $1.01B | |
| Deferred Tax | $122M | $221M | $31M | $20M | $213M | $-429M | $69M | $48M | $-770M | $213M | $-413M | $280M | |
| Amort. of Intangibles | · | · | · | · | · | $2M | $24M | $0 | $0 | $4M | $2M | · | |
| Other Non-cash | $-218M | $-540M | $1.53B | $-555M | $-2.99B | $2.01B | $-509M | $477M | $-637M | $157M | $2.00B | $-507M | |
| Operating Cash Flow | $2.49B | $2.14B | $3.88B | $1.81B | $22M | $2.00B | $1.64B | $2.14B | $1.42B | $1.92B | $1.87B | $1.40B | |
| CapEx | $4.87B | $4.51B | $4.40B | $4.42B | $3.16B | $2.60B | $2.51B | $1.65B | $1.43B | $1.41B | $1.58B | $1.37B | |
| Investing Cash Flow | $-4.02B | $-4.49B | $-4.23B | $-1.63B | $-1.85B | $-1.26B | $-8.42B | $-1.21B | $-1.26B | $-1.03B | $-1.39B | · | |
| Debt Issued | $3.71B | $3.96B | $6.04B | $2.09B | $4.49B | $799M | $2.92B | $2.50B | $1.10B | $600M | $200M | $600M | |
| Net Debt Issued | $2.13B | $2.90B | $2.85B | $294M | $1.52B | $-925M | $1.61B | $2.01B | $-115M | $-618M | $-644M | $63M | |
| Stock Issued | $0 | $494M | $0 | $0 | $0 | $672M | $0 | $1.84B | $0 | $0 | $0 | $1M | |
| Net Stock Activity | $0 | $494M | · | $0 | $0 | $672M | $0 | $1.84B | · | · | $0 | $1M | |
| Dividends Paid | $574M | $522M | $485M | $440M | $385M | $392M | $577M | $499M | $461M | $443M | $426M | $408M | |
| Financing Cash Flow | $1.55B | $2.27B | $374M | $-345M | $1.92B | $-834M | $2.78B | $3.05B | $-245M | $-808M | $-517M | · | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $-81M | $77M | $-34M | $90M | |
| Taxes Paid | $-21M | $-9M | $215M | $421M | $-46M | $143M | $155M | $89M | $15M | $-104M | $-45M | $192M | |
| Free Cash Flow | $-2.38B | $-2.37B | $-524M | $-2.61B | $-3.14B | $-601M | $-868M | $485M | $-5M | $514M | $281M | $25M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 22.6% | 23.0% | 20.2% | 16.8% | 16.3% | 14.0% | 10.0% | 7.8% | 11.2% | 12.7% | 12.6% | 10.1% | |
| Net Margin | 11.2% | 11.8% | 10.5% | 11.3% | 17.8% | -10.4% | 6.4% | 3.5% | 18.6% | 5.7% | -9.4% | 6.6% | |
| Pretax Margin | 13.3% | 14.1% | 12.5% | 15.2% | 9.3% | -11.7% | 7.5% | 4.9% | 11.1% | 9.1% | -15.3% | 9.6% | |
| EBITDA Margin | 38.9% | 39.7% | 36.4% | 30.6% | 32.1% | 30.0% | 20.4% | 19.6% | 21.9% | 27.7% | 25.8% | 21.1% | |
| ROA | 2.3% | 2.4% | 2.3% | 2.8% | 4.2% | -2.2% | 2.5% | 1.5% | 8.0% | 2.0% | -3.1% | 2.7% | |
| ROE | 9.5% | 9.6% | 9.5% | 10.5% | 16.3% | -9.2% | 9.5% | 5.4% | 44.0% | 12.5% | -17.3% | 13.8% | |
| ROIC | 5.5% | 5.3% | 5.5% | 4.6% | 4.7% | 3.6% | 4.6% | 3.5% | 13.4% | 5.0% | 4.7% | 4.8% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.1 | 0.8 | 0.9 | 1.7 | 0.6 | 1.0 | 2.1 | 1.1 | 0.9 | 1.1 | 0.9 | |
| Quick Ratio | 0.2 | 0.3 | 0.3 | 0.3 | 0.6 | 0.4 | 0.6 | 1.8 | 0.7 | 0.7 | 0.7 | 0.6 | |
| Debt / Equity | 1.9 | 2.0 | 1.8 | 1.5 | 1.7 | 1.4 | 1.7 | 1.1 | 1.9 | 2.5 | 2.5 | 1.9 | |
| LT Debt / Equity | 1.8 | 1.9 | 1.8 | 1.5 | 1.7 | 1.4 | 1.7 | 1.1 | 1.7 | 2.2 | 2.3 | 1.8 |
Efficiency 2
| 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 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.4 | |
| Receivables Turnover | 12.3 | 12.1 | 10.9 | 11.8 | 12.2 | 10.8 | 10.1 | 9.7 | 11.1 | 11.3 | 10.3 | 10.9 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.3% | -0.61% | -6.7% | 11.6% | 12.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 0.13% | 1.1% | 5.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 1.3% | 15.3% | -13.8% | -30.3% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 0.21% | -11.5% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 3.2% | 11.1% | -13.2% | -28.9% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -0.16% | -11.8% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 7.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.36B | $8.64B | $8.70B | $9.32B | $8.35B | $7.42B | $7.56B | $6.28B | $9.61B | $7.53B | $7.39B | $9.23B | |
| Net Income TTM | $1.05B | $1.02B | $917M | $1.06B | $1.49B | $-773M | $791M | $368M | $1.79B | $432M | $-692M | $611M | |
| Market Cap | $25.03B | $20.68B | $18.03B | $18.88B | $17.55B | $11.93B | $13.70B | $14.15B | $12.22B | $10.61B | · | · | |
| Enterprise Value | $45.55B | $40.99B | $34.97B | $33.64B | $31.45B | $22.46B | $26.88B | $18.06B | $19.84B | $17.91B | · | · | |
| P/E | 24.0 | 20.1 | 20.9 | 18.9 | 12.2 | -12.1 | 20.5 | 38.1 | 6.9 | 24.6 | -11.4 | 16.5 | |
| P/S | 2.7 | 2.4 | 2.1 | 2.0 | 2.1 | 1.6 | 1.8 | 2.3 | 1.3 | 1.4 | · | · | |
| P/B | 2.2 | 1.9 | 1.9 | 1.9 | 1.9 | 1.4 | 1.6 | 1.8 | 2.6 | 3.1 | · | · | |
| P / Tangible Book | 3.3 | 3.1 | 3.3 | 3.3 | 3.5 | 3.3 | · | · | · | · | · | · | |
| P / Cash Flow | 10.1 | 9.7 | 4.7 | 10.4 | 797.9 | 6.0 | 8.4 | 6.6 | 8.6 | 5.5 | · | · | |
| P / FCF | -10.5 | -8.7 | -34.4 | -7.2 | -5.6 | -19.9 | -15.8 | 29.2 | -2444.9 | 20.6 | · | · | |
| EV / EBITDA | 12.5 | 12.0 | 11.1 | 11.8 | 11.7 | 10.1 | 10.7 | 8.7 | 9.4 | 8.6 | · | · | |
| EV / FCF | -19.1 | -17.3 | -66.7 | -12.9 | -10.0 | -37.4 | -31.0 | 37.2 | -3968.9 | 34.8 | · | · | |
| EV / Revenue | 4.9 | 4.7 | 4.0 | 3.6 | 3.8 | 3.0 | 3.6 | 2.9 | 2.1 | 2.4 | · | · | |
| Dividend Yield | 2.3% | 2.5% | 2.7% | 2.3% | 2.2% | 3.3% | 4.2% | 3.5% | 3.8% | 4.2% | · | · | |
| Earnings Yield | 4.2% | 5.0% | 4.8% | 5.3% | 8.2% | -8.3% | 4.9% | 2.6% | 14.6% | 4.1% | -8.8% | 6.1% | |
| Payout Ratio | 54.6% | 51.2% | 52.9% | 41.6% | 25.9% | -50.7% | 73.0% | 135.6% | 25.7% | 102.6% | -61.6% | 66.8% | |
| Annual Payout | $574M | $522M | $485M | $440M | $385M | $392M | $577M | $499M | $461M | $443M | $426M | $408M |
Income Statement 13
| 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 | $2.15B | $2.98B | $2.50B | $1.99B | $1.94B | $2.92B | $2.26B | $1.86B | $1.91B | $2.62B | $2.18B | $1.86B | $1.88B | $2.78B | $2.71B | $1.90B | |
| Cost of Revenue | $0 | $1M | $0 | $1M | $2M | $1M | $1M | $1M | $0 | $1M | $1M | $1M | $57M | $40M | $61M | $52M | |
| Operating Expenses | $1.62B | $2.32B | $1.96B | $1.49B | $1.53B | $2.27B | $1.78B | $1.43B | $1.44B | $2.00B | $1.86B | $1.34B | $1.50B | $2.24B | $2.36B | $1.52B | |
| Operating Income | $534M | $658M | $542M | $502M | $417M | $649M | $483M | $424M | $467M | $616M | $321M | $518M | $380M | $541M | $354M | $384M | |
| Other Non-op | $27M | $29M | $19M | $26M | $30M | $10M | $17M | $15M | $10M | $14M | $-2M | $13M | $13M | $13M | $-51M | $8M | |
| Pretax Income | $297M | $409M | $330M | $286M | $253M | $378M | $280M | $245M | $261M | $428M | $117M | $350M | $217M | $403M | $166M | $277M | |
| Income Tax | $53M | $93M | $66M | $-7M | $55M | $81M | $32M | $52M | $33M | $78M | $-75M | $68M | $99M | $78M | $32M | $75M | |
| Net Income | $244M | $316M | $264M | $293M | $198M | $297M | $248M | $193M | $228M | $350M | $192M | $282M | $118M | $325M | $134M | $202M | |
| EPS (Basic) | $0.37 | $0.48 | $0.41 | $0.45 | $0.30 | $0.45 | $0.37 | $0.30 | $0.36 | $0.55 | $0.29 | $0.41 | $0.17 | $0.50 | $0.20 | $0.30 | |
| EPS (Diluted) | $0.37 | $0.48 | $0.40 | $0.45 | $0.30 | $0.45 | $0.37 | $0.30 | $0.36 | $0.55 | $0.31 | $0.40 | $0.17 | $0.49 | $0.19 | $0.30 | |
| Shares (Basic) | 657,000,000 | 653,000,000 | -1,305,000,000 | 653,000,000 | 653,000,000 | 652,000,000 | -1,278,000,000 | 648,000,000 | 641,000,000 | 632,000,000 | -1,261,000,000 | 631,000,000 | 631,000,000 | 630,000,000 | -1,259,000,000 | 630,000,000 | |
| Shares (Diluted) | 666,000,000 | 659,000,000 | -1,307,000,000 | 656,000,000 | 654,000,000 | 653,000,000 | -1,280,000,000 | 648,000,000 | 642,000,000 | 634,000,000 | -1,266,000,000 | 633,000,000 | 633,000,000 | 633,000,000 | -1,264,000,000 | 633,000,000 | |
| EBITDA | $979M | $1.08B | · | $894M | $787M | $1.01B | · | $758M | $853M | $979M | · | $892M | $729M | $860M | · | $713M |
Balance Sheet 27
| 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 | $49M | $639M | $38M | $37M | $93M | $1.25B | $24M | $112M | $66M | $161M | · | $120M | $214M | $114M | · | $114M | |
| Short-term Investments | $404M | $555M | $510M | $579M | $683M | $640M | $561M | $531M | $477M | $458M | · | $566M | $517M | $548M | · | $452M | |
| Receivables | $777M | $872M | $806M | $787M | $798M | $869M | $717M | $701M | $633M | $675M | · | $767M | $638M | $874M | · | $773M | |
| Prepaid Expense | $120M | $125M | $140M | $101M | $102M | $113M | $123M | $96M | $112M | $131M | · | $134M | $155M | $147M | · | $141M | |
| Current Assets | $5.45B | $6.19B | $5.70B | $2.95B | $2.93B | $4.14B | $4.38B | $4.27B | $4.08B | $4.29B | · | $3.02B | $2.80B | $3.14B | · | $4.08B | |
| PP&E (Net) | $35.38B | $34.26B | $34.06B | $34.55B | $33.90B | $33.10B | $32.09B | $31.44B | $30.22B | $29.38B | · | $29.17B | $28.45B | $27.60B | · | $25.91B | |
| PP&E (Gross) | $46.51B | $45.20B | $44.68B | $45.58B | $44.69B | $43.87B | $42.67B | $41.89B | $40.59B | $39.63B | · | $39.62B | $38.77B | $37.85B | · | $36.48B | |
| Accum. Depreciation | $11.13B | $10.94B | $10.62B | $11.03B | $10.79B | $10.77B | $10.58B | $10.45B | $10.37B | $10.25B | · | $10.45B | $10.32B | $10.25B | · | $10.57B | |
| Goodwill | $3.55B | $3.55B | $3.55B | $3.94B | $3.94B | $3.94B | $3.94B | $3.94B | $3.94B | $3.94B | $4.16B | $4.16B | $4.16B | $4.29B | $4.29B | $4.29B | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | $1M | $1M | $37M | · | $40M | |
| Other Non-current Assets | $244M | $228M | $222M | $239M | $237M | $221M | $247M | $235M | $211M | $163M | · | $167M | $186M | $222M | · | $214M | |
| Total Assets | $48.25B | $47.84B | $46.53B | $45.05B | $44.10B | $44.49B | $43.77B | $42.89B | $40.98B | $40.20B | · | $39.00B | $38.10B | $37.75B | · | $36.72B | |
| Accounts Payable | $1.10B | $1.02B | $1.30B | $968M | $903M | $1.04B | $1.32B | $1.68B | $1.06B | $753M | · | $763M | $832M | $934M | · | $1.03B | |
| Short-term Debt | $0 | $0 | $500M | $500M | $500M | $500M | $500M | $0 | $2M | $0 | · | $4M | $2M | $500M | · | $514M | |
| Current Liabilities | $4.86B | $5.31B | $6.26B | $5.74B | $3.69B | $4.44B | $4.04B | $3.84B | $3.41B | $3.43B | · | $3.89B | $3.18B | $3.15B | · | $4.61B | |
| Capital Leases | · | · | $57M | · | · | · | $25M | $13M | $14M | $9M | · | $11M | $12M | $13M | · | $10M | |
| Deferred Tax | $4.86B | $4.69B | $4.60B | $4.55B | $4.52B | $4.48B | $4.39B | $4.38B | $4.32B | $4.29B | · | $4.13B | $4.04B | $3.99B | · | $3.97B | |
| Other Non-current Liabilities | $803M | $781M | $770M | $780M | $843M | $759M | $722M | $786M | $744M | $725M | · | $829M | $833M | $793M | · | $835M | |
| Long-term Debt | · | · | $20.57B | · | · | · | $20.40B | · | · | · | · | · | · | · | · | · | |
| Total Debt | $22.91B | $22.48B | · | $19.90B | $21.06B | $20.86B | · | $19.73B | $18.52B | $18.12B | · | $16.84B | $16.03B | $16.28B | · | $13.95B | |
| Common Stock | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | · | $6M | $6M | $6M | · | $6M | |
| Paid-in Capital | $9.29B | $9.11B | $9.13B | $9.12B | $9.11B | $9.10B | $9.11B | $9.09B | $8.84B | $8.58B | · | $8.58B | $8.57B | $8.56B | · | $8.56B | |
| Retained Earnings | $2.45B | $2.36B | $2.04B | $1.93B | $1.92B | $1.87B | $1.57B | $1.47B | $1.54B | $1.44B | · | $1.03B | $1.03B | $1.03B | · | $719M | |
| AOCI | $-25M | $-26M | $-26M | $-19M | $-17M | $-17M | $-17M | $-30M | $-30M | $-33M | · | $-29M | $-32M | $-32M | $-31M | $-83M | |
| Stockholders' Equity | $11.72B | $11.45B | $11.15B | $11.04B | $11.02B | $10.96B | $10.67B | $10.54B | $10.35B | $10.00B | $9.67B | $9.59B | $10.37B | $10.36B | $10.04B | $9.99B | |
| Liabilities + Equity | $48.25B | $47.84B | $46.53B | $45.05B | $44.10B | $44.49B | $43.77B | $42.89B | $40.98B | $40.20B | · | $39.00B | $38.10B | $37.75B | · | $36.72B | |
| Shares Outstanding | 658,700,905 | 654,163,245 | 652,869,575 | 652,865,523 | 652,814,271 | 652,726,754 | 651,727,276 | 651,721,174 | 641,953,090 | 633,166,053 | 631,000,000 | 631,209,962 | 631,073,571 | 631,018,976 | 630,000,000 | 629,532,024 |
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 | $445M | $423M | $405M | $392M | $370M | $363M | $356M | $334M | $386M | $363M | $359M | $374M | $349M | $319M | $314M | $329M | |
| Deferred Tax | $142M | $78M | $38M | $10M | $29M | $45M | $-17M | $38M | $7M | $193M | $-63M | $72M | $35M | $-13M | $-6M | $3M | |
| Other Non-cash | · | $-535M | · | · | · | $-295M | · | · | · | $-368M | · | · | · | $1.08B | · | · | |
| Operating Cash Flow | $778M | $282M | $774M | $742M | $560M | $410M | $889M | $136M | $576M | $538M | $808M | $587M | $769M | $1.71B | $485M | $347M | |
| CapEx | $1.37B | $1.20B | $1.48B | $1.22B | $1.13B | $1.04B | $2.01B | $844M | $812M | $845M | $1.08B | $1.06B | $1.14B | $1.12B | $1.34B | $1.20B | |
| Investing Cash Flow | $-1.34B | $-1.19B | $-1.41B | $-1.26B | $-1.11B | $-234M | $-1.93B | $-959M | $-756M | $-844M | $-1.04B | $-1.04B | $-999M | $-1.16B | $-1.40B | $-1.17B | |
| Debt Issued | $0 | $3.44B | $862M | $2.12B | $70M | $665M | $1.20B | $1.16B | $1.20B | $398M | $470M | $1.90B | $649M | $3.03B | $0 | $797M | |
| Net Debt Issued | · | $2.69B | · | · | · | $654M | · | · | · | $376M | · | · | · | $990M | · | · | |
| Stock Issued | · | · | $0 | $0 | $0 | $0 | $0 | $247M | $244M | $3M | $0 | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $3M | · | · | · | · | · | · | |
| Dividends Paid | $152M | $150M | $143M | $144M | $144M | $143M | $138M | $130M | $128M | $126M | $126M | $119M | $120M | $120M | $112M | $114M | |
| Financing Cash Flow | $-24M | $1.51B | $644M | $465M | $-613M | $1.05B | $942M | $870M | $83M | $376M | $206M | $355M | $332M | $-519M | $875M | $377M | |
| Taxes Paid | $11M | $0 | $-6M | $-10M | $-2M | $-3M | $-1M | $-4M | $8M | $-12M | $15M | $46M | $155M | $-1M | $81M | $73M | |
| Free Cash Flow | · | $-916M | · | · | · | $-628M | · | · | · | $-307M | · | · | · | $590M | · | · |
Profitability 7
| 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 | 24.8% | 22.1% | · | 25.2% | 21.4% | 22.2% | · | 22.8% | 24.5% | 23.5% | · | 27.9% | 20.3% | 19.5% | · | 20.2% | |
| Net Margin | 11.3% | 10.6% | · | 14.7% | 10.2% | 10.2% | · | 10.4% | 12.0% | 13.4% | · | 15.2% | 6.3% | 11.7% | · | 10.6% | |
| Pretax Margin | 13.8% | 13.8% | · | 14.4% | 13.0% | 13.0% | · | 13.2% | 13.7% | 16.3% | · | 18.8% | 11.6% | 14.5% | · | 14.6% | |
| EBITDA Margin | 45.5% | 36.3% | · | 45.0% | 40.5% | 34.7% | · | 40.8% | 44.8% | 37.4% | · | 48.0% | 38.9% | 30.9% | · | 37.5% | |
| ROA | 0.53% | 0.68% | · | 0.67% | 0.47% | 0.70% | · | 0.47% | 0.58% | 0.90% | · | 0.74% | 0.32% | 0.89% | · | 0.55% | |
| ROE | 2.1% | 2.8% | · | 2.7% | 1.8% | 2.8% | · | 1.9% | 2.2% | 3.4% | · | 2.9% | 1.2% | 3.2% | · | 2.1% | |
| ROIC | 1.3% | 1.5% | · | 1.7% | 1.0% | 1.6% | · | 1.1% | 1.4% | 1.8% | · | 1.6% | 0.78% | 1.6% | · | 1.2% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.2 | · | 0.5 | 0.8 | 0.9 | · | 1.1 | 1.2 | 1.2 | · | 0.8 | 0.9 | 1.0 | · | 0.9 | |
| Quick Ratio | 0.3 | 0.4 | · | 0.2 | 0.4 | 0.6 | · | 0.4 | 0.3 | 0.4 | · | 0.4 | 0.4 | 0.5 | · | 0.3 | |
| Debt / Equity | 2.0 | 2.0 | · | 1.8 | 1.9 | 1.9 | · | 1.9 | 1.8 | 1.8 | · | 1.8 | 1.5 | 1.6 | · | 1.4 | |
| LT Debt / Equity | 2.0 | 2.0 | · | 1.8 | 1.9 | 1.9 | · | 1.9 | 1.8 | 1.8 | · | 1.8 | 1.5 | 1.5 | · | 1.3 |
Efficiency 2
| 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 | 0.1 | · | 0.0 | 0.0 | 0.1 | · | 0.0 | 0.0 | 0.1 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 2.7 | 3.4 | · | 2.7 | 2.7 | 3.8 | · | 2.5 | 3.0 | 3.4 | · | 2.4 | 2.6 | 3.1 | · | 2.7 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.06B | $9.83B | · | $8.71B | $8.62B | $9.30B | · | $8.24B | $8.26B | $9.13B | · | $8.42B | $8.50B | $9.39B | · | $8.36B | |
| Net Income TTM | $1.05B | $1.10B | · | $981M | $916M | $1.07B | · | $1.05B | $978M | $1.07B | · | $927M | $835M | $1.25B | · | $1.14B | |
| Market Cap | $29.01B | $28.23B | · | $25.33B | $23.98B | $23.65B | · | $19.17B | $19.89B | $18.04B | · | $16.95B | $18.40B | $18.59B | · | $17.74B | |
| Enterprise Value | $51.46B | $49.52B | · | $44.62B | $44.27B | $42.62B | · | $38.26B | $37.86B | $35.54B | · | $33.10B | $33.70B | $34.21B | · | $31.12B | |
| P/E | 27.5 | 25.7 | · | 25.9 | 26.1 | 21.8 | · | 18.3 | 20.9 | 17.7 | · | 19.7 | 23.5 | 15.6 | · | 16.4 | |
| P/S | 3.2 | 2.9 | · | 2.9 | 2.8 | 2.5 | · | 2.3 | 2.4 | 2.0 | · | 2.0 | 2.2 | 2.0 | · | 2.1 | |
| P/B | 2.5 | 2.5 | · | 2.3 | 2.2 | 2.2 | · | 1.8 | 1.9 | 1.8 | · | 1.8 | 1.8 | 1.8 | · | 1.8 | |
| P / Tangible Book | 3.6 | 3.6 | · | 3.6 | 3.4 | 3.4 | · | 2.9 | 3.1 | 3.0 | · | 3.1 | 3.0 | 3.1 | · | 3.1 | |
| P / Cash Flow | · | 100.1 | · | · | · | 57.7 | · | · | · | 33.5 | · | · | · | 10.9 | · | · | |
| P / FCF | · | -30.8 | · | · | · | -37.7 | · | · | · | -58.8 | · | · | · | 31.5 | · | · | |
| EV / EBITDA | 52.6 | 45.8 | · | 49.9 | 56.3 | 42.1 | · | 50.5 | 44.4 | 36.3 | · | 37.1 | 46.2 | 39.8 | · | 43.7 | |
| EV / FCF | · | -54.1 | · | · | · | -67.9 | · | · | · | -115.8 | · | · | · | 58.0 | · | · | |
| EV / Revenue | 5.7 | 5.0 | · | 5.1 | 5.1 | 4.6 | · | 4.6 | 4.6 | 3.9 | · | 3.9 | 4.0 | 3.6 | · | 3.7 | |
| Earnings Yield | 3.6% | 3.9% | · | 3.9% | 3.8% | 4.6% | · | 5.5% | 4.8% | 5.7% | · | 5.1% | 4.2% | 6.4% | · | 6.1% | |
| Payout Ratio | · | 47.5% | · | · | · | 48.1% | · | · | · | 36.0% | · | · | · | 36.9% | · | · |
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 | |
|---|---|---|---|---|---|
| Revenue | $9.36B | $8.64B | $8.70B | $9.32B | $8.35B |
| Operating Margin % | 22.6% | 23.0% | 20.2% | 16.8% | 16.3% |
| Net Income | $1.05B | $1.02B | $917M | $1.06B | $1.49B |
| Diluted EPS | $1.60 | $1.58 | $1.37 | $1.59 | $2.28 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.9 | 2.0 | 1.8 | 1.5 | 1.7 |
| Current Ratio | 0.9 | 1.1 | 0.8 | 0.9 | 1.7 |
| Quick Ratio | 0.2 | 0.3 | 0.3 | 0.3 | 0.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-2.38B | $-2.37B | $-524M | $-2.61B | $-3.14B |
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 918 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 |
|---|---|---|---|---|
| 115 (-22 vs prior Q) | 65 (+2 vs prior Q) | 327 (+58 vs prior Q) | 224 (-24 vs prior Q) | +103.8M |
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 |
|---|---|---|---|---|
| Capital Research Global Investors | $3,143,883,513 | 71,382,073 | 14.26% | Shares |
| VANGUARD GROUP INC | $2,898,247,965 | 75,593,322 | 13.14% | Shares |
| Capital International Investors | $1,944,792,495 | 44,148,583 | 8.82% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,882,177,909 | 42,737,918 | 8.54% | Shares |
| STATE STREET CORP | $1,635,065,769 | 37,126,834 | 7.41% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,495,982,473 | 33,968,721 | 6.78% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $667,444,354 | 15,223,802 | 3.03% | Shares |
| FMR LLC | $484,515,171 | 11,001,707 | 2.20% | Shares |
| NEUBERGER BERMAN GROUP LLC | $446,732,086 | 10,143,182 | 2.03% | Shares |
| NORGES BANK | $410,027,197 | 9,310,336 | 1.86% | Shares |
| JENNISON ASSOCIATES LLC | $325,532,847 | 7,391,754 | 1.48% | Shares |
| Pictet Asset Management Holding SA | $286,031,520 | 6,494,812 | 1.30% | Shares |
| Capital World Investors | $281,201,389 | 6,385,136 | 1.28% | Shares |
| BANK OF AMERICA CORP /DE/ | $260,335,086 | 5,911,333 | 1.18% | Shares |
| AMERICAN CENTURY COMPANIES INC | $245,344,192 | 5,570,939 | 1.11% | Shares |
| REAVES W H & CO INC | $200,403,888 | 4,550,497 | 0.91% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $199,693,435 | 4,534,365 | 0.91% | Shares |
| GQG Partners LLC | $176,573,746 | 4,009,382 | 0.80% | Shares |
| Brookfield Corp /ON/ | $175,560,175 | 3,986,380 | 0.80% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $161,804,281 | 3,674,030 | 0.73% | Shares |
| CITADEL ADVISORS LLC | $155,333,968 | 3,527,111 | 0.70% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $150,638,292 | 3,420,488 | 0.68% | Shares |
| Merewether Investment Management, LP | $131,400,298 | 2,983,658 | 0.60% | Shares |
| Artemis Investment Management LLP | $121,385,162 | 2,756,248 | 0.55% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $120,710,811 | 2,740,937 | 0.55% | Shares |
| ONTARIO TEACHERS PENSION PLAN BOARD | $106,170,575 | 2,410,776 | 0.48% | Shares |
| GOLDMAN SACHS GROUP INC | $102,945,400 | 2,337,543 | 0.47% | Shares |
| Squarepoint Ops LLC | $96,036,883 | 2,180,674 | 0.44% | Shares |
| RAYMOND JAMES FINANCIAL INC | $92,518,828 | 2,100,791 | 0.42% | Shares |
| Energy Income Partners, LLC | $84,817,429 | 1,925,918 | 0.38% | Shares |
| UniSuper Management Pty Ltd | $84,248,784 | 1,913,006 | 0.38% | Shares |
| BlackRock, Inc. | $81,594,582 | 1,852,738 | 0.37% | Shares |
| Swiss National Bank | $81,099,660 | 1,841,500 | 0.37% | Shares |
| TWO SIGMA INVESTMENTS, LP | $79,967,127 | 1,815,784 | 0.36% | Shares |
| Rare Infrastructure Ltd | $70,925,064 | 1,930,459 | 0.32% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $69,974,936 | 1,588,895 | 0.32% | Shares |
| Legal & General Group Plc | $68,592,607 | 1,557,507 | 0.31% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $62,152,551 | 1,411,275 | 0.28% | Shares |
| Vanguard Global Advisers, LLC | $62,147,178 | 1,411,153 | 0.28% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $61,913,194 | 1,405,840 | 0.28% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $58,712,895 | 1,333,172 | 0.27% | Shares |
| RHUMBLINE ADVISERS | $58,482,992 | 1,327,954 | 0.27% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $57,964,083 | 1,316,169 | 0.26% | Shares |
| Nuveen, LLC | $52,285,609 | 1,187,230 | 0.24% | Shares |
| California Public Employees Retirement System | $51,273,790 | 1,164,255 | 0.23% | Shares |
| MILLENNIUM MANAGEMENT LLC | $48,833,974 | 1,108,855 | 0.22% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $48,474,784 | 1,100,699 | 0.22% | Shares |
| Gotham Asset Management, LLC | $46,069,671 | 1,046,087 | 0.21% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $45,848,459 | 1,041,064 | 0.21% | Shares |
| National Pension Service | $42,771,780 | 971,203 | 0.19% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $40,478,661 | 919,134 | 0.18% | Shares |
| Capital International, Inc./CA/ | $38,234,867 | 868,185 | 0.17% | Shares |
| Life Cycle Investment Partners Ltd | $37,095,420 | 842,312 | 0.17% | Shares |
| Russell Investments Group, Ltd. | $32,879,471 | 746,582 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $32,693,225 | 757,489 | 0.15% | Shares |
| Clearbridge Investments, LLC | $32,578,502 | 739,748 | 0.15% | Shares |
| Boston Partners | $31,923,800 | 724,882 | 0.14% | Shares |
| Stack Financial Management, Inc | $31,623,761 | 718,069 | 0.14% | Shares |
| BANK OF MONTREAL /CAN/ | $31,472,966 | 714,645 | 0.14% | Shares |
| BARCLAYS PLC | $31,192,651 | 708,280 | 0.14% | Shares |
| Magellan Asset Management Ltd | $30,732,213 | 697,825 | 0.14% | Shares |
| CI INVESTMENTS INC. | $30,425,034 | 690,850 | 0.14% | Shares |
| Aberdeen Group plc | $30,191,798 | 685,554 | 0.14% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $29,966,705 | 669,049 | 0.14% | Shares |
| Tredje AP-fonden | $29,178,922 | 662,555 | 0.13% | Shares |
| Maryland State Retirement & Pension System | $28,805,991 | 654,087 | 0.13% | Shares |
| Vanguard Investments Australia, Ltd. | $28,666,297 | 650,915 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $28,552,879 | 648,340 | 0.13% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $28,468,953 | 646,434 | 0.13% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $28,093,028 | 637,898 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $28,073,595 | 650,454 | 0.13% | Shares |
| Alyeska Investment Group, L.P. | $25,379,503 | 576,283 | 0.12% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $24,772,280 | 562,495 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $23,515,246 | 533,952 | 0.11% | Shares |
| Aventail Capital Group, LP | $23,477,856 | 533,103 | 0.11% | Shares |
| Ceredex Value Advisors LLC | $23,226,696 | 527,400 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $22,568,915 | 512,464 | 0.10% | Shares |
| NOMURA HOLDINGS INC | $21,127,750 | 479,740 | 0.10% | Shares |
| ARIEL INVESTMENTS, LLC | $20,264,213 | 460,132 | 0.09% | Shares |
| D. E. Shaw & Co., Inc. | $20,183,620 | 458,302 | 0.09% | Shares |
| APG Asset Management N.V. | $19,283,919 | 500,620 | 0.09% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $19,132,959 | 434,445 | 0.09% | Shares |
| Nuveen Asset Management, LLC | $19,069,825 | 601,003 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $18,983,002 | 431,040 | 0.09% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $18,971,463 | 430,778 | 0.09% | Shares |
| Asset Management One Co., Ltd. | $18,898,340 | 437,867 | 0.09% | Shares |
| MACQUARIE GROUP LTD | $18,871,624 | 428,511 | 0.09% | Shares |
| LPL Financial LLC | $18,690,701 | 424,403 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $18,672,960 | 424,000 | 0.08% | Call option |
| BW Gestao de Investimentos Ltda. | $16,932,103 | 384,471 | 0.08% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $16,686,217 | 386,613 | 0.08% | Shares |
| SHELTON CAPITAL MANAGEMENT | $16,639,591 | 377,829 | 0.08% | Shares |
| Dana Investment Advisors, Inc. | $16,465,846 | 373,884 | 0.07% | Shares |
| MIZUHO MARKETS AMERICAS LLC | $16,453,344 | 373,600 | 0.07% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $16,431,897 | 373,113 | 0.07% | Shares |
| TD Asset Management Inc | $16,092,921 | 365,416 | 0.07% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $15,927,023 | 361,649 | 0.07% | Shares |
| Quantinno Capital Management LP | $15,769,175 | 358,064 | 0.07% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $15,314,512 | 340,020 | 0.07% | Shares |
| Taikang Asset Management (Hong Kong) Co Ltd | $14,253,942 | 323,659 | 0.06% | Shares |
Company insiders 66 insiders · 34 officers · 33 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jason P. Wells | President & CEO | April 29, 2025 I | 1,961 | 0 | 0 | $0 |
| David J Lesar | Former CEO | March 13, 2024 J | 687,244 | 0 | 0 | $0 |
| John W Somerhalder II | Interim President and CEO | June 1, 2020 A | 148,477 | 0 | 0 | $0 |
| Scott M Prochazka | President & CEO | Feb. 3, 2020 S | 359,169 | 0 | 0 | $0 |
| David M Mcclanahan | President and CEO | Dec. 3, 2013 M | 987,679 | 0 | 0 | $0 |
| David G Tees | Pres & CEO Texas Genco | Jan. 25, 2005 A | 18,209 | 0 | 0 | $0 |
| Christopher A Foster | EVP and CFO | May 5, 2025 F | 133,503 | 0 | 0 | $0 |
| William D Rogers | EVP & Chief Financial Officer | Feb. 28, 2019 F | 130,637 | 0 | 0 | $0 |
| Gary L Whitlock | EVP & Chief Financial Officer | Feb. 26, 2015 F | 414,291 | 0 | 0 | $0 |
| Kristie Colvin | SVP and CAO | Feb. 24, 2025 S | 0 | 0 | 0 | $0 |
| Richard C Leger | SVP Natural Gas Business | Feb. 20, 2025 F | 45,946 | 0 | 0 | $0 |
| Darin M Carroll | SVP Electric Business | Feb. 20, 2025 F | 41,187 | 0 | 0 | $0 |
| Monica Karuturi | EVP and General Counsel | Feb. 20, 2025 F | 179,290 | 0 | 0 | $0 |
| Jason Michael Ryan | EVP, Reg. Svcs. & Gov. Affairs | Feb. 20, 2025 F | 161,900 | 0 | 0 | $0 |
| Lynnae K Wilson | SVP Electric Business | Feb. 20, 2024 F | 42,370 | 0 | 0 | $0 |
| Lynne Louise Harkel-Rumford | EVP and Chief HR Officer | Feb. 20, 2024 F | 99,615 | 0 | 0 | $0 |
| Kara Gostenhofer Ryan | Vice President and CAO | Feb. 21, 2023 F | 7,859 | 0 | 0 | $0 |
| Gregory E. Knight | EVP Cust. Trans. & Bus. Svcs. | Aug. 17, 2022 F | 58,313 | 0 | 0 | $0 |
| Scott Edward Doyle | EVP | Feb. 22, 2022 F | 90,441 | 0 | 0 | $0 |
| Stacey Lynn Peterson | SVP and CAO | Feb. 15, 2022 A | 15,818 | 0 | 0 | $0 |
| Milton Carroll | Executive Chairman | July 1, 2021 F | 249,431 | 0 | 0 | $0 |
| Kenneth M Mercado | EVP | March 2, 2021 F | 86,272 | 0 | 0 | $0 |
| Xia Liu | Senior Advisor | April 22, 2020 F | 47,835 | 0 | 0 | $0 |
| Joseph John Vortherms | Senior VP | Feb. 27, 2020 F | 28,818 | 0 | 0 | $0 |
| Susan B Ortenstone | SVP and Chief HR Officer | Feb. 27, 2020 F | 67,154 | 0 | 0 | $0 |
| Tracy B Bridge | Exec VP - Div Pres | Feb. 21, 2020 F | 151,194 | 0 | 0 | $0 |
| Dana C. O'Brien | SVP & Gen Counsel | Feb. 28, 2019 F | 80,255 | 0 | 0 | $0 |
| Joseph B Mcgoldrick | Exec VP - Div Pres | March 1, 2017 F | 104,620 | 0 | 0 | $0 |
| Walter L. Fitzgerald | Sr VP and CAO | Sept. 2, 2014 D | 102,465 | 0 | 0 | $0 |
| Scott E Rozzell | EVP | July 16, 2014 D | 322,952 | 0 | 0 | $0 |
| Gregory C Harper | Sr. VP & Group Pres. | Feb. 27, 2013 F | 55,392 | 0 | 0 | $0 |
| Byron R Kelley | Sr. VP and Grp Pres Pipelines | Feb. 21, 2008 F | 11,378 | 0 | 0 | $0 |
| James S Brian | Senior VP & CAO | Dec. 1, 2007 D | 74,880 | 0 | 0 | $0 |
| Stephen C Schaeffer | Former EVP and Group President | Dec. 1, 2004 A | 91,764 | 0 | 0 | $0 |
| Laurie Lee Fitch | Director | Aug. 17, 2026 P | 12,395 | 1 | 0 | $40,700 |
| Dean Seavers | Director | May 1, 2026 A | 10,361 | 0 | 0 | $0 |
| Manuel Benito Miranda | Director | May 1, 2025 A | 4,534 | 0 | 0 | $0 |
| Thaddeus J. Malik | Director | May 1, 2025 A | 14,118 | 0 | 0 | $0 |
| Wooten Lewis Raquelle | Director | May 1, 2025 A | 24,621 | 0 | 0 | $0 |
| Wendolynn Montoya Cloonan | Director | May 1, 2025 A | 27,349 | 0 | 0 | $0 |
| Phillip R Smith | Director | May 1, 2025 A | 71,777 | 0 | 0 | $0 |
| Barbara J Duganier | Director | May 1, 2025 A | 10,332 | 0 | 0 | $0 |
| Barry T Smitherman | Director | May 3, 2024 S | 21,203 | 0 | 0 | $0 |
| Ricky Anthony Raven | Director | May 1, 2024 A | 9,584 | 0 | 0 | $0 |
| Earl M Cummings | Director | May 1, 2024 A | 30,802 | 0 | 0 | $0 |
| Martin H. Nesbitt | Director | May 1, 2023 A | 17,017 | 0 | 0 | $0 |
| Leslie D. Biddle | Director | May 3, 2021 A | 40,443 | 0 | 0 | $0 |
| Susan Rheney | Director | May 1, 2020 A | 65,928 | 0 | 0 | $0 |
| Scott J Mclean | Director | May 1, 2020 A | 39,928 | 0 | 0 | $0 |
| Peter S Wareing | Director | May 1, 2019 A | 76,815 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| CenterPoint Energy, Inc., CenterPoint Energy Midstream, Inc. ×14 filings | Dec. 3, 2021 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 174 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 | 6.31% | 2,295,832 NS | April 30, 2026 | N-PORT |
| TPZ · Tortoise Capital Series Trust | 3.61% | 109,836 NS | May 31, 2026 | N-PORT |
| RSPU · Invesco Exchange-Traded Fund Trust | 3.09% | 404,642 SH | Aug. 8, 2026 | Daily |
| PJFV · PGIM ETF Trust | 2.83% | 57,793 NS | May 29, 2026 | N-PORT |
| PUI · Invesco Exchange-Traded Fund Trust | 2.63% | 35,248 SH | Aug. 8, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | 1.83% | 4,469,517 SH | Aug. 8, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 1.78% | 1,000,283 NS | April 30, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 1.74% | 172,329 NS | April 30, 2026 | N-PORT |
| FXU · First Trust Exchange-Traded AlphaDE… | 1.68% | 345,407 NS | April 30, 2026 | N-PORT |
| IDU · iShares Trust | 1.67% | 557,974 SH | Aug. 8, 2026 | Daily |
| CGCV · Capital Group Conservative Equity E… | 1.58% | 656,191 NS | May 31, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 1.54% | 15,838 NS | April 30, 2026 | N-PORT |
| NBGX · Neuberger Berman ETF Trust | 1.51% | 5,348 NS | May 31, 2026 | N-PORT |
| UPW · ProShares Trust | 1.49% | 6,789 NS | May 31, 2026 | N-PORT |
| EIPI · First Trust Exchange-Traded Fund VI… | 1.44% | 359,461 NS | May 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.36% | 29,963 NS | April 30, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 1.34% | 1,250,284 NS | April 30, 2026 | N-PORT |
| TOLZ · ProShares Trust | 1.27% | 52,301 NS | May 31, 2026 | N-PORT |
| UTSL · Direxion Shares ETF Trust | 1.22% | 12,117 NS | April 30, 2026 | N-PORT |
| JXI · iShares Trust | 1.20% | 89,958 SH | Aug. 8, 2026 | Daily |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.12% | 1,983,972 SH | Aug. 8, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 1.06% | 514 NS | April 30, 2026 | N-PORT |
| CGDG · Capital Group Dividend Growers ETF | 1.04% | 1,246,580 NS | May 31, 2026 | N-PORT |
| POWR · iShares, Inc. | 1.03% | 115,370 SH | Aug. 8, 2026 | Daily |
| FPWR · First Trust Exchange-Traded Fund IV | 0.96% | 5,904 NS | April 30, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 0.90% | 15,029 NS | April 30, 2026 | N-PORT |
| CGUS · Capital Group Core Equity ETF | 0.90% | 2,296,173 NS | May 31, 2026 | N-PORT |
| IFRA · iShares Trust | 0.74% | 839,835 SH | Aug. 8, 2026 | Daily |
| VRP · Invesco Exchange-Traded Fund Trust … | 0.72% | 21,014,000 | Aug. 8, 2026 | Daily |
| LSEQ · Harbor ETF Trust | 0.70% | 2,451 NS | April 30, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 0.69% | 83,998 NS | April 30, 2026 | N-PORT |
| DVY · iShares Trust | 0.66% | 3,801,992 SH | Aug. 8, 2026 | Daily |
| CGGE · Capital Group Global Equity ETF | 0.63% | 416,357 NS | May 31, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.59% | 56,212 SH | Aug. 8, 2026 | Daily |
| SPVM · Invesco Exchange-Traded Fund Trust | 0.57% | 18,249 SH | Aug. 8, 2026 | Daily |
| IQRA · New York Life Investments Active ET… | 0.53% | 834 NS | April 30, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.50% | 4,193,855 SH | Aug. 8, 2026 | Daily |
| TEXN · iShares Trust | 0.46% | 1,901 SH | Aug. 8, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.42% | 18,796 NS | May 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.36% | 14,781 NS | April 30, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.33% | 11,598,000 | Aug. 8, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.28% | 14,147,699 SH | Aug. 8, 2026 | Daily |
| GTO · Invesco Actively Managed Exchange-T… | 0.27% | 8,031,000 | Aug. 8, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 128,090 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.25% | 987,180 SH | Aug. 8, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.25% | 7,162,000 | Aug. 8, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.25% | 85,392 NS | April 30, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.24% | 1,497 NS | March 31, 2026 | N-PORT |
| VGMS · VANGUARD MALVERN FUNDS | 0.21% | 550,000 PA | Aug. 8, 2026 | Daily |
| DEUS · DBX ETF Trust | 0.20% | 13,134 NS | May 29, 2026 | N-PORT |