DBX Dropbox, Inc. - Class A Common Stock
$34.17
Price · Aug 18, 2026
Fundamentals as of Aug 7, 2026
52W Range
$22–$36
85% of range
Analyst Rating
SELL
16 analysts
Price Target
$31
P/E (TTM)
17.4
ROE
-32.8%
Net Profit Margin
20.2%
About Dropbox, Inc. - Class A Common Stock Company overview from Wikipedia
DBX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$34.17
Market Cap
$7.87B
P/E (TTM)
17.4
EPS (TTM)
$1.86
Revenue (TTM)
$2.52B
Div Yield
—
ROE
-32.8%
Debt/Equity
—
52W Range
$22 – $36
DBX 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
$2.52B
2016-12-31
→
2025-12-31
EPS
$1.86
2019-12-31
→
2025-12-31
Free Cash Flow
$931M
2018-12-31
→
2025-12-31
Margins
20.2%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
DBX
Peer Median
P/E (TTM)
17.4
31.0
P/S (TTM)
3.1
8.9
P/B
-4.4
9.0
Price / FCF
8.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
DBX
Peer Median
Gross Margin
80.1%
79.7%
Operating Margin
27.3%
—
Net Profit Margin
20.2%
14.8%
ROA
16.5%
-3.7%
ROE
-32.8%
-6.5%
ROIC
-31.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
DBX
Peer Median
Current Ratio
0.6
1.3
Quick Ratio
0.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
DBX
Peer Median
Revenue YoY
-1.1%
—
Revenue CAGR 3Y
2.7%
—
Revenue CAGR 5Y
5.7%
—
EPS YoY
32.9%
—
Net Income YoY
12.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
DBX
Peer Median
DBX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
16 analysts
- Strong Buy 0 0.0%
- Buy 1 6.2%
- Hold 6 37.5%
- Sell 7 43.8%
- Strong Sell 2 12.5%
12-Month Price Target
6 analysts · 2026-08-13
Median
$31.50
Now
$34.17
Low
$21.00
High
$42.00
Median target
$31.50
-7.8%
Mean target
$30.67
-10.3%
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 | $0.75 | $0.74 | 0.01% |
| March 31, 2026 | $0.76 | $0.70 | 0.06% |
| Dec. 31, 2025 | $0.68 | $0.68 | -0.00% |
| Sept. 30, 2025 | $0.74 | $0.65 | 0.09% |
| June 30, 2025 | $0.71 | $0.64 | 0.07% |
| March 31, 2025 | $0.70 | $0.63 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DBX | $6.75B | 14.9 | -1.1% | 20.2% | -32.8% | 80.1% |
| QBTS | $9.38B | -23.6 | 178.5% | -1444.1% | -45.9% | 82.6% |
| CIFR | $5.98B | -6.9 | 48.0% | -367.2% | -105.8% | — |
| YOU | — | — | 16.9% | 12.1% | 58.1% | — |
| RIOT | $4.71B | -6.5 | 71.9% | -102.4% | -21.6% | — |
| APPF | — | 60.0 | 19.7% | 14.8% | 28.2% | — |
| CORZ | — | — | — | — | — | — |
| ACIW | $4.91B | 22.1 | 10.4% | 12.9% | 15.6% | — |
| RNG | — | 60.2 | 4.8% | — | — | — |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B | $1.91B | $1.66B | $1.39B | $1.11B | |
| Cost of Revenue | $501M | $445M | $478M | $444M | $444M | $415M | $411M | $395M | $369M | |
| Gross Profit | $2.02B | $2.10B | $2.02B | $1.88B | $1.71B | $1.50B | $1.25B | $997M | $738M | |
| R&D Expense | $732M | $915M | $936M | $892M | $756M | $728M | $662M | $768M | $380M | |
| SG&A Expense | $230M | $241M | $237M | $223M | $225M | $228M | $245M | $283M | $157M | |
| Operating Expenses | $1.33B | $1.62B | $1.48B | $1.70B | $1.44B | $1.78B | $1.33B | $1.49B | $852M | |
| Operating Income | $689M | $486M | $539M | $181M | $274M | $-277M | $-80M | $-494M | $-114M | |
| Other Non-op | $7M | $10M | $-4M | $8M | $30M | $25M | $16M | $7M | $13M | |
| Pretax Income | $618M | $510M | $554M | $193M | $299M | $-250M | $-52M | $-480M | $-112M | |
| Income Tax | $109M | $58M | $101M | $-360M | $-36M | $6M | $700.0K | $5M | $200.0K | |
| Net Income | $508M | $452M | $454M | $553M | $336M | $-256M | $-53M | $-485M | $-112M | |
| EPS (Basic) | $1.89 | $1.42 | $1.33 | $1.53 | $0.87 | $-0.62 | $-0.13 | · | · | |
| EPS (Diluted) | $1.86 | $1.40 | $1.31 | $1.52 | $0.85 | $-0.62 | $-0.13 | · | · | |
| Shares (Basic) | 268,300,000 | 318,200,000 | 341,200,000 | 361,200,000 | 388,000,000 | 414,300,000 | 411,600,000 | · | · | |
| Shares (Diluted) | 272,800,000 | 323,400,000 | 345,600,000 | 363,300,000 | 395,800,000 | 414,300,000 | 411,600,000 | · | · | |
| EBITDA | $689M | $486M | $539M | $181M | $274M | $-277M | $-80M | $-494M | · |
Balance Sheet 23
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $891M | $1.33B | $615M | $233M | $533M | $315M | $551M | $519M | $430M | |
| Receivables | $79M | $70M | $69M | $54M | $50M | $43M | $37M | $29M | $29M | |
| Prepaid Expense | $73M | $74M | $92M | $93M | $82M | $63M | $48M | $92M | $59M | |
| Current Assets | $1.19B | $1.74B | $1.52B | $1.49B | $1.85B | $1.23B | $1.24B | $1.21B | $518M | |
| PP&E (Net) | $378M | $359M | $309M | $308M | $322M | $339M | $445M | $311M | $342M | |
| PP&E (Gross) | $938M | $943M | $896M | $812M | $775M | $790M | $1.03B | $874M | $847M | |
| Accum. Depreciation | $559M | $584M | $586M | $504M | $453M | $452M | $587M | $564M | $505M | |
| Goodwill | $455M | $443M | $402M | $403M | $357M | $237M | $234M | $96M | $99M | |
| Intangibles | $34M | $55M | $58M | $88M | $54M | $34M | $47M | $15M | $17M | |
| Other Non-current Assets | $101M | $105M | $53M | $61M | $54M | $80M | $71M | $62M | $44M | |
| Total Assets | $2.84B | $3.33B | $2.98B | $3.11B | $3.09B | $2.39B | $2.70B | $1.69B | $1.02B | |
| Accounts Payable | $24M | $36M | $38M | $39M | $26M | $19M | $41M | $33M | $32M | |
| Current Liabilities | $1.89B | $1.21B | $1.20B | $1.20B | $1.18B | $1.09B | $1.01B | $838M | $738M | |
| Capital Leases | $356M | $250M | $311M | $585M | $632M | $760M | $712M | $90M | $72M | |
| Other Non-current Liabilities | $68M | $68M | $91M | $112M | $39M | $34M | $26M | $90M | $37M | |
| Total Liabilities | $4.64B | $4.08B | $3.15B | $3.42B | $3.39B | $2.05B | $1.89B | $1.02B | $917M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Paid-in Capital | $2.01B | $2.40B | $2.60B | $2.51B | $2.45B | $2.56B | $2.53B | $2.34B | $533M | |
| Retained Earnings | $-3.82B | $-3.15B | $-2.74B | $-2.77B | $-2.74B | $-2.24B | $-1.73B | $-1.66B | $-1.05B | |
| AOCI | $6M | $-10M | $-22M | $-49M | $-3M | $11M | $3M | $-1M | $4M | |
| Stockholders' Equity | $-1.80B | $-752M | $-166M | $-309M | $-294M | $334M | $808M | $677M | $103M | |
| Liabilities + Equity | $2.84B | $3.33B | $2.98B | $3.11B | $3.09B | $2.39B | $2.70B | $1.69B | $1.02B | |
| Shares Outstanding | 242,900,000 | 295,900,000 | 336,700,000 | 349,400,000 | 375,500,000 | 405,700,000 | 417,000,000 | · | · |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $301M | $346M | $338M | $331M | $287M | $262M | $261M | $650M | $165M | |
| Deferred Tax | $52M | $-5M | $38M | $-396M | $-38M | $-2M | · | · | · | |
| Amort. of Intangibles | $26M | $28M | $30M | $16M | $16M | $14M | $14M | $6M | $10M | |
| Operating Cash Flow | $952M | $894M | $784M | $797M | $730M | $571M | $528M | $425M | $330M | |
| CapEx | $21M | $22M | $24M | $34M | $22M | $80M | $136M | $63M | $25M | |
| Investing Cash Flow | $112M | $444M | $395M | $-48M | $-525M | $-234M | $-320M | $-634M | $-24M | |
| Stock Issued | $100.0K | $900.0K | $2M | $500.0K | $7M | $2M | $2M | $26M | $500.0K | |
| Stock Repurchased | $1.71B | $1.24B | $540M | $795M | $1.06B | $398M | $0 | $0 | · | |
| Net Stock Activity | $-1.71B | $-1.24B | $-537M | $-795M | $-1.05B | $-395M | $2M | $26M | · | |
| Financing Cash Flow | $-1.53B | $-587M | $-799M | $-1.04B | $16M | $-578M | $-177M | $301M | $-232M | |
| Net Change in Cash | $-455M | $746M | $382M | $-300M | $218M | $-236M | $32M | $89M | $77M | |
| Taxes Paid | $57M | $61M | $68M | $28M | $4M | $5M | $600.0K | $1M | $3M | |
| Free Cash Flow | $931M | $872M | $759M | $764M | $708M | $491M | $392M | $362M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% | 75.3% | 71.6% | · | |
| Operating Margin | 27.3% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% | -4.9% | -35.5% | · | |
| Net Margin | 20.2% | 17.8% | 18.1% | 23.8% | 15.6% | -13.4% | -3.2% | -34.8% | · | |
| Pretax Margin | 24.5% | 20.0% | 22.2% | 8.3% | 13.9% | -13.1% | -3.1% | -34.5% | · | |
| EBITDA Margin | 27.3% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% | -4.9% | -35.5% | · | |
| ROA | 16.5% | 14.3% | 14.9% | 17.8% | 12.3% | -10.1% | -2.4% | -35.7% | · | |
| ROE | -32.8% | -69.7% | -175.8% | -122.8% | -147.1% | -43.2% | -6.7% | -73.5% | · | |
| ROIC | -31.6% | -57.3% | -265.8% | -168.2% | -104.8% | -85.0% | -10.1% | -73.7% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 1.4 | 1.3 | 1.2 | 1.6 | 1.1 | 1.2 | 1.4 | · | |
| Quick Ratio | 0.5 | 1.2 | 0.6 | 0.2 | 0.5 | 0.3 | 0.6 | 0.7 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.8 | 0.7 | 0.8 | 0.8 | 0.8 | 1.0 | · | |
| Receivables Turnover | 33.7 | 36.6 | 40.8 | 45.0 | 46.4 | 47.8 | 50.9 | 48.1 | · |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.1% | 1.9% | 7.6% | 7.7% | 12.8% | · | · | · | · | |
| Revenue CAGR 3Y | 2.7% | 5.7% | 9.3% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.7% | · | · | · | · | · | · | · | · | |
| EPS YoY | 32.9% | 6.9% | -13.8% | 78.8% | · | · | · | · | · | |
| EPS CAGR 3Y | 7.0% | 18.1% | · | · | · | · | · | · | · | |
| Net Income YoY | 12.4% | -0.29% | -18.0% | 64.7% | · | · | · | · | · | |
| Net Income CAGR 3Y | -2.8% | 10.4% | · | · | · | · | · | · | · |
Valuation (TTM) 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B | $1.91B | $1.66B | $1.39B | · | |
| Net Income TTM | $508M | $452M | $454M | $553M | $336M | $-256M | $-53M | $-485M | · | |
| Market Cap | $6.75B | $8.89B | $9.93B | $7.82B | · | · | · | · | · | |
| P/E | 14.9 | 21.5 | 22.5 | 14.7 | 28.9 | -35.8 | -137.8 | · | · | |
| P/S | 2.7 | 3.5 | 4.0 | 3.4 | · | · | · | · | · | |
| P/B | -3.8 | -11.8 | -59.9 | -25.3 | · | · | · | · | · | |
| P / Cash Flow | 7.1 | 9.9 | 12.7 | 9.8 | · | · | · | · | · | |
| P / FCF | 7.3 | 10.2 | 13.1 | 10.2 | · | · | · | · | · | |
| Earnings Yield | 6.7% | 4.7% | 4.4% | 6.8% | 3.5% | -2.8% | -0.73% | · | · |
Income Statement 16
| 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 | $632M | $630M | $636M | $634M | $626M | $625M | $644M | $639M | $634M | $631M | $635M | $633M | $622M | $611M | $599M | $591M | |
| Cost of Revenue | $125M | $128M | $132M | $128M | $124M | $117M | $121M | $112M | $107M | $106M | $122M | $120M | $120M | $117M | $116M | $110M | |
| Gross Profit | $506M | $501M | $504M | $506M | $502M | $508M | $523M | $527M | $528M | $526M | $513M | $513M | $502M | $494M | $483M | $481M | |
| R&D Expense | $188M | $184M | $187M | $182M | $184M | $178M | $243M | $226M | $227M | $219M | $222M | $216M | $263M | $235M | $238M | $228M | |
| SG&A Expense | $64M | $58M | $60M | $58M | $59M | $54M | $63M | $63M | $61M | $54M | $61M | $60M | $60M | $56M | $57M | $57M | |
| Operating Expenses | $342M | $329M | $342M | $331M | $334M | $324M | $435M | $400M | $400M | $382M | $246M | $383M | $446M | $410M | $563M | $392M | |
| Operating Income | $165M | $173M | $162M | $175M | $168M | $184M | $88M | $128M | $127M | $144M | $267M | $131M | $56M | $84M | $-80M | $89M | |
| Other Non-op | $3M | $5M | $6M | $3M | $-2M | $300.0K | $6M | $1M | $2M | $300.0K | $-2M | $-200.0K | $-1M | $-400.0K | $-2M | $7M | |
| Pretax Income | $118M | $141M | $143M | $157M | $148M | $170M | $92M | $133M | $134M | $151M | $272M | $136M | $59M | $88M | $-78M | $98M | |
| Income Tax | $22M | $27M | $34M | $33M | $22M | $19M | $-10M | $26M | $23M | $19M | $45M | $21M | $16M | $19M | $-407M | $15M | |
| Net Income | $96M | $114M | $109M | $124M | $126M | $150M | $103M | $107M | $110M | $132M | $227M | $114M | $43M | $69M | $328M | $83M | |
| EPS (Basic) | $0.43 | $0.49 | $0.44 | $0.47 | $0.46 | $0.52 | $0.34 | $0.34 | $0.34 | $0.40 | $0.66 | $0.34 | $0.13 | $0.20 | $0.91 | $0.23 | |
| EPS (Diluted) | $0.42 | $0.48 | $0.43 | $0.47 | $0.45 | $0.51 | $0.33 | $0.34 | $0.34 | $0.39 | $0.65 | $0.33 | $0.13 | $0.20 | $0.91 | $0.23 | |
| Shares (Basic) | 224,800,000 | 235,200,000 | -555,500,000 | 261,100,000 | 272,400,000 | 290,300,000 | -653,500,000 | 314,500,000 | 322,400,000 | 334,800,000 | -686,500,000 | 339,200,000 | 341,400,000 | 347,100,000 | -731,700,000 | 358,100,000 | |
| Shares (Diluted) | 226,800,000 | 236,700,000 | -564,700,000 | 265,100,000 | 276,700,000 | 295,700,000 | -657,400,000 | 316,400,000 | 323,700,000 | 340,700,000 | -693,000,000 | 346,000,000 | 343,800,000 | 348,800,000 | -735,400,000 | 360,100,000 | |
| EBITDA | $165M | $173M | · | $175M | $168M | $184M | · | $128M | $127M | $144M | · | $131M | $56M | $84M | · | $89M |
Balance Sheet 23
| 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 | $1.06B | $1.21B | $891M | $731M | $736M | $942M | $1.33B | $518M | $515M | $549M | $615M | $604M | $510M | $333M | $233M | $372M | |
| Receivables | $76M | $75M | $79M | $74M | $76M | $72M | $70M | $70M | $67M | $67M | · | $64M | $60M | $58M | · | $50M | |
| Prepaid Expense | $76M | $85M | $73M | $84M | $83M | $83M | $74M | $85M | $102M | $97M | · | $94M | $93M | $89M | · | $77M | |
| Current Assets | $1.27B | $1.45B | $1.19B | $1.08B | $1.11B | $1.33B | $1.74B | $1.05B | $1.23B | $1.34B | · | $1.47B | $1.38B | $1.40B | · | $1.58B | |
| PP&E (Net) | $338M | $358M | $378M | $377M | $362M | $365M | $359M | $346M | $324M | $315M | · | $299M | $298M | $307M | · | $281M | |
| PP&E (Gross) | $899M | $934M | $938M | $931M | $967M | $948M | $943M | $982M | $955M | $925M | · | $854M | $836M | $814M | · | $778M | |
| Accum. Depreciation | $561M | $575M | $559M | $554M | $605M | $583M | $584M | $636M | $632M | $610M | · | $555M | $538M | $506M | · | $497M | |
| Goodwill | $457M | $456M | $455M | $453M | $452M | $443M | $443M | $443M | $412M | $402M | · | $400M | $402M | $402M | · | $353M | |
| Intangibles | $22M | $27M | $34M | $40M | $42M | $49M | $55M | $62M | $56M | $52M | · | $66M | $74M | $81M | · | $43M | |
| Other Non-current Assets | $79M | $75M | $101M | $128M | $120M | $120M | $105M | $54M | $57M | $52M | · | $47M | $54M | $60M | · | $67M | |
| Total Assets | $2.83B | $3.03B | $2.84B | $2.80B | $2.78B | $2.96B | $3.33B | $2.58B | $2.72B | $2.80B | · | $3.01B | $2.94B | $2.99B | · | $2.70B | |
| Accounts Payable | $36M | $32M | $24M | $37M | $38M | $34M | $36M | $36M | $38M | $32M | · | $45M | $44M | $39M | · | $34M | |
| Current Liabilities | $1.18B | $1.18B | $1.89B | $1.90B | $1.86B | $1.84B | $1.21B | $1.20B | $1.18B | $1.17B | · | $1.20B | $1.18B | $1.15B | · | $1.16B | |
| Capital Leases | $334M | $341M | $356M | $367M | $318M | $274M | $250M | $265M | $275M | $282M | · | $551M | $554M | $570M | · | $590M | |
| Other Non-current Liabilities | $72M | $70M | $68M | $60M | $61M | $61M | $68M | $87M | $84M | $84M | · | $83M | $86M | $107M | · | $42M | |
| Total Liabilities | $5.01B | $5.04B | $4.64B | $4.33B | $4.08B | $4.03B | $4.08B | $3.12B | $3.09B | $3.07B | · | $3.36B | $3.35B | $3.36B | · | $3.29B | |
| Common Stock | · | · | $0 | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Paid-in Capital | $1.82B | $1.90B | $2.01B | $2.10B | $2.18B | $2.27B | $2.40B | $2.45B | $2.52B | $2.55B | · | $2.56B | $2.52B | $2.50B | · | $2.44B | |
| Retained Earnings | $-4.02B | $-3.92B | $-3.82B | $-3.63B | $-3.49B | $-3.34B | $-3.15B | $-2.99B | $-2.87B | $-2.81B | · | $-2.87B | $-2.90B | $-2.83B | · | $-2.97B | |
| AOCI | $7M | $6M | $6M | $2M | $1M | $-7M | $-10M | $-8M | $-19M | $-20M | · | $-37M | $-38M | $-39M | · | $-58M | |
| Stockholders' Equity | $-2.19B | $-2.01B | $-1.80B | $-1.53B | $-1.31B | $-1.08B | $-752M | $-546M | $-371M | $-277M | $-166M | $-350M | $-412M | $-365M | $-309M | $-591M | |
| Liabilities + Equity | $2.83B | $3.03B | $2.84B | $2.80B | $2.78B | $2.96B | $3.33B | $2.58B | $2.72B | $2.80B | · | $3.01B | $2.94B | $2.99B | · | $2.70B | |
| Shares Outstanding | 219,700,000 | 230,300,000 | 242,900,000 | 255,500,000 | 267,400,000 | 279,400,000 | 295,900,000 | 306,300,000 | 318,700,000 | 327,700,000 | 336,700,000 | 338,200,000 | 339,600,000 | 343,700,000 | 349,400,000 | 354,900,000 |
Cash Flow 12
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $77M | $71M | $77M | $79M | $78M | $67M | $86M | $92M | $90M | $78M | $83M | $84M | $95M | $76M | $87M | $86M | |
| Deferred Tax | $2M | $10M | $18M | $31M | $500.0K | $2M | $-9M | $3M | $1M | $-500.0K | $27M | $4M | $4M | $3M | $-415M | $4M | |
| Amort. of Intangibles | $5M | $6M | $7M | $6M | $6M | $6M | $7M | $8M | $6M | $7M | $8M | $8M | $8M | $8M | $5M | $4M | |
| Operating Cash Flow | $238M | $204M | $235M | $302M | $260M | $154M | $214M | $274M | $231M | $176M | $200M | $256M | $188M | $140M | $195M | $251M | |
| CapEx | $3M | $1M | $10M | $8M | $2M | $100.0K | $3M | $4M | $6M | $9M | $10M | $9M | $3M | $2M | $13M | $6M | |
| Investing Cash Flow | $19M | $67M | $46M | $18M | $12M | $36M | $114M | $153M | $63M | $114M | $-22M | $10M | $206M | $201M | $-105M | $8M | |
| Stock Issued | · | · | $0 | $0 | $100.0K | $0 | $600.0K | $200.0K | $0 | $100.0K | $100.0K | $1M | $1M | $200.0K | $100.0K | $100.0K | |
| Stock Repurchased | $330M | $367M | $415M | $390M | $410M | $499M | $353M | $349M | $260M | $279M | $106M | $104M | $154M | $175M | $174M | $171M | |
| Net Stock Activity | · | $-367M | · | · | · | $-499M | · | · | · | $-279M | · | · | · | $-175M | · | · | |
| Financing Cash Flow | $-410M | $46M | $-141M | $-324M | $-488M | $-578M | $524M | $-431M | $-327M | $-353M | $-172M | $-169M | $-217M | $-241M | $-234M | $-232M | |
| Net Change in Cash | $-154M | $316M | $142M | $-5M | $-206M | $-386M | $843M | $2M | $-34M | $-66M | $11M | $94M | $178M | $100M | $-139M | $20M | |
| Free Cash Flow | · | $203M | · | · | · | $154M | · | · | · | $166M | · | · | · | $138M | · | · |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.2% | 79.7% | · | 79.8% | 80.2% | 81.3% | · | 82.5% | 83.1% | 83.2% | · | 81.1% | 80.7% | 80.9% | · | 81.4% | |
| Operating Margin | 26.1% | 27.5% | · | 27.5% | 26.9% | 29.4% | · | 20.0% | 20.0% | 22.7% | · | 20.6% | 9.1% | 13.8% | · | 15.1% | |
| Net Margin | 15.2% | 18.2% | · | 19.5% | 20.1% | 24.1% | · | 16.7% | 17.4% | 21.0% | · | 18.0% | 6.9% | 11.3% | · | 14.1% | |
| Pretax Margin | 18.6% | 22.5% | · | 24.8% | 23.6% | 27.1% | · | 20.8% | 21.1% | 23.9% | · | 21.4% | 9.5% | 14.3% | · | 16.6% | |
| EBITDA Margin | 26.1% | 27.5% | · | 27.5% | 26.9% | 29.4% | · | 20.0% | 20.0% | 22.7% | · | 20.6% | 9.1% | 13.8% | · | 15.1% | |
| ROA | 3.4% | 3.8% | · | 4.6% | 4.6% | 5.2% | · | 3.8% | 3.9% | 4.6% | · | 4.0% | 1.5% | 2.4% | · | 2.8% | |
| ROE | -5.5% | -7.4% | · | -11.9% | -15.0% | -22.2% | · | -23.8% | -28.2% | -41.2% | · | -24.2% | -9.0% | -16.7% | · | -22.1% | |
| ROIC | -6.1% | -7.0% | · | -9.0% | -11.0% | -15.2% | · | -18.8% | -28.3% | -45.3% | · | -31.4% | -10.0% | -18.1% | · | -12.8% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.2 | · | 0.6 | 0.6 | 0.7 | · | 0.9 | 1.0 | 1.1 | · | 1.2 | 1.2 | 1.2 | · | 1.4 | |
| Quick Ratio | 1.0 | 1.1 | · | 0.4 | 0.4 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.6 | 0.5 | 0.3 | · | 0.4 |
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 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 8.3 | 8.6 | · | 8.8 | 8.8 | 9.0 | · | 9.6 | 10.0 | 10.2 | · | 11.1 | 11.6 | 12.0 | · | 13.0 |
Valuation (TTM) 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 TTM | $2.52B | $2.51B | · | $2.52B | $2.52B | $2.53B | · | $2.54B | $2.52B | $2.50B | · | $2.46B | $2.40B | $2.34B | · | $2.28B | |
| Net Income TTM | $460M | $514M | · | $506M | $493M | $500M | · | $464M | $400M | $359M | · | $310M | $257M | $294M | · | $300M | |
| Market Cap | $6.04B | $5.23B | · | $7.72B | $7.65B | $7.46B | · | $7.79B | $7.16B | $7.96B | · | $9.21B | $9.06B | $7.43B | · | $7.35B | |
| P/E | 15.1 | 11.9 | · | 17.1 | 17.4 | 16.9 | · | 18.2 | 18.9 | 23.1 | · | 30.6 | 36.5 | 26.7 | · | 25.9 | |
| P/S | 2.4 | 2.1 | · | 3.1 | 3.0 | 3.0 | · | 3.1 | 2.8 | 3.2 | · | 3.7 | 3.8 | 3.2 | · | 3.2 | |
| P/B | -2.8 | -2.6 | · | -5.0 | -5.9 | -6.9 | · | -14.3 | -19.3 | -28.7 | · | -26.3 | -22.0 | -20.3 | · | -12.4 | |
| P / Cash Flow | · | 25.6 | · | · | · | 48.5 | · | · | · | 45.4 | · | · | · | 53.1 | · | · | |
| P / FCF | · | 25.7 | · | · | · | 48.6 | · | · | · | 47.9 | · | · | · | 53.8 | · | · | |
| Earnings Yield | 6.6% | 8.4% | · | 5.9% | 5.7% | 5.9% | · | 5.5% | 5.3% | 4.3% | · | 3.3% | 2.7% | 3.8% | · | 3.9% |
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 | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B |
| Gross Margin % | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% |
| Operating Margin % | 27.3% | 19.1% | 21.5% | 7.8% | 12.7% |
| Net Income | $508M | $452M | $454M | $553M | $336M |
| Diluted EPS | $1.86 | $1.40 | $1.31 | $1.52 | $0.85 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 0.6 | 1.4 | 1.3 | 1.2 | 1.6 |
| Quick Ratio | 0.5 | 1.2 | 0.6 | 0.2 | 0.5 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $931M | $872M | $759M | $764M | $708M |
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Institutional owners (13F) 504 filers · $3.8B 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 |
|---|---|---|---|---|
| 89 (+33 vs prior Q) | 46 (-38 vs prior Q) | 146 (+4 vs prior Q) | 162 (-6 vs prior Q) | +15.9M |
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 | $587,463,512 | 21,131,781 | 15.48% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $290,691,633 | 10,582,149 | 7.66% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $215,365,432 | 7,840,023 | 5.67% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $198,159,432 | 7,213,667 | 5.22% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $179,687,313 | 6,541,220 | 4.73% | Shares |
| UBS Group AG | $179,568,945 | 6,536,911 | 4.73% | Call option |
| STATE STREET CORP | $146,803,334 | 5,344,133 | 3.87% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $119,679,016 | 4,356,717 | 3.15% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $112,238,427 | 4,085,240 | 2.96% | Shares |
| TWO SIGMA INVESTMENTS, LP | $108,662,172 | 3,955,667 | 2.86% | Shares |
| Robeco Institutional Asset Management B.V. | $86,369,172 | 3,144,127 | 2.28% | Shares |
| GOLDMAN SACHS GROUP INC | $74,515,699 | 2,712,621 | 1.96% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $71,937,282 | 2,618,758 | 1.90% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $62,477,658 | 2,274,396 | 1.65% | Shares |
| BARCLAYS PLC | $61,712,289 | 2,246,534 | 1.63% | Shares |
| Gotham Asset Management, LLC | $61,482,063 | 2,238,153 | 1.62% | Shares |
| Quantinno Capital Management LP | $57,084,546 | 2,078,068 | 1.50% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $54,029,569 | 2,378,062 | 1.42% | Shares |
| FIRST TRUST ADVISORS LP | $52,397,269 | 1,907,444 | 1.38% | Shares |
| D. E. Shaw & Co., Inc. | $48,617,450 | 1,769,838 | 1.28% | Shares |
| TWO SIGMA ADVISERS, LP | $46,406,540 | 1,669,300 | 1.22% | Shares |
| MACKENZIE FINANCIAL CORP | $42,683,957 | 1,553,839 | 1.12% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $37,573,090 | 1,351,550 | 0.99% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $31,837,126 | 1,158,978 | 0.84% | Shares |
| NORGES BANK | $31,471,335 | 1,145,662 | 0.83% | Shares |
| AMERIPRISE FINANCIAL INC | $29,320,571 | 1,067,367 | 0.77% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $28,463,068 | 1,036,151 | 0.75% | Shares |
| BlackRock, Inc. | $28,121,012 | 1,023,699 | 0.74% | Shares |
| MILLENNIUM MANAGEMENT LLC | $27,594,686 | 1,004,539 | 0.73% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $25,811,361 | 939,620 | 0.68% | Shares |
| FMR LLC | $21,984,323 | 800,303 | 0.58% | Shares |
| Retirement Systems of Alabama | $21,821,454 | 794,374 | 0.58% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $21,585,926 | 785,800 | 0.57% | Shares |
| Russell Investments Group, Ltd. | $21,089,556 | 767,730 | 0.56% | Shares |
| Glenmede Investment Management, LP | $20,609,292 | 682,201 | 0.54% | Shares |
| KLP KAPITALFORVALTNING AS | $19,500,953 | 709,900 | 0.51% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $14,922,940 | 543,245 | 0.39% | Shares |
| BANK OF AMERICA CORP /DE/ | $14,673,129 | 534,151 | 0.39% | Shares |
| Man Group plc | $12,729,571 | 463,399 | 0.34% | Shares |
| Distillate Capital Partners LLC | $12,635,239 | 459,965 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $11,016,209 | 401,029 | 0.29% | Shares |
| SEI INVESTMENTS CO | $10,373,880 | 377,644 | 0.27% | Shares |
| California Public Employees Retirement System | $9,834,645 | 358,014 | 0.26% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $9,232,075 | 336,322 | 0.24% | Shares |
| Swiss National Bank | $8,773,918 | 319,400 | 0.23% | Shares |
| Illinois Municipal Retirement Fund | $8,634,013 | 314,307 | 0.23% | Shares |
| Crossmark Global Holdings, Inc. | $8,463,480 | 308,099 | 0.22% | Shares |
| FIFTH THIRD BANCORP | $8,392,475 | 305,514 | 0.22% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $8,346,952 | 303,857 | 0.22% | Shares |
| Edgestream Partners, L.P. | $7,546,751 | 274,727 | 0.20% | Shares |
| UniSuper Management Pty Ltd | $7,465,961 | 271,786 | 0.20% | Shares |
| ROYAL BANK OF CANADA | $6,752,000 | 245,806 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $6,687,105 | 243,433 | 0.18% | Shares |
| Corient Private Wealth LP | $6,648,237 | 242,018 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,384,138 | 232,404 | 0.17% | Shares |
| Jain Global LLC | $6,384,083 | 232,402 | 0.17% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $6,320,600 | 230,091 | 0.17% | Shares |
| Squarepoint Ops LLC | $6,236,377 | 227,025 | 0.16% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $6,100,510 | 222,079 | 0.16% | Shares |
| MERITAGE PORTFOLIO MANAGEMENT | $6,041,941 | 217,336 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $5,840,122 | 212,600 | 0.15% | Call option |
| Convergence Investment Partners, LLC | $5,468,068 | 199,056 | 0.14% | Shares |
| IEQ CAPITAL, LLC | $5,269,845 | 191,840 | 0.14% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $5,219,847 | 190,019 | 0.14% | Shares |
| TUDOR INVESTMENT CORP ET AL | $5,078,242 | 184,865 | 0.13% | Shares |
| GLENMEDE TRUST CO NA | $4,890,072 | 178,015 | 0.13% | Shares |
| Vanguard Global Advisers, LLC | $4,866,558 | 177,159 | 0.13% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $4,834,583 | 175,995 | 0.13% | Shares |
| Ensign Peak Advisors, Inc | $4,792,306 | 174,456 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,691,521 | 206,493 | 0.12% | Shares |
| Nuveen, LLC | $4,658,637 | 169,590 | 0.12% | Shares |
| AMERICAN CENTURY COMPANIES INC | $4,607,790 | 167,739 | 0.12% | Shares |
| Livforsakringsbolaget Skandia, Omsesidigt | $4,607,616 | 202,800 | 0.12% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $4,518,705 | 164,496 | 0.12% | Shares |
| WINTON GROUP Ltd | $4,427,120 | 161,162 | 0.12% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $4,359,076 | 158,685 | 0.11% | Shares |
| National Philanthropic Trust | $4,345,864 | 158,204 | 0.11% | Shares |
| PFA Pension, Forsikringsaktieselskab | $4,283,562 | 155,936 | 0.11% | Shares |
| ALGERT GLOBAL LLC | $4,104,842 | 149,430 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,099,843 | 149,248 | 0.11% | Shares |
| AXQ CAPITAL, LP | $4,046,358 | 147,301 | 0.11% | Shares |
| ALLIANCEBERNSTEIN L.P. | $4,028,756 | 177,322 | 0.11% | Shares |
| Brandywine Global Investment Management, LLC | $3,911,043 | 140,685 | 0.10% | Shares |
| Aquatic Capital Management LLC | $3,904,915 | 142,152 | 0.10% | Shares |
| Swedbank AB | $3,878,764 | 141,200 | 0.10% | Shares |
| Oak Thistle LLC | $3,843,575 | 139,919 | 0.10% | Shares |
| Brevan Howard Capital Management LP | $3,776,438 | 137,475 | 0.10% | Shares |
| Graphene Investments SAS | $3,733,173 | 135,900 | 0.10% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $3,382,000 | 123,100 | 0.09% | Shares |
| JANE STREET GROUP, LLC | $3,301,894 | 120,200 | 0.09% | Call option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $3,282,063 | 144,457 | 0.09% | Shares |
| OP Asset Management Ltd | $3,268,710 | 118,992 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,238,713 | 117,900 | 0.09% | Call option |
| PRUDENTIAL FINANCIAL INC | $3,225,390 | 117,415 | 0.08% | Shares |
| Assenagon Asset Management S.A. | $3,198,030 | 116,419 | 0.08% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $3,028,980 | 110,265 | 0.08% | Shares |
| Odyssean, LLC | $3,014,503 | 109,738 | 0.08% | Shares |
| WOLVERINE TRADING, LLC | $2,948,530 | 96,200 | 0.08% | Put option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,804,110 | 102,079 | 0.07% | Shares |
| Paralel Advisors LLC | $2,792,820 | 101,668 | 0.07% | Shares |
Company insiders 15 insiders · 10 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ashraf Alkarmi | Co-CEO | June 2, 2026 S | 1,080,746 | 0 | 1 | $-632,422 |
| Andrew Houston | Chief Executive Officer | Sept. 25, 2018 S | 24,508 | 0 | 0 | $0 |
| Ajay Vashee | Chief Financial Officer | Sept. 24, 2018 S | 440,350 | 0 | 0 | $0 |
| Dennis Woodside | Chief Operating Officer | Sept. 4, 2018 D | 765,144 | 0 | 0 | $0 |
| Sarah Elizabeth Schubach | Chief Accounting Officer | July 31, 2026 S | 124,266 | 0 | 5 | $-197,544 |
| Ali Dasdan | Chief Technology Officer | July 14, 2026 S | 501,639 | 0 | 1 | $-389,160 |
| Quentin Clark | Senior VP of Engineering, Product, and Design | Sept. 24, 2018 S | 1,723,409 | 0 | 0 | $0 |
| Bart Volkmer | General Counsel | Sept. 21, 2018 S | 208,097 | 0 | 0 | $0 |
| Timothy Regan | Chief Accounting Officer | Sept. 19, 2018 S | 81,449 | 0 | 0 | $0 |
| Arash Ferdowsi | Co-Founder | March 27, 2018 C | 0 | 0 | 0 | $0 |
| Karen Peacock | Director | July 29, 2026 S | 22,366 | 0 | 2 | $-124,000 |
| Warren Jenson | Director | May 21, 2026 A | 20,253 | 0 | 0 | $0 |
| Bryan R. Schreier | Director | Nov. 11, 2020 C | 897,822 | 0 | 0 | $0 |
| Robert J Mylod JR | Director | Oct. 1, 2018 S | 60,385 | 0 | 0 | $0 |
| Condoleezza Rice | Director | Aug. 24, 2018 S | 67,052 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 118 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 |
|---|---|---|---|---|
| CLOU · Global X Funds | 3.13% | 313,075 NS | May 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 1.98% | 12,554 NS | April 30, 2026 | N-PORT |
| MCOW · Pacer Funds Trust | 1.58% | 640 NS | April 30, 2026 | N-PORT |
| SRHQ · Elevation Series Trust | 1.28% | 101,668 NS | April 30, 2026 | N-PORT |
| RNIN · EA Series Trust | 1.20% | 75,463 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.97% | 1,375,628 NS | April 30, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 0.91% | 559,847 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.83% | 69,609 SH | Aug. 8, 2026 | Daily |
| CLSE · Trust for Professional Managers | 0.73% | 166,079 NS | May 31, 2026 | N-PORT |
| BUL · Pacer Funds Trust | 0.71% | 37,103 NS | April 30, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 0.69% | 71,099 SH | Aug. 8, 2026 | Daily |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.64% | 4,165 SH | Aug. 8, 2026 | Daily |
| COWG · Pacer Funds Trust | 0.62% | 557,803 NS | April 30, 2026 | N-PORT |
| HQGO · Lattice Strategies Trust | 0.59% | 11,657 NS | April 30, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.58% | 42,908 NS | April 30, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.56% | 134,315 NS | April 30, 2026 | N-PORT |
| FLOW · Global X Funds | 0.55% | 5,826 NS | May 31, 2026 | N-PORT |
| VLLU · Harbor ETF Trust | 0.51% | 921 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.44% | 30,924 NS | May 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.38% | 94,451 NS | April 30, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.36% | 34,353 NS | May 31, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.30% | 9,877 NS | May 29, 2026 | N-PORT |
| SKYU · ProShares Trust | 0.29% | 384 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.28% | 60,358 NS | April 30, 2026 | N-PORT |
| IJK · iShares Trust | 0.28% | 875,322 SH | Aug. 8, 2026 | Daily |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.27% | 16,410 NS | May 31, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.22% | 147,782 SH | Aug. 8, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.21% | 65,575 SH | Aug. 8, 2026 | Daily |
| FDND · First Trust Exchange-Traded Fund IV | 0.20% | 784 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.19% | 234 NS | May 29, 2026 | N-PORT |
| GMOV · GMO ETF Trust | 0.19% | 6,316 NS | May 31, 2026 | N-PORT |
| ANEW · ProShares Trust | 0.19% | 532 NS | May 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 566,801 NS | April 30, 2026 | N-PORT |
| IGV · iShares Trust | 0.18% | 730,898 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.17% | 562,499 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.16% | 33,368 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.16% | 20,238 SH | Aug. 8, 2026 | Daily |
| PNQI · Invesco Exchange-Traded Fund Trust | 0.15% | 23,610 SH | Aug. 8, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 131,433 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.14% | 5,164,405 SH | Aug. 8, 2026 | Daily |
| DEUS · DBX ETF Trust | 0.14% | 14,304 NS | May 29, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 41,830 NS | April 30, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.14% | 68,936 SH | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.13% | 33,128 SH | Aug. 8, 2026 | Daily |
| WEBL · Direxion Shares ETF Trust | 0.13% | 5,991 NS | April 30, 2026 | N-PORT |
| QGRO · AMERICAN CENTURY ETF TRUST | 0.13% | 106,790 NS | May 31, 2026 | N-PORT |
| VALQ · AMERICAN CENTURY ETF TRUST | 0.13% | 16,424 NS | May 31, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.12% | 48,315 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.12% | 20,012 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.12% | 31,228 NS | April 30, 2026 | N-PORT |