DLR Digital Realty Trust, Inc. Common Stock
$198.46
Price · Aug 18, 2026
Fundamentals as of Jul 31, 2026
52W Range
$146–$208
84% of range
Analyst Rating
BUY
38 analysts
Price Target
$223
+12% upside
P/E (TTM)
55.4
ROE
5.9%
Net Profit Margin
21.4%
About Digital Realty Trust, Inc. Common Stock Company overview from Wikipedia
Digital Realty is a real estate investment trust that owns, operates, and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services. It was formed in 2004 by GI Partners. As of June 2023, Digital Realty has over 300 facilities in more than 25 countries.
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Digital Realty is a real estate investment trust that owns, operates, and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services. It was formed in 2004 by GI Partners. As of June 2023, Digital Realty has over 300 facilities in more than 25 countries.
The company is a signatory of the Climate Neutral Data Center Pact (CNDCP), a self-regulatory initiative – drawn up with the European Data Center Association (EUDCA) and Cloud Infrastructure Services Provider in Europe (CISPE) – designed to make the industry climate-neutral by 2030.
Digital Realty is working to switch to renewable power. The company has 1 GW of wind and solar projects under contract in Texas, Illinois, North Carolina, Oregon, Arizona, and Virginia and has installed 1.8 MW of solar panels in Kenya, Greece, Switzerland, and South Korea. The company says it avoided emitting 1.8 million metric tons of CO2-equivalent emissions (MtCO2e) in 2022.
History
The company was formed in 2004 by GI Partners, which contributed 21 data centers that it acquired through bankruptcy auctions and from distressed companies at a 20%–40% discount to replacement cost. On November 4, 2004, the company became a public company via an initial public offering. At that time, the company owned 23 properties comprising 5.6 million square feet.
In August 2006, the company acquired a property in Phoenix, Arizona, for $175 million. By March 2007, GI Partners had sold all of its shares in the company.
2010s
In January 2010, the company acquired three data centers in Massachusetts and Connecticut for $375 million.
In January 2012, the company acquired a 334,000-square-foot data center near Hartsfield-Jackson Atlanta International Airport for $63 million in a leaseback transaction. That same month, the company also acquired a data center in San Francisco for $85 million.
In April 2013, the company acquired the data center of Delta Air Lines in Eagan, Minnesota, for $37 million in a leaseback transaction. In July 2013, the company doubled capacity at its data center in Chandler, Arizona.
In May 2015, the company sold a building in Philadelphia for $161 million that it had acquired in 2005 for $59 million. In October 2015, the company acquired Telx for $1.886 billion. In November 2015, the company acquired 125.9 acres of undeveloped land in Loudoun County, Virginia, for $43 million and announced plans to build a 2 million-square-foot data center on the property.
In July 2016, the company acquired eight data centers in Europe from Equinix for $874 million.
In March 2017, the company announced a $22 million expansion of its data center in Atlanta. In September 2017, the company completed the acquisition of DuPont Fabros Technology.
In 2018, the Supreme Court ruled in favor of the company in Digital Realty Trust, Inc. v. Somers, a case in which Digital Realty fired an employee who had complained internally about the elimination of supervisory controls and the hiding of cost overruns. After he was fired, the employee sued the company, saying he was protected by whistleblower provisions in Dodd-Frank. The Supreme Court, citing Dodd-Frank, ruled that these protections only applied to whistleblowers who had first notified the SEC.
Also in 2028, Digital Realty earned the U.S. Environmental Protection Agency's (EPA's) ENERGY STAR certification for energy performance in 24 of its data centers. In December 2018, the company acquired Ascenty for $1.8 billion. At the time, Ascenty operated eight data centers in Brazil.
In October 2019, Digital Realty announced the acquisition of European data center provider Interxion for $8.4 billion to "create a leading global provider of data centre, colocation and interconnection solutions".
2020s
In 2020, Digital Realty joined the Science-Based Target Initiative (SBTi), promising to reduce its Scope 1 and 2 emissions by 68% and Scope 3 emissions by 24% between 2018 and 2030.
In January 2021, Digital Realty said it would move its headquarters to Austin, Texas.
In October 2021, the company entered the West African market by acquiring a controlling stake in Medallion Communications, a leading carrier-neutral data center operator in Nigeria.
In January 2022, the company announced a 55% stake acquisition in Teraco Data Centres.
In July 2023, Digital Realty received a Certificate of Conformity, certifying its adherence to the Self-Regulatory Initiatives set out by the CNDCP in Europe.
On 10 September 2024, about 7:45 am, a Digital Realty data centre in Loyang, Singapore, caught fire. According to the Singapore Civil Defence Force, the fire "involved lithium-ion batteries housed in battery rooms on the third floor of a four-storey building". Digital Realty said its employees were evacuated from the data centre without injuries. The fire affected Lazada and Bytedance's systems, as well as Alibaba Cloud's Availability zone C in Singapore, and possibly DigitalOcean, Coolify, and Cloudflare.
In May 2026, the company opened its first data center in Barcelona, Spain, broke ground on a data center in Paris, France, and launched a new liquid cooling lab in London, UK. That same month, it was also announced that Mistral AI had signed a capacity agreement with Digital Realty.
In June 2026, it was reported that Digital Realty was buying venture capital firm Columbia Capital for about $485 million.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
DLR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$198.46
Market Cap
$68.18B
P/E (TTM)
55.4
EPS (TTM)
$3.58
Revenue (TTM)
$6.11B
Div Yield
2.5%
ROE
5.9%
Debt/Equity
—
52W Range
$146 – $208
DLR 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
$6.11B
2016-12-31
→
2025-12-31
EPS
$3.58
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
21.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
DLR
Peer Median
P/E (TTM)
55.4
78.6
P/S (TTM)
11.2
10.6
P/B
3.0
4.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
DLR
Peer Median
Operating Margin
10.8%
—
Net Profit Margin
21.4%
13.7%
ROA
2.8%
1.6%
ROE
5.9%
7.0%
ROIC
2.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
DLR
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
DLR
Peer Median
Revenue YoY
10.0%
—
Revenue CAGR 3Y
9.2%
—
Revenue CAGR 5Y
9.4%
—
EPS YoY
122.4%
—
Net Income YoY
117.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
DLR
Peer Median
Payout Ratio
132.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.5%
Payout Ratio
132.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 15, 2026 | $1.2200 |
| March 13, 2026 | $1.2200 |
| Dec. 15, 2025 | $1.2200 |
| Sept. 15, 2025 | $1.2200 |
| June 13, 2025 | $1.2200 |
| March 14, 2025 | $1.2200 |
| Dec. 13, 2024 | $1.2200 |
| Sept. 13, 2024 | $1.2200 |
| June 14, 2024 | $1.2200 |
| March 14, 2024 | $1.2200 |
| Dec. 14, 2023 | $1.2200 |
| Sept. 14, 2023 | $1.2200 |
| June 14, 2023 | $1.2200 |
| March 14, 2023 | $1.2200 |
| Dec. 14, 2022 | $1.2200 |
| Sept. 14, 2022 | $1.2200 |
| June 14, 2022 | $1.2200 |
| March 14, 2022 | $1.2200 |
| Dec. 14, 2021 | $1.1600 |
| Sept. 14, 2021 | $1.1600 |
DLR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
38 analysts
- Strong Buy 11 28.9%
- Buy 19 50.0%
- Hold 8 21.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
31 analysts · 2026-08-18
Median
$224.00
Now
$198.46
Low
$190.00
High
$250.00
Median target
$224.00
+12.9%
Mean target
$223.00
+12.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.41%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.71 | $0.50 | 0.21% |
| March 31, 2026 | $0.47 | $0.47 | 0.00% |
| Dec. 31, 2025 | $0.24 | $0.32 | -0.08% |
| Sept. 30, 2025 | $0.15 | $0.33 | -0.18% |
| June 30, 2025 | $2.94 | $0.39 | 2.6% |
| March 31, 2025 | $0.27 | $0.29 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DLR | $53.15B | 43.2 | 10.0% | 21.4% | 5.9% | — |
| EQIX | $75.26B | 55.7 | 5.4% | 14.6% | 9.8% | — |
| FRMI | — | -7.1 | — | — | — | — |
| BXDC | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.11B | $5.55B | $5.48B | $4.69B | $4.43B | $3.90B | $3.21B | $3.05B | $2.46B | $2.14B | $1.76B | $1.62B | |
| SG&A Expense | $565M | $480M | $449M | $422M | $401M | $351M | $211M | $164M | $161M | $153M | $106M | $93M | |
| Operating Expenses | $5.45B | $5.08B | $4.95B | $4.10B | $3.73B | $3.35B | $2.62B | $2.50B | $2.01B | $1.64B | $1.36B | $1.36B | |
| Operating Income | $658M | $472M | $524M | $590M | $694M | $558M | $594M | $550M | $451M | $497M | $402M | $259M | |
| Interest Expense | $438M | $453M | $438M | $299M | $294M | $333M | $353M | $322M | $259M | $236M | $201M | $191M | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | $-2M | $3M | |
| Other Non-op | $161M | $154M | $68M | $9M | $-4M | $20M | $66M | $3M | $4M | $-5M | $-2M | $3M | |
| Pretax Income | $1.35B | · | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $32M | $55M | $76M | $32M | $73M | $38M | $12M | $2M | $8M | $10M | $6M | $5M | |
| Net Income | $1.31B | $602M | $949M | $378M | $1.71B | $356M | $580M | $331M | $248M | $426M | $297M | $200M | |
| EPS (Basic) | $3.73 | $1.74 | $3.04 | $1.18 | $5.95 | $1.01 | $2.37 | $1.21 | $0.99 | $2.21 | $1.57 | $1.00 | |
| EPS (Diluted) | $3.58 | $1.61 | $2.88 | $1.11 | $5.94 | $1.00 | $2.35 | $1.21 | $0.99 | $2.20 | $1.56 | $0.99 | |
| Shares (Basic) | 339,807,000 | 323,336,000 | 298,603,000 | 286,334,000 | 282,475,000 | 260,099 | 208,325,823 | 206,035,408 | 174,059,386 | 149,953,662 | 138,247,606 | 133,369,047 | |
| Shares (Diluted) | 347,810,000 | 331,547,000 | 309,065,000 | 297,919,000 | 283,222,000 | 262,523 | 209,462,247 | 206,673,471 | 174,895,098 | 150,679,688 | 138,865,421 | 133,637,235 | |
| EBITDA | $658M | $472M | $524M | $590M | $694M | $558M | $594M | $550M | $451M | $497M | $402M | $259M |
Balance Sheet 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.45B | $3.87B | $1.63B | $142M | $143M | $109M | $90M | $127M | $51.0K | $11M | $57M | $35M | |
| Goodwill | $9.71B | $8.93B | $9.24B | $9.21B | $7.94B | $8.33B | $3.36B | $4.35B | $3.39B | $753M | $331M | $0 | |
| Intangibles | $1.81B | $1.94B | · | · | · | · | · | · | · | · | · | $228M | |
| Total Assets | $49.41B | $45.28B | $44.11B | $41.48B | $36.37B | $36.08B | $23.07B | $23.77B | $21.40B | $12.19B | $11.42B | $9.53B | |
| Deferred Tax | $1.12B | $1.08B | $1.15B | $1.19B | $666M | $698M | $147M | · | · | · | · | · | |
| Total Liabilities | $24.56B | $22.11B | $23.12B | $21.86B | $17.85B | $17.59B | $12.42B | $12.89B | $10.30B | $7.06B | $6.88B | $5.61B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | |
| Paid-in Capital | $29.35B | $28.08B | $24.40B | $22.14B | $21.08B | $20.63B | $11.58B | $11.36B | $11.26B | $5.76B | $4.66B | $3.97B | |
| Retained Earnings | $-6.69B | $-6.29B | $-5.26B | $-4.70B | $-3.63B | $-4.00B | $-3.05B | $-2.63B | $-2.06B | $-1.55B | $-1.35B | · | |
| AOCI | $-469M | $-1.18B | $-751M | $-596M | $-174M | $135M | $-88M | $-116M | $-108M | $-136M | $-97M | $-45M | |
| Stockholders' Equity | $22.93B | $21.34B | $19.12B | $17.58B | $18.00B | $17.72B | $9.88B | $9.86B | $10.35B | $5.10B | $4.50B | $3.88B | |
| Liabilities + Equity | $49.41B | $45.28B | $44.11B | $41.48B | $36.37B | $36.08B | $23.07B | $23.77B | $21.40B | $12.19B | $11.42B | $9.53B | |
| Shares Outstanding | 343,557,000 | 336,637 | 311,608,000 | 291,148,000 | 284,415,000 | 280,289,726 | 208,900,758 | 206,425,656 | 205,470,300 | 159,019,118 | 146,384,247 | 135,626,255 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.89B | $1.77B | $1.69B | $1.58B | $1.49B | $1.37B | $1.16B | $1.19B | $842M | $699M | $571M | $539M | |
| Deferred Tax | $-101M | · | · | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | · | · | · | · | · | $356M | $354M | $417M | $247M | $181M | $106M | $82M | |
| Operating Cash Flow | $2.41B | $2.26B | $1.63B | $1.66B | $1.70B | $1.71B | $1.51B | $1.39B | $1.02B | $911M | $797M | $656M | |
| Investing Cash Flow | $-2.23B | $-1.91B | $-1.12B | $-4.70B | $-1.06B | $-2.60B | $-275M | $-3.04B | $-1.36B | $-1.30B | $-2.53B | $-644M | |
| Debt Issued | $3.49B | $2.23B | $869M | $2.79B | $1.82B | $3.57B | $2.87B | · | · | · | · | · | |
| Net Debt Issued | $975M | $116M | $757M | $1.75B | $833M | · | · | · | · | · | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | $405M | $1.09B | $919M | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | $405M | $1.09B | $676M | $0 | |
| Dividends Paid | $1.73B | $1.63B | $1.52B | $1.45B | $1.38B | $1.24B | $997M | $849M | $646M | $522M | $469M | $442M | |
| Financing Cash Flow | $-487M | $2.06B | $963M | $2.97B | $-591M | $936M | $-1.27B | $1.76B | $321M | $351M | $1.75B | $-27M | |
| Net Change in Cash | · | · | · | · | · | · | · | · | · | · | $22M | $-15M | |
| Taxes Paid | $113M | $71M | $89M | $42M | $30M | $20M | $15M | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 10.8% | 8.5% | 9.6% | 12.6% | 15.7% | 14.3% | 18.5% | 18.1% | 18.4% | 23.2% | 22.8% | 16.0% | |
| Net Margin | 21.4% | 10.8% | 17.3% | 8.1% | 38.6% | 9.1% | 18.1% | 10.9% | 10.1% | 19.9% | 16.8% | 12.4% | |
| Pretax Margin | 22.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 10.8% | 8.5% | 9.6% | 12.6% | 15.7% | 14.3% | 18.5% | 18.1% | 18.4% | 23.2% | 22.8% | 16.0% | |
| ROA | 2.8% | 1.4% | 2.2% | 0.97% | 4.7% | 1.2% | 2.5% | 1.5% | 1.5% | 3.6% | 2.8% | 2.1% | |
| ROE | 5.9% | 3.0% | 5.2% | 2.1% | 9.6% | 2.6% | 5.9% | 3.3% | 3.2% | 8.9% | 7.1% | 5.3% | |
| ROIC | 2.8% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 1.5 | 1.0 | 1.2 | 2.0 | 2.4 | 1.7 | 1.7 | 1.7 | 1.7 | 2.1 | 2.0 | 1.4 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.0% | 1.4% | 16.7% | 6.0% | 13.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.2% | 7.8% | 11.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 122.4% | -44.1% | 159.5% | -81.3% | 494.0% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 47.8% | -35.3% | 42.3% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 29.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 117.2% | -36.5% | 151.2% | -77.9% | 379.6% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 51.3% | -29.4% | 38.6% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 29.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 6.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.11B | $5.55B | $5.48B | $4.69B | $4.43B | $3.90B | $3.21B | $3.05B | $2.46B | $2.14B | $1.76B | $1.62B | |
| Net Income TTM | $1.31B | $602M | $949M | $378M | $1.71B | $356M | $580M | $331M | $248M | $426M | $297M | $200M | |
| Market Cap | $53.15B | $59.70B | $41.94B | $29.19B | $50.30B | $39.10B | $25.01B | $21.99B | $23.40B | $15.63B | $11.07B | $8.99B | |
| P/E | 43.2 | 110.1 | 46.7 | 90.3 | 29.8 | 139.5 | 51.0 | 88.1 | 115.1 | 44.7 | 48.5 | 67.0 | |
| P/S | 8.7 | 10.7 | 7.7 | 6.2 | 11.4 | 10.0 | 7.8 | 7.2 | 9.5 | 7.3 | 6.3 | 5.6 | |
| P/B | 2.3 | 2.8 | 2.2 | 1.7 | 2.8 | 2.2 | 2.5 | 2.2 | 2.3 | 3.1 | 2.5 | 2.3 | |
| P / Tangible Book | 4.7 | 5.7 | 4.2 | 3.5 | 5.0 | 4.2 | · | · | · | · | · | · | |
| P / Cash Flow | 22.0 | 26.4 | 25.7 | 17.6 | 29.6 | 22.9 | 16.5 | 15.9 | 22.9 | 17.1 | 13.9 | 13.7 | |
| Dividend Yield | 3.2% | 2.7% | 3.6% | 5.0% | 2.7% | 3.2% | 4.0% | 3.9% | 2.8% | 3.3% | 4.2% | 4.9% | |
| Earnings Yield | 2.3% | 0.91% | 2.1% | 1.1% | 3.4% | 0.72% | 2.0% | 1.1% | 0.87% | 2.2% | 2.1% | 1.5% | |
| Payout Ratio | 132.1% | 271.1% | 160.3% | 384.1% | 80.7% | 326.3% | 159.0% | 256.4% | 260.4% | 122.4% | 157.9% | 220.7% | |
| Annual Payout | $1.73B | $1.63B | $1.52B | $1.45B | $1.38B | $1.24B | $997M | $849M | $646M | $522M | $469M | $442M |
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 | $1.92B | $1.64B | $1.63B | $1.58B | $1.49B | $1.41B | $1.44B | $1.43B | $1.36B | $1.33B | $1.37B | $1.40B | $1.37B | $1.34B | $1.23B | $1.19B | |
| SG&A Expense | $158M | $155M | $164M | $142M | $136M | $124M | $127M | $118M | $120M | $115M | $117M | $111M | $110M | $112M | $120M | $97M | |
| Operating Expenses | $1.46B | $1.37B | $1.52B | $1.44B | $1.28B | $1.21B | $1.29B | $1.26B | $1.35B | $1.18B | $1.24B | $1.34B | $1.21B | $1.16B | $1.11B | $1.03B | |
| Operating Income | $467M | $268M | $113M | $138M | $1.14B | $197M | $144M | $168M | $10M | $149M | $134M | $58M | $155M | $177M | $121M | $157M | |
| Interest Expense | $114M | $116M | $117M | $114M | $109M | $98M | $105M | $124M | $115M | $110M | $114M | $111M | $111M | $102M | $87M | $77M | |
| Other Non-op | $138M | $45M | $43M | $48M | $38M | $33M | $45M | $38M | $62M | $10M | $50M | $25M | $-7M | $280.0K | $-23M | $16M | |
| Income Tax | $34M | $16M | $-10M | $12M | $13M | $17M | $5M | $12M | $15M | $22M | $21M | $17M | $16M | $21M | $-18M | $20M | |
| Net Income | $453M | $179M | $99M | $68M | $1.03B | $110M | $190M | $51M | $80M | $282M | $28M | $734M | $118M | $69M | $4M | $237M | |
| EPS (Basic) | $1.25 | $0.49 | $0.23 | $0.17 | $3.03 | $0.30 | $0.52 | $0.13 | $0.22 | $0.87 | $0.07 | $2.40 | $0.37 | $0.20 | $-0.02 | $0.79 | |
| EPS (Diluted) | $1.21 | $0.46 | $0.22 | $0.15 | $2.94 | $0.27 | $0.50 | $0.09 | $0.20 | $0.82 | $0.03 | $2.31 | $0.34 | $0.20 | $-0.05 | $0.75 | |
| Shares (Basic) | 354,118,000 | 345,013,000 | -675,835,000 | 341,370,000 | 337,589,000 | 336,683,000 | -636,470,000 | 327,977,000 | 319,537,000 | 312,292,000 | -589,833,000 | 301,827,000 | 295,390,000 | 291,219,000 | -285,337,526 | 286,693,000 | |
| Shares (Diluted) | 361,542,000 | 353,254,000 | -691,879,000 | 349,234,000 | 345,734,000 | 344,721,000 | -653,446,000 | 336,249,000 | 327,946,000 | 320,798,000 | -612,160,000 | 311,341,000 | 306,819,000 | 303,065,000 | -283,891,025 | 296,415,000 | |
| EBITDA | $467M | $268M | · | $138M | $212M | $196M | · | $168M | $10M | $149M | · | $58M | $155M | $177M | · | $157M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.86B | $2.43B | $3.45B | $3.30B | $3.55B | $2.32B | $3.87B | $2.18B | $2.28B | $1.19B | $1.63B | $1.06B | $125M | $131M | $142M | $177M | |
| Goodwill | $9.59B | $9.59B | $9.71B | $9.65B | $9.64B | $9.17B | $8.93B | $9.40B | $9.13B | $9.11B | $9.24B | $9.00B | $9.15B | $9.20B | $9.21B | $8.73B | |
| Intangibles | · | $1.73B | $1.81B | $1.86B | $1.94B | $1.89B | $1.94B | · | · | · | · | · | · | · | · | · | |
| Total Assets | $54.52B | $48.86B | $49.41B | $48.73B | $48.71B | $45.08B | $45.28B | $45.30B | $43.61B | $42.63B | · | $41.93B | $42.39B | $41.95B | · | $39.22B | |
| Deferred Tax | $1.12B | $1.09B | $1.12B | $1.15B | $1.14B | $1.11B | $1.08B | $1.22B | $1.13B | $1.12B | · | $1.09B | $1.13B | $1.16B | · | $1.15B | |
| Total Liabilities | $24.97B | $23.46B | $24.56B | $23.74B | $23.85B | $21.90B | $22.11B | $22.12B | $21.20B | $21.79B | · | $21.90B | $22.92B | $22.80B | · | $20.23B | |
| Common Stock | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | |
| Paid-in Capital | $34.16B | $30.09B | $29.35B | $29.18B | $28.72B | $28.09B | $28.08B | $27.23B | $26.39B | $24.51B | · | $23.24B | $22.88B | $22.13B | · | $21.53B | |
| Retained Earnings | $-6.94B | $-6.95B | $-6.69B | $-6.36B | $-6.00B | $-6.60B | $-6.29B | $-6.06B | $-5.70B | $-5.37B | · | $-4.90B | $-5.25B | $-5.00B | · | $-4.34B | |
| AOCI | $-522M | $-513M | $-469M | $-534M | $-544M | $-927M | $-1.18B | $-657M | $-885M | $-850M | · | $-883M | $-741M | $-652M | · | $-863M | |
| Stockholders' Equity | $27.43B | $23.37B | $22.93B | $23.03B | $22.91B | $21.30B | $21.34B | $21.25B | $20.54B | $19.02B | · | $18.19B | $17.62B | $17.21B | · | $17.06B | |
| Liabilities + Equity | $54.52B | $48.86B | $49.41B | $48.73B | $48.71B | $45.08B | $45.28B | $45.30B | $43.61B | $42.63B | · | $41.93B | $42.39B | $41.95B | · | $39.22B | |
| Shares Outstanding | 370,010,000 | 348,924,000 | 343,557,000 | 343,041,000 | 340,372,000 | 336,743,000 | 336,637 | 331,347,000 | 325,885,000 | 312,421,000 | · | 302,846,000 | 299,240,000 | 291,299,000 | · | 287,508,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $507M | $500M | $493M | $497M | $461M | $443M | $455M | $460M | $425M | $431M | $420M | $421M | $433M | $421M | $430M | $389M | |
| Operating Cash Flow | $1.06B | $532M | $719M | $653M | $641M | $399M | $769M | $567M | $573M | $352M | $462M | $358M | $464M | $350M | $456M | $419M | |
| Investing Cash Flow | $-2.91B | $-1.33B | $-759M | $-730M | $161M | $-903M | $-512M | $-1.12B | $-282M | $7M | $-1.02B | $1.18B | $-530M | $-749M | $-971M | $-2.30B | |
| Debt Issued | $285.0K | $39M | $1.61B | $7M | $998M | $871M | $1.21B | $981M | $41M | $6M | $41M | $22M | $15M | $791M | $364M | $1.30B | |
| Net Debt Issued | · | $-18M | · | · | · | $375M | · | · | · | $-234M | · | · | · | $788M | · | · | |
| Dividends Paid | $454M | $871M | $10M | $436M | $433M | $849M | $10M | $419M | $416M | $789M | $10M | $388M | $384M | $738M | $10M | $369M | |
| Financing Cash Flow | $1.20B | $-218M | $152M | $-177M | $556M | $-1.02B | $1.54B | $474M | $857M | $-810M | $1.07B | $-593M | $93M | $391M | $402M | $1.93B | |
| Taxes Paid | $33M | $12M | $19M | $21M | $30M | $43M | · | $20M | $25M | $8M | · | $37M | $16M | $6M | $12M | $21M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 24.3% | 16.4% | · | 8.8% | 14.2% | 13.9% | · | 11.8% | 0.73% | 11.2% | · | 4.2% | 11.3% | 13.2% | · | 13.2% | |
| Net Margin | 23.6% | 11.0% | · | 4.3% | 69.1% | 7.8% | · | 3.6% | 5.9% | 21.1% | · | 52.3% | 8.6% | 5.1% | · | 19.9% | |
| EBITDA Margin | 24.3% | 16.4% | · | 8.8% | 14.2% | 13.9% | · | 11.8% | 0.73% | 11.2% | · | 4.2% | 11.3% | 13.2% | · | 13.2% | |
| ROA | 0.88% | 0.38% | · | 0.14% | 2.2% | 0.25% | · | 0.12% | 0.19% | 0.67% | · | 1.8% | 0.30% | 0.17% | · | 0.63% | |
| ROE | 1.8% | 0.80% | · | 0.31% | 4.8% | 0.55% | · | 0.26% | 0.42% | 1.6% | · | 4.2% | 0.68% | 0.39% | · | 1.4% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 4.1 | 2.3 | · | 1.2 | 1.9 | 2.0 | · | 1.4 | 0.1 | 1.4 | · | 0.5 | 1.4 | 1.7 | · | 2.1 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| 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 | $6.63B | $6.11B | · | $5.91B | $5.69B | $5.53B | · | $5.52B | $5.46B | $5.44B | · | $5.30B | $5.04B | $4.80B | · | $4.59B | |
| Net Income TTM | $1.73B | $1.39B | · | $1.26B | $1.27B | $523M | · | $1.15B | $1.21B | $1.20B | · | $1.16B | $487M | $443M | · | $508M | |
| Market Cap | $66.45B | $62.88B | · | $59.30B | $59.34B | $48.25B | · | $53.62B | $49.55B | $45.00B | · | $36.65B | $34.07B | $28.64B | · | $28.52B | |
| P/E | 37.7 | 47.2 | · | 50.1 | 49.8 | 103.8 | · | 47.3 | 41.4 | 39.2 | · | 33.6 | 76.9 | 72.3 | · | 62.0 | |
| P/S | 10.0 | 10.3 | · | 10.0 | 10.4 | 8.7 | · | 9.7 | 9.1 | 8.3 | · | 6.9 | 6.8 | 6.0 | · | 6.2 | |
| P/B | 2.4 | 2.7 | · | 2.6 | 2.6 | 2.3 | · | 2.5 | 2.4 | 2.4 | · | 2.0 | 1.9 | 1.7 | · | 1.7 | |
| P / Tangible Book | 3.7 | 5.2 | · | 5.1 | 5.2 | 4.7 | · | 4.5 | 4.3 | 4.5 | · | 4.0 | 4.0 | 3.6 | · | 3.4 | |
| P / Cash Flow | · | 118.1 | · | · | · | 120.9 | · | · | · | 127.7 | · | · | · | 81.9 | · | · | |
| Earnings Yield | 2.6% | 2.1% | · | 2.0% | 2.0% | 0.96% | · | 2.1% | 2.4% | 2.5% | · | 3.0% | 1.3% | 1.4% | · | 1.6% | |
| Payout Ratio | · | 486.1% | · | · | · | 771.6% | · | · | · | 280.1% | · | · | · | 1073.8% | · | · |
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 | $6.11B | $5.55B | $5.48B | $4.69B | $4.43B |
| Operating Margin % | 10.8% | 8.5% | 9.6% | 12.6% | 15.7% |
| Net Income | $1.31B | $602M | $949M | $378M | $1.71B |
| Diluted EPS | $3.58 | $1.61 | $2.88 | $1.11 | $5.94 |
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Institutional owners (13F) 1,437 filers · $39.1B 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 |
|---|---|---|---|---|
| 165 (-12 vs prior Q) | 66 (-16 vs prior Q) | 545 (+72 vs prior Q) | 383 (-39 vs prior Q) | +98.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $5,415,535,696 | 30,156,675 | 13.85% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $4,003,240,639 | 22,292,241 | 10.24% | Shares |
| STATE STREET CORP | $3,742,070,082 | 20,837,900 | 9.57% | Shares |
| NORGES BANK | $3,464,122,443 | 19,290,135 | 8.86% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,545,739,835 | 8,643,390 | 3.95% | Shares |
| APG Asset Management US Inc. | $1,519,824,270 | 8,619,693 | 3.89% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $1,178,094,723 | 6,560,278 | 3.01% | Shares |
| Blackstone Inc. | $893,146,338 | 4,973,529 | 2.28% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $850,746,782 | 4,737,425 | 2.18% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $825,220,172 | 4,595,279 | 2.11% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $658,482,150 | 3,666,790 | 1.68% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $618,392,529 | 3,443,549 | 1.58% | Shares |
| VIKING GLOBAL INVESTORS LP | $414,915,101 | 2,310,475 | 1.06% | Shares |
| FMR LLC | $406,968,120 | 2,266,222 | 1.04% | Shares |
| ALLIANCEBERNSTEIN L.P. | $379,987,382 | 2,108,581 | 0.97% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $341,154,052 | 1,899,733 | 0.87% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $336,488,025 | 1,873,750 | 0.86% | Shares |
| Resolution Capital Ltd | $328,280,680 | 1,828,047 | 0.84% | Shares |
| BlackRock, Inc. | $255,610,760 | 1,423,381 | 0.65% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $236,567,917 | 1,317,340 | 0.60% | Shares |
| Ghisallo Capital Management LLC | $215,154,798 | 1,198,100 | 0.55% | Shares |
| Balyasny Asset Management L.P. | $202,639,688 | 1,128,409 | 0.52% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $198,823,972 | 1,107,161 | 0.51% | Shares |
| Pictet Asset Management Holding SA | $189,357,054 | 1,054,444 | 0.48% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $178,914,415 | 996,624 | 0.46% | Shares |
| D. E. Shaw & Co., Inc. | $178,792,542 | 995,615 | 0.46% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $175,239,372 | 975,829 | 0.45% | Shares |
| Swiss National Bank | $174,057,735 | 969,249 | 0.45% | Shares |
| GOLDMAN SACHS GROUP INC | $164,506,886 | 916,065 | 0.42% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $159,200,431 | 835,347 | 0.41% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $143,760,255 | 800,536 | 0.37% | Shares |
| Legal & General Group Plc | $140,633,587 | 783,125 | 0.36% | Shares |
| Capital Research Global Investors | $138,091,472 | 768,875 | 0.35% | Shares |
| Burkehill Global Management, LP | $134,685,000 | 750,000 | 0.34% | Shares |
| Vanguard Global Advisers, LLC | $128,284,589 | 714,359 | 0.33% | Shares |
| Alyeska Investment Group, L.P. | $125,920,239 | 701,193 | 0.32% | Shares |
| Nuveen Asset Management, LLC | $123,698,363 | 697,560 | 0.32% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $121,793,670 | 678,214 | 0.31% | Shares |
| California Public Employees Retirement System | $118,778,163 | 661,422 | 0.30% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $118,227,211 | 658,354 | 0.30% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $115,366,681 | 642,425 | 0.29% | Shares |
| Asset Management One Co., Ltd. | $115,022,096 | 638,267 | 0.29% | Shares |
| BARCLAYS PLC | $111,521,693 | 621,014 | 0.29% | Shares |
| BANK OF AMERICA CORP /DE/ | $111,376,952 | 620,208 | 0.28% | Shares |
| RHUMBLINE ADVISERS | $109,368,049 | 609,022 | 0.28% | Shares |
| Nuveen, LLC | $105,637,755 | 588,249 | 0.27% | Shares |
| National Pension Service | $103,851,653 | 578,303 | 0.27% | Shares |
| SEVEN GRAND MANAGERS, LLC | $102,719,760 | 572,000 | 0.26% | Shares |
| MILLENNIUM MANAGEMENT LLC | $101,999,824 | 567,991 | 0.26% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $98,633,597 | 549,246 | 0.25% | Shares |
| SOROS FUND MANAGEMENT LLC | $96,904,600 | 539,618 | 0.25% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $92,944,387 | 517,570 | 0.24% | Shares |
| JANUS HENDERSON GROUP PLC | $92,554,792 | 513,433 | 0.24% | Shares |
| Heitman Real Estate Securities LLC | $88,122,241 | 490,713 | 0.23% | Shares |
| Adelante Capital Management LLC | $87,530,906 | 487,419 | 0.22% | Shares |
| AMERICAN CENTURY COMPANIES INC | $86,516,795 | 481,773 | 0.22% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $86,090,652 | 479,400 | 0.22% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $85,971,052 | 478,734 | 0.22% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $78,041,594 | 430,812 | 0.20% | Shares |
| AMERIPRISE FINANCIAL INC | $76,902,900 | 428,233 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $76,793,788 | 426,135 | 0.20% | Shares |
| Capital International Investors | $73,343,525 | 408,417 | 0.19% | Shares |
| Vanguard Investments Australia, Ltd. | $73,143,293 | 407,302 | 0.19% | Shares |
| Laurion Capital Management LP | $69,407,670 | 386,500 | 0.18% | Shares |
| Squarepoint Ops LLC | $67,708,484 | 377,038 | 0.17% | Shares |
| RAYMOND JAMES FINANCIAL INC | $64,156,015 | 357,256 | 0.16% | Shares |
| VANGUARD GROUP INC | $60,675,251 | 392,187 | 0.16% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $59,980,618 | 334,005 | 0.15% | Shares |
| Allianz Asset Management GmbH | $59,678,744 | 332,324 | 0.15% | Shares |
| UBS Group AG | $59,220,276 | 329,771 | 0.15% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $58,838,130 | 327,643 | 0.15% | Shares |
| AEW CAPITAL MANAGEMENT L P | $58,199,004 | 324,084 | 0.15% | Shares |
| Schonfeld Strategic Advisors LLC | $58,162,549 | 323,881 | 0.15% | Shares |
| AVIVA PLC | $57,107,158 | 318,004 | 0.15% | Shares |
| Aberdeen Group plc | $55,860,155 | 311,060 | 0.14% | Shares |
| PRUDENTIAL FINANCIAL INC | $55,692,427 | 310,126 | 0.14% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $54,638,652 | 304,258 | 0.14% | Shares |
| Swedbank AB | $54,347,914 | 302,639 | 0.14% | Shares |
| NEUBERGER BERMAN GROUP LLC | $54,001,906 | 300,712 | 0.14% | Shares |
| Gotham Asset Management, LLC | $53,416,610 | 297,453 | 0.14% | Shares |
| MACQUARIE GROUP LTD | $52,892,595 | 294,535 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $51,717,424 | 287,991 | 0.13% | Shares |
| Daiwa Securities Group Inc. | $51,469,783 | 286,612 | 0.13% | Shares |
| AXA Investment Managers S.A. | $50,684,786 | 293,179 | 0.13% | Shares |
| State of New Jersey Common Pension Fund D | $50,671,011 | 282,164 | 0.13% | Shares |
| LPL Financial LLC | $48,798,926 | 271,739 | 0.12% | Shares |
| HUNTINGTON NATIONAL BANK | $48,363,191 | 269,312 | 0.12% | Shares |
| Susquehanna Portfolio Strategies, LLC | $48,215,255 | 268,489 | 0.12% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $47,721,410 | 265,739 | 0.12% | Shares |
| PineBridge Investments, L.P. | $47,637,776 | 275,554 | 0.12% | Shares |
| BAMCO INC /NY/ | $46,891,570 | 261,118 | 0.12% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $44,908,469 | 250,075 | 0.11% | Shares |
| Retirement Systems of Alabama | $44,803,235 | 249,489 | 0.11% | Shares |
| FIRST TRUST ADVISORS LP | $44,501,412 | 247,808 | 0.11% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $44,265,393 | 246,494 | 0.11% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $42,915,102 | 222,358 | 0.11% | Shares |
| Hazelview Securities Inc. | $42,679,631 | 246,276 | 0.11% | Shares |
| Zimmer Partners, LP | $42,650,250 | 237,500 | 0.11% | Shares |
| Clearbridge Investments, LLC | $42,283,470 | 235,458 | 0.11% | Shares |
| Korea Investment CORP | $41,925,645 | 233,465 | 0.11% | Shares |
Company insiders 46 insiders · 11 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael F Foust | CEO and Director | Feb. 11, 2014 A | 184,608 | 0 | 0 | $0 |
| Christine Beseda Kornegay | CHIEF ACCOUNTING OFFICER | July 1, 2026 F | 4,298 | 0 | 0 | $0 |
| David Caron | Senior Vice President | Dec. 3, 2014 M | 0 | 0 | 0 | $0 |
| Matthew J. Miszewski | SVP, Sales | Feb. 11, 2014 A | — | 0 | 0 | $0 |
| Kris Kumar | SVP and Regional Head | Feb. 11, 2014 A | 28,844 | 0 | 0 | $0 |
| Ellen A Jacobs | SVP, Human Resources | Feb. 11, 2014 A | 0 | 0 | 0 | $0 |
| Frederick S. Potter | Managing Dir - Euro Finance | Nov. 6, 2012 S | 6,205 | 0 | 0 | $0 |
| Brent Behrman | Senior Vice President, Sales | April 2, 2012 M | 0 | 0 | 0 | $0 |
| Christopher James Crosby JR | SVP, Corporate Development | March 7, 2011 M | 0 | 0 | 0 | $0 |
| James Trout | Sr. VP, Portfolio & Tech Ops | March 2, 2009 M | 0 | 0 | 0 | $0 |
| John O Wilson | EVP,Technology Infrastructure | Nov. 3, 2004 A | — | 0 | 0 | $0 |
| Veralinn Jamieson | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Susan Swanezy | Director | June 30, 2026 A | — | 0 | 0 | $0 |
| Stephen R. Bolze | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Mary Hogan Preusse | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Mark R Patterson | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| William G Laperch | Director | May 29, 2026 A | 1,200 | 0 | 0 | $0 |
| MANDEVILLE JEAN F H P | Director | May 29, 2026 A | 11,039 | 0 | 0 | $0 |
| Afshin Mohebbi | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Kevin Kennedy | Director | May 29, 2026 A | 0 | 0 | 0 | $0 |
| Ruann Faye Ernst | Director | July 22, 2014 A | 2,448 | 0 | 0 | $0 |
| Richard A Magnuson | Director | Aug. 8, 2011 A | 0 | 0 | 0 | $0 |
| Kathleen Earley Reed | Director | Oct. 27, 2004 A | — | 0 | 0 | $0 |
| Joshua A. Mills | — | Jan. 15, 2020 M | 4,166 | 0 | 0 | $0 |
| Christopher Sharp | — | Jan. 13, 2020 A | 1,332 | 0 | 0 | $0 |
| Cindy Fiedelman | — | Jan. 13, 2020 A | — | 0 | 0 | $0 |
| Andrew Power | — | Jan. 13, 2020 A | 0 | 0 | 0 | $0 |
| William A Stein | — | Jan. 13, 2020 A | 0 | 0 | 0 | $0 |
| Edward F Sham | — | Jan. 13, 2020 A | 4,338 | 0 | 0 | $0 |
| Alexis Bjorlin | — | Jan. 2, 2020 A | — | 0 | 0 | $0 |
| Michael A Coke | — | Nov. 19, 2019 A | 11,040 | 0 | 0 | $0 |
| Dennis E Singleton | — | Nov. 19, 2019 A | 10,784 | 0 | 0 | $0 |
| CHAPMAN LAURENCE A | — | Nov. 19, 2019 A | 58,421 | 0 | 0 | $0 |
| Erich Sanchack | — | Aug. 30, 2019 F | 565 | 0 | 0 | $0 |
| John T Roberts JR | — | May 13, 2019 A | 12,382 | 0 | 0 | $0 |
| Dyer Corey | — | Feb. 28, 2019 A | — | 0 | 0 | $0 |
| Gregory S Wright | — | Jan. 1, 2019 A | 39,418 | 0 | 0 | $0 |
| Scott E Peterson | — | March 9, 2018 A | 0 | 0 | 0 | $0 |
| Daniel W Papes | — | March 2, 2018 A | — | 0 | 0 | $0 |
| Robert H Zerbst | — | May 8, 2017 A | — | 0 | 0 | $0 |
| Kathleen Earley | — | May 8, 2017 A | 19,137 | 0 | 0 | $0 |
| Christopher Kenney | — | March 9, 2017 M | 0 | 0 | 0 | $0 |
| Jarrett Appleby | — | Feb. 28, 2017 A | — | 0 | 0 | $0 |
| Michael J Henry | — | Feb. 28, 2017 A | — | 0 | 0 | $0 |
| Bernard Geoghegan | — | May 4, 2016 S | 7,185 | 0 | 0 | $0 |
| James M. Smith | — | March 3, 2015 M | 19,111 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 194 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 |
|---|---|---|---|---|
| SRVR · Pacer Funds Trust | 15.42% | 303,148 NS | April 30, 2026 | N-PORT |
| DTCR · Global X Funds | 10.90% | 1,230,449 NS | May 31, 2026 | N-PORT |
| REAI · Tidal Trust I | 9.99% | 535 NS | April 30, 2026 | N-PORT |
| RITA · ETF Series Solutions | 9.61% | 4,244 NS | April 30, 2026 | N-PORT |
| IDGT · iShares Trust | 9.26% | 245,606 SH | Aug. 8, 2026 | Daily |
| PSR · Invesco Actively Managed Exchange-T… | 7.57% | 23,430 | Aug. 8, 2026 | Daily |
| JRE · Janus Detroit Street Trust | 7.16% | 1,429 NS | April 30, 2026 | N-PORT |
| SRHR · Elevation Series Trust | 6.73% | 17,000 NS | April 30, 2026 | N-PORT |
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 6.39% | 159,382 NS | May 31, 2026 | N-PORT |
| RNTY · Tidal Trust II | 6.23% | 1,579 NS | April 30, 2026 | N-PORT |
| ERTH · Invesco Exchange-Traded Fund Trust | 5.25% | 37,272 | Aug. 8, 2026 | Daily |
| VGSR · Manager Directed Portfolios | 5.11% | 130,349 NS | March 31, 2026 | N-PORT |
| IYR · iShares Trust | 4.85% | 1,142,387 SH | Aug. 8, 2026 | Daily |
| USRT · iShares Trust | 4.71% | 1,129,906 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 4.64% | 388,949 NS | April 30, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 4.51% | 3,345 NS | April 30, 2026 | N-PORT |
| ICF · iShares Trust | 4.47% | 488,616 SH | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 4.35% | 2,284,605 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 4.34% | 280,719 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 4.32% | 310,325 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 3.80% | 4,931 NS | May 31, 2026 | N-PORT |
| REET · iShares Trust | 3.75% | 991,563 SH | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 3.54% | 618,499 NS | April 30, 2026 | N-PORT |
| RSPR · Invesco Exchange-Traded Fund Trust | 3.48% | 17,987 | Aug. 8, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 3.37% | 144,082 NS | May 31, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 3.28% | 13,078,734 SH | Aug. 8, 2026 | Daily |
| CLOU · Global X Funds | 3.20% | 45,317 NS | May 31, 2026 | N-PORT |
| DRN · Direxion Shares ETF Trust | 3.18% | 7,419 NS | April 30, 2026 | N-PORT |
| URE · ProShares Trust | 3.17% | 9,349 NS | May 31, 2026 | N-PORT |
| REIT · ALPS ETF Trust | 3.15% | 8,676 NS | May 31, 2026 | N-PORT |
| ERET · iShares Trust | 2.58% | 1,882 SH | Aug. 8, 2026 | Daily |
| RDOG · ALPS ETF Trust | 2.12% | 1,245 NS | May 31, 2026 | N-PORT |
| PABU · iShares Trust | 1.99% | 260,899 SH | Aug. 8, 2026 | Daily |
| SWP · Manager Directed Portfolios | 1.70% | 13,784 NS | May 31, 2026 | N-PORT |
| SDG · iShares Trust | 1.39% | 12,499 SH | Aug. 8, 2026 | Daily |
| TEXN · iShares Trust | 1.21% | 1,048 SH | Aug. 8, 2026 | Daily |
| CAPE · DoubleLine ETF Trust | 1.16% | 16,759 NS | March 31, 2026 | N-PORT |
| GTEK · Goldman Sachs ETF Trust | 1.09% | 14,023 NS | May 31, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 1.09% | 2,257,328 SH | Aug. 8, 2026 | Daily |
| IGPT · Invesco Exchange-Traded Fund Trust | 1.04% | 63,260 | Aug. 8, 2026 | Daily |
| IQRA · New York Life Investments Active ET… | 0.91% | 313 NS | April 30, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.86% | 130,848 NS | April 30, 2026 | N-PORT |
| SPLV · Invesco Exchange-Traded Fund Trust … | 0.82% | 305,036 | Aug. 8, 2026 | Daily |
| LOWV · AB Active ETFs, Inc. | 0.82% | 8,824 NS | May 31, 2026 | N-PORT |
| LRGC · AB Active ETFs, Inc. | 0.77% | 50,758 NS | May 31, 2026 | N-PORT |
| KNCT · Invesco Exchange-Traded Fund Trust | 0.69% | 5,697 | Aug. 8, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.68% | 77,220 NS | April 30, 2026 | N-PORT |
| ADME · ETF Series Solutions | 0.67% | 8,853 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.67% | 546,134 SH | Aug. 8, 2026 | Daily |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0.65% | 2,780 NS | April 30, 2026 | N-PORT |