ETR Entergy Corporation Common Stock
About Entergy Corporation Common Stock Company overview from Wikipedia
Entergy Corporation is an American energy company engaged in electric power production and retail distribution operations in the Deep South of the United States. Entergy is headquartered in New Orleans, Louisiana, and generates and distributes electric power to three million customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has approximately 24,000 megawatts of electric generating capacity, annual revenues of $11 billion and employs more than 12,000 people.
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Entergy Corporation is an American energy company engaged in electric power production and retail distribution operations in the Deep South of the United States. Entergy is headquartered in New Orleans, Louisiana, and generates and distributes electric power to three million customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has approximately 24,000 megawatts of electric generating capacity, annual revenues of $11 billion and employs more than 12,000 people.
History
Entergy traces its history to November 13, 1913, with the formation of Arkansas Power Company. Founder Harvey C. Couch used sawdust from a lumber company to bring electricity to rural Arkansas. In the 1920s, Couch set his sights on buying electric companies in other states. In 1923, he merged four independent companies in Mississippi into Mississippi Power and Light. Two years later, he formed Louisiana Power and Light to provide power to his Mississippi customers from northern Louisiana's natural gas fields.
Meanwhile, in 1922, the Electric Bond and Share Company (EBASCO, a subsidiary of General Electric) under Sidney Z. Mitchell merged several competing streetcar and electric utilities into New Orleans Public Service. Mitchell began turning his attention to other territories, and eventually began competing with Couch. The two men ultimately decided to merge their resources. In 1925, Electric Power and Light Corporation was formed, an EBASCO subsidiary headquartered in New Orleans, with Couch as its president. It was the parent company for Mississippi Power and Light, Louisiana Power and Light, New Orleans Public Service, and Arkansas Power and Light.
EBASCO fought the constitutionality of the Public Utility Holding Company Act of 1935, losing a Supreme Court case in 1938, and was ordered dissolved under the provisions of that act in 1949. Mississippi Power and Light, Louisiana Power and Light, New Orleans Public Service and Arkansas Power and Light were deemed to be an integrated system, and were reorganized under the control of a new holding company, Middle South Utilities. It changed its name to Entergy in 1989, and merged/bought Gulf States Utilities, based in Beaumont, Texas, as of 12:00 midnight, January 1, 1994.
In the late 1990s, Entergy pursued a strategy of global expansion into unregulated markets, acquiring substantial facilities in Australia, Argentina, and the United Kingdom. Shareholder dissatisfaction with the results of this strategy led to a shakeup of management, culminating with the ouster of longtime CEO Ed Lupberger in 1998. Lupberger was replaced by Wayne Leonard, formerly of Cinergy, who supervised the company's disinvestment from overseas holdings.
Since its inception, Entergy has been headquartered in New Orleans. That city had also been home to Entergy's various corporate predecessors since 1925. After Hurricane Katrina hit the city of New Orleans in August 2005, Entergy temporarily relocated the 1,500 employees and contractors who worked at the headquarters to other cities, including Clinton, Mississippi, Little Rock, Arkansas, and The Woodlands, Texas. In April 2006, the company began moving back into its New Orleans headquarters.
In 2011, Entergy and Coulomb Technologies, an electric vehicle charging station maker, began to donate free electric vehicle charging stations at 16 sites at college campuses in the southern US Its first installation was at Louisiana State University in Baton Rouge, and is free to use for faculty and students.
In 2013, Entergy joined the Midcontinent Independent System Operator (MISO) as is southern region following an Department of Justice investigation into the company's anti-competitive behavior. By joining MISO rather than the Southwest Power Pool, Entergy's service areas have limited interconnection to the remainder of the transmission organization, which reduces flow of cheaper electricity into the area. With a integrated power utility business model, Entergy makes money by constructing power plants, reducing the company's incentive to build transmission connecting it to other regions. Experts state these capacity contraints result in higher profits for the company at the expense of customers and lower reliability, such as rolling blackouts during Winter Storm Uri in 2021.
Subsidiaries
Entergy Arkansas (formerly Arkansas Power and Light Company (AP&L))
Entergy Louisiana (formerly Louisiana Power and Light Company (LP&L))
Entergy Gulf States Louisiana (formerly the Louisiana operations of Gulf States Utilities (GSU)) was merged into Entergy Louisiana in 2015.
Entergy New Orleans (formerly New Orleans Public Service, Inc. (NOPSI))
Entergy Nuclear
Entergy Mississippi (formerly Mississippi Power and Light Company (MP&L))
Entergy Texas (formerly the Texas operations of Gulf States Utilities (GSU))
Former subsidiary company logos
Prior to the use of the current Entergy logo, each subsidiary had its own distinctive logo. Upon the renaming of the company from Middle South Utilities System to Entergy, the present logo was adopted.
Louisiana Power and Light Company (now Entergy Louisiana), for instance, made extensive use of the logo shown on the right between approximately 1967 and 1989, featuring it on buildings, equipment, and in advertising. Each of Middle South Utilities' subsidiaries adopted logos of a similar style.
Operations
Entergy's service territory includes the southeast corner of Louisiana and the cities of Lafayette and Baton Rouge, the eastern three-fourths of Arkansas and the western half of Mississippi. It also includes part of southeastern Texas, including the Beaumont-Port Arthur-Orange and Conroe-Woodlands-Kingwood areas.
A member of the Fortune 500, Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the United States after Exelon Corporation. It had annual revenues of more than $11 billion in 2010 and approximately 15,000 employees.
Entergy's main operating segments consist of the US utility segment and the non-utility nuclear segment. The US utility segment provides retail electricity services to approximately 2.9 million customers in Arkansas, Louisiana, Mississippi, and Texas. The non-utility nuclear segment owns and operates a total of six nuclear units, and provided support services to one:
Michigan – Palisades Nuclear Generating Station (closed in spring of 2022)
Arkansas – Arkansas Nuclear One Units 1 and 2
Louisiana – River Bend Nuclear Generating Station and Waterford Nuclear Generating Station
Mississippi – Grand Gulf Nuclear Generating Station
Nebraska – support services for the Cooper Nuclear Station through 2014, terminated in 2022.
The company's nuclear division is headquartered in Jackson, Mississippi.
Entergy operates more than 40 plants using natural gas, nuclear, coal, oil and hydroelectric power with approximately 30,000 megawatts of electric generating capacity to serve its 2.9 million customers in the Gulf South. Its extensive transmission system carries approximately 30,000 megawatts of power across more than 15,700 miles (25,300 km) of interconnected lines within a 114,000-square-mile (300,000 km2) area.
Entergy is the only US utility to make the Dow Jones Sustainability Index (DJSI) nine years in a row. The DJSI is a listing of the companies whose overall environmental, social and economic sustainability performance scores were in the top 10 percent for their sector. Entergy was named in 2008 to Forbes list of America's Most Trustworthy Companies, a ranking based on corporate governance practices and accounting transparency.
On February 24, 2010, the Vermont Senate voted to prevent the Vermont Public Service Board from issuing the necessary certificate that would allow for the Vermont Yankee plant to have its license renewed for another 20 years. The vote will not affect current operation of the plant, and the issue could be revisited by the legislature in either a special session later in 2010 or in its next regular session in 2011.
Entergy Texas
Entergy Texas operates as a wholly owned subsidiary. This was done to prepare the Texas side for de-regulation under Texas law, but Entergy later notified the Public Utility Commission of Texas that it would not split off the Texas side as a de-regulated operation.
New Orleans gas plant astroturf scandal
In May 2018, Entergy New Orleans was embroiled in a scandal surrounding its controversial proposal for a natural gas power plant in East New Orleans. An Entergy subcontractor used Crowds on Demand to artificially lobby council support for the gas plant, prompting accusals of astroturfing. The New Orleans City Council ended up fining Entergy New Orleans $5 million for this paid actors scandal.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
ETR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
ETR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 13, 2026 | $0.6400 |
| May 1, 2026 | $0.6400 |
| Feb. 9, 2026 | $0.6400 |
| Nov. 13, 2025 | $0.6400 |
| Aug. 13, 2025 | $0.6000 |
| May 2, 2025 | $0.6000 |
| Feb. 10, 2025 | $0.6000 |
| Nov. 13, 2024 | $0.6000 |
| Aug. 13, 2024 | $0.5650 |
| May 1, 2024 | $0.5650 |
| Feb. 8, 2024 | $0.5650 |
| Nov. 13, 2023 | $0.5650 |
| Aug. 10, 2023 | $0.5350 |
| May 3, 2023 | $0.5350 |
| Feb. 9, 2023 | $0.5350 |
| Nov. 10, 2022 | $0.5350 |
| Aug. 10, 2022 | $0.5050 |
| May 4, 2022 | $0.5050 |
| Feb. 10, 2022 | $0.5050 |
| Nov. 12, 2021 | $0.5050 |
ETR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 7 23.3%
- Buy 17 56.7%
- Hold 6 20.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.03 | $1.05 | -0.02% |
| March 31, 2026 | $0.86 | $0.87 | -0.01% |
| Dec. 31, 2025 | $0.51 | $0.53 | -0.02% |
| Sept. 30, 2025 | $1.53 | $1.46 | 0.07% |
| June 30, 2025 | $1.05 | $0.93 | 0.12% |
| March 31, 2025 | $0.82 | $0.69 | 0.13% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ETR | — | 23.6 | 9.0% | 13.7% | 11.1% | — |
| NEE | $167.22B | 24.3 | 9.8% | 26.5% | 13.1% | — |
| SO | — | — | — | — | — | — |
| CEG | $110.22B | 47.7 | 8.3% | 9.1% | 16.8% | — |
| DUK | $91.19B | 18.6 | 5.6% | 15.7% | 9.7% | — |
| AEP | — | 17.3 | 10.9% | 16.9% | 12.7% | — |
| XEL | $46.06B | 21.6 | — | — | 9.4% | — |
| EXC | $44.59B | 15.3 | 5.3% | 11.4% | 9.9% | — |
| PCG | $35.32B | 13.6 | 2.1% | 10.8% | 8.6% | — |
| EIX | $23.09B | 5.2 | 9.8% | 23.1% | 26.9% | — |
| ES | $25.28B | 14.8 | 13.8% | 12.6% | 10.7% | — |
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 | $12.95B | $11.88B | $12.15B | $13.76B | $11.74B | $10.11B | $10.88B | $11.01B | $11.07B | $10.85B | · | · | |
| Operating Expenses | $9.74B | $9.23B | $9.53B | $11.71B | $9.90B | $8.34B | $9.49B | $10.54B | $9.71B | $11.66B | $11.97B | $10.49B | |
| Operating Income | $3.20B | $2.65B | $2.62B | $2.05B | $1.85B | $1.77B | $1.39B | $469M | $1.36B | $-815M | $-299M | $2.01B | |
| Interest Expense | · | · | $1.01B | $912M | $835M | $786M | $742M | $707M | $662M | $666M | $643M | $628M | |
| Other Non-op | $-92M | $-490M | $-201M | $-78M | $-202M | $-211M | $-253M | $-130M | $-113M | $-113M | $-96M | $-42M | |
| Pretax Income | $2.27B | $1.44B | $1.67B | $1.06B | $1.31B | $1.29B | $1.09B | $-174M | $968M | $-1.38B | $-800M | $1.55B | |
| Income Tax | $498M | $381M | $-691M | $-39M | $191M | $-122M | $-170M | $-1.04B | $543M | $-817M | $-643M | $590M | |
| Net Income | $1.77B | $1.06B | $2.36B | $1.10B | $1.12B | $1.39B | $1.24B | $849M | $412M | $-584M | $-177M | $941M | |
| EPS (Basic) | $3.98 | $2.47 | $5.57 | $2.70 | $5.57 | $6.94 | $6.36 | $4.68 | $2.29 | $-3.26 | $-0.99 | $5.24 | |
| EPS (Diluted) | $3.91 | $2.45 | $5.55 | $2.68 | $5.54 | $6.90 | $6.30 | $4.63 | $2.28 | $-3.26 | $-0.99 | $5.22 | |
| Shares (Basic) | 442,029,481 | 427,713,121 | 423,139,862 | 408,900,708 | 200,941,511 | 200,106,945 | 195,195,858 | 181,409,597 | 179,671,797 | 178,885,660 | 179,176,356 | 179,500,000 | |
| Shares (Diluted) | 450,151,884 | 431,581,696 | 424,752,990 | 411,095,156 | 201,873,024 | 201,102,220 | 196,999,284 | 183,378,513 | 180,535,893 | 178,900,000 | 179,176,356 | 180,296,885 | |
| EBITDA | $5.51B | $4.88B | $4.67B | $4.24B | $4.09B | $4.03B | $3.57B | $2.51B | $3.34B | $1.24B | $1.82B | $4.13B |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.93B | $860M | $133M | $224M | $443M | $1.76B | $426M | $481M | $781M | $1.19B | $1.35B | $1.42B | |
| Receivables | · | · | $1.39B | $1.50B | $1.37B | $1.29B | $1.21B | $1.11B | $1.21B | $1.17B | $1.07B | $1.10B | |
| Prepaid Expense | $425M | $233M | $213M | $191M | $157M | $196M | $284M | $234M | $156M | · | · | · | |
| Other Current Assets | · | · | · | · | · | · | · | · | $156M | $193M | $345M | $343M | |
| Current Assets | $5.81B | $4.40B | $3.66B | $4.10B | $3.62B | $4.56B | $3.05B | $2.96B | $3.29B | $3.68B | $4.07B | $4.39B | |
| PP&E (Net) | $482M | $424M | $419M | $366M | $358M | $343M | $333M | $304M | $261M | $234M | $220M | $214M | |
| Accum. Depreciation | $251M | $231M | $193M | $208M | $200M | $191M | $184M | $177M | $167M | $169M | $164M | $186M | |
| Goodwill | $368M | $368M | $374M | $377M | $377M | $377M | $377M | $377M | $377M | $377M | $377M | $377M | |
| Other Non-current Assets | $452M | $285M | $301M | $292M | $270M | $245M | $288M | $263M | $112M | $1.61B | $562M | $808M | |
| Total Assets | $71.89B | $64.79B | $59.70B | $58.60B | $59.45B | $58.24B | $51.72B | $48.28B | $46.71B | $45.90B | $44.65B | $46.41B | |
| Accounts Payable | $2.57B | $1.93B | $1.57B | $1.78B | $2.61B | $2.74B | $1.50B | $1.50B | $1.45B | $1.29B | $1.07B | $1.17B | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | $478M | $482M | $461M | $418M | |
| Short-term Debt | $658M | $927M | $1.14B | $828M | $1.20B | $1.63B | $1.95B | $1.94B | $1.58B | · | · | · | |
| Current Liabilities | $7.82B | $6.11B | $6.40B | $6.37B | $6.19B | $7.06B | $5.62B | $5.44B | $5.04B | $3.20B | $3.09B | $3.85B | |
| Capital Leases | $211M | $211M | $147M | · | · | · | $181M | $20M | $22M | $25M | $27M | $30M | |
| Deferred Tax | · | · | $4.25B | $4.82B | $4.71B | $4.36B | $4.40B | $4.11B | $4.47B | $7.50B | $8.31B | $9.13B | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | $394M | $1.12B | $450M | $558M | |
| Long-term Debt | $30.28B | $27.99B | $25.11B | $25.93B | $25.88B | $22.37B | $17.87B | $16.17B | $15.08B | $14.83B | $13.33B | $13.29B | |
| Total Debt | $30.93B | $28.92B | $26.25B | $26.76B | $27.08B | $24.00B | $19.82B | $18.11B | $15.08B | $14.83B | $13.33B | $13.40B | |
| Common Stock | $6M | $6M | $6M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Paid-in Capital | $8.98B | $7.83B | $7.79B | · | · | · | · | · | $5.43B | $5.42B | $5.40B | $5.38B | |
| Retained Earnings | $12.70B | $12.01B | $11.94B | $10.50B | $10.24B | $9.90B | $9.26B | $8.72B | $7.98B | $8.20B | $9.39B | $10.17B | |
| Treasury Stock | $4.76B | $4.81B | $4.95B | $4.98B | $5.04B | $5.07B | $5.15B | $5.27B | $5.40B | $5.50B | $5.55B | $5.50B | |
| AOCI | $-3M | $43M | $-162M | $-192M | $-333M | $-449M | $-447M | $-557M | $-24M | $-35M | $9M | $-42M | |
| Stockholders' Equity | $16.92B | $15.08B | $14.62B | $12.97B | $11.64B | $10.93B | $10.22B | $8.84B | $7.99B | $8.08B | $9.26B | $10.01B | |
| Liabilities + Equity | $71.89B | $64.79B | $59.70B | $58.60B | $59.45B | $58.24B | $51.72B | $48.28B | $46.71B | $45.90B | $44.65B | $46.41B |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2.31B | $2.23B | $2.05B | $1.99B | $1.99B | $2.26B | $2.18B | $2.04B | $2.08B | $2.12B | $2.12B | $2.13B | |
| Deferred Tax | $495M | $281M | $-769M | $-68M | · | · | · | · | · | · | · | · | |
| Restructuring | · | · | · | $3M | $13M | · | · | · | · | · | · | $20M | |
| Other Non-cash | $577M | $913M | $-114M | $-708M | $-1.06B | $-956M | $-607M | $-504M | $133M | $1.46B | $1.35B | $821M | |
| Operating Cash Flow | $5.15B | $4.49B | $4.29B | $2.59B | $2.30B | $2.69B | $2.82B | $2.39B | $2.62B | $3.00B | $3.29B | $3.89B | |
| CapEx | $7.68B | $4.84B | $4.44B | $5.07B | $168M | $247M | · | · | · | · | · | · | |
| Investing Cash Flow | $-7.11B | $-5.85B | $-4.63B | $-5.71B | $-6.18B | $-4.77B | $-4.51B | $-4.11B | $-3.84B | $-3.85B | $-2.61B | $-2.95B | |
| Debt Issued | $5.75B | $7.90B | $4.27B | $6.02B | $8.31B | $12.62B | $9.30B | $8.04B | $1.81B | $6.80B | $3.50B | $3.10B | |
| Net Debt Issued | $2.25B | $2.84B | $-862M | $24M | $3.48B | $4.47B | $1.69B | $1.07B | $224M | $1.49B | $41M | $777M | |
| Stock Issued | $1.14B | $0 | $131M | $853M | $201M | $0 | $608M | $499M | $0 | $0 | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | · | $0 | $0 | $100M | $183M | |
| Net Stock Activity | $1.14B | $0 | $131M | $853M | $201M | $0 | $608M | $499M | $0 | $0 | $-100M | $-183M | |
| Dividends Paid | $1.07B | $982M | $918M | $842M | $775M | $748M | $712M | $648M | $629M | $612M | $599M | $596M | |
| Financing Cash Flow | $3.03B | $2.09B | $243M | $2.91B | $2.56B | $3.42B | $1.64B | $1.42B | $811M | $688M | $-753M | $-252M | |
| Net Change in Cash | $1.07B | $727M | $-92M | $-218M | $-1.32B | $1.33B | $-55M | $-300M | $-407M | $-163M | $-71M | $683M | |
| Taxes Paid | $-515M | $42M | $43M | $28M | $98M | $-31M | $-40M | $20M | $-13M | $95M | $104M | $78M | |
| Free Cash Flow | $-2.53B | $-350M | $4.26B | $2.48B | · | · | · | · | · | · | · | · | |
| Levered FCF | · | · | $2.84B | $1.53B | · | · | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 24.7% | 22.3% | 21.6% | 14.9% | 15.7% | 17.5% | 12.8% | 4.3% | · | · | · | · | |
| Net Margin | 13.7% | 8.9% | 19.4% | 8.0% | 9.5% | 13.7% | 11.4% | 7.7% | · | · | · | · | |
| Pretax Margin | 17.5% | 12.1% | 13.8% | 7.7% | 11.2% | 12.7% | 10.0% | -1.6% | · | · | · | · | |
| EBITDA Margin | 42.5% | 41.1% | 38.4% | 30.8% | 34.8% | 39.8% | 32.8% | 22.8% | · | · | · | · | |
| ROA | 2.6% | 1.7% | 4.0% | 1.9% | 1.9% | 2.5% | 2.5% | 1.8% | 0.89% | -1.3% | -0.39% | 2.1% | |
| ROE | 11.1% | 7.1% | 17.1% | 9.0% | 9.9% | 13.1% | 13.0% | 10.1% | 4.9% | -6.7% | -1.8% | 9.6% | |
| ROIC | 5.2% | 4.4% | 9.0% | 5.3% | 4.1% | 5.5% | 5.3% | -8.6% | 2.4% | -1.6% | -0.26% | 5.3% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.7 | 1.2 | 1.3 | 1.1 | |
| Quick Ratio | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.3 | 0.4 | 0.7 | 0.8 | 0.7 | |
| Debt / Equity | 1.8 | 1.9 | 1.8 | 2.1 | 2.3 | 2.2 | 1.9 | 2.0 | 1.9 | 1.8 | 1.4 | 1.3 | |
| LT Debt / Equity | 1.6 | 1.8 | 1.6 | 1.8 | 2.1 | 1.9 | 1.7 | 1.8 | 1.8 | 1.8 | 1.4 | 1.2 | |
| Interest Coverage | · | · | 2.6 | 2.2 | 2.2 | 2.3 | 1.9 | 0.7 | 1.9 | -1.3 | -0.5 | 3.2 |
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 | 0.2 | 0.2 | · | · | · | · | |
| Receivables Turnover | · | · | 8.4 | 9.6 | 8.8 | 8.1 | 9.4 | 9.5 | · | · | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 9.0% | -2.2% | -11.8% | 17.2% | 16.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -2.0% | 0.39% | 6.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 59.6% | -55.9% | 107.1% | -51.6% | -19.7% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 13.4% | -23.8% | -7.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -10.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 67.1% | -55.1% | 115.3% | -1.9% | -19.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 17.4% | -1.7% | 19.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 5.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 7.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.95B | $11.88B | $12.15B | $13.76B | $11.74B | $10.11B | $10.88B | $11.01B | $11.07B | $10.85B | $12.46B | $13.02B | |
| Net Income TTM | $1.77B | $1.06B | $2.36B | $1.10B | $1.12B | $1.39B | $1.24B | $849M | $412M | $-584M | $-177M | $941M | |
| P/E | 23.6 | 30.9 | 9.1 | 21.0 | 10.2 | 7.2 | 9.5 | 9.3 | 17.8 | -11.3 | -34.5 | 8.4 | |
| Earnings Yield | 4.2% | 3.2% | 11.0% | 4.8% | 9.8% | 13.8% | 10.5% | 10.8% | 5.6% | -8.9% | -2.9% | 11.9% | |
| Payout Ratio | 60.6% | 92.5% | 39.0% | 76.3% | 69.3% | 53.9% | 57.3% | 76.3% | 152.8% | -104.8% | -339.2% | 63.4% | |
| Annual Payout | $1.07B | $982M | $918M | $842M | $775M | $748M | $712M | $648M | $629M | $612M | $599M | $596M |
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 | $3.52B | $3.19B | $2.96B | $3.81B | $3.33B | $2.85B | $2.74B | $3.39B | $2.95B | $2.79B | $2.72B | $3.60B | $2.85B | $2.98B | $3.27B | $4.22B | |
| Operating Expenses | $2.67B | $2.62B | $2.41B | $2.69B | $2.49B | $2.15B | $2.07B | $2.26B | $2.34B | $2.56B | $2.47B | $2.45B | $2.09B | $2.52B | $2.82B | $3.26B | |
| Operating Income | $850M | $572M | $546M | $1.12B | $837M | $700M | $670M | $1.13B | $618M | $238M | $257M | $1.14B | $756M | $462M | $449M | $955M | |
| Interest Expense | · | · | · | · | · | · | · | · | $290M | $267M | · | $255M | $251M | $246M | · | $227M | |
| Other Non-op | $-50M | $23M | $-13M | $-50M | $-44M | $15M | $-30M | $-67M | $-343M | $-51M | $-80M | $-18M | $-49M | $-54M | $-110M | $-10M | |
| Pretax Income | $619M | $479M | $295M | $904M | $610M | $462M | $398M | $861M | $85M | $98M | $15M | $897M | $527M | $233M | $168M | $740M | |
| Income Tax | $132M | $88M | $54M | $205M | $138M | $100M | $111M | $215M | $34M | $21M | $-973M | $227M | $135M | $-79M | $70M | $184M | |
| Net Income | $488M | $391M | $241M | $698M | $472M | $362M | $287M | $646M | $52M | $77M | $988M | $670M | $392M | $312M | $93M | $561M | |
| EPS (Basic) | $1.05 | $0.84 | $0.52 | $1.55 | $1.07 | $0.84 | $0.67 | $1.51 | $0.11 | $0.18 | $-0.90 | $3.15 | $1.85 | $1.47 | $-2.21 | $2.76 | |
| EPS (Diluted) | $1.03 | $0.83 | $0.51 | $1.53 | $1.05 | $0.82 | $0.66 | $1.50 | $0.11 | $0.18 | $-0.90 | $3.14 | $1.84 | $1.47 | $-2.20 | $2.74 | |
| Shares (Basic) | 458,745,729 | 455,717,833 | -874,033,304 | 446,532,648 | 439,182,369 | 430,347,768 | -853,833,472 | 428,024,935 | 427,234,219 | 426,287,439 | -211,119,298 | 211,459,244 | 211,449,211 | 211,350,705 | -200,871,892 | 203,445,773 | |
| Shares (Diluted) | 466,308,890 | 462,510,666 | -889,748,242 | 453,550,895 | 445,700,889 | 440,648,342 | -856,306,419 | 431,388,418 | 428,753,441 | 427,746,256 | -211,833,163 | 212,238,117 | 212,201,529 | 212,146,507 | -202,083,582 | 204,578,013 | |
| EBITDA | $1.46B | $1.17B | · | $1.70B | $1.42B | $1.27B | · | $1.13B | $618M | $838M | · | $1.14B | $756M | $1.02B | · | $955M |
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 | $3.85B | $3.57B | $1.93B | $1.52B | $1.18B | $1.51B | $860M | $1.41B | $1.36B | $1.29B | · | $1.52B | $1.19B | $1.97B | · | $1.00B | |
| Receivables | · | · | · | · | · | · | · | · | $1.58B | $1.29B | · | $1.71B | $1.43B | $1.24B | · | $1.71B | |
| Prepaid Expense | $402M | $448M | $425M | $366M | $327M | $317M | $233M | $246M | $247M | $231M | · | · | · | · | · | $256M | |
| Current Assets | $8.20B | $7.81B | $5.81B | $5.56B | $5.19B | $5.11B | $4.40B | $5.22B | $5.15B | $4.76B | · | $5.33B | $4.69B | $5.27B | · | $5.51B | |
| PP&E (Net) | $480M | $480M | $482M | $477M | $469M | $467M | $424M | $421M | $418M | $418M | · | $420M | $416M | $401M | · | $361M | |
| Accum. Depreciation | · | · | $251M | · | · | · | $231M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $368M | $368M | $368M | $368M | $368M | $368M | $368M | $374M | $374M | $374M | · | $377M | $377M | $377M | · | $377M | |
| Other Non-current Assets | $588M | $582M | $452M | $399M | $378M | $404M | $285M | $381M | $393M | $396M | · | $317M | $345M | $362M | · | $295M | |
| Total Assets | $79.00B | $75.80B | $71.89B | $69.85B | $68.38B | $66.62B | $64.79B | $64.46B | $62.77B | $61.63B | $59.70B | $60.55B | $59.72B | $59.20B | $58.60B | $58.98B | |
| Accounts Payable | $2.72B | $2.75B | $2.57B | $2.18B | $2.13B | $1.81B | $1.93B | $1.52B | $1.31B | $1.19B | · | $1.34B | $1.52B | $1.39B | · | $1.74B | |
| Short-term Debt | $1.57B | $1.38B | $658M | $1.41B | $476M | $1.33B | $927M | $1.12B | $932M | $1.91B | · | $1.35B | $1.11B | $866M | · | $1.39B | |
| Current Liabilities | $9.00B | $8.16B | $7.82B | $7.79B | $6.51B | $6.20B | $6.11B | $5.86B | $5.49B | $6.88B | · | $5.85B | $5.88B | $5.83B | · | $6.15B | |
| Capital Leases | · | · | $211M | · | · | · | $211M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | $4.32B | $4.24B | · | $5.06B | $4.87B | $4.74B | · | $4.68B | |
| Long-term Debt | $33.06B | $32.68B | $30.28B | $29.03B | $29.93B | $29.59B | $27.99B | $27.88B | $27.82B | $26.49B | · | $26.18B | $26.17B | $26.72B | · | $26.22B | |
| Total Debt | $34.63B | $34.06B | · | $30.45B | $30.41B | $30.92B | · | $29.00B | $28.75B | $28.40B | · | $27.53B | $27.28B | $27.59B | · | $27.61B | |
| Common Stock | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | |
| Paid-in Capital | $9.97B | $9.28B | $8.98B | $8.63B | $8.61B | $7.79B | $7.83B | $7.81B | · | · | · | · | · | · | · | · | |
| Retained Earnings | $12.98B | $12.79B | $12.70B | $12.75B | $12.33B | $12.12B | $12.01B | $11.99B | $11.58B | $11.77B | · | $11.19B | $10.75B | $10.59B | · | $10.62B | |
| Treasury Stock | $4.72B | $4.73B | $4.76B | $4.76B | $4.77B | $4.77B | $4.81B | $4.84B | $4.88B | $4.92B | · | $4.96B | $4.96B | $4.96B | · | $4.98B | |
| AOCI | $-1M | $905.0K | $-3M | $30M | $34M | $39M | $43M | $76M | $80M | $-166M | $-162M | $-195M | $-193M | $-190M | $-192M | $-313M | |
| Stockholders' Equity | $18.23B | $17.35B | $16.92B | $16.66B | $16.21B | $15.19B | $15.08B | $15.03B | $14.57B | $14.46B | · | $13.69B | $13.24B | $13.06B | · | $12.10B | |
| Liabilities + Equity | $79.00B | $75.80B | $71.89B | $69.85B | $68.38B | $66.62B | $64.79B | $64.46B | $62.77B | $61.63B | · | $60.55B | $59.72B | $59.20B | · | $58.98B |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $608M | $599M | $575M | $583M | $579M | $569M | $567M | $554M | $560M | $553M | $383M | $552M | $564M | $553M | $317M | $554M | |
| Other Non-cash | · | $-161M | · | · | · | $-395M | · | · | · | $-156M | · | · | · | $94M | · | · | |
| Operating Cash Flow | $1.89B | $829M | $1.22B | $2.13B | $1.26B | $536M | $1.38B | $1.56B | $1.03B | $521M | $1.06B | $1.41B | $866M | $960M | $776M | $993M | |
| CapEx | $2.78B | $2.25B | $2.13B | $1.89B | $2.01B | $1.66B | $1.57B | $3.09B | $1.95B | $961M | $1.07B | $3.34B | $30M | $0 | $4.96B | $1M | |
| Investing Cash Flow | $-2.67B | $-2.42B | $-1.90B | $-1.47B | $-2.03B | $-1.71B | $-1.85B | $-1.54B | $-1.18B | $-1.29B | $-1.05B | $-1.13B | $-1.16B | $-1.28B | $-1.34B | $-1.14B | |
| Debt Issued | $944M | $3.68B | $1.71B | $524M | $1.07B | $2.45B | $957M | $1.87B | $2.86B | $2.21B | $668M | $1.12B | $875M | $1.61B | $703M | $1.47B | |
| Net Debt Issued | · | $2.39B | · | · | · | $1.60B | · | · | · | $1.37B | · | · | · | $780M | · | · | |
| Stock Issued | $671M | $346M | $331M | $0 | $805M | $0 | $0 | $0 | · | · | · | · | · | · | $853M | $0 | |
| Net Stock Activity | · | $346M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $293M | $293M | $289M | $268M | $258M | $258M | $258M | $242M | $241M | $241M | $239M | $226M | $226M | $226M | $226M | $205M | |
| Financing Cash Flow | $1.06B | $3.24B | $1.09B | $-323M | $431M | $1.83B | $-84M | $29M | $214M | $1.93B | $-1.40B | $54M | $-481M | $2.07B | $-214M | $575M | |
| Net Change in Cash | $283M | $1.64B | $412M | $341M | $-338M | $654M | $-552M | $57M | $60M | $1.16B | $-1.39B | $325M | $-776M | $1.75B | $-779M | $424M | |
| Taxes Paid | $-2M | $-423.0K | $-112M | $-405M | $4M | $-1M | $33M | $967.0K | $8M | $-316.0K | $8M | $4M | $37M | $-5M | $36M | $73.0K | |
| Free Cash Flow | · | $-1.42B | · | · | · | $-1.12B | · | · | · | $348M | · | · | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $139M | · | · | · | · | · | · |
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 | 24.1% | 17.9% | · | 29.4% | 25.2% | 24.6% | · | 33.2% | 20.9% | 8.5% | · | 31.8% | 26.6% | 15.5% | · | 22.6% | |
| Net Margin | 13.8% | 12.3% | · | 18.3% | 14.2% | 12.7% | · | 19.1% | 1.8% | 2.7% | · | 18.6% | 13.8% | 10.5% | · | 13.2% | |
| Pretax Margin | 17.6% | 15.0% | · | 23.7% | 18.3% | 16.2% | · | 25.4% | 2.9% | 3.5% | · | 24.9% | 18.5% | 7.8% | · | 17.5% | |
| EBITDA Margin | 41.4% | 36.7% | · | 44.6% | 42.5% | 44.6% | · | 33.2% | 20.9% | 30.0% | · | 31.8% | 26.6% | 34.1% | · | 22.6% | |
| ROA | 0.66% | 0.55% | · | 1.0% | 0.72% | 0.57% | · | 1.0% | 0.08% | 0.13% | · | 1.1% | 0.67% | 0.52% | · | 0.94% | |
| ROE | 2.8% | 2.4% | · | 4.4% | 3.1% | 2.5% | · | 4.5% | 0.37% | 0.56% | · | 5.2% | 3.1% | 2.5% | · | 4.8% | |
| ROIC | 1.3% | 0.91% | · | 1.8% | 1.4% | 1.2% | · | 1.9% | 0.86% | 0.44% | · | 2.1% | 1.4% | 1.5% | · | 1.8% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.0 | · | 0.7 | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.7 | · | 0.9 | 0.8 | 0.9 | · | 0.9 | |
| Quick Ratio | 0.4 | 0.4 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.5 | 0.4 | · | 0.6 | 0.4 | 0.6 | · | 0.4 | |
| Debt / Equity | 1.9 | 2.0 | · | 1.8 | 1.9 | 2.0 | · | 1.9 | 2.0 | 2.0 | · | 2.0 | 2.1 | 2.1 | · | 2.3 | |
| LT Debt / Equity | 1.7 | 1.8 | · | 1.6 | 1.7 | 1.9 | · | 1.8 | 1.8 | 1.7 | · | 1.8 | 1.8 | 1.9 | · | 2.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 2.1 | 0.9 | · | 4.5 | 3.0 | 1.9 | · | 4.2 |
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 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.1 | · | 0.1 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | 2.0 | 2.2 | · | 2.1 | 1.9 | 2.4 | · | 2.6 |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $13.85B | $13.18B | · | $13.38B | $12.52B | $11.98B | · | $12.73B | $12.19B | $12.22B | · | $13.64B | $13.44B | $13.47B | · | $13.85B | |
| Net Income TTM | $2.05B | $1.92B | · | $2.18B | $1.53B | $1.14B | · | $1.44B | $1.19B | $1.45B | · | $1.93B | $1.43B | $1.32B | · | $1.54B | |
| P/E | 25.9 | 26.6 | · | 19.0 | 23.9 | 32.8 | · | 13.3 | 10.2 | 8.0 | · | 5.0 | 7.1 | 8.5 | · | 6.7 | |
| Earnings Yield | 3.9% | 3.8% | · | 5.3% | 4.2% | 3.0% | · | 7.5% | 9.8% | 12.6% | · | 19.9% | 14.0% | 11.8% | · | 14.9% | |
| Payout Ratio | · | 74.9% | · | · | · | 71.3% | · | · | · | 314.8% | · | · | · | 72.4% | · | · |
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 | $12.95B | $11.88B | $12.15B | $13.76B | $11.74B |
| Operating Margin % | 24.7% | 22.3% | 21.6% | 14.9% | 15.7% |
| Net Income | $1.77B | $1.06B | $2.36B | $1.10B | $1.12B |
| Diluted EPS | $3.91 | $2.45 | $5.55 | $2.68 | $5.54 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.8 | 1.9 | 1.8 | 2.1 | 2.3 |
| Current Ratio | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 |
| Quick Ratio | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-2.53B | $-350M | $4.26B | $2.48B | — |
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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 1,439 filers · $31.7B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 137 (-62 vs prior Q) | 72 (-12 vs prior Q) | 531 (+44 vs prior Q) | 403 (+25 vs prior Q) | +20.6M |
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 CAPITAL MANAGEMENT LLC | $3,507,677,953 | 30,538,725 | 11.08% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,084,881,740 | 26,857,755 | 9.74% | Shares |
| STATE STREET CORP | $2,938,936,373 | 25,587,118 | 9.28% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,218,384,706 | 10,656,241 | 3.85% | Shares |
| AMERIPRISE FINANCIAL INC | $1,162,093,357 | 10,118,022 | 3.67% | Shares |
| FMR LLC | $880,734,330 | 7,667,895 | 2.78% | Shares |
| NORGES BANK | $604,233,320 | 5,260,607 | 1.91% | Shares |
| Capital Research Global Investors | $601,532,617 | 5,237,094 | 1.90% | Shares |
| Newport Trust Company, LLC | $591,905,954 | 5,153,284 | 1.87% | Shares |
| Capital International Investors | $551,682,251 | 4,800,915 | 1.74% | Shares |
| Boston Partners | $527,891,551 | 4,594,633 | 1.67% | Shares |
| BARCLAYS PLC | $449,445,112 | 3,912,982 | 1.42% | Shares |
| Rare Infrastructure Ltd | $387,383,337 | 4,660,531 | 1.22% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $351,465,627 | 3,059,948 | 1.11% | Shares |
| RAYMOND JAMES FINANCIAL INC | $348,241,558 | 3,031,878 | 1.10% | Shares |
| MORGAN STANLEY | $344,852,161 | 3,002,369 | 1.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $330,918,092 | 2,881,056 | 1.05% | Shares |
| 1832 Asset Management L.P. | $313,750,542 | 2,731,591 | 0.99% | Shares |
| TD Asset Management Inc | $303,875,798 | 2,645,619 | 0.96% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $297,070,343 | 2,586,369 | 0.94% | Shares |
| Pictet Asset Management Holding SA | $291,506,295 | 2,537,927 | 0.92% | Shares |
| REAVES W H & CO INC | $270,700,210 | 2,356,784 | 0.85% | Shares |
| Soroban Capital Partners LP | $266,945,781 | 2,324,097 | 0.84% | Shares |
| MILLENNIUM MANAGEMENT LLC | $255,454,957 | 2,224,055 | 0.81% | Shares |
| CITADEL ADVISORS LLC | $246,684,477 | 2,147,697 | 0.78% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $246,265,982 | 2,144,058 | 0.78% | Shares |
| JENNISON ASSOCIATES LLC | $239,030,781 | 2,081,062 | 0.75% | Shares |
| UBS Group AG | $206,840,347 | 1,800,804 | 0.65% | Shares |
| Merewether Investment Management, LP | $205,324,195 | 1,787,604 | 0.65% | Shares |
| Nuveen, LLC | $194,333,127 | 1,691,913 | 0.61% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $186,657,032 | 1,625,081 | 0.59% | Shares |
| Clearbridge Investments, LLC | $183,948,082 | 1,601,498 | 0.58% | Shares |
| GOLDMAN SACHS GROUP INC | $181,504,963 | 1,580,228 | 0.57% | Shares |
| Point72 Asset Management, L.P. | $181,383,122 | 1,579,167 | 0.57% | Shares |
| Electron Capital Partners, LLC | $153,986,829 | 1,340,648 | 0.49% | Shares |
| Swiss National Bank | $148,307,232 | 1,291,200 | 0.47% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $135,087,191 | 1,176,103 | 0.43% | Shares |
| BlackRock, Inc. | $133,429,646 | 1,161,672 | 0.42% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $132,334,256 | 1,152,135 | 0.42% | Shares |
| TRUIST FINANCIAL CORP | $131,942,554 | 1,148,725 | 0.42% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $127,986,316 | 1,114,281 | 0.40% | Shares |
| Energy Income Partners, LLC | $125,170,752 | 1,089,768 | 0.40% | Shares |
| ANTIPODES PARTNERS Ltd | $124,691,786 | 1,085,598 | 0.39% | Shares |
| FERGUSON WELLMAN CAPITAL MANAGEMENT, INC | $121,751,141 | 1,059,996 | 0.38% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $119,904,000 | 1,043,914 | 0.38% | Shares |
| GOLDMAN SACHS GROUP INC | $114,860,000 | 1,000,000 | 0.36% | Call option |
| Vanguard Global Advisers, LLC | $113,214,286 | 985,672 | 0.36% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $110,893,769 | 965,469 | 0.35% | Shares |
| CI INVESTMENTS INC. | $110,582,039 | 962,755 | 0.35% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $110,491,070 | 961,963 | 0.35% | Shares |
| Legal & General Group Plc | $110,374,601 | 960,949 | 0.35% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $109,309,620 | 951,677 | 0.35% | Shares |
| Maple-Brown Abbott Ltd | $105,520,737 | 1,234,206 | 0.33% | Shares |
| SOROS FUND MANAGEMENT LLC | $104,971,932 | 913,912 | 0.33% | Shares |
| UniSuper Management Pty Ltd | $103,133,483 | 897,906 | 0.33% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $101,203,605 | 881,104 | 0.32% | Shares |
| HITE Hedge Asset Management LLC | $99,443,721 | 865,782 | 0.31% | Shares |
| California Public Employees Retirement System | $96,394,992 | 839,239 | 0.30% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $95,897,125 | 853,481 | 0.30% | Shares |
| RHUMBLINE ADVISERS | $92,568,551 | 805,926 | 0.29% | Shares |
| VANGUARD GROUP INC | $89,627,060 | 969,675 | 0.28% | Shares |
| LPL Financial LLC | $89,617,550 | 780,233 | 0.28% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $87,242,487 | 759,555 | 0.28% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $83,863,261 | 728,019 | 0.26% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $83,649,666 | 728,275 | 0.26% | Shares |
| FIRST TRUST ADVISORS LP | $82,968,421 | 722,344 | 0.26% | Shares |
| GROUPAMA ASSET MANAGMENT | $81,540,387 | 701,338 | 0.26% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $79,381,928 | 691,119 | 0.25% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $78,476,832 | 683,239 | 0.25% | Shares |
| PFA Pension, Forsikringsaktieselskab | $76,374,993 | 664,940 | 0.24% | Shares |
| AVIVA PLC | $75,701,240 | 659,074 | 0.24% | Shares |
| MIZUHO MARKETS AMERICAS LLC | $73,981,326 | 644,100 | 0.23% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $72,874,305 | 634,462 | 0.23% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $72,101,979 | 627,738 | 0.23% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $71,830,693 | 622,234 | 0.23% | Shares |
| Yaupon Capital Management LP | $70,748,706 | 615,956 | 0.22% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $70,634,078 | 614,958 | 0.22% | Shares |
| Hudson Bay Capital Management LP | $65,418,398 | 569,549 | 0.21% | Shares |
| National Pension Service | $62,803,840 | 546,786 | 0.20% | Shares |
| ALKEON CAPITAL MANAGEMENT LLC | $62,368,865 | 542,999 | 0.20% | Shares |
| NewEdge Advisors, LLC | $61,127,964 | 532,196 | 0.19% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $58,857,940 | 512,432 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $57,911,805 | 515,413 | 0.18% | Shares |
| ExodusPoint Capital Management, LP | $57,506,267 | 500,664 | 0.18% | Shares |
| Freestone Grove Partners LP | $57,430,000 | 500,000 | 0.18% | Shares |
| Korea Investment CORP | $56,324,358 | 490,374 | 0.18% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $55,603,726 | 484,100 | 0.18% | Shares |
| Magellan Asset Management Ltd | $55,449,239 | 482,755 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $55,091,344 | 490,311 | 0.17% | Shares |
| Retirement Systems of Alabama | $54,163,726 | 471,563 | 0.17% | Shares |
| Vanguard Investments Australia, Ltd. | $52,508,594 | 457,153 | 0.17% | Shares |
| Zurich Insurance Group Ltd/FI | $51,719,850 | 450,286 | 0.16% | Shares |
| Zimmer Partners, LP | $51,687,000 | 450,000 | 0.16% | Shares |
| Verition Fund Management LLC | $51,458,429 | 448,010 | 0.16% | Shares |
| Bornite Capital Management LP | $48,976,304 | 426,400 | 0.15% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $48,954,355 | 426,357 | 0.15% | Shares |
| AMF Tjanstepension AB | $46,182,220 | 402,074 | 0.15% | Shares |
| SEVEN GRAND MANAGERS, LLC | $45,944,000 | 400,000 | 0.15% | Shares |
| Cullen/Frost Bankers, Inc. | $43,680,010 | 380,289 | 0.14% | Shares |
| ROYAL BANK OF CANADA | $43,534,000 | 379,014 | 0.14% | Shares |
Company insiders 84 insiders · 36 officers · 31 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Marcus V Brown | Executive Legal Advisor to CEO | Feb. 13, 2026 S | 25,252 | 0 | 1 | $-2,252,511 |
| Andrew S Marsh | Chair and CEO | Feb. 6, 2026 F | 450,523 | 0 | 0 | $0 |
| Wayne J Leonard | Chairman and CEO | Jan. 29, 2013 F | 346,504 | 0 | 0 | $0 |
| John T Herron | President & CEO, Nuc Ops/CNO | Dec. 17, 2012 M | 9,347 | 0 | 0 | $0 |
| Kimberly A. Fontan | EVP & Chief Financial Officer | Feb. 6, 2026 F | 62,937 | 0 | 0 | $0 |
| C. John Wilder, Jr. | Executive VP & CFO | Aug. 28, 2003 S | 0 | 0 | 0 | $0 |
| Roderick K West | Group President, Utility Ops | Aug. 15, 2024 S | 40,598 | 0 | 0 | $0 |
| William M Mohl | President - EWCB | Jan. 30, 2017 F | 21,993 | 0 | 0 | $0 |
| Theodore H Bunting JR | Group President, Utility Ops. | Jan. 30, 2017 F | 21,054 | 0 | 0 | $0 |
| Richard J Smith | President - EWCB | Jan. 29, 2013 F | 56,115 | 0 | 0 | $0 |
| Gary J Taylor | Group President, Utility Op | Jan. 27, 2012 F | 5,317 | 0 | 0 | $0 |
| Kimberly Cook-Nelson | EVP & Chief Operating Officer | June 25, 2026 S | 30,770 | 0 | 1 | $-575,000 |
| Peter S Norgeot JR | EVP & Chief Operating Officer | Feb. 28, 2025 M | 86,065 | 0 | 0 | $0 |
| Paul D Hinnenkamp | EVP & Chief Operating Officer | May 27, 2022 M | 26,102 | 0 | 0 | $0 |
| Mark T Savoff | EVP & Chief Operating Officer | Feb. 2, 2015 F | 24,257 | 0 | 0 | $0 |
| Jason Chapman | SVP Chief Tech & Bus Servs Off | July 30, 2026 M | 17,176 | 0 | 5 | $-4,033,897 |
| John O Hudson III | Chief External Affairs Officer | Feb. 23, 2026 S | 5,294 | 0 | 1 | $-1,047,900 |
| John C Dinelli | EVP and Chief Nuclear Officer | Feb. 20, 2026 M | 23,609 | 0 | 1 | $-558,419 |
| Daniel T. Falstad | SVP, GENERAL COUNSEL & SEC | Feb. 6, 2026 F | 11,910 | 0 | 0 | $0 |
| Reginald T Jackson | SVP & Chief Accounting Officer | Feb. 6, 2026 F | 11,843 | 0 | 0 | $0 |
| Kathryn A. Collins | SVP & Chief H.R. Officer | Feb. 6, 2026 F | 53,519 | 0 | 0 | $0 |
| Julie E Harbert | SVP, Corp Business Services | Jan. 30, 2023 F | 18,252 | 0 | 0 | $0 |
| Christopher A. Bakken III | EVP, Entergy Infrastructure | Jan. 30, 2023 F | 34,586 | 0 | 0 | $0 |
| Leo P Denault | Executive Chair | Jan. 30, 2023 F | 396,771 | 0 | 0 | $0 |
| Donald W Vinci | EVP & Chief Admin. Officer | Jan. 29, 2018 F | 11,613 | 0 | 0 | $0 |
| Alyson M Mount | SVP & Chief Accounting Officer | Jan. 29, 2018 F | 13,336 | 0 | 0 | $0 |
| Andrea Lyn Coughlin Rowley | SVP, Human Resources | Jan. 26, 2018 F | 1,790 | 0 | 0 | $0 |
| DESPEAUX KIMBERLY H | Senior Vice President | Jan. 30, 2017 F | 8,130 | 0 | 0 | $0 |
| Jeffrey S Forbes | EVP, Chief Nuclear Officer | Feb. 2, 2015 F | 17,548 | 0 | 0 | $0 |
| Renae E Conley | Executive VP, HR & Admin | June 3, 2013 M | 20,994 | 0 | 0 | $0 |
| Robert D Sloan | Exec. VP, Gen. Counsel & Sec. | Jan. 27, 2011 A | 2,000 | 0 | 0 | $0 |
| Terry R Seamons | Senior Vice President | Jan. 28, 2010 A | 1,600 | 0 | 0 | $0 |
| HEBERT CURTIS L JR | Executive Vice President | Jan. 28, 2010 A | 0 | 0 | 0 | $0 |
| Michael R Kansler | Executive VP and CNO | Aug. 27, 2009 M | 18,639 | 0 | 0 | $0 |
| MADISON WILLIAM E | Senior Vice President | Feb. 27, 2007 M | 5,746 | 0 | 0 | $0 |
| LANGSTON NATHAN E | Senior Vice President & CAO | Jan. 3, 2007 M | 0 | 0 | 0 | $0 |
| James Frank Caldwell JR | Director | June 1, 2026 A | 1,024 | 0 | 0 | $0 |
| Gina F. Adams | Director | June 1, 2026 A | 7,830 | 0 | 0 | $0 |
| John H. Black | Director | June 1, 2026 A | 8,283 | 0 | 0 | $0 |
| John R Burbank | Director | June 1, 2026 A | 17,777 | 0 | 0 | $0 |
| Brian W Ellis | Director | June 1, 2026 A | 14,453 | 0 | 1 | $-4,133 |
| Kirkland H Donald | Director | June 1, 2026 A | 24,505 | 0 | 0 | $0 |
| Elise M Hyland | Director | June 1, 2026 A | 19,426 | 0 | 0 | $0 |
| Philip L Frederickson | Director | June 1, 2026 A | 33,639 | 0 | 0 | $0 |
| Karen A Puckett | Director | June 1, 2026 A | 34,223 | 0 | 0 | $0 |
| Stuart L Levenick | Director | June 1, 2026 A | 47,209 | 0 | 0 | $0 |
| Blanche L Lincoln | Director | Nov. 29, 2024 A | 20,425 | 0 | 0 | $0 |
| Patrick J. Condon | Director | Feb. 29, 2024 A | 14,177 | 0 | 0 | $0 |
| Alexis M Herman | Director | March 8, 2023 S | 7,388 | 0 | 0 | $0 |
| W J Tauzin | Director | Feb. 28, 2018 A | 11,068 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 198 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 |
|---|---|---|---|---|
| TPZ · Tortoise Capital Series Trust | 5.87% | 69,252 NS | May 31, 2026 | N-PORT |
| UTES · ETFis Series Trust I | 5.04% | 678,717 NS | April 30, 2026 | N-PORT |
| ELCV · Strategy Shares | 4.97% | 92,974 NS | April 30, 2026 | N-PORT |
| RCTR · First Trust Exchange-Traded Fund II | 4.73% | 11,026 NS | June 30, 2026 | N-PORT |
| ZAP · Global X Funds | 4.39% | 169,918 NS | April 30, 2026 | N-PORT |
| VOLT · Tema ETF Trust | 3.59% | 238,281 NS | May 31, 2026 | N-PORT |
| VPU · VANGUARD WORLD FUND | 3.35% | 3,134,061 SH | Aug. 19, 2026 | Daily |
| NEWZ · EA Series Trust | 3.29% | 5,292 NS | April 30, 2026 | N-PORT |
| PUI · Invesco Exchange-Traded Fund Trust | 3.29% | 16,480 SH | Aug. 21, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 3.29% | 684,247 NS | April 30, 2026 | N-PORT |
| RSPU · Invesco Exchange-Traded Fund Trust | 3.16% | 156,685 SH | Aug. 21, 2026 | Daily |
| IDU · iShares Trust | 3.06% | 382,312 SH | Aug. 21, 2026 | Daily |
| DVOL · First Trust Exchange-Traded Fund VI | 2.99% | 18,527 NS | June 30, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 2.67% | 6,078 NS | April 30, 2026 | N-PORT |
| UPW · ProShares Trust | 2.66% | 4,704 NS | May 31, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 2.43% | 838,045 NS | April 30, 2026 | N-PORT |
| UTSL · Direxion Shares ETF Trust | 2.28% | 8,395 NS | April 30, 2026 | N-PORT |
| JXI · iShares Trust | 2.21% | 63,044 SH | Aug. 21, 2026 | Daily |
| POWR · iShares, Inc. | 1.92% | 82,626 SH | Aug. 21, 2026 | Daily |
| EIPI · First Trust Exchange-Traded Fund VI… | 1.91% | 184,566 NS | May 31, 2026 | N-PORT |
| DDIV · First Trust Exchange-Traded Fund VI | 1.59% | 9,354 NS | June 30, 2026 | N-PORT |
| IQRA · New York Life Investments Active ET… | 1.44% | 845 NS | April 30, 2026 | N-PORT |
| FPX · First Trust Exchange-Traded Fund | 1.41% | 205,081 NS | June 30, 2026 | N-PORT |
| IGF · iShares Trust | 1.36% | 1,342,253 SH | Aug. 21, 2026 | Daily |
| TOLL · Tema ETF Trust | 1.35% | 6,065 NS | May 31, 2026 | N-PORT |
| TEKX · SSGA Active Trust | 1.32% | 680 NS | April 30, 2026 | N-PORT |
| FDV · Federated Hermes ETF Trust | 1.17% | 74,210 NS | April 30, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.16% | 9,493 NS | April 30, 2026 | N-PORT |
| VRP · Invesco Exchange-Traded Fund Trust … | 1.04% | 30,870,000 | Aug. 21, 2026 | Daily |
| UPSD · ETF Series Solutions | 1.00% | 8,527 NS | April 30, 2026 | N-PORT |
| TCAI · Tortoise Capital Series Trust | 0.97% | 19,342 NS | May 31, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.94% | 3,064,973 SH | Aug. 19, 2026 | Daily |
| SPLV · Invesco Exchange-Traded Fund Trust … | 0.93% | 613,337 SH | Aug. 21, 2026 | Daily |
| RBLD · First Trust Exchange-Traded Fund II | 0.93% | 3,275 NS | June 30, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 0.89% | 40,058 NS | April 30, 2026 | N-PORT |
| FXU · First Trust Exchange-Traded AlphaDE… | 0.87% | 66,339 NS | April 30, 2026 | N-PORT |
| PGX · Invesco Exchange-Traded Fund Trust … | 0.82% | 1,522,491 | Aug. 21, 2026 | Daily |
| DVY · iShares Trust | 0.81% | 1,794,922 SH | Aug. 21, 2026 | Daily |
| NFRA · FlexShares Trust | 0.70% | 182,816 NS | April 30, 2026 | N-PORT |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.70% | 214,000 | Aug. 21, 2026 | Daily |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0.64% | 4,653 NS | April 30, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.61% | 8,058 NS | April 30, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.61% | 14,597 NS | April 30, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.53% | 10,339,546 SH | Aug. 19, 2026 | Daily |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 0.50% | 1,331 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.47% | 688,025 SH | Aug. 21, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.46% | 156,861 NS | April 30, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.43% | 16,247 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.43% | 15,958 NS | April 30, 2026 | N-PORT |
| FVD · First Trust Exchange-Traded Fund | 0.40% | 279,348 NS | June 30, 2026 | N-PORT |