EXC Exelon Corporation - Common Stock
About Exelon Corporation - Common Stock Company overview from Wikipedia
Exelon Corporation is an American public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 187th on the Fortune 500.
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Exelon Corporation is an American public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 187th on the Fortune 500.
Exelon owns six regulated utilities: Atlantic City Electric (New Jersey), Commonwealth Edison (Illinois), PECO Energy Company (Pennsylvania), Baltimore Gas and Electric (Maryland), Delmarva Power and Light (Delaware and Maryland), and Pepco (Washington, DC and Maryland).
Operating subsidiaries
Atlantic City Electric is a regulated utility in New Jersey with 545,000 electric customers.
Baltimore Gas and Electric (BGE) is a regulated utility in Maryland with 1.25 million+ electric customers and 650,000+ natural gas customers.
Commonwealth Edison (ComEd) is a regulated utility in Illinois with 4 million electric customers.
Delmarva Power is a regulated utility in Delaware and the Eastern Shore of Maryland with 515,000 electric customers over 5,000 square miles of service territory. They provide natural gas to 130,000 customers in northern Delaware.
PECO Energy Company (PECO) is regulated utility in eastern Pennsylvania with 1.6 million electric customers and more than 500,000 natural gas customers.
Pepco (Potomac Electric Power Company) is a regulated utility in Washington, D.C. that serves 842,000 electric customers in the district and parts of Maryland.
History
Exelon Corporation was created in October 2000 by the merger between PECO Energy Company, formed in 1902, and Unicom Corporation, the parent of Commonwealth Edison, formed in 1907. Unicom was based in Chicago and the city became the headquarters of the new entity. The merger was overseen by the CEO of Unicom, John Rowe, who joined the corporation in 1998 and led the newly formed Exelon until 2012, becoming the nation's longest-serving utility executive.
On July 31, 2005, the Federal Energy Regulatory Commission approved the merger of Exelon and Public Service Enterprise Group, a New Jersey utility; however, after 18 months, the two companies terminated the agreement due to pressure put on the New Jersey Board of Public Utilities by public interest groups, including New Jersey Citizen Action. On March 12, 2012, Exelon acquired Constellation Energy, with the combined company owning more than 34 gigawatts of power generation (55% nuclear, 24% natural gas, 8% renewable including hydro, 7% oil and 6% coal).
Exelon announced the proposed purchase of Pepco Holdings on April 30, 2014, for $6.8 billion in an all-cash transaction. The merger faced stiff opposition from community groups and D.C. Mayor Muriel Bowser. The merger was originally rejected by the District of Columbia Public Service Commission in August 2015, though it was approved by other federal and state regulators. The companies appealed the decision.
On March 23, 2016, the merger was finally approved by the District of Columbia Public Service Commission after the company made concessions and the merger was completed, making Exelon the largest regulated utility in the United States by customer count and total revenue.
On February 2, 2022, Exelon completed the corporate spin-off of Constellation Energy, its energy generation business. Constellation was the largest operator of nuclear power plants in the United States and the largest non-governmental operator of nuclear power plants in the world. It is also the largest competitive U.S. power generator with approximately 35,500 megawatts of owned capacity. It had full or majority ownership of 23 nuclear reactors in 14 nuclear power plants.
Controversies and legal issues
PECO Energy: Nuclear power protests and solar energy expansion
In the 1970s, activists delayed the opening of nuclear power plants by PECO Energy. In 2015, Earth Quaker Action Team began a campaign to pressure PECO to expand the solar power it purchases, and to purchase it locally to create jobs.
Pollution, security incidents
In 2005, Exelon was required to pay a $602,000 fine for exceeding the permitted sulfur dioxide emission limit from April to October 2004 at its Cromby Generating Station in Chester County, Pennsylvania. Exelon and Illinois state officials waited for four years until 2006 before disclosing that Exelon's Braidwood Nuclear Generating Station, a nuclear plant 60 miles southwest of Chicago, had spilled millions of gallons of water containing tritium, a radioactive form of hydrogen, multiple times over a decade. Exelon officials eventually apologized and said the risks from the leak were "minimal", with tritium levels in surrounding wells all found to be below regulatory limits. In 2009, the Nuclear Regulatory Commission announced its plan for a $65,000 fine against Exelon for permitting its contracted security guards that were guarding its Peach Bottom Nuclear Generating Station, a two-reactor nuclear plant located in Delta, Pennsylvania, to sleep on the job. The incidents did not come to light until a videotape of the security guards was leaked to news media. As a result, Exelon terminated the security contract of the Wackenhut security firm that had been involved and now operates its own in-house nuclear security force.
Political activity
Exelon makes political contributions via its political action committee (PAC), EXELONPAC. In 2021 and 2022, it contributed $323,500 to federal candidates, including $202,500 to Democrats and $121,000 to Republicans. In 2022, it spent $2,878,000 on lobbying.
== Finances ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
EXC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
EXC 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 |
|---|---|
| June 4, 2026 | $0.4200 |
| March 2, 2026 | $0.4200 |
| Nov. 10, 2025 | $0.4000 |
| Aug. 11, 2025 | $0.4000 |
| May 12, 2025 | $0.4000 |
| Feb. 24, 2025 | $0.4000 |
| Nov. 8, 2024 | $0.3800 |
| Aug. 12, 2024 | $0.3800 |
| May 10, 2024 | $0.3800 |
| March 1, 2024 | $0.3800 |
| Nov. 14, 2023 | $0.3600 |
| Aug. 14, 2023 | $0.3600 |
| May 12, 2023 | $0.3600 |
| Feb. 24, 2023 | $0.3600 |
| Nov. 14, 2022 | $0.3380 |
| Aug. 12, 2022 | $0.3380 |
| May 12, 2022 | $0.3380 |
| Feb. 24, 2022 | $0.3380 |
| Nov. 12, 2021 | $0.2732 |
| Aug. 12, 2021 | $0.2732 |
EXC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 3 11.1%
- Buy 4 14.8%
- Hold 18 66.7%
- Sell 2 7.4%
- Strong Sell 0 0.0%
12-Month Price Target
17 analysts · 2026-08-18Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.43 | $0.44 | -0.01% |
| March 31, 2026 | $0.91 | $0.89 | 0.02% |
| Dec. 31, 2025 | $0.59 | $0.55 | 0.04% |
| Sept. 30, 2025 | $0.86 | $0.78 | 0.08% |
| June 30, 2025 | $0.39 | $0.37 | 0.02% |
| March 31, 2025 | $0.92 | $0.89 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EXC | $44.59B | 15.3 | 5.3% | 11.4% | 9.9% | — |
| 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% | — |
| ETR | — | 23.6 | 9.0% | 13.7% | 11.1% | — |
| XEL | $46.06B | 21.6 | — | — | 9.4% | — |
| PCG | $35.32B | 13.6 | 2.1% | 10.8% | 8.6% | — |
| EIX | $23.09B | 5.2 | 9.8% | 23.1% | 26.9% | — |
| FE | $25.87B | 25.4 | 12.0% | 6.8% | 8.2% | — |
| ES | $25.28B | 14.8 | 13.8% | 12.6% | 10.7% | — |
| PPL | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.26B | $23.03B | $21.73B | $19.08B | $17.94B | $16.66B | $34.44B | $35.98B | $33.56B | $31.37B | $29.45B | $27.43B | |
| Operating Expenses | $19.11B | $18.72B | $17.71B | $15.76B | $15.26B | $14.48B | $30.10B | $32.14B | $29.62B | $28.11B | $25.06B | $25.04B | |
| Operating Income | $5.15B | $4.32B | $4.02B | $3.31B | $2.68B | $2.19B | $4.37B | $3.89B | $4.39B | $3.21B | $4.41B | $3.10B | |
| Interest Expense | · | · | · | · | · | $1.61B | $1.59B | $1.53B | $1.52B | $1.50B | $992M | $1.02B | |
| Interest Income | · | · | · | · | · | · | · | $43M | $8M | $17M | $8M | $1M | |
| Other Non-op | $270M | $262M | $408M | $535M | $261M | $208M | $1.23B | $-112M | $947M | $297M | $-46M | $455M | |
| Pretax Income | $3.29B | $2.67B | $2.70B | $2.40B | $1.65B | $1.09B | $3.98B | $2.23B | $3.77B | $1.97B | $3.33B | $2.49B | |
| Income Tax | $523M | $207M | $374M | $349M | $38M | $-7M | $774M | $118M | $-126M | $753M | $1.07B | $666M | |
| Net Income | $2.77B | $2.46B | $2.33B | $2.17B | $1.83B | $1.95B | $3.03B | $2.08B | $3.87B | $1.20B | $2.25B | $1.82B | |
| EPS (Basic) | · | · | · | · | $1.74 | $2.01 | $3.02 | $2.07 | $3.99 | $1.21 | $2.55 | · | |
| EPS (Diluted) | · | · | · | · | $1.74 | $2.01 | $3.01 | $2.07 | $3.98 | $1.21 | $2.54 | $1.88 | |
| Shares (Basic) | 1,011,000,000 | 1,003,000,000 | 996,000,000 | 986,000,000 | 979,000,000 | 976,000,000 | 973,000,000 | 967,000,000 | 947,000,000 | 924,000,000 | 890,000,000 | 860,000,000 | |
| Shares (Diluted) | 1,012,000,000 | 1,003,000,000 | 997,000,000 | 987,000,000 | 980,000,000 | 977,000,000 | 974,000,000 | 969,000,000 | 949,000,000 | 927,000,000 | 893,000,000 | 864,000,000 | |
| EBITDA | $8.79B | $7.92B | $7.53B | $6.64B | $8.76B | $7.84B | $8.63B | $8.25B | $8.09B | $7.05B | $6.86B | $5.41B |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $626M | $357M | $445M | $407M | $672M | $432M | $587M | $1.35B | $898M | $635M | $6.50B | $1.88B | |
| Receivables | $3.30B | $2.74B | $2.34B | $2.22B | $1.87B | $3.23B | $4.59B | $4.61B | $4.45B | $4.16B | $3.19B | $3.48B | |
| Other Current Assets | $523M | $445M | $370M | $406M | $387M | $1.65B | $905M | $1.24B | $1.26B | $930M | $752M | $865M | |
| Current Assets | $9.55B | $8.38B | $8.09B | $7.34B | $13.96B | $12.56B | $12.04B | $13.33B | $11.90B | $12.41B | $15.33B | $11.85B | |
| PP&E (Net) | $84.32B | $78.18B | $73.59B | $69.08B | $64.56B | $82.58B | $80.23B | $76.71B | $74.20B | $71.56B | $57.44B | $52.17B | |
| PP&E (Gross) | $104.40B | $96.63B | $90.84B | $85.01B | $78.99B | $109.31B | $104.21B | $99.61B | $95.27B | $90.72B | $73.81B | $66.91B | |
| Accum. Depreciation | $20.08B | $18.45B | $17.25B | $15.93B | $14.43B | $26.73B | $23.98B | $22.90B | $21.06B | $19.17B | $16.38B | $14.74B | |
| Goodwill | $6.63B | $6.63B | $6.63B | $6.63B | $6.63B | $6.68B | $6.68B | $6.68B | $6.68B | $6.68B | $2.67B | $2.67B | |
| Intangibles | · | · | · | $-25M | $-207M | $172M | $174M | $118M | $-27M | $-258M | $755M | $738M | |
| Other Non-current Assets | $1.79B | $1.56B | $1.36B | $1.14B | $885M | $3.28B | $3.20B | $1.57B | $1.33B | $1.47B | $1.45B | $923M | |
| Total Assets | $116.57B | $107.78B | $101.86B | $95.35B | $133.01B | $129.32B | $124.98B | $119.63B | $116.77B | $114.90B | $95.38B | $86.42B | |
| Accounts Payable | · | · | · | $3.38B | $2.38B | $3.56B | $3.56B | $3.80B | $3.53B | $3.44B | $2.88B | $3.05B | |
| Accrued Liabilities | $1.58B | $1.47B | $1.38B | $1.23B | $1.14B | $2.08B | $1.98B | $2.11B | $1.84B | $3.46B | $2.38B | $1.54B | |
| Short-term Debt | $612M | $1.86B | $2.52B | $2.59B | $1.25B | $2.03B | $1.37B | $714M | $929M | $1.27B | $533M | $460M | |
| Current Liabilities | $10.33B | $9.61B | $9.90B | $10.61B | $16.11B | $12.77B | $14.19B | $11.40B | $10.80B | $13.46B | $9.12B | $8.76B | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | $13.78B | · | |
| Other Non-current Liabilities | $2.17B | $2.28B | $2.09B | $1.97B | $1.57B | $2.94B | $3.06B | $2.13B | $2.10B | $1.83B | $1.49B | $2.15B | |
| Total Liabilities | $87.77B | $80.86B | $76.10B | $70.61B | $98.22B | $94.45B | $90.40B | $86.59B | $84.58B | $87.29B | $68.06B | $62.28B | |
| Long-term Debt | $49.43B | $44.67B | $41.28B | $37.17B | $38.76B | $36.91B | $35.95B | $35.30B | $34.05B | $33.96B | $25.76B | $21.40B | |
| Total Debt | $2.28B | $3.31B | $3.93B | $39.66B | $42.03B | $35.30B | $37.41B | $36.14B | $35.19B | $35.27B | $25.68B | $21.62B | |
| Common Stock | $22.11B | $21.34B | $21.11B | $20.91B | $20.32B | $19.37B | $19.27B | $19.12B | $18.96B | $18.79B | $18.68B | $16.71B | |
| Retained Earnings | $7.58B | $6.43B | $5.49B | $4.60B | $16.94B | $16.73B | $16.27B | $14.74B | $14.08B | $12.03B | $12.07B | $10.91B | |
| Treasury Stock | $123M | $123M | $123M | $123M | $123M | $123M | $123M | $123M | $123M | $2.33B | $2.33B | $2.33B | |
| AOCI | $-762M | $-720M | $-726M | $-638M | $-2.75B | $-3.40B | $-3.19B | $-3.00B | $-3.03B | $-2.66B | $-2.62B | $-2.68B | |
| Stockholders' Equity | $28.80B | $26.92B | $25.75B | $24.74B | $34.39B | $32.59B | $32.22B | $30.74B | $29.90B | $25.84B | $25.79B | $22.61B | |
| Liabilities + Equity | $116.57B | $107.78B | $101.86B | $95.35B | $133.01B | $129.32B | $124.98B | $119.63B | $116.77B | $114.90B | $95.38B | $86.42B | |
| Shares Outstanding | 1,023,000,000 | 1,005,000,000 | 999,000,000 | 994,000,000 | 979,000,000 | 976,000,000 | 973,000,000 | 968,000,000 | 963,335,888 | 924,035,059 | 919,924,742 | 859,833,343 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3.64B | $3.60B | $3.51B | $3.53B | $7.57B | $2.89B | $4.25B | $4.35B | $3.83B | $3.94B | $2.45B | $2.31B | |
| Stock-based Comp | · | · | · | · | · | · | · | $75M | $88M | $111M | $97M | $91M | |
| Amort. of Intangibles | $2M | $1M | $1M | $182M | $83M | $-98M | $-28M | $-109M | $-237M | $-336M | $76M | $179M | |
| Other Non-cash | $-157M | $-487M | $-1.13B | $-626M | $-4.85B | $-2.73B | $-621M | $2.13B | $-285M | $3.19B | $2.82B | $232M | |
| Operating Cash Flow | $6.25B | $5.57B | $4.70B | $4.87B | $3.01B | $4.24B | $6.66B | $8.64B | $7.48B | $8.46B | $7.62B | $4.46B | |
| CapEx | $8.53B | $7.10B | $7.41B | $7.15B | $7.98B | $8.05B | $7.25B | $7.59B | $7.58B | $8.55B | $7.62B | $6.08B | |
| Investing Cash Flow | $-8.53B | $-7.04B | $-7.38B | $-6.99B | $-3.32B | $-4.34B | $-7.26B | $-7.83B | $-7.97B | $-15.45B | $-7.82B | $-4.60B | |
| Debt Issued | $6.08B | $4.97B | $5.83B | $6.31B | $3.48B | $7.51B | $1.95B | $3.12B | $3.47B | $4.72B | $6.71B | $3.46B | |
| Net Debt Issued | $4.76B | $3.42B | $4.11B | $4.24B | $1.84B | $1.07B | $664M | $1.33B | $980M | $2.78B | $4.02B | $1.92B | |
| Stock Issued | $691M | $148M | $140M | $563M | $0 | $0 | $0 | $0 | $1.15B | $0 | $1.87B | $0 | |
| Net Stock Activity | $691M | $148M | $140M | $563M | · | · | $0 | $0 | $0 | $0 | $1.87B | · | |
| Dividends Paid | $1.62B | $1.52B | $1.43B | $1.33B | $1.50B | $1.49B | $1.41B | $1.33B | $1.24B | $1.17B | $1.10B | $1.06B | |
| Financing Cash Flow | $2.53B | $1.31B | $2.68B | $1.59B | $758M | $145M | $-58M | $-219M | $767M | $1.19B | $4.83B | $411M | |
| Net Change in Cash | · | · | · | · | · | $44M | $-659M | $591M | $276M | $-5.80B | $4.62B | $269M | |
| Taxes Paid | $12M | $81M | $10M | $73M | $281M | $10M | $265M | $95M | $540M | $-441M | $342M | $314M | |
| Free Cash Flow | $-2.27B | $-1.53B | $-2.71B | $-2.28B | $-4.97B | $-3.81B | $-589M | $1.05B | $-104M | $-108M | $-8M | $-1.62B | |
| Levered FCF | · | · | · | · | · | $-5.17B | $-1.87B | $-397M | $-1.68B | $-1.03B | $-680M | $-2.37B |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 21.2% | 18.8% | 18.5% | 17.4% | 7.5% | 8.5% | 12.7% | 10.8% | 12.7% | 9.9% | 15.0% | 11.3% | |
| Net Margin | 11.4% | 10.7% | 10.7% | 11.4% | 5.0% | 5.9% | 8.8% | 5.8% | 11.5% | 3.8% | 7.6% | 6.6% | |
| Pretax Margin | 13.6% | 11.6% | 12.4% | 12.6% | 6.1% | 7.1% | 11.6% | 6.2% | 11.2% | 6.3% | 11.3% | 9.1% | |
| EBITDA Margin | 36.2% | 34.4% | 34.6% | 34.8% | 24.1% | 23.7% | 25.1% | 22.9% | 24.1% | 22.5% | 23.3% | 19.7% | |
| ROA | 2.5% | 2.4% | 2.4% | 1.9% | 1.4% | 1.5% | 2.5% | 1.8% | 3.3% | 1.1% | 2.5% | 2.1% | |
| ROE | 9.9% | 9.3% | 9.2% | 7.3% | 5.5% | 6.0% | 9.6% | 6.9% | 13.8% | 4.7% | 9.3% | 8.0% | |
| ROIC | 13.9% | 13.2% | 11.7% | 4.4% | 3.0% | 3.5% | 5.1% | 5.5% | 6.8% | 3.1% | 5.8% | 5.1% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.9 | 0.8 | 0.7 | 0.9 | 1.0 | 0.8 | 1.2 | 1.1 | 0.9 | 1.7 | 1.4 | |
| Quick Ratio | 0.4 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 0.5 | 0.4 | 1.1 | 0.6 | |
| Debt / Equity | 0.1 | 0.1 | 0.2 | 1.6 | 1.2 | 1.1 | 1.2 | 1.2 | 1.2 | 1.4 | 1.0 | 1.0 | |
| LT Debt / Equity | · | · | · | 1.4 | 1.0 | 1.1 | 1.0 | 1.1 | 1.1 | 1.2 | 0.9 | 0.9 | |
| Interest Coverage | · | · | · | · | · | 1.8 | 2.7 | 2.5 | 2.8 | 2.1 | 4.4 | 3.0 |
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 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |
| Receivables Turnover | 8.0 | 9.1 | 9.5 | 9.3 | 10.7 | 8.4 | 7.5 | 8.0 | 7.8 | 8.5 | 8.8 | 8.5 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.3% | 6.0% | 13.9% | 6.4% | 7.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 8.3% | 8.7% | 9.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | · | -13.4% | · | · | · | · | · | · | · | |
| Net Income YoY | 12.5% | 5.7% | 7.2% | 18.7% | -6.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 8.4% | 10.4% | 6.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 7.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 1.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $24.26B | $23.03B | $21.73B | $19.08B | $17.94B | $16.66B | $34.44B | $35.98B | $33.56B | $31.37B | $29.45B | $27.43B | |
| Net Income TTM | $2.77B | $2.46B | $2.33B | $2.17B | $1.83B | $1.95B | $3.03B | $2.08B | $3.87B | $1.20B | $2.25B | $1.82B | |
| Market Cap | $44.59B | $37.83B | $35.86B | $42.97B | $40.33B | $29.39B | $31.64B | $31.14B | $27.08B | $23.39B | $18.22B | $22.74B | |
| Enterprise Value | $46.24B | $40.78B | $39.35B | $82.22B | $81.18B | $64.03B | $68.46B | $65.93B | $61.37B | $58.03B | $37.40B | $42.49B | |
| P/E | 15.3 | 15.0 | · | 23.4 | 23.7 | 15.0 | 10.8 | 15.5 | 7.1 | 20.9 | 7.8 | 14.1 | |
| P/S | 1.8 | 1.6 | 1.7 | 2.3 | 2.2 | 1.8 | 0.9 | 0.9 | 0.8 | 0.7 | 0.6 | 0.8 | |
| P/B | 1.5 | 1.4 | 1.4 | 1.7 | 1.2 | 0.9 | 1.0 | 1.0 | 0.9 | 0.9 | 0.7 | 1.0 | |
| P / Tangible Book | 2.0 | 1.9 | 1.9 | 2.4 | 1.4 | 1.1 | · | · | · | · | · | · | |
| P / Cash Flow | 7.1 | 6.8 | 7.6 | 8.8 | 13.4 | 6.9 | 4.8 | 3.6 | 3.6 | 2.8 | 2.4 | 5.1 | |
| P / FCF | -19.6 | -24.8 | -13.3 | -18.9 | -8.1 | -7.7 | -53.7 | 29.7 | -260.4 | -216.6 | -2277.7 | -14.0 | |
| EV / EBITDA | 5.3 | 5.2 | 5.2 | 12.4 | 9.3 | 8.2 | 7.9 | 8.0 | 7.6 | 8.2 | 5.5 | 7.9 | |
| EV / FCF | -20.3 | -26.7 | -14.5 | -36.1 | -16.3 | -16.8 | -116.2 | 62.8 | -590.1 | -537.3 | -4674.7 | -26.2 | |
| EV / Revenue | 1.9 | 1.8 | 1.8 | 4.3 | 4.5 | 3.8 | 2.0 | 1.8 | 1.8 | 1.9 | 1.3 | 1.5 | |
| Dividend Yield | 3.6% | 4.0% | 4.0% | 3.1% | 3.7% | 5.1% | 4.5% | 4.3% | 4.6% | 5.0% | 6.1% | 4.7% | |
| Earnings Yield | 6.5% | 6.7% | · | 4.3% | 4.2% | 6.7% | 9.3% | 6.4% | 14.2% | 4.8% | 12.8% | 7.1% | |
| Payout Ratio | 58.4% | 62.0% | 61.6% | 61.5% | 81.8% | 76.4% | 46.5% | 63.9% | 32.1% | 96.8% | 49.1% | 58.5% | |
| Annual Payout | $1.62B | $1.52B | $1.43B | $1.33B | $1.50B | $1.49B | $1.41B | $1.33B | $1.24B | $1.17B | $1.10B | $1.06B |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.97B | $7.24B | $5.41B | $6.71B | $5.43B | $6.71B | $5.47B | $6.15B | $5.36B | $6.04B | $5.37B | $5.98B | $4.82B | $5.56B | $4.67B | $4.84B | |
| Operating Expenses | $4.99B | $5.64B | $4.23B | $5.21B | $4.50B | $5.18B | $4.37B | $4.96B | $4.46B | $4.93B | $4.29B | $4.86B | $4.11B | $4.46B | $3.96B | $3.83B | |
| Operating Income | $979M | $1.60B | $1.19B | $1.50B | $927M | $1.54B | $1.10B | $1.20B | $913M | $1.11B | $1.09B | $1.12B | $704M | $1.11B | $710M | $1.01B | |
| Other Non-op | $90M | $69M | $85M | $68M | $65M | $52M | $66M | $57M | $64M | $75M | $79M | $81M | $139M | $109M | $101M | $122M | |
| Pretax Income | $495M | $1.12B | $722M | $1.03B | $461M | $1.08B | $695M | $757M | $494M | $721M | $716M | $767M | $416M | $803M | $425M | $768M | |
| Income Tax | $99M | $200M | $128M | $155M | $70M | $170M | $48M | $50M | $46M | $63M | $100M | $67M | $73M | $134M | $-7M | $92M | |
| Net Income | $396M | $919M | $594M | $875M | $391M | $908M | $647M | $707M | $448M | $658M | $616M | $700M | $343M | $669M | $432M | $676M | |
| EPS (Basic) | $0.39 | $0.90 | · | $0.87 | $0.39 | $0.90 | · | $0.70 | $0.45 | $0.66 | · | $0.70 | $0.34 | $0.67 | · | · | |
| EPS (Diluted) | $0.39 | $0.90 | · | $0.86 | $0.39 | $0.90 | · | $0.70 | $0.45 | $0.66 | · | $0.70 | $0.34 | $0.67 | · | · | |
| Shares (Basic) | 1,025,000,000 | 1,024,000,000 | -2,018,000,000 | 1,011,000,000 | 1,010,000,000 | 1,008,000,000 | -2,001,000,000 | 1,003,000,000 | 1,001,000,000 | 1,000,000,000 | -1,990,000,000 | 996,000,000 | 995,000,000 | 995,000,000 | -1,964,000,000 | 988,000,000 | |
| Shares (Diluted) | 1,028,000,000 | 1,026,000,000 | -2,022,000,000 | 1,013,000,000 | 1,012,000,000 | 1,009,000,000 | -2,003,000,000 | 1,004,000,000 | 1,001,000,000 | 1,001,000,000 | -1,992,000,000 | 997,000,000 | 996,000,000 | 996,000,000 | -1,965,000,000 | 989,000,000 | |
| EBITDA | $979M | $2.56B | · | $1.50B | $927M | $2.44B | · | $1.20B | $913M | $1.99B | · | $1.12B | $704M | $1.97B | · | $1.01B |
Balance Sheet 25
| 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 | $1.81B | $713M | $626M | $1.53B | $724M | $1.00B | $357M | $616M | $934M | $720M | $445M | $300M | $399M | $522M | $407M | $446M | |
| Receivables | $3.06B | $3.11B | $3.30B | $2.90B | $3.06B | $3.00B | $2.74B | $2.54B | $2.68B | $2.55B | · | $2.23B | $2.01B | $2.10B | · | $1.79B | |
| Other Current Assets | $490M | $504M | $523M | $359M | $476M | $523M | $445M | $471M | $615M | $595M | · | $401M | $463M | $477M | · | $378M | |
| Current Assets | $9.80B | $9.00B | $9.55B | $9.23B | $8.68B | $8.80B | $8.38B | $8.02B | $8.56B | $8.21B | · | $7.52B | $7.54B | $7.78B | · | $7.05B | |
| PP&E (Net) | $87.12B | $85.56B | $84.32B | $82.10B | $80.61B | $79.18B | $78.18B | $76.66B | $75.65B | $74.60B | · | $72.46B | $71.30B | $70.12B | · | $67.57B | |
| PP&E (Gross) | · | · | $104.40B | · | · | · | $96.63B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $21.23B | $20.69B | $20.08B | $19.61B | $19.43B | $18.96B | $18.45B | $18.23B | $18.16B | $17.71B | · | $16.84B | $16.82B | $16.38B | · | $15.52B | |
| Goodwill | $6.63B | $6.63B | $6.63B | $6.63B | $6.63B | $6.63B | $6.63B | $6.63B | $6.63B | $6.63B | · | $6.63B | $6.63B | $6.63B | · | $6.63B | |
| Other Non-current Assets | $1.94B | $1.88B | · | $1.73B | $1.69B | $1.62B | · | $1.50B | $1.47B | $1.42B | · | $1.35B | $1.28B | $1.22B | · | $1.09B | |
| Total Assets | $120.50B | $117.55B | $116.57B | $113.54B | $111.15B | $109.48B | $107.78B | $106.07B | $105.11B | $103.21B | · | $99.26B | $98.08B | $96.92B | · | $93.45B | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | · | · | · | $2.76B | · | $2.69B | |
| Accrued Liabilities | $1.45B | $1.20B | $1.58B | $1.41B | $1.32B | $1.19B | $1.47B | $1.28B | $1.24B | $1.08B | · | $1.31B | $1.22B | $1.18B | · | $1.21B | |
| Short-term Debt | $1.24B | $665M | $612M | $1.08B | $1.11B | $1.08B | $1.86B | $1.03B | $1.45B | $2.21B | · | $1.72B | $1.24B | $1.31B | · | $1.69B | |
| Current Liabilities | $9.01B | $9.59B | $10.33B | $9.82B | $9.16B | $8.10B | $9.61B | $7.38B | $8.28B | $7.97B | · | $8.80B | $7.94B | $8.09B | · | $8.72B | |
| Other Non-current Liabilities | $2.59B | $2.57B | $2.17B | $2.10B | $2.18B | $2.26B | $2.28B | $2.29B | $2.20B | $2.14B | · | $2.13B | $2.25B | $1.87B | · | $1.99B | |
| Total Liabilities | $90.81B | $88.23B | $87.77B | $85.43B | $83.53B | $81.88B | $80.86B | $79.45B | $78.96B | $77.15B | · | $73.79B | $73.00B | $71.86B | · | $68.87B | |
| Long-term Debt | · | · | $49.43B | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Debt | $51.56B | $48.52B | · | $47.36B | $46.64B | $46.43B | · | $44.73B | $44.49B | $44.48B | · | $41.15B | $40.73B | $40.04B | · | $36.97B | |
| Common Stock | $22.54B | $22.13B | $22.11B | $21.56B | $21.54B | $21.52B | $21.34B | $21.32B | $21.15B | $21.13B | · | $20.96B | $20.94B | $20.92B | · | $20.89B | |
| Retained Earnings | $8.03B | $8.06B | $7.58B | $7.39B | $6.92B | $6.93B | $6.43B | $6.16B | $5.83B | $5.77B | · | $5.23B | $4.89B | $4.91B | · | $4.50B | |
| Treasury Stock | $123M | $123M | $123M | $123M | $123M | $123M | $123M | $123M | $123M | $123M | · | $123M | $123M | $123M | · | $123M | |
| AOCI | $-750M | $-756M | $-762M | $-715M | $-718M | $-718M | $-720M | $-736M | $-712M | $-712M | · | $-596M | $-630M | $-639M | · | $-692M | |
| Stockholders' Equity | $29.70B | $29.32B | $28.80B | $28.11B | $27.62B | $27.61B | $26.92B | $26.62B | $26.15B | $26.06B | · | $25.47B | $25.08B | $25.07B | · | $24.58B | |
| Liabilities + Equity | $120.50B | $117.55B | $116.57B | $113.54B | $111.15B | $109.48B | $107.78B | $106.07B | $105.11B | $103.21B | · | $99.26B | $98.08B | $96.92B | · | $93.45B | |
| Shares Outstanding | 1,032,000,000 | 1,023,000,000 | 1,023,000,000 | 1,010,000,000 | 1,010,000,000 | 1,009,000,000 | 1,005,000,000 | 1,005,000,000 | 1,000,000,000 | 1,000,000,000 | · | 995,000,000 | 995,000,000 | 994,000,000 | · | 994,000,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $968M | $953M | $924M | $913M | $901M | $905M | $913M | $909M | $894M | $880M | $890M | $889M | $867M | $860M | $854M | $825M | |
| Amort. of Intangibles | $0 | $0 | $-1M | $0 | $1M | $2M | $-5M | $2M | $2M | $2M | $-5M | $2M | $2M | $2M | $172M | $2M | |
| Other Non-cash | · | $-148M | · | · | · | $-613M | · | · | · | $-546M | · | · | · | $-1.04B | · | · | |
| Operating Cash Flow | $1.95B | $1.72B | $1.24B | $2.30B | $1.51B | $1.20B | $1.43B | $1.69B | $1.46B | $992M | $1.41B | $1.53B | $1.28B | $484M | $729M | $901M | |
| CapEx | $2.20B | $2.36B | $2.43B | $2.14B | $2.01B | $1.95B | $1.94B | $1.70B | $1.70B | $1.77B | $1.87B | $1.85B | $1.80B | $1.88B | $1.97B | $1.67B | |
| Investing Cash Flow | $-2.20B | $-2.36B | $-2.42B | $-2.14B | $-2.02B | $-1.94B | $-1.93B | $-1.65B | $-1.70B | $-1.77B | $-1.86B | $-1.84B | $-1.80B | $-1.87B | $-2.00B | $-1.64B | |
| Debt Issued | $2.48B | $1.12B | $1.15B | $1.12B | $1.38B | $2.42B | $-1M | $750M | $1.60B | $2.62B | $525M | $100M | $1.27B | $3.92B | $508M | $650M | |
| Net Debt Issued | · | $1.12B | · | · | · | $2.42B | · | · | · | $1.72B | · | · | · | $3.07B | · | · | |
| Stock Issued | $382M | $0 | $518M | $0 | $0 | $173M | $0 | $148M | $0 | $0 | $140M | · | · | · | $0 | $563M | |
| Net Stock Activity | · | $0 | · | · | · | $173M | · | $148M | · | · | · | · | · | · | · | $563M | |
| Dividends Paid | $430M | $430M | $405M | $404M | $405M | $403M | $382M | $381M | $380M | $381M | $359M | $357M | $359M | $358M | $335M | $336M | |
| Financing Cash Flow | $1.39B | $728M | $284M | $686M | $178M | $1.39B | $208M | $-344M | $465M | $982M | $603M | $221M | $479M | $1.38B | $1.09B | $176M | |
| Free Cash Flow | · | $-634M | · | · | · | $-746M | · | · | · | $-775M | · | · | · | $-1.40B | · | · |
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 | 16.4% | 22.2% | · | 22.4% | 17.1% | 22.9% | · | 19.4% | 17.0% | 18.4% | · | 18.8% | 14.6% | 19.9% | · | 20.9% | |
| Net Margin | 6.6% | 12.7% | · | 13.1% | 7.2% | 13.5% | · | 11.5% | 8.4% | 10.9% | · | 11.7% | 7.1% | 12.0% | · | 14.0% | |
| Pretax Margin | 8.3% | 15.4% | · | 15.4% | 8.5% | 16.1% | · | 12.3% | 9.2% | 11.9% | · | 12.8% | 8.6% | 14.4% | · | 15.8% | |
| EBITDA Margin | 16.4% | 35.3% | · | 22.4% | 17.1% | 36.4% | · | 19.4% | 17.0% | 33.0% | · | 18.8% | 14.6% | 35.3% | · | 20.9% | |
| ROA | 0.34% | 0.81% | · | 0.80% | 0.36% | 0.85% | · | 0.69% | 0.44% | 0.66% | · | 0.73% | 0.36% | 0.71% | · | 0.60% | |
| ROE | 1.4% | 3.2% | · | 3.2% | 1.5% | 3.4% | · | 2.7% | 1.8% | 2.6% | · | 2.8% | 1.4% | 2.8% | · | 2.3% | |
| ROIC | 0.96% | 1.7% | · | 1.7% | 1.1% | 1.8% | · | 1.6% | 1.2% | 1.4% | · | 1.5% | 0.88% | 1.4% | · | 1.5% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 0.9 | · | 0.9 | 0.9 | 1.1 | · | 1.1 | 1.0 | 1.0 | · | 0.9 | 1.0 | 1.0 | · | 0.8 | |
| Quick Ratio | 0.5 | 0.4 | · | 0.5 | 0.4 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | |
| Debt / Equity | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.7 | · | 1.6 | 1.6 | 1.6 | · | 1.5 | |
| LT Debt / Equity | 1.7 | 1.6 | · | 1.6 | 1.6 | 1.6 | · | 1.6 | 1.6 | 1.6 | · | 1.5 | 1.6 | 1.5 | · | 1.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.0 | |
| Receivables Turnover | 1.9 | 2.4 | · | 2.5 | 1.9 | 2.4 | · | 2.6 | 2.3 | 2.6 | · | 3.0 | 2.5 | 2.7 | · | 2.0 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $25.34B | $26.09B | · | $25.00B | $23.66B | $24.27B | · | $23.54B | $22.20B | $22.40B | · | $21.21B | $19.46B | $19.97B | · | $19.27B | |
| Net Income TTM | $2.58B | $3.09B | · | $2.88B | $2.45B | $2.72B | · | $2.51B | $2.15B | $2.37B | · | $2.39B | $2.15B | $2.41B | · | $2.97B | |
| Market Cap | $48.11B | $50.15B | · | $45.46B | $43.85B | $46.49B | · | $40.75B | $34.61B | $37.57B | · | $37.60B | $40.54B | $41.64B | · | $37.24B | |
| Enterprise Value | $97.85B | $97.96B | · | $91.29B | $89.77B | $91.92B | · | $84.87B | $78.17B | $81.33B | · | $78.45B | $80.87B | $81.15B | · | $73.76B | |
| P/E | 18.4 | 16.1 | · | 15.8 | 17.8 | 17.0 | · | 16.2 | 16.1 | 15.9 | · | · | · | · | · | 20.2 | |
| P/S | 1.9 | 1.9 | · | 1.8 | 1.9 | 1.9 | · | 1.7 | 1.6 | 1.7 | · | 1.8 | 2.1 | 2.1 | · | 1.9 | |
| P/B | 1.6 | 1.7 | · | 1.6 | 1.6 | 1.7 | · | 1.5 | 1.3 | 1.4 | · | 1.5 | 1.6 | 1.7 | · | 1.5 | |
| P / Tangible Book | 2.1 | 2.2 | · | 2.1 | 2.1 | 2.2 | · | 2.0 | 1.8 | 1.9 | · | 2.0 | 2.2 | 2.3 | · | 2.1 | |
| P / Cash Flow | · | 29.1 | · | · | · | 38.7 | · | · | · | 37.9 | · | · | · | 86.0 | · | · | |
| P / FCF | · | -79.1 | · | · | · | -62.3 | · | · | · | -48.5 | · | · | · | -29.8 | · | · | |
| EV / EBITDA | 100.0 | 38.3 | · | 60.9 | 96.8 | 37.7 | · | 71.0 | 85.6 | 40.8 | · | 69.9 | 114.9 | 41.3 | · | 73.0 | |
| EV / FCF | · | -154.5 | · | · | · | -123.2 | · | · | · | -104.9 | · | · | · | -58.1 | · | · | |
| EV / Revenue | 3.9 | 3.8 | · | 3.7 | 3.8 | 3.8 | · | 3.6 | 3.5 | 3.6 | · | 3.7 | 4.2 | 4.1 | · | 3.8 | |
| Earnings Yield | 5.5% | 6.2% | · | 6.3% | 5.6% | 5.9% | · | 6.2% | 6.2% | 6.3% | · | · | · | · | · | 4.9% | |
| Payout Ratio | · | 46.8% | · | · | · | 44.4% | · | · | · | 57.9% | · | · | · | 53.5% | · | · |
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 | $24.26B | $23.03B | $21.73B | $19.08B | $17.94B |
| Operating Margin % | 21.2% | 18.8% | 18.5% | 17.4% | 7.5% |
| Net Income | $2.77B | $2.46B | $2.33B | $2.17B | $1.83B |
| Diluted EPS | — | — | — | — | $1.74 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.1 | 0.2 | 1.6 | 1.2 |
| Current Ratio | 0.9 | 0.9 | 0.8 | 0.7 | 0.9 |
| Quick Ratio | 0.4 | 0.3 | 0.3 | 0.2 | 0.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-2.27B | $-1.53B | $-2.71B | $-2.28B | $-4.97B |
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Institutional owners (13F) 1,400 filers · $27.7B 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 |
|---|---|---|---|---|
| 114 (-53 vs prior Q) | 87 (-8 vs prior Q) | 548 (+53 vs prior Q) | 386 (-15 vs prior Q) | +139.5M |
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 |
|---|---|---|---|---|
| STATE STREET CORP | $3,145,179,885 | 67,464,176 | 11.34% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,114,176,560 | 66,799,154 | 11.23% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,621,627,495 | 56,233,966 | 9.45% | Shares |
| Capital World Investors | $2,389,858,869 | 51,262,524 | 8.61% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $1,499,742,183 | 32,169,502 | 5.41% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,347,945,928 | 29,022,330 | 4.86% | Shares |
| GQG Partners LLC | $922,917,399 | 19,796,580 | 3.33% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $890,225,823 | 19,095,363 | 3.21% | Shares |
| NORGES BANK | $610,627,268 | 13,097,968 | 2.20% | Shares |
| FIL Ltd | $383,718,964 | 8,230,780 | 1.38% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $364,330,121 | 7,790,658 | 1.31% | Shares |
| ATLAS Infrastructure Partners (UK) Ltd. | $361,347,517 | 7,750,912 | 1.30% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $339,933,646 | 7,291,584 | 1.23% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $286,959,806 | 6,155,294 | 1.03% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $267,874,278 | 5,745,909 | 0.97% | Shares |
| Capital International Investors | $249,144,832 | 5,344,162 | 0.90% | Shares |
| Robeco Institutional Asset Management B.V. | $222,699,310 | 4,776,905 | 0.80% | Shares |
| FMR LLC | $188,069,583 | 4,034,096 | 0.68% | Shares |
| ANTIPODES PARTNERS Ltd | $185,387,973 | 3,976,576 | 0.67% | Shares |
| ONTARIO TEACHERS PENSION PLAN BOARD | $179,624,576 | 3,852,951 | 0.65% | Shares |
| BANK OF AMERICA CORP /DE/ | $170,650,458 | 3,660,456 | 0.62% | Shares |
| FIRST TRUST ADVISORS LP | $170,617,517 | 3,659,750 | 0.61% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $167,054,324 | 3,583,319 | 0.60% | Shares |
| Capital Research Global Investors | $155,792,432 | 3,341,751 | 0.56% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $152,670,803 | 3,274,792 | 0.55% | Shares |
| BlackRock, Inc. | $148,177,940 | 3,178,420 | 0.53% | Shares |
| GOLDMAN SACHS GROUP INC | $148,166,734 | 3,178,180 | 0.53% | Shares |
| Maple-Brown Abbott Ltd | $145,375,079 | 3,154,588 | 0.52% | Shares |
| AMERIPRISE FINANCIAL INC | $144,196,267 | 3,093,025 | 0.52% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $140,435,055 | 3,012,333 | 0.51% | Shares |
| Legal & General Group Plc | $137,021,636 | 2,939,117 | 0.49% | Shares |
| California Public Employees Retirement System | $134,806,905 | 2,891,611 | 0.49% | Shares |
| Swiss National Bank | $134,575,856 | 2,886,655 | 0.49% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $125,237,497 | 2,686,347 | 0.45% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $123,058,991 | 2,639,618 | 0.44% | Shares |
| BARCLAYS PLC | $117,518,251 | 2,520,769 | 0.42% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $113,074,059 | 2,425,441 | 0.41% | Shares |
| PFA Pension, Forsikringsaktieselskab | $108,357,400 | 2,324,269 | 0.39% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $106,857,516 | 2,292,096 | 0.39% | Shares |
| Vanguard Global Advisers, LLC | $105,796,165 | 2,269,330 | 0.38% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $104,150,012 | 2,234,020 | 0.38% | Shares |
| BANK OF MONTREAL /CAN/ | $103,008,941 | 2,209,544 | 0.37% | Shares |
| Squarepoint Ops LLC | $92,445,782 | 1,982,964 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $92,307,808 | 1,980,007 | 0.33% | Shares |
| RAYMOND JAMES FINANCIAL INC | $88,808,784 | 1,904,950 | 0.32% | Shares |
| M&G PLC | $85,467,996 | 1,818,468 | 0.31% | Shares |
| AVIVA PLC | $82,480,710 | 1,769,213 | 0.30% | Shares |
| National Pension Service | $80,183,323 | 1,719,934 | 0.29% | Shares |
| Quantinno Capital Management LP | $78,654,566 | 1,687,142 | 0.28% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $78,072,242 | 1,592,661 | 0.28% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $76,028,548 | 1,630,814 | 0.27% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $75,544,427 | 1,620,430 | 0.27% | Shares |
| RWC Asset Management LLP | $74,255,450 | 1,592,781 | 0.27% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $70,541,841 | 1,513,124 | 0.25% | Shares |
| Empower Advisory Group, LLC | $68,628,552 | 1,472,084 | 0.25% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $62,012,942 | 1,332,541 | 0.22% | Shares |
| Candriam S.C.A. | $58,347,805 | 1,252,767 | 0.21% | Shares |
| ProShare Advisors LLC | $57,761,712 | 1,238,990 | 0.21% | Shares |
| TD Asset Management Inc | $57,171,924 | 1,226,339 | 0.21% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $56,651,000 | 1,215,155 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $56,244,960 | 1,147,388 | 0.20% | Shares |
| Magellan Asset Management Ltd | $53,710,109 | 1,152,083 | 0.19% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $51,308,061 | 1,100,559 | 0.18% | Shares |
| Vanguard Investments Australia, Ltd. | $49,267,643 | 1,056,792 | 0.18% | Shares |
| Maryland State Retirement & Pension System | $47,705,407 | 1,023,282 | 0.17% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $47,029,371 | 1,008,781 | 0.17% | Shares |
| MIZUHO MARKETS AMERICAS LLC | $45,221,400 | 970,000 | 0.16% | Shares |
| SEI INVESTMENTS CO | $43,652,350 | 936,344 | 0.16% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $42,976,659 | 911,488 | 0.15% | Shares |
| Retirement Systems of Alabama | $42,957,160 | 921,432 | 0.15% | Shares |
| Man Group plc | $41,875,156 | 898,223 | 0.15% | Shares |
| Ensign Peak Advisors, Inc | $41,809,236 | 896,809 | 0.15% | Shares |
| LETKO, BROSSEAU & ASSOCIATES INC | $41,543,082 | 891,100 | 0.15% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $40,592,966 | 870,720 | 0.15% | Shares |
| FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND | $37,947,561 | 813,976 | 0.14% | Shares |
| APG Asset Management N.V. | $37,886,732 | 929,127 | 0.14% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $36,756,933 | 788,437 | 0.13% | Shares |
| NEOS Investment Management LLC | $36,356,934 | 779,857 | 0.13% | Shares |
| AMERICAN CENTURY COMPANIES INC | $36,158,699 | 775,604 | 0.13% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $35,901,083 | 770,079 | 0.13% | Shares |
| AMF Tjanstepension AB | $34,638,287 | 742,992 | 0.12% | Shares |
| JENNISON ASSOCIATES LLC | $33,322,950 | 714,778 | 0.12% | Shares |
| MACQUARIE GROUP LTD | $32,662,205 | 700,605 | 0.12% | Shares |
| Tredje AP-fonden | $31,595,120 | 677,716 | 0.11% | Shares |
| OSTRUM ASSET MANAGEMENT | $31,531,437 | 676,350 | 0.11% | Shares |
| Pictet Asset Management Holding SA | $31,385,516 | 673,220 | 0.11% | Shares |
| STRS OHIO | $30,810,365 | 660,883 | 0.11% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $30,659,690 | 657,651 | 0.11% | Shares |
| KLP KAPITALFORVALTNING AS | $30,291,065 | 649,744 | 0.11% | Shares |
| PINEBRIDGE INVESTMENTS LLC | $30,064,772 | 644,890 | 0.11% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $29,397,343 | 599,701 | 0.11% | Shares |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $29,119,784 | 624,620 | 0.10% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $28,631,160 | 614,139 | 0.10% | Shares |
| Asset Management One Co., Ltd. | $28,604,494 | 583,527 | 0.10% | Shares |
| Arbejdsmarkedets Tillaegspension | $28,517,454 | 611,700 | 0.10% | Shares |
| LPL Financial LLC | $28,385,581 | 608,872 | 0.10% | Shares |
| MACKENZIE FINANCIAL CORP | $27,167,525 | 582,744 | 0.10% | Shares |
| Korea Investment CORP | $27,044,915 | 580,114 | 0.10% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $26,487,666 | 568,161 | 0.10% | Shares |
| JANE STREET GROUP, LLC | $26,382,258 | 565,900 | 0.10% | Call option |
Company insiders 88 insiders · 32 officers · 28 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Calvin Butler JR | President & CEO | Feb. 3, 2025 M | 178,494 | 0 | 0 | $0 |
| John Tyler Anthony | CEO of Pepco Holdings | Jan. 29, 2024 M | 16,690 | 0 | 0 | $0 |
| Gil C Quiniones | CEO of ComEd | Jan. 29, 2024 M | 6,466 | 0 | 0 | $0 |
| Carim V Khouzami | CEO of BGE | Jan. 29, 2024 M | 16,405 | 0 | 0 | $0 |
| Christopher M. Crane | President and CEO | Feb. 8, 2022 A | 294,252 | 0 | 0 | $0 |
| Joseph Dominguez | CEO Exelon Generation | Jan. 28, 2022 M | 33,774 | 0 | 0 | $0 |
| Kenneth W. Cornew | Sr. EVP, Pres & CEO Generation | Jan. 25, 2021 M | 104,095 | 0 | 0 | $0 |
| David M Velazquez | Pres. & CEO, Pepco Holdings | Jan. 25, 2021 M | 46,624 | 0 | 0 | $0 |
| Anne R Pramaggiore | President & CEO of ComEd | Feb. 4, 2019 M | 87,518 | 0 | 0 | $0 |
| Craig L Adams | President & CEO; PECO Energy | Jan. 29, 2018 M | 62,374 | 0 | 0 | $0 |
| Kenneth William Defontes Jr. | President & CEO, BGE | Feb. 24, 2014 F | 15,858 | 0 | 0 | $0 |
| John W Rowe | Chairman & CEO thru 3/12/2012 | March 12, 2012 A | 319,374 | 0 | 0 | $0 |
| Jeanne M Jones | EVP & Chief Financial Officer | Feb. 3, 2025 M | 40,593 | 0 | 0 | $0 |
| Joseph Nigro | Sr EVP & CFO | Feb. 8, 2022 A | 111,338 | 0 | 0 | $0 |
| Jonathan W Thayer | Senior EVP and CFO | Jan. 29, 2018 M | 68,230 | 0 | 0 | $0 |
| Matthew F Hilzinger | SVP and CFO thru 3/12/2012 | March 12, 2012 A | 20,912 | 0 | 0 | $0 |
| Michael Innocenzo | EVP & Chief Operating Officer | Feb. 3, 2025 M | 76,079 | 0 | 0 | $0 |
| Robert A Kleczynski | SVP, Controller & Tax | Feb. 25, 2025 M | 41,125 | 0 | 0 | $0 |
| Colette D Honorable | EVP, CLO & Corporate Secretary | Feb. 3, 2025 F | 2,271 | 0 | 0 | $0 |
| David Glockner | EVP Compliance, Audit & Risk | Feb. 3, 2025 D | 56,702 | 0 | 0 | $0 |
| Gayle Littleton | EVP & Chief Legal Officer | Jan. 29, 2024 M | 44,225 | 0 | 0 | $0 |
| Joseph R Trpik JR | Senior VP & Corp. Controller | Jan. 23, 2023 M | 29,228 | 0 | 0 | $0 |
| Fabian Souza | SVP & Corporate Controller | April 1, 2022 S | 2,337 | 0 | 0 | $0 |
| Bryan Craig Hanson | EVP & Chief Generation Officer | Jan. 28, 2022 M | 49,180 | 0 | 0 | $0 |
| William A. Von Hoene Jr. | Sr. Executive Vice President | Jan. 25, 2021 M | 215,417 | 0 | 0 | $0 |
| Paymon Aliabadi | EVP, Chief Enterprise Risk Ofr | Jan. 27, 2020 M | 71,853 | 0 | 0 | $0 |
| Duane M Desparte | SVP and Controller | Jan. 29, 2018 M | 15,696 | 0 | 0 | $0 |
| Denis P. O'Brien | Sr. Executive Vice President | Jan. 29, 2018 M | 76,203 | 0 | 0 | $0 |
| Ruth Ann M Gillis | Executive Vice President | Jan. 27, 2014 M | 3,187 | 0 | 0 | $0 |
| Joseph R Glace | SVP and Chief Risk Officer | Jan. 28, 2013 A | 4,649 | 0 | 0 | $0 |
| Darryl M. Bradford | SVP and General Counsel | March 12, 2012 A | 12,810 | 0 | 0 | $0 |
| Randall E Mehrberg | Executive Vice President | Dec. 21, 2007 A | 0 | 0 | 0 | $0 |
| Matthew C Rogers | Director | June 30, 2026 A | 9,505 | 0 | 0 | $0 |
| Charisse R Lillie | Director | June 30, 2026 A | 9,505 | 0 | 0 | $0 |
| Marjorie Rodgers Cheshire | Director | June 30, 2026 A | 22,328 | 0 | 0 | $0 |
| William P Bowers | Director | June 30, 2026 A | 19,978 | 0 | 0 | $0 |
| Anna Richo | Director | April 28, 2026 A | 11,337 | 0 | 0 | $0 |
| Bryan K Segedi | Director | June 30, 2025 A | 6,483 | 0 | 0 | $0 |
| John F Young | Director | March 31, 2025 A | 32,286 | 0 | 0 | $0 |
| Anthony Anderson | Director | March 31, 2024 A | 59,255 | 0 | 0 | $0 |
| Ann C Berzin | Director | March 31, 2023 A | 58,003 | 0 | 0 | $0 |
| Paul L Joskow | Director | March 31, 2023 A | 78,018 | 0 | 0 | $0 |
| Carlos M Gutierrez | Director | March 31, 2023 A | 5,339 | 0 | 0 | $0 |
| Mayo A Shattuck III | Director | March 31, 2022 A | 47,286 | 0 | 0 | $0 |
| John M Richardson | Director | Dec. 31, 2021 A | 8,522 | 0 | 0 | $0 |
| Yves C De Balmann | Director | Dec. 31, 2021 A | 38,933 | 0 | 0 | $0 |
| Laurie Brlas | Director | Dec. 31, 2021 A | 11,700 | 0 | 0 | $0 |
| Robert J Lawless | Director | Dec. 31, 2021 A | 38,933 | 0 | 0 | $0 |
| Nicholas Debenedictis | Director | March 31, 2021 A | 57,781 | 0 | 0 | $0 |
| Richard Willard Mies | Director | March 31, 2020 A | 41,097 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Undisclosed reporting person, Undisclosed reporting person | April 17, 2002 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Oct. 31, 2001 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 225 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 |
|---|---|---|---|---|
| FXU · First Trust Exchange-Traded AlphaDE… | 3.90% | 760,291 NS | April 30, 2026 | N-PORT |
| ZAP · Global X Funds | 3.43% | 340,932 NS | April 30, 2026 | N-PORT |
| RSPU · Invesco Exchange-Traded Fund Trust | 3.24% | 379,181 SH | Aug. 8, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | 3.04% | 7,002,671 SH | Aug. 8, 2026 | Daily |
| PUI · Invesco Exchange-Traded Fund Trust | 2.92% | 34,970 SH | Aug. 8, 2026 | Daily |
| IDU · iShares Trust | 2.92% | 874,155 SH | Aug. 8, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 2.90% | 1,547,902 NS | April 30, 2026 | N-PORT |
| STNC · Hennessy Funds Trust | 2.86% | 56,907 NS | April 30, 2026 | N-PORT |
| UPW · ProShares Trust | 2.52% | 10,636 NS | May 31, 2026 | N-PORT |
| TOLZ · ProShares Trust | 2.14% | 81,718 NS | May 31, 2026 | N-PORT |
| JXI · iShares Trust | 2.09% | 141,002 SH | Aug. 8, 2026 | Daily |
| UTSL · Direxion Shares ETF Trust | 2.01% | 18,985 NS | April 30, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 1.90% | 1,166,011 NS | May 31, 2026 | N-PORT |
| POWR · iShares, Inc. | 1.80% | 180,455 SH | Aug. 8, 2026 | Daily |
| QUVU · Hartford Funds Exchange-Traded Trust | 1.73% | 64,998 NS | April 30, 2026 | N-PORT |
| FLCV · Federated Hermes ETF Trust | 1.67% | 35,293 NS | May 31, 2026 | N-PORT |
| SPHD · Invesco Exchange-Traded Fund Trust … | 1.53% | 1,144,693 SH | Aug. 8, 2026 | Daily |
| NUDV · Nushares ETF Trust | 1.36% | 13,432 NS | April 30, 2026 | N-PORT |
| PWV · Invesco Exchange-Traded Fund Trust | 1.31% | 514,756 SH | Aug. 8, 2026 | Daily |
| IFRA · iShares Trust | 1.30% | 1,314,894 SH | Aug. 8, 2026 | Daily |
| IGF · iShares Trust | 1.26% | 2,974,174 SH | Aug. 8, 2026 | Daily |
| POW · Tidal Trust III | 1.19% | 17,680 NS | May 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.19% | 24,861 NS | April 30, 2026 | N-PORT |
| FDVV · FIDELITY COVINGTON TRUST | 1.11% | 2,212,859 NS | April 30, 2026 | N-PORT |
| DVY · iShares Trust | 1.07% | 5,545,895 SH | Aug. 8, 2026 | Daily |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.01% | 1,594,170 SH | Aug. 8, 2026 | Daily |
| VRAI · ETFis Series Trust I | 1.00% | 3,991 NS | April 30, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 0.89% | 235,754 NS | April 30, 2026 | N-PORT |
| QNXT · iShares Trust | 0.86% | 5,352 SH | Aug. 8, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.82% | 6,572,564 SH | Aug. 8, 2026 | Daily |
| ESMV · iShares Trust | 0.74% | 1,284 SH | Aug. 8, 2026 | Daily |
| NULV · Nushares ETF Trust | 0.74% | 334,266 NS | April 30, 2026 | N-PORT |
| VCLT · VANGUARD SCOTTSDALE FUNDS | 0.72% | 87,667,000 PA | Aug. 8, 2026 | Daily |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.65% | 184,721 NS | April 30, 2026 | N-PORT |
| CGDG · Capital Group Dividend Growers ETF | 0.65% | 720,539 NS | May 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.65% | 163,834 SH | Aug. 8, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 0.64% | 294 NS | April 30, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.62% | 412,960 NS | April 30, 2026 | N-PORT |
| EVUS · iShares Trust | 0.58% | 47,896 SH | Aug. 8, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.54% | 33,556 NS | April 30, 2026 | N-PORT |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.52% | 140,000 | Aug. 8, 2026 | Daily |
| QLC · FlexShares Trust | 0.52% | 101,640 NS | April 30, 2026 | N-PORT |
| EQIN · Columbia ETF Trust I | 0.51% | 30,832 NS | April 30, 2026 | N-PORT |
| KRMA · Global X Funds | 0.48% | 12,619 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.46% | 22,173,909 SH | Aug. 8, 2026 | Daily |
| RCGE · EA Series Trust | 0.45% | 9,230 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.44% | 1,546,262 SH | Aug. 8, 2026 | Daily |
| WLDR · Two Roads Shared Trust | 0.44% | 6,884 NS | April 30, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.43% | 71,795 NS | April 30, 2026 | N-PORT |
| FLCC · Federated Hermes ETF Trust | 0.43% | 11,316 NS | May 31, 2026 | N-PORT |