EXR Extra Space Storage Inc Common Stock
$147.99
Price · Aug 20, 2026
Fundamentals as of Jul 31, 2026
52W Range
$126–$159
67% of range
Analyst Rating
HOLD
25 analysts
Price Target
$160
+8% upside
P/E (TTM)
32.2
ROE
7.1%
Net Profit Margin
28.8%
About Extra Space Storage Inc Common Stock Company overview from Wikipedia
Extra Space Storage Inc. is an American real estate investment trust headquartered in Salt Lake City, Utah that invests in self storage facilities. The company rents storage units, including climate controlled units, drive-up units, lockers, boat storage, RV storage and business storage under the brands Extra Space Storage, Life Storage, and Storage Express. As of April 29, 2025 the company owned and/or operated 3,714 locations in 43 states, and Washington, D.C. comprising approximately 2.6 million units 283.4 million square feet of net rentable space. It is the largest owner of self storage units in the United States and the largest self storage property manager.
Read more
Extra Space Storage Inc. is an American real estate investment trust headquartered in Salt Lake City, Utah that invests in self storage facilities. The company rents storage units, including climate controlled units, drive-up units, lockers, boat storage, RV storage and business storage under the brands Extra Space Storage, Life Storage, and Storage Express. As of April 29, 2025 the company owned and/or operated 3,714 locations in 43 states, and Washington, D.C. comprising approximately 2.6 million units 283.4 million square feet of net rentable space. It is the largest owner of self storage units in the United States and the largest self storage property manager.
Extra Space Storage has won NAREIT's Leader in the Light Award for superior and sustained sustainability efforts in 2020, 2021 and 2023. The company has solar installations at many of its properties and was listed on the "Top 25 Corporate Users by Number of Solar Installations" by the Solar Energy Industries Association.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
EXR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$147.99
Market Cap
$31.25B
P/E (TTM)
32.2
EPS (TTM)
$4.59
Revenue (TTM)
$3.38B
Div Yield
4.4%
ROE
7.1%
Debt/Equity
—
52W Range
$126 – $159
EXR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$3.38B
2016-12-31
→
2025-12-31
EPS
$4.59
2016-12-31
→
2025-12-31
Free Cash Flow
$1.29B
2023-12-31
→
2025-12-31
Margins
28.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
EXR
Peer Median
P/E (TTM)
32.2
31.0
P/S (TTM)
9.3
8.2
P/B
2.3
2.6
Price / FCF
24.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
EXR
Peer Median
Operating Margin
41.8%
—
Net Profit Margin
28.8%
27.7%
ROA
3.4%
3.2%
ROE
7.1%
7.0%
ROIC
10.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
EXR
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
EXR
Peer Median
Revenue YoY
3.7%
—
Revenue CAGR 3Y
20.6%
—
Revenue CAGR 5Y
20.0%
—
EPS YoY
13.9%
—
Net Income YoY
14.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
EXR
Peer Median
Payout Ratio
141.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
4.4%
Payout Ratio
141.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 15, 2026 | $1.6200 |
| March 16, 2026 | $1.6200 |
| Dec. 15, 2025 | $1.6200 |
| Sept. 15, 2025 | $1.6200 |
| June 16, 2025 | $1.6200 |
| March 14, 2025 | $1.6200 |
| Dec. 16, 2024 | $1.6200 |
| Sept. 16, 2024 | $1.6200 |
| June 14, 2024 | $1.6200 |
| March 14, 2024 | $1.6200 |
| Dec. 14, 2023 | $1.6200 |
| Sept. 14, 2023 | $0.6100 |
| July 12, 2023 | $1.0100 |
| June 14, 2023 | $1.6200 |
| March 14, 2023 | $1.6200 |
| Dec. 13, 2022 | $1.5000 |
| Sept. 14, 2022 | $1.5000 |
| June 14, 2022 | $1.5000 |
| March 14, 2022 | $1.5000 |
| Dec. 14, 2021 | $1.2500 |
EXR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
25 analysts
- Strong Buy 2 8.0%
- Buy 9 36.0%
- Hold 13 52.0%
- Sell 1 4.0%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-18
Median
$157.50
Now
$147.99
Low
$140.00
High
$202.00
Median target
$157.50
+6.4%
Mean target
$160.00
+8.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.25 | $1.17 | 0.08% |
| March 31, 2026 | $1.14 | $1.13 | 0.01% |
| Dec. 31, 2025 | $1.36 | $1.18 | 0.18% |
| Sept. 30, 2025 | $0.78 | $1.21 | -0.43% |
| June 30, 2025 | $1.18 | $1.17 | 0.01% |
| March 31, 2025 | $1.28 | $1.04 | 0.24% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| EXR | $27.50B | 28.4 | 3.7% | 28.8% | 7.1% | — |
| PSA | — | 28.8 | 2.7% | 37.0% | 18.8% | — |
| PSA | — | 28.8 | 2.7% | 37.0% | 18.8% | — |
| CUBE | $8.19B | 24.7 | 5.3% | 29.5% | 11.8% | — |
| SMA | $1.71B | -45.5 | 18.6% | -3.1% | -1.2% | 61.4% |
| SELF | $58M | 28.3 | 1.4% | 16.0% | 4.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.38B | $3.26B | $2.56B | $1.92B | $1.58B | $1.36B | $1.31B | $1.20B | $1.11B | $992M | |
| Cost of Revenue | $918M | $832M | $612M | $435M | $369M | $361M | $336M | $292M | $272M | $250M | |
| SG&A Expense | $186M | $167M | $146M | $129M | $102M | $97M | $89M | $81M | $79M | $82M | |
| Operating Expenses | $1.89B | $1.86B | $1.39B | $888M | $742M | $708M | $675M | $608M | $563M | $542M | |
| Operating Income | $1.41B | $1.32B | $1.17B | $1.05B | $976M | $666M | $635M | $620M | $654M | $458M | |
| Interest Expense | · | · | $419M | $219M | $166M | · | · | $178M | $154M | $133M | |
| Interest Income | $163M | $124M | $85M | $69M | $50M | $15M | $7M | $5M | $7M | $11M | |
| Pretax Income | $941M | $853M | $817M | $901M | $859M | $509M | $451M | $442M | $503M | $331M | |
| Income Tax | $42M | $33M | $22M | $21M | $20M | $14M | $11M | $9M | $4M | $16M | |
| Net Income | $974M | $855M | $803M | $861M | $828M | $482M | $420M | $415M | $479M | $366M | |
| EPS (Basic) | $4.59 | $4.03 | $4.74 | $6.41 | $6.20 | $3.71 | $3.27 | $3.29 | $3.79 | $2.92 | |
| EPS (Diluted) | $4.59 | $4.03 | $4.74 | $6.41 | $6.19 | $3.71 | $3.24 | $3.27 | $3.76 | $2.91 | |
| Shares (Basic) | 211,850,521 | 211,575,240 | 169,216,989 | 134,050,815 | 133,374,938 | 129,541,531 | 128,203,568 | 126,087,487 | 125,967,831 | 125,087,554 | |
| Shares (Diluted) | 211,850,521 | 211,577,680 | 169,220,882 | 141,681,388 | 140,016,028 | 129,584,829 | 136,433,769 | 133,159,033 | 134,155,771 | 125,948,076 | |
| EBITDA | $2.13B | $2.11B | $1.68B | $1.05B | $976M | $666M | $855M | $829M | $735M | $632M |
Balance Sheet 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $139M | $138M | $99M | $93M | $71M | $109M | $66M | $57M | $56M | $44M | |
| PP&E (Net) | $65M | $50M | $49M | $43M | $29M | · | · | · | · | · | |
| Goodwill | $171M | $171M | $171M | $171M | $0 | · | · | · | · | · | |
| Intangibles | $12M | $32M | $66M | $0 | · | · | · | · | · | · | |
| Total Assets | $29.26B | $28.85B | $27.46B | $12.17B | $10.47B | $9.40B | $8.53B | $7.85B | $7.46B | $7.09B | |
| Short-term Debt | · | $500M | · | · | · | · | · | · | · | · | |
| Total Liabilities | $14.94B | $13.99B | $12.04B | $8.09B | $6.69B | $6.46B | $5.61B | $5.06B | $4.74B | $4.50B | |
| Long-term Debt | · | · | · | · | · | · | · | · | $604M | · | |
| Total Debt | · | $500M | · | · | · | · | · | · | · | · | |
| Common Stock | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Retained Earnings | $-1.45B | $-899M | $-379M | $-136M | $-128M | $-355M | $-301M | $-263M | $-253M | $-339M | |
| AOCI | $-420.0K | $13M | $17M | $49M | $-43M | $-99M | $-29M | $35M | $33M | $17M | |
| Stockholders' Equity | $13.43B | $13.95B | $14.39B | $3.26B | $3.12B | $2.55B | $2.54B | $2.41B | $2.35B | $2.24B | |
| Liabilities + Equity | $29.26B | $28.85B | $27.46B | $12.17B | $10.47B | $9.40B | $8.53B | $7.85B | $7.46B | $7.09B | |
| Shares Outstanding | 211,155,322 | 211,995,510 | 211,278,803 | 133,921,020 | 133,922,305 | 131,357,961 | 129,534,407 | 127,103,750 | 126,007,091 | 125,881,460 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $715M | $783M | $506M | $288M | $242M | · | $220M | $209M | $193M | $183M | |
| Stock-based Comp | $36M | $29M | $26M | $21M | $17M | $16M | $13M | $11M | $10M | $8M | |
| Deferred Tax | $4M | $-1M | $-3M | $2M | $904.0K | $655.0K | $2M | $4M | $2M | $-836.0K | |
| Amort. of Intangibles | $21M | $115M | $60M | $14M | $5M | $2M | $7M | $9M | $14M | $21M | |
| Other Non-cash | $122M | $228M | $70M | · | · | · | $53M | $39M | $-87M | $-17M | |
| Operating Cash Flow | $1.85B | $1.89B | $1.40B | $1.24B | $952M | $771M | $708M | $678M | $597M | $539M | |
| CapEx | $562M | $479M | $136M | $1.19B | · | · | · | · | · | · | |
| Investing Cash Flow | $-814M | $-1.65B | $-1.82B | $-1.65B | $-838M | $-955M | $-622M | $-444M | $-353M | $-1.05B | |
| Stock Issued | · | · | $0 | $0 | $273M | $103M | $199M | $90M | $0 | $123M | |
| Stock Repurchased | $150M | $0 | $0 | $63M | $0 | $68M | $0 | $0 | · | · | |
| Net Stock Activity | $-150M | $0 | $0 | $-63M | $273M | $36M | $199M | $90M | $0 | $123M | |
| Dividends Paid | $1.37B | $1.38B | $1.05B | $805M | $601M | $468M | $458M | $425M | $393M | $368M | |
| Financing Cash Flow | $-1.04B | $-202M | $423M | $432M | $-167M | $241M | $-88M | $-247M | $-216M | $461M | |
| Net Change in Cash | $-123.0K | $38M | $7M | $22M | $-52M | $57M | $-2M | $-13M | $28M | $-32M | |
| Taxes Paid | $35M | $34M | $23M | $19M | $26M | $5M | $10M | $730.0K | $6M | · | |
| Free Cash Flow | $1.29B | $1.41B | $1.27B | · | · | · | · | · | · | · | |
| Levered FCF | · | · | $859M | · | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 41.8% | 40.6% | 45.7% | 54.6% | 61.9% | 49.1% | 48.5% | 51.8% | · | · | |
| Net Margin | 28.8% | 26.2% | 31.4% | 44.7% | 52.5% | 35.5% | 32.1% | 34.7% | · | · | |
| Pretax Margin | 27.9% | 26.2% | 31.9% | 46.8% | 54.5% | 37.5% | 34.5% | 36.9% | · | · | |
| EBITDA Margin | 63.0% | 64.7% | 65.5% | 54.6% | 61.9% | 49.1% | 65.3% | 69.3% | · | · | |
| ROA | 3.4% | 3.0% | 4.0% | 7.6% | 8.3% | 5.4% | 5.1% | 5.4% | 6.6% | 5.6% | |
| ROE | 7.1% | 6.0% | 9.1% | 27.0% | 29.2% | 18.9% | 17.0% | 17.4% | 20.8% | 16.9% | |
| ROIC | 10.1% | 8.8% | 7.9% | 31.5% | 30.6% | 25.4% | 24.4% | 25.1% | 22.9% | 19.1% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | 0.0 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | 2.8 | · | · | · | · | 3.5 | 3.5 | 3.4 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.7% | 27.2% | 33.1% | 22.0% | 16.3% | · | · | · | · | · | |
| Revenue CAGR 3Y | 20.6% | 27.3% | 23.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 20.0% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 13.9% | -15.0% | -26.1% | 3.5% | 66.8% | · | · | · | · | · | |
| EPS CAGR 3Y | -10.5% | -13.3% | 8.5% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 4.3% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 14.0% | 6.4% | -6.7% | 4.0% | 71.8% | · | · | · | · | · | |
| Net Income CAGR 3Y | 4.2% | 1.1% | 18.6% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 15.1% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 24.1% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.38B | $3.26B | $2.56B | $1.92B | $1.58B | $1.36B | $1.31B | $1.20B | $1.11B | $992M | |
| Net Income TTM | $974M | $855M | $803M | $861M | $828M | $482M | $420M | $415M | $479M | $366M | |
| Market Cap | $27.50B | $31.71B | $33.87B | $19.71B | $30.36B | $15.22B | $13.68B | $11.50B | $11.02B | $9.72B | |
| Enterprise Value | · | $32.08B | · | · | · | · | · | · | · | · | |
| P/E | 28.4 | 37.1 | 33.8 | 23.0 | 36.6 | 31.2 | 32.6 | 27.7 | 23.3 | 26.5 | |
| P/S | 8.1 | 9.7 | 13.2 | 10.2 | 19.2 | 11.2 | 10.5 | 9.6 | 10.0 | 9.8 | |
| P/B | 2.0 | 2.3 | 2.4 | 6.0 | 9.7 | 6.0 | 5.4 | 4.8 | 4.7 | 4.3 | |
| P / Tangible Book | 2.1 | 2.3 | 2.4 | 6.4 | 9.7 | 6.0 | · | · | · | · | |
| P / Cash Flow | 14.9 | 16.8 | 24.2 | 15.9 | 31.9 | 19.7 | 19.3 | 17.0 | 18.4 | 18.0 | |
| P / FCF | 21.3 | 22.5 | 26.7 | · | · | · | · | · | · | · | |
| EV / EBITDA | · | 15.2 | · | · | · | · | · | · | · | · | |
| EV / FCF | · | 22.8 | · | · | · | · | · | · | · | · | |
| EV / Revenue | · | 9.8 | · | · | · | · | · | · | · | · | |
| Dividend Yield | 5.0% | 4.3% | 3.1% | 4.1% | 2.0% | 3.1% | 3.4% | 3.7% | 3.6% | 3.8% | |
| Earnings Yield | 3.5% | 2.7% | 3.0% | 4.4% | 2.7% | 3.2% | 3.1% | 3.6% | 4.3% | 3.8% | |
| Payout Ratio | 141.1% | 160.9% | 130.3% | 93.6% | 72.6% | 97.1% | 109.1% | 102.3% | 82.0% | 100.5% | |
| Annual Payout | $1.37B | $1.38B | $1.05B | $805M | $601M | $468M | $458M | $425M | $393M | $368M |
Income Statement 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 | $874M | $856M | $857M | $858M | $842M | $820M | $822M | $825M | $811M | $800M | $798M | $748M | $511M | $503M | $507M | $499M | |
| Cost of Revenue | $232M | $238M | $231M | $235M | $228M | $224M | $221M | $209M | $197M | $205M | $195M | $185M | $115M | $117M | $113M | $115M | |
| SG&A Expense | $47M | $47M | $52M | $43M | $45M | $46M | $44M | $40M | $40M | $44M | $39M | $37M | $35M | $35M | $36M | $32M | |
| Operating Expenses | $482M | $488M | $481M | $474M | $467M | $467M | $480M | $461M | $451M | $464M | $464M | $448M | $238M | $240M | $237M | $229M | |
| Operating Income | $392M | $368M | $371M | $279M | $374M | $389M | $380M | $303M | $305M | $336M | $333M | $300M | $273M | $264M | $270M | $270M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $133M | · | $123M | $86M | $80M | · | $56M | |
| Interest Income | $39M | $40M | $39M | $44M | $42M | $39M | $35M | $35M | $31M | $24M | $22M | $22M | $21M | $19M | $17M | $18M | |
| Pretax Income | $272M | $247M | $248M | $161M | $258M | $274M | $265M | $184M | $188M | $216M | $215M | $191M | $208M | $203M | $214M | $232M | |
| Income Tax | $12M | $11M | $9M | $12M | $12M | $9M | $6M | $11M | $10M | $7M | $4M | $7M | $6M | $4M | $5M | $7M | |
| Net Income | $263M | $241M | $287M | $166M | $250M | $271M | $262M | $193M | $186M | $213M | $216M | $188M | $202M | $196M | $204M | $221M | |
| EPS (Basic) | $1.25 | $1.14 | $1.35 | $0.78 | $1.18 | $1.28 | $1.23 | $0.91 | $0.88 | $1.01 | $0.82 | $0.96 | $1.50 | $1.46 | $1.51 | $1.65 | |
| EPS (Diluted) | $1.25 | $1.14 | $1.35 | $0.78 | $1.18 | $1.28 | $1.23 | $0.91 | $0.88 | $1.01 | $0.82 | $0.96 | $1.50 | $1.46 | $1.52 | $1.65 | |
| Shares (Basic) | 210,962,128 | 210,896,947 | -423,904,870 | 211,963,870 | 211,940,903 | 211,850,618 | -422,990,686 | 211,698,436 | 211,584,155 | 211,283,335 | -295,450,960 | 195,324,444 | 134,832,232 | 134,511,273 | -268,235,552 | 133,913,652 | |
| Shares (Diluted) | 220,362,955 | 220,322,872 | -433,448,082 | 221,304,958 | 211,940,903 | 212,052,742 | -440,327,072 | 220,298,870 | 211,587,105 | 220,018,777 | -312,577,339 | 195,328,020 | 143,529,817 | 142,940,384 | -284,142,598 | 141,504,215 | |
| EBITDA | $578M | $553M | · | $457M | $551M | $569M | · | $498M | $500M | · | · | $452M | $352M | $342M | · | $341M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $695M | $139M | $139M | $112M | $125M | $120M | $138M | $89M | $77M | $51M | $99M | $216M | $51M | $48M | $93M | $87M | |
| PP&E (Net) | $61M | $62M | $65M | $52M | $50M | $50M | $50M | $50M | $48M | $49M | · | $46M | $43M | $44M | · | $43M | |
| Goodwill | $171M | $171M | $171M | $171M | $171M | $171M | $171M | $171M | $171M | $171M | · | $171M | $171M | $171M | · | $171M | |
| Intangibles | $2M | $7M | $12M | $17M | $22M | $26M | $32M | $39M | $47M | $57M | · | $76M | · | · | · | · | |
| Total Assets | $29.66B | $29.10B | $29.26B | $29.23B | $29.37B | $28.99B | $28.85B | $28.06B | $27.76B | $27.48B | · | $27.63B | $12.37B | $12.13B | · | $11.84B | |
| Total Liabilities | $15.48B | $14.89B | $14.94B | $14.74B | $14.69B | $14.22B | $13.99B | $13.10B | $12.63B | $12.19B | · | $12.06B | $8.33B | $8.10B | · | $7.77B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $1M | $1M | · | $1M | |
| Retained Earnings | $-1.63B | $-1.55B | $-1.45B | $-1.25B | $-1.08B | $-973M | $-899M | $-818M | $-668M | $-510M | · | $-253M | $-176M | $-160M | · | $-139M | |
| AOCI | $-181.0K | $314.0K | $-420.0K | $1M | $3M | $6M | $13M | $3M | $27M | $28M | · | $45M | $47M | $35M | · | $49M | |
| Stockholders' Equity | $13.26B | $13.33B | $13.43B | $13.62B | $13.79B | $13.89B | $13.95B | $14.01B | $14.17B | $14.30B | · | $14.54B | $3.26B | $3.25B | · | $3.25B | |
| Liabilities + Equity | $29.66B | $29.10B | $29.26B | $29.23B | $29.37B | $28.99B | $28.85B | $28.06B | $27.76B | $27.48B | · | $27.63B | $12.37B | $12.13B | · | $11.84B | |
| Shares Outstanding | 211,273,076 | 211,197,111 | 211,155,322 | 212,247,389 | 212,252,547 | 212,225,353 | 211,995,510 | 211,981,742 | 211,927,348 | 211,658,812 | · | 211,276,086 | 135,058,897 | 135,007,280 | · | 133,918,037 |
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 | $186M | $186M | $180M | $177M | $177M | $180M | $196M | $195M | $195M | $197M | $196M | $152M | $79M | $78M | $80M | $71M | |
| Stock-based Comp | $9M | $8M | $13M | $7M | $9M | $7M | $15M | $8M | $280.0K | $6M | $7M | $7M | $7M | $5M | $6M | $6M | |
| Other Non-cash | · | $55M | · | · | · | $23M | · | · | · | · | · | · | · | $1M | · | · | |
| Operating Cash Flow | $586M | $490M | $368M | $457M | $544M | $481M | $408M | $468M | $545M | $466M | $365M | $408M | $348M | $282M | $290M | $308M | |
| CapEx | $87M | $12M | $251M | $13M | $162M | $117M | $258M | $158M | $28M | $35M | · | $19M | $33M | $13M | · | $639M | |
| Investing Cash Flow | $-128M | $-48M | $-117M | $-83M | $-272M | $-342M | $-769M | $-113M | $-483M | $-282M | $-182M | $-1.28B | $-271M | $-86M | $-406M | $-672M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $0 | $1M | $141M | $0 | $9M | $0 | $0 | $0 | · | · | $0 | $0 | · | · | $0 | $0 | |
| Net Stock Activity | · | $-1M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $342M | $343M | $342M | $344M | $344M | $344M | $344M | $343M | $343M | $344M | $342M | $265M | $219M | $220M | $201M | $201M | |
| Financing Cash Flow | $98M | $-442M | $-224M | $-386M | $-266M | $-160M | $410M | $-343M | $-36M | $-233M | $-300M | $1.04B | $-74M | $-243M | $119M | $389M | |
| Net Change in Cash | $557M | $225.0K | $27M | $-12M | $6M | $-20M | $49M | $13M | $26M | $-50M | $-118M | $170M | $2M | $-47M | $3M | $24M | |
| Taxes Paid | · | · | $2M | $9M | $23M | $1M | $3M | $9M | $20M | $2M | $3M | $18M | $10M | $2M | $4M | $5M | |
| Free Cash Flow | · | $477M | · | · | · | $345M | · | · | · | · | · | · | · | $269M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $190M | · | · |
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 | 44.9% | 42.9% | · | 32.5% | 44.4% | 47.4% | · | 36.7% | 37.6% | · | · | 40.1% | 53.4% | 52.4% | · | 54.1% | |
| Net Margin | 30.1% | 28.1% | · | 19.3% | 29.7% | 33.0% | · | 23.4% | 22.9% | · | · | 25.2% | 39.6% | 39.0% | · | 44.2% | |
| Pretax Margin | 31.1% | 28.9% | · | 18.8% | 30.7% | 33.4% | · | 22.3% | 23.2% | · | · | 25.5% | 40.7% | 40.3% | · | 46.5% | |
| EBITDA Margin | 66.1% | 64.6% | · | 53.2% | 65.5% | 69.4% | · | 60.4% | 61.6% | · | · | 60.4% | 68.9% | 68.0% | · | 68.4% | |
| ROA | 0.89% | 0.83% | · | 0.58% | 0.87% | 0.96% | · | 0.69% | 0.93% | · | · | 0.95% | 1.7% | 1.7% | · | 2.1% | |
| ROE | 1.9% | 1.8% | · | 1.2% | 1.8% | 1.9% | · | 1.4% | 2.1% | · | · | 2.1% | 6.3% | 6.1% | · | 7.1% | |
| ROIC | 2.8% | 2.6% | · | 1.9% | 2.6% | 2.7% | · | 2.0% | 2.0% | · | · | 2.0% | 8.2% | 7.9% | · | 8.1% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | 2.4 | 3.2 | 3.3 | · | 4.8 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 11
| 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 | $3.43B | $3.38B | · | $3.34B | $3.30B | $3.26B | · | $3.18B | $2.87B | $2.56B | · | $2.26B | $1.99B | $1.92B | · | $1.83B | |
| Net Income TTM | $920M | $928M | · | $880M | $900M | $863M | · | $781M | $790M | $800M | · | $808M | $852M | $853M | · | $845M | |
| Market Cap | $30.70B | $27.69B | · | $29.91B | $31.29B | $31.51B | · | $38.20B | $32.94B | · | · | $25.69B | $20.10B | $22.00B | · | $23.13B | |
| P/E | 33.4 | 29.9 | · | 34.0 | 34.7 | 36.4 | · | 47.9 | 35.7 | 29.8 | · | 21.8 | 23.5 | 25.7 | · | 27.5 | |
| P/S | 8.9 | 8.2 | · | 8.9 | 9.5 | 9.7 | · | 12.0 | 11.5 | · | · | 11.4 | 10.1 | 11.5 | · | 12.6 | |
| P/B | 2.3 | 2.1 | · | 2.2 | 2.3 | 2.3 | · | 2.7 | 2.3 | · | · | 1.8 | 6.2 | 6.8 | · | 7.1 | |
| P / Tangible Book | 2.3 | 2.1 | · | 2.2 | 2.3 | 2.3 | · | 2.8 | 2.4 | 2.2 | · | 1.8 | 6.5 | 7.1 | · | 7.5 | |
| P / Cash Flow | · | 56.5 | · | · | · | 65.5 | · | · | · | · | · | · | · | 78.1 | · | · | |
| P / FCF | · | 58.0 | · | · | · | 91.2 | · | · | · | · | · | · | · | 81.9 | · | · | |
| Earnings Yield | 3.0% | 3.3% | · | 2.9% | 2.9% | 2.8% | · | 2.1% | 2.8% | 3.4% | · | 4.6% | 4.3% | 3.9% | · | 3.6% | |
| Payout Ratio | · | 142.2% | · | · | · | 127.1% | · | · | · | · | · | · | · | 112.1% | · | · |
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 | $3.38B | $3.26B | $2.56B | $1.92B | $1.58B |
| Operating Margin % | 41.8% | 40.6% | 45.7% | 54.6% | 61.9% |
| Net Income | $974M | $855M | $803M | $861M | $828M |
| Diluted EPS | $4.59 | $4.03 | $4.74 | $6.41 | $6.19 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | — | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.29B | $1.41B | $1.27B | — | — |
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Institutional owners (13F) 857 filers · $18.5B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 108 (-9 vs prior Q) | 64 (0 vs prior Q) | 279 (+9 vs prior Q) | 256 (+19 vs prior Q) | +9.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,704,971,492 | 18,616,459 | 14.65% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,006,220,887 | 13,807,439 | 10.87% | Shares |
| STATE STREET CORP | $1,970,044,965 | 13,558,465 | 10.67% | Shares |
| NORGES BANK | $1,351,388,513 | 9,300,678 | 7.32% | Shares |
| Capital Research Global Investors | $915,406,128 | 6,300,111 | 4.96% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $860,840,606 | 5,924,574 | 4.66% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $786,086,419 | 5,432,581 | 4.26% | Shares |
| Capital World Investors | $602,881,643 | 4,149,130 | 3.27% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $440,175,406 | 3,029,425 | 2.38% | Shares |
| FMR LLC | $409,057,388 | 2,815,260 | 2.22% | Shares |
| APG Asset Management US Inc. | $404,774,866 | 2,748,149 | 2.19% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $352,280,722 | 2,424,506 | 1.91% | Shares |
| Resolution Capital Ltd | $273,448,207 | 1,881,956 | 1.48% | Shares |
| ALLIANCEBERNSTEIN L.P. | $265,426,527 | 2,024,148 | 1.44% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $213,196,511 | 1,467,285 | 1.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $205,614,030 | 1,415,100 | 1.11% | Shares |
| CITADEL ADVISORS LLC | $198,682,929 | 1,367,398 | 1.08% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $172,399,758 | 1,186,509 | 0.93% | Shares |
| Alyeska Investment Group, L.P. | $118,548,817 | 815,890 | 0.64% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $102,138,199 | 702,947 | 0.55% | Shares |
| BlackRock, Inc. | $96,746,988 | 665,843 | 0.52% | Shares |
| Point72 Asset Management, L.P. | $91,644,633 | 630,727 | 0.50% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $88,413,888 | 608,492 | 0.48% | Shares |
| Swiss National Bank | $86,559,133 | 595,727 | 0.47% | Shares |
| Balyasny Asset Management L.P. | $86,540,535 | 595,599 | 0.47% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $77,772,842 | 535,257 | 0.42% | Shares |
| Vanguard Global Advisers, LLC | $66,223,672 | 455,772 | 0.36% | Shares |
| Nuveen Asset Management, LLC | $66,017,732 | 441,295 | 0.36% | Shares |
| Woodline Partners LP | $62,483,359 | 430,030 | 0.34% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $61,863,364 | 425,763 | 0.34% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $60,585,160 | 416,966 | 0.33% | Shares |
| VANGUARD GROUP INC | $60,103,041 | 461,550 | 0.33% | Shares |
| GOLDMAN SACHS GROUP INC | $59,648,177 | 410,517 | 0.32% | Shares |
| Legal & General Group Plc | $58,536,723 | 402,868 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $57,018,089 | 392,417 | 0.31% | Shares |
| Pictet Asset Management Holding SA | $55,117,230 | 379,334 | 0.30% | Shares |
| California Public Employees Retirement System | $54,506,389 | 375,130 | 0.30% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $53,443,229 | 367,813 | 0.29% | Shares |
| National Pension Service | $52,430,343 | 360,842 | 0.28% | Shares |
| Asset Management One Co., Ltd. | $50,924,204 | 388,349 | 0.28% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $50,116,641 | 344,895 | 0.27% | Shares |
| Heitman Real Estate Securities LLC | $48,193,831 | 331,685 | 0.26% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $43,541,906 | 299,669 | 0.24% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $43,491,487 | 299,322 | 0.24% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $42,431,814 | 292,029 | 0.23% | Shares |
| Apollo Management Holdings, L.P. | $41,629,903 | 286,510 | 0.23% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $38,577,397 | 294,192 | 0.21% | Shares |
| AXA Investment Managers S.A. | $37,712,725 | 267,580 | 0.20% | Shares |
| Vanguard Investments Australia, Ltd. | $35,853,937 | 246,758 | 0.19% | Shares |
| BARCLAYS PLC | $35,417,893 | 243,757 | 0.19% | Shares |
| Daiwa Securities Group Inc. | $35,088,352 | 241,489 | 0.19% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $33,236,358 | 228,743 | 0.18% | Shares |
| Focus Partners Wealth | $33,065,953 | 227,570 | 0.18% | Shares |
| NEUBERGER BERMAN GROUP LLC | $32,151,849 | 221,279 | 0.17% | Shares |
| State of New Jersey Common Pension Fund D | $31,338,595 | 215,682 | 0.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $30,570,539 | 210,396 | 0.17% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $29,521,473 | 203,176 | 0.16% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $29,472,000 | 202,834 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $28,545,347 | 196,458 | 0.15% | Shares |
| State of Tennessee, Department of Treasury | $27,788,335 | 191,248 | 0.15% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $27,675,291 | 190,470 | 0.15% | Shares |
| Adelante Capital Management LLC | $27,550,276 | 189,610 | 0.15% | Shares |
| Qube Research & Technologies Ltd | $27,446,008 | 188,892 | 0.15% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $27,359,990 | 188,300 | 0.15% | Shares |
| MACQUARIE GROUP LTD | $26,105,615 | 179,667 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $25,995,187 | 178,907 | 0.14% | Shares |
| Allianz Asset Management GmbH | $25,686,570 | 176,783 | 0.14% | Shares |
| AVIVA PLC | $25,490,124 | 175,431 | 0.14% | Shares |
| Hudson Bay Capital Management LP | $25,470,799 | 175,298 | 0.14% | Shares |
| TUDOR INVESTMENT CORP ET AL | $24,660,171 | 169,719 | 0.13% | Shares |
| Retirement Systems of Alabama | $23,647,139 | 162,747 | 0.13% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $23,179,854 | 159,531 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $22,199,145 | 152,781 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $22,012,950 | 151,500 | 0.12% | Call option |
| Gradient Investments LLC | $21,845,931 | 150,351 | 0.12% | Shares |
| Ensign Peak Advisors, Inc | $21,842,077 | 150,324 | 0.12% | Shares |
| Swedbank AB | $21,406,904 | 147,329 | 0.12% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $21,349,365 | 146,933 | 0.12% | Shares |
| CIBC Bancorp USA Inc. | $20,983,500 | 144,415 | 0.11% | Shares |
| Hazelview Securities Inc. | $20,952,999 | 140,304 | 0.11% | Shares |
| Nuveen, LLC | $20,154,999 | 138,713 | 0.11% | Shares |
| AMERICAN CENTURY COMPANIES INC | $20,143,085 | 138,631 | 0.11% | Shares |
| CIBC WORLD MARKETS CORP | $19,909,987 | 152,895 | 0.11% | Shares |
| Ceredex Value Advisors LLC | $19,891,570 | 136,900 | 0.11% | Shares |
| MARSHALL WACE, LLP | $19,153,882 | 131,823 | 0.10% | Shares |
| Public Sector Pension Investment Board | $18,932,154 | 130,297 | 0.10% | Shares |
| MORGAN STANLEY | $18,913,058 | 130,165 | 0.10% | Shares |
| APG Asset Management N.V. | $18,799,530 | 147,925 | 0.10% | Shares |
| Quantinno Capital Management LP | $18,661,441 | 128,433 | 0.10% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $18,297,774 | 125,931 | 0.10% | Shares |
| Resona Asset Management Co.,Ltd. | $18,286,558 | 123,854 | 0.10% | Shares |
| FIRST TRUST ADVISORS LP | $18,094,772 | 124,534 | 0.10% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $18,049,747 | 124,224 | 0.10% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $17,280,820 | 118,932 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $17,042,382 | 117,291 | 0.09% | Shares |
| Aberdeen Group plc | $17,025,237 | 117,173 | 0.09% | Shares |
| LPL Financial LLC | $16,689,877 | 114,865 | 0.09% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $16,379,088 | 112,726 | 0.09% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $16,366,961 | 125,687 | 0.09% | Shares |
| Robeco Institutional Asset Management B.V. | $16,288,566 | 112,103 | 0.09% | Shares |
Company insiders 27 insiders · 9 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey Jay Norman | Executive VP and CFO | July 1, 2026 F | 15,818 | 0 | 0 | $0 |
| Scott P Stubbs | Executive VP and CFO | March 7, 2022 F | 145,890 | 0 | 0 | $0 |
| Kent Christensen | Executive VP & CFO | Oct. 31, 2011 G | 310,144 | 0 | 0 | $0 |
| William N Springer | President | July 1, 2026 F | 27,794 | 0 | 0 | $0 |
| Zachary T Dickens | EVP, Chief Investment Officer | July 1, 2026 F | 33,712 | 0 | 0 | $0 |
| Gwyn Goodson Mcneal | EVP/Chief Legal Officer | June 11, 2026 S | 37,374 | 0 | 1 | $-495,000 |
| James Overturf | EVP/Chief Marketing Officer | June 17, 2020 S | 55,447 | 0 | 0 | $0 |
| Charles Allen | Executive VP | July 31, 2015 G | 213,947 | 0 | 0 | $0 |
| Richard Tanner | Senior VP Development | Dec. 16, 2009 S | 646,247 | 0 | 0 | $0 |
| Kenneth M. Woolley | Director | March 7, 2022 P | 400,883 | 0 | 0 | $0 |
| Diane Olmstead | Director | Nov. 15, 2021 G | 5,535 | 0 | 0 | $0 |
| Ploeg Julia Vander | Director | May 26, 2021 A | 1,392 | 0 | 0 | $0 |
| Joseph J Bonner | Director | May 26, 2021 A | 3,439 | 0 | 0 | $0 |
| Dennis J Letham | Director | May 26, 2021 A | 9,126 | 0 | 0 | $0 |
| Roger B Porter | Director | May 26, 2021 A | 129,865 | 0 | 0 | $0 |
| Gary L Crittenden | Director | May 26, 2021 A | 2,309 | 0 | 0 | $0 |
| Spencer Kirk | Director | Nov. 19, 2020 S | 207,210 | 0 | 0 | $0 |
| Ashley Dreier | Director | Nov. 11, 2020 D | 3,124 | 0 | 0 | $0 |
| Fred K Skousen | Director | May 21, 2018 S | 29,047 | 0 | 0 | $0 |
| Karl Haas | Director | Nov. 16, 2016 G | 58,881 | 0 | 0 | $0 |
| Gary B Sabin | Director | July 3, 2015 A | 1,135 | 0 | 0 | $0 |
| Hugh Horne | Director | May 21, 2013 A | 9,980 | 0 | 0 | $0 |
| Anthony Fanticola | Director | May 21, 2013 A | 31,314 | 0 | 0 | $0 |
| Joseph D Margolis | — | Aug. 4, 2026 G | 79,998 | 0 | 1 | $-1,060,575 |
| Matthew T Herrington | — | March 1, 2026 F | 23,720 | 0 | 0 | $0 |
| Samrat Sondhi | — | March 1, 2026 F | 109,244 | 0 | 0 | $0 |
| Grace Kunde | — | March 1, 2026 F | 14,922 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 161 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 |
|---|---|---|---|---|
| INDS · Pacer Funds Trust | 14.56% | 115,593 NS | April 30, 2026 | N-PORT |
| REZ · iShares Trust | 5.60% | 325,811 SH | Aug. 19, 2026 | Daily |
| HAUS · Tidal Trust I | 4.22% | 2,532 NS | April 30, 2026 | N-PORT |
| BYRE · Principal Exchange-Traded Funds | 4.05% | 7,145 NS | June 30, 2026 | N-PORT |
| RNTY · Tidal Trust II | 3.81% | 1,354 NS | April 30, 2026 | N-PORT |
| SRHR · Elevation Series Trust | 3.47% | 12,270 NS | April 30, 2026 | N-PORT |
| RSPR · Invesco Exchange-Traded Fund Trust | 3.36% | 22,378 | Aug. 19, 2026 | Daily |
| ICF · iShares Trust | 3.23% | 460,213 SH | Aug. 19, 2026 | Daily |
| USRT · iShares Trust | 2.57% | 808,958 SH | Aug. 19, 2026 | Daily |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 2.47% | 210,588 NS | May 31, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 2.35% | 276,024 NS | April 30, 2026 | N-PORT |
| IYR · iShares Trust | 2.26% | 700,339 SH | Aug. 19, 2026 | Daily |
| URE · ProShares Trust | 2.26% | 8,747 NS | May 31, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 2.17% | 1,501,507 NS | May 31, 2026 | N-PORT |
| LPRE · Exchange Listed Funds Trust | 2.17% | 23,485 NS | May 31, 2026 | N-PORT |
| DRN · Direxion Shares ETF Trust | 2.12% | 6,941 NS | April 30, 2026 | N-PORT |
| SPHD · Invesco Exchange-Traded Fund Trust … | 2.00% | 466,557 | Aug. 19, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 1.99% | 200,253 NS | April 30, 2026 | N-PORT |
| HOMZ · ETF Series Solutions | 1.76% | 4,137 NS | May 31, 2026 | N-PORT |
| REET · iShares Trust | 1.67% | 574,237 SH | Aug. 19, 2026 | Daily |
| IRET · Tidal Trust II | 1.64% | 303 NS | April 30, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 1.63% | 8,038,628 SH | Aug. 19, 2026 | Daily |
| ERET · iShares Trust | 1.59% | 1,506 SH | Aug. 19, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 1.56% | 88,087 NS | May 31, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 1.54% | 376,203 NS | April 30, 2026 | N-PORT |
| CZA · Invesco Exchange-Traded Fund Trust | 1.50% | 19,407 | Aug. 19, 2026 | Daily |
| COMT · iShares U.S. ETF Trust | 1.46% | 18,465,000 SH | Aug. 19, 2026 | Daily |
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 1.12% | 36,787 NS | May 31, 2026 | N-PORT |
| LRGC · AB Active ETFs, Inc. | 0.70% | 61,023 NS | May 31, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 0.70% | 1,189 NS | May 31, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.67% | 1,618,537 SH | Aug. 19, 2026 | Daily |
| RDIV · Invesco Exchange-Traded Fund Trust … | 0.64% | 61,554 | Aug. 19, 2026 | Daily |
| MMID · MFS Active Exchange Traded Funds Tr… | 0.61% | 1,442 NS | May 31, 2026 | N-PORT |
| FEGE · RBB Fund Trust | 0.56% | 74,444 NS | May 31, 2026 | N-PORT |
| IQRA · New York Life Investments Active ET… | 0.55% | 265 NS | April 30, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 0.54% | 561 NS | April 30, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.38% | 34,419 NS | April 30, 2026 | N-PORT |
| LOWV · AB Active ETFs, Inc. | 0.31% | 4,458 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.30% | 4,578,375 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.29% | 314,748 SH | Aug. 19, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.27% | 28,105 NS | April 30, 2026 | N-PORT |
| IMCV · iShares Trust | 0.27% | 21,552 SH | Aug. 19, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.22% | 5,815,000 | Aug. 19, 2026 | Daily |
| IWR · iShares Trust | 0.22% | 853,628 SH | Aug. 19, 2026 | Daily |
| IMCB · iShares Trust | 0.20% | 23,706 SH | Aug. 19, 2026 | Daily |
| SPXD · DBX ETF Trust | 0.20% | 93 NS | May 31, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.19% | 23,926 NS | May 31, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.19% | 6,510,000 | Aug. 19, 2026 | Daily |
| SIZE · iShares Trust | 0.19% | 5,654 SH | Aug. 19, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.19% | 1,821 NS | April 30, 2026 | N-PORT |