FNF Fidelity National Financial, Inc. Common Stock
About Fidelity National Financial, Inc. Common Stock Company overview from Wikipedia
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
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Fidelity National Financial, Inc. (NYSE: FNF), is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
FNF Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
FNF 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 16, 2026 | $0.5200 |
| March 17, 2026 | $0.5200 |
| Dec. 17, 2025 | $0.5200 |
| Sept. 16, 2025 | $0.4822 |
| June 16, 2025 | $0.4822 |
| March 17, 2025 | $0.4822 |
| Dec. 17, 2024 | $0.4822 |
| Sept. 16, 2024 | $0.4629 |
| June 14, 2024 | $0.4629 |
| March 14, 2024 | $0.4629 |
| Dec. 14, 2023 | $0.4629 |
| Sept. 14, 2023 | $0.4339 |
| June 15, 2023 | $0.4339 |
| March 16, 2023 | $0.4339 |
| Dec. 15, 2022 | $0.4339 |
| Sept. 15, 2022 | $0.4080 |
| June 15, 2022 | $0.4080 |
| March 16, 2022 | $0.4080 |
| Dec. 16, 2021 | $0.4080 |
| Sept. 15, 2021 | $0.3709 |
FNF Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 2 20.0%
- Buy 5 50.0%
- Hold 3 30.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-13Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.39 | $1.35 | 0.04% |
| March 31, 2026 | $0.93 | $1.04 | -0.11% |
| Dec. 31, 2025 | $1.41 | $1.51 | -0.10% |
| Sept. 30, 2025 | $1.63 | $1.50 | 0.13% |
| June 30, 2025 | $1.16 | $1.33 | -0.17% |
| March 31, 2025 | $0.78 | $1.11 | -0.33% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FNF | $14.79B | 24.7 | 5.6% | 4.2% | 7.9% | — |
| CINF | $25.38B | 10.8 | 11.4% | 18.9% | 16.0% | — |
| L | — | 13.2 | 5.4% | 9.0% | 9.3% | — |
| MKL | $27.06B | 12.7 | 4.7% | 13.6% | 11.9% | — |
| AIZ | — | — | — | — | — | — |
| CNA | $12.92B | 10.2 | 5.0% | 8.5% | 11.6% | — |
| AFG | $11.40B | 13.6 | -1.8% | 10.3% | 18.1% | — |
| ERIE | — | — | 7.2% | 13.8% | 25.0% | — |
| ORI | — | 12.3 | 11.0% | 10.2% | 16.2% | — |
| KNSL | $9.05B | 18.1 | 18.0% | 26.9% | 27.4% | — |
| THG | — | 10.1 | 5.7% | 10.1% | 20.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.45B | $13.68B | $11.75B | $11.56B | $15.65B | $10.78B | $8.47B | $7.59B | $7.66B | $7.26B | $6.66B | $8.02B | |
| Interest Expense | · | $209M | $174M | $115M | $114M | $90M | $47M | $43M | $48M | $64M | $73M | $127M | |
| Pretax Income | $1.40B | $1.74B | $693M | $1.73B | $3.56B | $1.78B | $1.37B | $750M | $864M | $955M | $770M | $392M | |
| Income Tax | $753M | $367M | $192M | $439M | $813M | $322M | $308M | $120M | $235M | $347M | $274M | $312M | |
| Net Income | $602M | $1.27B | $517M | $1.29B | $2.80B | $1.43B | $1.06B | $628M | $771M | $650M | $527M | $583M | |
| EPS (Basic) | $2.22 | $4.69 | $1.91 | $4.71 | $9.81 | $5.02 | $3.89 | $2.30 | · | · | · | · | |
| EPS (Diluted) | $2.21 | $4.65 | $1.91 | $4.67 | $9.75 | $4.99 | $3.83 | $2.26 | · | · | · | · | |
| Shares (Basic) | 271,000,000 | 271,000,000 | 270,000,000 | 275,000,000 | 285,000,000 | 284,000,000 | 273,000,000 | 273,000,000 | · | · | · | 138,000,000 | |
| Shares (Diluted) | 272,000,000 | 273,000,000 | 271,000,000 | 277,000,000 | 287,000,000 | 286,000,000 | 277,000,000 | 278,000,000 | · | · | · | · | |
| EBITDA | $844M | $739M | $593M | $496M | · | $296M | $178M | $182M | · | $431M | $410M | · |
Balance Sheet 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.64B | $3.48B | $2.77B | $2.29B | $4.36B | $2.72B | $1.38B | $1.26B | $1.11B | $1.32B | $780M | $700M | |
| PP&E (Net) | $189M | $173M | $168M | $179M | $185M | $180M | $176M | $164M | $193M | $192M | $510M | $635M | |
| PP&E (Gross) | $587M | $557M | $544M | $670M | $668M | $628M | $604M | $567M | $605M | $604M | $1.11B | $1.24B | |
| Accum. Depreciation | $398M | $384M | $376M | $491M | $483M | $448M | $428M | $403M | $412M | $412M | $602M | $603M | |
| Goodwill | $5.27B | $5.27B | $4.83B | $4.63B | $4.53B | $4.50B | $2.73B | $2.73B | $2.75B | $2.56B | $2.35B | $4.72B | |
| Intangibles | $917M | $966M | $4.63B | $3.81B | $523M | $540M | $422M | $513M | $618M | $585M | · | $1.13B | |
| Total Assets | $109.01B | $95.26B | $80.61B | $65.14B | $61.33B | $50.45B | $10.68B | $9.30B | $9.15B | $14.52B | $13.93B | $13.85B | |
| Deferred Tax | $439M | $0 | $29M | $71M | $205M | $300M | $284M | $227M | $169M | $370M | $594M | $703M | |
| Total Liabilities | $100.04B | $86.73B | $73.15B | $58.57B | $51.23B | $42.06B | $4.97B | $4.33B | $4.34B | $7.28B | $7.00B | $7.06B | |
| Long-term Debt | $4.40B | $4.32B | $3.89B | $3.24B | $3.10B | $2.66B | $838M | $836M | $759M | $987M | $2.79B | $2.80B | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | · | $0 | |
| Retained Earnings | $5.48B | $5.98B | $5.24B | $5.22B | $4.37B | $2.39B | $1.36B | $641M | $217M | $1.78B | $1.37B | $1.15B | |
| Treasury Stock | $2.42B | $2.15B | $2.13B | $2.11B | $1.54B | $1.07B | $598M | $498M | $468M | $623M | $346M | $13M | |
| AOCI | $-1.68B | $-2.05B | $-2.12B | $-2.87B | $779M | $1.30B | $43M | $-13M | $111M | $-13M | $-69M | $2M | |
| Stockholders' Equity | $7.42B | $7.75B | $6.91B | $6.12B | $9.41B | $8.35B | $5.38B | $4.63B | $4.45B | $6.00B | $5.75B | $5.99B | |
| Liabilities + Equity | $109.01B | $95.26B | $80.61B | $65.14B | $60.69B | $50.45B | $10.68B | $9.30B | $9.15B | $14.52B | $13.93B | $13.85B | |
| Shares Outstanding | 271,000,000 | 275,000,000 | 273,000,000 | 272,309,890 | 283,778,574 | 291,448,627 | 275,563,436 | 275,373,834 | 274,431,737 | · | · | · |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $844M | $739M | $593M | $491M | $432M | $296M | $178M | $182M | $389M | $431M | $410M | $476M | |
| Stock-based Comp | $88M | $82M | $60M | $49M | $42M | · | $38M | $31M | $44M | $58M | $56M | $51M | |
| Deferred Tax | $638M | $7M | $-49M | $108M | $157M | $-57M | $40M | $56M | $-241M | $14M | $-1M | $199M | |
| Amort. of Intangibles | $203M | $187M | $152M | $134M | $136M | $138M | $131M | $119M | $130M | $110M | $103M | $193M | |
| Other Non-cash | $3.66B | $4.72B | $5.36B | $2.66B | · | $-88M | $-197M | $46M | · | $43M | $8M | · | |
| Operating Cash Flow | $5.83B | $6.82B | $6.48B | $4.36B | $4.09B | $1.58B | $1.12B | $943M | $737M | $1.16B | $951M | $594M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | $210M | |
| Investing Cash Flow | $-8.93B | $-7.86B | $-9.09B | $-10.52B | $-7.45B | $-2.33B | $-520M | $-354M | $79M | $-191M | $-571M | $-2.72B | |
| Debt Issued | · | · | · | · | · | · | $0 | $442M | $785M | $132M | $1.36B | $1.76B | |
| Net Debt Issued | · | $-250M | $0 | $-404M | · | $-1.00B | $0 | $72M | · | $-68M | $1M | · | |
| Stock Issued | $117M | $0 | $0 | $0 | $449M | $1.25B | $0 | $0 | · | · | · | · | |
| Stock Repurchased | $251M | $0 | $6M | $553M | $463M | $236M | $86M | $20M | $23M | $276M | $498M | $2M | |
| Net Stock Activity | $-134M | $1.05B | $839M | $-553M | · | $1.01B | $-86M | $-20M | · | $-276M | $-498M | · | |
| Dividends Paid | $546M | $532M | $500M | $489M | $446M | $389M | $344M | $328M | $278M | $239M | $220M | $203M | |
| Financing Cash Flow | $2.26B | $1.76B | $3.09B | $4.09B | $5.00B | $2.10B | $-482M | $-442M | $-1.03B | $-428M | $-272M | $1.06B | |
| Net Change in Cash | $-843M | $712M | $481M | $-2.07B | $1.64B | $1.34B | $119M | $147M | $-213M | · | · | $-1.07B | |
| Taxes Paid | $250M | $237M | $216M | $387M | $653M | $315M | $251M | $204M | $528M | $367M | $250M | $75M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 4.2% | 9.3% | 4.4% | 9.8% | · | 13.2% | 12.5% | 8.3% | · | 6.8% | 5.8% | · | |
| Pretax Margin | 9.7% | 12.7% | 5.9% | 13.3% | · | 16.6% | 16.2% | 9.9% | · | 11.2% | 9.5% | · | |
| EBITDA Margin | 5.8% | 5.4% | 5.1% | 4.3% | · | 2.8% | 2.1% | 2.4% | · | 4.5% | 4.5% | · | |
| ROA | 0.59% | 1.3% | 0.67% | 1.8% | · | 2.8% | 10.1% | 6.7% | · | 4.5% | 3.8% | · | |
| ROE | 7.9% | 17.3% | 7.9% | 15.1% | · | 20.8% | 21.2% | 13.8% | · | 11.1% | 9.0% | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.8 | 0.8 | · | 0.7 | 0.7 | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.6% | 16.4% | 1.6% | -26.1% | 45.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 7.7% | -4.4% | 2.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -52.5% | 143.5% | -59.1% | -52.1% | 95.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -22.1% | -21.9% | -27.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -15.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -52.6% | 145.6% | -60.1% | -53.7% | 96.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -22.5% | -23.1% | -28.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -15.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 7.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14.45B | $13.68B | $11.75B | $11.56B | $15.65B | $10.78B | $8.47B | $7.59B | $7.66B | $7.26B | $6.66B | $8.02B | |
| Net Income TTM | $602M | $1.27B | $517M | $1.29B | $2.80B | $1.43B | $1.06B | $628M | $771M | $650M | $527M | $583M | |
| Market Cap | $14.79B | $14.89B | $13.44B | $9.88B | · | $10.56B | $11.59B | · | · | · | · | · | |
| P/E | 24.7 | 11.6 | 25.8 | 7.8 | 5.0 | 7.3 | 11.0 | 12.9 | 49.8 | 31.1 | 31.8 | 31.6 | |
| P/S | 1.0 | 1.1 | 1.1 | 0.9 | · | 1.0 | 1.4 | · | · | · | · | · | |
| P/B | 2.0 | 1.9 | 1.9 | 1.8 | · | 1.3 | 2.2 | · | · | · | · | · | |
| P / Tangible Book | 12.0 | 9.8 | · | · | 3.1 | 3.2 | · | · | · | · | · | · | |
| P / Cash Flow | 2.5 | 2.2 | 2.1 | 2.3 | · | 6.7 | 10.3 | · | · | · | · | · | |
| Dividend Yield | 3.7% | 3.6% | 3.7% | 5.0% | · | 3.7% | 3.0% | · | · | · | · | · | |
| Earnings Yield | 4.0% | 8.6% | 3.9% | 12.9% | 20.2% | 13.8% | 9.1% | 7.8% | 2.0% | 3.2% | 3.1% | 3.2% | |
| Payout Ratio | 90.7% | 41.9% | 96.7% | 43.0% | · | 27.3% | 32.4% | 52.2% | · | 36.8% | 41.8% | · | |
| Annual Payout | $546M | $532M | $500M | $489M | $446M | $389M | $344M | $328M | $278M | $239M | $220M | $203M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.05B | $3.23B | $4.05B | $4.03B | $3.63B | $2.73B | $3.62B | $3.60B | $3.16B | $3.30B | $3.43B | $2.78B | $3.07B | $2.47B | $2.56B | $3.21B | |
| Interest Expense | · | · | · | · | $61M | $60M | · | $56M | $47M | $49M | · | $44M | $43M | $42M | $26M | $28M | |
| Pretax Income | $338M | $498M | $451M | $453M | $382M | $111M | $640M | $313M | $458M | $331M | $-168M | $603M | $332M | $-74M | $-60M | $503M | |
| Income Tax | $63M | $175M | $536M | $90M | $98M | $29M | $144M | $44M | $116M | $63M | $-53M | $141M | $90M | $14M | $-55M | $136M | |
| Net Income | $288M | $243M | $-117M | $358M | $278M | $83M | $450M | $266M | $306M | $248M | $-69M | $426M | $219M | $-59M | $-5M | $362M | |
| EPS (Basic) | $1.08 | $0.90 | $-0.43 | $1.33 | $1.02 | $0.30 | $1.66 | $0.98 | $1.13 | $0.92 | $-0.26 | $1.58 | $0.81 | $-0.22 | $0.03 | $1.33 | |
| EPS (Diluted) | $1.08 | $0.90 | $-0.44 | $1.33 | $1.02 | $0.30 | $1.65 | $0.97 | $1.12 | $0.91 | $-0.25 | $1.57 | $0.81 | $-0.22 | $0.02 | $1.32 | |
| Shares (Basic) | 267,000,000 | 269,000,000 | -543,000,000 | 269,000,000 | 272,000,000 | 273,000,000 | -543,000,000 | 272,000,000 | 271,000,000 | 271,000,000 | -540,000,000 | 270,000,000 | 270,000,000 | 270,000,000 | -557,000,000 | 273,000,000 | |
| Shares (Diluted) | 267,000,000 | 269,000,000 | -544,000,000 | 270,000,000 | 273,000,000 | 273,000,000 | -545,000,000 | 273,000,000 | 273,000,000 | 272,000,000 | -542,000,000 | 271,000,000 | 271,000,000 | 271,000,000 | -560,000,000 | 275,000,000 | |
| EBITDA | · | $215M | · | · | · | $196M | · | · | · | $167M | · | · | · | $134M | · | · |
Balance Sheet 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.58B | $2.47B | $2.64B | $3.49B | $3.27B | $4.48B | $3.48B | $4.97B | $4.89B | $3.52B | · | $3.21B | $3.14B | $2.82B | · | $2.47B | |
| PP&E (Net) | $188M | $187M | $189M | $190M | $191M | $188M | $173M | $174M | $170M | $167M | · | $172M | $175M | $177M | · | $182M | |
| PP&E (Gross) | · | · | $587M | · | · | · | $557M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $398M | · | · | · | $384M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $5.22B | $5.22B | $5.27B | $5.27B | $5.27B | $5.27B | $5.27B | $5.27B | $5.11B | $5.11B | $4.83B | $4.83B | $4.81B | $4.79B | $4.63B | $4.61B | |
| Intangibles | · | · | $917M | · | · | · | $966M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $114.53B | $111.50B | $109.01B | $106.64B | $102.33B | $98.21B | $95.26B | $94.67B | $88.82B | $84.50B | $80.61B | $74.00B | $73.02B | $69.65B | $65.14B | $62.16B | |
| Deferred Tax | $451M | $438M | $439M | · | · | · | $0 | $0 | $29M | $28M | · | $15M | $63M | $61M | · | $79M | |
| Total Liabilities | $105.72B | $102.78B | $100.04B | $97.30B | $93.51B | $89.41B | $86.73B | $85.77B | $80.84B | $76.66B | · | $67.42B | $66.34B | $63.01B | · | $56.37B | |
| Long-term Debt | $4.38B | $4.40B | $4.40B | $4.40B | $4.40B | $4.39B | $4.32B | $4.19B | $4.17B | $3.88B | · | $3.69B | $3.70B | $3.70B | · | $2.69B | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Retained Earnings | $5.73B | $5.59B | $5.48B | $6.29B | $6.07B | $5.93B | $5.98B | $5.67B | $5.54B | $5.36B | · | $5.44B | $5.14B | $5.04B | · | $5.07B | |
| Treasury Stock | $2.56B | $2.50B | $2.42B | $2.38B | $2.34B | $2.18B | $2.15B | $2.13B | $2.13B | $2.13B | · | $2.11B | $2.11B | $2.11B | · | $2.06B | |
| AOCI | $-1.81B | $-1.90B | $-1.68B | $-1.61B | $-1.85B | $-1.87B | $-2.05B | $-1.42B | $-2.09B | $-2.03B | · | $-3.07B | $-2.68B | $-2.61B | · | $-3.19B | |
| Stockholders' Equity | $7.45B | $7.25B | $7.42B | $8.36B | $7.91B | $7.89B | $7.75B | $8.08B | $7.26B | $7.12B | · | $6.16B | $6.23B | $6.19B | · | $5.71B | |
| Liabilities + Equity | $114.53B | $111.50B | $109.01B | $106.64B | $102.33B | $98.21B | $95.26B | $94.67B | $88.82B | $84.50B | · | $74.00B | $73.02B | $69.65B | · | $62.16B | |
| Shares Outstanding | 268,000,000 | 269,000,000 | 271,000,000 | 271,000,000 | 272,000,000 | 275,000,000 | 275,000,000 | 274,000,000 | 273,000,000 | 273,238,445 | · | 272,158,235 | 272,178,622 | 272,194,249 | · | 272,626,430 |
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 | $219M | $215M | $221M | $227M | $200M | $196M | $194M | $189M | $189M | $167M | $155M | $153M | $151M | $134M | $130M | $18M | |
| Stock-based Comp | $23M | $23M | $24M | $23M | $20M | $21M | $34M | $15M | $17M | $16M | $17M | $15M | $14M | $14M | $12M | $13M | |
| Other Non-cash | · | $394M | · | · | · | $815M | · | · | · | $1.16B | · | · | · | $1.33B | · | · | |
| Operating Cash Flow | $1.87B | $875M | $1.51B | $1.31B | $1.90B | $1.11B | $1.50B | $2.37B | $1.36B | $1.59B | $2.26B | $1.08B | $1.72B | $1.42B | $1.38B | $1.48B | |
| Investing Cash Flow | $29M | $-945M | $-2.61B | $-2.06B | $-3.48B | $-785M | $-2.85B | $-2.00B | $-1.93B | $-1.10B | $-3.33B | $-1.53B | $-1.95B | $-2.29B | $-2.63B | $-2.00B | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $-35M | · | · | |
| Stock Issued | $0 | $0 | $0 | $0 | $0 | $117M | $0 | $-550M | $0 | $0 | $-500M | $0 | $0 | $500M | $0 | $0 | |
| Stock Repurchased | $60M | $78M | $30M | $43M | $154M | $24M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6M | $49M | $206M | |
| Net Stock Activity | · | $-78M | · | · | · | $93M | · | · | · | $0 | · | · | · | $494M | · | · | |
| Dividends Paid | $138M | $140M | $140M | $135M | $135M | $136M | $141M | $130M | $131M | $130M | $134M | $123M | $121M | $122M | $124M | $120M | |
| Financing Cash Flow | $-785M | $-99M | $244M | $969M | $375M | $675M | $-140M | $-291M | $1.94B | $255M | $625M | $526M | $540M | $1.40B | $1.07B | $565M | |
| Net Change in Cash | $1.11B | $-169M | $-858M | $222M | $-1.21B | $1.00B | $-1.49B | $80M | $1.37B | $750M | $-442M | $73M | $315M | $535M | $-188M | $48M | |
| Taxes Paid | $114M | $2M | $64M | $31M | $149M | $6M | $84M | $87M | $63M | $3M | $76M | $86M | $48M | $6M | $94M | $91M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 7.1% | 7.5% | · | 8.9% | 7.6% | 3.0% | · | 7.4% | 9.7% | 7.5% | · | 15.3% | 7.1% | -2.4% | · | 9.0% | |
| Pretax Margin | 8.3% | 15.4% | · | 11.2% | 10.5% | 4.1% | · | 8.7% | 14.5% | 10.0% | · | 21.7% | 10.8% | -3.0% | · | 12.8% | |
| EBITDA Margin | · | 6.7% | · | · | · | 7.2% | · | · | · | 5.1% | · | · | · | 5.4% | · | · | |
| ROA | 0.27% | 0.23% | · | 0.36% | 0.29% | 0.09% | · | 0.32% | 0.38% | 0.32% | · | 0.63% | 0.33% | -0.09% | · | 0.48% | |
| ROE | 3.8% | 3.2% | · | 4.4% | 3.7% | 1.1% | · | 3.7% | 4.5% | 3.7% | · | 7.2% | 3.4% | -0.83% | · | 3.8% |
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 | · | 0.1 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14.94B | $13.62B | · | $14.00B | $13.12B | $12.79B | · | $12.84B | $12.30B | $11.62B | · | $11.53B | $11.38B | $11.48B | · | $12.90B | |
| Net Income TTM | $1.17B | $962M | · | $985M | $933M | $903M | · | $1.25B | $1.20B | $834M | · | $948M | $1.06B | $1.24B | · | $2.03B | |
| Market Cap | $12.64B | $12.48B | · | $15.81B | $14.70B | $17.26B | · | $16.40B | $13.01B | $13.99B | · | $10.84B | $9.45B | $9.17B | · | $9.15B | |
| P/E | 10.9 | 13.1 | · | 16.1 | 15.9 | 19.0 | · | 13.1 | 10.8 | 16.7 | · | 11.4 | 9.1 | 7.6 | · | 4.6 | |
| P/S | 0.8 | 0.9 | · | 1.1 | 1.1 | 1.3 | · | 1.3 | 1.1 | 1.2 | · | 0.9 | 0.8 | 0.8 | · | 0.7 | |
| P/B | 1.7 | 1.7 | · | 1.9 | 1.9 | 2.2 | · | 2.0 | 1.8 | 2.0 | · | 1.8 | 1.5 | 1.5 | · | 1.6 | |
| P / Tangible Book | 5.6 | 6.1 | · | 5.1 | 5.6 | 6.6 | · | 5.8 | 6.0 | 6.9 | · | 8.2 | 6.7 | 6.5 | · | 8.3 | |
| P / Cash Flow | · | 14.3 | · | · | · | 15.5 | · | · | · | 8.8 | · | · | · | 6.5 | · | · | |
| Earnings Yield | 9.2% | 7.6% | · | 6.2% | 6.3% | 5.3% | · | 7.6% | 9.2% | 6.0% | · | 8.7% | 11.0% | 13.2% | · | 21.5% | |
| Payout Ratio | · | 57.6% | · | · | · | 163.9% | · | · | · | 52.4% | · | · | · | -206.8% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $14.45B | — | — | $13.68B | — |
| Net Income | $602M | — | — | $1.27B | — |
| Diluted EPS | $2.21 | — | — | $4.65 | — |
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Institutional owners (13F) 751 filers · $6.5B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 73 (-14 vs prior Q) | 83 (-21 vs prior Q) | 234 (-29 vs prior Q) | 235 (+4 vs prior Q) | +31.2M |
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 |
|---|---|---|---|---|
| WINDACRE PARTNERSHIP LLC | $985,776,048 | 20,902,800 | 15.27% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $572,639,027 | 12,142,473 | 8.87% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $542,744,586 | 11,508,579 | 8.41% | Shares |
| STATE STREET CORP | $461,048,893 | 9,776,270 | 7.14% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $395,387,837 | 8,383,966 | 6.12% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $192,937,368 | 4,091,124 | 2.99% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $190,480,242 | 4,052,735 | 2.95% | Shares |
| COOKE & BIELER LP | $186,483,562 | 3,954,274 | 2.89% | Shares |
| Brave Warrior Advisors, LLC | $162,554,106 | 3,446,864 | 2.52% | Shares |
| FMR LLC | $159,717,029 | 3,386,706 | 2.47% | Shares |
| NORGES BANK | $156,761,019 | 3,324,025 | 2.43% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $116,920,392 | 2,479,228 | 1.81% | Shares |
| ALLIANCEBERNSTEIN L.P. | $111,845,509 | 2,411,503 | 1.73% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $89,691,820 | 1,901,862 | 1.39% | Shares |
| GOLDMAN SACHS GROUP INC | $82,818,242 | 1,756,112 | 1.28% | Shares |
| Bank of New York Mellon Corp | $77,158,617 | 1,636,103 | 1.20% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $75,738,205 | 1,605,984 | 1.17% | Shares |
| D. E. Shaw & Co., Inc. | $65,288,398 | 1,384,402 | 1.01% | Shares |
| DAVENPORT & Co LLC | $61,288,391 | 1,296,808 | 0.95% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $54,592,416 | 1,157,600 | 0.85% | Shares |
| Nuveen Asset Management, LLC | $51,081,674 | 909,898 | 0.79% | Shares |
| TWO SIGMA INVESTMENTS, LP | $40,737,846 | 863,822 | 0.63% | Shares |
| RHUMBLINE ADVISERS | $34,636,941 | 734,457 | 0.54% | Shares |
| Swiss National Bank | $34,247,592 | 726,200 | 0.53% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $33,597,636 | 712,418 | 0.52% | Shares |
| Pictet Asset Management Holding SA | $32,931,356 | 698,290 | 0.51% | Shares |
| Squarepoint Ops LLC | $32,464,001 | 688,380 | 0.50% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $30,166,492 | 633,883 | 0.47% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $27,024,755 | 573,044 | 0.42% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $26,796,787 | 577,766 | 0.42% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $26,456,776 | 560,999 | 0.41% | Shares |
| PFA Pension, Forsikringsaktieselskab | $24,918,210 | 528,376 | 0.39% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $24,595,072 | 521,524 | 0.38% | Shares |
| Gotham Asset Management, LLC | $20,946,916 | 444,167 | 0.32% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $20,718,178 | 446,705 | 0.32% | Shares |
| BlackRock, Inc. | $20,566,900 | 436,109 | 0.32% | Shares |
| California Public Employees Retirement System | $17,968,432 | 381,010 | 0.28% | Shares |
| JCP Investment Management, LLC | $17,757,013 | 376,527 | 0.28% | Shares |
| Crescent Grove Advisors, LLC | $17,449,239 | 370,001 | 0.27% | Shares |
| Quantinno Capital Management LP | $17,331,246 | 367,498 | 0.27% | Shares |
| Balyasny Asset Management L.P. | $16,368,764 | 347,090 | 0.25% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $16,249,685 | 344,565 | 0.25% | Shares |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. | $15,760,070 | 334,183 | 0.24% | Shares |
| SEB Asset Management AB | $15,050,948 | 319,147 | 0.23% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $15,047,907 | 319,082 | 0.23% | Shares |
| MILLENNIUM MANAGEMENT LLC | $14,840,545 | 314,685 | 0.23% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $14,358,711 | 304,468 | 0.22% | Shares |
| RAYMOND JAMES FINANCIAL INC | $14,225,101 | 301,635 | 0.22% | Shares |
| TWO SIGMA ADVISERS, LP | $14,215,236 | 260,400 | 0.22% | Shares |
| Legal & General Group Plc | $14,062,500 | 298,187 | 0.22% | Shares |
| BARCLAYS PLC | $13,703,941 | 290,584 | 0.21% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $13,473,993 | 288,461 | 0.21% | Shares |
| Man Group plc | $13,147,925 | 278,794 | 0.20% | Shares |
| Railway Pension Investments Ltd | $13,138,776 | 278,600 | 0.20% | Shares |
| AMERICAN CENTURY COMPANIES INC | $12,376,368 | 262,433 | 0.19% | Shares |
| Retirement Systems of Alabama | $12,340,970 | 261,683 | 0.19% | Shares |
| HOLLENCREST CAPITAL MANAGEMENT | $12,307,140 | 260,966 | 0.19% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $11,795,140 | 250,109 | 0.18% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $11,257,139 | 238,701 | 0.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $10,765,921 | 228,285 | 0.17% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $10,272,863 | 217,830 | 0.16% | Shares |
| STEPHENS INC /AR/ | $10,105,941 | 214,291 | 0.16% | Shares |
| Cannell & Spears LLC | $10,099,361 | 214,151 | 0.16% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $10,057,342 | 213,260 | 0.16% | Shares |
| AMERIPRISE FINANCIAL INC | $10,044,561 | 212,989 | 0.16% | Shares |
| AVIVA PLC | $10,016,690 | 212,398 | 0.16% | Shares |
| Korea Investment CORP | $9,922,983 | 210,411 | 0.15% | Shares |
| UBS Group AG | $9,717,507 | 206,054 | 0.15% | Shares |
| ALGERT GLOBAL LLC | $9,578,432 | 203,105 | 0.15% | Shares |
| CHURCHILL MANAGEMENT Corp | $9,348,707 | 166,763 | 0.14% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $9,130,365 | 193,604 | 0.14% | Shares |
| THIRD AVENUE MANAGEMENT LLC | $9,107,492 | 193,119 | 0.14% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $8,957,146 | 189,931 | 0.14% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $8,932,340 | 189,405 | 0.14% | Shares |
| HighTower Advisors, LLC | $8,854,701 | 187,759 | 0.14% | Shares |
| LPL Financial LLC | $8,704,448 | 184,573 | 0.13% | Shares |
| XTX Topco Ltd | $8,544,920 | 181,190 | 0.13% | Shares |
| ExodusPoint Capital Management, LP | $8,340,812 | 176,862 | 0.13% | Shares |
| Sanctuary Advisors, LLC | $7,789,184 | 165,165 | 0.12% | Shares |
| SCHWARTZ INVESTMENT COUNSEL INC | $7,781,400 | 165,000 | 0.12% | Shares |
| APG Asset Management N.V. | $7,779,358 | 188,595 | 0.12% | Shares |
| Sound Income Strategies, LLC | $7,391,535 | 156,733 | 0.11% | Shares |
| Bridgewater Associates, LP | $7,175,866 | 152,160 | 0.11% | Shares |
| Brandywine Global Investment Management, LLC | $7,164,064 | 131,234 | 0.11% | Shares |
| First Eagle Investment Management, LLC | $7,110,564 | 150,775 | 0.11% | Shares |
| Assenagon Asset Management S.A. | $7,047,213 | 149,432 | 0.11% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $6,937,137 | 147,098 | 0.11% | Shares |
| VANGUARD GROUP INC | $6,922,230 | 126,804 | 0.11% | Shares |
| FIL Ltd | $6,907,855 | 146,477 | 0.11% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $6,858,674 | 147,880 | 0.11% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $6,833,484 | 144,900 | 0.11% | Shares |
| Focus Partners Wealth | $6,734,314 | 142,797 | 0.10% | Shares |
| Bleakley Financial Group, LLC | $6,718,744 | 142,467 | 0.10% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $6,706,341 | 142,204 | 0.10% | Shares |
| OLD NATIONAL BANCORP /IN/ | $6,639,231 | 140,781 | 0.10% | Shares |
| AustralianSuper Pty Ltd | $6,582,451 | 139,577 | 0.10% | Shares |
| TUDOR INVESTMENT CORP ET AL | $6,494,639 | 137,715 | 0.10% | Shares |
| Eastover Investment Advisors LLC | $6,364,478 | 134,955 | 0.10% | Shares |
| Vanguard Global Advisers, LLC | $6,297,228 | 133,529 | 0.10% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $6,276,100 | 133,081 | 0.10% | Shares |
Company insiders 32 insiders · 8 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| George P Scanlon | Chief Executive Officer | Dec. 10, 2013 F | 314,075 | 0 | 0 | $0 |
| Erika Meinhardt | President, Agency Operations | Dec. 22, 2008 F | 195,571 | 0 | 0 | $0 |
| Roger S Jewkes | Chief Operating Officer | March 31, 2022 S | 104,246 | 0 | 0 | $0 |
| Peter T Sadowski | EVP, Chief Legal Officer | June 26, 2026 S | 5,702 | 0 | 2 | $-3,184,805 |
| Brent B Bickett | Executive Vice President | Oct. 30, 2019 F | 526,452 | 0 | 0 | $0 |
| Daniel K. Murphy | Senior VP and Treasurer | Nov. 23, 2011 F | 109,231 | 0 | 0 | $0 |
| Alan L Stinson | Executive Vice President | Nov. 23, 2010 F | 573,024 | 0 | 0 | $0 |
| Christopher Abbinante | EVP, Eastern Operations | March 24, 2009 M | 246,744 | 0 | 0 | $0 |
| Peter O Shea Jr | Director | June 30, 2026 A | 224,614 | 0 | 0 | $0 |
| Douglas K Ammerman | Director | June 30, 2026 A | 149,341 | 0 | 0 | $0 |
| Halim Dhanidina | Director | June 24, 2026 S | 3,643 | 0 | 2 | $-4,326,760 |
| FOLEY WILLIAM P II | Director | Nov. 8, 2024 A | 5,803,971 | 0 | 0 | $0 |
| Richard N Massey | Director | Dec. 31, 2020 A | 179,593 | 0 | 0 | $0 |
| Janet Kerr | Director | April 23, 2018 S | 20,672 | 0 | 0 | $0 |
| Willie D Davis | Director | Nov. 17, 2017 D | 0 | 0 | 0 | $0 |
| WILLEY FRANK P | Director | Nov. 17, 2017 D | 0 | 0 | 0 | $0 |
| William Lyon | Director | March 5, 2013 S | 20,187 | 0 | 0 | $0 |
| Philip G Heasley | Director | Oct. 27, 2008 A | 58,036 | 0 | 0 | $0 |
| John F Farrell JR | Director | Oct. 27, 2008 A | 32,352 | 0 | 0 | $0 |
| FIDELITY NATIONAL FINANCIAL INC /DE/ | Director | Oct. 24, 2006 C | 0 | 0 | 0 | $0 |
| KOLL DONALD M | Director | Oct. 18, 2005 A | 5,962 | 0 | 0 | $0 |
| Michael Joseph Nolan | — | May 8, 2026 A | 601,672 | 0 | 0 | $0 |
| LANE DANIEL D | — | Nov. 17, 2025 S | 276,308 | 0 | 1 | $-366,930 |
| Michael L Gravelle | — | Nov. 15, 2025 F | 302,844 | 0 | 0 | $0 |
| Anthony Park | — | Nov. 15, 2025 F | 135,501 | 0 | 0 | $0 |
| QUIRK RAYMOND R | — | Nov. 15, 2025 F | 188,580 | 0 | 0 | $0 |
| Sandra Douglass Morgan | — | Nov. 10, 2025 A | 17,545 | 0 | 0 | $0 |
| John D Rood | — | Nov. 10, 2025 A | 235,439 | 0 | 0 | $0 |
| Heather Hay Murren | — | Nov. 10, 2025 A | 41,620 | 0 | 0 | $0 |
| HAGERTY THOMAS M | — | Nov. 10, 2025 A | 349,512 | 0 | 0 | $0 |
| THOMPSON CARY H | — | Nov. 10, 2025 A | 51,497 | 0 | 0 | $0 |
| IMPARATO WILLIAM A | — | Oct. 18, 2005 A | 6,696 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 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 |
|---|---|---|---|---|---|
| William P. Foley, II, BilCar, LLC ×2 filings | June 1, 2020 | — | Initial filing | M&A / sale | SEC |
| Fidelity National Financial, Inc., Chicago Title Insurance Company, Fidelity National Title Insurance Company, Commonwealth Land Title Insurance Company ×15 filings | June 1, 2020 | — | Initial filing | M&A / sale | SEC |
| CORVEX MANAGEMENT LP, KEITH MEISTER ×8 filings | Aug. 3, 2016 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Aug. 1, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | March 5, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Aug. 26, 2011 | — | 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 123 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 |
|---|---|---|---|---|
| RDIV · Invesco Exchange-Traded Fund Trust … | 2.80% | 777,062 SH | Aug. 8, 2026 | Daily |
| FDIV · EA Series Trust | 1.96% | 27,309 NS | April 30, 2026 | N-PORT |
| DIVY · Tidal Trust I | 1.54% | 9,244 NS | May 31, 2026 | N-PORT |
| DVY · iShares Trust | 1.15% | 5,131,412 SH | Aug. 8, 2026 | Daily |
| IAK · iShares Trust | 1.01% | 106,033 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.74% | 1,264,328 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.69% | 217,244 SH | Aug. 8, 2026 | Daily |
| CZA · Invesco Exchange-Traded Fund Trust | 0.67% | 25,625 SH | Aug. 8, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.62% | 167,323 SH | Aug. 8, 2026 | Daily |
| HOMZ · ETF Series Solutions | 0.57% | 4,094 NS | May 31, 2026 | N-PORT |
| FEGE · RBB Fund Trust | 0.52% | 212,737 NS | May 31, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.48% | 343 NS | May 29, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.44% | 2,580 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.41% | 16,250 NS | May 31, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.39% | 29,258 NS | April 30, 2026 | N-PORT |
| XJH · iShares Trust | 0.39% | 31,461 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.38% | 33,761 SH | Aug. 8, 2026 | Daily |
| FLCV · Federated Hermes ETF Trust | 0.37% | 7,577 NS | May 31, 2026 | N-PORT |
| IJH · iShares Trust | 0.36% | 8,612,054 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.34% | 39,888 NS | April 30, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.33% | 68,722 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.33% | 408,843 SH | Aug. 8, 2026 | Daily |
| SCHD · SCHWAB STRATEGIC TRUST | 0.30% | 6,089,802 NS | May 31, 2026 | N-PORT |
| FBCV · FIDELITY COVINGTON TRUST | 0.29% | 8,824 NS | April 30, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 23,284 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.27% | 36,084 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.26% | 4,224 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.26% | 8,814 NS | May 31, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.26% | 36,209 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.26% | 3,723,365 SH | Aug. 8, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.22% | 690,508 NS | May 31, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.21% | 1,235 NS | March 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.20% | 535,693 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.18% | 1,231 NS | May 31, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.17% | 215,000 | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.17% | 24,770 SH | Aug. 8, 2026 | Daily |
| IYF · iShares Trust | 0.17% | 141,788 SH | Aug. 8, 2026 | Daily |
| IMCV · iShares Trust | 0.17% | 36,153 SH | Aug. 8, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.16% | 4,706,000 | Aug. 8, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.16% | 68,432 NS | April 30, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.16% | 6,544 NS | April 30, 2026 | N-PORT |
| SIZE · iShares Trust | 0.16% | 12,916 SH | Aug. 8, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 220,034 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.15% | 39,140 NS | April 30, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.15% | 15,427 SH | Aug. 8, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 12,117 NS | April 30, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.14% | 51,193 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.14% | 5,865,142 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.14% | 419,694 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.14% | 302 NS | May 31, 2026 | N-PORT |