FOUR Shift4 Payments, Inc. Class A Common Stock
$47.13
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$35–$93
22% of range
Analyst Rating
HOLD
30 analysts
Price Target
$53
+13% upside
P/E (TTM)
—
ROE
10.6%
Net Profit Margin
2.9%
FOUR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$47.13
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$4.18B
Div Yield
—
ROE
10.6%
Debt/Equity
3.2
52W Range
$35 – $93
FOUR 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
$4.18B
2018-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$624M
2020-12-31
→
2025-12-31
Margins
2.9%
2020-12-31
→
2020-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FOUR
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FOUR
Peer Median
Operating Margin
8.4%
—
Net Profit Margin
2.9%
6.4%
ROA
1.7%
4.1%
ROE
10.6%
18.8%
ROIC
4.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FOUR
Peer Median
Debt / Equity
3.2
—
Current Ratio
1.7
1.2
Quick Ratio
1.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FOUR
Peer Median
Revenue YoY
25.5%
—
Revenue CAGR 3Y
28.0%
—
Revenue CAGR 5Y
40.4%
—
Net Income YoY
-48.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FOUR
Peer Median
FOUR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
30 analysts
- Strong Buy 5 16.7%
- Buy 11 36.7%
- Hold 14 46.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-16
Median
$51.50
Now
$47.13
Low
$40.00
High
$78.00
Median target
$51.50
+9.3%
Mean target
$53.30
+13.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.32 | $1.28 | 0.04% |
| March 31, 2026 | $0.97 | $0.99 | -0.02% |
| Dec. 31, 2025 | $1.60 | $1.63 | -0.03% |
| Sept. 30, 2025 | $1.47 | $1.46 | 0.01% |
| June 30, 2025 | $1.10 | $1.22 | -0.12% |
| March 31, 2025 | $1.07 | $0.73 | 0.34% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FOUR | — | — | 25.5% | 2.9% | 10.6% | — |
| JKHY | $18.81B | 28.9 | 7.2% | 19.2% | 22.2% | — |
| WEX | $5.11B | 17.6 | 1.2% | 11.4% | 27.5% | — |
| RELY | $2.91B | 44.5 | 29.4% | 4.2% | 8.3% | — |
| PAY | — | 60.8 | 37.2% | 5.6% | 12.4% | 24.8% |
| SEZL | — | 17.1 | 66.1% | — | — | — |
| NATL | $2.81B | 17.8 | 1.1% | 3.7% | 52.1% | — |
| EEFT | — | 11.1 | 6.4% | 7.3% | 24.4% | — |
| PAYO | $1.96B | 29.6 | 7.7% | 7.0% | 9.9% | — |
| WU | $2.94B | 6.1 | -3.8% | 12.3% | 54.3% | — |
| FLYW | $1.70B | 128.7 | 26.6% | 2.2% | 1.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.18B | $3.33B | $2.56B | $1.99B | $1.37B | $767M | $731M | |
| Cost of Revenue | · | · | · | · | $1.09B | $589M | $558M | |
| Gross Profit | · | · | · | · | $278M | $178M | $173M | |
| R&D Expense | $6M | $4M | $1M | $500.0K | $2M | $1M | $2M | |
| SG&A Expense | $682M | $459M | $329M | $267M | $220M | $186M | $117M | |
| Operating Expenses | · | · | · | · | $328M | $235M | $178M | |
| Operating Income | $351M | $247M | $115M | $95M | $-49M | $-58M | $-4M | |
| Interest Expense | · | · | $32M | $32M | $28M | $40M | $52M | |
| Interest Income | $59M | $34M | $32M | $11M | $0 | $0 | · | |
| Other Non-op | $-9M | $2M | $-4M | $500.0K | $100.0K | $600.0K | $1M | |
| Pretax Income | $195M | $-1M | $120M | $87M | $-77M | $-114M | $-55M | |
| Income Tax | $48M | $-296M | $-3M | $200.0K | $-3M | $-2M | $2M | |
| Net Income | $119M | $230M | $86M | $75M | $-48M | $-18M | · | |
| Shares (Basic) | 1,333,686 | 1,668,826 | 1,942,054 | 3,864,579 | · | · | · | |
| Shares (Diluted) | 1,333,686 | 1,668,826 | 1,942,054 | 3,864,579 | · | · | · | |
| EBITDA | $783M | $544M | $329M | $244M | $55M | $27M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $964M | $1.21B | $455M | $702M | $1.23B | $928M | $4M | |
| Receivables | $742M | $349M | $257M | $195M | $206M | $93M | $79M | |
| Inventory | · | $9M | $3M | $5M | $4M | $2M | $8M | |
| Prepaid Expense | $125M | $51M | $32M | $15M | $13M | $12M | $9M | |
| Other Current Assets | · | · | · | $1M | $500.0K | $1M | $200.0K | |
| Current Assets | $2.18B | $1.91B | $1.15B | $992M | $1.45B | $1.03B | $106M | |
| PP&E (Net) | · | · | $29M | $22M | $18M | $15M | $15M | |
| PP&E (Gross) | · | · | $47M | $33M | $27M | $40M | $35M | |
| Accum. Depreciation | · | · | $18M | $11M | $9M | $24M | $19M | |
| Goodwill | $2.70B | $1.46B | $1.11B | $735M | $538M | $477M | $421M | |
| Intangibles | $3.01B | $981M | $830M | $647M | $188M | $186M | $209M | |
| Other Non-current Assets | $85M | $31M | $81M | $11M | $2M | $600.0K | $1M | |
| Total Assets | $8.71B | $5.04B | $3.39B | $2.55B | $2.34B | $1.78B | $784M | |
| Accounts Payable | $679M | $248M | $205M | $167M | $121M | $61M | $58M | |
| Accrued Liabilities | · | · | · | $5M | $5M | $4M | $9M | |
| Current Liabilities | $1.31B | $1.38B | $704M | $268M | $184M | $99M | $130M | |
| Capital Leases | $53M | $29M | $19M | $18M | $18M | $0 | · | |
| Deferred Tax | $471M | $61M | $29M | $19M | $300.0K | $3M | $4M | |
| Other Non-current Liabilities | $36M | $39M | $14M | $26M | $2M | $2M | $5M | |
| Total Liabilities | $6.76B | $4.02B | $2.52B | $2.07B | $1.94B | $1.11B | $774M | |
| Long-term Debt | $4.55B | $2.84B | $1.75B | $1.77B | $1.74B | $1.03B | $657M | |
| Total Debt | $4.55B | $2.84B | $1.75B | $1.74B | $0 | $1.01B | · | |
| Retained Earnings | $-467M | $-228M | $-347M | $-364M | $-325M | $-279M | $-182M | |
| Treasury Stock | · | · | · | $0 | $21M | $0 | · | |
| AOCI | $47M | $-28M | $14M | $8M | $0 | · | · | |
| Stockholders' Equity | $1.44B | $807M | $653M | $347M | $273M | $460M | $-33M | |
| Liabilities + Equity | $8.71B | $5.04B | $3.39B | $2.55B | $2.34B | $1.78B | $784M | |
| Shares Outstanding | · | · | · | · | · | 80,552,659 | · |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $432M | $297M | $215M | $149M | $104M | $84M | $63M | |
| Stock-based Comp | $82M | $65M | $57M | $50M | $41M | $66M | $0 | |
| Deferred Tax | $7M | $-322M | $-8M | $-2M | $-2M | $-1M | $200.0K | |
| Amort. of Intangibles | · | · | · | · | $56M | $54M | $49M | |
| Restructuring | · | · | · | · | $200.0K | $400.0K | $4M | |
| Other Non-cash | $-6M | $231M | $39M | $4M | $-92M | $-107M | · | |
| Operating Cash Flow | $634M | $500M | $346M | $275M | $3M | $4M | $8M | |
| CapEx | $10M | $7M | $14M | $8M | $8M | $5M | $8M | |
| Investing Cash Flow | $-3.00B | $-691M | $-302M | $-517M | $-170M | $-83M | $-80M | |
| Debt Issued | $2.83B | $1.10B | $0 | $0 | $632M | $1.14B | $90M | |
| Net Debt Issued | $2.83B | $1.10B | $0 | $0 | $632M | $1.14B | · | |
| Stock Issued | $88M | $0 | $0 | · | · | · | · | |
| Stock Repurchased | $453M | $146M | $105M | $186M | $20M | $0 | $0 | |
| Net Stock Activity | $-365M | $-146M | $-105M | $-186M | $-20M | $-21M | · | |
| Financing Cash Flow | $2.06B | $929M | $-110M | $-215M | $471M | $1.00B | $71M | |
| Net Change in Cash | $-254M | $717M | $-55M | $-455M | $304M | $924M | $-1M | |
| Taxes Paid | $63M | $14M | $5M | $700.0K | $400.0K | $800.0K | $200.0K | |
| Free Cash Flow | $624M | $493M | $375M | $267M | $-5M | $19M | · | |
| Levered FCF | · | · | $342M | $235M | $-32M | $-21M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | 23.2% | · | |
| Operating Margin | 8.4% | 7.4% | 4.5% | 4.8% | -3.6% | -7.5% | · | |
| Net Margin | 2.9% | 6.9% | 3.4% | 3.8% | -3.5% | -2.4% | · | |
| Pretax Margin | 4.7% | -0.05% | 4.7% | 4.4% | -5.6% | -14.8% | · | |
| EBITDA Margin | 18.7% | 16.3% | 12.8% | 12.2% | 4.0% | 3.5% | · | |
| ROA | 1.7% | 5.5% | 2.9% | 3.1% | · | -1.4% | · | |
| ROE | 10.6% | 31.4% | 17.2% | 24.2% | · | -3.6% | · | |
| ROIC | 4.4% | -1246.4% | 4.9% | 4.5% | · | -3.9% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 1.4 | 1.6 | 3.7 | · | 10.4 | · | |
| Quick Ratio | 1.3 | 1.1 | 1.0 | 3.6 | · | 10.3 | · | |
| Debt / Equity | 3.2 | 3.5 | 2.7 | 5.0 | · | 2.2 | · | |
| LT Debt / Equity | 3.1 | 2.7 | 2.7 | 5.0 | · | 2.2 | · | |
| Interest Coverage | · | · | 3.6 | 2.9 | -1.8 | -1.4 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.8 | 0.9 | 0.8 | · | 0.6 | · | |
| Inventory Turnover | · | · | · | · | · | 117.8 | · | |
| Receivables Turnover | 7.7 | 11.0 | 11.4 | 9.9 | · | 9.5 | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 25.5% | 29.9% | 28.7% | 45.8% | 78.3% | · | · | |
| Revenue CAGR 3Y | 28.0% | 34.5% | 49.5% | · | · | · | · | |
| Revenue CAGR 5Y | 40.4% | · | · | · | · | · | · | |
| Net Income YoY | -48.3% | 167.4% | 14.5% | · | · | · | · | |
| Net Income CAGR 3Y | 16.6% | · | · | · | · | · | · |
Valuation (TTM) 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.18B | $3.33B | $2.56B | $1.99B | $1.37B | $767M | · | |
| Net Income TTM | $119M | $230M | $86M | $75M | $-48M | $-18M | · | |
| Market Cap | · | · | · | · | · | $6.07B | · | |
| Enterprise Value | · | · | · | · | · | $6.15B | · | |
| P/S | · | · | · | · | · | 7.9 | · | |
| P/B | · | · | · | · | · | 13.2 | · | |
| P / Cash Flow | · | · | · | · | · | 259.6 | · | |
| P / FCF | · | · | · | · | · | 326.5 | · | |
| EV / EBITDA | · | · | · | · | · | 231.3 | · | |
| EV / FCF | · | · | · | · | · | 330.8 | · | |
| EV / Revenue | · | · | · | · | · | 8.0 | · |
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 | $1.29B | $1.12B | $1.19B | $1.18B | $966M | $848M | $887M | $909M | $827M | $707M | $706M | $675M | $637M | $547M | $538M | $547M | |
| SG&A Expense | $231M | $216M | $209M | $188M | $131M | $153M | $124M | $118M | $110M | $107M | $85M | $76M | $82M | $86M | $69M | $74M | |
| Operating Income | $95M | $50M | $128M | $115M | $83M | $25M | $86M | $80M | $59M | $21M | $28M | $45M | $34M | $9M | $30M | $54M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $8M | · | $8M | $8M | $8M | · | $8M | |
| Interest Income | $3M | $5M | $10M | $18M | $19M | $13M | $14M | $10M | $5M | $5M | $6M | $10M | $9M | $8M | $6M | $4M | |
| Other Non-op | $2M | $-2M | $-3M | $-1M | $-3M | $-1M | $2M | $-2M | $400.0K | $1M | $-4M | $0 | $-400.0K | $100.0K | $200.0K | $0 | |
| Pretax Income | $37M | $-12M | $67M | $60M | $56M | $11M | $125M | $-208M | $53M | $30M | $22M | $47M | $34M | $17M | $43M | $48M | |
| Income Tax | $13M | $-24M | $14M | $27M | $15M | $-9M | $-15M | $-280M | $-2M | $1M | $3M | $900.0K | $-3M | $-4M | $4M | $1M | |
| Net Income | $22M | $15M | $40M | $28M | $34M | $17M | $116M | $54M | $39M | $21M | $14M | $33M | $25M | $15M | $29M | $43M | |
| EBITDA | $234M | $185M | · | $240M | $172M | $111M | · | $158M | $129M | $88M | · | $100M | $84M | $56M | · | $54M |
Balance Sheet 27
| 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 | $356M | $473M | $964M | $1.51B | $3.03B | $1.17B | $1.21B | $1.43B | $205M | $523M | · | $692M | $649M | $744M | · | $673M | |
| Receivables | $809M | $694M | $742M | $772M | $373M | $331M | $349M | $318M | $310M | $252M | · | $232M | $229M | $209M | · | $262M | |
| Inventory | · | · | · | $6M | $7M | $7M | · | $7M | $8M | $3M | · | $2M | $3M | $4M | · | $6M | |
| Prepaid Expense | $153M | $138M | $125M | $129M | $65M | $57M | $51M | $60M | $50M | $39M | · | $21M | $16M | $18M | · | $20M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | · | · | $1M | $2M | · | $1M | |
| Current Assets | $2.07B | $2.06B | $2.18B | $2.70B | $3.78B | $1.84B | $1.91B | $2.09B | $928M | $1.19B | · | $1.04B | $973M | $1.05B | · | $961M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | $27M | · | $28M | $27M | $24M | · | $21M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | $47M | · | $43M | $40M | $36M | · | $31M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | $20M | · | $16M | $13M | $12M | · | $10M | |
| Goodwill | $2.71B | $2.71B | $2.70B | $2.47B | $1.52B | $1.47B | $1.46B | $1.32B | $1.30B | $1.11B | · | $755M | $757M | $737M | · | $777M | |
| Intangibles | $2.91B | $2.98B | $3.01B | $3.02B | $970M | $970M | · | $903M | $920M | $799M | · | $624M | $645M | $629M | · | $562M | |
| Other Non-current Assets | $80M | $64M | $43M | $39M | $41M | $46M | $31M | $24M | $33M | $19M | · | $12M | $11M | $10M | · | $10M | |
| Total Assets | $8.70B | $8.76B | $8.71B | $8.99B | $6.99B | $5.00B | $5.04B | $5.05B | $3.49B | $3.41B | · | $2.65B | $2.59B | $2.61B | · | $2.49B | |
| Accounts Payable | $633M | $615M | $679M | $670M | $285M | $263M | $248M | $252M | $264M | $224M | · | $181M | $189M | $174M | · | $177M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | $5M | $9M | · | $9M | |
| Current Liabilities | $1.71B | $1.69B | $1.31B | $1.96B | $1.49B | $1.36B | $1.38B | $703M | $686M | $700M | · | $313M | $300M | $283M | · | $289M | |
| Capital Leases | $39M | $42M | $53M | $51M | $26M | $28M | $29M | $25M | $24M | $17M | · | $19M | $18M | $19M | · | $16M | |
| Deferred Tax | $464M | $478M | $471M | $349M | $41M | $44M | $61M | $33M | $31M | $28M | · | $17M | $18M | $13M | · | $9M | |
| Other Non-current Liabilities | $32M | $32M | $36M | $44M | $33M | $42M | $39M | $36M | $39M | $15M | · | $12M | $29M | $30M | · | $11M | |
| Total Liabilities | $6.96B | $6.98B | $6.76B | $6.76B | $4.97B | $3.99B | $4.02B | $4.00B | $2.54B | $2.51B | · | $2.11B | $2.11B | $2.09B | · | $2.06B | |
| Long-term Debt | $4.51B | $4.52B | $4.55B | $4.72B | $3.73B | $2.84B | $2.84B | · | · | · | · | · | · | · | · | $1.77B | |
| Total Debt | $4.51B | $4.52B | · | $4.72B | $3.73B | $2.84B | · | $2.84B | $1.75B | $1.75B | · | $1.75B | $1.75B | $1.74B | · | $1.74B | |
| Retained Earnings | $-648M | $-644M | $-467M | $-283M | $-296M | $-260M | $-228M | $-258M | $-298M | $-326M | · | $-355M | $-388M | $-349M | · | $-393M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| AOCI | $-49M | $-5M | $47M | $47M | $63M | $-3M | $-28M | $21M | $-7M | $4M | · | $6M | $10M | $10M | · | $-700.0K | |
| Stockholders' Equity | $1.62B | $1.65B | $1.44B | $1.67B | $1.59B | $805M | $807M | $812M | $701M | $674M | · | $400M | $356M | $392M | · | $302M | |
| Liabilities + Equity | $8.70B | $8.76B | $8.71B | $8.99B | $6.99B | $5.00B | $5.04B | $5.05B | $3.49B | $3.41B | · | $2.65B | $2.59B | $2.61B | · | $2.49B |
Cash Flow 16
| 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 | $139M | $135M | $133M | $125M | $88M | $85M | $84M | $77M | $70M | $66M | $62M | $55M | $50M | $48M | $48M | $43M | |
| Stock-based Comp | $31M | $16M | $25M | $16M | $15M | $26M | $14M | $14M | $14M | $23M | $11M | $12M | $13M | $21M | $11M | $12M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $100.0K | |
| Other Non-cash | · | $-32M | · | · | · | $-31M | · | · | · | $-53M | · | · | · | $-4M | · | · | |
| Operating Cash Flow | $63M | $134M | $224M | $172M | $142M | $96M | $131M | $196M | $170M | $115M | $63M | $112M | $92M | $79M | $140M | $51M | |
| CapEx | $6M | $6M | $1M | $6M | $900.0K | $1M | $2M | $2M | $2M | $1M | $3M | $5M | $3M | $3M | $1M | $5M | |
| Investing Cash Flow | $-105M | $16M | $-217M | $-2.65B | $-47M | $-85M | $-256M | $-54M | $-342M | $-40M | $-151M | $-43M | $-77M | $-31M | $-34M | $-396M | |
| Debt Issued | · | · | $519M | $1.00B | · | · | $0 | $1.10B | · | · | $0 | · | · | · | $0 | · | |
| Stock Issued | · | · | $200.0K | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $26M | $295M | $305M | $0 | $85M | $63M | $110M | $20M | $16M | $0 | $8M | $0 | $97M | $0 | $0 | $0 | |
| Net Stock Activity | · | $-295M | · | · | · | $-63M | · | · | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $-117M | $-401M | $-536M | $965M | $1.71B | $-81M | $-7M | $1.04B | $-125M | $-88M | $14M | $-9M | $-108M | $-7M | $-3M | $-400.0K | |
| Net Change in Cash | $-162M | $-262M | $-525M | $-1.54B | $1.87B | $-55M | $-157M | $1.19B | $-299M | $-19M | $-62M | $58M | $-93M | $41M | $104M | $-346M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | $2M | $1M | $300.0K | $300.0K | |
| Free Cash Flow | · | $128M | · | · | · | $95M | · | · | · | $55M | · | · | · | $77M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $48M | · | · | · | $67M | · | · |
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 | 7.3% | 4.5% | · | 9.7% | 8.6% | 3.0% | · | 8.8% | 7.2% | 3.0% | · | 6.6% | 5.3% | 1.6% | · | 9.8% | |
| Net Margin | 1.7% | 1.3% | · | 2.4% | 3.5% | 2.0% | · | 5.9% | 4.7% | 2.9% | · | 4.8% | 3.9% | 2.7% | · | 7.9% | |
| Pretax Margin | 2.9% | -1.1% | · | 5.1% | 5.8% | 1.3% | · | -22.9% | 6.4% | 4.2% | · | 7.0% | 5.3% | 3.1% | · | 8.7% | |
| EBITDA Margin | 18.1% | 16.5% | · | 20.4% | 17.8% | 13.0% | · | 17.3% | 15.6% | 12.4% | · | 14.8% | 13.2% | 10.3% | · | 9.8% | |
| ROA | 0.28% | 0.22% | · | 0.40% | 0.65% | 0.40% | · | 1.4% | 1.3% | 0.68% | · | 1.3% | 1.0% | 0.59% | · | 1.8% | |
| ROE | 1.4% | 1.2% | · | 2.3% | 3.0% | 2.3% | · | 8.9% | 7.4% | 3.9% | · | 9.3% | 9.3% | 4.3% | · | 14.3% | |
| ROIC | 1.0% | -0.81% | · | 0.99% | 1.1% | 1.2% | · | -0.76% | 2.5% | 0.84% | · | 2.0% | 1.8% | 0.50% | · | 2.5% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.2 | · | 1.4 | 2.5 | 1.4 | · | 3.0 | 1.4 | 1.7 | · | 3.3 | 3.2 | 3.7 | · | 3.3 | |
| Quick Ratio | 0.7 | 0.7 | · | 1.2 | 2.3 | 1.1 | · | 2.5 | 0.8 | 1.1 | · | 3.0 | 2.9 | 3.4 | · | 3.2 | |
| Debt / Equity | 2.8 | 2.7 | · | 2.8 | 2.3 | 3.5 | · | 3.5 | 2.5 | 2.6 | · | 4.4 | 4.9 | 4.5 | · | 5.8 | |
| LT Debt / Equity | 2.8 | 2.7 | · | 2.4 | 1.9 | 2.7 | · | 3.5 | 2.5 | 2.6 | · | 4.4 | 4.9 | 4.5 | · | 5.8 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 2.6 | · | 5.6 | 4.2 | 1.1 | · | 6.4 |
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 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.2 | |
| Receivables Turnover | 2.2 | 2.2 | · | 2.2 | 2.8 | 2.9 | · | 3.3 | 3.1 | 3.1 | · | 2.7 | 2.7 | 2.5 | · | 2.5 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.56B | $4.11B | · | $3.90B | $3.55B | $3.29B | · | $3.12B | $2.85B | $2.57B | · | $2.41B | $2.24B | $2.00B | · | $1.83B | |
| Net Income TTM | $99M | $94M | · | $133M | $144M | $130M | · | $146M | $118M | $93M | · | $116M | $93M | $61M | · | $37M |
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 | $4.18B | $3.33B | $2.56B | $1.99B | $1.37B |
| Operating Margin % | 8.4% | 7.4% | 4.5% | 4.8% | -3.6% |
| Net Income | $119M | $230M | $86M | $75M | $-48M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 3.2 | 3.5 | 2.7 | 5.0 | — |
| Current Ratio | 1.7 | 1.4 | 1.6 | 3.7 | — |
| Quick Ratio | 1.3 | 1.1 | 1.0 | 3.6 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $624M | $493M | $375M | $267M | $-5M |
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Institutional owners (13F) 427 filers · $3.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 77 (-12 vs prior Q) | 59 (-37 vs prior Q) | 126 (-19 vs prior Q) | 146 (+26 vs prior Q) | -2.0M |
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 |
|---|---|---|---|---|
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP | $348,352,092 | 7,161,844 | 11.34% | Shares |
| Durable Capital Partners LP | $215,165,509 | 4,423,633 | 7.00% | Shares |
| WASATCH ADVISORS LP | $183,939,050 | 4,206,244 | 5.99% | Shares |
| Ensign Peak Advisors, Inc | $148,769,380 | 3,058,581 | 4.84% | Shares |
| NEUBERGER BERMAN GROUP LLC | $127,922,033 | 2,629,976 | 4.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $124,388,045 | 2,557,320 | 4.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $113,059,983 | 2,324,424 | 3.68% | Shares |
| STATE STREET CORP | $96,040,616 | 1,974,769 | 3.13% | Shares |
| Spyglass Capital Management LLC | $89,196,178 | 1,833,803 | 2.90% | Shares |
| FMR LLC | $80,476,582 | 1,654,535 | 2.62% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $74,210,048 | 1,525,700 | 2.41% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $69,658,266 | 997,626 | 2.27% | Shares |
| CITADEL ADVISORS LLC | $60,651,356 | 1,246,944 | 1.97% | Shares |
| Clearbridge Investments, LLC | $58,182,521 | 1,196,187 | 1.89% | Shares |
| Point72 Asset Management, L.P. | $56,978,258 | 1,171,428 | 1.85% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $55,932,015 | 1,149,918 | 1.82% | Shares |
| Portolan Capital Management, LLC | $54,190,602 | 1,114,116 | 1.76% | Shares |
| GOODNOW INVESTMENT GROUP, LLC | $50,951,859 | 1,047,530 | 1.66% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $42,535,291 | 874,492 | 1.38% | Shares |
| CITADEL ADVISORS LLC | $39,991,808 | 822,200 | 1.30% | Call option |
| Long Focus Capital Management, LLC | $39,495,680 | 812,000 | 1.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $38,294,272 | 787,300 | 1.25% | Put option |
| MARSHALL WACE, LLP | $38,144,021 | 784,211 | 1.24% | Shares |
| PRIVATE MANAGEMENT GROUP INC | $35,761,344 | 735,225 | 1.16% | Shares |
| NORGES BANK | $33,433,336 | 687,363 | 1.09% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $32,416,128 | 666,450 | 1.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $31,608,850 | 649,853 | 1.03% | Shares |
| GOLDMAN SACHS GROUP INC | $29,633,028 | 609,232 | 0.96% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $24,374,525 | 501,121 | 0.79% | Shares |
| 14B Captial Management LP | $24,243,450 | 385,000 | 0.79% | Shares |
| SCHWARTZ INVESTMENT COUNSEL INC | $22,420,170 | 460,941 | 0.73% | Shares |
| Maestria Partners LLC | $21,945,687 | 451,186 | 0.71% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $18,689,920 | 384,250 | 0.61% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $18,053,612 | 371,168 | 0.59% | Shares |
| JANE STREET GROUP, LLC | $17,962,752 | 369,300 | 0.58% | Call option |
| DIMENSIONAL FUND ADVISORS LP | $16,181,409 | 332,677 | 0.53% | Shares |
| BANK OF AMERICA CORP /DE/ | $15,293,096 | 314,414 | 0.50% | Shares |
| Thematics Asset Management | $15,198,806 | 196,367 | 0.49% | Shares |
| Kodai Capital Management LP | $14,278,741 | 174,749 | 0.46% | Shares |
| FAIRVIEW CAPITAL INVESTMENT MANAGEMENT, LLC | $13,801,454 | 283,747 | 0.45% | Shares |
| Emeth Value Capital, LLC | $12,936,829 | 265,971 | 0.42% | Shares |
| CITADEL ADVISORS LLC | $12,408,064 | 255,100 | 0.40% | Put option |
| Occam Crest Management LP | $11,285,387 | 201,345 | 0.37% | Shares |
| Squarepoint Ops LLC | $11,260,160 | 231,500 | 0.37% | Call option |
| Walleye Capital LLC | $11,041,523 | 227,005 | 0.36% | Shares |
| Quantinno Capital Management LP | $10,984,128 | 225,825 | 0.36% | Shares |
| Daiwa Securities Group Inc. | $10,170,624 | 209,100 | 0.33% | Call option |
| Skaana Management L.P. | $8,643,328 | 177,700 | 0.28% | Put option |
| Caption Management, LLC | $8,161,792 | 167,800 | 0.27% | Call option |
| JANE STREET GROUP, LLC | $8,156,928 | 167,700 | 0.27% | Put option |
| PALISADE CAPITAL MANAGEMENT, LP | $8,126,382 | 167,072 | 0.26% | Shares |
| Daiwa Securities Group Inc. | $7,709,440 | 158,500 | 0.25% | Put option |
| RHUMBLINE ADVISERS | $7,604,520 | 156,344 | 0.25% | Shares |
| Toroso Investments, LLC | $7,460,686 | 118,480 | 0.24% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $7,283,548 | 149,744 | 0.24% | Shares |
| Gotham Asset Management, LLC | $6,852,500 | 140,882 | 0.22% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $6,791,409 | 139,626 | 0.22% | Shares |
| WOLVERINE TRADING, LLC | $6,487,542 | 82,100 | 0.21% | Call option |
| Granahan Investment Management, LLC | $6,427,825 | 132,151 | 0.21% | Shares |
| Prana Capital Management, LP | $6,357,588 | 130,707 | 0.21% | Shares |
| Squarepoint Ops LLC | $6,230,784 | 128,100 | 0.20% | Put option |
| Converium Capital Inc. | $6,080,000 | 125,000 | 0.20% | Call option |
| RAYMOND JAMES FINANCIAL INC | $6,007,429 | 123,508 | 0.20% | Shares |
| Jackson Square Partners, LLC | $5,735,340 | 74,100 | 0.19% | Shares |
| Wealthspire Advisors, LLC | $5,682,390 | 116,825 | 0.18% | Shares |
| CSS LLC/IL | $5,243,392 | 107,800 | 0.17% | Put option |
| Walleye Trading LLC | $5,170,432 | 106,300 | 0.17% | Put option |
| CastleKnight Management LP | $5,009,142 | 102,984 | 0.16% | Shares |
| Swiss National Bank | $4,956,416 | 101,900 | 0.16% | Shares |
| Freestone Grove Partners LP | $4,835,205 | 99,408 | 0.16% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $4,823,239 | 99,162 | 0.16% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,782,625 | 98,327 | 0.16% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $4,748,334 | 97,622 | 0.15% | Shares |
| LB Partners LLC | $4,669,440 | 96,000 | 0.15% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $4,605,673 | 94,689 | 0.15% | Shares |
| NICHOLAS COMPANY, INC. | $4,570,360 | 93,963 | 0.15% | Shares |
| BlackRock, Inc. | $4,308,920 | 88,588 | 0.14% | Shares |
| BARCLAYS PLC | $4,256,730 | 87,515 | 0.14% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $4,187,028 | 86,082 | 0.14% | Shares |
| LPL Financial LLC | $3,971,213 | 81,645 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,773,986 | 86,302 | 0.12% | Shares |
| M&G PLC | $3,752,430 | 83,000 | 0.12% | Call option |
| Main Street Financial Solutions, LLC | $3,679,276 | 75,643 | 0.12% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $3,667,456 | 75,400 | 0.12% | Put option |
| KENNEDY CAPITAL MANAGEMENT LLC | $3,662,932 | 75,307 | 0.12% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $3,633,262 | 74,697 | 0.12% | Shares |
| MORGAN STANLEY | $3,632,581 | 74,683 | 0.12% | Shares |
| D. E. Shaw & Co., Inc. | $3,472,896 | 71,400 | 0.11% | Call option |
| NOMURA HOLDINGS INC | $3,346,432 | 68,800 | 0.11% | Call option |
| California Public Employees Retirement System | $3,266,273 | 67,152 | 0.11% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,205,279 | 65,898 | 0.10% | Shares |
| Walleye Trading LLC | $3,088,640 | 63,500 | 0.10% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,069,452 | 70,191 | 0.10% | Shares |
| Cander Asset Management LP | $2,979,492 | 61,256 | 0.10% | Shares |
| Retirement Systems of Alabama | $2,953,226 | 60,716 | 0.10% | Shares |
| Skaana Management L.P. | $2,860,032 | 58,800 | 0.09% | Call option |
| WOLVERINE TRADING, LLC | $2,741,994 | 34,700 | 0.09% | Put option |
| Caption Management, LLC | $2,529,280 | 52,000 | 0.08% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,483,510 | 51,059 | 0.08% | Shares |
| UBS Group AG | $2,467,994 | 50,740 | 0.08% | Shares |
Company insiders 16 insiders · 5 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David Taylor Lauber | Chief Executive Officer | June 5, 2026 F | 450,557 | 0 | 3 | $-1,049,530 |
| Bradley Herring | CFO | June 8, 2022 F | 60,722 | 0 | 0 | $0 |
| Jordan Frankel | Chief Legal Officer | March 2, 2026 F | 279,844 | 0 | 0 | $0 |
| James J. Whalen | Chief Accounting Officer & Principal Accounting Officer | Feb. 28, 2026 F | 66,936 | 0 | 2 | $-174,198 |
| Steven M. Sommers | Chief Application Architect | June 8, 2021 F | 59,682 | 0 | 0 | $0 |
| Seth Dallaire | Director | June 15, 2026 A | 8,084 | 0 | 0 | $0 |
| Karen Roter Davis | Director | June 15, 2026 A | 13,309 | 0 | 0 | $0 |
| Sarah Goldsmith-Grover | Director | June 15, 2026 A | 11,984 | 0 | 0 | $0 |
| Disman Nancy | Director | June 15, 2026 A | 197,987 | 0 | 2 | $-783,900 |
| Sam Bakhshandehpour | Director | June 15, 2026 A | 14,772 | 0 | 0 | $0 |
| Jonathan S Halkyard | Director | June 15, 2026 A | 21,621 | 0 | 0 | $0 |
| Donald Isaacman | Director | June 13, 2025 A | 25,113 | 0 | 0 | $0 |
| Jared Isaacman | 10% owner | May 12, 2026 P | 1,787,455 | 6 | 0 | $33,609,188 |
| Christopher Nestor Cruz | — | Aug. 7, 2026 A | 257,566 | 0 | 0 | $0 |
| Andrew Frey | — | June 10, 2021 A | 5,852 | 0 | 0 | $0 |
| Kevin J. Cronic | — | June 8, 2021 F | 59,681 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 85 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 |
|---|---|---|---|---|
| SMLL · Harbor ETF Trust | 1.82% | 5,685 NS | April 30, 2026 | N-PORT |
| GURU · Global X Funds | 0.82% | 10,763 NS | April 30, 2026 | N-PORT |
| SMCO · Tidal Trust II | 0.72% | 21,034 NS | April 30, 2026 | N-PORT |
| FINX · Global X Funds | 0.64% | 28,096 NS | May 31, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.18% | 1,320 NS | May 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.18% | 6,292 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.13% | 2,457 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.11% | 26,198 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.10% | 4,627 NS | May 31, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.09% | 7,750 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.07% | 2,335 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 325,929 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.06% | 1,119 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 26,740 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.05% | 326 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.03% | 16,637 NS | April 30, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.03% | 285 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.03% | 54,531 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.02% | 2,442 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 11,437 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 2,677 NS | May 31, 2026 | N-PORT |
| GGUS · Goldman Sachs ETF Trust | 0.01% | 1,153 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 3,080 NS | April 30, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.00% | 2,280 NS | May 31, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.00% | 5,316 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 40,019 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.00% | 372 NS | May 31, 2026 | N-PORT |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,577 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.00% | 514 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 1,499 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | — | — | July 15, 2026 | Daily |
| VGK · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VSS · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | — | — | July 15, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IJH · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IJK · iShares Trust | — | — | Aug. 7, 2026 | Daily |
| IJJ · iShares Trust | — | — | Aug. 7, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |