IBOC International Bancshares Corporation - Common Stock
$72.65
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$63–$78
62% of range
Analyst Rating
BUY
7 analysts
Price Target
$87
+20% upside
P/E (TTM)
10.0
ROE
13.1%
Net Profit Margin
49.0%
About International Bancshares Corporation - Common Stock Company overview from Wikipedia
International Bancshares Corporation is a bank holding company based in Laredo, Texas whose primary subsidiary is International Bank of Commerce. Through its bank subsidiaries, it has 217 banking offices and 315 automated teller machines serving 88 communities in the U.S. states of Texas and Oklahoma.
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International Bancshares Corporation is a bank holding company based in Laredo, Texas whose primary subsidiary is International Bank of Commerce. Through its bank subsidiaries, it has 217 banking offices and 315 automated teller machines serving 88 communities in the U.S. states of Texas and Oklahoma.
In 2002, Tony Sanchez, a member of the Sanchez family that is the largest owner of IBC, ran as the Democratic Party candidate for Governor of Texas, but lost to incumbent Republican Rick Perry. In 2012, the company was named one of "America’s 100 Most Trustworthy Companies" by Forbes magazine.
In 2024, S&P Global Market Intelligence ranked International Bancshares Corp. as the "Best Performing U.S. Public Bank with more than $10 billion in assets."
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
IBOC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$72.65
Market Cap
—
P/E (TTM)
10.0
EPS (TTM)
$6.62
Revenue (TTM)
—
Div Yield
—
ROE
13.1%
Debt/Equity
—
52W Range
$63 – $78
IBOC 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
—
EPS
$6.62
2016-12-31
→
2025-12-31
Free Cash Flow
$473M
2016-12-31
→
2025-12-31
Margins
49.0%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
IBOC
Peer Median
P/E (TTM)
10.0
12.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
IBOC
Peer Median
Net Profit Margin
49.0%
28.7%
ROA
2.5%
1.4%
ROE
13.1%
11.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
IBOC
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
IBOC
Peer Median
Revenue YoY
1.0%
—
Revenue CAGR 3Y
7.7%
—
Revenue CAGR 5Y
9.4%
—
EPS YoY
0.76%
—
Net Income YoY
0.76%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
IBOC
Peer Median
Payout Ratio
21.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
21.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Feb. 13, 2026 | $0.7300 |
| Aug. 15, 2025 | $0.7000 |
| Feb. 14, 2025 | $0.7000 |
| Aug. 14, 2024 | $0.6600 |
| Feb. 14, 2024 | $0.6600 |
| Aug. 10, 2023 | $0.6300 |
| Feb. 14, 2023 | $0.6300 |
| Aug. 15, 2022 | $0.6000 |
| Feb. 14, 2022 | $0.6000 |
| Aug. 19, 2021 | $0.6000 |
| Feb. 4, 2021 | $0.5500 |
| Sept. 18, 2020 | $0.5500 |
| March 31, 2020 | $0.5500 |
| Sept. 27, 2019 | $0.5500 |
| March 29, 2019 | $0.5000 |
| Oct. 5, 2018 | $0.4200 |
| March 29, 2018 | $0.3300 |
| Sept. 28, 2017 | $0.3300 |
| March 30, 2017 | $0.3300 |
| Sept. 28, 2016 | $0.3100 |
IBOC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
7 analysts
- Strong Buy 2 28.6%
- Buy 4 57.1%
- Hold 1 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-14
Low
$87.00
High
$87.00
Median target
$87.00
+19.8%
Mean target
$87.00
+19.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.54 | $1.71 | -0.17% |
| March 31, 2026 | $1.64 | $1.71 | -0.07% |
| Dec. 31, 2025 | $1.71 | $1.66 | 0.05% |
| June 30, 2024 | $1.56 | — | — |
| March 31, 2024 | $1.56 | — | — |
| June 30, 2023 | $1.62 | — | — |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IBOC | — | 10.0 | 1.0% | 49.0% | 13.1% | — |
| EBC | $4.34B | 42.9 | 19.1% | 65.8% | 2.2% | — |
| FFIN | $4.28B | 16.9 | 14.7% | 40.2% | 13.9% | — |
| TFSL | $3.70B | 41.2 | 6.0% | 28.3% | 4.8% | — |
| SFBS | $3.92B | 14.2 | 16.8% | 49.2% | 16.0% | — |
| FULT | — | — | — | — | — | — |
| UCB | $3.77B | 11.9 | 11.7% | 30.9% | 9.0% | — |
| TCBI | $4.69B | 13.3 | 34.7% | 26.3% | 9.2% | — |
| CATY | $3.25B | 10.7 | 2.9% | 585.8% | 10.8% | — |
| WSFS | $4.22B | 10.9 | — | 27.0% | 10.8% | — |
| CVBF | $2.52B | 12.2 | 2.7% | 40.6% | 9.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | $137M | $38M | $27M | $39M | $59M | $53M | $39M | $43M | $44M | $47M | |
| Interest Income | $886M | $866M | $800M | $526M | $398M | $427M | $492M | $466M | $415M | $388M | $397M | $394M | |
| Pretax Income | $520M | $509M | $524M | $383M | $322M | $212M | $260M | $273M | $222M | $197M | $207M | $230M | |
| Income Tax | $108M | $100M | $112M | $82M | $68M | $44M | $55M | $57M | $64M | $63M | $70M | $77M | |
| Net Income | $412M | $409M | $412M | $300M | $254M | $167M | $205M | $216M | $157M | $134M | $137M | $153M | |
| EPS (Basic) | $6.63 | $6.58 | $6.63 | $4.79 | $4.01 | $2.63 | $3.13 | $3.27 | $2.38 | $2.03 | $2.06 | $2.29 | |
| EPS (Diluted) | $6.62 | $6.57 | $6.62 | $4.78 | $4.00 | $2.62 | $3.12 | $3.24 | $2.36 | $2.02 | $2.05 | $2.28 | |
| Shares (Basic) | 62,171,914 | 62,180,448 | 62,082,827 | 62,658,414 | 63,352,737 | 63,725,819 | 65,476,606 | 66,106,580 | 66,046,155 | 65,967,989 | 66,411,193 | 66,872,500 | |
| Shares (Diluted) | 62,256,907 | 62,298,278 | 62,221,601 | 62,810,234 | 63,486,366 | 63,853,135 | 65,685,684 | 66,633,820 | 66,778,436 | 66,313,490 | 66,636,353 | 67,056,456 |
Balance Sheet 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $536M | $353M | $651M | $2.09B | $3.21B | $2.00B | $257M | $317M | $265M | $269M | $273M | $255M | |
| Short-term Investments | $4.98B | $5.00B | $4.83B | $4.43B | $4.22B | $3.09B | · | · | · | · | · | · | |
| PP&E (Net) | $423M | $428M | $437M | $432M | $447M | $480M | $507M | $507M | $514M | $528M | $517M | $526M | |
| Accum. Depreciation | $617M | $602M | $579M | $557M | $542M | $527M | $499M | $468M | $448M | $420M | $403M | $379M | |
| Goodwill | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | |
| Intangibles | · | · | · | · | · | · | · | · | · | $25.0K | $153.0K | $797.0K | |
| Total Assets | $16.58B | $15.74B | $15.07B | $15.50B | $16.05B | $14.03B | $12.11B | $11.87B | $12.18B | $11.80B | $11.77B | $12.20B | |
| Total Liabilities | $13.32B | $12.94B | $12.62B | $13.46B | $13.74B | $11.85B | $9.99B | $9.93B | $10.35B | $10.08B | $10.11B | $10.62B | |
| Common Stock | $97M | $97M | $96M | $96M | $96M | $96M | $96M | $96M | $96M | $96M | $96M | $96M | |
| Paid-in Capital | $161M | $159M | $156M | $154M | $152M | $149M | $148M | $145M | $172M | $170M | $168M | $166M | |
| Retained Earnings | $3.68B | $3.36B | $3.03B | $2.70B | $2.47B | $2.29B | $2.20B | $2.06B | $1.89B | $1.78B | $1.68B | $1.59B | |
| Treasury Stock | $441M | $436M | $435M | $431M | $379M | $378M | $329M | $311M | $292M | $292M | $284M | $277M | |
| AOCI | $-246M | $-379M | $-398M | $-470M | $-32M | $21M | $2M | $-55M | $-28M | $-27M | $2M | $11M | |
| Stockholders' Equity | $3.25B | $2.80B | $2.45B | $2.04B | $2.31B | $2.18B | $2.12B | $1.94B | $1.84B | $1.72B | $1.67B | $1.58B | |
| Liabilities + Equity | $16.58B | $15.74B | $15.07B | $15.50B | $16.05B | $14.03B | $12.11B | $11.87B | $12.18B | $11.80B | $11.77B | $12.20B |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $104.0K | $214.0K | $330.0K | $449.0K | $506.0K | $743.0K | $980.0K | $1M | $903.0K | $1M | $1M | $1M | |
| Deferred Tax | $14M | $-11M | $23M | $11M | $4M | $-3M | $3M | $5M | $5M | $7M | $-332.0K | $-1M | |
| Amort. of Intangibles | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $25.0K | $128.0K | $644.0K | $2M | |
| Operating Cash Flow | $491M | $474M | $474M | $388M | $292M | $305M | $312M | $230M | $197M | $203M | $204M | $193M | |
| CapEx | $18M | $14M | $27M | $19M | $10M | $7M | $30M | $21M | $14M | $39M | $20M | $50M | |
| Investing Cash Flow | $-592M | $-985M | $-1.07B | $-992M | $-916M | $-344M | $-318M | $379M | $-404M | $-138M | $373M | · | |
| Net Debt Issued | · | · | $-26M | · | · | · | $-26M | · | · | $-1M | $-14M | $-15M | |
| Stock Repurchased | $5M | $963.0K | $5M | $52M | $716.0K | $49M | $18M | $19M | $187.0K | $8M | $7M | $19M | |
| Net Stock Activity | $-5M | $-963.0K | $-5M | $-52M | $-716.0K | $-49M | $-18M | $-19M | $-187.0K | $-8M | $-7M | $-19M | |
| Dividends Paid | $87M | $82M | $78M | $75M | $73M | $70M | $69M | $50M | $44M | $40M | $39M | $35M | |
| Financing Cash Flow | $284M | $213M | $-844M | $-517M | $1.84B | $1.78B | $-53M | $-558M | $203M | $-69M | $-559M | · | |
| Net Change in Cash | $184M | $-298M | $-1.44B | $-1.12B | $1.21B | $1.74B | $-60M | $51M | $-4M | $-4M | $18M | · | |
| Taxes Paid | · | $51M | $70M | $22M | $47M | $35M | $44M | $41M | $67M | $50M | $65M | · | |
| Free Cash Flow | $473M | $460M | $447M | $369M | $281M | $298M | $282M | $208M | $183M | $164M | $184M | $143M | |
| Levered FCF | · | · | $339M | $339M | $260M | $267M | $236M | $167M | $155M | $135M | $155M | $112M |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 49.0% | 49.1% | 49.4% | 44.5% | 42.8% | 31.1% | 34.8% | 37.4% | 29.9% | 26.4% | 26.9% | 29.1% | |
| Pretax Margin | 61.8% | 61.0% | 62.8% | 56.7% | 54.3% | 39.3% | 44.2% | 47.1% | 42.1% | 38.9% | 40.7% | 43.8% | |
| ROA | 2.5% | 2.7% | 2.7% | 1.9% | 1.7% | 1.3% | 1.7% | 1.8% | 1.3% | 1.1% | 1.1% | 1.3% | |
| ROE | 13.1% | 14.8% | 17.7% | 15.0% | 11.0% | 7.8% | 9.8% | 11.4% | 8.8% | 7.9% | 8.4% | 10.2% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1.0% | 0.02% | 23.5% | 13.7% | 10.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 7.7% | 12.0% | 15.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 0.76% | -0.76% | 38.5% | 19.5% | 52.7% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 11.5% | 18.0% | 36.2% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 20.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 0.76% | -0.63% | 37.1% | 18.2% | 51.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 11.2% | 17.2% | 35.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 19.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $842M | $834M | $833M | $675M | $594M | $538M | $589M | $578M | $527M | $506M | $508M | $525M | |
| Net Income TTM | $412M | $409M | $412M | $300M | $254M | $167M | $205M | $216M | $157M | $134M | $137M | $153M | |
| P/E | 10.0 | 9.6 | 8.2 | 9.6 | 10.6 | 14.3 | 13.8 | 10.6 | 16.8 | 20.2 | 12.5 | 11.6 | |
| Earnings Yield | 10.0% | 10.4% | 12.2% | 10.4% | 9.4% | 7.0% | 7.2% | 9.4% | 5.9% | 5.0% | 8.0% | 8.6% | |
| Payout Ratio | 21.1% | 20.1% | 19.0% | 25.1% | 28.7% | 41.8% | 33.5% | 23.0% | 27.7% | 29.5% | 28.2% | 22.7% | |
| Annual Payout | $87M | $82M | $78M | $75M | $73M | $70M | $69M | $50M | $44M | $40M | $39M | $35M |
Income Statement 9
| 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 Expense | · | · | · | · | · | · | · | · | · | $48M | · | $37M | $32M | $23M | · | $10M | |
| Interest Income | $220M | $215M | $224M | $227M | $221M | $215M | $216M | $223M | $216M | $212M | $210M | $204M | $198M | $188M | $175M | $145M | |
| Pretax Income | $121M | $129M | $137M | $136M | $126M | $121M | $134M | $127M | $125M | $123M | $136M | $131M | $128M | $129M | $135M | $106M | |
| Income Tax | $25M | $27M | $30M | $28M | $26M | $24M | $19M | $27M | $28M | $26M | $29M | $28M | $27M | $27M | $29M | $23M | |
| Net Income | $96M | $102M | $107M | $108M | $100M | $97M | $115M | $100M | $97M | $97M | $106M | $103M | $100M | $102M | $105M | $83M | |
| EPS (Basic) | $1.54 | $1.64 | $1.72 | $1.74 | $1.61 | $1.56 | $1.85 | $1.60 | $1.56 | $1.57 | $1.71 | $1.66 | $1.62 | $1.64 | $1.69 | $1.34 | |
| EPS (Diluted) | $1.54 | $1.64 | $1.71 | $1.74 | $1.61 | $1.56 | $1.85 | $1.60 | $1.56 | $1.56 | $1.71 | $1.66 | $1.62 | $1.63 | $1.68 | $1.34 | |
| Shares (Basic) | 62,184,128 | 62,175,289 | -124,350,848 | 62,157,827 | 62,150,969 | 62,213,966 | -124,338,138 | 62,190,993 | 62,177,215 | 62,150,378 | -124,187,485 | 62,053,563 | 62,074,485 | 62,142,264 | -125,870,450 | 62,226,521 | |
| Shares (Diluted) | 62,258,458 | 62,251,266 | -124,525,884 | 62,245,032 | 62,232,768 | 62,304,991 | -124,570,647 | 62,309,574 | 62,292,058 | 62,267,293 | -124,461,510 | 62,195,486 | 62,205,297 | 62,282,328 | -126,144,938 | 62,371,475 |
Balance Sheet 14
| 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 | $451M | $586M | $536M | $589M | $732M | $589M | $353M | $780M | $792M | $909M | · | $699M | $1.03B | $1.20B | · | $3.24B | |
| Short-term Investments | $5.10B | $4.98B | $4.98B | $4.99B | $5.02B | $5.03B | $5.00B | $5.02B | $4.88B | $4.78B | · | $4.70B | $4.68B | $4.87B | · | $4.22B | |
| PP&E (Net) | $421M | $422M | $423M | $426M | $428M | $430M | $428M | $436M | $434M | $438M | · | $434M | $431M | $430M | · | $432M | |
| Accum. Depreciation | · | · | $617M | · | · | · | $602M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | · | $283M | $283M | $283M | · | $283M | |
| Total Assets | $17.02B | $16.83B | $16.58B | $16.55B | $16.46B | $16.27B | $15.74B | $15.89B | $15.49B | $15.36B | · | $14.91B | $14.85B | $15.13B | · | $16.09B | |
| Total Liabilities | $13.65B | $13.54B | $13.32B | $13.42B | $13.44B | $13.37B | $12.94B | $13.14B | $12.91B | $12.88B | · | $12.71B | $12.66B | $12.98B | · | $14.14B | |
| Common Stock | $97M | $97M | $97M | $97M | $97M | $97M | $97M | $97M | $97M | $97M | · | $96M | $96M | $96M | · | $96M | |
| Paid-in Capital | $162M | $161M | $161M | $161M | $160M | $160M | $159M | $159M | $158M | $158M | · | $155M | $155M | $154M | · | $153M | |
| Retained Earnings | $3.83B | $3.74B | $3.68B | $3.57B | $3.51B | $3.41B | $3.36B | $3.24B | $3.18B | $3.09B | · | $2.92B | $2.86B | $2.76B | · | $2.59B | |
| Treasury Stock | $441M | $441M | $441M | $441M | $441M | $436M | $436M | $436M | $436M | $436M | · | $435M | $435M | $432M | · | $431M | |
| AOCI | $-276M | $-267M | $-246M | $-263M | $-303M | $-334M | $-379M | $-311M | $-424M | $-420M | · | $-545M | $-482M | $-420M | · | $-455M | |
| Stockholders' Equity | $3.38B | $3.29B | $3.25B | $3.13B | $3.02B | $2.90B | $2.80B | $2.75B | $2.58B | $2.48B | $2.45B | $2.19B | $2.19B | $2.16B | $2.04B | $1.95B | |
| Liabilities + Equity | $17.02B | $16.83B | $16.58B | $16.55B | $16.46B | $16.27B | $15.74B | $15.89B | $15.49B | $15.36B | · | $14.91B | $14.85B | $15.13B | · | $16.09B |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $15.0K | $18.0K | $18.0K | $20.0K | $21.0K | $45.0K | $45.0K | $47.0K | $48.0K | $74.0K | $75.0K | $76.0K | $77.0K | $102.0K | $102.0K | $118.0K | |
| Deferred Tax | $265.0K | $2M | $9M | $2M | $2M | $405.0K | $-22M | $2M | $2M | $6M | $18M | $8M | $-1M | $-2M | $12M | $-1M | |
| Operating Cash Flow | $94M | $121M | $140M | $115M | $95M | $140M | $115M | $116M | $107M | $135M | $133M | $114M | $85M | $143M | $99M | $121M | |
| CapEx | $6M | $5M | $4M | $3M | $4M | $7M | $-2M | $7M | $2M | $7M | $8M | $9M | $6M | $4M | $6M | $4M | |
| Investing Cash Flow | $-350M | $-232M | $-95M | $-194M | $-28M | $-275M | $-382M | $-252M | $-267M | $-84M | $-115M | $-445M | $61M | $-568M | $-535M | $-177M | |
| Stock Repurchased | $97.0K | $60.0K | $62.0K | $0 | · | · | $221.0K | $247.0K | $0 | $495.0K | $124.0K | $84.0K | $3M | $1M | $109.0K | $11M | |
| Net Stock Activity | · | $-60.0K | · | · | · | · | · | · | · | $-495.0K | · | · | · | $-1M | · | · | |
| Dividends Paid | $0 | $45M | $1.0K | $44M | $0 | $44M | $0 | $41M | $0 | $41M | $0 | $39M | $0 | $39M | $0 | $37M | |
| Financing Cash Flow | $121M | $160M | $-98M | $-64M | $75M | $372M | $-160M | $123M | $43M | $206M | $-66M | $5M | $-316M | $-467M | $-721M | $-117M | |
| Net Change in Cash | $-135M | $49M | $-53M | $-143M | $142M | $237M | $-427M | $-12M | $-117M | $258M | $-48M | $-327M | $-170M | $-893M | $-1.16B | $-173M | |
| Taxes Paid | · | · | · | $22M | · | · | · | $19M | · | · | · | $21M | · | · | $20M | $-2M | |
| Free Cash Flow | · | $116M | · | · | · | $133M | · | · | · | $129M | · | · | · | $138M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $91M | · | · | · | $120M | · | · |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 44.6% | 49.0% | · | 49.7% | 48.1% | 48.9% | · | 47.1% | 46.7% | 47.3% | · | 48.5% | 49.2% | 49.5% | · | 43.9% | |
| Pretax Margin | 56.4% | 62.1% | · | 62.6% | 60.5% | 61.1% | · | 60.0% | 60.1% | 59.9% | · | 61.6% | 62.6% | 62.7% | · | 55.9% | |
| ROA | 0.57% | 0.62% | · | 0.67% | 0.63% | 0.61% | · | 0.65% | 0.64% | 0.64% | · | 0.67% | 0.65% | 0.65% | · | 0.52% | |
| ROE | 3.0% | 3.3% | · | 3.7% | 3.6% | 3.6% | · | 4.0% | 4.1% | 4.2% | · | 5.0% | 4.7% | 4.7% | · | 3.9% |
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 | · | 0.0 |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $850M | $833M | · | $836M | $826M | $824M | · | $838M | $830M | $828M | · | $812M | $746M | $675M | · | $611M | |
| Net Income TTM | $407M | $408M | · | $405M | $394M | $391M | · | $397M | $398M | $403M | · | $389M | $343M | $296M | · | $249M | |
| P/E | 11.6 | 10.3 | · | 10.6 | 10.5 | 10.0 | · | 9.4 | 8.9 | 8.7 | · | 6.9 | 8.0 | 9.1 | · | 10.7 | |
| Earnings Yield | 8.6% | 9.7% | · | 9.5% | 9.5% | 10.0% | · | 10.7% | 11.2% | 11.5% | · | 14.4% | 12.5% | 11.1% | · | 9.3% | |
| Payout Ratio | · | 44.4% | · | · | · | 45.0% | · | · | · | 42.2% | · | · | · | 38.5% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Net Income | $412M | $409M | $412M | $300M | $254M |
| Diluted EPS | $6.62 | $6.57 | $6.62 | $4.78 | $4.00 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $473M | $460M | $447M | $369M | $281M |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Institutional owners (13F) 313 filers · $2.6B 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 |
|---|---|---|---|---|
| 43 (-10 vs prior Q) | 23 (+5 vs prior Q) | 116 (+3 vs prior Q) | 80 (+9 vs prior Q) | +1.1M |
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 GROUP INC | $384,512,796 | 5,787,369 | 14.58% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $254,447,538 | 3,350,198 | 9.65% | Shares |
| AMERICAN CENTURY COMPANIES INC | $237,603,195 | 3,128,416 | 9.01% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $235,016,808 | 3,094,362 | 8.91% | Shares |
| STATE STREET CORP | $213,478,437 | 2,810,776 | 8.09% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $189,564,289 | 2,495,909 | 7.19% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $99,002,615 | 1,303,306 | 3.75% | Shares |
| Azora Capital LP | $67,274,080 | 885,768 | 2.55% | Shares |
| FIRST TRUST ADVISORS LP | $62,342,798 | 820,840 | 2.36% | Shares |
| Boston Trust Walden Corp | $58,862,176 | 775,012 | 2.23% | Shares |
| REINHART PARTNERS, LLC. | $56,945,617 | 749,761 | 2.16% | Shares |
| Tamar Securities, LLC | $54,775,970 | 721,211 | 2.08% | Shares |
| NORGES BANK | $53,193,405 | 700,374 | 2.02% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $52,756,085 | 694,616 | 2.00% | Shares |
| MILLENNIUM MANAGEMENT LLC | $49,426,361 | 650,775 | 1.87% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $32,146,293 | 423,256 | 1.22% | Shares |
| ProShare Advisors LLC | $28,679,099 | 377,605 | 1.09% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $27,787,447 | 365,865 | 1.05% | Shares |
| Polaris Capital Management, LLC | $24,387,545 | 321,100 | 0.92% | Shares |
| TWO SIGMA INVESTMENTS, LP | $23,304,422 | 306,839 | 0.88% | Shares |
| BANK OF AMERICA CORP /DE/ | $21,296,684 | 280,404 | 0.81% | Shares |
| GOLDMAN SACHS GROUP INC | $19,895,254 | 261,952 | 0.75% | Shares |
| MACKENZIE FINANCIAL CORP | $17,759,388 | 233,830 | 0.67% | Shares |
| Walleye Capital LLC | $15,249,089 | 200,778 | 0.58% | Shares |
| ALLIANCEBERNSTEIN L.P. | $14,915,165 | 221,655 | 0.57% | Shares |
| Cerity Partners LLC | $14,830,000 | 195,265 | 0.56% | Shares |
| RHUMBLINE ADVISERS | $13,176,917 | 173,495 | 0.50% | Shares |
| Foundry Partners, LLC | $10,891,408 | 172,715 | 0.41% | Shares |
| Kovack Advisors, Inc. | $10,701,389 | 138,943 | 0.41% | Shares |
| FRANKLIN RESOURCES INC | $9,961,526 | 131,159 | 0.38% | Shares |
| Bridgewater Associates, LP | $9,766,183 | 128,587 | 0.37% | Shares |
| Eldred Rock Partners, LLC | $9,680,587 | 127,460 | 0.37% | Shares |
| Brandywine Global Investment Management, LLC | $8,608,299 | 129,565 | 0.33% | Shares |
| Swiss National Bank | $8,293,740 | 109,200 | 0.31% | Shares |
| DENALI ADVISORS LLC | $8,239,056 | 108,480 | 0.31% | Shares |
| D. E. Shaw & Co., Inc. | $6,966,666 | 91,727 | 0.26% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $6,014,557 | 79,191 | 0.23% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $5,420,703 | 71,372 | 0.21% | Shares |
| MORGAN STANLEY | $5,212,373 | 68,629 | 0.20% | Shares |
| Schonfeld Strategic Advisors LLC | $4,825,025 | 63,529 | 0.18% | Shares |
| Elizabeth Park Capital Advisors, Ltd. | $4,745,888 | 62,487 | 0.18% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,394,619 | 57,862 | 0.17% | Shares |
| MetLife Investment Management, LLC | $4,364,922 | 57,471 | 0.17% | Shares |
| Cresta Advisors, Ltd. | $4,320,492 | 56,886 | 0.16% | Shares |
| Retirement Systems of Alabama | $4,249,630 | 55,953 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,011,022 | 59,608 | 0.15% | Shares |
| BlackRock, Inc. | $4,006,818 | 52,756 | 0.15% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $3,921,754 | 51,636 | 0.15% | Shares |
| Vest Financial, LLC | $3,839,197 | 50,549 | 0.15% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $3,787,095 | 49,863 | 0.14% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $3,687,600 | 48,553 | 0.14% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $3,562,511 | 46,906 | 0.14% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $3,515,960 | 46,293 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $3,493,016 | 45,991 | 0.13% | Shares |
| Siena Capital Partners GP, LLC | $3,472,814 | 45,725 | 0.13% | Shares |
| Squarepoint Ops LLC | $3,415,168 | 44,966 | 0.13% | Shares |
| Engineers Gate Manager LP | $3,350,762 | 44,118 | 0.13% | Shares |
| Point72 Asset Management, L.P. | $3,331,547 | 43,865 | 0.13% | Shares |
| AMERIPRISE FINANCIAL INC | $3,263,268 | 42,966 | 0.12% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,205,546 | 42,206 | 0.12% | Shares |
| Westover Capital Advisors, LLC | $3,153,216 | 41,517 | 0.12% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $2,742,175 | 36,105 | 0.10% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $2,636,339 | 39,680 | 0.10% | Shares |
| Horizon Investments, LLC | $2,586,629 | 34,057 | 0.10% | Shares |
| Holocene Advisors, LP | $2,536,274 | 33,394 | 0.10% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $2,525,413 | 33,251 | 0.10% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $2,421,742 | 31,886 | 0.09% | Shares |
| HSBC HOLDINGS PLC | $2,421,065 | 31,760 | 0.09% | Shares |
| Legal & General Group Plc | $2,398,652 | 31,582 | 0.09% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,362,349 | 31,104 | 0.09% | Shares |
| Rafferty Asset Management, LLC | $2,148,853 | 28,293 | 0.08% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $2,146,545 | 28,263 | 0.08% | Shares |
| Campbell & CO Investment Adviser LLC | $2,130,322 | 28,049 | 0.08% | Shares |
| DIVERSIFIED TRUST CO | $2,065,991 | 27,202 | 0.08% | Shares |
| Quantinno Capital Management LP | $2,029,549 | 26,722 | 0.08% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $2,026,650 | 26,684 | 0.08% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,011,916 | 26,490 | 0.08% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,002,269 | 26,363 | 0.08% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $1,957,004 | 25,767 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,942,725 | 25,579 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,919,257 | 25,270 | 0.07% | Shares |
| North Reef Capital Management LP | $1,898,750 | 25,000 | 0.07% | Shares |
| Edgestream Partners, L.P. | $1,832,142 | 24,123 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $1,828,041 | 24,069 | 0.07% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,813,914 | 23,883 | 0.07% | Shares |
| JANUS HENDERSON GROUP PLC | $1,810,639 | 26,918 | 0.07% | Shares |
| BARCLAYS PLC | $1,747,381 | 23,007 | 0.07% | Shares |
| Invesco Ltd. | $1,683,204 | 22,162 | 0.06% | Shares |
| Fieldview Capital Management, LLC | $1,640,596 | 21,601 | 0.06% | Shares |
| MALTESE CAPITAL MANAGEMENT LLC | $1,578,241 | 20,780 | 0.06% | Shares |
| Headlands Technologies LLC | $1,557,051 | 20,501 | 0.06% | Shares |
| Skopos Labs, Inc. | $1,553,077 | 23,081 | 0.06% | Shares |
| State of Tennessee, Department of Treasury | $1,549,456 | 20,401 | 0.06% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $1,538,443 | 20,256 | 0.06% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $1,484,898 | 19,551 | 0.06% | Shares |
| Aquatic Capital Management LLC | $1,466,063 | 19,303 | 0.06% | Shares |
| UBS Group AG | $1,411,607 | 18,586 | 0.05% | Shares |
| WINTON GROUP Ltd | $1,401,809 | 18,457 | 0.05% | Shares |
| AlphaQuest LLC | $1,385,340 | 20,851 | 0.05% | Shares |
| SummitTX Capital, L.P. | $1,381,075 | 18,184 | 0.05% | Shares |
Company insiders 16 insiders · 4 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dennis E Nixon | CEO | Feb. 25, 2022 G | 283,564 | 0 | 0 | $0 |
| Judith I Wawroski | TREASURER/PAO | Feb. 8, 2022 M | 8,722 | 0 | 0 | $0 |
| David R Guerra | VICE PRESIDENT | Sept. 15, 2017 S | 0 | 0 | 0 | $0 |
| Imelda Navarro | TREASURER | March 1, 2017 M | 189,917 | 0 | 0 | $0 |
| Antonio R Sanchez JR | Director | March 11, 2021 J | 1,646,245 | 0 | 0 | $0 |
| Rudolph Miles | Director | March 11, 2020 P | 3,939 | 0 | 0 | $0 |
| Javier De Anda | Director | March 10, 2020 P | 10,000 | 0 | 0 | $0 |
| Roberto R Resendez | Director | Aug. 14, 2019 P | 9,000 | 0 | 0 | $0 |
| Leonardo Salinas | Director | Aug. 17, 2015 P | 34,535 | 0 | 0 | $0 |
| Larry A Norton | Director | Dec. 11, 2012 S | 121,917 | 0 | 0 | $0 |
| Daniel B Hastings JR | Director | Dec. 2, 2011 P | 174,184 | 0 | 0 | $0 |
| Peggy J Newman | Director | Aug. 20, 2010 J | 15,848 | 0 | 0 | $0 |
| Sioma Neiman | Director | March 5, 2010 S | 0 | 0 | 0 | $0 |
| Richard E Haynes | Director | Dec. 31, 2007 G | 45,760 | 0 | 0 | $0 |
| Lester Avigael | Director | June 13, 2007 G | 8,459 | 0 | 0 | $0 |
| Irving Greenblum | — | Dec. 31, 2020 G | 67,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 10 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 |
|---|---|---|---|---|---|
| Antonio R. Sanchez, Jr. ×7 filings | Sept. 11, 2020 | — | Initial filing | — | SEC |
| Estate of Alicia M. Sanchez, Deceased | Aug. 12, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Dec. 4, 2002 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person | Dec. 4, 2002 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person | Aug. 9, 2002 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person | Aug. 1, 2002 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Aug. 1, 2002 | — | Initial filing | Capital structure | SEC |
| Alicia M. Sanchez ×2 filings | May 9, 2002 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Sept. 24, 2001 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person | March 30, 2001 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 91 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 |
|---|---|---|---|---|
| REGL · ProShares Trust | 1.59% | 369,540 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.74% | 16,212 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.62% | 72,339 NS | April 30, 2026 | N-PORT |
| DPST · Direxion Shares ETF Trust | 0.47% | 32,467 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.46% | 1,715,385 NS | May 31, 2026 | N-PORT |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.45% | 13,531 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.35% | 555 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.29% | 54,084 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.25% | 5,675 NS | May 31, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.25% | 7,339 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.22% | 414,001 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.20% | 20,646 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 15,926 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.17% | 1,918 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.16% | 60,852 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.14% | 2,611 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.13% | 44,214 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 17,041 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.12% | 23,643 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.11% | 6,214 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.10% | 2,567 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.10% | 192,445 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.09% | 106,481 NS | May 31, 2026 | N-PORT |
| MVV · ProShares Trust | 0.08% | 1,870 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.08% | 259,859 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.08% | 896 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.07% | 77,566 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.06% | 261 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.06% | 2,008 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.05% | 14,201 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.04% | 2,032 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.04% | 2,295 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.04% | 10,934 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.03% | 2,917 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.03% | 1,780 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.02% | 50,028 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.02% | 173 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 2,139 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 118,609 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.02% | 34,834 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.02% | 51 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 5,776 NS | April 30, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.01% | 473 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 19,271 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 3,059 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 13,796 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 1,167 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 16,705 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 31,584 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |