IQV IQVIA Holdings, Inc. Common Stock
About IQVIA Holdings, Inc. Common Stock Company overview from Wikipedia
IQVIA Holdings, Inc. is an American health information technology and clinical research company headquartered in Durham, North Carolina. The company provides clinical research services, healthcare analytics, technology solutions, and commercial outsourcing services to pharmaceutical, biotechnology, medical device, and healthcare organizations worldwide.
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IQVIA Holdings, Inc. is an American health information technology and clinical research company headquartered in Durham, North Carolina. The company provides clinical research services, healthcare analytics, technology solutions, and commercial outsourcing services to pharmaceutical, biotechnology, medical device, and healthcare organizations worldwide.
IQVIA operates through three business segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. Through its technology and analytics business, the company maintains access to more than one billion supposedly anonymized patient records globally, and provides healthcare data, analytics, and software services to life science organizations, health care centers like hospitals, and pharmacists worldwide. This participates in extending their access to personal health data around the globe.
The company was formed in 2016 through the merger of Quintiles, a contact research organization, and IMS Health, a healthcare data and analytics provider. The combined company operated as QuintilesIMS before adopting the name IQVIA in 2017. The IQVIA name is a combination of: I (IMS Health), Q (Quintiles), and VIA (by way of).
History
The company operates three divisions: Technology & Analytics (40% of 2024 revenues), focused on health information technology with access to 1.2 billion unique non-identified patient records globally, offers cloud-based customer relationship management application software as well as analytics consulting services all to the healthcare industry; Research & Development (55% of 2024 revenues), which is a contract research organization that handles all aspects of clinical trials including phase I through IV clinical trial management, clinical pharmacology, post-approval services, regulatory affairs, protocol design, operational planning, study and site start-up, patient recruitment, project management, monitoring, data management and biostatistics; and Contract Sales & Medical (5% of 2024 revenues), which offers contract sales to healthcare providers and patient engagement services.
IMS Health
The original name of the company was Intercontinental Marketing Statistics, hence the IMS name. IMS Health's corporate headquarters is located in Danbury, Connecticut, United States. The company's chairman and CEO is Ari Bousbib.
In 1998, the parent company, Cognizant Corporation, split into two companies: IMS Health and Nielsen Media Research. After this restructuring, Cognizant Technology Solutions became a public subsidiary of IMS Health
In 2002, IMS Health acquired Cambridge Pharma Consultancy, a privately held international firm that provides strategic advice to pharmaceutical management.
In 2002, IMS Health acquired the Rosenblatt Klauber Group, a privately held international consultancy that provides forecasting, opportunity assessment & management development services to pharmaceutical companies.
In 2003, acquired Marketing Initiatives, a specialist in healthcare facility profile data, and Data Niche Associates, a provider of rebate validation services for Medicaid and managed care. In 2003, IMS Health sold its entire 56% stake in Cognizant and both companies are separated into two independent entities as IMS Health and Cognizant
In 2004, United Research China Shanghai was acquired, providing coverage of China's consumer health market.
In 2005, acquired PharMetrics, a U.S. provider of patient-centric integrated claims data.
In 2006, acquired the Life Sciences practice of Strategic Decisions Group, a portfolio strategy consultant to the life sciences industry.
In 2007, IMS Health acquired IHS and MedInitiatives, providers of healthcare data management analytics and technology services. That same year, ValueMedics Research was acquired, extending IMS Health's health economics and outcomes research capabilities.
In 2007, ranked in the Businessweek 50. This list represents "best in class" companies from the ten economic sectors that make up the S&P 500.
In 2008, named to the World's Most Admired Companies list by Fortune. The company received the recognition again in 2010.
In 2008, acquired RMBC, a provider of national pharmaceutical market intelligence and analytics in Russia.
In 2008, acquired the Skura professional services group, based out of Mississauga, Ontario, Canada and specialized in data integration, consulting and services in business intelligence platforms to pharmaceutical and healthcare clients in North America and Europe.
In 2009, named to the Dow Jones Sustainability North America Index in recognition of the company's economic, environmental and social performance among the largest 600 North American companies.
In February 2010, IMS Health was taken private by TPG Capital, CPP Investment Board, and Leonard Green & Partners.
In 2010, acquired Brogan, Inc., a privately held market research and consulting firm serving the Canada healthcare market.
In 2011, expanded its specialty and patient-level data assets in the United States with the acquisition of SDI Health. Also that year, the company acquired Ardentia Ltd in the UK, and Med-Vantage in the United States to build on its payer services in those markets.
In 2012, acquired PharmARC Analytic Solutions Pvt. Ltd, a Bangalore-based analytics company.
In 2012, acquired DecisionView, a software solutions company that helps life sciences organizations plan and track patient enrollment for clinical trials and TTC, a benchmarking solutions and analytics company that helps clients plan for and negotiate the costs of clinical trials. Also in 2012, the company purchased PharmaDeals Ltd., a provider of online information about business transactions, licensing, and mergers and acquisitions activity within the pharmaceutical industry.
In 2013, acquired several companies to expand its portfolio of SaaS products: Incential Software, a provider of sales performance management technology services; 360 Vantage, which delivers multi-channel CRM software capabilities; Appature, which offers a relationship marketing platform; and Semantelli, a provider of social media analytics for the global healthcare industry.
In May 2015, IMS increased its software development capability by acquiring Dataline Software Ltd, a bespoke software development company and big data research specialist in the UK.
In April 2015, IMS Health completed the purchase of Cegedim's Customer Relationship Management (CRM) software and Strategic Data business for €396 million. Cegedim acquired the software and related business when it purchased Dendrite International in 2007.
In August 2015, IMS Health completed the purchase of Boston Biomedical Consultants, a provider of market data and market research covering the in vitro Diagnostics market
In May 2016, the company announced it would merge with Quintiles IMS Health shareholders received 0.384 shares of Quintiles common stock for each share of IMS Health common stock they held, leaving the split of ownership at 51.4% IMS and 48.6% Quintiles. The merger was completed in October and the resulting company was a $17.6 billion company called QuintilesIMS.
On November 6, 2017, the company adopted the new name of IQVIA.
Quintiles
Quintiles was the world's largest provider of biopharmaceutical development and commercial outsourcing services. The company offered clinical data management, clinical trial execution services, pharmaceuticals, drug development, financial partnering, and commercialization expertise to companies in the biotechnology, pharmaceutical and healthcare sectors.
In 1982, Dennis Gillings founded and incorporated Quintiles Transnational in North Carolina. Quintiles Transnational established Quintiles Pacific Inc. and Quintiles Ireland Ltd. in 1990. In 1991 Quintiles GmbH was established in Germany and Quintiles Laboratories Ltd. was established in Atlanta, Georgia. In September 1996, Quintiles purchased Innovex Ltd. of Britain for $747.5 million in stock. Quintiles went public in 1997 and completed a successful secondary stock offering.
In 1974, Dennis Gillings signs the first contract to provide statistical and data management consulting for pharmaceutical clients.
In 1982, Quintiles, Inc., is incorporated in North Carolina.
In 1990, Quintiles Pacific Inc. and Quintiles Ireland Ltd. are established.
In 1991, Quintiles GmbH is established in Germany; Quintiles Laboratories Ltd. is established in Atlanta, Georgia.
In 1996, Quintiles buys Innovex Ltd. and BRI International Inc., becoming the world's largest CRO.
In 1997, Quintiles goes public, completing a successful secondary stock offering.
In 1998, Quintiles becomes the first company in the industry to break the $1 billion mark, when it reports net revenues of $1.19 billion.
In 1999, the company joins the S&P 500 Index.
In 2003, the Board of Directors agrees to merge with Pharma Services Holdings Inc; Quintiles becomes a private company.
In 2009, Quintiles opens new corporate headquarters in Durham, North Carolina.
In 2010, Quintiles opens new European headquarters in the UK and establishes operations in East Africa.
In 2011, Quintiles buys Advion Biosciences, a bioanalytical lab based out of Ithaca, New York.
In 2013, Quintiles filed for an IPO on 15 February in order to go public again; Quintiles begins trading on the New York Stock Exchange (NYSE) under ticker symbol Q."
Merger of IMS Health and Quintiles
In October 2016, Quintiles merged with IMS Health to form QuintilesIMS. In November 2017, the company adopted the new name of IQVIA.
The company is ranked 282nd on the Fortune 500 and 680th on the Forbes Global 2000.
Controversies
IMS Health's business of collecting and selling pharmaceutical sales data, even though they say it is anonymized, was under scrutiny from both the media and the legal system.
IMS Health v. Ayotte was a free speech case involving IMS Health.
Sorrell v. IMS Health Inc. was a case about physician-data privacy, which went to the U.S. Supreme Court. The court ruled in favor of the company.
IQVIA was contracted by the UK government's Office of National Statistics to provide data on the prevalence of COVID-19 infection in the population. Some users of the survey reported problems contacting IQVIA and arranging for testing. The problems with how the survey results were collected were criticised for potentially leading to biased data by New Scientist.
On July 17, 2023, the Federal Trade Commission sued to block IQVIA’s acquisition of Propel Media alleging in an administrative complaint that the acquisition would give IQVIA a market-leading position in health care programmatic advertising and would raise health-care prices for consumers. In December 2023, U.S. District Court Judge Edgardo Ramos issued an order granting the FTC’s motion for preliminary injunction to block the merger. Speaking in favor of the FTC, Ramos said, "The FTC has shown that there is a reasonable probability that the proposed acquisition will substantially impair competition in the relevant market and that the equities weigh in favor of injunctive relief." An administrative trial was scheduled to start on January 18, 2024. However, on January 5, 2024, IQVIA and Propel Media announced that they had mutually agreed to abandon the proposed merger.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
IQV Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
IQV 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
IQV Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 8 28.6%
- Buy 14 50.0%
- Hold 6 21.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
18 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.15 | $3.06 | 0.09% |
| March 31, 2026 | $2.90 | $2.85 | 0.05% |
| Dec. 31, 2025 | $3.42 | $3.43 | -0.01% |
| Sept. 30, 2025 | $3.00 | $3.00 | -0.00% |
| June 30, 2025 | $2.81 | $2.80 | 0.01% |
| March 31, 2025 | $2.70 | $2.66 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| IQV | $38.23B | 28.8 | 5.9% | 8.3% | 21.6% | — |
| TMO | $257.86B | 32.7 | 3.9% | 15.0% | 13.0% | — |
| DHR | $161.82B | 45.3 | 2.9% | 14.7% | 7.1% | 59.1% |
| A | $41.43B | 32.0 | 6.7% | 18.8% | 20.6% | — |
| WAT | $22.62B | 35.3 | 7.0% | 20.3% | 27.2% | — |
| ILMN | $20.65B | 24.8 | -0.66% | 19.6% | 34.1% | 66.1% |
| MTD | $28.38B | 33.2 | 4.0% | 21.6% | -615.5% | 59.4% |
| WST | $19.81B | 40.5 | 6.2% | 16.1% | 16.2% | 35.9% |
| MEDP | $15.93B | 36.8 | 20.0% | 17.8% | 142.9% | — |
| TEM | — | -41.9 | 83.4% | -19.3% | -61.2% | — |
| CRL | $10.02B | -70.0 | -0.85% | -3.6% | -4.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.31B | $15.40B | $14.98B | $14.41B | $13.87B | $11.36B | $11.09B | $10.41B | $9.70B | $6.82B | $5.74B | $5.46B | |
| Cost of Revenue | · | · | · | · | · | · | · | · | $4.62B | $3.24B | $2.71B | $2.66B | |
| R&D Expense | · | · | · | · | · | · | · | · | · | · | $3M | $6M | |
| SG&A Expense | $2.00B | $1.99B | $2.05B | $2.07B | $1.96B | $1.79B | $1.73B | $1.72B | $1.62B | $1.02B | $815M | $781M | |
| Operating Income | $2.18B | $2.20B | $1.98B | $1.80B | $1.39B | $731M | $777M | $741M | $665M | $576M | $646M | $590M | |
| Interest Expense | $729M | $670M | $672M | $416M | $375M | $416M | $447M | $414M | $346M | $144M | $101M | $101M | |
| Interest Income | $45M | $47M | $36M | $13M | $6M | $6M | $9M | $8M | $7M | $4M | $4M | $4M | |
| Other Non-op | $99M | $90M | $124M | $-33M | $130M | $65M | $37M | $-5M | $-13M | $11M | $-2M | $8M | |
| Pretax Income | $1.59B | $1.67B | $1.46B | $1.36B | $1.13B | $373M | $352M | $328M | $294M | $416M | $539M | $501M | |
| Income Tax | $252M | $301M | $101M | $260M | $163M | $72M | $116M | $59M | $-992M | $325M | $159M | $149M | |
| Net Income | $1.36B | $1.37B | $1.36B | $1.09B | $966M | $279M | $191M | $259M | $1.28B | $72M | $387M | $357M | |
| EPS (Basic) | $7.91 | $7.57 | $7.39 | $5.82 | $5.05 | $1.46 | $0.98 | $1.27 | $5.86 | $0.48 | $3.15 | $2.78 | |
| EPS (Diluted) | $7.84 | $7.49 | $7.29 | $5.72 | $4.95 | $1.43 | $0.96 | $1.24 | $5.74 | $0.47 | $3.08 | $2.72 | |
| Shares (Basic) | 171,900,000 | 181,300,000 | 183,800,000 | 187,600,000 | 191,400,000 | 191,300,000 | 195,100,000 | 203,700,000 | 217,800,000 | 149,100,000 | 123,000,000 | 128,000,000 | |
| Shares (Diluted) | 173,500,000 | 183,400,000 | 186,300,000 | 190,600,000 | 195,000,000 | 195,000,000 | 199,600,000 | 208,200,000 | 222,600,000 | 152,000,000 | 125,600,000 | 131,100,000 | |
| EBITDA | $3.33B | $3.32B | $3.10B | $2.93B | $2.66B | $2.02B | $1.98B | $1.88B | $1.73B | $931M | $774M | $711M |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.98B | $1.70B | $1.38B | $1.22B | $1.37B | $1.81B | $837M | $891M | $959M | $1.20B | $977M | $867M | |
| Short-term Investments | $161M | $141M | $120M | $93M | $111M | $88M | $62M | $47M | $46M | $40M | · | · | |
| Receivables | $3.40B | $3.20B | $3.38B | $2.92B | $2.55B | $2.41B | $2.58B | $2.39B | $2.10B | $1.71B | $1.17B | $975M | |
| Prepaid Expense | $162M | $154M | $141M | $151M | $156M | $159M | $138M | $151M | $146M | $123M | $51M | $45M | |
| Other Current Assets | · | · | · | · | · | · | · | $322M | $259M | $235M | $83M | $92M | |
| Current Assets | $6.25B | $5.83B | $5.60B | $4.98B | $4.76B | $5.09B | $4.13B | $3.87B | $3.55B | $3.34B | $2.41B | $2.15B | |
| PP&E (Net) | $533M | $535M | $523M | $532M | $497M | $482M | $458M | $434M | $440M | $406M | $188M | $190M | |
| PP&E (Gross) | $1.44B | $1.35B | $1.33B | $1.37B | $1.26B | $1.16B | $1.05B | $1.00B | $923M | $769M | $510M | $496M | |
| Accum. Depreciation | $905M | $819M | $803M | $840M | $765M | $673M | $597M | $567M | $483M | $363M | $322M | $306M | |
| Goodwill | $16.62B | $14.71B | $14.57B | $13.92B | $13.30B | $12.65B | $12.16B | $11.80B | $11.85B | $10.73B | $720M | $464M | |
| Intangibles | $4.96B | $4.50B | $4.84B | $4.82B | $4.94B | $5.21B | $5.51B | $5.95B | $6.59B | $6.39B | $368M | $280M | |
| Total Assets | $29.94B | $26.90B | $26.68B | $25.34B | $24.69B | $24.56B | $23.25B | $22.55B | $22.86B | $21.21B | $3.93B | $3.30B | |
| Accounts Payable | · | · | · | · | · | · | · | $437M | $322M | $250M | $145M | $109M | |
| Accrued Liabilities | $2.97B | $2.95B | $2.85B | $2.67B | $2.36B | $2.23B | $1.94B | $1.86B | $1.66B | $1.49B | $761M | $734M | |
| Current Liabilities | $8.34B | $6.96B | $6.49B | $5.58B | $5.24B | $4.56B | $3.94B | $3.53B | $3.16B | $2.71B | $1.59B | $1.47B | |
| Capital Leases | $225M | $173M | $223M | $264M | $313M | $371M | $396M | · | · | · | $18.0K | $14.0K | |
| Deferred Tax | $179M | $196M | $202M | $464M | $410M | $338M | $646M | $627M | $786M | $2.04B | · | $62M | |
| Other Non-current Liabilities | $688M | $668M | $698M | $671M | $649M | $633M | $456M | $418M | $440M | $402M | $183M | $184M | |
| Total Liabilities | $23.31B | $20.83B | $20.57B | $19.57B | $18.65B | $18.28B | $16.99B | $15.60B | $14.61B | $12.35B | $4.26B | $4.00B | |
| Long-term Debt | $15.72B | $13.98B | $13.67B | $12.75B | $12.12B | $12.53B | $11.64B | $11.01B | $10.27B | $7.22B | $2.50B | $2.31B | |
| Total Debt | $15.72B | $13.98B | $13.67B | $12.75B | $12.12B | $12.53B | $11.64B | $11.01B | $10.22B | $7.20B | $2.47B | $2.29B | |
| Common Stock | · | · | · | · | · | · | · | · | · | · | · | $144M | |
| Retained Earnings | $7.42B | $6.07B | $4.69B | $3.33B | $2.24B | $1.28B | $998M | $807M | $538M | $-399M | $-462M | $-789M | |
| Treasury Stock | $11.36B | $10.10B | $8.74B | $7.74B | $6.57B | $6.17B | $5.73B | $4.77B | $3.37B | $1.00B | · | · | |
| AOCI | $-943M | $-1.04B | $-867M | $-727M | $-406M | $-205M | $-311M | $-224M | $49M | $-570M | $-111M | $-59M | |
| Stockholders' Equity | $6.50B | $6.07B | $6.11B | $5.76B | $6.04B | $6.28B | $6.26B | $6.71B | $8.00B | $8.63B | $-564M | $-704M | |
| Liabilities + Equity | $29.94B | $26.90B | $26.68B | $25.34B | $24.69B | $24.56B | $23.25B | $22.55B | $22.86B | $21.21B | $3.93B | $3.30B | |
| Shares Outstanding | 169,600,000 | 258,200,000 | 257,200,000 | 256,400,000 | 255,800,000 | 254,700,000 | 253,000,000 | 251,500,000 | 249,500,000 | 248,300,000 | 119,400,000 | 124,100,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.14B | $1.11B | $1.12B | $1.13B | $1.26B | $1.29B | $1.20B | $1.14B | $1.01B | $289M | $128M | $121M | |
| Stock-based Comp | $247M | $206M | $217M | $194M | $170M | $95M | $146M | $113M | $106M | $106M | $38M | $30M | |
| Deferred Tax | $-180M | $-129M | $-269M | $-115M | $-138M | $-176M | $-157M | $-177M | $-1.22B | $115M | $18M | $-6M | |
| Amort. of Intangibles | $984M | $965M | $974M | $970M | $1.12B | $1.15B | $1.07B | $1.02B | $886M | $210M | $67M | $58M | |
| Restructuring | $105M | $67M | $84M | $28M | $20M | $52M | $75M | $68M | $63M | $71M | $30M | $9M | |
| Other Non-cash | $83M | $152M | $-282M | $-40M | $680M | $474M | $35M | $-82M | $-240M | $241M | $-95M | $-69M | |
| Operating Cash Flow | $2.65B | $2.72B | $2.15B | $2.26B | $2.94B | $1.96B | $1.42B | $1.25B | $970M | $860M | $476M | $433M | |
| CapEx | $603M | $602M | $649M | $674M | $640M | $616M | $582M | $459M | $369M | $164M | $78M | $83M | |
| Investing Cash Flow | $-2.31B | $-1.44B | $-1.60B | $-2.01B | $-2.10B | $-796M | $-1.19B | $-810M | $-1.19B | $1.73B | · | · | |
| Stock Repurchased | $1.24B | $1.35B | $992M | $1.17B | $406M | $447M | $949M | $1.41B | $2.62B | $1.10B | $515M | $415M | |
| Net Stock Activity | $-1.24B | $-1.35B | $-992M | $-1.17B | $-406M | $-447M | $-949M | $-1.41B | $-2.62B | $-1.10B | $-515M | $-415M | |
| Financing Cash Flow | $-150M | $-878M | $-382M | $-329M | $-1.24B | $-217M | $-276M | $-452M | $-72M | $-2.28B | · | · | |
| Net Change in Cash | $278M | $326M | $160M | $-150M | $-448M | $977M | $-54M | $-68M | $-239M | $221M | $110M | $90M | |
| Taxes Paid | · | $295M | $340M | $255M | $222M | $209M | $215M | $211M | $195M | $106M | $121M | $139M | |
| Free Cash Flow | $2.05B | $2.11B | $1.50B | $1.59B | $2.30B | $1.34B | $835M | $795M | $601M | $696M | $397M | $349M | |
| Levered FCF | $1.44B | $1.56B | $875M | $1.25B | $1.98B | $1.01B | $535M | $455M | $-777M | $656M | $326M | $420M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.4% | 14.3% | 13.2% | 12.5% | 10.0% | 6.4% | 7.0% | 7.1% | 7.4% | 9.3% | 11.3% | 10.8% | |
| Net Margin | 8.3% | 8.9% | 9.1% | 7.6% | 7.0% | 2.5% | 1.7% | 2.5% | 13.4% | 1.7% | 6.8% | 6.5% | |
| Pretax Margin | 9.8% | 10.8% | 9.7% | 9.5% | 8.1% | 3.3% | 3.2% | 3.1% | 3.4% | 7.0% | 9.4% | 9.2% | |
| EBITDA Margin | 20.4% | 21.5% | 20.7% | 20.3% | 19.1% | 17.8% | 17.8% | 18.1% | 17.8% | 13.5% | 13.5% | 13.0% | |
| ROA | 4.8% | 5.1% | 5.2% | 4.4% | 3.9% | 1.2% | 0.83% | 1.1% | 6.0% | 0.92% | 10.7% | 11.2% | |
| ROE | 21.6% | 22.6% | 22.9% | 18.5% | 15.7% | 4.5% | 3.0% | 3.5% | 15.6% | 2.9% | -61.1% | -52.0% | |
| ROIC | 8.3% | 9.0% | 9.3% | 7.9% | 6.6% | 3.2% | 2.9% | 3.4% | 15.6% | 1.1% | 23.9% | 26.1% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.8 | 0.9 | 0.9 | 0.9 | 1.1 | 1.0 | 1.1 | 1.2 | 1.2 | 1.5 | 1.5 | |
| Quick Ratio | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 | 0.9 | 0.9 | 0.9 | 1.0 | 1.1 | 1.3 | 1.3 | |
| Debt / Equity | 2.4 | 2.3 | 2.2 | 2.2 | 2.0 | 2.1 | 1.9 | 1.6 | 1.3 | 0.8 | -4.4 | -3.3 | |
| LT Debt / Equity | 2.1 | 2.1 | 2.1 | 2.2 | 2.0 | 2.1 | 1.9 | 1.6 | 1.2 | 0.8 | -4.3 | -3.3 | |
| Interest Coverage | 3.0 | 3.3 | 2.9 | 4.3 | 3.7 | 1.8 | 1.7 | 1.8 | 2.1 | 4.5 | 6.4 | -5.9 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.5 | 0.4 | 0.5 | 1.6 | 1.7 | |
| Receivables Turnover | 4.9 | 4.7 | 4.8 | 5.3 | 5.6 | 4.6 | 4.5 | 4.6 | 5.3 | 4.8 | 5.4 | 5.7 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.9% | 2.8% | 4.0% | 3.9% | 22.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 4.2% | 3.5% | 9.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 4.7% | 2.7% | 27.5% | 15.6% | 246.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 11.1% | 14.8% | 72.1% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 40.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -0.95% | 1.1% | 24.5% | 12.9% | 246.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 7.6% | 12.4% | 69.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 37.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $16.31B | $15.40B | $14.98B | $14.41B | $13.87B | $11.36B | $11.09B | $10.41B | $9.70B | $6.82B | $5.74B | $5.46B | |
| Net Income TTM | $1.36B | $1.37B | $1.36B | $1.09B | $966M | $279M | $191M | $259M | $1.28B | $72M | $387M | $357M | |
| Market Cap | $38.23B | $34.61B | $42.00B | $38.05B | $53.78B | $34.26B | $29.71B | $29.22B | $24.43B | $18.88B | $8.20B | $7.31B | |
| Enterprise Value | $51.81B | $46.75B | $54.17B | $49.49B | $64.42B | $44.89B | $40.46B | $39.29B | $33.65B | $24.85B | $9.69B | $8.73B | |
| P/E | 28.8 | 26.2 | 31.7 | 35.8 | 57.0 | 125.3 | 160.9 | 93.7 | 17.1 | 161.8 | 22.3 | 21.6 | |
| P/S | 2.3 | 2.2 | 2.8 | 2.6 | 3.9 | 3.0 | 2.7 | 2.8 | 2.5 | 2.8 | 1.4 | 1.3 | |
| P/B | 5.9 | 5.7 | 6.9 | 6.6 | 8.9 | 5.7 | 4.9 | 4.4 | 3.0 | 2.2 | -14.5 | -10.4 | |
| P / Cash Flow | 14.4 | 12.7 | 19.5 | 16.8 | 18.3 | 17.5 | 21.0 | 23.3 | 25.2 | 22.0 | 17.2 | 16.9 | |
| P / FCF | 18.6 | 16.4 | 28.0 | 24.0 | 23.4 | 25.5 | 35.6 | 36.8 | 40.6 | 27.1 | 20.6 | 20.9 | |
| EV / EBITDA | 15.6 | 14.1 | 17.5 | 16.9 | 24.2 | 22.2 | 20.4 | 20.9 | 19.4 | 26.7 | 12.5 | 12.3 | |
| EV / FCF | 25.3 | 22.1 | 36.1 | 31.2 | 28.0 | 33.4 | 48.5 | 49.4 | 56.0 | 35.7 | 24.4 | 25.0 | |
| EV / Revenue | 3.2 | 3.0 | 3.6 | 3.4 | 4.6 | 4.0 | 3.6 | 3.8 | 3.5 | 3.6 | 1.7 | 1.6 | |
| Earnings Yield | 3.5% | 3.8% | 3.1% | 2.8% | 1.8% | 0.80% | 0.62% | 1.1% | 5.9% | 0.62% | 4.5% | 4.6% |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.37B | $4.15B | $4.36B | $4.10B | $4.02B | $3.83B | $3.96B | $3.90B | $3.81B | $3.74B | $3.87B | $3.74B | $3.73B | $3.65B | $3.74B | $3.56B | |
| Gross Profit | · | · | · | · | · | · | · | $915M | $863M | $827M | · | $862M | $850M | $802M | · | $812M | |
| SG&A Expense | $574M | $502M | $468M | $514M | $509M | $508M | $453M | $522M | $509M | $508M | $556M | $502M | $482M | $513M | $583M | $517M | |
| Operating Income | $506M | $514M | $627M | $553M | $506M | $496M | $626M | $550M | $520M | $506M | $501M | $481M | $524M | $471M | $379M | $472M | |
| Interest Expense | $197M | $192M | $193M | $189M | $182M | $165M | $171M | $170M | $163M | $166M | $181M | $181M | $169M | $141M | $128M | $108M | |
| Interest Income | $7M | $10M | $11M | $13M | $10M | $11M | $11M | $13M | $12M | $11M | $12M | $14M | $4M | $6M | $6M | $4M | |
| Other Non-op | $-12M | $-4M | $94M | $31M | $-11M | $-15M | $78M | $-44M | $67M | $-11M | $47M | $35M | $16M | $26M | $18M | $-8M | |
| Pretax Income | $301M | $328M | $537M | $408M | $323M | $323M | $544M | $349M | $436M | $340M | $373M | $349M | $375M | $362M | $275M | $360M | |
| Income Tax | $60M | $59M | $59M | $76M | $56M | $61M | $112M | $65M | $75M | $49M | $-102M | $51M | $81M | $71M | $48M | $70M | |
| Net Income | $256M | $274M | $514M | $331M | $266M | $249M | $437M | $285M | $363M | $288M | $469M | $303M | $297M | $289M | $227M | $283M | |
| EPS (Basic) | $1.54 | $1.63 | $3.00 | $1.94 | $1.55 | $1.42 | $2.43 | $1.57 | $1.99 | $1.58 | $2.56 | $1.66 | $1.61 | $1.56 | $1.23 | $1.52 | |
| EPS (Diluted) | $1.53 | $1.61 | $2.97 | $1.93 | $1.54 | $1.40 | $2.41 | $1.55 | $1.97 | $1.56 | $2.54 | $1.63 | $1.59 | $1.53 | $1.21 | $1.49 | |
| Shares (Basic) | 166,100,000 | 168,400,000 | -345,800,000 | 170,200,000 | 171,800,000 | 175,700,000 | -364,900,000 | 182,100,000 | 182,200,000 | 181,900,000 | -369,300,000 | 182,900,000 | 184,400,000 | 185,800,000 | -377,200,000 | 186,500,000 | |
| Shares (Diluted) | 167,300,000 | 169,800,000 | -348,800,000 | 171,700,000 | 173,200,000 | 177,400,000 | -369,400,000 | 184,200,000 | 184,300,000 | 184,300,000 | -374,500,000 | 185,500,000 | 186,700,000 | 188,600,000 | -383,300,000 | 189,400,000 | |
| EBITDA | $798M | $802M | · | $839M | $782M | $761M | · | $828M | $789M | $770M | · | $778M | $783M | $724M | · | $720M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.91B | $1.95B | $1.98B | $1.81B | $2.04B | $1.74B | $1.70B | $1.57B | $1.54B | $1.44B | · | $1.22B | $1.38B | $1.49B | · | $1.27B | |
| Short-term Investments | $171M | $156M | $161M | $158M | $149M | $136M | $141M | $140M | $133M | $131M | · | $108M | $110M | $104M | · | $87M | |
| Receivables | $3.35B | $3.35B | $3.40B | $3.27B | $3.34B | $3.27B | $3.20B | $3.20B | $3.25B | $3.43B | · | $3.23B | $3.14B | $3.06B | · | $2.64B | |
| Prepaid Expense | $220M | $167M | $162M | $177M | $200M | $166M | $154M | $195M | $191M | $173M | · | $177M | $179M | $165M | · | $176M | |
| Current Assets | $6.23B | $6.22B | $6.25B | $5.98B | $6.34B | $5.91B | $5.83B | $5.63B | $5.62B | $5.65B | · | $5.21B | $5.33B | $5.33B | · | $4.75B | |
| PP&E (Net) | $547M | $516M | $533M | $525M | $536M | $533M | $535M | $513M | $503M | $513M | · | $498M | $510M | $520M | · | $507M | |
| PP&E (Gross) | · | · | $1.44B | · | · | · | $1.35B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $905M | · | · | · | $819M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $16.60B | $16.54B | $16.62B | $15.95B | $15.61B | $15.03B | $14.71B | $15.09B | $14.48B | $14.52B | $14.57B | $14.29B | $14.18B | $14.02B | $13.92B | $13.18B | |
| Intangibles | $4.75B | $4.80B | $4.96B | $4.71B | $4.60B | $4.50B | $4.50B | $4.73B | $4.61B | $4.72B | · | $4.91B | $4.94B | $4.76B | · | $4.72B | |
| Total Assets | $29.88B | $29.68B | $29.94B | $28.73B | $28.63B | $27.32B | $26.90B | $27.18B | $26.40B | $26.57B | · | $25.98B | $26.04B | $25.74B | · | $24.22B | |
| Accrued Liabilities | · | · | $2.97B | · | · | · | $2.95B | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $8.81B | $8.33B | $8.34B | $8.51B | $7.57B | $7.18B | $6.96B | $6.99B | $6.62B | $6.45B | · | $6.59B | $6.54B | $6.66B | · | $5.25B | |
| Capital Leases | $242M | $232M | $225M | $233M | $210M | $177M | $173M | $188M | $192M | $204M | · | $217M | $242M | $255M | · | $259M | |
| Deferred Tax | $173M | $159M | $179M | $207M | $216M | $197M | $196M | $128M | $149M | $164M | · | $365M | $367M | $421M | · | $560M | |
| Other Non-current Liabilities | $645M | $617M | $688M | $698M | $671M | $676M | $668M | $612M | $632M | $595M | · | $679M | $703M | $641M | · | $561M | |
| Total Liabilities | $23.58B | $23.33B | $23.31B | $22.44B | $22.85B | $21.34B | $20.83B | $20.21B | $19.68B | $20.23B | · | $20.17B | $20.29B | $19.81B | · | $18.88B | |
| Long-term Debt | $16.00B | $15.83B | $15.72B | $14.96B | $15.49B | $14.33B | $13.98B | $13.51B | $13.26B | $13.54B | · | $13.63B | $13.78B | $13.18B | · | $12.39B | |
| Total Debt | $16.00B | $15.83B | · | $14.96B | $15.49B | $14.33B | · | $13.51B | $13.26B | $13.54B | · | $13.63B | $13.78B | $13.18B | · | $12.39B | |
| Retained Earnings | $7.96B | $7.70B | $7.42B | $6.91B | $6.58B | $6.31B | $6.07B | $5.63B | $5.34B | $4.98B | · | $4.22B | $3.92B | $3.62B | · | $3.11B | |
| Treasury Stock | $12.32B | $11.91B | $11.36B | $11.14B | $11.14B | $10.53B | $10.10B | $8.94B | $8.74B | $8.74B | · | $8.51B | $8.36B | $7.87B | · | $7.71B | |
| AOCI | $-964M | $-968M | $-943M | $-928M | $-882M | $-978M | $-1.04B | $-826M | $-949M | $-911M | · | $-903M | $-760M | $-731M | · | $-898M | |
| Stockholders' Equity | $6.17B | $6.22B | $6.50B | $6.16B | $5.78B | $5.98B | $6.07B | $6.97B | $6.71B | $6.34B | · | $5.80B | $5.75B | $5.93B | $5.76B | $5.35B | |
| Liabilities + Equity | $29.88B | $29.68B | $29.94B | $28.73B | $28.63B | $27.32B | $26.90B | $27.18B | $26.40B | $26.57B | · | $25.98B | $26.04B | $25.74B | · | $24.22B | |
| Shares Outstanding | 164,600,000 | 166,900,000 | 169,600,000 | 170,300,000 | 170,000,000 | 174,100,000 | 176,100,000 | 181,600,000 | 182,300,000 | 182,200,000 | 257,200,000 | 182,500,000 | 183,100,000 | 185,500,000 | 256,400,000 | 185,800,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $292M | $288M | $317M | $286M | $276M | $265M | $303M | $278M | $269M | $264M | $316M | $297M | $259M | $253M | $357M | $248M | |
| Stock-based Comp | $95M | $65M | $60M | $55M | $60M | $72M | $48M | $54M | $48M | $56M | $45M | $47M | $50M | $75M | $58M | $61M | |
| Deferred Tax | $-36M | $-38M | $-48M | $-46M | $-45M | $-41M | $-15M | $-34M | $-14M | $-66M | $-152M | $-47M | $-43M | $-27M | $-63M | $-24M | |
| Restructuring | $63M | $51M | $24M | $20M | $32M | $29M | $-4M | $28M | $28M | $15M | $17M | $30M | $20M | $17M | $13M | $4M | |
| Other Non-cash | · | $29M | · | · | · | $23M | · | · | · | $-20M | · | · | · | $-173M | · | · | |
| Operating Cash Flow | $558M | $618M | $735M | $908M | $443M | $568M | $885M | $721M | $588M | $522M | $747M | $583M | $402M | $417M | $560M | $863M | |
| CapEx | $198M | $127M | $174M | $136M | $151M | $142M | $164M | $150M | $143M | $145M | $179M | $146M | $160M | $164M | $171M | $165M | |
| Investing Cash Flow | $-381M | $-196M | $-1.10B | $-550M | $-346M | $-305M | $-310M | $-599M | $-221M | $-314M | $-212M | $-573M | $-596M | $-222M | $-477M | $-717M | |
| Stock Repurchased | $398M | $552M | $212M | $0 | $657M | $375M | $1.15B | $200M | $0 | $0 | $229M | $144M | $490M | $129M | $65M | $210M | |
| Net Stock Activity | · | $-552M | · | · | · | $-375M | · | · | · | $0 | · | · | · | $-129M | · | · | |
| Financing Cash Flow | $-214M | $-433M | $535M | $-572M | $145M | $-258M | $-375M | $-137M | $-260M | $-106M | $-420M | $-144M | $95M | $87M | $-193M | $-251M | |
| Net Change in Cash | $-38M | $-33M | $166M | $-225M | $299M | $38M | $130M | $27M | $101M | $68M | $152M | $-158M | $-112M | $278M | $-58M | $-154M | |
| Free Cash Flow | · | $491M | · | · | · | $426M | · | · | · | $377M | · | · | · | $253M | · | · | |
| Levered FCF | · | $334M | · | · | · | $292M | · | · | · | $235M | · | · | · | $140M | · | · |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | 23.5% | 22.6% | 22.1% | · | 23.1% | 22.8% | 22.0% | · | 22.8% | |
| Operating Margin | 11.6% | 12.4% | · | 13.5% | 12.6% | 13.0% | · | 14.1% | 13.6% | 13.5% | · | 12.9% | 14.1% | 12.9% | · | 13.2% | |
| Net Margin | 5.9% | 6.6% | · | 8.1% | 6.6% | 6.5% | · | 7.3% | 9.5% | 7.7% | · | 8.1% | 8.0% | 7.9% | · | 7.9% | |
| Pretax Margin | 6.9% | 7.9% | · | 10.0% | 8.0% | 8.4% | · | 9.0% | 11.4% | 9.1% | · | 9.3% | 10.1% | 9.9% | · | 10.1% | |
| EBITDA Margin | 18.3% | 19.3% | · | 20.5% | 19.5% | 19.9% | · | 21.2% | 20.7% | 20.6% | · | 20.8% | 21.0% | 19.8% | · | 20.2% | |
| ROA | 0.88% | 0.96% | · | 1.2% | 0.97% | 0.92% | · | 1.1% | 1.4% | 1.1% | · | 1.2% | 1.2% | 1.1% | · | 1.2% | |
| ROE | 4.3% | 4.5% | · | 5.0% | 4.3% | 4.0% | · | 4.5% | 5.8% | 4.7% | · | 5.4% | 5.3% | 4.9% | · | 5.1% | |
| ROIC | 1.8% | 1.9% | · | 2.1% | 2.0% | 2.0% | · | 2.2% | 2.2% | 2.2% | · | 2.1% | 2.1% | 2.0% | · | 2.1% |
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 | 0.7 | 0.7 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.9 | · | 0.8 | 0.8 | 0.8 | · | 0.9 | |
| Quick Ratio | 0.6 | 0.7 | · | 0.6 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.8 | · | 0.7 | 0.7 | 0.7 | · | 0.8 | |
| Debt / Equity | 2.6 | 2.5 | · | 2.4 | 2.7 | 2.4 | · | 1.9 | 2.0 | 2.1 | · | 2.3 | 2.4 | 2.2 | · | 2.3 | |
| LT Debt / Equity | 2.2 | 2.2 | · | 2.1 | 2.5 | 2.2 | · | 1.8 | 1.8 | 2.0 | · | 2.1 | 2.2 | 2.0 | · | 2.3 | |
| Interest Coverage | 2.6 | 2.7 | · | 2.9 | 2.8 | 3.0 | · | 3.2 | 3.2 | 3.0 | · | 2.7 | 3.1 | 3.3 | · | 4.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.3 | 1.3 | · | 1.3 | 1.2 | 1.1 | · | 1.2 | 1.2 | 1.2 | · | 1.3 | 1.3 | 1.3 | · | 1.4 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $16.64B | $16.10B | · | $15.84B | $15.56B | $15.28B | · | $15.18B | $15.02B | $14.85B | · | $14.68B | $14.48B | $14.32B | · | $14.06B | |
| Net Income TTM | $1.13B | $1.12B | · | $1.13B | $1.16B | $1.19B | · | $1.24B | $1.25B | $1.18B | · | $1.17B | $1.12B | $1.15B | · | $1.12B | |
| Market Cap | $31.80B | $28.46B | · | $32.35B | $26.79B | $30.69B | · | $43.03B | $38.55B | $46.08B | · | $35.91B | $41.16B | $36.89B | · | $33.66B | |
| Enterprise Value | $45.72B | $42.19B | · | $45.33B | $40.09B | $43.15B | · | $54.83B | $50.13B | $58.04B | · | $48.21B | $53.44B | $48.47B | · | $44.69B | |
| P/E | 29.2 | 26.3 | · | 29.6 | 24.4 | 27.2 | · | 35.3 | 31.3 | 40.1 | · | 31.5 | 37.8 | 32.9 | · | 31.0 | |
| P/S | 1.9 | 1.8 | · | 2.0 | 1.7 | 2.0 | · | 2.8 | 2.6 | 3.1 | · | 2.4 | 2.8 | 2.6 | · | 2.4 | |
| P/B | 5.2 | 4.6 | · | 5.3 | 4.6 | 5.1 | · | 6.2 | 5.7 | 7.3 | · | 6.2 | 7.2 | 6.2 | · | 6.3 | |
| P / Cash Flow | · | 46.1 | · | · | · | 54.0 | · | · | · | 88.3 | · | · | · | 88.5 | · | · | |
| P / FCF | · | 58.0 | · | · | · | 72.1 | · | · | · | 122.2 | · | · | · | 145.8 | · | · | |
| EV / EBITDA | 57.3 | 52.6 | · | 54.0 | 51.3 | 56.7 | · | 66.2 | 63.5 | 75.4 | · | 62.0 | 68.3 | 67.0 | · | 62.1 | |
| EV / FCF | · | 85.9 | · | · | · | 101.3 | · | · | · | 153.9 | · | · | · | 191.6 | · | · | |
| EV / Revenue | 2.7 | 2.6 | · | 2.9 | 2.6 | 2.8 | · | 3.6 | 3.3 | 3.9 | · | 3.3 | 3.7 | 3.4 | · | 3.2 | |
| Earnings Yield | 3.4% | 3.8% | · | 3.4% | 4.1% | 3.7% | · | 2.8% | 3.2% | 2.5% | · | 3.2% | 2.6% | 3.0% | · | 3.2% |
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 | $16.31B | $15.40B | $14.98B | $14.41B | $13.87B |
| Operating Margin % | 13.4% | 14.3% | 13.2% | 12.5% | 10.0% |
| Net Income | $1.36B | $1.37B | $1.36B | $1.09B | $966M |
| Diluted EPS | $7.84 | $7.49 | $7.29 | $5.72 | $4.95 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 2.4 | 2.3 | 2.2 | 2.2 | 2.0 |
| Current Ratio | 0.7 | 0.8 | 0.9 | 0.9 | 0.9 |
| Quick Ratio | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $2.05B | $2.11B | $1.50B | $1.59B | $2.30B |
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Institutional owners (13F) 1,176 filers · $16.9B 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 |
|---|---|---|---|---|
| 140 (-5 vs prior Q) | 103 (-63 vs prior Q) | 387 (-17 vs prior Q) | 413 (+16 vs prior Q) | -3.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $2,107,074,341 | 10,905,053 | 12.50% | Shares |
| STATE STREET CORP | $1,450,742,906 | 7,508,244 | 8.61% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,449,535,087 | 7,501,993 | 8.60% | Shares |
| Artisan Partners Limited Partnership | $916,526,317 | 4,743,434 | 5.44% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $751,515,288 | 3,907,352 | 4.46% | Shares |
| NORGES BANK | $437,632,480 | 2,264,944 | 2.60% | Shares |
| Longview Partners (Guernsey) LTD | $289,976,847 | 1,500,760 | 1.72% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $282,111,725 | 1,460,055 | 1.67% | Shares |
| ALLIANCEBERNSTEIN L.P. | $280,214,615 | 1,643,102 | 1.66% | Shares |
| LYRICAL ASSET MANAGEMENT LP | $243,436,719 | 1,259,894 | 1.44% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $241,535,241 | 1,250,053 | 1.43% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $240,910,560 | 1,246,820 | 1.43% | Shares |
| AMERICAN CENTURY COMPANIES INC | $204,721,978 | 1,059,526 | 1.21% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $188,339,728 | 974,742 | 1.12% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $181,113,608 | 937,344 | 1.07% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $160,725,420 | 831,826 | 0.95% | Shares |
| CADIAN CAPITAL MANAGEMENT, LP | $157,619,601 | 815,752 | 0.94% | Shares |
| FIL Ltd | $153,554,253 | 794,712 | 0.91% | Shares |
| JARISLOWSKY, FRASER Ltd | $149,227,880 | 785,658 | 0.89% | Shares |
| GREENHAVEN ASSOCIATES INC | $148,401,655 | 768,045 | 0.88% | Shares |
| 1832 Asset Management L.P. | $143,802,826 | 744,244 | 0.85% | Shares |
| AMERIPRISE FINANCIAL INC | $142,211,800 | 735,972 | 0.84% | Shares |
| FMR LLC | $135,375,060 | 700,627 | 0.80% | Shares |
| Balyasny Asset Management L.P. | $135,333,607 | 700,412 | 0.80% | Shares |
| Boston Partners | $133,444,690 | 690,636 | 0.79% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $121,523,014 | 628,936 | 0.72% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $113,104,610 | 585,374 | 0.67% | Shares |
| RAYMOND JAMES FINANCIAL INC | $106,359,117 | 550,456 | 0.63% | Shares |
| EARNEST PARTNERS LLC | $105,901,563 | 548,088 | 0.63% | Shares |
| MILLENNIUM MANAGEMENT LLC | $99,841,411 | 516,724 | 0.59% | Shares |
| Swiss National Bank | $92,490,550 | 478,680 | 0.55% | Shares |
| BlackRock, Inc. | $91,938,713 | 475,824 | 0.55% | Shares |
| CIBC Bancorp USA Inc. | $91,205,076 | 471,352 | 0.54% | Shares |
| D. E. Shaw & Co., Inc. | $90,085,733 | 466,234 | 0.53% | Shares |
| EDMOND DE ROTHSCHILD HOLDING S.A. | $79,369,559 | 410,773 | 0.47% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $78,508,764 | 406,318 | 0.47% | Shares |
| National Pension Service | $72,645,503 | 375,973 | 0.43% | Shares |
| Ilex Capital Partners (UK) LLP | $71,680,176 | 370,977 | 0.43% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $70,949,418 | 367,195 | 0.42% | Shares |
| California Public Employees Retirement System | $70,656,690 | 365,680 | 0.42% | Shares |
| Vanguard Global Advisers, LLC | $69,529,444 | 359,846 | 0.41% | Shares |
| Quantinno Capital Management LP | $69,138,831 | 357,824 | 0.41% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $68,883,914 | 356,505 | 0.41% | Shares |
| Legal & General Group Plc | $67,679,555 | 350,272 | 0.40% | Shares |
| Assenagon Asset Management S.A. | $65,786,773 | 340,476 | 0.39% | Shares |
| CI INVESTMENTS INC. | $65,379,079 | 338,366 | 0.39% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $64,474,036 | 333,682 | 0.38% | Shares |
| RHUMBLINE ADVISERS | $64,175,589 | 332,138 | 0.38% | Shares |
| LAKEWOOD CAPITAL MANAGEMENT, LP | $61,424,638 | 317,900 | 0.36% | Shares |
| Capital World Investors | $61,228,906 | 316,887 | 0.36% | Shares |
| FIRST MANHATTAN CO. LLC. | $60,389,365 | 312,542 | 0.36% | Shares |
| Man Group plc | $57,113,707 | 295,589 | 0.34% | Shares |
| Cornerstone Investment Partners, LLC | $56,162,291 | 290,665 | 0.33% | Shares |
| Point72 Asset Management, L.P. | $53,998,807 | 279,468 | 0.32% | Shares |
| Qube Research & Technologies Ltd | $53,924,997 | 279,086 | 0.32% | Shares |
| Vulcan Value Partners, LLC | $50,209,376 | 259,856 | 0.30% | Shares |
| GOLDMAN SACHS GROUP INC | $47,369,345 | 245,158 | 0.28% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $44,584,443 | 261,431 | 0.26% | Shares |
| Danica Pension, Livsforsikringsaktieselskab | $43,968,177 | 227,555 | 0.26% | Shares |
| SEB Asset Management AB | $41,578,752 | 215,189 | 0.25% | Shares |
| COUNTRY TRUST BANK | $41,040,701 | 212,404 | 0.24% | Shares |
| BANK OF AMERICA CORP /DE/ | $40,135,272 | 207,718 | 0.24% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $39,462,000 | 204,232 | 0.23% | Shares |
| Associated Banc-Corp | $38,755,873 | 200,579 | 0.23% | Shares |
| Freestone Grove Partners LP | $38,705,830 | 200,320 | 0.23% | Shares |
| ASSETMARK, INC | $38,066,693 | 197,012 | 0.23% | Shares |
| Trajan Wealth LLC | $35,265,548 | 182,515 | 0.21% | Shares |
| Robeco Institutional Asset Management B.V. | $33,903,348 | 175,465 | 0.20% | Shares |
| HARRIS ASSOCIATES L P | $33,507,826 | 173,418 | 0.20% | Shares |
| UBS Group AG | $32,389,275 | 167,629 | 0.19% | Shares |
| Dana Investment Advisors, Inc. | $32,065,825 | 165,955 | 0.19% | Shares |
| Woodline Partners LP | $31,980,808 | 165,515 | 0.19% | Shares |
| KENSICO CAPITAL MANAGEMENT CORP | $31,881,300 | 165,000 | 0.19% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $30,940,319 | 160,130 | 0.18% | Shares |
| BARCLAYS PLC | $30,871,145 | 159,772 | 0.18% | Shares |
| Act Two Investors LLC | $30,672,902 | 158,746 | 0.18% | Shares |
| AVIVA PLC | $29,357,847 | 151,940 | 0.17% | Shares |
| MML INVESTORS SERVICES, LLC | $28,789,342 | 148,998 | 0.17% | Shares |
| Meridiem Capital Partners LP | $27,945,409 | 144,630 | 0.17% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $27,653,453 | 143,119 | 0.16% | Shares |
| Gotham Asset Management, LLC | $27,184,508 | 140,692 | 0.16% | Shares |
| LPL Financial LLC | $26,931,587 | 139,383 | 0.16% | Shares |
| Candriam S.C.A. | $26,917,640 | 139,445 | 0.16% | Shares |
| CIBC Asset Management Inc | $26,395,011 | 136,606 | 0.16% | Shares |
| Howard Capital Management Group, LLC | $26,033,014 | 134,733 | 0.15% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $25,336,358 | 131,127 | 0.15% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $24,914,763 | 128,620 | 0.15% | Shares |
| Banco Santander, S.A. | $23,956,575 | 123,986 | 0.14% | Shares |
| MORGAN STANLEY | $23,730,050 | 122,813 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,514,874 | 121,700 | 0.14% | Put option |
| TUDOR INVESTMENT CORP ET AL | $23,098,292 | 119,544 | 0.14% | Shares |
| Compagnie Lombard Odier SCmA | $22,951,639 | 118,785 | 0.14% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $22,870,437 | 134,106 | 0.14% | Shares |
| Cetera Investment Advisers | $22,677,210 | 117,365 | 0.13% | Shares |
| Artemis Investment Management LLP | $22,412,167 | 115,993 | 0.13% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $22,184,748 | 114,816 | 0.13% | Shares |
| VAN ECK ASSOCIATES CORP | $21,593,301 | 111,755 | 0.13% | Shares |
| Andra AP-fonden | $20,704,409 | 121,405 | 0.12% | Shares |
| GDS Wealth Management | $20,556,096 | 106,387 | 0.12% | Shares |
| Parkman Healthcare Partners LLC | $20,444,801 | 105,811 | 0.12% | Shares |
Company insiders 31 insiders · 14 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ari Bousbib | Chairman, Chief Executive Officer & President Power of Attorney | July 29, 2026 M | 835,941 | 0 | 10 | $-38,553,192 |
| Michael R. Mcdonnell | EVP and CFO | Oct. 3, 2016 A | 44,106 | 0 | 0 | $0 |
| Richard W Staub | President, Research & Development Solutions Power of Attorney | Aug. 3, 2026 S | 13,312 | 0 | 1 | $-1,279,740 |
| Bhavik Patel | President, MedTech and Consumer Health Power of Attorney | July 31, 2026 S | 1,348 | 0 | 1 | $-436,426 |
| John D Ratliff | President and COO | Nov. 18, 2013 X | 0 | 0 | 0 | $0 |
| Kevin K Gordon | EVP and COO | June 9, 2016 X | 17,899 | 0 | 0 | $0 |
| Keriann Cherofsky | SVP, Corporate Controller Power of Attorney | July 29, 2026 S | 2,989 | 0 | 1 | $-136,827 |
| Eric Sherbet | Executive Vice President, General Counsel Power of Attorney | July 29, 2026 S | 20,999 | 0 | 1 | $-1,245,800 |
| Iii James H Erlinger | Exec VP and GC | Oct. 3, 2016 A | 18,024 | 0 | 0 | $0 |
| Thomas Pike | Vice Chair, Pres R&D Solutions | Oct. 3, 2016 A | 185,460 | 0 | 0 | $0 |
| Kevin C Knightly | Pres Info & Tech Solutions | Oct. 3, 2016 A | 26,826 | 0 | 0 | $0 |
| Charles Edward Williams | Sr VP and Controller | March 3, 2016 A | 3,911 | 0 | 0 | $0 |
| Derek M. Winstanly | Exec VP & Chief Cust & Gov Ofc | Feb. 13, 2014 X | 229,500 | 0 | 0 | $0 |
| Michael I. Mortimer | Exec VP & Chief Admin Officer | Nov. 18, 2013 S | 25,000 | 0 | 0 | $0 |
| Morris Leslie Wims | Director | July 14, 2026 A | — | 0 | 0 | $0 |
| Jim Fasano | Director | July 14, 2026 A | — | 0 | 0 | $0 |
| Colleen A Goggins | Director | July 14, 2026 A | — | 0 | 0 | $0 |
| John G Danhakl | Director | July 14, 2026 A | 0 | 0 | 0 | $0 |
| John Connaughton | Director | Dec. 2, 2021 G | 0 | 0 | 0 | $0 |
| Dennis B Ph D Gillings | Director | Aug. 28, 2017 S | 84,067 | 0 | 0 | $0 |
| Ronald A Rittenmeyer | Director | Oct. 3, 2016 A | 54,849 | 0 | 0 | $0 |
| Annie H. Lo | Director | May 12, 2016 P | 2,062 | 0 | 0 | $0 |
| John M. Leonard | Director | May 5, 2016 A | 2,316 | 0 | 0 | $0 |
| Michael J Evanisko | Director | May 5, 2016 A | 5,346 | 0 | 0 | $0 |
| Jack M Greenberg | Director | May 5, 2016 A | 2,930 | 0 | 0 | $0 |
| Leonard D Schaeffer | Director | May 5, 2016 A | 65,896 | 0 | 0 | $0 |
| Christopher R Gordon | Director | Aug. 5, 2015 S | 9,944,017 | 0 | 0 | $0 |
| Mireille Gillings | Director | May 19, 2015 X | 11,663,929 | 0 | 0 | $0 |
| Canada Pension Plan Investment Board | 10% owner | Sept. 18, 2018 J | 1,569,600 | 0 | 0 | $0 |
| DENNIS & MIREILLE GILLINGS FOUNDATION | 10% owner | May 19, 2015 S | 103,556 | 0 | 0 | $0 |
| Gillings Limited Partnership | 10% owner | Nov. 10, 2014 S | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Canada Pension Plan Investment Board, CPP Investment Board Private Holdings Inc. ×8 filings | Aug. 13, 2019 | — | Initial filing | — | SEC |
| TPG Group Holdings (SBS) Advisors, Inc., TPG Advisors VI, Inc., TPG Advisors V, Inc., TPG Biotech Advisors, Inc., David Bonderman, James G. Coulter ×9 filings | March 12, 2019 | — | Initial filing | Capital structure | SEC |
| Quintiles Transnational Holdings Inc. | May 13, 2016 | — | Initial filing | M&A / sale | SEC |
| OR | May 13, 2016 | — | Initial filing | M&A / sale | 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 170 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 |
|---|---|---|---|---|
| HEAL · Global X Funds | 4.72% | 6,483 NS | May 31, 2026 | N-PORT |
| FLV · AMERICAN CENTURY ETF TRUST | 1.91% | 37,019 NS | May 31, 2026 | N-PORT |
| RUNN · Strategic Trust | 1.75% | 33,257 NS | May 31, 2026 | N-PORT |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1.73% | 5,832 NS | April 30, 2026 | N-PORT |
| EPMB · Harbor ETF Trust | 1.57% | 447 NS | April 30, 2026 | N-PORT |
| EPMV · Harbor ETF Trust | 1.36% | 380 NS | April 30, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 1.03% | 726 NS | April 30, 2026 | N-PORT |
| LRGC · AB Active ETFs, Inc. | 0.89% | 60,947 NS | May 31, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 0.83% | 22,672 NS | April 30, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 0.80% | 44,382 NS | April 30, 2026 | N-PORT |
| RFFC · ALPS ETF Trust | 0.75% | 1,218 NS | May 31, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 0.62% | 709,284 NS | April 30, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.62% | 1,821 NS | April 30, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.55% | 2,710 NS | May 29, 2026 | N-PORT |
| RXL · ProShares Trust | 0.45% | 1,768 NS | May 31, 2026 | N-PORT |
| FHLC · FIDELITY COVINGTON TRUST | 0.44% | 78,509 NS | April 30, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.40% | 7,214 NS | April 30, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 0.39% | 3,383 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.29% | 6,499 NS | May 31, 2026 | N-PORT |
| PY · Principal Exchange-Traded Funds | 0.23% | 2,572 NS | June 30, 2026 | N-PORT |
| SPXD · DBX ETF Trust | 0.22% | 81 NS | May 31, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.21% | 79,706 NS | April 30, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.21% | 72,385 NS | April 30, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.20% | 19,216 NS | May 31, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 4,875 NS | April 30, 2026 | N-PORT |
| OALC · Unified Series Trust | 0.16% | 2,166 NS | May 31, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.16% | 12,884 NS | April 30, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.15% | 14,406 NS | April 30, 2026 | N-PORT |
| GSLC · Goldman Sachs ETF Trust | 0.14% | 122,318 NS | May 31, 2026 | N-PORT |
| CRTC · DBX ETF Trust | 0.14% | 995 NS | May 31, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.13% | 4,738 NS | May 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.13% | 1,873 NS | May 29, 2026 | N-PORT |
| CATH · Global X Funds | 0.12% | 9,550 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.12% | 108,549 NS | April 30, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.12% | 3,597 NS | April 30, 2026 | N-PORT |
| CSM · ProShares Trust | 0.11% | 3,256 NS | May 31, 2026 | N-PORT |
| SCHG · SCHWAB STRATEGIC TRUST | 0.11% | 361,004 NS | May 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.10% | 948 NS | April 30, 2026 | N-PORT |
| USNZ · DBX ETF Trust | 0.10% | 1,585 NS | May 29, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.10% | 12,524 NS | April 30, 2026 | N-PORT |
| HAPI · Harbor ETF Trust | 0.10% | 2,828 NS | April 30, 2026 | N-PORT |
| USSG · DBX ETF Trust | 0.09% | 2,933 NS | May 29, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.09% | 2,035 NS | May 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.08% | 1,639 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.08% | 2,022 NS | April 30, 2026 | N-PORT |
| CHRI · Global X Funds | 0.08% | 26 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.08% | 678 NS | April 30, 2026 | N-PORT |
| SPXT · ProShares Trust | 0.08% | 1,133 NS | May 31, 2026 | N-PORT |
| XMAG · Tidal Trust II | 0.07% | 561 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.07% | 198,006 NS | April 30, 2026 | N-PORT |