KVUE Kenvue Inc. Common Stock
$18.98
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$14–$22
63% of range
Analyst Rating
HOLD
20 analysts
Price Target
$20
+3% upside
P/E (TTM)
25.0
ROE
13.7%
Net Profit Margin
9.7%
KVUE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$18.98
Market Cap
$36.43B
P/E (TTM)
25.0
EPS (TTM)
$0.76
Revenue (TTM)
$15.12B
Div Yield
4.3%
ROE
13.7%
Debt/Equity
0.1
52W Range
$14 – $22
KVUE 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
$15.12B
2022-01-02
→
2025-12-28
EPS
$0.76
2022-01-02
→
2025-12-28
Free Cash Flow
$1.72B
2023-12-31
→
2025-12-28
Margins
9.7%
2023-12-31
→
2025-12-28
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KVUE
Peer Median
P/E (TTM)
25.0
14.8
P/S (TTM)
2.4
0.7
P/B
3.4
2.9
EV / EBITDA
12.4
—
Price / FCF
21.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KVUE
Peer Median
Gross Margin
58.1%
69.3%
Operating Margin
16.0%
—
Net Profit Margin
9.7%
4.4%
ROA
5.6%
6.3%
ROE
13.7%
14.0%
ROIC
14.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KVUE
Peer Median
Debt / Equity
0.1
47.2
Current Ratio
1.0
2.4
Quick Ratio
0.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KVUE
Peer Median
Revenue YoY
-2.1%
—
Revenue CAGR 3Y
0.39%
—
EPS YoY
40.7%
—
Net Income YoY
42.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
KVUE
Peer Median
Payout Ratio
107.5%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
4.3%
Payout Ratio
107.5%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 12, 2026 | $0.2100 |
| May 13, 2026 | $0.2080 |
| Feb. 11, 2026 | $0.2080 |
| Nov. 12, 2025 | $0.2080 |
| Aug. 13, 2025 | $0.2080 |
| May 14, 2025 | $0.2050 |
| Feb. 12, 2025 | $0.2050 |
| Nov. 13, 2024 | $0.2050 |
| Aug. 14, 2024 | $0.2050 |
| May 7, 2024 | $0.2000 |
| Feb. 13, 2024 | $0.2000 |
| Nov. 7, 2023 | $0.2000 |
| Aug. 25, 2023 | $0.2000 |
KVUE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
20 analysts
- Strong Buy 2 10.0%
- Buy 4 20.0%
- Hold 14 70.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-19
Median
$19.00
Mean
$19.50
Now
$18.98
Low
$18.00
High
$23.00
Median target
$19.00
+0.1%
Mean target
$19.50
+2.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.31 | $0.33 | -0.02% |
| March 31, 2026 | $0.32 | $0.27 | 0.05% |
| Dec. 31, 2025 | $0.27 | $0.23 | 0.04% |
| Sept. 30, 2025 | $0.28 | $0.27 | 0.01% |
| June 30, 2025 | $0.29 | $0.29 | 0.00% |
| March 31, 2025 | $0.24 | $0.23 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KVUE | $32.94B | 22.6 | -2.1% | 9.7% | 13.7% | 58.1% |
| EL | — | -25.7 | -8.2% | -7.9% | -28.2% | 74.0% |
| ELF | $3.58B | 137.8 | 24.6% | 1.6% | 2.3% | 70.7% |
| IPAR | $2.72B | 16.2 | 2.5% | 11.3% | 20.7% | 63.6% |
| BRBR | $4.39B | 21.6 | 16.1% | 9.3% | -72.0% | 33.3% |
| COTY | $4.06B | -10.6 | -3.7% | -6.2% | -10.0% | 64.8% |
| EPC | $946M | 38.4 | -1.3% | 1.1% | 1.7% | 41.6% |
| BRBR | $4.39B | 21.6 | 16.1% | 9.3% | -72.0% | 33.3% |
| HNST | $291M | -18.4 | -1.9% | -4.2% | -8.8% | 33.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $15.12B | $15.46B | $15.44B | $14.95B | $15.05B | |
| Cost of Revenue | $6.33B | $6.50B | $6.80B | $6.67B | $6.63B | |
| Gross Profit | $8.79B | $8.96B | $8.64B | $8.29B | $8.42B | |
| R&D Expense | $382M | $408M | $399M | $375M | $355M | |
| SG&A Expense | $6.09B | $6.33B | $6.14B | $5.63B | $5.48B | |
| Operating Income | $2.41B | $1.84B | $2.51B | $2.67B | $2.92B | |
| Interest Expense | · | · | $250M | $0 | $0 | |
| Other Non-op | $10M | $4M | $-7M | $3M | $25M | |
| Pretax Income | $2.00B | $1.42B | $2.19B | $2.64B | $2.92B | |
| Income Tax | $529M | $385M | $526M | $573M | $847M | |
| Net Income | $1.47B | $1.03B | $1.66B | $2.06B | $2.08B | |
| EPS (Basic) | $0.77 | $0.54 | $0.90 | $1.20 | $1.21 | |
| EPS (Diluted) | $0.76 | $0.54 | $0.90 | $1.20 | $1.21 | |
| Shares (Basic) | 1,917,000,000 | 1,915,000,000 | 1,846,000,000 | 1,716,000,000 | 1,716,160,000 | |
| Shares (Diluted) | 1,924,000,000 | 1,923,000,000 | 1,850,000,000 | 1,716,000,000 | 1,716,160,000 | |
| EBITDA | $2.97B | $2.46B | $3.14B | · | · |
Balance Sheet 31
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.06B | $1.07B | $1.38B | $1.23B | · | |
| Receivables | $2.38B | $2.17B | $2.07B | $2.12B | · | |
| Inventory | $1.67B | $1.59B | $1.85B | $2.23B | · | |
| Prepaid Expense | $432M | $494M | $567M | $175M | · | |
| Other Current Assets | $155M | $205M | $265M | $123M | · | |
| Current Assets | $5.70B | $5.53B | $6.14B | $5.88B | · | |
| PP&E (Net) | $2.21B | $1.85B | $2.04B | $1.82B | · | |
| PP&E (Gross) | $5.23B | $4.55B | $6.24B | $5.70B | · | |
| Accum. Depreciation | $3.02B | $2.70B | $4.20B | $3.88B | · | |
| Goodwill | $9.51B | $8.84B | $9.27B | $9.19B | $9.81B | |
| Intangibles | $8.69B | $8.47B | $9.62B | $9.85B | · | |
| Other Non-current Assets | $727M | $726M | $623M | $434M | · | |
| Total Assets | $27.08B | $25.60B | $27.85B | $27.32B | · | |
| Accounts Payable | $2.47B | $2.25B | $2.49B | $1.83B | · | |
| Accrued Liabilities | $1.16B | $1.13B | $1.46B | $906M | · | |
| Short-term Debt | $700M | $800M | $600M | $0 | · | |
| Current Liabilities | $5.95B | $5.74B | $5.48B | $3.93B | · | |
| Capital Leases | $107M | $76M | $97M | $81M | · | |
| Deferred Tax | $2.35B | $2.26B | $2.62B | $2.48B | · | |
| Other Non-current Liabilities | $601M | $536M | $491M | $727M | · | |
| Total Liabilities | $16.31B | $15.93B | $16.64B | $7.35B | · | |
| Long-term Debt | · | · | $7.69B | $0 | · | |
| Total Debt | $1.45B | $1.55B | $600M | · | · | |
| Common Stock | $19M | $19M | $19M | $0 | · | |
| Paid-in Capital | $16.35B | $16.13B | $16.15B | $0 | · | |
| Retained Earnings | $-204M | $-93M | $429M | $0 | · | |
| Treasury Stock | $439M | $242M | $7M | $0 | · | |
| AOCI | $-4.96B | $-6.15B | $-5.38B | $-5.46B | · | |
| Stockholders' Equity | $10.77B | $9.67B | $11.21B | $19.97B | $20.49B | |
| Liabilities + Equity | $27.08B | $25.60B | $27.85B | $27.32B | · | |
| Shares Outstanding | 1,916,115,000 | 1,913,768,000 | 1,915,057,000 | 0 | 0 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $557M | $622M | $627M | $644M | $731M | |
| Stock-based Comp | $136M | $254M | $188M | $137M | $141M | |
| Deferred Tax | $-108M | $-285M | $-114M | $180M | $521M | |
| Amort. of Intangibles | $257M | $269M | $322M | $348M | $414M | |
| Restructuring | $290M | $185M | $0 | $0 | $117M | |
| Other Non-cash | $142M | $148M | $803M | · | · | |
| Operating Cash Flow | $2.20B | $1.77B | $3.17B | $2.52B | $334M | |
| CapEx | $475M | $434M | $469M | $375M | $295M | |
| Investing Cash Flow | $-436M | $-425M | $-488M | $-390M | $-171M | |
| Stock Repurchased | $197M | $235M | $7M | $0 | · | |
| Net Stock Activity | $-197M | $-235M | · | · | · | |
| Dividends Paid | $1.58B | $1.55B | $766M | $0 | $0 | |
| Financing Cash Flow | $-1.84B | $-1.56B | $-2.53B | $-1.58B | $0 | |
| Net Change in Cash | $-8M | $-312M | $151M | $491M | $122M | |
| Taxes Paid | $595M | · | · | · | · | |
| Free Cash Flow | $1.72B | $1.33B | $2.70B | · | · | |
| Levered FCF | · | · | $2.51B | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 58.1% | 58.0% | 56.0% | · | · | |
| Operating Margin | 16.0% | 11.9% | 16.3% | · | · | |
| Net Margin | 9.7% | 6.7% | 10.8% | · | · | |
| Pretax Margin | 13.2% | 9.2% | 14.2% | · | · | |
| EBITDA Margin | 19.6% | 15.9% | 20.3% | · | · | |
| ROA | 5.6% | 3.9% | 6.0% | · | · | |
| ROE | 13.7% | 10.1% | 15.1% | · | · | |
| ROIC | 14.5% | 11.9% | 16.2% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 1.1 | · | · | |
| Quick Ratio | 0.6 | 0.6 | 0.6 | · | · | |
| Debt / Equity | 0.1 | 0.2 | 0.1 | · | · | |
| Interest Coverage | · | · | 10.0 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.6 | · | · | |
| Inventory Turnover | 3.9 | 3.8 | 3.3 | · | · | |
| Receivables Turnover | 6.7 | 7.3 | 7.4 | · | · |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | -2.1% | 0.07% | 3.3% | -0.69% | · | |
| Revenue CAGR 3Y | 0.39% | 0.88% | · | · | · | |
| EPS YoY | 40.7% | -40.0% | -25.0% | -0.83% | · | |
| EPS CAGR 3Y | -14.1% | -23.6% | · | · | · | |
| Net Income YoY | 42.7% | -38.1% | -19.4% | -0.67% | · | |
| Net Income CAGR 3Y | -10.7% | -20.9% | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $15.12B | $15.46B | $15.44B | · | · | |
| Net Income TTM | $1.47B | $1.03B | $1.66B | · | · | |
| Market Cap | $32.94B | $41.20B | $41.23B | · | · | |
| Enterprise Value | $33.33B | $41.68B | $40.45B | · | · | |
| P/E | 22.6 | 39.9 | 23.9 | · | · | |
| P/S | 2.2 | 2.7 | 2.7 | · | · | |
| P/B | 3.1 | 4.3 | 3.7 | · | · | |
| P / Cash Flow | 15.0 | 23.3 | 13.0 | · | · | |
| P / FCF | 19.1 | 30.9 | 15.3 | · | · | |
| EV / EBITDA | 11.2 | 16.9 | 12.9 | · | · | |
| EV / FCF | 19.4 | 31.2 | 15.0 | · | · | |
| EV / Revenue | 2.2 | 2.7 | 2.6 | · | · | |
| Dividend Yield | 4.8% | 3.8% | 1.9% | · | · | |
| Earnings Yield | 4.4% | 2.5% | 4.2% | · | · | |
| Payout Ratio | 107.5% | 150.7% | 46.0% | · | · | |
| Annual Payout | $1.58B | $1.55B | $766M | · | · |
Income Statement 16
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.96B | $3.91B | $3.78B | $3.76B | $3.84B | $3.74B | $3.66B | $3.90B | $4.00B | $3.89B | $3.67B | $4.01B | $3.85B | $3.77B | |
| Cost of Revenue | $1.65B | $1.61B | $1.64B | $1.54B | $1.58B | $1.57B | $1.59B | $1.62B | $1.64B | $1.65B | $1.62B | $1.79B | $1.73B | $1.72B | |
| Gross Profit | $2.30B | $2.30B | $2.14B | $2.23B | $2.26B | $2.17B | $2.07B | $2.28B | $2.37B | $2.24B | $2.04B | $2.23B | $2.12B | $2.05B | |
| R&D Expense | $94M | $84M | $98M | $94M | $91M | $99M | $106M | $97M | $105M | $100M | $133M | $99M | $89M | $103M | |
| SG&A Expense | $1.54B | $1.45B | $1.53B | $1.51B | $1.50B | $1.54B | $1.52B | $1.59B | $1.64B | $1.57B | $1.59B | $1.52B | $1.50B | $1.53B | |
| Operating Income | $699M | $767M | $535M | $629M | $692M | $558M | $483M | $654M | $154M | $550M | $460M | $702M | $640M | $531M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $53M | $1M | · | |
| Other Non-op | $1M | $0 | $-1M | $10M | $1M | $-6M | $3M | $-1M | $3M | $-1M | $0 | $2M | $-7M | $-1M | |
| Pretax Income | $598M | $672M | $427M | $526M | $588M | $458M | $346M | $577M | $65M | $427M | $357M | $639M | $609M | $512M | |
| Income Tax | $142M | $198M | $97M | $128M | $168M | $136M | $53M | $194M | $7M | $131M | $30M | $209M | $140M | $151M | |
| Net Income | $456M | $474M | $330M | $398M | $420M | $322M | $293M | $383M | $58M | $296M | $327M | $430M | $469M | $361M | |
| EPS (Basic) | $0.24 | $0.25 | $0.17 | $0.21 | $0.22 | $0.17 | $0.16 | $0.20 | $0.03 | $0.15 | $0.17 | $0.23 | $0.27 | $0.21 | |
| EPS (Diluted) | $0.24 | $0.25 | $0.16 | $0.21 | $0.22 | $0.17 | $0.16 | $0.20 | $0.03 | $0.15 | $0.17 | $0.23 | $0.27 | $0.21 | |
| Shares (Basic) | 1,920,000,000 | 1,918,000,000 | -3,834,000,000 | 1,918,000,000 | 1,919,000,000 | 1,914,000,000 | -3,830,000,000 | 1,915,000,000 | 1,915,000,000 | 1,915,000,000 | 23,000,000 | 1,838,000,000 | 1,716,000,000 | 0 | |
| Shares (Diluted) | 1,923,000,000 | 1,922,000,000 | -3,852,000,000 | 1,923,000,000 | 1,928,000,000 | 1,925,000,000 | -3,841,000,000 | 1,924,000,000 | 1,920,000,000 | 1,920,000,000 | 23,000,000 | 1,838,000,000 | 1,716,000,000 | 0 | |
| EBITDA | $699M | $910M | · | $770M | $834M | $694M | · | $654M | $154M | $699M | · | $850M | $792M | · |
Balance Sheet 31
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.11B | $1.07B | $1.06B | $1.14B | $1.07B | $1.06B | $1.07B | $1.06B | $1.01B | $1.16B | · | $1.23B | $1.69B | · | |
| Receivables | $2.48B | $2.50B | $2.38B | $2.42B | $2.33B | $2.31B | $2.17B | $2.39B | $2.24B | $2.16B | · | $2.10B | $2.11B | · | |
| Inventory | $1.72B | $1.67B | $1.67B | $1.79B | $1.78B | $1.68B | $1.59B | $1.82B | $1.85B | $1.88B | · | $2.03B | $2.22B | · | |
| Prepaid Expense | $450M | $410M | $432M | $531M | $525M | $505M | $494M | $460M | $557M | $645M | · | $643M | $242M | · | |
| Other Current Assets | $141M | $135M | $155M | $152M | $152M | $156M | $205M | $210M | $221M | $253M | · | $223M | $175M | · | |
| Current Assets | $5.90B | $5.79B | $5.70B | $6.03B | $5.85B | $5.71B | $5.53B | $5.94B | $5.88B | $6.10B | · | $6.22B | $6.44B | · | |
| PP&E (Net) | $2.23B | $2.21B | $2.21B | $2.09B | $2.04B | $1.93B | $1.85B | $1.78B | $2.00B | $2.00B | · | $1.83B | $1.84B | · | |
| PP&E (Gross) | · | · | $5.23B | · | · | · | $4.55B | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $3.02B | · | · | · | $2.70B | · | · | · | · | · | · | · | |
| Goodwill | $9.27B | $9.38B | $9.51B | $9.44B | $9.49B | $9.14B | $8.84B | $9.30B | $8.97B | $9.03B | $9.27B | $9.08B | $9.23B | $9.19B | |
| Intangibles | $8.41B | $8.54B | $8.69B | $8.72B | $8.80B | $8.59B | $8.47B | $8.89B | $8.76B | $9.38B | · | $9.68B | $9.84B | · | |
| Other Non-current Assets | $692M | $703M | $727M | $730M | $730M | $699M | $726M | $796M | $617M | $600M | · | $589M | $386M | · | |
| Total Assets | $26.73B | $26.85B | $27.08B | $27.25B | $27.13B | $26.26B | $25.60B | $26.93B | $26.44B | $27.28B | · | $27.54B | $35.59B | · | |
| Accounts Payable | $2.58B | $2.53B | $2.47B | $2.44B | $2.57B | $2.33B | $2.25B | $2.27B | $2.44B | $2.60B | · | $2.35B | $1.78B | · | |
| Accrued Liabilities | $1.04B | $901M | $1.16B | $958M | $1.08B | $1.01B | $1.13B | $1.16B | $1.26B | $1.08B | · | $1.20B | $987M | · | |
| Short-term Debt | $1.41B | $1.59B | $700M | $1.16B | $800M | $1.68B | $800M | $890M | $670M | $769M | · | $754M | · | · | |
| Current Liabilities | $5.87B | $5.90B | $5.95B | $6.16B | $5.99B | $6.67B | $5.74B | $5.95B | $5.94B | $6.17B | · | $5.30B | $4.21B | · | |
| Capital Leases | $92M | $99M | $107M | $98M | $96M | $76M | $76M | $86M | $88M | $98M | · | $120M | $85M | · | |
| Deferred Tax | $2.33B | $2.35B | $2.35B | $2.42B | $2.38B | $2.32B | $2.26B | $2.38B | $2.39B | $2.57B | · | $2.68B | $2.68B | · | |
| Other Non-current Liabilities | $572M | $579M | $601M | $600M | $606M | $559M | $536M | $542M | $535M | $541M | · | $593M | $516M | · | |
| Total Liabilities | $16.18B | $16.25B | $16.31B | $16.61B | $16.40B | $16.20B | $15.93B | $16.28B | $16.27B | $16.66B | · | $16.50B | $15.31B | · | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | $7.68B | $7.68B | · | |
| Total Debt | $1.41B | $1.59B | · | $1.91B | $1.55B | $2.43B | · | $1.64B | $1.42B | $1.52B | · | · | · | · | |
| Common Stock | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | · | $19M | · | · | |
| Paid-in Capital | $16.40B | $16.36B | $16.35B | $16.32B | $16.29B | $16.20B | $16.13B | $16.10B | $16.07B | $16.03B | · | $16.10B | · | · | |
| Retained Earnings | $-70M | $-128M | $-204M | $-136M | $-136M | $-163M | $-93M | $7M | $17M | $342M | · | $430M | · | · | |
| Treasury Stock | $439M | $439M | $439M | $439M | $369M | $305M | $242M | $121M | $98M | $98M | · | · | · | · | |
| AOCI | $-5.35B | $-5.21B | $-4.96B | $-5.13B | $-5.07B | $-5.70B | $-6.15B | $-5.36B | $-5.83B | $-5.67B | · | $-5.51B | $-5.24B | · | |
| Stockholders' Equity | $10.55B | $10.61B | $10.77B | $10.63B | $10.73B | $10.05B | $9.67B | $10.64B | $10.18B | $10.62B | $11.21B | $11.04B | $20.28B | $19.97B | |
| Liabilities + Equity | $26.73B | $26.85B | $27.08B | $27.25B | $27.13B | $26.26B | $25.60B | $26.93B | $26.44B | $27.28B | · | $27.54B | $35.59B | · | |
| Shares Outstanding | 1,920,241,000 | 1,919,935,000 | 1,916,115,000 | 1,915,731,000 | 1,918,837,000 | 1,918,859,000 | 1,913,768,000 | 1,916,278,000 | 1,915,064,000 | 1,914,698,000 | 1,915,057,000 | 1,914,894,444 | 1,716,160,000 | 0 |
Cash Flow 17
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $145M | $143M | $138M | $141M | $142M | $136M | $150M | $182M | $141M | $149M | $174M | $148M | $152M | $166M | |
| Stock-based Comp | $32M | $29M | $30M | $25M | $37M | $44M | $54M | $58M | $61M | $81M | $113M | · | $35M | $31M | |
| Deferred Tax | $-10M | $28M | $-97M | $16M | $-14M | $-13M | $-40M | $-40M | $-201M | $-4M | $14M | · | $28M | $52M | |
| Amort. of Intangibles | $64M | $65M | $64M | $66M | $64M | $63M | $57M | $66M | $72M | $74M | $80M | $79M | $81M | $83M | |
| Restructuring | $59M | $71M | $86M | $84M | $60M | $60M | $65M | $31M | $48M | $41M | $0 | $0 | $0 | · | |
| Other Non-cash | · | $-185M | · | · | · | $-61M | · | · | · | $-235M | · | · | $118M | · | |
| Operating Cash Flow | $688M | $489M | $854M | $294M | $621M | $428M | $793M | $249M | $440M | $287M | $950M | · | $802M | $644M | |
| CapEx | $64M | $139M | $110M | $98M | $88M | $179M | $132M | $59M | $90M | $153M | $223M | · | $55M | $159M | |
| Investing Cash Flow | $-78M | $-167M | $-75M | $-104M | $-90M | $-167M | $-132M | $-56M | $-85M | $-152M | $-265M | · | $-41M | $-167M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | $7.69B | · | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | $7.69B | · | |
| Stock Repurchased | $0 | $0 | $0 | $70M | $64M | $63M | $121M | $23M | $0 | $91M | $7M | · | $0 | · | |
| Net Stock Activity | · | $0 | · | · | · | $-63M | · | · | · | $-91M | · | · | · | · | |
| Dividends Paid | $398M | $398M | $398M | $398M | $393M | $392M | $393M | $393M | $383M | $383M | $383M | · | $0 | $0 | |
| Financing Cash Flow | $-587M | $-295M | $-869M | $-110M | $-548M | $-310M | $-587M | $-162M | $-490M | $-326M | $-383M | · | $7.39B | $-63M | |
| Net Change in Cash | $35M | $13M | $-77M | $69M | $13M | $-13M | $13M | $43M | $-141M | $-227M | $320M | · | $8.15B | $434M | |
| Free Cash Flow | · | $350M | · | · | · | $249M | · | · | · | $134M | · | · | $747M | · |
Profitability 8
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.2% | 58.9% | · | 59.1% | 58.9% | 58.0% | · | 58.5% | 59.1% | 57.6% | · | 55.5% | 55.2% | · | |
| Operating Margin | 17.7% | 19.6% | · | 16.7% | 18.0% | 14.9% | · | 16.8% | 3.9% | 14.1% | · | 17.5% | 16.6% | · | |
| Net Margin | 11.5% | 12.1% | · | 10.6% | 10.9% | 8.6% | · | 9.8% | 1.5% | 7.6% | · | 10.7% | 8.6% | · | |
| Pretax Margin | 15.1% | 17.2% | · | 14.0% | 15.3% | 12.2% | · | 14.8% | 1.6% | 11.0% | · | 15.9% | · | · | |
| EBITDA Margin | 17.7% | 23.3% | · | 20.5% | 21.7% | 18.6% | · | 16.8% | 3.9% | 17.9% | · | 21.2% | 20.6% | · | |
| ROA | 1.7% | 1.8% | · | 1.5% | 1.6% | 1.2% | · | 1.4% | 0.21% | 0.94% | · | · | · | · | |
| ROE | 4.3% | 4.6% | · | 3.7% | 4.0% | 3.1% | · | 3.6% | 0.55% | 1.9% | · | · | · | · | |
| ROIC | 4.5% | 4.4% | · | 3.8% | 4.0% | 3.1% | · | 3.5% | 1.2% | 3.1% | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | · | 1.0 | 1.0 | 0.9 | · | 1.0 | 1.0 | 1.0 | · | · | · | · | |
| Quick Ratio | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.5 | · | 0.6 | 0.5 | 0.5 | · | · | · | · | |
| Debt / Equity | 0.1 | 0.1 | · | 0.2 | 0.1 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | 13.2 | 640.0 | · |
Efficiency 3
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | · | · | |
| Inventory Turnover | 0.9 | 1.0 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | 0.8 | 0.8 | · | · | · | · | |
| Receivables Turnover | 1.6 | 1.6 | · | 1.6 | 1.7 | 1.7 | · | 1.7 | 1.8 | 1.8 | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2027 | Q1 2027 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $15.47B | $15.25B | · | $15.24B | $15.48B | $15.53B | · | $15.46B | $15.47B | $15.49B | · | $15.42B | $15.21B | · | |
| Net Income TTM | $1.75B | $1.61B | · | $1.52B | $1.18B | $1.06B | · | $1.06B | $1.12B | $1.49B | · | $1.85B | $2.02B | · | |
| Market Cap | $36.73B | $33.64B | · | $31.46B | $40.07B | $45.48B | · | $44.57B | $34.82B | $41.09B | · | · | · | · | |
| Enterprise Value | $37.03B | $34.15B | · | $32.23B | $40.54B | $46.85B | · | $45.16B | $35.22B | $41.45B | · | · | · | · | |
| P/E | 20.8 | 20.6 | · | 20.5 | 33.7 | 43.1 | · | 42.3 | 31.3 | 27.5 | · | 25.2 | · | · | |
| P/S | 2.4 | 2.2 | · | 2.1 | 2.6 | 2.9 | · | 2.9 | 2.2 | 2.7 | · | · | · | · | |
| P/B | 3.5 | 3.2 | · | 3.0 | 3.7 | 4.5 | · | 4.2 | 3.4 | 3.9 | · | · | · | · | |
| P / Cash Flow | · | 68.8 | · | · | · | 106.3 | · | · | · | 143.2 | · | · | · | · | |
| P / FCF | · | 96.1 | · | · | · | 182.6 | · | · | · | 306.6 | · | · | · | · | |
| EV / EBITDA | 53.0 | 37.5 | · | 41.9 | 48.6 | 67.5 | · | 69.0 | 228.7 | 59.3 | · | · | · | · | |
| EV / FCF | · | 97.6 | · | · | · | 188.1 | · | · | · | 309.4 | · | · | · | · | |
| EV / Revenue | 2.4 | 2.2 | · | 2.1 | 2.6 | 3.0 | · | 2.9 | 2.3 | 2.7 | · | · | · | · | |
| Earnings Yield | 4.8% | 4.9% | · | 4.9% | 3.0% | 2.3% | · | 2.4% | 3.2% | 3.6% | · | 4.0% | · | · | |
| Payout Ratio | · | 84.0% | · | · | · | 121.7% | · | · | · | 129.4% | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-28 | 2024-12-29 | 2023-12-31 | 2023-01-01 | 2022-01-02 | |
|---|---|---|---|---|---|
| Revenue | $15.12B | $15.46B | $15.44B | $14.95B | $15.05B |
| Gross Margin % | 58.1% | 58.0% | 56.0% | — | — |
| Operating Margin % | 16.0% | 11.9% | 16.3% | — | — |
| Net Income | $1.47B | $1.03B | $1.66B | $2.06B | $2.08B |
| Diluted EPS | $0.76 | $0.54 | $0.90 | $1.20 | $1.21 |
Balance Sheet
| 2025-12-28 | 2024-12-29 | 2023-12-31 | 2023-01-01 | 2022-01-02 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.2 | 0.1 | — | — |
| Current Ratio | 1.0 | 1.0 | 1.1 | — | — |
| Quick Ratio | 0.6 | 0.6 | 0.6 | — | — |
Cash Flow
| 2025-12-28 | 2024-12-29 | 2023-12-31 | 2023-01-01 | 2022-01-02 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.72B | $1.33B | $2.70B | — | — |
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Institutional owners (13F) 1,101 filers · $23.6B 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 |
|---|---|---|---|---|
| 107 (-27 vs prior Q) | 98 (-39 vs prior Q) | 392 (+5 vs prior Q) | 358 (0 vs prior Q) | +343.2M |
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 | $2,394,761,318 | 125,314,564 | 10.16% | Shares |
| STATE STREET CORP | $2,324,140,122 | 121,619,054 | 9.86% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,783,034,892 | 93,303,762 | 7.57% | Shares |
| FMR LLC | $1,587,879,358 | 83,091,541 | 6.74% | Shares |
| Pentwater Capital Management LP | $977,094,300 | 51,130,000 | 4.15% | Shares |
| Independent Franchise Partners LLP | $963,678,965 | 50,427,994 | 4.09% | Shares |
| NORGES BANK | $882,056,945 | 46,156,826 | 3.74% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $870,198,982 | 45,740,153 | 3.69% | Shares |
| MILLENNIUM MANAGEMENT LLC | $705,904,787 | 36,939,026 | 3.00% | Shares |
| HBK INVESTMENTS L P | $535,080,019 | 28,000,001 | 2.27% | Shares |
| Starboard Value LP | $521,848,848 | 27,307,632 | 2.21% | Shares |
| Balyasny Asset Management L.P. | $379,526,664 | 19,860,108 | 1.61% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $337,361,878 | 17,653,684 | 1.43% | Shares |
| VAN ECK ASSOCIATES CORP | $301,791,828 | 15,792,351 | 1.28% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $258,223,760 | 13,512,494 | 1.10% | Shares |
| GOLDMAN SACHS GROUP INC | $256,163,760 | 13,404,697 | 1.09% | Shares |
| CITADEL ADVISORS LLC | $216,137,922 | 11,310,200 | 0.92% | Shares |
| TUDOR INVESTMENT CORP ET AL | $210,626,560 | 11,021,798 | 0.89% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $205,908,549 | 10,774,911 | 0.87% | Shares |
| ProShare Advisors LLC | $184,051,866 | 9,631,181 | 0.78% | Shares |
| Swedbank AB | $179,650,702 | 9,400,874 | 0.76% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $172,464,157 | 9,024,812 | 0.73% | Shares |
| Kryger Capital LLC | $163,386,047 | 8,549,767 | 0.69% | Shares |
| CIBC WORLD MARKETS CORP | $162,192,659 | 9,402,473 | 0.69% | Shares |
| AQR Arbitrage LLC | $160,691,985 | 8,441,922 | 0.68% | Shares |
| YACKTMAN ASSET MANAGEMENT LP | $153,854,686 | 8,051,004 | 0.65% | Shares |
| Burgundy Asset Management Ltd. | $145,596,395 | 7,030,246 | 0.62% | Shares |
| EQUITY INVESTMENT CORP | $145,237,388 | 7,600,073 | 0.62% | Shares |
| ALLIANCEBERNSTEIN L.P. | $130,234,977 | 7,554,233 | 0.55% | Shares |
| BANK OF NOVA SCOTIA | $127,991,422 | 6,697,615 | 0.54% | Shares |
| NEUBERGER BERMAN GROUP LLC | $124,595,062 | 6,519,888 | 0.53% | Shares |
| Squarepoint Ops LLC | $115,369,994 | 6,037,153 | 0.49% | Shares |
| Swiss National Bank | $103,309,539 | 5,406,046 | 0.44% | Shares |
| Legal & General Group Plc | $100,127,399 | 5,239,529 | 0.42% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $97,576,386 | 5,106,038 | 0.41% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $96,684,618 | 5,059,373 | 0.41% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $96,091,520 | 5,028,337 | 0.41% | Shares |
| Verition Fund Management LLC | $86,792,365 | 4,541,725 | 0.37% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $84,714,630 | 4,433,000 | 0.36% | Shares |
| BlackRock, Inc. | $81,559,722 | 4,267,908 | 0.35% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $81,373,132 | 4,258,144 | 0.35% | Shares |
| Vanguard Global Advisers, LLC | $79,029,443 | 4,135,502 | 0.34% | Shares |
| Sculptor Capital LP | $77,442,644 | 4,052,467 | 0.33% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $74,895,014 | 3,919,153 | 0.32% | Shares |
| Man Group plc | $70,919,733 | 3,711,132 | 0.30% | Shares |
| BANK OF AMERICA CORP /DE/ | $70,205,898 | 3,673,778 | 0.30% | Shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | $68,793,267 | 3,599,857 | 0.29% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $67,520,216 | 3,533,240 | 0.29% | Shares |
| National Pension Service | $64,384,437 | 3,369,149 | 0.27% | Shares |
| TIG Advisors, LLC | $64,174,151 | 3,358,145 | 0.27% | Shares |
| Calamos Advisors LLC | $64,037,610 | 3,351,000 | 0.27% | Shares |
| RHUMBLINE ADVISERS | $63,047,666 | 3,299,204 | 0.27% | Shares |
| M&G PLC | $61,781,350 | 3,251,650 | 0.26% | Shares |
| Assenagon Asset Management S.A. | $61,461,620 | 3,216,202 | 0.26% | Shares |
| California Public Employees Retirement System | $60,957,709 | 3,189,833 | 0.26% | Shares |
| Magnetar Financial LLC | $60,942,459 | 3,189,035 | 0.26% | Shares |
| CAXTON ASSOCIATES LLP | $60,064,660 | 3,143,101 | 0.25% | Shares |
| ALPINE ASSOCIATES MANAGEMENT INC. | $58,314,547 | 3,051,520 | 0.25% | Shares |
| Qube Research & Technologies Ltd | $58,205,104 | 3,045,793 | 0.25% | Shares |
| ING GROEP NV | $58,186,128 | 3,044,800 | 0.25% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $57,564,040 | 3,012,247 | 0.24% | Shares |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $57,389,353 | 3,009,405 | 0.24% | Shares |
| Woodline Partners LP | $56,771,854 | 2,970,793 | 0.24% | Shares |
| PFA Pension, Forsikringsaktieselskab | $54,938,715 | 2,874,867 | 0.23% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $54,203,181 | 3,144,036 | 0.23% | Shares |
| SOROS FUND MANAGEMENT LLC | $52,488,214 | 2,746,636 | 0.22% | Shares |
| Nuveen, LLC | $50,919,856 | 2,664,566 | 0.22% | Shares |
| Gotham Asset Management, LLC | $49,507,857 | 2,590,678 | 0.21% | Shares |
| FIRST TRUST ADVISORS LP | $46,345,452 | 2,425,195 | 0.20% | Shares |
| JANE STREET GROUP, LLC | $45,111,639 | 2,360,630 | 0.19% | Shares |
| Alberta Investment Management Corp | $44,569,852 | 2,332,279 | 0.19% | Shares |
| HSBC HOLDINGS PLC | $44,323,142 | 2,319,369 | 0.19% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $41,184,764 | 2,155,142 | 0.17% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $37,516,905 | 1,963,208 | 0.16% | Shares |
| D. E. Shaw & Co., Inc. | $37,342,182 | 1,954,065 | 0.16% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $37,086,433 | 1,940,682 | 0.16% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $36,975,175 | 1,934,860 | 0.16% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $35,649,822 | 1,865,515 | 0.15% | Shares |
| Allianz Asset Management GmbH | $34,049,223 | 1,781,749 | 0.14% | Shares |
| Empyrean Capital Partners, LP | $33,098,520 | 1,732,000 | 0.14% | Shares |
| Quantinno Capital Management LP | $32,541,562 | 1,702,855 | 0.14% | Shares |
| SATURNA CAPITAL CORP | $32,090,640 | 1,679,259 | 0.14% | Shares |
| BARCLAYS PLC | $31,569,932 | 1,652,011 | 0.13% | Shares |
| Slotnik Capital, LLC | $31,159,142 | 1,630,515 | 0.13% | Shares |
| RAYMOND JAMES FINANCIAL INC | $31,131,600 | 1,629,074 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $30,819,977 | 1,612,767 | 0.13% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $30,301,867 | 1,585,655 | 0.13% | Shares |
| Ensign Peak Advisors, Inc | $30,299,880 | 1,585,551 | 0.13% | Shares |
| ALPS ADVISORS INC | $30,106,888 | 1,575,452 | 0.13% | Shares |
| MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH | $29,983,878 | 1,432,579 | 0.13% | Shares |
| AVIVA PLC | $29,947,701 | 1,567,122 | 0.13% | Shares |
| AMERICAN CENTURY COMPANIES INC | $28,375,636 | 1,484,856 | 0.12% | Shares |
| NUANCE INVESTMENTS, LLC | $27,680,615 | 1,448,488 | 0.12% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $27,146,252 | 1,420,526 | 0.12% | Shares |
| Jefferies Financial Group Inc. | $26,754,917 | 1,400,048 | 0.11% | Shares |
| KLP KAPITALFORVALTNING AS | $26,126,160 | 1,367,146 | 0.11% | Shares |
| Korea Investment CORP | $25,931,486 | 1,356,959 | 0.11% | Shares |
| AMERIPRISE FINANCIAL INC | $24,360,345 | 1,274,743 | 0.10% | Shares |
| Capula Management Ltd | $24,093,487 | 1,260,779 | 0.10% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $24,027,309 | 1,257,316 | 0.10% | Shares |
Company insiders 5 insiders · 2 officers · 2 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kirk Perry | Chief Executive Officer | Dec. 15, 2025 F | 62,555 | 0 | 0 | $0 |
| Heather Howlett | CFO & CAO | June 10, 2026 S | 29,288 | 0 | 1 | $-66,970 |
| Richard E Allison JR | Director | June 29, 2026 A | — | 0 | 0 | $0 |
| Smith Jeffrey C | Director | June 29, 2026 A | 27,307,632 | 2 | 0 | $110,971,206 |
| Anindya Dasgupta | — | July 31, 2026 M | 16,419 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 169 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 |
|---|---|---|---|---|
| RSPS · Invesco Exchange-Traded Fund Trust | 3.07% | 394,384 SH | Aug. 8, 2026 | Daily |
| MNA · New York Life Investments ETF Trust | 2.75% | 390,635 NS | April 30, 2026 | N-PORT |
| MRGR · ProShares Trust | 2.42% | 22,267 NS | May 31, 2026 | N-PORT |
| LQAI · Exchange Listed Funds Trust | 2.21% | 2,661 NS | April 30, 2026 | N-PORT |
| SDOG · ALPS ETF Trust | 1.86% | 1,492,531 NS | May 31, 2026 | N-PORT |
| QDIV · Global X Funds | 1.79% | 33,833 NS | May 31, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 1.74% | 429,075 NS | April 30, 2026 | N-PORT |
| IYK · iShares Trust | 1.66% | 1,228,490 SH | Aug. 8, 2026 | Daily |
| KNG · First Trust Exchange-Traded Fund IV | 1.47% | 2,834,051 NS | April 30, 2026 | N-PORT |
| NOBL · ProShares Trust | 1.46% | 9,377,221 NS | May 31, 2026 | N-PORT |
| VDC · VANGUARD WORLD FUND | 1.36% | 6,551,187 SH | Aug. 8, 2026 | Daily |
| MMID · MFS Active Exchange Traded Funds Tr… | 1.22% | 24,073 NS | May 31, 2026 | N-PORT |
| UGE · ProShares Trust | 1.21% | 8,165 NS | May 31, 2026 | N-PORT |
| FSTA · FIDELITY COVINGTON TRUST | 1.18% | 968,358 NS | April 30, 2026 | N-PORT |
| GXPS · Global X Funds | 1.11% | 38,371 NS | May 31, 2026 | N-PORT |
| KXI · iShares Trust | 0.96% | 534,607 SH | Aug. 8, 2026 | Daily |
| VALQ · AMERICAN CENTURY ETF TRUST | 0.95% | 191,339 NS | May 31, 2026 | N-PORT |
| ICAP · Series Portfolios Trust | 0.93% | 58,677 NS | May 31, 2026 | N-PORT |
| ARB · AltShares Trust | 0.90% | 53,725 NS | May 31, 2026 | N-PORT |
| FXG · First Trust Exchange-Traded AlphaDE… | 0.83% | 115,768 NS | April 30, 2026 | N-PORT |
| WLDR · Two Roads Shared Trust | 0.72% | 29,146 NS | April 30, 2026 | N-PORT |
| HDV · iShares Trust | 0.71% | 5,438,022 SH | Aug. 8, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.63% | 12,333,560 SH | Aug. 8, 2026 | Daily |
| NULV · Nushares ETF Trust | 0.60% | 714,636 NS | April 30, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.53% | 341,196 NS | April 30, 2026 | N-PORT |
| IMCV · iShares Trust | 0.46% | 277,252 SH | Aug. 8, 2026 | Daily |
| GMOV · GMO ETF Trust | 0.41% | 21,763 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.35% | 41,610,593 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.35% | 2,860,504 SH | Aug. 8, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.35% | 87,541 NS | April 30, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.31% | 1,053,536 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.30% | 73,868 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.29% | 69,003 NS | May 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.27% | 7,154,000 | Aug. 8, 2026 | Daily |
| SPXD · DBX ETF Trust | 0.27% | 1,046 NS | May 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.26% | 7,718,926 SH | Aug. 8, 2026 | Daily |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.24% | 8,277,000 | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.23% | 28,148 NS | May 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.23% | 199,542 SH | Aug. 8, 2026 | Daily |
| DFVE · DoubleLine ETF Trust | 0.21% | 3,366 NS | March 31, 2026 | N-PORT |
| XOEF · iShares Trust | 0.20% | 2,418 SH | Aug. 8, 2026 | Daily |
| DIVB · iShares Trust | 0.20% | 186,219 SH | Aug. 8, 2026 | Daily |
| SIZE · iShares Trust | 0.20% | 46,055 SH | Aug. 8, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.20% | 10,273,375 SH | Aug. 8, 2026 | Daily |
| EUSA · iShares, Inc. | 0.20% | 197,767 SH | Aug. 8, 2026 | Daily |
| GSEW · Goldman Sachs ETF Trust | 0.19% | 197,324 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.19% | 1,555,028 NS | April 30, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.18% | 78,181 SH | Aug. 8, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.18% | 208,000 | Aug. 8, 2026 | Daily |
| VCEB · VANGUARD WORLD FUND | 0.17% | 2,055,800 PA | Aug. 8, 2026 | Daily |