MPLX MPLX LP Common Units Representing Limited Partner Interests
$58.58
Price · Aug 21, 2026
Fundamentals as of Aug 4, 2026
52W Range
$48–$61
82% of range
Analyst Rating
BUY
21 analysts
Price Target
$62
+6% upside
P/E (TTM)
—
ROE
—
Net Profit Margin
38.1%
About MPLX LP Common Units Representing Limited Partner Interests Company overview from Wikipedia
MPLX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$58.58
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$13.00B
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$48 – $61
MPLX 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
$13.00B
2016-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$4.10B
2016-12-31
→
2025-12-31
Margins
38.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MPLX
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MPLX
Peer Median
Operating Margin
45.7%
—
Net Profit Margin
38.1%
15.9%
ROA
12.3%
6.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MPLX
Peer Median
Current Ratio
1.2
0.8
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MPLX
Peer Median
Revenue YoY
8.9%
—
Revenue CAGR 3Y
3.8%
—
Revenue CAGR 5Y
11.4%
—
Net Income YoY
13.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MPLX
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 7, 2026 | $1.0770 |
| May 8, 2026 | $1.0770 |
| Feb. 9, 2026 | $1.0770 |
| Nov. 7, 2025 | $1.0770 |
| Aug. 8, 2025 | $0.9570 |
| May 9, 2025 | $0.9570 |
| Feb. 3, 2025 | $0.9570 |
| Nov. 8, 2024 | $0.9570 |
| Aug. 9, 2024 | $0.8500 |
| May 2, 2024 | $0.8500 |
| Feb. 2, 2024 | $0.8500 |
| Nov. 2, 2023 | $0.8500 |
| Aug. 3, 2023 | $0.7750 |
| May 4, 2023 | $0.7750 |
| Feb. 3, 2023 | $0.7750 |
| Nov. 14, 2022 | $0.7750 |
| Aug. 4, 2022 | $0.7050 |
| May 5, 2022 | $0.7050 |
| Feb. 3, 2022 | $0.7050 |
| Nov. 10, 2021 | $1.2800 |
MPLX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
21 analysts
- Strong Buy 3 14.3%
- Buy 9 42.9%
- Hold 8 38.1%
- Sell 1 4.8%
- Strong Sell 0 0.0%
12-Month Price Target
13 analysts · 2026-08-19
Median
$63.00
Now
$58.58
Low
$54.00
High
$73.00
Median target
$63.00
+7.5%
Mean target
$61.92
+5.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.06 | $1.10 | -0.04% |
| March 31, 2026 | $0.90 | $1.07 | -0.17% |
| Dec. 31, 2025 | $1.17 | $1.08 | 0.09% |
| Sept. 30, 2025 | $1.52 | $1.10 | 0.42% |
| June 30, 2025 | $1.03 | $1.09 | -0.06% |
| March 31, 2025 | $1.10 | $1.12 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MPLX | — | — | 8.9% | 38.1% | — | — |
| EPD | — | 18.5 | -6.4% | 11.1% | — | — |
| ET | — | — | 3.5% | 5.2% | 9.4% | — |
| KMI | $61.16B | 20.1 | 12.2% | 18.0% | 9.9% | — |
| TRGP | $39.61B | 21.7 | 4.0% | 11.3% | 68.0% | — |
| OKE | $46.28B | 13.6 | 55.0% | 10.1% | 17.2% | — |
| LNG | $41.29B | 8.1 | 27.2% | 26.7% | 78.3% | — |
| CQP | — | -109.1 | 23.6% | 27.8% | — | — |
| WES | — | — | 6.6% | 30.7% | — | — |
| PAA | — | — | -9.5% | 3.2% | — | — |
| DTM | $12.17B | 27.8 | 26.7% | 35.5% | 9.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.00B | $11.93B | $11.28B | $11.61B | $10.03B | $7.57B | $9.04B | $7.00B | $3.87B | $3.03B | $1.10B | $793M | |
| SG&A Expense | $446M | $427M | $379M | $335M | $353M | $378M | $388M | $316M | $241M | $227M | $125M | $81M | |
| Operating Expenses | $7.05B | $6.64B | $6.38B | $6.70B | $6.04B | $7.36B | $6.66B | $4.28B | $2.68B | $2.35B | $720M | $548M | |
| Operating Income | $5.94B | $5.29B | $4.90B | $4.91B | $3.99B | $211M | · | · | · | · | · | · | |
| Interest Income | $68M | $95M | $43M | $4M | · | · | · | · | · | · | · | · | |
| Other Non-op | · | · | · | · | $-86M | $-62M | $-53M | $-119M | $-56M | $-50M | $-12M | $-1M | |
| Pretax Income | $4.96B | $4.37B | $3.98B | $3.99B | $3.11B | $-685M | $1.46B | $2.01B | $837M | $422M | $334M | $240M | |
| Income Tax | · | $10M | $11M | $8M | $1M | $2M | $0 | $8M | $1M | $-12M | $1M | $1M | |
| Net Income | $4.95B | $4.36B | $3.97B | $3.98B | $3.08B | $-720M | $1.03B | $1.82B | $794M | $233M | $156M | $121M | |
| EBITDA | $5.94B | $5.29B | $4.90B | $4.91B | · | · | · | · | · | · | · | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.14B | $1.52B | $1.05B | $238M | $13M | $15M | $15M | $77M | $5M | $234M | $43M | $27M | |
| Receivables | $735M | $718M | $823M | $737M | $654M | $452M | $593M | $611M | $292M | $299M | $245M | $10M | |
| Other Current Assets | $51M | $29M | $30M | $53M | · | $65M | $110M | $98M | $37M | $33M | $50M | $7M | |
| Current Assets | $3.99B | $3.28B | $2.81B | $1.91B | $1.51B | $1.51B | $1.48B | $1.44B | $559M | $868M | $576M | $97M | |
| PP&E (Net) | $21.70B | $19.15B | $19.26B | $18.85B | $20.04B | $21.22B | $22.14B | $21.52B | $12.19B | $11.41B | $10.00B | $1.01B | |
| PP&E (Gross) | $31.76B | $28.40B | $27.39B | $25.91B | $26.55B | $26.88B | $26.87B | $25.21B | $14.46B | $13.10B | $10.65B | $1.36B | |
| Accum. Depreciation | $10.06B | $9.25B | $8.12B | $7.06B | $6.50B | $5.66B | $4.72B | $3.69B | $2.27B | $1.69B | $650M | $353M | |
| Goodwill | $8.76B | $7.64B | $7.64B | $7.64B | $7.66B | $7.66B | $9.54B | $10.02B | $2.25B | $2.25B | $2.60B | $116M | |
| Intangibles | $1.40B | $518M | $654M | $705M | $831M | $959M | $1.27B | $1.36B | $453M | $492M | $466M | $0 | |
| Other Non-current Assets | $1.12B | $994M | $990M | $959M | $60M | $48M | $52M | $60M | $26M | $14M | $12M | $4M | |
| Total Assets | $43.01B | $37.51B | $36.53B | $35.66B | $35.51B | $36.41B | $40.43B | $39.33B | $19.50B | $17.51B | $16.10B | $1.21B | |
| Accounts Payable | $108M | $147M | $153M | $224M | $172M | $152M | $242M | $266M | $151M | $140M | $91M | $14M | |
| Accrued Liabilities | $254M | $295M | $300M | $269M | $363M | $194M | $187M | $272M | $231M | $232M | $187M | $11M | |
| Current Liabilities | $3.25B | $3.23B | $2.62B | $2.40B | $3.35B | $2.09B | $2.13B | $2.27B | $1.30B | $763M | $625M | $101M | |
| Capital Leases | $217M | $217M | $211M | $230M | $205M | $244M | $302M | $0 | · | · | · | · | |
| Deferred Tax | · | · | · | · | $10M | $12M | $12M | $14M | $5M | $6M | $378M | $0 | |
| Total Liabilities | $28.48B | $23.50B | $22.95B | $22.15B | $22.49B | $22.43B | $22.85B | $20.59B | $8.53B | $5.40B | $6.44B | $751M | |
| AOCI | $5M | $-3M | $-4M | $-8M | $-17M | $-15M | $-15M | $-16M | $-14M | $0 | · | · | |
| Stockholders' Equity | · | · | · | · | · | · | · | · | · | · | $9.25B | $463M | |
| Liabilities + Equity | $43.01B | $37.51B | $36.53B | $35.66B | $35.51B | $36.41B | $40.43B | $39.33B | $19.50B | $17.51B | $16.10B | $1.21B |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | $7M | $2M | $3M | $3M | $-2M | $-1M | $-2M | $8M | $-1M | $-17M | $1M | $0 | |
| Amort. of Intangibles | · | · | · | · | · | · | · | $38M | $38M | · | · | · | |
| Restructuring | · | · | · | $0 | $0 | $37M | $0 | $0 | · | · | · | · | |
| Operating Cash Flow | $5.91B | $5.95B | $5.40B | $5.02B | $4.91B | $4.52B | $4.08B | $3.07B | $1.91B | $1.49B | $427M | $334M | |
| CapEx | $1.81B | $1.06B | $937M | $806M | $529M | $1.18B | $2.41B | $2.11B | $1.41B | $1.31B | $334M | $141M | |
| Investing Cash Flow | $-4.86B | $-2.00B | $-1.25B | $-956M | $-518M | $-1.26B | $-3.06B | $-2.88B | $-2.31B | $-1.42B | $-1.69B | $-137M | |
| Debt Issued | $6.54B | $1.63B | $1.59B | $3.38B | $4.17B | $6.81B | $9.17B | $13.48B | $2.91B | $434M | $1.49B | $1.16B | |
| Net Debt Issued | $4.08B | $479M | $588M | $1.18B | · | · | $1.25B | $6.41B | $2.50B | $-878M | $49M | $634M | |
| Stock Repurchased | $400M | $326M | $0 | $491M | $630M | $33M | $0 | $0 | · | · | · | · | |
| Net Stock Activity | $-400M | $-326M | $0 | $-491M | $-630M | $-33M | · | · | · | · | · | · | |
| Financing Cash Flow | $-435M | $-3.48B | $-3.33B | $-3.84B | $-4.39B | $-3.26B | $-1.09B | $-117M | $171M | $113M | $1.27B | $-224M | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $-229M | $191M | $16M | $-27M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | $-300.0K | |
| Free Cash Flow | $4.10B | $4.89B | $4.46B | $4.21B | $4.38B | $3.34B | $1.67B | $907M | $496M | $82M | $-25M | $168M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 45.7% | 44.3% | 43.4% | 42.3% | · | · | · | · | · | · | · | · | |
| Net Margin | 38.1% | 36.5% | 34.8% | 34.0% | 30.7% | -9.5% | 11.4% | 28.3% | 20.5% | 9.0% | 22.2% | 22.1% | |
| Pretax Margin | 38.2% | 36.6% | 35.2% | 34.3% | 31.1% | -9.0% | 16.2% | 28.7% | 21.6% | 9.5% | 22.6% | 32.5% | |
| EBITDA Margin | 45.7% | 44.3% | 43.4% | 42.3% | · | · | · | · | · | · | · | · | |
| ROA | 12.3% | 11.8% | 10.9% | 11.1% | 8.6% | -1.9% | 2.6% | 8.6% | 4.3% | 1.4% | 1.8% | 10.0% | |
| ROE | · | · | · | · | · | · | · | · | · | · | 3.2% | 15.4% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.0 | 1.1 | 0.8 | 0.5 | 0.7 | 0.7 | 0.8 | 0.4 | 1.1 | 0.8 | 1.0 | |
| Quick Ratio | 0.9 | 0.7 | 0.7 | 0.4 | 0.2 | 0.2 | 0.3 | 0.4 | 0.2 | 0.8 | 0.5 | 0.4 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.1 | 0.5 | |
| Receivables Turnover | 17.9 | 15.5 | 14.5 | 16.7 | 18.1 | 14.5 | 15.0 | 18.1 | 13.1 | 9.6 | 5.5 | 49.0 |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.9% | 5.8% | -2.9% | 15.8% | 32.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.8% | 6.0% | 14.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 13.7% | 9.9% | -0.30% | 29.3% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 7.6% | 12.3% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $13.00B | $11.93B | $11.28B | $11.61B | $10.03B | $7.57B | $9.04B | $7.00B | $3.87B | $3.03B | $1.10B | $793M | |
| Net Income TTM | $4.95B | $4.36B | $3.97B | $3.98B | $3.08B | $-720M | $1.03B | $1.82B | $794M | $233M | $156M | $121M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.31B | $3.04B | $3.25B | $3.62B | $3.00B | $3.12B | $3.06B | $2.97B | $3.05B | $2.85B | $2.97B | $2.91B | $2.69B | $2.71B | $2.66B | $3.40B | |
| SG&A Expense | $108M | $114M | $101M | $126M | $107M | $112M | $104M | $107M | $107M | $109M | $99M | $102M | $89M | $89M | $87M | $88M | |
| Operating Expenses | $1.93B | $1.82B | $1.77B | $1.82B | $1.71B | $1.76B | $1.72B | $1.70B | $1.63B | $1.59B | $1.59B | $1.76B | $1.51B | $1.52B | $1.60B | $1.73B | |
| Operating Income | $1.38B | $1.21B | $1.48B | $1.80B | $1.29B | $1.37B | $1.34B | $1.27B | $1.42B | $1.25B | $1.38B | $1.15B | $1.18B | $1.20B | $1.06B | $1.67B | |
| Interest Income | $11M | $19M | $18M | $16M | $16M | $18M | $27M | $35M | $18M | $15M | $16M | $12M | $7M | $8M | · | · | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-19M | |
| Pretax Income | $1.09B | $923M | $1.21B | $1.56B | $1.06B | $1.14B | $1.11B | $1.05B | $1.19B | $1.02B | $1.15B | $929M | $942M | $953M | $826M | $1.44B | |
| Income Tax | $2M | $1M | · | $3M | $1M | $1M | · | $2M | $2M | $1M | · | $1M | $0 | $1M | $2M | $1M | |
| Net Income | $1.09B | $922M | $1.20B | $1.55B | $1.06B | $1.14B | $1.11B | $1.05B | $1.19B | $1.01B | $1.14B | $928M | $942M | $952M | $850M | $1.43B | |
| EBITDA | $1.38B | $1.21B | · | $1.80B | $1.29B | $1.37B | · | $1.27B | $1.42B | $1.25B | · | $1.15B | $1.18B | $1.20B | · | · |
Balance Sheet 18
| 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 | $1.03B | $1.51B | $2.14B | $1.76B | $1.39B | $2.53B | $1.52B | $2.43B | $2.50B | $385M | · | $960M | $755M | $393M | · | $121M | |
| Receivables | $672M | $769M | $735M | $729M | $736M | $858M | $718M | $742M | $747M | $752M | · | $833M | $717M | $714M | · | $941M | |
| Other Current Assets | $41M | $62M | $51M | $38M | $33M | $33M | $29M | $37M | $32M | $36M | · | $30M | $49M | $63M | · | · | |
| Current Assets | $2.88B | $3.52B | $3.99B | $4.59B | $3.17B | $4.52B | $3.28B | $4.22B | $4.20B | $2.14B | · | $2.74B | $2.32B | $2.01B | · | $1.95B | |
| PP&E (Net) | · | · | $21.70B | · | · | · | $19.15B | · | · | · | · | · | · | · | · | · | |
| PP&E (Gross) | $33.31B | $32.35B | $31.76B | $31.12B | $29.00B | $28.67B | $28.40B | $28.12B | $27.86B | $27.69B | · | $26.48B | $26.29B | $26.08B | · | · | |
| Accum. Depreciation | $10.67B | $10.36B | $10.06B | $9.77B | $9.81B | $9.53B | $9.25B | $8.97B | $8.67B | $8.39B | · | $7.86B | $7.59B | $7.33B | · | · | |
| Goodwill | $8.74B | $8.74B | $8.76B | $8.73B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | $7.64B | |
| Intangibles | $1.32B | $1.36B | $1.40B | $1.44B | $497M | $529M | $518M | $551M | $585M | $618M | · | $609M | $641M | $673M | · | $736M | |
| Other Non-current Assets | $1.19B | $1.16B | $1.12B | $1.06B | $1.01B | $998M | $994M | $984M | $975M | $976M | · | $966M | $970M | $954M | · | $952M | |
| Total Assets | $42.97B | $42.93B | $43.01B | $43.23B | $37.84B | $38.97B | $37.51B | $38.52B | $38.40B | $36.46B | · | $36.12B | $35.87B | $35.67B | · | $35.81B | |
| Accounts Payable | $155M | $126M | $108M | $131M | $149M | $145M | $147M | $120M | $127M | $132M | · | $132M | $128M | $139M | · | $289M | |
| Accrued Liabilities | $301M | $333M | $254M | $261M | $262M | $269M | $295M | $271M | $246M | $248M | · | $332M | $241M | $266M | · | $300M | |
| Current Liabilities | $3.22B | $3.19B | $3.25B | $3.50B | $3.07B | $4.17B | $3.23B | $4.27B | $4.23B | $2.96B | · | $1.40B | $1.32B | $1.31B | · | $2.50B | |
| Capital Leases | $202M | $208M | $217M | $220M | $218M | $227M | $217M | $217M | $225M | $231M | · | $219M | $228M | $221M | · | · | |
| Total Liabilities | $28.72B | $28.64B | $28.48B | $28.70B | $23.79B | $24.90B | $23.50B | $24.53B | $24.52B | $22.81B | · | $22.80B | $22.68B | $22.62B | · | $22.17B | |
| AOCI | $5M | $5M | $5M | $5M | $5M | $5M | $-3M | $-3M | $-3M | $-3M | · | $-4M | $-4M | $-4M | · | $-8M | |
| Liabilities + Equity | $42.97B | $42.93B | $43.01B | $43.23B | $37.84B | $38.97B | $37.51B | $38.52B | $38.40B | $36.46B | · | $36.12B | $35.87B | $35.67B | · | $35.81B |
Cash Flow 11
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Tax | · | · | $6M | $2M | · | · | $2M | $0 | · | · | $4M | $0 | $-1M | $0 | $-1M | $0 | |
| Operating Cash Flow | $1.70B | $1.35B | $1.50B | $1.43B | $1.74B | $1.25B | $1.68B | $1.42B | $1.56B | $1.29B | $1.49B | $1.24B | $1.44B | $1.23B | $1.37B | $1.04B | |
| CapEx | $825M | $575M | $714M | $526M | $301M | $267M | $308M | $280M | $213M | $255M | $275M | $230M | $263M | $169M | $271M | $241M | |
| Investing Cash Flow | $-1.03B | $-791M | $78M | $-3.73B | $-602M | $-601M | $-349M | $-536M | $-114M | $-996M | $-525M | $-236M | $-271M | $-220M | $-280M | $-265M | |
| Debt Issued | $0 | $1.49B | $0 | $4.56B | $1M | $1.98B | $0 | $0 | $1.63B | $0 | $0 | $0 | $0 | $1.59B | $0 | $994M | |
| Net Debt Issued | · | $-16M | · | · | · | $1.48B | · | · | · | $0 | · | · | · | $589M | · | · | |
| Stock Repurchased | $50M | $50M | $100M | $100M | $100M | $100M | $100M | $76M | $75M | $75M | $0 | $0 | $0 | $0 | $176M | $180M | |
| Net Stock Activity | $-50M | $-50M | · | $-100M | $-100M | $-100M | · | $-76M | $-75M | $-75M | · | · | · | $0 | · | $-180M | |
| Financing Cash Flow | $-1.15B | $-1.19B | $-1.20B | $2.68B | $-2.28B | $370M | $-2.23B | $-954M | $665M | $-958M | $-876M | $-803M | $-804M | $-852M | $-971M | $-951M | |
| Taxes Paid | · | · | · | $0 | · | · | · | $0 | $2M | $0 | · | $1M | $2M | $1M | · | $1M | |
| Free Cash Flow | · | $772M | · | · | · | $979M | · | · | · | $1.04B | · | · | · | $1.06B | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 41.6% | 40.0% | · | 49.8% | 43.1% | 43.7% | · | 42.9% | 46.5% | 44.0% | · | 39.6% | 43.7% | 44.1% | · | · | |
| Net Margin | 32.8% | 30.3% | · | 43.0% | 35.2% | 36.4% | · | 35.2% | 38.9% | 35.7% | · | 31.5% | 34.7% | 34.8% | · | 42.0% | |
| Pretax Margin | 32.9% | 30.4% | · | 43.0% | 35.3% | 36.4% | · | 35.3% | 38.9% | 35.7% | · | 31.9% | 35.0% | 35.1% | · | 42.3% | |
| EBITDA Margin | 41.6% | 40.0% | · | 49.8% | 43.1% | 43.7% | · | 42.9% | 46.5% | 44.0% | · | 39.6% | 43.7% | 44.1% | · | · | |
| ROA | 2.7% | 2.2% | · | 3.8% | 2.8% | 3.0% | · | 2.8% | 3.2% | 2.8% | · | 2.5% | 2.6% | 2.6% | · | 4.0% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.1 | · | 1.3 | 1.0 | 1.1 | · | 1.0 | 1.0 | 0.7 | · | 2.0 | 1.8 | 1.5 | · | 0.8 | |
| Quick Ratio | 0.5 | 0.7 | · | 0.7 | 0.7 | 0.8 | · | 0.7 | 0.8 | 0.4 | · | 1.3 | 1.1 | 0.8 | · | 0.4 |
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 | 4.7 | 3.7 | · | 4.9 | 4.0 | 3.9 | · | 3.8 | 4.2 | 3.9 | · | 3.3 | 3.6 | 3.7 | · | 4.4 |
Valuation (TTM) 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.97B | $12.78B | · | $12.72B | $12.15B | $11.99B | · | $11.78B | $11.50B | $11.16B | · | $11.72B | $11.74B | $11.66B | · | $11.51B | |
| Net Income TTM | $4.62B | $4.67B | · | $4.80B | $4.43B | $4.38B | · | $4.18B | $4.07B | $3.84B | · | $4.25B | $4.20B | $4.08B | · | $3.93B |
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 | $13.00B | $11.93B | $11.28B | $11.61B | $10.03B |
| Operating Margin % | 45.7% | 44.3% | 43.4% | 42.3% | — |
| Net Income | $4.95B | $4.36B | $3.97B | $3.98B | $3.08B |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.0 | 1.1 | 0.8 | 0.5 |
| Quick Ratio | 0.9 | 0.7 | 0.7 | 0.4 | 0.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $4.10B | $4.89B | $4.46B | $4.21B | $4.38B |
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Institutional owners (13F) 677 filers · $7.8B 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 |
|---|---|---|---|---|
| 55 (-31 vs prior Q) | 57 (+2 vs prior Q) | 238 (+32 vs prior Q) | 139 (-32 vs prior Q) | +11.8M |
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 |
|---|---|---|---|---|
| ALPS ADVISORS INC | $1,611,127,677 | 28,601,592 | 20.75% | Shares |
| Blackstone Inc. | $729,864,599 | 12,956,943 | 9.40% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $588,665,681 | 10,450,305 | 7.58% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $451,292,414 | 8,011,582 | 5.81% | Shares |
| UBS Group AG | $238,865,788 | 4,240,472 | 3.08% | Shares |
| Energy Income Partners, LLC | $238,061,564 | 4,226,195 | 3.07% | Shares |
| FMR LLC | $220,863,565 | 3,920,887 | 2.85% | Shares |
| Brave Warrior Advisors, LLC | $179,159,480 | 3,180,534 | 2.31% | Shares |
| CIBC Private Wealth Group LLC | $134,270,096 | 2,688,090 | 1.73% | Shares |
| Clearbridge Investments, LLC | $132,020,001 | 2,343,689 | 1.70% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $131,012,807 | 2,325,809 | 1.69% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $119,072,885 | 2,113,845 | 1.53% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $101,045,655 | 1,793,816 | 1.30% | Shares |
| Fractal Investments LLC | $93,964,974 | 1,668,116 | 1.21% | Shares |
| AlphaCore Capital LLC | $91,006,222 | 1,615,591 | 1.17% | Shares |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | $90,950,418 | 1,614,600 | 1.17% | Shares |
| GOLDMAN SACHS GROUP INC | $89,257,195 | 1,584,541 | 1.15% | Shares |
| BANK OF AMERICA CORP /DE/ | $79,080,561 | 1,403,880 | 1.02% | Shares |
| Brookfield Corp /ON/ | $76,385,050 | 1,356,028 | 0.98% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $73,967,317 | 1,313,107 | 0.95% | Shares |
| ING GROEP NV | $69,826,668 | 1,239,600 | 0.90% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $67,277,961 | 1,194,354 | 0.87% | Shares |
| Mariner, LLC | $63,851,009 | 1,133,675 | 0.82% | Shares |
| ROYAL BANK OF CANADA | $63,371,000 | 1,125,000 | 0.82% | Call option |
| Progeny 3, Inc. | $57,229,365 | 1,015,966 | 0.74% | Shares |
| BARCLAYS PLC | $54,673,504 | 970,593 | 0.70% | Shares |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | $52,769,099 | 936,785 | 0.68% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $49,162,740 | 872,763 | 0.63% | Shares |
| Americana Partners, LLC | $48,258,533 | 856,711 | 0.62% | Shares |
| CIBC Bancorp USA Inc. | $48,240,167 | 856,385 | 0.62% | Shares |
| DEUTSCHE BANK AG\ | $48,093,427 | 853,780 | 0.62% | Shares |
| Allianz Asset Management GmbH | $46,705,231 | 829,136 | 0.60% | Shares |
| NEUBERGER BERMAN GROUP LLC | $42,221,423 | 749,537 | 0.54% | Shares |
| JANE STREET GROUP, LLC | $38,833,902 | 689,400 | 0.50% | Call option |
| REAVES W H & CO INC | $37,769,265 | 670,500 | 0.49% | Shares |
| Arax Advisory Partners | $33,575,052 | 596,042 | 0.43% | Shares |
| U.S. Capital Wealth Advisors, LLC | $32,962,563 | 577,581 | 0.42% | Shares |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC | $32,640,587 | 579,453 | 0.42% | Shares |
| MIZUHO MARKETS AMERICAS LLC | $32,389,750 | 575,000 | 0.42% | Shares |
| CITADEL ADVISORS LLC | $31,043,463 | 551,100 | 0.40% | Call option |
| Recurrent Investment Advisors LLC | $30,683,740 | 544,714 | 0.40% | Shares |
| APPALOOSA LP | $28,303,572 | 502,460 | 0.36% | Shares |
| Chicago Partners Investment Group LLC | $28,107,035 | 488,733 | 0.36% | Shares |
| NEOS Investment Management LLC | $27,377,788 | 486,025 | 0.35% | Shares |
| LPL Financial LLC | $26,482,588 | 470,133 | 0.34% | Shares |
| JENNISON ASSOCIATES LLC | $24,886,369 | 441,796 | 0.32% | Shares |
| Oxbow Advisors, LLC | $24,816,563 | 440,557 | 0.32% | Shares |
| RAYMOND JAMES FINANCIAL INC | $21,776,494 | 386,588 | 0.28% | Shares |
| Sovereign Investment Advisors, LLC | $21,064,885 | 373,955 | 0.27% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $20,784,305 | 368,974 | 0.27% | Shares |
| Northside Capital Management, LLC | $20,665,531 | 362,108 | 0.27% | Shares |
| HighTower Advisors, LLC | $20,600,781 | 365,716 | 0.27% | Shares |
| Maryland State Retirement & Pension System | $20,018,105 | 355,372 | 0.26% | Shares |
| Corient Private Wealth LP | $19,674,263 | 349,268 | 0.25% | Shares |
| Texas Yale Capital Corp. | $19,392,335 | 344,263 | 0.25% | Shares |
| Nuveen, LLC | $19,244,356 | 341,636 | 0.25% | Shares |
| Heronetta Management, L.P. | $18,253,117 | 324,039 | 0.24% | Shares |
| Catalyst Capital Advisors LLC | $18,093,647 | 321,208 | 0.23% | Shares |
| Nuveen Asset Management, LLC | $17,104,590 | 357,388 | 0.22% | Shares |
| WALNUT PRIVATE EQUITY PARTNERS, LLC | $15,659,740 | 268,000 | 0.20% | Shares |
| TrueMark Investments, LLC | $15,007,044 | 266,413 | 0.19% | Shares |
| OPAL CAPITAL LLC | $14,991,159 | 266,131 | 0.19% | Shares |
| STIFEL FINANCIAL CORP | $14,832,079 | 263,307 | 0.19% | Shares |
| Private Capital Advisors, Inc. | $14,673,176 | 260,486 | 0.19% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $14,392,714 | 255,507 | 0.19% | Shares |
| Waverly Advisors, LLC | $13,497,348 | 239,612 | 0.17% | Shares |
| NBW CAPITAL LLC | $12,869,104 | 249,837 | 0.17% | Shares |
| Adams Asset Advisors, LLC | $12,474,391 | 221,452 | 0.16% | Shares |
| &PARTNERS | $12,383,059 | 219,845 | 0.16% | Shares |
| RR Advisors, LLC | $12,065,548 | 214,194 | 0.16% | Shares |
| STEPHENS INC /AR/ | $11,944,102 | 211,656 | 0.15% | Shares |
| Northeast Financial Consultants Inc | $11,871,922 | 230,478 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $11,781,251 | 209,147 | 0.15% | Shares |
| Sequoia Financial Advisors, LLC | $11,487,733 | 203,936 | 0.15% | Shares |
| Cetera Investment Advisers | $10,961,908 | 194,602 | 0.14% | Shares |
| UNITED CAPITAL FINANCIAL ADVISORS, LLC | $10,566,745 | 187,586 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,523,233 | 186,814 | 0.14% | Shares |
| AVENIR CORP | $10,441,667 | 185,366 | 0.13% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $9,968,101 | 176,959 | 0.13% | Shares |
| Glenmede Investment Management, LP | $9,592,148 | 192,035 | 0.12% | Shares |
| Empirical Finance, LLC | $9,268,538 | 164,540 | 0.12% | Shares |
| Empowered Funds, LLC | $9,268,538 | 164,540 | 0.12% | Shares |
| HENNESSY ADVISORS INC | $9,154,695 | 162,519 | 0.12% | Shares |
| Advisors Capital Management, LLC | $8,889,765 | 157,815 | 0.11% | Shares |
| Blueprint Investment Partners LLC | $8,842,100 | 156,970 | 0.11% | Shares |
| Blueprint Financial Advisors LLC | $8,842,100 | 156,970 | 0.11% | Shares |
| Susquehanna Portfolio Strategies, LLC | $8,786,297 | 155,979 | 0.11% | Shares |
| Gilman Hill Asset Management, LLC | $8,681,595 | 154,120 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $8,669,187 | 153,900 | 0.11% | Put option |
| GLENMEDE TRUST CO NA | $8,598,774 | 152,650 | 0.11% | Shares |
| Turtle Creek Wealth Advisors, LLC | $8,471,243 | 150,386 | 0.11% | Shares |
| Advisors Asset Management, Inc. | $8,428,831 | 157,932 | 0.11% | Shares |
| Invesco Ltd. | $8,392,945 | 148,996 | 0.11% | Shares |
| Kestra Advisory Services, LLC | $8,132,404 | 144,371 | 0.10% | Shares |
| FIRST TRUST ADVISORS LP | $7,956,274 | 141,244 | 0.10% | Shares |
| Kercheville Advisors, LLC | $7,754,202 | 137,657 | 0.10% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $7,422,327 | 131,765 | 0.10% | Shares |
| Evercore Wealth Management, LLC | $7,322,900 | 130,000 | 0.09% | Shares |
| Cresset Asset Management, LLC | $7,281,066 | 129,257 | 0.09% | Shares |
| BRIDGES INVESTMENT MANAGEMENT INC | $6,487,188 | 115,164 | 0.08% | Shares |
Company insiders 37 insiders · 19 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Maryann T. Seaman | Chairman, President & CEO | March 2, 2026 F | 165,459 | 0 | 0 | $0 |
| Nancy Buese | Exec VP and CFO | Sept. 23, 2016 S | 182,779 | 0 | 0 | $0 |
| John C Mollenkopf | Exec VP and COO | Dec. 18, 2015 A | 413,452 | 0 | 0 | $0 |
| George P. Shaffner | VP and Chief Operating Officer | March 2, 2015 A | 7,009 | 0 | 0 | $0 |
| Molly R Benson | Chief Legal Ofc & Corp Sec | Dec. 12, 2025 F | 40,163 | 0 | 0 | $0 |
| Shawn M Lyon | Senior VP, Log. & Storage | Dec. 12, 2025 F | 25,054 | 0 | 0 | $0 |
| Michael J Hennigan | Executive Chairman | Dec. 12, 2025 F | 359,137 | 0 | 0 | $0 |
| Carl Kristopher Hagedorn | Exec VP & Chief Fin Ofc | March 3, 2025 F | 17,480 | 0 | 0 | $0 |
| Suzanne Gagle | General Counsel | Dec. 1, 2023 F | 67,205 | 0 | 0 | $0 |
| Thomas Kaczynski | Senior VP, Finance & Treasurer | Dec. 2, 2022 F | 18,091 | 0 | 0 | $0 |
| Timothy J Aydt | Exec. VP and Chief Comm Ofc. | March 1, 2022 A | 34,371 | 0 | 0 | $0 |
| John S Swearingen | Exec VP, Logistics & Storage | March 2, 2020 A | 26,738 | 0 | 0 | $0 |
| Corwin C Bromley | Exec. VP and Gen Counsel | Sept. 15, 2017 S | 121,205 | 0 | 0 | $0 |
| Paula L Rosson | Senior VP and CAO | April 3, 2017 A | 45,480 | 0 | 0 | $0 |
| Randy S Nickerson | Exec VP and CCO | March 15, 2017 S | 177,552 | 0 | 0 | $0 |
| Craig O. Pierson | Vice President, Operations | April 1, 2016 A | 4,981 | 0 | 0 | $0 |
| Ian D Feldman | Controller | April 1, 2015 A | 52 | 0 | 0 | $0 |
| Michael J. Wilder | VP, General Counsel & Sec | March 2, 2015 A | 4,113 | 0 | 0 | $0 |
| Michael G. Braddock | VP and Chief Acct. Officer | March 3, 2014 A | 5,767 | 0 | 0 | $0 |
| Christine S Breves | Director | Aug. 14, 2026 A | 15,038 | 0 | 0 | $0 |
| Garry L. Peiffer | Director | Aug. 14, 2026 A | 69,313 | 0 | 0 | $0 |
| Michael J Stice | Director | Aug. 14, 2026 A | 58,413 | 0 | 0 | $0 |
| Ray N Walker JR | Director | Aug. 14, 2026 A | 4,609 | 0 | 0 | $0 |
| Frank M Semple | Director | Aug. 14, 2026 A | 63,476 | 0 | 0 | $0 |
| John P Surma | Director | Aug. 14, 2026 A | 95,448 | 0 | 0 | $0 |
| Christopher A Helms | Director | Aug. 14, 2026 A | 86,208 | 0 | 0 | $0 |
| John J Quaid | Director | March 3, 2025 F | 52,393 | 0 | 0 | $0 |
| Dan D Sandman | Director | April 3, 2023 A | 127,542 | 0 | 0 | $0 |
| Beall Pamela K.M. | Director | Dec. 9, 2021 A | 43,247 | 0 | 0 | $0 |
| Donald C. Templin | Director | Nov. 19, 2021 A | 81,538 | 0 | 0 | $0 |
| Michael L Beatty | Director | April 1, 2021 A | 51,726 | 0 | 0 | $0 |
| Gary R. Heminger | Director | March 2, 2020 F | 126,695 | 0 | 0 | $0 |
| Gregory James Goff | Director | Dec. 16, 2019 F | 385,168 | 0 | 0 | $0 |
| Timothy T. Griffith | Director | March 1, 2019 A | 36,846 | 0 | 0 | $0 |
| David A Daberko | Director | April 2, 2018 A | 23,872 | 0 | 0 | $0 |
| Richard C. Wilson | Director | Nov. 14, 2017 A | 20,616 | 0 | 0 | $0 |
| Gregory Scott Floerke | — | March 2, 2026 F | 95,337 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| MPLX LP, Sapphire Holdco LLC, MPLX GP LLC, Marathon Petroleum Corporation | Nov. 18, 2015 | — | 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 47 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 |
|---|---|---|---|---|
| MLPA · Global X Funds | 12.44% | 4,785,661 NS | May 31, 2026 | N-PORT |
| AMZA · ETFis Series Trust I | 12.31% | 1,014,477 NS | April 30, 2026 | N-PORT |
| AMLP · ALPS ETF Trust | 12.09% | 26,860,887 NS | May 31, 2026 | N-PORT |
| ENFR · ALPS ETF Trust | 4.63% | 389,449 NS | May 31, 2026 | N-PORT |
| EIPI · First Trust Exchange-Traded Fund VI… | 4.45% | 857,107 NS | May 31, 2026 | N-PORT |
| TPZ · Tortoise Capital Series Trust | 4.43% | 104,165 NS | May 31, 2026 | N-PORT |
| TNGY · Tortoise Capital Series Trust | 4.28% | 416,363 NS | May 31, 2026 | N-PORT |
| MLPX · Global X Funds | 4.23% | 2,739,580 NS | May 31, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 4.04% | 2,921,770 NS | April 30, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 3.75% | 354,197 NS | April 30, 2026 | N-PORT |
| USAI · Pacer Funds Trust | 3.09% | 59,859 NS | April 30, 2026 | N-PORT |
| ORR · EA Series Trust | 2.90% | 195,030 NS | May 29, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 2.74% | 13,036 NS | April 30, 2026 | N-PORT |
| TPYP · Tortoise Capital Series Trust | 2.45% | 376,193 NS | May 31, 2026 | N-PORT |
| ABLD · Abacus FCF ETF Trust | 2.44% | 36,967 NS | April 30, 2026 | N-PORT |
| DIV · Global X Funds | 1.96% | 261,424 NS | April 30, 2026 | N-PORT |
| ICAP · Series Portfolios Trust | 1.77% | 35,226 NS | May 31, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 1.38% | 10,965 NS | April 30, 2026 | N-PORT |
| ALTY · Global X Funds | 1.20% | 9,747 NS | May 31, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 0.98% | 3,210 NS | April 30, 2026 | N-PORT |
| TOLZ · ProShares Trust | 0.95% | 30,140 NS | May 31, 2026 | N-PORT |
| MDIV · First Trust Exchange-Traded Fund VI | 0.82% | 60,793 NS | June 30, 2026 | N-PORT |
| GYLD · ARROW ETF TRUST | 0.66% | 3,716 NS | April 30, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.37% | 10,859,000 | Aug. 21, 2026 | Daily |
| FFLC · FIDELITY COVINGTON TRUST | 0.30% | 60,422 NS | April 30, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.29% | 10,167,000 | Aug. 21, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.29% | 12,849,000 | Aug. 21, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.22% | 8,453 NS | May 31, 2026 | N-PORT |
| PFM · Invesco Exchange-Traded Fund Trust | 0.21% | 28,882 | Aug. 21, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.18% | 5,165,000 | Aug. 21, 2026 | Daily |
| FTQI · First Trust Exchange-Traded Fund VI | 0.16% | 27,012 NS | June 30, 2026 | N-PORT |
| NEAR · iShares U.S. ETF Trust | 0.08% | 3,930,000 SH | Aug. 21, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.06% | 63 NS | April 30, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.01% | 185,000 | Aug. 19, 2026 | Daily |
| BIV · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VUSB · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VCRB · VANGUARD MALVERN FUNDS | — | — | July 15, 2026 | Daily |
| VPLS · VANGUARD MALVERN FUNDS | — | — | July 15, 2026 | Daily |
| VSDB · VANGUARD MALVERN FUNDS | — | — | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | — | — | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | — | — | July 30, 2026 | Daily |