MRSH Marsh Common Stock
$191.13
Price · Aug 21, 2026
Fundamentals as of Jul 21, 2026
52W Range
$157–$213
62% of range
Analyst Rating
HOLD
31 analysts
Price Target
$206
+8% upside
P/E (TTM)
22.7
ROE
28.1%
Net Profit Margin
15.4%
About Marsh Common Stock Company overview from Wikipedia
Marsh & McLennan Companies, Inc., doing business as Marsh McLennan and Marsh, is an American professional services firm headquartered in New York City, with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, which offers risk management, insurance broking, insurance program management, risk consulting, analytical modeling, and alternative risk financing services; Marsh Re, a reinsurance intermediary and advisor; Mercer, which provides consulting to employers for health insurance, retirement plans, and pension plans; and Oliver Wyman, including Lippincott and NERA Economic Consulting, which provides consulting services. In 2024, risk and insurance services contributed a total of 63% of revenues and 71% of operating profit, while consulting contributed 37% of revenues and 29% of operating profit. It is the largest insurance broker worldwide.
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Marsh & McLennan Companies, Inc., doing business as Marsh McLennan and Marsh, is an American professional services firm headquartered in New York City, with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh (54% of 2025 revenues), which offers risk management, insurance broking, insurance program management, risk consulting, analytical modeling, and alternative risk financing services; Marsh Re (formerly Guy Carpenter; 10% of 2025 revenues), a reinsurance intermediary and advisor; Mercer (23% of 2025 revenues), which provides consulting to employers for health insurance, retirement plans, and pension plans; and Oliver Wyman (13% of 2025 revenues), including Lippincott and NERA Economic Consulting, which provides consulting services. In 2024, risk and insurance services contributed a total of 63% of revenues and 71% of operating profit, while consulting contributed 37% of revenues and 29% of operating profit.
It is the largest insurance broker worldwide.
The company is ranked 175th on the Fortune 500 and 267th on the Forbes Global 2000.
History
1900–1999
Burroughs, Marsh & McLennan was formed by Henry W. Marsh and Donald R. McLennan in Chicago in 1905 by the merger of their two businesses. Marsh founded his business in 1871 after many insurers went out of business after the Great Chicago Fire. The combined company was renamed Marsh & McLennan in 1906.
Guy Carpenter was acquired in 1923, a year after it was founded by Guy Carpenter.
In 1959, Marsh acquired Mercer, a human resources consulting firm.
The company became a public company via an initial public offering in 1962. In 1969, it reorganized under a holding company configuration, with the company offering clients its services under the banners of separately managed companies.
In 1970, the company acquired Putnam Investments, adding a mutual fund business to its portfolio. It was sold in 2007.
In 1987, Marsh & McLennan acquired the consultancy Temple, Barker & Sloane for $45 million. Founded in Lexington, Massachusetts in 1969, Temple, Barker & Sloane found quick success in the management consulting industry.
In 1989, Washington, DC–based international management consulting firm Strategic Planning Associates merged with Marsh & McLennan. Founded by former Boston Consulting Group associate Walker Lewis in 1981, Strategic Planning Associates applied concepts of computing to strategy consulting.
In 1986, two clients accounted for more than 40% of revenue. When one of these clients dropped the firm in 1987, Lewis became increasingly convinced that the firm was too small to succeed, admitting to The Washington Post that "a meaningful-sized consulting company has to be 2,000 professionals or larger... it's simple math."
In 1990, Temple Barker & Sloan was merged with Strategic Planning Associates to form Mercer Management Consulting.
In 1997, the company significantly boosted its insurance brokerage business with a $1.8 billion acquisition of Johnson & Higgins, which, at the time, was one of MMC's biggest competitors in its brokerage business. The purchase occurred during a time of consolidation in the industry, and pushed Marsh & McLennan back above Aon as the world's largest insurance broker.
2000–present
In 2000, Marsh & McLennan’s HR consulting unit, Mercer, acquired Delta Consulting Group for its organizational development and change management expertise.
At the time of the September 11 attacks, Marsh held offices on eight floors, 93 to 100, of the North Tower of the World Trade Center. When American Airlines Flight 11 crashed into the building, its offices spanned the entire impact zone, floors 93 to 99. Everyone present in the company's offices on the day of the attack died as all stairwells and elevators passing through the impact zone were destroyed or blocked by the plane crashing into the tower where the company was; the firm lost 295 employees and 63 contractors. A memorial to those lost on 9/11 is located in the plaza adjacent to Marsh McLennan's New York Headquarters at 1166 Avenue of the Americas.
In 2003, the company acquired Oliver Wyman, a management consultancy with a large financial services industry clientele.
In 2004, Marsh, the company's insurance brokerage unit, was embroiled in a bid rigging scandal that plagued much of the insurance industry, including brokerage rivals Aon and Willis Group, and insurer AIG. In a lawsuit, Eliot Spitzer, then Attorney General of New York, accused Marsh of not serving as an unbiased broker, leading to increased costs for clients and higher revenues for Marsh. In early 2005, Marsh agreed to pay $850 million to settle the lawsuit and compensate clients whose commercial insurance it arranged from 2001 to 2004. After the event, the company reorganized to focus on insurance services and consulting.
In January 2007, Marsh received the first license for a wholly owned foreign company to operate an insurance brokerage business in China.
In May 2007, the company combined three Mercer consulting units - Mercer Delta Consulting, Mercer Oliver Wyman and Mercer Management Consulting - into Oliver Wyman.
In August 2007, the company sold Putnam Investments to Power Financial for $3.9 billion to focus on risk and human capital businesses.
In January 2008, Brian Duperreault was hired as CEO.
In 2010, the company sold Kroll, its corporate intelligence and investigative unit, to Altegrity Inc. for $1.13 billion. Prior to this final deal and divestiture, Marsh & McLennan had been selling off smaller divisions within Kroll to further focus on its core risk and consulting businesses.
John Doyle was president and CEO of Marsh from 2017–2022, before succeeding Dan Glaser as president and CEO of the parent company, MMC, as of January 1, 2023.
In April 2019, the company acquired Jardine Lloyd Thompson for £4.3 billion.
In April 2021, the company rebranded to Marsh McLennan.
In November 2024, the company acquired McGriff Insurance Services for $7.75 billion.
In 2025, the company rebranded its subsidiaries as Marsh.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MRSH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$191.13
Market Cap
$92.70B
P/E (TTM)
22.7
EPS (TTM)
$8.43
Revenue (TTM)
$26.98B
Div Yield
1.8%
ROE
28.1%
Debt/Equity
1.3
52W Range
$157 – $213
MRSH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$26.98B
2016-12-31
→
2025-12-31
EPS
$8.43
2016-12-31
→
2025-12-31
Free Cash Flow
$5.00B
2016-12-31
→
2025-12-31
Margins
15.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MRSH
Peer Median
P/E (TTM)
22.7
22.4
P/S (TTM)
3.4
2.7
P/B
6.1
3.3
EV / EBITDA
16.6
—
Price / FCF
18.5
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MRSH
Peer Median
Operating Margin
23.1%
—
Net Profit Margin
15.4%
5.1%
ROA
7.2%
3.4%
ROE
28.1%
10.0%
ROIC
13.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MRSH
Peer Median
Debt / Equity
1.3
—
Current Ratio
1.1
2.5
Quick Ratio
0.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MRSH
Peer Median
Revenue YoY
10.3%
—
Revenue CAGR 3Y
9.2%
—
Revenue CAGR 5Y
9.4%
—
EPS YoY
3.1%
—
Net Income YoY
2.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MRSH
Peer Median
Payout Ratio
40.8%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.8%
Payout Ratio
40.8%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 23, 2026 | $0.9900 |
| April 9, 2026 | $0.9000 |
| Jan. 29, 2026 | $0.9000 |
| Oct. 2, 2025 | $0.9000 |
| July 24, 2025 | $0.9000 |
| April 3, 2025 | $0.8150 |
| Jan. 30, 2025 | $0.8150 |
| Oct. 4, 2024 | $0.8150 |
| July 25, 2024 | $0.8150 |
| April 3, 2024 | $0.7100 |
| Jan. 24, 2024 | $0.7100 |
| Oct. 5, 2023 | $0.7100 |
| July 26, 2023 | $0.7100 |
| April 4, 2023 | $0.5900 |
| Jan. 25, 2023 | $0.5900 |
| Oct. 6, 2022 | $0.5900 |
| July 27, 2022 | $0.5900 |
| April 5, 2022 | $0.5350 |
| Jan. 26, 2022 | $0.5350 |
| Oct. 7, 2021 | $0.5350 |
MRSH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
31 analysts
- Strong Buy 3 9.7%
- Buy 9 29.0%
- Hold 18 58.1%
- Sell 1 3.2%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-22
Median
$201.00
Mean
$206.48
Now
$191.13
Low
$182.00
High
$238.00
Median target
$201.00
+5.2%
Mean target
$206.48
+8.0%
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 | $2.96 | $2.96 | 0.00% |
| March 31, 2026 | $3.29 | $3.29 | -0.00% |
| Dec. 31, 2025 | $2.12 | $2.01 | 0.11% |
| Sept. 30, 2025 | $1.85 | $1.82 | 0.03% |
| June 30, 2025 | $2.72 | $2.71 | 0.01% |
| March 31, 2025 | $3.06 | $3.08 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MRSH | $89.98B | 22.0 | 10.3% | 15.4% | 28.1% | — |
| AJG | $66.51B | 45.1 | 20.7% | 10.7% | 6.9% | — |
| BRO | $26.78B | 25.2 | 22.8% | 17.9% | 8.7% | — |
| RYAN | — | — | 21.3% | 2.1% | 9.9% | — |
| HGTY | — | — | 17.3% | 10.2% | 80.3% | — |
| BWIN | — | -48.1 | 8.3% | -2.2% | -5.7% | — |
| GSHD | — | 70.8 | 16.2% | 7.6% | -107.8% | — |
| LIFE | — | — | 52.0% | 18.4% | -108.4% | — |
| TWFG | — | 54.3 | 22.0% | — | — | — |
| ABX | $833M | 23.8 | 110.2% | 15.5% | 8.8% | 87.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B | $17.22B | $16.65B | $14.95B | $14.02B | $13.21B | |
| Operating Expenses | $20.76B | $18.64B | $17.45B | $16.44B | $15.51B | $14.16B | $13.97B | $12.19B | $11.37B | $10.78B | |
| Operating Income | $6.22B | $5.82B | $5.28B | $4.28B | $4.31B | $3.07B | $2.68B | $2.76B | $2.65B | $2.43B | |
| Interest Expense | · | · | $578M | $469M | $444M | $515M | $524M | $290M | $237M | $189M | |
| Interest Income | $48M | $83M | $78M | $15M | $2M | $7M | $39M | $11M | $9M | $5M | |
| Pretax Income | $5.54B | $5.48B | $5.03B | $4.08B | $4.21B | $2.79B | $2.44B | $2.24B | $2.64B | $2.48B | |
| Income Tax | $1.30B | $1.36B | $1.22B | $995M | $1.03B | $747M | $666M | $574M | $1.13B | $685M | |
| Net Income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B | $1.49B | $1.77B | |
| EPS (Basic) | $8.48 | $8.26 | $7.60 | $6.11 | $6.20 | $3.98 | $3.44 | $3.26 | $2.91 | $3.41 | |
| EPS (Diluted) | $8.43 | $8.18 | $7.53 | $6.04 | $6.13 | $3.94 | $3.41 | $3.23 | $2.87 | $3.38 | |
| Shares (Basic) | 491,000,000 | 492,000,000 | 494,000,000 | 499,000,000 | 507,000,000 | 506,000,000 | 506,000,000 | 506,000,000 | 513,000,000 | 519,000,000 | |
| Shares (Diluted) | 494,000,000 | 496,000,000 | 499,000,000 | 505,000,000 | 513,000,000 | 512,000,000 | 511,000,000 | 511,000,000 | 519,000,000 | 524,000,000 | |
| EBITDA | $6.58B | $6.19B | $6.00B | $5.00B | $5.06B | $3.81B | $3.32B | $3.25B | $3.34B | $3.10B |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.69B | $2.40B | $3.36B | $1.44B | $1.75B | $2.09B | $1.16B | $1.07B | $1.21B | $1.03B | |
| Receivables | $7.67B | $7.16B | $6.42B | $5.85B | $5.59B | $5.33B | $5.24B | $4.32B | $4.13B | $3.64B | |
| Other Current Assets | $1.37B | $1.29B | $1.18B | $1.00B | $926M | $740M | $677M | $551M | $224M | $215M | |
| Current Assets | $23.20B | $22.12B | $21.75B | $18.96B | $8.26B | $8.15B | $7.07B | $5.93B | $5.56B | $4.88B | |
| PP&E (Net) | $829M | $859M | $882M | $871M | $847M | $856M | $858M | $701M | $712M | $725M | |
| PP&E (Gross) | $2.50B | $2.40B | $2.44B | $2.40B | $2.44B | $3.02B | $2.86B | $2.54B | $2.54B | $2.41B | |
| Accum. Depreciation | $1.67B | $1.54B | $1.56B | $1.53B | $1.59B | $2.16B | $2.00B | $1.84B | $1.83B | $1.68B | |
| Goodwill | $24.34B | $23.31B | $17.23B | $16.25B | $16.32B | $15.52B | $14.67B | $9.60B | $9.09B | $8.37B | |
| Intangibles | $4.75B | $4.82B | $2.63B | $2.54B | $2.81B | $2.70B | $2.77B | $1.44B | $1.27B | $1.13B | |
| Other Non-current Assets | $1.79B | $1.73B | $1.59B | $1.45B | $1.46B | $1.46B | $1.76B | $1.54B | $1.43B | $1.21B | |
| Total Assets | $58.71B | $56.48B | $48.03B | $44.11B | $44.01B | $33.05B | $31.36B | $21.58B | $20.43B | $18.19B | |
| Accounts Payable | $3.65B | $3.40B | $3.40B | $3.28B | $3.17B | $3.05B | $2.75B | $2.23B | $2.08B | $1.97B | |
| Short-term Debt | $0 | $0 | $0 | $0 | $17M | $517M | $1.22B | $314M | $0 | $50M | |
| Current Liabilities | $21.06B | $19.52B | $19.80B | $17.83B | $6.65B | $6.56B | $6.68B | $4.92B | $4.26B | $4.08B | |
| Capital Leases | $1.53B | $1.59B | $1.66B | $1.67B | $1.88B | $1.92B | $1.93B | $0 | · | · | |
| Other Non-current Liabilities | $1.41B | $1.26B | $1.27B | $1.36B | $1.71B | $1.49B | $1.40B | $1.36B | $1.31B | $957M | |
| Long-term Debt | $19.59B | $19.95B | $13.46B | $11.49B | $10.95B | $11.31B | $11.96B | $5.82B | · | · | |
| Total Debt | $19.59B | $19.95B | $13.46B | $11.76B | $10.97B | $11.83B | $13.17B | $314M | $262M | $312M | |
| Common Stock | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | |
| Retained Earnings | $27.77B | $25.31B | $22.76B | $20.30B | $18.39B | $16.27B | $15.20B | $14.35B | $13.14B | $12.39B | |
| Treasury Stock | $9.35B | $7.66B | $7.08B | $6.21B | $4.48B | $3.56B | $3.77B | $3.57B | $3.08B | $2.51B | |
| AOCI | $-5.43B | $-6.24B | $-5.29B | $-5.31B | $-4.58B | $-5.11B | $-5.05B | $-4.65B | $-4.04B | $-5.09B | |
| Stockholders' Equity | $15.31B | $13.54B | $12.37B | $10.75B | $11.22B | $9.26B | $7.94B | $7.58B | $7.44B | $6.27B | |
| Liabilities + Equity | $58.71B | $56.48B | $48.03B | $44.11B | $34.39B | $33.05B | $31.36B | $21.58B | $20.43B | $18.19B | |
| Shares Outstanding | 485,000,000 | 491,000,000 | 492,000,000 | 495,000,000 | 504,000,000 | 508,000,000 | 504,000,000 | 504,000,000 | 509,000,000 | 514,000,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $361M | $369M | $370M | $381M | $747M | $741M | $647M | $494M | $481M | $438M | |
| Stock-based Comp | $394M | $368M | $363M | $367M | $348M | $290M | $252M | $193M | $149M | $109M | |
| Deferred Tax | $123M | $157M | $-29M | $-43M | $-63M | $40M | $84M | $-39M | $396M | $68M | |
| Amort. of Intangibles | $549M | $377M | $343M | $338M | $365M | $351M | $314M | $183M | $169M | $130M | |
| Restructuring | $222M | $276M | $301M | $427M | $70M | $89M | $112M | $161M | $40M | $44M | |
| Other Non-cash | $254M | $-652M | $-545M | $-628M | $-659M | $295M | $-364M | $130M | $-625M | $-376M | |
| Operating Cash Flow | $5.29B | $4.30B | $4.26B | $3.46B | $3.52B | $3.38B | $2.36B | $2.43B | $1.89B | $2.01B | |
| CapEx | $291M | $316M | $416M | $470M | $406M | $348M | $421M | $314M | $302M | $253M | |
| Investing Cash Flow | $-845M | $-8.82B | $-1.42B | $-850M | $-1.16B | $-793M | $-4.39B | $-1.09B | $-956M | $-1.06B | |
| Net Debt Issued | $-519M | $-1.62B | $-266M | $-365M | $-1.02B | $-2.52B | $-1.06B | $-263M | $-315M | $-12M | |
| Stock Repurchased | $2.01B | $900M | $1.15B | $1.95B | $1.16B | $0 | $485M | $675M | $900M | $800M | |
| Net Stock Activity | $-2.01B | $-900M | $-1.15B | $-1.95B | $-1.16B | $0 | $-485M | $-675M | $-900M | $-800M | |
| Dividends Paid | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943M | $890M | $807M | $740M | $682M | |
| Financing Cash Flow | $-4.63B | $4.46B | $-1.12B | $-1.05B | $-1.30B | $-925M | $4.33B | $-1.31B | $-1.01B | $-1.07B | |
| Net Change in Cash | $486M | $-478M | $2.05B | $728M | $700M | $2.17B | $2.43B | $-139M | $179M | $-348M | |
| Taxes Paid | $1.29B | $1.20B | $1.10B | $1.05B | $1.07B | $673M | $661M | $632M | $583M | $642M | |
| Free Cash Flow | $5.00B | $3.99B | $3.84B | $3.00B | $3.11B | $3.03B | $1.94B | $2.11B | $1.59B | $1.75B | |
| Levered FCF | · | · | $3.40B | $2.64B | $2.78B | $2.66B | $1.56B | $1.90B | $1.46B | $1.62B |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% | 17.8% | 16.1% | 18.5% | · | · | |
| Net Margin | 15.4% | 16.6% | 16.5% | 14.7% | 15.9% | 11.7% | 10.5% | 11.0% | · | · | |
| Pretax Margin | 20.5% | 22.4% | 22.1% | 19.7% | 21.2% | 16.2% | 14.6% | 15.0% | · | · | |
| EBITDA Margin | 24.4% | 25.3% | 26.4% | 24.1% | 25.5% | 22.1% | 20.0% | 21.8% | · | · | |
| ROA | 7.2% | 7.8% | 8.2% | 7.9% | 9.3% | 6.3% | 6.6% | 7.9% | 7.7% | 9.7% | |
| ROE | 28.1% | 29.6% | 31.4% | 29.7% | 29.8% | 22.4% | 22.1% | 21.8% | 20.5% | 27.2% | |
| ROIC | 13.6% | 13.1% | 15.5% | 14.4% | 14.7% | 10.7% | 9.2% | 26.0% | 21.2% | 29.3% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | 1.1 | 1.2 | 1.2 | 1.2 | 1.1 | 1.2 | 1.3 | 1.2 | |
| Quick Ratio | 0.5 | 0.5 | 0.5 | 1.0 | 1.1 | 1.1 | 1.0 | 1.1 | 1.3 | 1.1 | |
| Debt / Equity | 1.3 | 1.5 | 1.1 | 1.1 | 1.0 | 1.3 | 1.7 | 0.0 | 0.0 | 0.0 | |
| LT Debt / Equity | 1.2 | 1.4 | 1.0 | 1.0 | 1.0 | 1.2 | 1.4 | · | · | · | |
| Interest Coverage | · | · | 9.1 | 9.1 | 9.7 | 6.0 | 5.1 | 9.5 | 12.1 | 14.1 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | 0.6 | 0.7 | · | · | |
| Receivables Turnover | 3.6 | 3.6 | 3.7 | 3.6 | 3.6 | 3.3 | 3.5 | 3.5 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.3% | 7.6% | 9.7% | 4.5% | 15.1% | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.2% | 7.3% | 9.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.4% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 3.1% | 8.6% | 24.7% | -1.5% | 55.6% | · | · | · | · | · | |
| EPS CAGR 3Y | 11.8% | 10.1% | 24.1% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 16.4% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 2.5% | 8.1% | 23.2% | -3.0% | 55.9% | · | · | · | · | · | |
| Net Income CAGR 3Y | 10.9% | 8.9% | 23.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 15.6% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 12.5% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B | $17.22B | $16.65B | $14.95B | $14.02B | $13.21B | |
| Net Income TTM | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B | $1.49B | $1.77B | |
| Market Cap | $89.98B | $104.29B | $93.22B | $81.91B | $87.61B | $59.44B | $56.15B | $40.19B | $41.43B | $34.74B | |
| Enterprise Value | $106.88B | $121.84B | $103.32B | $92.23B | $96.82B | $69.18B | $68.17B | $39.44B | $40.48B | $34.03B | |
| P/E | 22.0 | 26.0 | 25.2 | 27.4 | 28.4 | 29.7 | 32.7 | 24.7 | 28.4 | 20.0 | |
| P/S | 3.3 | 4.3 | 4.1 | 4.0 | 4.4 | 3.5 | 3.4 | 2.7 | 3.0 | 2.6 | |
| P/B | 5.9 | 7.7 | 7.5 | 7.6 | 7.8 | 6.4 | 7.1 | 5.3 | 5.6 | 5.5 | |
| P / Cash Flow | 17.0 | 24.2 | 21.9 | 23.6 | 24.9 | 17.6 | 23.8 | 16.6 | 21.9 | 17.3 | |
| P / FCF | 18.0 | 26.2 | 24.3 | 27.3 | 28.2 | 19.6 | 28.9 | 19.0 | 26.0 | 19.8 | |
| EV / EBITDA | 16.2 | 19.7 | 17.2 | 18.5 | 19.1 | 18.2 | 20.5 | 12.1 | 12.1 | 11.0 | |
| EV / FCF | 21.4 | 30.6 | 26.9 | 30.8 | 31.1 | 22.8 | 35.1 | 18.7 | 25.4 | 19.4 | |
| EV / Revenue | 4.0 | 5.0 | 4.5 | 4.5 | 4.9 | 4.0 | 4.1 | 2.6 | 2.9 | 2.6 | |
| Dividend Yield | 1.9% | 1.5% | 1.4% | 1.4% | 1.2% | 1.6% | 1.6% | 2.0% | 1.8% | 2.0% | |
| Earnings Yield | 4.5% | 3.9% | 4.0% | 3.6% | 3.5% | 3.4% | 3.1% | 4.0% | 3.5% | 5.0% | |
| Payout Ratio | 40.8% | 37.3% | 34.6% | 37.3% | 32.6% | 46.8% | 51.1% | 48.9% | 49.6% | 38.6% | |
| Annual Payout | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943M | $890M | $807M | $740M | $682M |
Income Statement 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 | $7.40B | $7.60B | $6.59B | $6.35B | $6.97B | $7.06B | $6.07B | $5.70B | $6.22B | $6.47B | $5.55B | $5.38B | $5.88B | $5.92B | $5.02B | $4.77B | |
| Operating Expenses | $5.50B | $5.84B | $5.38B | $5.18B | $5.14B | $5.06B | $4.92B | $4.59B | $4.58B | $4.55B | $4.45B | $4.39B | $4.42B | $4.20B | $4.34B | $3.98B | |
| Operating Income | $1.90B | $1.75B | $1.22B | $1.17B | $1.83B | $2.00B | $1.14B | $1.11B | $1.64B | $1.93B | $1.10B | $996M | $1.46B | $1.73B | $680M | $791M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $159M | · | $145M | $146M | $136M | · | $118M | |
| Interest Income | $8M | $11M | $14M | $10M | $5M | $19M | $22M | $12M | $12M | $37M | $38M | $16M | $10M | $14M | $9M | $4M | |
| Pretax Income | $1.70B | $1.58B | $1.06B | $1.01B | $1.65B | $1.83B | $1.01B | $1.03B | $1.56B | $1.87B | $1.05B | $930M | $1.38B | $1.66B | $613M | $733M | |
| Income Tax | $411M | $395M | $222M | $253M | $415M | $415M | $208M | $283M | $425M | $447M | $283M | $192M | $337M | $412M | $142M | $181M | |
| Net Income | $1.27B | $1.15B | $821M | $747M | $1.21B | $1.38B | $788M | $747M | $1.12B | $1.40B | $756M | $730M | $1.03B | $1.24B | $466M | $546M | |
| EPS (Basic) | $2.64 | $2.37 | $1.69 | $1.52 | $2.46 | $2.81 | $1.62 | $1.52 | $2.28 | $2.84 | $1.53 | $1.48 | $2.09 | $2.50 | $0.95 | $1.10 | |
| EPS (Diluted) | $2.63 | $2.36 | $1.68 | $1.51 | $2.45 | $2.79 | $1.58 | $1.51 | $2.27 | $2.82 | $1.52 | $1.47 | $2.07 | $2.47 | $0.95 | $1.08 | |
| Shares (Basic) | 480,000,000 | 484,000,000 | -984,000,000 | 491,000,000 | 492,000,000 | 492,000,000 | -984,000,000 | 492,000,000 | 492,000,000 | 492,000,000 | -990,000,000 | 494,000,000 | 495,000,000 | 495,000,000 | -1,003,000,000 | 498,000,000 | |
| Shares (Diluted) | 482,000,000 | 486,000,000 | -990,000,000 | 494,000,000 | 495,000,000 | 495,000,000 | -993,000,000 | 496,000,000 | 496,000,000 | 497,000,000 | -999,000,000 | 499,000,000 | 499,000,000 | 500,000,000 | -1,013,000,000 | 503,000,000 | |
| EBITDA | $1.99B | $1.84B | · | $1.26B | $1.92B | $2.09B | · | $1.11B | $1.64B | $1.93B | · | $996M | $1.46B | $1.73B | · | $791M |
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 | $1.70B | $1.61B | $2.69B | $2.51B | $1.68B | $1.60B | $2.40B | $1.80B | $1.65B | $1.45B | $3.36B | $2.90B | $1.17B | $1.01B | $1.44B | $802M | |
| Receivables | $8.94B | $8.43B | $7.67B | $7.91B | $8.46B | $7.87B | $7.16B | $7.42B | $7.74B | $7.22B | · | $6.52B | $6.99B | $6.70B | · | $5.82B | |
| Other Current Assets | $1.49B | $1.45B | $1.37B | $1.28B | $1.33B | $1.41B | $1.29B | $1.14B | $1.13B | $1.17B | · | $1.03B | $1.08B | $1.41B | · | $953M | |
| Current Assets | $24.33B | $23.24B | $23.20B | $23.70B | $23.33B | $22.46B | $22.12B | $22.29B | $22.02B | $21.30B | · | $22.28B | $20.80B | $9.11B | · | $7.57B | |
| PP&E (Net) | $806M | $814M | $829M | $820M | $839M | $840M | $859M | $884M | $879M | $877M | $882M | $859M | $870M | $867M | $871M | $865M | |
| PP&E (Gross) | · | · | $2.50B | · | · | · | $2.40B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $1.73B | $1.70B | $1.67B | $1.67B | $1.65B | $1.59B | $1.54B | $1.64B | $1.57B | $1.58B | · | $1.62B | $1.61B | $1.58B | · | $1.65B | |
| Goodwill | $24.35B | $24.27B | $24.34B | $23.95B | $23.92B | $23.54B | $23.31B | $18.23B | $17.52B | $17.31B | $17.23B | $16.66B | $16.62B | $16.30B | $16.25B | $15.58B | |
| Intangibles | $4.50B | $4.61B | $4.75B | $4.67B | $4.77B | $4.74B | $4.82B | $2.72B | $2.64B | $2.63B | · | $2.50B | $2.51B | $2.45B | · | $2.40B | |
| Other Non-current Assets | $1.83B | $1.80B | $1.79B | $1.75B | $1.74B | $1.69B | $1.73B | $1.63B | $1.60B | $1.57B | · | $1.53B | $1.50B | $1.47B | · | $1.38B | |
| Total Assets | $59.68B | $58.55B | $58.71B | $58.78B | $58.55B | $57.02B | $56.48B | $49.86B | $48.59B | $47.57B | · | $48.00B | $46.57B | $34.36B | · | $32.02B | |
| Accounts Payable | $4.05B | $4.18B | $3.65B | $3.35B | $3.43B | $3.45B | $3.40B | $3.10B | $3.21B | $3.38B | · | $3.14B | $3.14B | $3.41B | · | $2.90B | |
| Short-term Debt | $1.02B | $1.05B | $0 | $0 | $150M | $1.05B | $0 | $0 | $749M | $50M | · | $0 | $308M | $594M | · | $600M | |
| Current Liabilities | $21.36B | $20.91B | $21.06B | $21.10B | $19.40B | $19.77B | $19.52B | $19.60B | $18.86B | $18.66B | · | $20.61B | $19.81B | $7.91B | · | $7.29B | |
| Capital Leases | $1.49B | $1.52B | $1.53B | $1.51B | $1.55B | $1.56B | $1.59B | $1.62B | $1.59B | $1.60B | · | $1.64B | $1.70B | $1.72B | · | $1.62B | |
| Other Non-current Liabilities | $1.49B | $1.38B | $1.41B | $1.42B | $1.58B | $1.41B | $1.26B | $1.40B | $1.26B | $1.32B | · | $1.23B | $1.44B | $1.43B | · | $1.28B | |
| Long-term Debt | $19.54B | $19.55B | $19.59B | $19.58B | $19.58B | $19.48B | $19.95B | $12.85B | $12.80B | $13.42B | · | $13.65B | $12.11B | $12.11B | · | $10.77B | |
| Total Debt | $20.56B | $20.60B | · | $19.58B | $19.73B | $20.53B | · | $12.85B | $13.54B | $13.47B | · | $13.65B | $12.42B | $12.70B | · | $11.37B | |
| Common Stock | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | · | $561M | $561M | $561M | · | $561M | |
| Retained Earnings | $29.30B | $28.04B | $27.77B | $26.95B | $27.09B | $25.88B | $25.31B | $24.52B | $24.58B | $23.46B | · | $22.01B | $21.98B | $20.95B | · | $19.84B | |
| Treasury Stock | $10.67B | $9.94B | $9.35B | $8.37B | $8.00B | $7.73B | $7.66B | $7.69B | $7.44B | $7.20B | · | $6.85B | $6.60B | $6.39B | · | $5.90B | |
| AOCI | $-5.58B | $-5.56B | $-5.43B | $-5.44B | $-5.24B | $-5.90B | $-6.24B | $-4.99B | $-5.53B | $-5.51B | · | $-5.46B | $-5.05B | $-5.23B | · | $-6.05B | |
| Stockholders' Equity | $15.43B | $14.81B | $15.31B | $15.36B | $15.98B | $14.27B | $13.54B | $13.88B | $13.56B | $12.62B | $12.37B | $11.59B | $12.14B | $11.20B | $10.75B | $9.79B | |
| Liabilities + Equity | $59.68B | $58.55B | $58.71B | $58.78B | $58.55B | $57.02B | $56.48B | $49.86B | $48.59B | $47.57B | · | $48.00B | $46.57B | $34.36B | · | $32.02B | |
| Shares Outstanding | 478,000,000 | 482,000,000 | 485,000,000 | 490,000,000 | 492,000,000 | 493,000,000 | 491,000,000 | 491,000,000 | 492,000,000 | 493,000,000 | 492,000,000 | 493,000,000 | 494,000,000 | 495,000,000 | 495,000,000 | 497,000,000 |
Cash Flow 17
| 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 | $90M | $89M | $91M | $91M | $91M | $88M | $93M | $90M | $87M | $99M | · | · | · | · | · | · | |
| Stock-based Comp | $96M | $139M | $89M | $95M | $98M | $112M | $85M | $90M | $90M | $103M | $90M | $82M | $92M | $99M | $84M | $89M | |
| Amort. of Intangibles | $137M | $138M | $137M | $133M | $140M | $139M | $108M | $90M | $89M | $90M | $86M | $85M | $87M | $85M | $80M | $84M | |
| Restructuring | $58M | $45M | $126M | $46M | $18M | $32M | $136M | $54M | $44M | $42M | · | $52M | $65M | $53M | · | $38M | |
| Other Non-cash | · | $-2.06B | · | · | · | $-2.20B | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $1.52B | $-688M | $2.16B | $2.08B | $1.67B | $-622M | $1.96B | $1.91B | $1.22B | $-781M | $1.78B | $1.81B | $1.48B | $-819M | $1.50B | $1.38B | |
| CapEx | $72M | $62M | $105M | $72M | $59M | $55M | $76M | $73M | $80M | $87M | $120M | $111M | $101M | $84M | $103M | $128M | |
| Investing Cash Flow | $-161M | $-104M | $-523M | $-227M | $-121M | $26M | $-7.64B | $-393M | $-415M | $-368M | $-474M | $-442M | $-133M | $-368M | $-487M | $-105M | |
| Net Debt Issued | · | $-605M | · | · | · | $-505M | · | · | · | $-1.00B | · | · | · | $-4M | · | · | |
| Stock Repurchased | $757M | $755M | $1.01B | $402M | $300M | $300M | $0 | $300M | $300M | $300M | $250M | $300M | $300M | $300M | $350M | $500M | |
| Net Stock Activity | · | $-755M | · | · | · | $-300M | · | · | · | $-300M | · | · | · | $-300M | · | · | |
| Dividends Paid | $438M | $440M | $444M | $445M | $405M | $405M | $403M | $404M | $352M | $354M | $354M | $353M | $295M | $296M | $298M | $293M | |
| Financing Cash Flow | $-800M | $114M | $-2.05B | $-753M | $-1.70B | $-138M | $6.28B | $-1.44B | $-519M | $135M | $-2.33B | $988M | $-546M | $773M | $-1.07B | $-470M | |
| Net Change in Cash | $548M | $-805M | $-352M | $964M | $365M | $-491M | $-47M | $571M | $240M | $-1.24B | $-577M | $1.99B | $895M | $-262M | $692M | $-29M | |
| Taxes Paid | $399M | $238M | $406M | $246M | $403M | $237M | $278M | $264M | $419M | $239M | $401M | $195M | $281M | $223M | $352M | $260M | |
| Free Cash Flow | · | $-750M | · | · | · | $-677M | · | · | · | $-868M | · | · | · | $-903M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-989M | · | · | · | $-1.01B | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 25.7% | 23.1% | · | 18.4% | 26.2% | 28.4% | · | 19.4% | 26.4% | 29.7% | · | 18.5% | 24.8% | 29.1% | · | 16.6% | |
| Net Margin | 17.1% | 15.1% | · | 11.8% | 17.4% | 19.6% | · | 13.1% | 18.1% | 21.6% | · | 13.6% | 17.6% | 20.8% | · | 11.5% | |
| Pretax Margin | 23.0% | 20.8% | · | 15.9% | 23.6% | 25.9% | · | 18.2% | 25.2% | 28.9% | · | 17.3% | 23.5% | 28.1% | · | 15.4% | |
| EBITDA Margin | 26.9% | 24.3% | · | 19.9% | 27.5% | 29.6% | · | 19.4% | 26.4% | 29.7% | · | 18.5% | 24.8% | 29.1% | · | 16.6% | |
| ROA | 2.1% | 2.0% | · | 1.4% | 2.3% | 2.6% | · | 1.5% | 2.4% | 3.4% | · | 1.8% | 2.6% | 3.6% | · | 1.7% | |
| ROE | 8.1% | 7.9% | · | 5.1% | 8.2% | 10.3% | · | 5.9% | 8.8% | 11.8% | · | 6.8% | 9.0% | 11.1% | · | 5.5% | |
| ROIC | 4.0% | 3.7% | · | 2.5% | 3.8% | 4.5% | · | 3.0% | 4.4% | 5.6% | · | 3.1% | 4.5% | 5.4% | · | 2.8% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | · | 1.1 | 1.2 | 1.1 | · | 1.1 | 1.2 | 1.1 | · | 1.1 | 1.0 | 1.2 | · | 1.0 | |
| Quick Ratio | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.4 | 1.0 | · | 0.9 | |
| Debt / Equity | 1.3 | 1.4 | · | 1.3 | 1.2 | 1.4 | · | 0.9 | 1.0 | 1.1 | · | 1.2 | 1.0 | 1.1 | · | 1.2 | |
| LT Debt / Equity | 1.2 | 1.3 | · | 1.2 | 1.2 | 1.3 | · | 0.9 | 0.9 | 1.0 | · | 1.0 | 0.8 | 1.0 | · | 1.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 12.1 | · | 6.9 | 10.0 | 12.7 | · | 6.7 |
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 | 0.2 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | |
| Receivables Turnover | 0.9 | 0.9 | · | 0.8 | 0.9 | 0.9 | · | 0.8 | 0.8 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.8 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $28.33B | $27.98B | · | $26.08B | $25.95B | $25.45B | · | $23.77B | $23.95B | $23.66B | · | $21.95B | $21.95B | $21.62B | · | $20.28B | |
| Net Income TTM | $4.37B | $4.49B | · | $4.09B | $4.46B | $4.65B | · | $4.00B | $4.29B | $4.40B | · | $3.55B | $3.78B | $3.82B | · | $3.12B | |
| Market Cap | $79.67B | $83.60B | · | $98.75B | $107.57B | $120.31B | · | $109.54B | $103.67B | $101.55B | · | $93.82B | $92.91B | $82.44B | · | $74.20B | |
| Enterprise Value | $98.53B | $102.59B | · | $115.82B | $125.62B | $139.23B | · | $120.59B | $115.57B | $113.57B | · | $104.57B | $104.16B | $94.14B | · | $84.76B | |
| P/E | 18.6 | 19.0 | · | 24.4 | 24.2 | 26.0 | · | 27.6 | 24.4 | 23.3 | · | 26.8 | 25.0 | 22.0 | · | 24.3 | |
| P/S | 2.8 | 3.0 | · | 3.8 | 4.1 | 4.7 | · | 4.6 | 4.3 | 4.3 | · | 4.3 | 4.2 | 3.8 | · | 3.7 | |
| P/B | 5.2 | 5.6 | · | 6.4 | 6.7 | 8.4 | · | 7.9 | 7.6 | 8.0 | · | 8.1 | 7.7 | 7.4 | · | 7.6 | |
| P / Cash Flow | · | -121.5 | · | · | · | -193.4 | · | · | · | -130.0 | · | · | · | -100.7 | · | · | |
| P / FCF | · | -111.5 | · | · | · | -177.7 | · | · | · | -117.0 | · | · | · | -91.3 | · | · | |
| EV / EBITDA | 49.5 | 55.7 | · | 91.8 | 65.4 | 66.5 | · | 108.8 | 70.4 | 59.0 | · | 105.0 | 71.5 | 54.5 | · | 107.2 | |
| EV / FCF | · | -136.8 | · | · | · | -205.7 | · | · | · | -130.8 | · | · | · | -104.3 | · | · | |
| EV / Revenue | 3.5 | 3.7 | · | 4.4 | 4.8 | 5.5 | · | 5.1 | 4.8 | 4.8 | · | 4.8 | 4.7 | 4.4 | · | 4.2 | |
| Earnings Yield | 5.4% | 5.2% | · | 4.1% | 4.1% | 3.9% | · | 3.6% | 4.1% | 4.3% | · | 3.7% | 4.0% | 4.5% | · | 4.1% | |
| Payout Ratio | · | 38.4% | · | · | · | 29.3% | · | · | · | 25.3% | · | · | · | 24.0% | · | · |
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 | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B |
| Operating Margin % | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% |
| Net Income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B |
| Diluted EPS | $8.43 | $8.18 | $7.53 | $6.04 | $6.13 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.3 | 1.5 | 1.1 | 1.1 | 1.0 |
| Current Ratio | 1.1 | 1.1 | 1.1 | 1.2 | 1.2 |
| Quick Ratio | 0.5 | 0.5 | 0.5 | 1.0 | 1.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $5.00B | $3.99B | $3.84B | $3.00B | $3.11B |
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Institutional owners (13F) 1,638 filers · $47.9B 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 128 (-31 vs prior Q) | 160 (+7 vs prior Q) | 491 (-95 vs prior Q) | 630 (+48 vs prior Q) | +29.7M |
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 | $5,245,534,076 | 31,472,575 | 10.95% | Shares |
| STATE STREET CORP | $3,733,687,339 | 22,401,676 | 7.79% | Shares |
| Capital World Investors | $3,020,458,543 | 18,122,340 | 6.30% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,640,547,643 | 15,842,969 | 5.51% | Shares |
| Capital International Investors | $2,621,642,741 | 15,729,457 | 5.47% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,095,127,235 | 12,570,512 | 4.37% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,983,621,209 | 11,911,824 | 4.14% | Shares |
| Capital Research Global Investors | $1,828,982,920 | 10,973,649 | 3.82% | Shares |
| Artisan Partners Limited Partnership | $1,211,565,231 | 7,269,246 | 2.53% | Shares |
| NORGES BANK | $1,042,608,352 | 6,255,525 | 2.18% | Shares |
| Clearbridge Investments, LLC | $779,635,013 | 4,677,717 | 1.63% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $695,032,234 | 4,170,110 | 1.45% | Shares |
| Ninety One UK Ltd | $661,933,438 | 3,971,522 | 1.38% | Shares |
| AMERICAN CENTURY COMPANIES INC | $646,303,466 | 3,877,741 | 1.35% | Shares |
| EdgePoint Investment Group Inc. | $636,712,067 | 3,820,196 | 1.33% | Shares |
| AMERIPRISE FINANCIAL INC | $626,743,860 | 3,759,552 | 1.31% | Shares |
| FMR LLC | $571,016,148 | 3,426,029 | 1.19% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $450,977,686 | 2,705,812 | 0.94% | Shares |
| ALLIANCEBERNSTEIN L.P. | $357,523,292 | 2,061,247 | 0.75% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $357,511,318 | 2,145,025 | 0.75% | Shares |
| W1M Asset Management Ltd | $348,202,306 | 2,090,489 | 0.73% | Shares |
| PARNASSUS INVESTMENTS, LLC | $341,277,325 | 2,047,623 | 0.71% | Shares |
| UBS Group AG | $339,403,955 | 2,036,383 | 0.71% | Shares |
| W1M Investment Management Ltd | $314,552,378 | 1,560,628 | 0.66% | Shares |
| Mawer Investment Management Ltd. | $311,866,071 | 1,871,159 | 0.65% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $311,185,724 | 1,867,077 | 0.65% | Shares |
| Rathbones Group PLC | $288,844,776 | 1,733,034 | 0.60% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $267,647,020 | 1,605,850 | 0.56% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $263,263,615 | 1,579,552 | 0.55% | Shares |
| Navera Investment Management Ltd. | $252,810,851 | 1,517,459 | 0.53% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $252,749,510 | 1,516,467 | 0.53% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $249,660,660 | 1,497,934 | 0.52% | Shares |
| TWO SIGMA ADVISERS, LP | $243,439,344 | 1,312,200 | 0.51% | Shares |
| Swiss National Bank | $226,504,530 | 1,359,000 | 0.47% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $221,792,436 | 1,330,728 | 0.46% | Shares |
| Swedbank AB | $216,913,672 | 1,301,456 | 0.45% | Shares |
| Polar Capital Holdings Plc | $216,671,000 | 1,300,000 | 0.45% | Shares |
| GOLDMAN SACHS GROUP INC | $205,168,948 | 1,230,989 | 0.43% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $200,059,770 | 1,199,699 | 0.42% | Shares |
| VANGUARD GROUP INC | $197,768,216 | 1,066,021 | 0.41% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $191,185,436 | 1,102,251 | 0.40% | Shares |
| National Pension Service | $188,097,762 | 1,128,564 | 0.39% | Shares |
| Nuveen Asset Management, LLC | $187,334,054 | 881,946 | 0.39% | Shares |
| Legal & General Group Plc | $183,879,347 | 1,103,254 | 0.38% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $183,446,336 | 1,100,656 | 0.38% | Shares |
| Vanguard Global Advisers, LLC | $183,190,664 | 1,099,122 | 0.38% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $181,631,633 | 1,089,768 | 0.38% | Shares |
| RAYMOND JAMES FINANCIAL INC | $181,345,528 | 1,088,051 | 0.38% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $166,350,945 | 998,086 | 0.35% | Shares |
| JENSEN INVESTMENT MANAGEMENT INC | $164,153,950 | 984,904 | 0.34% | Shares |
| Caisse de depot et placement du Quebec | $163,759,608 | 982,538 | 0.34% | Shares |
| BlackRock, Inc. | $162,679,587 | 976,058 | 0.34% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $162,453,916 | 974,704 | 0.34% | Shares |
| BANK OF AMERICA CORP /DE/ | $151,228,357 | 907,352 | 0.32% | Shares |
| Robeco Institutional Asset Management B.V. | $151,146,524 | 906,861 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $148,698,880 | 892,176 | 0.31% | Shares |
| California Public Employees Retirement System | $144,222,218 | 865,316 | 0.30% | Shares |
| TD Asset Management Inc | $133,397,668 | 800,370 | 0.28% | Shares |
| Nuveen, LLC | $130,948,012 | 785,672 | 0.27% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $126,583,463 | 729,798 | 0.26% | Shares |
| FIL Ltd | $123,923,145 | 743,524 | 0.26% | Shares |
| Capital International, Inc./CA/ | $123,320,300 | 739,907 | 0.26% | Shares |
| MACKENZIE FINANCIAL CORP | $121,632,599 | 729,781 | 0.25% | Shares |
| JENNISON ASSOCIATES LLC | $113,881,110 | 683,273 | 0.24% | Shares |
| Assenagon Asset Management S.A. | $109,074,515 | 654,434 | 0.23% | Shares |
| Cryder Capital Partners LLP | $108,238,498 | 649,418 | 0.23% | Shares |
| DAVENPORT & Co LLC | $102,013,651 | 612,045 | 0.21% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $99,447,654 | 596,674 | 0.21% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $97,322,439 | 588,501 | 0.20% | Shares |
| BARCLAYS PLC | $93,657,540 | 561,934 | 0.20% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $86,511,765 | 514,651 | 0.18% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $85,887,051 | 515,312 | 0.18% | Shares |
| Pictet Asset Management Holding SA | $85,813,108 | 514,868 | 0.18% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $82,472,987 | 487,919 | 0.17% | Shares |
| PNC Financial Services Group, Inc. | $82,209,978 | 493,250 | 0.17% | Shares |
| JOHNSON INVESTMENT COUNSEL INC | $79,671,674 | 478,020 | 0.17% | Shares |
| Munich Reinsurance Co Stock Corp in Munich | $76,771,202 | 460,618 | 0.16% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $70,995,253 | 425,963 | 0.15% | Shares |
| AVIVA PLC | $70,206,071 | 421,228 | 0.15% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $68,438,000 | 410,621 | 0.14% | Shares |
| Birch Hill Investment Advisors LLC | $68,373,488 | 410,233 | 0.14% | Shares |
| Focused Investors LLC | $67,384,681 | 404,300 | 0.14% | Shares |
| PFA Pension, Forsikringsaktieselskab | $66,402,084 | 398,405 | 0.14% | Shares |
| LPL Financial LLC | $65,775,401 | 394,645 | 0.14% | Shares |
| BRADLEY FOSTER & SARGENT INC/CT | $64,630,452 | 387,775 | 0.13% | Shares |
| Black Creek Investment Management Inc. | $64,100,782 | 384,597 | 0.13% | Shares |
| APG Asset Management N.V. | $62,749,877 | 430,443 | 0.13% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $62,480,083 | 374,873 | 0.13% | Shares |
| FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND | $59,898,033 | 359,381 | 0.13% | Shares |
| Madison Investment Advisors, LLC | $57,930,272 | 272,729 | 0.12% | Shares |
| Scharf Investments, LLC | $57,401,814 | 344,395 | 0.12% | Shares |
| Madison Asset Management, LLC | $57,163,721 | 342,975 | 0.12% | Shares |
| Quantinno Capital Management LP | $57,093,384 | 342,553 | 0.12% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $56,869,804 | 341,212 | 0.12% | Shares |
| L1 Capital International Pty Ltd | $56,833,970 | 340,997 | 0.12% | Shares |
| Impax Asset Management Group plc | $56,643,466 | 339,854 | 0.12% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $56,125,390 | 336,746 | 0.12% | Shares |
| EMINENCE CAPITAL, LP | $55,570,952 | 320,386 | 0.12% | Shares |
| Temasek Holdings (Private) Ltd | $54,331,087 | 325,980 | 0.11% | Shares |
| Aberdeen Group plc | $50,974,853 | 305,843 | 0.11% | Shares |
Company insiders 81 insiders · 46 officers · 34 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John Q Doyle | President and CEO | June 2, 2026 M | 116,811 | 0 | 4 | $-13,922,215 |
| Patrick Tomlinson | President and CEO, Mercer | May 1, 2026 A | 4,256 | 0 | 0 | $0 |
| Dean Michael Klisura | President & CEO, Guy Carpenter | May 1, 2026 A | 25,129 | 0 | 0 | $0 |
| Nicholas Mark Studer | President and CEO Marsh Risk | May 1, 2026 A | 32,536 | 0 | 1 | $-706,123 |
| Martine Ferland | President and CEO, Mercer | March 5, 2024 S | 9,979 | 0 | 0 | $0 |
| Daniel S Glaser | President and CEO, MMC | March 4, 2022 S | 101,074 | 0 | 0 | $0 |
| Scott Mcdonald | President and CEO of OWG | June 2, 2021 M | 18,763 | 0 | 0 | $0 |
| Peter C Hearn | President & CEO, Guy Carpenter | March 4, 2021 S | 9,866 | 0 | 0 | $0 |
| Julio A Portalatin | President and CEO, Mercer | Feb. 28, 2019 M | 67,215 | 0 | 0 | $0 |
| Peter Zaffino | Chairman, RIS and CEO, Marsh | March 2, 2017 S | 132,425 | 0 | 0 | $0 |
| David A Nadler | Vice Chairman, Office of CEO | June 1, 2013 A | 127,321 | 0 | 0 | $0 |
| Brian Duperreault | President and CEO, MMC | Dec. 4, 2012 S | 31,527 | 0 | 0 | $0 |
| Michele M Burns | Chairman & CEO, Mercer | Feb. 26, 2011 M | 77,006 | 0 | 0 | $0 |
| David Spiller | CEO, Guy Carpenter | Feb. 26, 2008 A | 3,450 | 0 | 0 | $0 |
| Simon V Freakley | CEO and President, Kroll | Feb. 26, 2008 A | 24,968 | 0 | 0 | $0 |
| Mathis Cabiallavetta | Vice Chairman, Office of CEO | Feb. 26, 2008 A | 218,777 | 0 | 0 | $0 |
| Charles E Haldeman | Pres. and CEO, Putnam Invest. | Aug. 2, 2007 M | 58,460 | 0 | 0 | $0 |
| Brian M Storms | Chairman and CEO, Marsh Inc. | Feb. 12, 2007 A | 64,886 | 0 | 0 | $0 |
| CHERKASKY MICHAEL G | President and CEO, MMC | Feb. 12, 2007 A | 129,017 | 0 | 0 | $0 |
| Salvatore D Zaffino | Chairman and CEO,Guy Carpenter | March 15, 2006 A | 128,732 | 0 | 0 | $0 |
| John T Sinnott | Vice Chair, Office of CEO | March 15, 2006 A | 28,257 | 0 | 0 | $0 |
| DAVIS CHARLES A /NJ/ | Chairman and CEO, MMC Captial | May 13, 2005 P | 2,191 | 0 | 0 | $0 |
| Ray J Groves | Chief Executive Officer, Marsh | Aug. 13, 2004 P | 76,872 | 0 | 0 | $0 |
| Mark C Mcgivney | EVP, CFO and COO | May 1, 2026 A | 42,469 | 0 | 0 | $0 |
| Michael J. Bischoff | Chief Financial Officer | Oct. 15, 2015 M | 29,646 | 0 | 0 | $0 |
| Vanessa Ames Wittman | EVP & Chief Financial Officer | March 13, 2012 M | 22,314 | 0 | 0 | $0 |
| Matthew B Bartley | EVP & Chief Financial Officer | Feb. 15, 2008 J | 8,402 | 0 | 0 | $0 |
| Sandra S Wijnberg | Sr. Vice President, CFO | Feb. 15, 2006 J | 59,549 | 0 | 0 | $0 |
| Michael E Caulfield | President,Mercer HR Consulting | March 15, 2006 A | — | 0 | 0 | $0 |
| Peter Coster | President, Mercer Inc. | Jan. 17, 2005 M | 242,028 | 0 | 0 | $0 |
| Paul Beswick | SVP, Chief Information Officer | July 29, 2026 S | 16,376 | 0 | 1 | $-141,174 |
| Martin South | Chief Client Officer | July 28, 2026 S | 16,632 | 0 | 1 | $-1,348,929 |
| Katherine Brennan | SVP and General Counsel | May 1, 2026 A | 7,330 | 0 | 0 | $0 |
| Carmen Fernandez | SVP, Chief People Officer | May 1, 2026 A | 12,995 | 0 | 0 | $0 |
| Stacy Mills | Vice President and Controller | Feb. 28, 2026 M | 4,151 | 0 | 0 | $0 |
| Dominic Burke | Vice Chairman | May 1, 2021 M | 6,602 | 0 | 0 | $0 |
| Laurie Ledford | SVP & Chief HR Officer | Aug. 3, 2020 S | 8,939 | 0 | 0 | $0 |
| Scott E Gilbert | SVP, Chief Information Officer | March 5, 2020 S | 43,197 | 0 | 0 | $0 |
| Robert J Rapport | SVP and Controller | March 13, 2017 M | 27,794 | 0 | 0 | $0 |
| Alexander S Moczarski | Chairman of MMC International | Dec. 29, 2016 S | 20,029 | 0 | 0 | $0 |
| Ben F Allen | SVP Chief Innovtn/Info Officer | Feb. 28, 2013 M | 12,379 | 0 | 0 | $0 |
| Orlando D Ashford | SVP, Chief HR & Comm. Officer | Feb. 24, 2012 A | 14,372 | 0 | 0 | $0 |
| Michael Petrullo | Sr. VP, Chief Admin. Officer | Feb. 26, 2008 A | 19,252 | 0 | 0 | $0 |
| Michael A Beber | SVP.Chief Strategic Dev Offcr | July 6, 2007 M | 20,194 | 0 | 0 | $0 |
| Francis N Bonsignore | Senior Vice President | May 11, 2005 M | 16,091 | 0 | 0 | $0 |
| William L Rosoff | Sr. Vice Pres./Gen. Counsel | Aug. 13, 2004 P | 1,558 | 0 | 0 | $0 |
| Jane H Lute | Director | Aug. 15, 2026 A | 1,657 | 0 | 0 | $0 |
| Lloyd M Yates | Director | Aug. 15, 2026 A | 12,001 | 0 | 1 | $-2,107,800 |
| Morton O Schapiro | Director | Aug. 15, 2026 A | 0 | 0 | 0 | $0 |
| Bruce D Broussard | Director | Aug. 15, 2026 A | 1,617 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 209 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 |
|---|---|---|---|---|
| KBWP · Invesco Exchange-Traded Fund Trust … | 8.19% | 122,598 SH | Aug. 21, 2026 | Daily |
| FLV · AMERICAN CENTURY ETF TRUST | 4.51% | 99,394 NS | May 31, 2026 | N-PORT |
| JGRW · Trust for Professional Managers | 3.35% | 20,085 NS | May 31, 2026 | N-PORT |
| MDPL · Northern Lights Fund Trust IV | 3.21% | 12,223 NS | May 31, 2026 | N-PORT |
| CVRD · Madison ETFs Trust | 2.82% | 5,400 NS | June 30, 2026 | N-PORT |
| OUSA · ALPS ETF Trust | 2.29% | 106,364 NS | May 31, 2026 | N-PORT |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 1.97% | 2,595 NS | April 30, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 1.94% | 346 NS | April 30, 2026 | N-PORT |
| FTCS · First Trust Exchange-Traded Fund | 1.91% | 876,193 NS | June 30, 2026 | N-PORT |
| FTGS · First Trust Exchange-Traded Fund | 1.88% | 141,177 NS | June 30, 2026 | N-PORT |
| RUNN · Strategic Trust | 1.68% | 36,264 NS | May 31, 2026 | N-PORT |
| MFSV · MFS Active Exchange Traded Funds Tr… | 1.41% | 41,872 NS | May 31, 2026 | N-PORT |
| IYF · iShares Trust | 1.40% | 311,580 SH | Aug. 21, 2026 | Daily |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.36% | 22,199 SH | Aug. 21, 2026 | Daily |
| BDIV · ETF Series Solutions | 1.32% | 494 NS | April 30, 2026 | N-PORT |
| ZECP · Zacks Trust | 1.22% | 26,096 NS | May 31, 2026 | N-PORT |
| DIVD · EA Series Trust | 1.16% | 1,210 NS | April 30, 2026 | N-PORT |
| ESMV · iShares Trust | 1.15% | 479 SH | Aug. 21, 2026 | Daily |
| PSET · Principal Exchange-Traded Funds | 1.10% | 1,908 NS | June 30, 2026 | N-PORT |
| ALRG · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 1.08% | 479 NS | April 30, 2026 | N-PORT |
| NUDV · Nushares ETF Trust | 0.98% | 2,646 NS | April 30, 2026 | N-PORT |
| FDIV · EA Series Trust | 0.98% | 4,229 NS | April 30, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.97% | 128,283 NS | April 30, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 0.94% | 5,412 NS | April 30, 2026 | N-PORT |
| VFH · VANGUARD WORLD FUND | 0.94% | 784,851 SH | Aug. 19, 2026 | Daily |
| NULV · Nushares ETF Trust | 0.93% | 114,785 NS | April 30, 2026 | N-PORT |
| NULC · Nushares ETF Trust | 0.90% | 3,063 NS | April 30, 2026 | N-PORT |
| USMV · iShares Trust | 0.89% | 1,132,676 SH | Aug. 21, 2026 | Daily |
| EQIN · Columbia ETF Trust I | 0.89% | 14,589 NS | April 30, 2026 | N-PORT |
| FBCV · FIDELITY COVINGTON TRUST | 0.85% | 8,099 NS | April 30, 2026 | N-PORT |
| FAS · Direxion Shares ETF Trust | 0.79% | 92,621 NS | April 30, 2026 | N-PORT |
| WBIF · Absolute Shares Trust | 0.77% | 1,081 NS | June 30, 2026 | N-PORT |
| IMCV · iShares Trust | 0.76% | 47,498 SH | Aug. 21, 2026 | Daily |
| LRGC · AB Active ETFs, Inc. | 0.75% | 58,622 NS | May 31, 2026 | N-PORT |
| LOWV · AB Active ETFs, Inc. | 0.70% | 8,958 NS | May 31, 2026 | N-PORT |
| JDIV · J.P. Morgan Exchange-Traded Fund Tr… | 0.69% | 464 NS | April 30, 2026 | N-PORT |
| UYG · ProShares Trust | 0.69% | 29,845 NS | May 31, 2026 | N-PORT |
| CGGE · Capital Group Global Equity ETF | 0.68% | 119,248 NS | May 31, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 0.65% | 2,825 NS | April 30, 2026 | N-PORT |
| AKAF · ETF Series Solutions | 0.61% | 112 NS | May 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.61% | 54,384 SH | Aug. 21, 2026 | Daily |
| CGCV · Capital Group Conservative Equity E… | 0.60% | 65,229 NS | May 31, 2026 | N-PORT |
| WBIG · Absolute Shares Trust | 0.59% | 967 NS | June 30, 2026 | N-PORT |
| IXG · iShares Trust | 0.58% | 20,844 SH | Aug. 21, 2026 | Daily |
| ACWV · iShares, Inc. | 0.54% | 96,683 SH | Aug. 21, 2026 | Daily |
| UPSD · ETF Series Solutions | 0.51% | 3,075 NS | April 30, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 0.51% | 5,254 NS | April 30, 2026 | N-PORT |
| XOEF · iShares Trust | 0.50% | 607 SH | Aug. 21, 2026 | Daily |
| CGUS · Capital Group Core Equity ETF | 0.50% | 339,543 NS | May 31, 2026 | N-PORT |
| FDLO · FIDELITY COVINGTON TRUST | 0.50% | 41,349 NS | April 30, 2026 | N-PORT |