PAGP Plains GP Holdings, L.P. - Class A Shares representing limited partner interests
$25.95
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$17–$27
92% of range
Analyst Rating
HOLD
20 analysts
Price Target
$25
P/E (TTM)
38.3
ROE
—
Net Profit Margin
0.59%
About Plains GP Holdings, L.P. - Class A Shares representing limited partner interests Company overview from Wikipedia
PAGP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$25.95
Market Cap
—
P/E (TTM)
38.3
EPS (TTM)
—
Revenue (TTM)
$44.26B
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$17 – $27
PAGP 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
$44.26B
2016-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$2.29B
2016-12-31
→
2025-12-31
Margins
0.59%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PAGP
Peer Median
P/E (TTM)
38.3
24.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PAGP
Peer Median
Operating Margin
3.2%
—
Net Profit Margin
0.59%
11.6%
ROA
0.88%
4.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PAGP
Peer Median
Current Ratio
1.0
1.0
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PAGP
Peer Median
Revenue YoY
-9.5%
—
Revenue CAGR 3Y
-8.3%
—
Revenue CAGR 5Y
13.7%
—
Net Income YoY
152.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PAGP
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $0.4180 |
| May 1, 2026 | $0.4180 |
| Jan. 30, 2026 | $0.4180 |
| Oct. 31, 2025 | $0.3800 |
| July 31, 2025 | $0.3800 |
| May 1, 2025 | $0.3800 |
| Jan. 31, 2025 | $0.3800 |
| Oct. 31, 2024 | $0.3180 |
| July 31, 2024 | $0.3180 |
| April 30, 2024 | $0.3180 |
| Jan. 30, 2024 | $0.3180 |
| Oct. 30, 2023 | $0.2680 |
| July 28, 2023 | $0.2680 |
| April 28, 2023 | $0.2680 |
| Jan. 30, 2023 | $0.2680 |
| Oct. 28, 2022 | $0.2180 |
| July 28, 2022 | $0.2180 |
| April 28, 2022 | $0.2180 |
| Jan. 28, 2022 | $0.1800 |
| Oct. 28, 2021 | $0.1800 |
PAGP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 5 25.0%
- Buy 6 30.0%
- Hold 7 35.0%
- Sell 2 10.0%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-13
Median
$24.50
Now
$25.95
Low
$20.00
High
$29.00
Median target
$24.50
-5.6%
Mean target
$24.64
-5.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.12%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.37 | $0.25 | -0.62% |
| March 31, 2026 | $0.39 | $0.18 | 0.21% |
| Dec. 31, 2025 | $0.40 | $0.45 | -0.05% |
| Sept. 30, 2025 | $0.41 | $0.40 | 0.01% |
| June 30, 2025 | $0.15 | $0.34 | -0.19% |
| March 31, 2025 | $0.42 | $0.49 | -0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PAGP | — | 38.3 | -9.5% | 0.59% | — | — |
| AM | $8.43B | 20.7 | 7.4% | 34.8% | 20.4% | — |
| KNTK | — | 13.7 | 19.0% | 10.1% | -16.7% | — |
| HESM | — | — | 8.4% | 21.8% | — | — |
| INSW | $2.40B | 7.8 | -11.4% | 36.7% | 15.8% | — |
| EE | — | 21.9 | 44.3% | — | — | — |
| DKL | — | — | 7.7% | 17.4% | — | — |
| NGL | — | — | -9.0% | -4.5% | — | — |
| LPG | $1.46B | 7.5 | 36.3% | 40.2% | 17.6% | — |
| GEL | — | -3.7 | -1.8% | -27.0% | — | — |
| WMB | — | 28.1 | 13.8% | 21.9% | 20.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.26B | $48.89B | $47.34B | $57.34B | $42.08B | $23.29B | $33.67B | $34.05B | $26.22B | $20.18B | $23.15B | $43.46B | |
| Cost of Revenue | $40.43B | $45.16B | $43.94B | $53.18B | $38.50B | $20.43B | $29.45B | $29.79B | $22.98B | $17.23B | $19.73B | $39.50B | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | $2.29B | |
| SG&A Expense | $348M | $334M | $305M | $330M | $298M | $276M | $302M | $320M | $280M | $282M | $281M | $331M | |
| Operating Expenses | $42.83B | $48.03B | $46.09B | $56.06B | $41.24B | $25.67B | $31.69B | $31.78B | $25.08B | $19.19B | $21.89B | $41.67B | |
| Operating Income | $1.43B | $862M | $1.25B | $1.28B | $842M | $-2.38B | $1.98B | $2.27B | $1.15B | $990M | $1.26B | $1.79B | |
| Interest Expense | · | · | $386M | $405M | $425M | $436M | $425M | $431M | $510M | $480M | $443M | $357M | |
| Other Non-op | $21M | $16M | $102M | $-219M | $19M | $39M | $24M | $-7M | $-31M | $33M | $-7M | $-2M | |
| Pretax Income | $1.40B | $963M | $1.36B | $1.41B | $712M | $-2.61B | $2.24B | $2.41B | $896M | $738M | $991M | $1.54B | |
| Income Tax | $92M | $124M | $129M | $246M | $112M | $-167M | $176M | $302M | $937M | $78M | $182M | $212M | |
| Net Income | $260M | $103M | $198M | $168M | $60M | $-568M | $331M | $334M | $-731M | $94M | $118M | $70M | |
| EPS (Basic) | · | · | · | · | · | · | · | · | · | · | · | $0.48 | |
| EPS (Diluted) | · | · | · | · | · | · | · | · | · | · | · | $0.47 | |
| Shares (Basic) | · | · | · | · | · | · | · | · | · | · | · | 145,000,000 | |
| Shares (Diluted) | · | · | · | · | · | · | · | · | · | · | · | 650,000,000 | |
| EBITDA | $2.38B | $2.20B | $2.55B | $2.25B | $1.62B | $-1.73B | $2.58B | $2.79B | $1.77B | $1.49B | $1.69B | $1.78B |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $329M | $349M | $453M | $404M | $452M | $25M | $47M | $69M | $40M | $50M | $30M | $404M | |
| Receivables | $3.60B | $3.68B | $3.76B | $3.91B | $4.71B | $2.55B | $3.61B | $2.45B | $3.03B | $2.28B | $1.78B | $2.62B | |
| Inventory | $211M | $261M | $548M | $729M | $783M | $647M | $604M | $640M | $713M | $1.34B | $916M | $891M | |
| Other Current Assets | $87M | $72M | $155M | $318M | $200M | $405M | $312M | $373M | $221M | $603M | $241M | $271M | |
| Current Assets | $4.70B | $4.78B | $4.92B | $5.36B | $6.14B | $3.67B | $4.61B | $3.54B | $4.00B | $4.28B | $2.97B | $4.18B | |
| PP&E (Net) | · | · | · | · | · | $14.62B | $15.37B | $14.80B | $14.11B | $13.89B | $13.49B | $12.29B | |
| PP&E (Gross) | · | · | · | · | · | $18.62B | $18.98B | $17.91B | $16.90B | $16.26B | $15.70B | $14.22B | |
| Accum. Depreciation | · | · | · | · | · | $4.00B | $3.62B | $3.10B | $2.80B | $2.37B | $2.20B | $1.93B | |
| Goodwill | · | · | · | · | · | $0 | $2.54B | $2.52B | $2.57B | $2.34B | $2.40B | $2.46B | |
| Intangibles | $1.75B | $1.68B | $1.88B | $2.15B | $1.96B | $805M | $707M | $772M | $844M | $242M | $283M | $345M | |
| Other Non-current Assets | $107M | $142M | $411M | $464M | $249M | $160M | $856M | $913M | $901M | $286M | $383M | $429M | |
| Total Assets | $31.28B | $27.76B | $28.60B | $29.21B | $29.98B | $25.95B | $29.97B | $26.83B | $26.75B | $26.10B | $24.14B | $23.92B | |
| Accounts Payable | · | · | · | · | · | · | · | · | $3.46B | $2.59B | $2.04B | $2.99B | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | $734M | |
| Current Liabilities | $4.90B | $4.92B | $5.00B | $5.89B | $6.23B | $4.25B | $5.02B | $3.46B | $4.53B | $4.67B | $3.41B | $4.76B | |
| Capital Leases | $202M | $192M | $274M | $308M | $339M | $317M | $387M | · | · | · | · | · | |
| Other Non-current Liabilities | $654M | $537M | $1.04B | $1.08B | $830M | $807M | $891M | · | · | · | · | · | |
| Long-term Debt | $1.10B | · | · | · | · | · | · | · | · | · | · | · | |
| AOCI | · | · | · | · | · | · | · | · | · | $-1.01B | $-1.08B | $-467M | |
| Stockholders' Equity | · | · | · | · | · | · | · | · | · | $-1.01B | $-1.08B | · | |
| Liabilities + Equity | $31.28B | $27.76B | $28.60B | $29.21B | $29.98B | $25.95B | $29.97B | $26.83B | $26.75B | $26.10B | $24.14B | $23.92B |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $953M | $901M | $912M | $968M | $777M | $656M | $604M | $521M | $519M | $515M | $433M | $386M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | · | $99M | |
| Deferred Tax | $91M | $42M | $59M | $162M | $62M | $-218M | $64M | $236M | $909M | $-7M | $98M | $141M | |
| Amort. of Intangibles | $280M | $262M | $291M | $254M | $122M | $90M | $76M | $66M | $54M | $44M | $49M | $57M | |
| Other Non-cash | $1.63B | $1.35B | $1.43B | $1.11B | $1.09B | $1.64B | $1.50B | $1.51B | $1.69B | $129M | $684M | · | |
| Operating Cash Flow | $2.93B | $2.48B | $2.72B | $2.40B | $1.99B | $1.51B | $2.50B | $2.60B | $2.50B | $718M | $1.35B | $1.99B | |
| CapEx | $643M | $448M | $408M | $455M | $336M | $738M | $1.18B | $1.63B | $1.02B | $1.33B | $2.08B | $1.93B | |
| Investing Cash Flow | $-3.44B | $-875M | $-702M | $-526M | $386M | $-1.09B | $-1.76B | $-813M | $-1.57B | $-1.27B | $-2.53B | · | |
| Stock Issued | · | · | · | · | · | · | · | · | $1.53B | · | · | · | |
| Stock Repurchased | $8M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $-8M | · | · | · | · | · | · | · | $1.53B | · | · | · | |
| Financing Cash Flow | $474M | $-1.70B | $-1.97B | $-1.93B | $-1.98B | $-430M | $-717M | $-1.75B | $-940M | $571M | $813M | · | |
| Net Change in Cash | $-20M | $-104M | $49M | $-52M | $393M | $-21M | $15M | $29M | $-10M | $20M | $-374M | $361M | |
| Taxes Paid | $98M | $269M | $69M | $112M | $76M | $111M | $136M | $21M | $50M | $98M | $50M | $159M | |
| Free Cash Flow | $2.29B | $1.86B | $2.16B | $1.95B | $1.66B | $772M | $1.32B | $970M | $1.47B | $-623M | $-746M | $56M | |
| Levered FCF | · | · | $1.82B | $1.61B | $1.30B | $364M | $927M | $593M | $1.50B | $-1.05B | $-1.11B | $-245M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | · | · | · | 5.3% | |
| Operating Margin | 3.2% | 2.3% | 3.1% | 2.2% | 2.0% | -10.2% | 5.9% | 6.7% | 4.4% | 4.9% | 5.4% | 4.1% | |
| Net Margin | 0.59% | 0.21% | 0.41% | 0.29% | 0.14% | -2.4% | 0.98% | 0.98% | -2.8% | 0.47% | 0.51% | 0.16% | |
| Pretax Margin | 3.1% | 2.5% | 3.3% | 2.5% | 1.7% | -11.2% | 6.7% | 7.1% | 3.4% | 3.7% | 4.3% | 3.5% | |
| EBITDA Margin | 5.4% | 4.4% | 5.2% | 3.9% | 3.9% | -7.4% | 7.7% | 8.2% | 6.8% | 7.4% | 7.3% | 4.1% | |
| ROA | 0.88% | 0.37% | 0.69% | 0.57% | 0.21% | -2.0% | 1.2% | 1.2% | -2.8% | 0.37% | 0.49% | 0.31% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 1.0 | 0.9 | 1.0 | 0.9 | 0.9 | 1.0 | 0.9 | 0.9 | 0.9 | 0.9 | |
| Quick Ratio | 0.8 | 0.9 | 0.8 | 0.7 | 0.8 | 0.6 | 0.7 | 0.7 | 0.7 | 0.5 | 0.5 | 0.6 | |
| Interest Coverage | · | · | 3.9 | 3.2 | 2.0 | -5.5 | 4.7 | 5.3 | 2.2 | 2.1 | 2.8 | 5.1 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.5 | 1.8 | 1.7 | 1.9 | 1.5 | 0.8 | 1.2 | 1.3 | 1.0 | 0.8 | 1.0 | 1.9 | |
| Inventory Turnover | 171.3 | 92.3 | 69.7 | 70.3 | 53.9 | 32.7 | 47.4 | 44.0 | 22.4 | 15.3 | 21.8 | · | |
| Receivables Turnover | 12.2 | 13.1 | 12.7 | 13.3 | 11.6 | 7.6 | 11.1 | 12.4 | 9.9 | 9.9 | 10.5 | 13.9 |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -9.5% | 3.3% | -17.4% | 36.3% | 80.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -8.3% | 5.1% | 26.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 13.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 152.4% | -48.0% | 17.9% | 180.0% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 15.7% | 19.7% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $44.26B | $48.89B | $47.34B | $57.34B | $42.08B | $23.29B | $33.67B | $34.05B | $26.22B | $20.18B | $23.15B | $43.46B | |
| Net Income TTM | $260M | $103M | $198M | $168M | $60M | $-568M | $331M | $334M | $-731M | $94M | $118M | $70M | |
| P/E | 38.3 | 36.8 | 31.9 | 24.9 | 20.3 | 16.9 | 37.9 | 40.2 | 43.9 | 69.4 | 50.4 | 145.7 | |
| Earnings Yield | 2.6% | 2.7% | 3.1% | 4.0% | 4.9% | 5.9% | 2.6% | 2.5% | 2.3% | 1.4% | 2.0% | 0.69% |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.69B | $12.47B | $10.56B | $11.58B | $10.64B | $11.48B | $12.04B | $12.46B | $12.76B | $11.64B | $11.32B | $12.07B | $11.60B | $12.34B | $12.95B | $14.34B | |
| Cost of Revenue | $16.56B | $11.49B | $9.33B | $10.59B | $9.76B | $10.52B | $10.87B | $11.54B | $11.84B | $10.92B | $10.96B | $11.11B | $10.54B | $11.32B | $12.00B | $13.07B | |
| SG&A Expense | $111M | $83M | $79M | $84M | $84M | $86M | $69M | $87M | $81M | $97M | $38M | $93M | $87M | $87M | $83M | $84M | |
| Operating Expenses | $17.30B | $12.07B | $9.86B | $11.10B | $10.40B | $11.12B | $11.71B | $12.26B | $12.43B | $11.63B | $11.15B | $11.84B | $11.23B | $11.87B | $12.99B | $13.71B | |
| Operating Income | $397M | $403M | $354M | $483M | $237M | $355M | $-17M | $195M | $330M | $355M | $171M | $232M | $375M | $471M | $-39M | $624M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $95M | · | $97M | $95M | $98M | · | $99M | |
| Other Non-op | $24M | $-15M | $16M | $-9M | $8M | $6M | $3M | $10M | $8M | $-5M | $18M | $0 | $20M | $64M | $18M | $-82M | |
| Pretax Income | $375M | $333M | $143M | $458M | $229M | $388M | $46M | $205M | $348M | $364M | $184M | $263M | $389M | $526M | $321M | $549M | |
| Income Tax | $209M | $8M | $16M | $30M | $16M | $32M | $14M | $18M | $64M | $28M | $-5M | $-5M | $56M | $83M | $26M | $129M | |
| Net Income | $389M | $20M | $62M | $83M | $30M | $84M | $-11M | $33M | $39M | $42M | $52M | $29M | $48M | $69M | $44M | $71M | |
| EBITDA | $639M | $646M | · | $713M | $472M | $794M | · | $603M | $629M | $623M | · | $493M | $635M | $728M | · | $863M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.06B | $172M | $329M | $1.18B | $460M | $429M | $349M | $641M | $556M | $334M | · | $262M | $936M | $529M | · | $625M | |
| Receivables | $5.27B | $4.82B | $3.60B | $3.62B | $3.56B | $3.82B | $3.68B | $3.95B | $4.21B | $4.04B | · | $4.25B | $3.22B | $3.97B | · | $4.10B | |
| Inventory | $84M | $380M | $211M | $184M | $151M | $335M | $261M | $436M | $502M | $453M | · | $617M | $367M | $463M | · | $603M | |
| Other Current Assets | $119M | $183M | $87M | $155M | $100M | $145M | $72M | $131M | $114M | $177M | · | $201M | $137M | $165M | · | $247M | |
| Current Assets | $6.53B | $6.16B | $4.70B | $5.58B | $4.66B | $4.73B | $4.78B | $5.16B | $5.38B | $5.00B | · | $5.33B | $4.66B | $5.12B | · | $5.58B | |
| Intangibles | $1.61B | $1.69B | $1.75B | $1.57B | $1.64B | $1.68B | $1.68B | $1.67B | $1.74B | $1.81B | · | $1.97B | $2.00B | $2.07B | · | $1.78B | |
| Other Non-current Assets | $91M | $104M | $107M | $109M | $107M | $244M | $142M | $269M | $265M | $421M | · | $417M | $386M | $430M | · | $256M | |
| Total Assets | $30.23B | $32.76B | $31.28B | $29.25B | $28.30B | $28.25B | $27.76B | $28.36B | $28.67B | $28.59B | · | $29.00B | $28.17B | $28.74B | · | $28.79B | |
| Current Liabilities | $5.85B | $6.54B | $4.90B | $5.36B | $4.65B | $4.68B | $4.92B | $5.13B | $5.40B | $5.15B | · | $5.61B | $4.65B | $5.37B | · | $5.33B | |
| Capital Leases | $194M | $202M | $202M | $188M | $190M | $301M | $192M | $269M | $279M | $261M | · | $280M | $299M | $307M | · | $300M | |
| Other Non-current Liabilities | $442M | $449M | $654M | $523M | $535M | $1.00B | $537M | $1.01B | $979M | $997M | · | $1.00B | $1.06B | $1.01B | · | $1.09B | |
| Long-term Debt | · | $1.10B | $1.10B | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Liabilities + Equity | $30.23B | $32.76B | $31.28B | $29.25B | $28.30B | $28.25B | $27.76B | $28.36B | $28.67B | $28.59B | · | $29.00B | $28.17B | $28.74B | · | $28.79B |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $242M | $243M | $226M | $230M | $235M | $232M | $195M | $226M | $226M | $254M | $134M | $261M | $260M | $257M | $255M | $239M | |
| Deferred Tax | $102M | $-208M | $24M | $25M | $15M | $25M | $41M | $14M | $12M | $-25M | $28M | $-27M | $36M | $22M | $3M | $117M | |
| Other Non-cash | · | $418M | · | · | · | $125M | · | · | · | $-45M | · | · | · | $592M | · | · | |
| Operating Cash Flow | $952M | $418M | $784M | $817M | $692M | $638M | $726M | $688M | $652M | $418M | $1.01B | $83M | $887M | $742M | $334M | $941M | |
| CapEx | $138M | $130M | $148M | $185M | $119M | $140M | $106M | $46M | $76M | $157M | $4M | $137M | $145M | $122M | $143M | $122M | |
| Investing Cash Flow | $3.33B | $-233M | $-1.94B | $-408M | $-274M | $-819M | $-264M | $-193M | $-157M | $-261M | $-258M | $-438M | $-164M | $158M | $-235M | $-168M | |
| Financing Cash Flow | $-3.39B | $-339M | $301M | $318M | $-407M | $262M | $-746M | $-413M | $-271M | $-272M | $-565M | $-307M | $-324M | $-775M | $-322M | $-412M | |
| Net Change in Cash | $888M | $-157M | $-852M | $721M | $31M | $80M | $-292M | $85M | $222M | $-119M | $191M | $-674M | $407M | $125M | $-221M | $355M | |
| Taxes Paid | $25M | $28M | $18M | $32M | $21M | $27M | $33M | $43M | $107M | $86M | $41M | $20M | $26M | $-18M | $27M | $46M | |
| Free Cash Flow | · | $288M | · | · | · | $447M | · | · | · | $261M | · | · | · | $620M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $173M | · | · | · | $537M | · | · |
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 | 2.2% | 3.2% | · | 4.2% | 2.2% | 4.4% | · | 2.7% | 2.9% | 3.1% | · | 1.9% | 3.2% | 3.8% | · | 4.3% | |
| Net Margin | 2.2% | 0.16% | · | 0.72% | 0.28% | 0.70% | · | 0.26% | 0.30% | 0.35% | · | 0.24% | 0.41% | 0.56% | · | 0.50% | |
| Pretax Margin | 2.1% | 2.7% | · | 4.0% | 2.1% | 4.7% | · | 2.8% | 3.0% | 3.0% | · | 2.2% | 3.4% | 4.3% | · | 3.8% | |
| EBITDA Margin | 3.6% | 5.2% | · | 6.2% | 4.4% | 6.6% | · | 4.7% | 4.9% | 5.2% | · | 4.1% | 5.5% | 5.9% | · | 6.0% | |
| ROA | 1.3% | 0.07% | · | 0.29% | 0.11% | 0.30% | · | 0.12% | 0.14% | 0.15% | · | 0.10% | 0.16% | 0.23% | · | 0.26% |
Liquidity & Solvency 3
| 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 | 0.9 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | |
| Quick Ratio | 1.1 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.8 | · | 0.8 | 0.9 | 0.8 | · | 0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 3.9 | · | 2.4 | 3.9 | 4.8 | · | 6.3 |
Efficiency 3
| 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 | 0.6 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.5 | |
| Inventory Turnover | 140.9 | 32.1 | · | 34.1 | 29.9 | 27.3 | · | 22.0 | 27.3 | 23.8 | · | 18.2 | 23.6 | 22.9 | · | 20.4 | |
| Receivables Turnover | 4.0 | 2.9 | · | 3.1 | 2.7 | 3.1 | · | 3.1 | 3.5 | 3.0 | · | 2.9 | 2.6 | 2.2 | · | 3.6 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $52.31B | $45.26B | · | $45.73B | $46.61B | $48.73B | · | $48.92B | $48.07B | $47.65B | · | $50.35B | $54.64B | $56.73B | · | $55.16B | |
| Net Income TTM | $554M | $195M | · | $186M | $136M | $145M | · | $143M | $158M | $188M | · | $217M | $219M | $193M | · | $100M | |
| P/E | 48.5 | 48.6 | · | 36.5 | 38.9 | 42.7 | · | 37.0 | 37.6 | 36.5 | · | 32.2 | 29.7 | 26.2 | · | 21.8 | |
| Earnings Yield | 2.1% | 2.1% | · | 2.7% | 2.6% | 2.3% | · | 2.7% | 2.7% | 2.7% | · | 3.1% | 3.4% | 3.8% | · | 4.6% |
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 | $44.26B | $48.89B | $47.34B | $57.34B | $42.08B |
| Operating Margin % | 3.2% | 2.3% | 3.1% | 2.2% | 2.0% |
| Net Income | $260M | $103M | $198M | $168M | $60M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 1.0 | 0.9 | 1.0 |
| Quick Ratio | 0.8 | 0.9 | 0.8 | 0.7 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $2.29B | $1.86B | $2.16B | $1.95B | $1.66B |
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Institutional owners (13F) 378 filers · $3.3B 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 |
|---|---|---|---|---|
| 36 (-24 vs prior Q) | 27 (+5 vs prior Q) | 116 (-9 vs prior Q) | 118 (+29 vs prior Q) | +3.3M |
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 |
|---|---|---|---|---|
| TORTOISE CAPITAL ADVISORS, L.L.C. | $269,804,639 | 11,116,796 | 8.27% | Shares |
| Energy Income Partners, LLC | $195,634,985 | 8,060,774 | 6.00% | Shares |
| TWO SIGMA INVESTMENTS, LP | $174,740,772 | 7,199,867 | 5.36% | Shares |
| Clearbridge Investments, LLC | $166,369,977 | 6,854,964 | 5.10% | Shares |
| Artemis Investment Management LLP | $128,049,903 | 5,276,057 | 3.92% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $102,113,137 | 4,207,381 | 3.13% | Shares |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | $92,104,650 | 3,795,000 | 2.82% | Shares |
| GOLDMAN SACHS GROUP INC | $85,873,473 | 3,538,256 | 2.63% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $77,159,184 | 3,179,200 | 2.36% | Call option |
| UBS Group AG | $71,747,921 | 2,956,239 | 2.20% | Shares |
| Advisors Capital Management, LLC | $71,416,190 | 2,942,570 | 2.19% | Shares |
| D. E. Shaw & Co., Inc. | $70,497,773 | 2,904,729 | 2.16% | Shares |
| PEAK6 LLC | $67,254,597 | 2,771,100 | 2.06% | Call option |
| CITADEL ADVISORS LLC | $58,048,986 | 2,391,800 | 1.78% | Call option |
| Qube Research & Technologies Ltd | $55,429,112 | 2,283,853 | 1.70% | Shares |
| TWO SIGMA ADVISERS, LP | $55,300,073 | 2,889,241 | 1.69% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $48,839,346 | 2,012,334 | 1.50% | Shares |
| Brookfield Corp /ON/ | $46,633,786 | 1,921,458 | 1.43% | Shares |
| Blackstone Inc. | $46,116,204 | 1,900,132 | 1.41% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $45,153,583 | 1,860,469 | 1.38% | Shares |
| Recurrent Investment Advisors LLC | $43,595,958 | 1,791,325 | 1.34% | Shares |
| JANE STREET GROUP, LLC | $43,472,424 | 1,791,200 | 1.33% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $38,287,745 | 1,577,575 | 1.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $37,837,294 | 1,559,015 | 1.16% | Shares |
| Pathstone Holdings, LLC | $36,412,350 | 1,500,302 | 1.12% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $33,861,159 | 1,395,186 | 1.04% | Shares |
| Yaupon Capital Management LP | $32,877,841 | 1,354,670 | 1.01% | Shares |
| McGowan Group Asset Management, Inc. | $32,586,596 | 1,342,670 | 1.00% | Shares |
| Propel Bio Management, LLC | $30,880,177 | 1,272,360 | 0.95% | Shares |
| Simplify Asset Management Inc. | $30,880,177 | 1,272,360 | 0.95% | Shares |
| ALPS ADVISORS INC | $30,825,837 | 1,270,121 | 0.94% | Shares |
| BARCLAYS PLC | $26,884,024 | 1,107,706 | 0.82% | Shares |
| JENNISON ASSOCIATES LLC | $26,830,267 | 1,105,491 | 0.82% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $26,747,967 | 1,102,100 | 0.82% | Shares |
| LPL Financial LLC | $25,542,109 | 1,052,415 | 0.78% | Shares |
| CITADEL ADVISORS LLC | $24,004,268 | 989,051 | 0.74% | Shares |
| MACKENZIE FINANCIAL CORP | $22,703,808 | 935,468 | 0.70% | Shares |
| Walleye Trading LLC | $22,442,469 | 924,700 | 0.69% | Call option |
| NEUBERGER BERMAN GROUP LLC | $21,660,936 | 892,874 | 0.66% | Shares |
| Goodman Financial Corp | $20,246,760 | 834,230 | 0.62% | Shares |
| Turtle Creek Wealth Advisors, LLC | $19,666,903 | 810,338 | 0.60% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $19,300,256 | 795,231 | 0.59% | Shares |
| STIFEL FINANCIAL CORP | $19,275,516 | 794,215 | 0.59% | Shares |
| RR Advisors, LLC | $19,122,042 | 787,888 | 0.59% | Shares |
| Catalyst Capital Advisors LLC | $17,429,816 | 718,163 | 0.53% | Shares |
| Balyasny Asset Management L.P. | $17,276,624 | 711,851 | 0.53% | Shares |
| STATE STREET CORP | $16,813,552 | 692,771 | 0.52% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $16,474,088 | 678,784 | 0.50% | Shares |
| KGH Ltd | $15,531,100 | 845,000 | 0.48% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $14,686,214 | 605,118 | 0.45% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $13,459,171 | 554,560 | 0.41% | Shares |
| Walleye Trading LLC | $13,035,417 | 537,100 | 0.40% | Put option |
| STOREBRAND ASSET MANAGEMENT AS | $12,952,292 | 533,675 | 0.40% | Shares |
| NEOS Investment Management LLC | $12,154,392 | 500,799 | 0.37% | Shares |
| AMERICAN CENTURY COMPANIES INC | $9,910,193 | 408,331 | 0.30% | Shares |
| Susquehanna Portfolio Strategies, LLC | $9,791,125 | 403,425 | 0.30% | Shares |
| Oxbow Advisors, LLC | $9,789,282 | 403,349 | 0.30% | Shares |
| CIBC Private Wealth Group LLC | $9,628,969 | 527,904 | 0.30% | Shares |
| Engineers Gate Manager LP | $9,600,023 | 395,551 | 0.29% | Shares |
| Cambria Investment Management, L.P. | $9,562,623 | 394,010 | 0.29% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $9,539,273 | 393,048 | 0.29% | Shares |
| Swiss National Bank | $9,395,742 | 387,134 | 0.29% | Shares |
| Indivisible Partners | $9,393,097 | 387,025 | 0.29% | Shares |
| RAYMOND JAMES FINANCIAL INC | $8,818,810 | 363,363 | 0.27% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $8,488,991 | 349,773 | 0.26% | Shares |
| Callodine Capital Management, LP | $8,251,800 | 340,000 | 0.25% | Shares |
| Squarepoint Ops LLC | $7,955,706 | 327,800 | 0.24% | Call option |
| Gilman Hill Asset Management, LLC | $7,613,816 | 313,713 | 0.23% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $7,485,499 | 308,426 | 0.23% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $7,051,479 | 290,543 | 0.22% | Shares |
| Point72 Asset Management, L.P. | $6,972,771 | 287,300 | 0.21% | Put option |
| Linscomb Wealth, Inc. | $6,787,753 | 279,677 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,751,914 | 278,200 | 0.21% | Put option |
| Kestra Advisory Services, LLC | $6,677,663 | 275,141 | 0.20% | Shares |
| ASSETMARK, INC | $6,639,103 | 273,552 | 0.20% | Shares |
| Walleye Capital LLC | $6,630,564 | 273,200 | 0.20% | Put option |
| STEPHENS INC /AR/ | $6,612,460 | 272,454 | 0.20% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $6,527,902 | 268,970 | 0.20% | Shares |
| Founders Capital Management | $6,265,834 | 258,172 | 0.19% | Shares |
| Jefferies Financial Group Inc. | $6,251,418 | 257,578 | 0.19% | Shares |
| JRM Investment Counsel, LLC | $6,188,850 | 255,000 | 0.19% | Shares |
| Waverly Advisors, LLC | $6,056,088 | 249,530 | 0.19% | Shares |
| MERITAGE PORTFOLIO MANAGEMENT | $6,017,999 | 314,420 | 0.18% | Shares |
| Moors & Cabot, Inc. | $5,807,426 | 239,284 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $5,659,717 | 233,102 | 0.17% | Shares |
| Bard Financial Services, Inc. | $5,429,592 | 297,675 | 0.17% | Shares |
| Americana Partners, LLC | $5,276,808 | 217,421 | 0.16% | Shares |
| HF Advisory Group, LLC | $5,142,133 | 211,872 | 0.16% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $5,005,056 | 206,224 | 0.15% | Shares |
| Chicago Partners Investment Group LLC | $4,873,714 | 183,844 | 0.15% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $4,798,446 | 197,711 | 0.15% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $4,720,272 | 194,490 | 0.14% | Shares |
| NBW CAPITAL LLC | $4,663,997 | 240,041 | 0.14% | Shares |
| Prescott Group Capital Management, L.L.C. | $4,597,686 | 189,439 | 0.14% | Shares |
| Arax Advisory Partners | $4,575,330 | 188,517 | 0.14% | Shares |
| Maryland State Retirement & Pension System | $4,524,826 | 186,437 | 0.14% | Shares |
| Nuveen, LLC | $4,437,090 | 182,822 | 0.14% | Shares |
| Heronetta Management, L.P. | $4,393,477 | 181,025 | 0.13% | Shares |
| Cetera Investment Advisers | $4,354,919 | 179,436 | 0.13% | Shares |
| Schonfeld Strategic Advisors LLC | $4,324,914 | 178,200 | 0.13% | Shares |
Company insiders 26 insiders · 2 officers · 3 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Willie Cw Chiang | Chairman & CEO | Sept. 28, 2023 P | 318,704 | 0 | 0 | $0 |
| Jeremy L. Goebel | EVP & CCO | Jan. 4, 2023 M | — | 0 | 0 | $0 |
| Greg L Armstrong | Director | Aug. 11, 2025 G | 1,765,812 | 0 | 0 | $0 |
| Chris Temple | Director | Aug. 17, 2023 A | 40,249 | 0 | 0 | $0 |
| Alexandra Pruner | — | Aug. 13, 2026 A | 88,294 | 0 | 0 | $0 |
| Lawrence Michael Ziemba | — | Aug. 13, 2026 A | 95,180 | 0 | 0 | $0 |
| Ellen Desanctis | — | Aug. 13, 2026 A | 44,500 | 0 | 0 | $0 |
| Victor Burk | — | Aug. 13, 2026 A | 50,323 | 0 | 0 | $0 |
| Kevin S Mccarthy | — | Aug. 13, 2026 A | 156,091 | 0 | 0 | $0 |
| Cindy B Taylor | — | Aug. 13, 2026 A | — | 0 | 0 | $0 |
| John T Raymond | — | Aug. 13, 2026 A | 322,794 | 0 | 0 | $0 |
| Gary R Petersen | — | Aug. 13, 2026 A | 75,544 | 0 | 0 | $0 |
| Bobby S Shackouls | — | Aug. 13, 2026 A | 80,801 | 0 | 0 | $0 |
| Robert V Sinnott | — | Dec. 31, 2018 M | 0 | 0 | 0 | $0 |
| KAFU Holdings (QP), L.P. | — | Sept. 28, 2018 M | 0 | 0 | 0 | $0 |
| Everardo Goyanes | — | Feb. 23, 2017 A | 49,800 | 0 | 0 | $0 |
| Harry N Pefanis | — | July 11, 2016 M | 489,065 | 0 | 0 | $0 |
| John Vonberg | — | Feb. 9, 2016 M | 3,423,264 | 0 | 0 | $0 |
| Mark J Gorman | — | Feb. 5, 2016 M | 43,672 | 0 | 0 | $0 |
| Swanson Al | — | Jan. 26, 2016 M | 2,445,189 | 0 | 0 | $0 |
| David W Duckett | — | Jan. 26, 2016 M | 2,345,327 | 0 | 0 | $0 |
| Phil D Kramer | — | Jan. 4, 2016 M | 1,711,632 | 0 | 0 | $0 |
| Richard K. Mcgee | — | Sept. 3, 2015 P | — | 0 | 0 | $0 |
| PAA Management LLC | — | Oct. 21, 2013 J | 21,835,922 | 0 | 0 | $0 |
| John R Rutherford | — | Oct. 21, 2013 J | 78,496 | 0 | 0 | $0 |
| Chris Herbold | — | Oct. 21, 2013 J | 21,836 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 24 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 |
|---|---|---|---|---|
| ENFR · ALPS ETF Trust | 5.22% | 986,450 NS | May 31, 2026 | N-PORT |
| TNGY · Tortoise Capital Series Trust | 4.36% | 953,169 NS | May 31, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 3.87% | 6,442,784 NS | April 30, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 2.82% | 51,774 NS | April 30, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 2.58% | 561,681 NS | April 30, 2026 | N-PORT |
| EIPI · First Trust Exchange-Traded Fund VI… | 2.04% | 882,361 NS | May 31, 2026 | N-PORT |
| MLPX · Global X Funds | 1.57% | 2,287,802 NS | May 31, 2026 | N-PORT |
| USAI · Pacer Funds Trust | 1.44% | 64,146 NS | April 30, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 1.05% | 7,929 NS | April 30, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.95% | 373,161 NS | April 30, 2026 | N-PORT |
| SCAP · Series Portfolios Trust | 0.85% | 7,134 NS | May 31, 2026 | N-PORT |
| CVY · Invesco Exchange-Traded Fund Trust | 0.83% | 41,061 | Aug. 8, 2026 | Daily |
| GYLD · ARROW ETF TRUST | 0.68% | 8,867 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.65% | 74,435 SH | Aug. 8, 2026 | Daily |
| TPYP · Tortoise Capital Series Trust | 0.57% | 197,447 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.27% | 313,520 NS | May 31, 2026 | N-PORT |
| VDE · VANGUARD WORLD FUND | 0.25% | 1,126,355 SH | Aug. 8, 2026 | Daily |
| FENY · FIDELITY COVINGTON TRUST | 0.22% | 185,770 NS | April 30, 2026 | N-PORT |
| TOLZ · ProShares Trust | 0.22% | 15,754 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.10% | 415 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 52,721 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.05% | 11,902 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 52,525 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.01% | 62,834 NS | May 31, 2026 | N-PORT |