TOL Toll Brothers, Inc. Common Stock
$152.54
Price · Aug 19, 2026
Fundamentals as of May 29, 2026
52W Range
$123–$168
65% of range
Analyst Rating
BUY
23 analysts
Price Target
$168
+10% upside
P/E (TTM)
11.3
ROE
16.9%
Net Profit Margin
12.3%
About Toll Brothers, Inc. Common Stock Company overview from Wikipedia
Toll Brothers, Inc. is an American homebuilding company that builds, markets, and finances for residential and commercial properties in the United States. In 2020, the company was the fifth largest home builder in the United States, based on homebuilding revenue. The company is ranked 411th on the Fortune 500.
Read more
Toll Brothers, Inc. is an American homebuilding company that builds, markets, and finances for residential and commercial properties in the United States. In 2020, the company was the fifth largest home builder in the United States, based on homebuilding revenue. The company is ranked 411th on the Fortune 500.
In 2021, the company sold homes at an average selling price of $844,400. Average prices ranged from $663,700 in the South region to $1,376,800 in the Pacific region. As of 2024, Toll Integrated Systems, A Toll Brothers Company, operates a manufacturing, assembly and distribution center located in Morrisville, Bucks County, Pennsylvania.
History
Toll Brothers was founded in 1967 in Pennsylvania by Robert I. Toll and Bruce E. Toll. Robert received a law degree from University of Pennsylvania and his B.A. from Cornell University, while his brother Bruce had an accounting degree from the University of Miami. Their father, Albert, built homes and the brothers believed that the new home industry had more to offer. Bruce was 26 and Robert was 27 at the time.
Toll Brothers was incorporated as a Delaware corporation with a public offering raising $40 million.
In addition to single-family, carriage house/townhouse and condominium residences, Toll Brothers offers rental apartments (Apartment Living division) and luxury student housing (Campus Living division). They also operate various ancillary businesses including mortgage, insurance, home automation/security, and landscaping.
Finance
The key financial trends for Toll Brothers, Inc. are as follows, based on fiscal years ending December 31:
In December 2024, Toll Brothers delivered its strongest fiscal year ever, generating record $10.56 billion in home sales revenue, net income of US $1.57 billion, and diluted EPS of $15.01. This milestone was cited in its official FY 2024 earnings release.
In Q1 2025, the company reported US $1.84 billion in revenue (down ~1.6%) and diluted EPS of $1.75, below analyst expectations. The shortfall was attributed to impairments and the delayed sale of a stabilized apartment property in a joint venture.
Executives
Robert Toll stepped down as chairman in 2018 and served exclusively as special advisor to the company.
Douglas C. Yearley Jr. joined Toll Brothers in 1990 and was promoted as chief executive officer in June 2010 and currently holds the position of chairman and chief executive officer. Doug also serves as co-chair of the Pennsylvania Chapter of American Cancer Society's CEO's Against Cancer.
Martin Connor was hired as chief financial officer in 2010.
Robert Parahus was promoted to chief operating officer and executive president in 2020.
Acquisitions
Toll Brothers has made thirteen acquisitions since 1995:
West Texas Woodlands
Geoffrey H. Edmunds in Scottsdale, Arizona (1995)
Coleman Homes' Las Vegas Division (1998)
Silverman Homes in metro Detroit (1999)
Richard R. Dostie (2003) and The Manhattan Building Company (2003) in northern New Jersey
the central Florida Division of Landstar Homes (2005)
CamWest Development in Seattle, Washington (2011)
Shapell Industries in California (2014)
Coleman Homes in Boise, Idaho (2016)
Sharp Residential in Atlanta, Georgia (2019)
Sabal Homes in South Carolina (2019)
Thrive Residential in Nashville and Atlanta (2020)
Keller Homes in Colorado Springs (2020)
Disputes
Toll brothers has a 1.3/5 score on consumeraffairs.org . Common complaints are regarding quality and warranty service.
Toll Brothers was sued in April 2007 by a group of investors claiming they were misled by directors about their ability to maintain historically high earnings during the downturn in the U.S. residential real estate market. Toll Brothers agreed to settle the suit for $25 million, though they did not admit any wrongdoing.
The Williamsburg Condo Market project gained notoriety in 2007 when a kettle of roofing tar on the top level caught fire during construction and although quickly contained produced a significant amount of smoke. After meeting with the residents Toll Brothers agreed to fix the seals. Toll Brothers sued the contractor who installed the windows for $10 million.
In 2012, the company was required to pay a penalty of $741,000 for numerous alleged violations of the Clean Water Act, including more than 600 relating to runoff of stormwater at its building sites, among them sites in the Chesapeake Bay Watershed. Toll Brothers agreed to implement storm-water training and prevention techniques across the entire company.
The Toll Brothers have also filed lawsuits over denial of building permits over concerns about traffic density, watershed and other concerns
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
TOL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$152.54
Market Cap
$14.46B
P/E (TTM)
11.3
EPS (TTM)
$13.49
Revenue (TTM)
$10.97B
Div Yield
0.67%
ROE
16.9%
Debt/Equity
—
52W Range
$123 – $168
TOL 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
$10.97B
2018-10-31
→
2025-10-31
EPS
$13.49
2017-10-31
→
2025-10-31
Free Cash Flow
$1.03B
2017-10-31
→
2025-10-31
Margins
12.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TOL
Peer Median
P/E (TTM)
11.3
12.6
P/S (TTM)
1.3
1.1
P/B
1.7
1.8
Price / FCF
14.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TOL
Peer Median
Operating Margin
15.7%
—
Net Profit Margin
12.3%
8.3%
ROA
9.7%
9.5%
ROE
16.9%
13.7%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TOL
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TOL
Peer Median
Revenue YoY
1.1%
—
Revenue CAGR 3Y
2.2%
—
Revenue CAGR 5Y
9.2%
—
EPS YoY
-10.1%
—
Net Income YoY
-14.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TOL
Peer Median
Payout Ratio
7.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.67%
Payout Ratio
7.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 10, 2026 | $0.2600 |
| April 10, 2026 | $0.2600 |
| Jan. 9, 2026 | $0.2500 |
| Oct. 10, 2025 | $0.2500 |
| July 11, 2025 | $0.2500 |
| April 11, 2025 | $0.2500 |
| Jan. 10, 2025 | $0.2300 |
| Oct. 11, 2024 | $0.2300 |
| July 5, 2024 | $0.2300 |
| April 4, 2024 | $0.2300 |
| Jan. 11, 2024 | $0.2100 |
| Oct. 5, 2023 | $0.2100 |
| July 6, 2023 | $0.2100 |
| April 5, 2023 | $0.2100 |
| Jan. 5, 2023 | $0.2000 |
| Oct. 6, 2022 | $0.2000 |
| July 7, 2022 | $0.2000 |
| April 7, 2022 | $0.2000 |
| Jan. 6, 2022 | $0.1700 |
| Oct. 7, 2021 | $0.1700 |
TOL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
23 analysts
- Strong Buy 7 30.4%
- Buy 10 43.5%
- Hold 5 21.7%
- Sell 1 4.3%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-19
Median
$175.00
Mean
$168.20
Now
$152.54
Low
$122.00
High
$187.00
Median target
$175.00
+14.7%
Mean target
$168.20
+10.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.10%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| Sept. 30, 2026 | $2.97 | $2.94 | 0.03% |
| June 30, 2026 | $2.72 | $2.59 | 0.13% |
| March 31, 2026 | $2.19 | $2.13 | 0.06% |
| Dec. 31, 2025 | $4.58 | $4.94 | -0.36% |
| Sept. 30, 2025 | $3.73 | $3.64 | 0.09% |
| June 30, 2025 | $3.50 | $2.86 | 0.64% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TOL | $12.79B | 10.0 | 1.1% | 12.3% | 16.9% | — |
| DHI | $49.90B | 14.6 | -6.9% | 10.5% | 14.5% | — |
| PHM | $22.60B | 10.5 | -3.5% | 12.8% | 17.4% | — |
| LEN | — | — | — | — | — | — |
| NVR | $20.42B | 16.7 | -1.9% | 13.0% | 34.8% | — |
| IBP | $7.00B | 26.7 | 1.0% | 8.9% | 38.6% | 34.0% |
| SKY | $3.98B | 19.8 | 7.3% | 7.8% | 13.3% | 26.4% |
| MTH | $4.49B | 10.4 | — | — | 8.7% | — |
| CVCO | $3.61B | 19.4 | 11.4% | 8.5% | 17.4% | 23.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.97B | $10.85B | $9.99B | $10.28B | $8.79B | $7.08B | $7.22B | $7.14B | |
| Cost of Revenue | $8.21B | $7.82B | $7.36B | $7.79B | $6.85B | $5.66B | $5.66B | $5.54B | |
| SG&A Expense | $1.03B | $982M | $909M | $978M | $922M | $867M | $879M | $820M | |
| Operating Expenses | · | · | · | · | · | · | · | $6.36B | |
| Operating Income | $1.72B | $2.04B | $1.72B | $1.51B | $1.02B | $550M | $681M | $786M | |
| Interest Expense | · | · | · | · | · | · | $0 | $0 | |
| Interest Income | · | · | · | · | $4M | $10M | $19M | $9M | |
| Other Non-op | $52M | $69M | $68M | $171M | $41M | $36M | $82M | $62M | |
| Income Tax | $445M | $514M | $470M | $417M | $267M | $140M | $197M | $186M | |
| Net Income | $1.35B | $1.57B | $1.37B | $1.29B | $834M | $447M | $590M | $748M | |
| EPS (Basic) | $13.60 | $15.16 | $12.47 | $11.02 | $6.72 | $3.43 | $4.07 | $4.92 | |
| EPS (Diluted) | $13.49 | $15.01 | $12.36 | $10.90 | $6.63 | $3.40 | $4.03 | $4.85 | |
| Shares (Basic) | 98,978,000 | 103,653,000 | 110,020,000 | 116,771,000 | 124,100,000 | 130,095,000 | 145,008,000 | 151,984,000 | |
| Shares (Diluted) | 99,779,000 | 104,690,000 | 111,008,000 | 117,975,000 | 125,807,000 | 131,247,000 | 146,501,000 | 154,201,000 | |
| EBITDA | $1.80B | $2.12B | $1.80B | $1.59B | $1.10B | $619M | $753M | $811M |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.26B | $1.30B | $1.30B | $1.35B | $1.64B | $1.37B | $1.29B | $1.18B | |
| PP&E (Net) | $273M | $453M | $324M | $288M | $310M | $316M | $273M | $193M | |
| Accum. Depreciation | $315M | $310M | $286M | $289M | $266M | $267M | $252M | $145M | |
| Total Assets | $14.52B | $13.37B | $12.53B | $12.29B | $11.54B | $11.07B | $10.83B | $10.24B | |
| Total Liabilities | $6.23B | $5.68B | $5.71B | $6.27B | $6.20B | $6.14B | $5.71B | $5.48B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | |
| Retained Earnings | $8.57B | $8.15B | $6.68B | $6.17B | $4.97B | $5.16B | $4.77B | $5.16B | |
| Treasury Stock | $1.01B | $1.21B | $619M | $916M | $392M | $1.00B | $425M | $1.13B | |
| AOCI | $22M | $31M | $41M | $38M | $1M | $-7M | $-6M | $694.0K | |
| Stockholders' Equity | $8.27B | $7.67B | $6.80B | $6.01B | $5.30B | $4.88B | $5.07B | $4.76B | |
| Liabilities + Equity | $14.52B | $13.37B | $12.53B | $12.29B | $11.54B | $11.07B | $10.83B | $10.24B | |
| Shares Outstanding | 94,800,000 | 99,800,000 | 103,800,000 | 109,600,000 | 120,100,000 | 126,500,000 | 140,900,000 | 146,200,000 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $82M | $81M | $76M | $77M | $76M | $69M | $72M | $25M | |
| Stock-based Comp | $31M | $30M | $25M | $21M | $23M | $24M | $26M | $28M | |
| Deferred Tax | $87M | $-80M | $36M | $-96M | $12M | $98M | $103M | $-22M | |
| Other Non-cash | $-434M | $-591M | $-243M | $-302M | $358M | $371M | $-353M | $-177M | |
| Operating Cash Flow | $1.11B | $1.01B | $1.27B | $987M | $1.30B | $1.01B | $438M | $588M | |
| CapEx | $86M | $74M | $73M | $72M | $67M | $110M | $87M | $28M | |
| Investing Cash Flow | $-310M | $-168M | $-151M | $-153M | $-4M | $-178M | $-76M | · | |
| Stock Repurchased | $651M | $627M | $562M | $543M | $378M | $634M | $234M | $503M | |
| Net Stock Activity | $-651M | $-627M | $-562M | $-543M | $-378M | $-634M | $-234M | $-503M | |
| Dividends Paid | $97M | $93M | $91M | $89M | $77M | $57M | $64M | $62M | |
| Financing Cash Flow | $-834M | $-816M | $-1.17B | $-1.12B | $-1.01B | $-753M | $-259M | · | |
| Net Change in Cash | $-31M | $26M | $-54M | $-286M | $288M | $77M | $103M | $455M | |
| Free Cash Flow | $1.03B | $937M | $1.19B | $915M | $1.24B | $899M | $351M | $574M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 15.7% | 18.8% | 17.3% | 14.7% | 11.6% | 7.8% | · | · | |
| Net Margin | 12.3% | 14.5% | 13.7% | 12.5% | 9.5% | 6.3% | · | · | |
| EBITDA Margin | 16.4% | 19.6% | 18.0% | 15.4% | 12.5% | 8.8% | · | · | |
| ROA | 9.7% | 12.1% | 11.1% | 10.8% | 7.4% | 4.1% | 5.6% | 7.6% | |
| ROE | 16.9% | 21.7% | 21.4% | 22.8% | 16.5% | 9.0% | 12.0% | 16.1% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.8 | 0.9 | 0.8 | 0.6 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1.1% | 8.5% | -2.7% | 16.9% | 24.2% | · | · | · | |
| Revenue CAGR 3Y | 2.2% | 7.3% | 12.2% | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.2% | · | · | · | · | · | · | · | |
| EPS YoY | -10.1% | 21.4% | 13.4% | 64.4% | 95.0% | · | · | · | |
| EPS CAGR 3Y | 7.4% | 31.3% | 53.8% | · | · | · | · | · | |
| EPS CAGR 5Y | 31.7% | · | · | · | · | · | · | · | |
| Net Income YoY | -14.3% | 14.5% | 6.7% | 54.3% | 86.7% | · | · | · | |
| Net Income CAGR 3Y | 1.5% | 23.5% | 45.4% | · | · | · | · | · | |
| Net Income CAGR 5Y | 24.7% | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 11.4% | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10.97B | $10.85B | $9.99B | $10.28B | $8.79B | $7.08B | $7.22B | $7.14B | |
| Net Income TTM | $1.35B | $1.57B | $1.37B | $1.29B | $834M | $447M | $590M | $748M | |
| Market Cap | $12.79B | $14.61B | $7.34B | $4.72B | $7.23B | $5.35B | $5.60B | $4.92B | |
| P/E | 10.0 | 9.8 | 5.7 | 4.0 | 9.1 | 12.4 | 9.9 | 6.9 | |
| P/S | 1.2 | 1.3 | 0.7 | 0.5 | 0.8 | 0.8 | 0.8 | 0.7 | |
| P/B | 1.5 | 1.9 | 1.1 | 0.8 | 1.4 | 1.1 | 1.1 | 1.0 | |
| P / Tangible Book | 1.5 | 1.9 | 1.1 | 0.8 | 1.4 | 1.1 | · | · | |
| P / Cash Flow | 11.5 | 14.5 | 5.8 | 4.8 | 5.5 | 5.3 | 12.8 | 8.2 | |
| P / FCF | 12.5 | 15.6 | 6.1 | 5.2 | 5.8 | 6.0 | 16.0 | 8.6 | |
| Dividend Yield | 0.76% | 0.64% | 1.2% | 1.9% | 1.1% | 1.1% | 1.1% | 1.2% | |
| Earnings Yield | 10.0% | 10.2% | 17.5% | 25.3% | 11.0% | 8.0% | 10.1% | 14.4% | |
| Payout Ratio | 7.2% | 5.9% | 6.6% | 6.9% | 9.2% | 12.7% | 10.8% | 8.2% | |
| Annual Payout | $97M | $93M | $91M | $89M | $77M | $57M | $64M | $62M |
Income Statement 12
| 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 | $2.53B | $2.15B | $3.42B | $2.95B | $2.74B | $1.86B | $3.33B | $2.73B | $2.84B | $1.95B | $3.02B | $2.69B | $2.51B | $1.78B | $3.71B | $2.49B | |
| Cost of Revenue | $1.93B | $1.67B | $2.58B | $2.20B | $2.03B | $1.40B | $2.45B | $1.99B | $1.98B | $1.41B | $2.22B | $1.94B | $1.85B | $1.34B | $2.75B | $1.90B | |
| SG&A Expense | $258M | $258M | $284M | $254M | $256M | $240M | $270M | $245M | $238M | $230M | $241M | $229M | $228M | $211M | $274M | $233M | |
| Operating Income | $347M | $219M | $564M | $488M | $450M | $219M | $611M | $497M | $624M | $308M | $559M | $515M | $426M | $225M | $690M | $362M | |
| Other Non-op | $20M | $19M | $12M | $13M | $16M | $11M | $20M | $17M | $20M | $12M | $17M | $7M | $10M | $33M | $155M | $1M | |
| Income Tax | $90M | $63M | $146M | $130M | $125M | $44M | $146M | $129M | $168M | $72M | $159M | $138M | $110M | $62M | $201M | $92M | |
| Net Income | $261M | $211M | $447M | $370M | $352M | $178M | $475M | $375M | $482M | $240M | $446M | $415M | $320M | $192M | $641M | $273M | |
| EPS (Basic) | $2.74 | $2.20 | $4.62 | $3.76 | $3.53 | $1.76 | $4.67 | $3.64 | $4.60 | $2.28 | $4.10 | $3.77 | $2.88 | $1.72 | $5.52 | $2.37 | |
| EPS (Diluted) | $2.72 | $2.19 | $4.58 | $3.73 | $3.50 | $1.75 | $4.63 | $3.60 | $4.55 | $2.25 | $4.08 | $3.73 | $2.85 | $1.70 | $5.46 | $2.35 | |
| Shares (Basic) | 95,144,000 | 95,700,000 | 96,758,000 | 98,434,000 | 99,890,000 | 100,830,000 | 101,716,000 | 102,980,000 | 104,794,000 | 105,122,000 | -222,594,000 | 110,003,000 | 111,214,000 | 111,397,000 | -237,398,000 | 115,334,000 | |
| Shares (Diluted) | 95,755,000 | 96,504,000 | 97,531,000 | 99,170,000 | 100,585,000 | 101,830,000 | 102,676,000 | 104,014,000 | 105,803,000 | 106,265,000 | -224,635,000 | 111,123,000 | 112,184,000 | 112,336,000 | -240,134,000 | 116,326,000 | |
| EBITDA | $347M | $235M | · | $488M | $450M | $236M | · | $497M | $624M | $325M | · | $515M | $426M | $241M | · | $362M |
Balance Sheet 12
| 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 | $1.11B | $1.20B | $1.26B | $852M | $686M | $575M | $1.30B | $893M | $1.03B | $755M | $1.30B | $1.03B | $762M | $792M | $1.35B | $316M | |
| PP&E (Net) | $284M | $277M | $273M | $449M | $450M | $455M | $453M | $459M | $321M | $322M | · | $294M | $298M | $294M | · | $288M | |
| Accum. Depreciation | · | · | $315M | · | · | · | $310M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $14.53B | $14.43B | $14.52B | $14.40B | $14.20B | $13.62B | $13.37B | $13.36B | $13.25B | $12.52B | · | $12.35B | $11.99B | $11.98B | · | $11.74B | |
| Total Liabilities | $6.05B | $6.01B | $6.23B | $6.29B | $6.23B | $5.81B | $5.68B | $5.93B | $5.93B | $5.49B | · | $5.64B | $5.55B | $5.77B | · | $6.20B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Retained Earnings | $9.00B | $8.76B | $8.57B | $8.98B | $8.63B | $8.31B | $8.15B | $7.70B | $7.35B | $6.89B | · | $7.02B | $6.63B | $6.34B | · | $5.55B | |
| Treasury Stock | $1.19B | $1.03B | $1.01B | $1.60B | $1.39B | $1.22B | $1.21B | $1.02B | $772M | $598M | · | $1.07B | $945M | $866M | · | $759M | |
| AOCI | $19M | $21M | $22M | $26M | $28M | $30M | $31M | $36M | $40M | $37M | · | $39M | $34M | $34M | $38M | $17M | |
| Stockholders' Equity | $8.48B | $8.41B | $8.27B | $8.10B | $7.95B | $7.80B | $7.67B | $7.41B | $7.31B | $7.02B | · | $6.69B | $6.42B | $6.20B | · | $5.52B | |
| Liabilities + Equity | $14.53B | $14.43B | $14.52B | $14.40B | $14.20B | $13.62B | $13.37B | $13.36B | $13.25B | $12.52B | · | $12.35B | $11.99B | $11.98B | · | $11.74B | |
| Shares Outstanding | · | · | 94,800,000 | · | · | · | · | · | · | · | · | · | · | · | · | · |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $17M | $16M | $22M | $22M | $21M | $17M | $26M | $20M | $19M | $16M | $22M | $20M | $19M | $15M | $24M | $20M | |
| Stock-based Comp | $5M | $19M | $4M | $4M | $5M | $18M | $4M | $4M | $4M | $18M | $4M | $4M | $3M | $14M | $2M | $2M | |
| Other Non-cash | · | $-239M | · | · | · | $-634M | · | · | · | $-581M | · | · | · | $-579M | · | · | |
| Operating Cash Flow | $134M | $7M | $800M | $370M | $363M | $-421M | $683M | $176M | $459M | $-307M | $591M | $529M | $503M | $-358M | $1.23B | $-42M | |
| CapEx | $24M | $19M | $28M | $25M | $16M | $17M | $18M | $26M | $16M | $14M | $19M | $15M | $20M | $20M | $15M | $17M | |
| Investing Cash Flow | $-45M | $188M | $-70M | $-52M | $-68M | $-119M | $-52M | $-15M | $-41M | $-59M | $-17M | $-34M | $-30M | $-69M | $-58M | $-23M | |
| Stock Repurchased | $180M | $50M | $247M | $199M | $181M | $24M | $204M | $243M | $180M | $56.0K | $322M | $146M | $84M | $9M | $159M | $100M | |
| Net Stock Activity | · | $-50M | · | · | · | $-24M | · | · | · | $-56.0K | · | · | · | $-9M | · | · | |
| Dividends Paid | $24M | $25M | $24M | $24M | $25M | $24M | $23M | $23M | $24M | $23M | $22M | $23M | $23M | $23M | $22M | $23M | |
| Financing Cash Flow | $-194M | $-257M | $-330M | $-141M | $-186M | $-177M | $-224M | $-284M | $-130M | $-178M | $-313M | $-222M | $-503M | $-133M | $-173M | $-127M | |
| Net Change in Cash | $-105M | $-62M | $401M | $177M | $109M | $-717M | $407M | $-124M | $288M | $-544M | · | · | · | · | · | · | |
| Taxes Paid | $78M | $86M | · | $133M | $31M | $93M | · | $212M | $104M | $82M | · | · | · | · | · | · | |
| Free Cash Flow | · | $-12M | · | · | · | $-438M | · | · | · | $-321M | · | · | · | $-378M | · | · |
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 | 13.7% | 10.2% | · | 16.6% | 16.4% | 11.8% | · | 18.2% | 22.0% | 15.8% | · | 19.2% | 17.0% | 12.7% | · | 14.5% | |
| Net Margin | 10.3% | 9.8% | · | 12.6% | 12.9% | 9.6% | · | 13.7% | 17.0% | 12.3% | · | 15.4% | 12.8% | 10.8% | · | 11.0% | |
| EBITDA Margin | 13.7% | 11.0% | · | 16.6% | 16.4% | 12.7% | · | 18.2% | 22.0% | 16.7% | · | 19.2% | 17.0% | 13.5% | · | 14.5% | |
| ROA | 1.8% | 1.5% | · | 2.7% | 2.6% | 1.4% | · | 2.9% | 3.8% | 2.0% | · | 3.4% | 2.7% | 1.7% | · | 2.4% | |
| ROE | 3.2% | 2.6% | · | 4.8% | 4.6% | 2.4% | · | 5.3% | 7.0% | 3.6% | · | 6.8% | 5.4% | 3.3% | · | 5.2% |
Efficiency 1
| 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 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10.36B | $9.69B | · | $10.27B | $10.16B | $9.37B | · | $10.20B | $9.98B | $8.92B | · | $9.47B | $9.06B | $8.34B | · | $8.82B | |
| Net Income TTM | $1.29B | $1.38B | · | $1.38B | $1.38B | $1.51B | · | $1.54B | $1.58B | $1.42B | · | $1.57B | $1.43B | $1.33B | · | $1.02B | |
| P/E | 10.8 | 10.3 | · | 8.7 | 7.5 | 9.3 | · | 9.8 | 8.1 | 7.7 | · | 5.8 | 5.1 | 5.2 | · | 5.8 | |
| Earnings Yield | 9.3% | 9.7% | · | 11.5% | 13.4% | 10.7% | · | 10.2% | 12.3% | 13.0% | · | 17.3% | 19.6% | 19.4% | · | 17.2% | |
| Payout Ratio | · | 11.8% | · | · | · | 13.7% | · | · | · | 9.7% | · | · | · | 11.9% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | |
|---|---|---|---|---|---|
| Revenue | $10.97B | $10.85B | $9.99B | $10.28B | $8.79B |
| Operating Margin % | 15.7% | 18.8% | 17.3% | 14.7% | 11.6% |
| Net Income | $1.35B | $1.57B | $1.37B | $1.29B | $834M |
| Diluted EPS | $13.49 | $15.01 | $12.36 | $10.90 | $6.63 |
Cash Flow
| 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.03B | $937M | $1.19B | $915M | $1.24B |
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Institutional owners (13F) 877 filers · $9.8B 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 |
|---|---|---|---|---|
| 131 (-5 vs prior Q) | 87 (+26 vs prior Q) | 294 (+11 vs prior Q) | 233 (-14 vs prior Q) | +11.3M |
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 |
|---|---|---|---|---|
| GREENHAVEN ASSOCIATES INC | $927,560,458 | 5,630,109 | 9.43% | Shares |
| Capital World Investors | $865,312,801 | 5,252,278 | 8.80% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $706,963,173 | 4,291,127 | 7.19% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $687,733,224 | 4,174,405 | 6.99% | Shares |
| STATE STREET CORP | $577,585,163 | 3,505,828 | 5.87% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $466,966,483 | 2,834,396 | 4.75% | Shares |
| FMR LLC | $443,583,783 | 2,692,467 | 4.51% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $348,677,516 | 2,115,950 | 3.54% | Shares |
| Holocene Advisors, LP | $219,322,614 | 1,331,245 | 2.23% | Shares |
| JENNISON ASSOCIATES LLC | $217,355,171 | 1,319,303 | 2.21% | Shares |
| NORGES BANK | $195,779,345 | 1,188,342 | 1.99% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $184,406,157 | 1,119,309 | 1.87% | Shares |
| BAMCO INC /NY/ | $166,249,554 | 1,009,102 | 1.69% | Shares |
| FIRST TRUST ADVISORS LP | $135,105,890 | 820,066 | 1.37% | Shares |
| CITADEL ADVISORS LLC | $118,244,700 | 717,722 | 1.20% | Shares |
| MILLENNIUM MANAGEMENT LLC | $109,970,790 | 667,501 | 1.12% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $98,756,752 | 599,434 | 1.00% | Shares |
| TWO SIGMA INVESTMENTS, LP | $80,101,285 | 486,199 | 0.81% | Shares |
| VANGUARD GROUP INC | $79,182,939 | 585,586 | 0.81% | Shares |
| Zurich Insurance Group Ltd/FI | $75,823,716 | 460,235 | 0.77% | Shares |
| BANK OF AMERICA CORP /DE/ | $71,450,427 | 433,690 | 0.73% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $64,252,500 | 390,000 | 0.65% | Shares |
| GOLDMAN SACHS GROUP INC | $63,922,176 | 387,995 | 0.65% | Shares |
| RAYMOND JAMES FINANCIAL INC | $60,568,563 | 367,639 | 0.62% | Shares |
| MARSHALL WACE, LLP | $56,929,199 | 345,549 | 0.58% | Shares |
| Quantinno Capital Management LP | $55,910,927 | 339,368 | 0.57% | Shares |
| MILFORD FUNDS LTD | $55,312,341 | 335,735 | 0.56% | Shares |
| Walleye Capital LLC | $55,080,044 | 334,325 | 0.56% | Shares |
| TWO SIGMA ADVISERS, LP | $54,899,320 | 406,000 | 0.56% | Shares |
| ANCHOR CAPITAL ADVISORS LLC | $51,913,291 | 315,103 | 0.53% | Shares |
| Balyasny Asset Management L.P. | $47,429,713 | 287,889 | 0.48% | Shares |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. | $46,836,448 | 284,288 | 0.48% | Shares |
| Caisse de depot et placement du Quebec | $46,593,607 | 282,814 | 0.47% | Shares |
| PRUDENTIAL FINANCIAL INC | $46,354,719 | 281,364 | 0.47% | Shares |
| CITADEL ADVISORS LLC | $45,981,725 | 279,100 | 0.47% | Put option |
| Pictet Asset Management Holding SA | $44,087,430 | 267,602 | 0.45% | Shares |
| RHUMBLINE ADVISERS | $41,752,712 | 253,431 | 0.42% | Shares |
| BARCLAYS PLC | $34,418,582 | 208,914 | 0.35% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $33,565,391 | 248,405 | 0.34% | Shares |
| Retirement Systems of Alabama | $32,501,056 | 197,275 | 0.33% | Shares |
| California Public Employees Retirement System | $32,501,056 | 197,275 | 0.33% | Shares |
| UBS Group AG | $31,486,526 | 191,117 | 0.32% | Shares |
| Swiss National Bank | $31,318,975 | 190,100 | 0.32% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $30,150,074 | 183,005 | 0.31% | Shares |
| Verition Fund Management LLC | $30,026,841 | 182,257 | 0.31% | Shares |
| ASSETMARK, INC | $29,589,875 | 179,605 | 0.30% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $26,603,006 | 161,475 | 0.27% | Shares |
| AMERICAN CENTURY COMPANIES INC | $26,505,969 | 160,886 | 0.27% | Shares |
| Rafferty Asset Management, LLC | $26,084,209 | 158,326 | 0.27% | Shares |
| CITADEL ADVISORS LLC | $24,465,375 | 148,500 | 0.25% | Call option |
| Ceredex Value Advisors LLC | $24,146,913 | 146,567 | 0.25% | Shares |
| AMERIPRISE FINANCIAL INC | $24,104,173 | 146,308 | 0.25% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $23,907,000 | 145,110 | 0.24% | Shares |
| GATEWAY INVESTMENT ADVISERS LLC | $23,177,057 | 140,680 | 0.24% | Shares |
| IEQ CAPITAL, LLC | $21,123,748 | 128,217 | 0.21% | Shares |
| Qube Research & Technologies Ltd | $19,652,533 | 119,287 | 0.20% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $19,526,334 | 118,527 | 0.20% | Shares |
| BlackRock, Inc. | $19,418,918 | 117,869 | 0.20% | Shares |
| JANE STREET GROUP, LLC | $19,259,275 | 116,900 | 0.20% | Call option |
| Sone Capital Management, LLC | $18,907,040 | 114,762 | 0.19% | Shares |
| GDS Wealth Management | $18,608,705 | 112,951 | 0.19% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $18,557,275 | 112,639 | 0.19% | Shares |
| SummitTX Capital, L.P. | $18,223,821 | 110,615 | 0.19% | Shares |
| VIKING GLOBAL INVESTORS LP | $18,098,776 | 109,856 | 0.18% | Shares |
| LPL Financial LLC | $17,856,134 | 108,383 | 0.18% | Shares |
| Distillate Capital Partners LLC | $17,814,253 | 108,129 | 0.18% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $17,669,932 | 107,253 | 0.18% | Shares |
| LYELL WEALTH MANAGEMENT, LP | $17,428,387 | 105,787 | 0.18% | Shares |
| Gotham Asset Management, LLC | $17,289,195 | 104,942 | 0.18% | Shares |
| FRANKLIN RESOURCES INC | $16,600,375 | 100,761 | 0.17% | Shares |
| JANE STREET GROUP, LLC | $16,573,850 | 100,600 | 0.17% | Put option |
| CAPTRUST FINANCIAL ADVISORS | $16,371,000 | 99,369 | 0.17% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $16,015,512 | 97,211 | 0.16% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $15,944,680 | 96,793 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $15,823,560 | 115,949 | 0.16% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $15,716,109 | 95,394 | 0.16% | Shares |
| De Lisle Partners LLP | $15,657,425 | 95,000 | 0.16% | Shares |
| WOLVERINE TRADING, LLC | $15,528,844 | 112,300 | 0.16% | Put option |
| Junto Capital Management LP | $15,438,393 | 93,708 | 0.16% | Shares |
| BANK OF NOVA SCOTIA | $15,392,982 | 93,433 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $15,085,530 | 110,541 | 0.15% | Shares |
| Riverstone Advisors, LLC | $14,986,649 | 90,966 | 0.15% | Shares |
| DAVIS R M INC | $14,978,411 | 90,916 | 0.15% | Shares |
| KETTLE HILL CAPITAL MANAGEMENT, LLC | $14,953,369 | 90,764 | 0.15% | Shares |
| WEDGEWOOD PARTNERS INC | $14,920,143 | 90,562 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $14,891,423 | 90,388 | 0.15% | Shares |
| Moran Wealth Management, LLC | $14,778,405 | 89,702 | 0.15% | Shares |
| Edgestream Partners, L.P. | $14,707,892 | 89,274 | 0.15% | Shares |
| Walleye Trading LLC | $13,690,725 | 83,100 | 0.14% | Put option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $13,656,622 | 82,893 | 0.14% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $13,435,512 | 81,551 | 0.14% | Shares |
| RBF Capital, LLC | $13,262,375 | 80,500 | 0.13% | Shares |
| VAN ECK ASSOCIATES CORP | $13,203,889 | 80,145 | 0.13% | Shares |
| MetLife Investment Management, LLC | $13,093,671 | 79,476 | 0.13% | Shares |
| TOWER BRIDGE ADVISORS | $12,336,645 | 74,881 | 0.13% | Shares |
| Focus Partners Wealth | $12,123,480 | 73,587 | 0.12% | Shares |
| WOLVERINE TRADING, LLC | $11,864,424 | 85,800 | 0.12% | Call option |
| CANADA PENSION PLAN INVESTMENT BOARD | $11,548,975 | 70,100 | 0.12% | Shares |
| Shellback Capital, LP | $11,532,500 | 70,000 | 0.12% | Shares |
| Waverly Advisors, LLC | $11,373,516 | 69,035 | 0.12% | Shares |
Company insiders 29 insiders · 11 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Gregg L. Ziegler | Chief Financial Officer | Jan. 31, 2026 M | 20,088 | 0 | 0 | $0 |
| Martin P. Connor | Chief Financial Officer | Aug. 27, 2025 S | 15,268 | 0 | 1 | $-735,678 |
| Robert Parahus | President & COO | June 18, 2026 S | 23,457 | 0 | 2 | $-2,408,738 |
| Richard T. Hartman | President | Oct. 29, 2019 A | 26,342 | 0 | 0 | $0 |
| Zvi Barzilay | President | Dec. 21, 2011 M | 29,042 | 0 | 0 | $0 |
| James W. Boyd | EVP,Co-Chief Operating Officer | Dec. 21, 2020 A | 10,876 | 0 | 0 | $0 |
| Douglas C. Yearley Jr. | Executive Chairman | June 18, 2026 M | 321,256 | 0 | 6 | $-30,182,879 |
| Michael J. Grubb | SVP & Chief Accounting Officer | Dec. 22, 2025 A | 2,974 | 0 | 1 | $-70,315 |
| John K. Mcdonald | SVP, General Counsel | Sept. 17, 2019 S | 161 | 0 | 0 | $0 |
| Joseph R Sicree | Chief Accounting Officer | Jan. 8, 2018 M | 19,697 | 0 | 0 | $0 |
| Joel H Rassman | Executive Vice President | Sept. 8, 2010 M | 297,556 | 0 | 0 | $0 |
| Stephen F. East | Director | April 15, 2026 S | 13,442 | 0 | 1 | $-139,700 |
| John A Mclean | Director | March 4, 2026 M | 17,369 | 0 | 1 | $-354,884 |
| Derek T. Kan | Director | Jan. 19, 2026 M | 6,388 | 0 | 0 | $0 |
| Karen H. Grimes | Director | Jan. 19, 2026 M | 16,810 | 0 | 0 | $0 |
| Katherine M Sandstrom | Director | Jan. 19, 2026 M | 1,363 | 1 | 0 | $8,627 |
| Wendell E. Pritchett | Director | Jan. 19, 2026 M | 15,139 | 0 | 1 | $-346,775 |
| Judith A Reinsdorf | Director | Jan. 19, 2026 M | 1,295 | 0 | 0 | $0 |
| Scott D Stowell | Director | Jan. 19, 2026 M | 6,613 | 0 | 0 | $0 |
| Paul E Shapiro | Director | Jan. 19, 2026 M | 120,335 | 0 | 2 | $-1,144,428 |
| Christine Garvey | Director | Jan. 19, 2026 M | 11,955 | 0 | 0 | $0 |
| Carl B Marbach | Director | March 4, 2024 S | 34,069 | 0 | 0 | $0 |
| Richard J Braemer | Director | Jan. 18, 2022 M | 97,946 | 0 | 0 | $0 |
| Robert I Toll | Director | Jan. 18, 2022 M | 6,472,255 | 0 | 0 | $0 |
| Stephen A Novick | Director | Jan. 19, 2021 M | 20,174 | 0 | 0 | $0 |
| Edward G Boehne | Director | Jan. 19, 2021 M | 55,924 | 0 | 0 | $0 |
| Robert S Blank | Director | Jan. 19, 2016 M | 5,559 | 0 | 0 | $0 |
| TOLL BRUCE E | Director | Jan. 19, 2016 M | 99,960 | 0 | 0 | $0 |
| Roger S Hillas | Director | Dec. 20, 2009 A | 191,625 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 128 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 |
|---|---|---|---|---|
| ITB · iShares Trust | 5.26% | 808,991 SH | Aug. 8, 2026 | Daily |
| ICAP · Series Portfolios Trust | 4.60% | 36,025 NS | May 31, 2026 | N-PORT |
| SCAP · Series Portfolios Trust | 4.24% | 6,241 NS | May 31, 2026 | N-PORT |
| NAIL · Direxion Shares ETF Trust | 3.96% | 156,939 NS | April 30, 2026 | N-PORT |
| PJFV · PGIM ETF Trust | 3.25% | 20,224 NS | May 29, 2026 | N-PORT |
| PKB · Invesco Exchange-Traded Fund Trust | 3.07% | 75,090 SH | Aug. 8, 2026 | Daily |
| SMRI · EA Series Trust | 1.93% | 73,363 NS | April 30, 2026 | N-PORT |
| LYLD · Cambria ETF Trust | 1.89% | 801 NS | April 30, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 1.71% | 415,111 NS | April 30, 2026 | N-PORT |
| HOMZ · ETF Series Solutions | 1.69% | 4,132 NS | May 31, 2026 | N-PORT |
| FXD · First Trust Exchange-Traded AlphaDE… | 1.43% | 26,683 NS | April 30, 2026 | N-PORT |
| XMVM · Invesco Exchange-Traded Fund Trust | 1.42% | 46,400 SH | Aug. 8, 2026 | Daily |
| PJFM · PGIM ETF Trust | 1.32% | 1,589 NS | May 29, 2026 | N-PORT |
| FLOW · Global X Funds | 1.29% | 2,662 NS | May 31, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 1.05% | 4,655 NS | April 30, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.98% | 66,415 NS | April 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.90% | 81,323 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.81% | 482,330 SH | Aug. 8, 2026 | Daily |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.73% | 11,167 NS | April 30, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 0.65% | 41,188 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.64% | 614,799 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.60% | 35,353 NS | April 30, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.58% | 6,730 NS | May 31, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.53% | 129 NS | May 29, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.49% | 42,293 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.45% | 12,804 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.44% | 12,572 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.43% | 152,986 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.39% | 3,267,738 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.39% | 10,821 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.37% | 16,724 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.36% | 15,807 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.36% | 33,334 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.33% | 1,378,866 SH | Aug. 8, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.33% | 10,103 NS | April 30, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.32% | 9,990 NS | April 30, 2026 | N-PORT |
| VCR · VANGUARD WORLD FUND | 0.31% | 127,128 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.30% | 13,708 SH | Aug. 8, 2026 | Daily |
| AFLG · First Trust Exchange-Traded Fund VI… | 0.29% | 13,707 NS | May 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.29% | 2,546 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.28% | 3,275 NS | May 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.27% | 38,435 NS | April 30, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.27% | 1,569 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.26% | 42,852 NS | April 30, 2026 | N-PORT |
| FBCV · FIDELITY COVINGTON TRUST | 0.24% | 2,740 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.24% | 256,423 NS | May 31, 2026 | N-PORT |
| IYC · iShares Trust | 0.24% | 18,798 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.23% | 3,624 NS | May 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.23% | 9,773 SH | Aug. 8, 2026 | Daily |
| ESUM · Strategy Shares | 0.23% | 2,493 NS | April 30, 2026 | N-PORT |