TW Tradeweb Markets Inc. - Class A Common Stock
$106.11
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$91–$131
37% of range
Analyst Rating
BUY
23 analysts
Price Target
$124
+17% upside
P/E (TTM)
28.1
ROE
13.2%
Net Profit Margin
39.6%
TW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$106.11
Market Cap
$25.04B
P/E (TTM)
28.1
EPS (TTM)
$3.78
Revenue (TTM)
$2.05B
Div Yield
—
ROE
13.2%
Debt/Equity
—
52W Range
$91 – $131
TW 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
$2.05B
2017-12-31
→
2025-12-31
EPS
$3.78
2019-12-31
→
2025-12-31
Free Cash Flow
$1.13B
2019-12-31
→
2025-12-31
Margins
39.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TW
Peer Median
P/E (TTM)
28.1
26.7
P/S (TTM)
12.2
6.5
P/B
3.8
5.5
Price / FCF
22.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TW
Peer Median
Operating Margin
40.7%
—
Net Profit Margin
39.6%
30.2%
ROA
10.5%
10.8%
ROE
13.2%
20.1%
ROIC
10.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TW
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TW
Peer Median
Revenue YoY
18.9%
—
Revenue CAGR 3Y
20.0%
—
Revenue CAGR 5Y
18.1%
—
EPS YoY
62.2%
—
Net Income YoY
62.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TW
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 1, 2026 | $0.1400 |
| March 2, 2026 | $0.1400 |
| Dec. 1, 2025 | $0.1200 |
| Sept. 2, 2025 | $0.1200 |
| June 2, 2025 | $0.1200 |
| March 3, 2025 | $0.1200 |
| Dec. 2, 2024 | $0.1000 |
| Sept. 3, 2024 | $0.1000 |
| June 3, 2024 | $0.1000 |
| Feb. 29, 2024 | $0.1000 |
| Nov. 30, 2023 | $0.0900 |
| Aug. 31, 2023 | $0.0900 |
| May 31, 2023 | $0.0900 |
| Feb. 28, 2023 | $0.0900 |
| Nov. 30, 2022 | $0.0800 |
| Aug. 31, 2022 | $0.0800 |
| May 31, 2022 | $0.0800 |
| Feb. 28, 2022 | $0.0800 |
| Nov. 30, 2021 | $0.0800 |
| Aug. 31, 2021 | $0.0800 |
TW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
23 analysts
- Strong Buy 6 26.1%
- Buy 9 39.1%
- Hold 8 34.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
14 analysts · 2026-08-20
Median
$120.00
Now
$106.11
Low
$98.00
High
$178.00
Median target
$120.00
+13.1%
Mean target
$123.86
+16.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.97 | $0.98 | -0.01% |
| March 31, 2026 | $1.08 | $1.10 | -0.02% |
| Dec. 31, 2025 | $0.87 | $0.87 | 0.00% |
| Sept. 30, 2025 | $0.87 | $0.85 | 0.02% |
| June 30, 2025 | $0.87 | $0.88 | -0.01% |
| March 31, 2025 | $0.86 | $0.88 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | — |
| NDAQ | $55.35B | 31.4 | 11.7% | 21.6% | 15.3% | 63.5% |
| COIN | $60.57B | 50.8 | 9.4% | 17.5% | 9.4% | — |
| MSCI | $42.21B | 36.6 | 9.8% | 38.4% | -67.9% | — |
| FDS | $14.05B | 24.0 | 5.4% | 25.7% | 28.1% | — |
| MORN | $8.64B | 24.5 | 7.5% | 15.3% | 26.4% | — |
| MKTX | $6.48B | 27.3 | 3.6% | 29.1% | 19.5% | — |
| MIAX | $3.80B | -44.4 | 19.7% | -5.1% | -10.8% | 31.6% |
| DFIN | $1.20B | 40.6 | -1.9% | 4.2% | 8.0% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | $893M | $776M | · | $504M | |
| Operating Expenses | $1.22B | $1.05B | $833M | $776M | $718M | $629M | $586M | · | $415M | |
| Operating Income | $835M | $678M | $505M | $413M | $359M | $263M | $190M | · | $89M | |
| Interest Income | · | · | · | · | · | · | $2M | · | $685.0K | |
| Other Non-op | $263M | $-1M | $-13M | $-1M | $0 | · | · | · | · | |
| Pretax Income | $1.17B | $754M | $548M | $437M | $370M | $274M | $225M | · | $90M | |
| Income Tax | $253M | $184M | $128M | $78M | $97M | $56M | $52M | · | $6M | |
| Net Income | $813M | $502M | $365M | $309M | $227M | $166M | $84M | · | · | |
| EPS (Basic) | $3.81 | $2.35 | $1.73 | $1.50 | $1.13 | $0.92 | $0.57 | · | · | |
| EPS (Diluted) | $3.78 | $2.33 | $1.71 | $1.48 | $1.09 | $0.88 | $0.54 | · | · | |
| Shares (Basic) | 213,213,371 | 213,030,056 | 210,796,802 | 205,576,637 | 201,419,081 | 180,409,462 | 148,013,274 | · | 215,568,635 | |
| Shares (Diluted) | 214,898,240 | 214,924,763 | 212,668,808 | 208,400,040 | 207,254,840 | 188,223,032 | 156,540,246 | · | 215,568,635 | |
| EBITDA | $835M | $678M | $505M | $413M | $359M | $263M | $190M | · | · |
Balance Sheet 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.08B | $1.34B | $1.71B | $1.26B | $972M | $791M | $461M | $410M | · | |
| PP&E (Net) | $78M | $46M | $34M | $37M | $31M | $34M | $40M | $38M | · | |
| Accum. Depreciation | $97M | · | · | · | · | · | · | · | · | |
| Goodwill | $3.15B | $3.15B | $2.82B | $2.78B | $2.78B | $2.69B | $2.69B | $2.70B | · | |
| Intangibles | $1.15B | $1.28B | $1.00B | $1.07B | $1.18B | $1.18B | $1.28B | $1.38B | · | |
| Total Assets | $8.19B | $7.27B | $7.06B | $6.26B | $5.99B | $5.68B | $5.10B | $5.00B | · | |
| Deferred Tax | $50M | $43M | $21M | $21M | $21M | $19M | $22M | $20M | · | |
| Total Liabilities | $1.00B | $869M | $1.13B | $714M | $681M | $661M | $503M | $411M | · | |
| Common Stock | · | · | · | · | · | · | · | $1 | · | |
| Paid-in Capital | $4.90B | $4.81B | $4.74B | $4.58B | $4.40B | $4.14B | $3.33B | · | · | |
| Retained Earnings | $1.60B | $997M | $640M | $387M | $243M | $156M | $48M | · | · | |
| Treasury Stock | · | · | · | · | · | $76M | · | · | · | |
| AOCI | $11M | $-10M | $-5M | $-10M | $2M | $4M | $1M | $-866.0K | · | |
| Stockholders' Equity | $6.51B | $5.80B | $5.37B | $4.95B | $4.65B | $4.30B | $3.38B | $4.57B | · | |
| Liabilities + Equity | $8.19B | $7.27B | $7.06B | $6.26B | $5.99B | $5.68B | $5.10B | $5.00B | · | |
| Shares Outstanding | 235,492,749 | 235,984,281 | 235,101,952 | 234,023,679 | 233,747,977 | 229,019,859 | · | 0 | · |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $250M | $220M | $185M | $179M | $171M | $154M | $139M | · | $69M | |
| Stock-based Comp | $104M | $90M | $65M | $67M | $52M | $39M | $50M | · | · | |
| Deferred Tax | $92M | $32M | $90M | $53M | $85M | $65M | $15M | · | $-950.0K | |
| Amort. of Intangibles | $133M | $124M | $108M | $107M | $103M | $99M | $99M | · | · | |
| Operating Cash Flow | $1.17B | $898M | $746M | $633M | $578M | $443M | $311M | · | $225M | |
| CapEx | $41M | $41M | $19M | $23M | $17M | $11M | $16M | · | $13M | |
| Investing Cash Flow | $-127M | $-969M | $-133M | $-60M | $-259M | $-63M | $-44M | · | $-46M | |
| Stock Issued | · | · | · | $0 | $0 | $626M | $1.97B | · | · | |
| Stock Repurchased | $104M | $59M | $35M | $99M | $76M | $0 | $0 | · | · | |
| Net Stock Activity | $-104M | $-59M | $-35M | $-99M | $-76M | $626M | $1.16B | · | · | |
| Financing Cash Flow | $-307M | $-290M | $-168M | $-277M | $-136M | $-53M | $-218M | · | $-153M | |
| Net Change in Cash | $744M | $-366M | $449M | $285M | $181M | $331M | $50M | · | $29M | |
| Taxes Paid | $58M | $152M | $29M | $13M | $4M | $19M | $44M | · | · | |
| Free Cash Flow | $1.13B | $857M | $728M | $610M | $561M | $432M | $295M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 40.7% | 39.3% | 37.8% | 34.7% | 33.3% | 29.5% | 24.5% | · | · | |
| Net Margin | 39.6% | 29.1% | 27.3% | 26.0% | 21.1% | 18.6% | 10.8% | · | · | |
| Pretax Margin | 57.2% | 43.7% | 40.9% | 36.8% | 34.4% | 30.8% | 29.0% | · | · | |
| EBITDA Margin | 40.7% | 39.3% | 37.8% | 34.7% | 33.3% | 29.5% | 24.5% | · | · | |
| ROA | 10.5% | 7.0% | 5.5% | 5.1% | 3.9% | 3.1% | 1.7% | · | · | |
| ROE | 13.2% | 9.0% | 7.1% | 6.4% | 5.1% | 4.3% | 2.1% | · | · | |
| ROIC | 10.1% | 8.8% | 7.2% | 6.9% | 5.7% | 4.9% | 4.3% | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · | · |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 18.9% | 29.0% | 12.6% | 10.4% | 20.6% | · | · | · | · | |
| Revenue CAGR 3Y | 20.0% | 17.0% | 14.4% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 18.1% | · | · | · | · | · | · | · | · | |
| EPS YoY | 62.2% | 36.3% | 15.5% | 35.8% | 23.9% | · | · | · | · | |
| EPS CAGR 3Y | 36.7% | 28.8% | 24.8% | · | · | · | · | · | · | |
| EPS CAGR 5Y | 33.8% | · | · | · | · | · | · | · | · | |
| Net Income YoY | 62.1% | 37.5% | 17.9% | 36.4% | 36.4% | · | · | · | · | |
| Net Income CAGR 3Y | 38.0% | 30.3% | 29.9% | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 37.4% | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | $893M | $776M | · | · | |
| Net Income TTM | $813M | $502M | $365M | $309M | $227M | $166M | $84M | · | · | |
| Market Cap | $25.32B | $30.90B | $21.37B | · | · | · | · | · | · | |
| P/E | 28.4 | 56.2 | 53.1 | 43.9 | 91.9 | 71.0 | 85.8 | · | · | |
| P/S | 12.3 | 17.9 | 16.0 | · | · | · | · | · | · | |
| P/B | 3.9 | 5.3 | 4.0 | · | · | · | · | · | · | |
| P / Tangible Book | 11.5 | 22.6 | 13.8 | · | · | · | · | · | · | |
| P / Cash Flow | 21.7 | 34.4 | 28.6 | · | · | · | · | · | · | |
| P / FCF | 22.5 | 36.1 | 29.4 | · | · | · | · | · | · | |
| Earnings Yield | 3.5% | 1.8% | 1.9% | 2.3% | 1.1% | 1.4% | 1.2% | · | · |
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 | $559M | $618M | $521M | $509M | $513M | $510M | $463M | $449M | $405M | $409M | $370M | $328M | $311M | $329M | $293M | $287M | |
| Operating Expenses | $314M | $331M | $300M | $298M | $313M | $306M | $275M | $290M | $242M | $241M | $228M | $204M | $194M | $207M | $201M | $184M | |
| Operating Income | $245M | $287M | $221M | $210M | $200M | $204M | $189M | $159M | $162M | $168M | $142M | $125M | $116M | $123M | $92M | $103M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $2M | · | · | · | $449.0K | · | · | |
| Other Non-op | $7M | $-1M | $207M | $39M | $13M | $4M | $-1M | $10.0K | $0 | $0 | $-11M | $-2M | $-456.0K | $341.0K | · | · | |
| Pretax Income | $270M | $303M | $457M | $270M | $227M | $222M | $210M | $174M | $183M | $187M | $141M | $140M | $131M | $135M | $113M | $106M | |
| Income Tax | $64M | $70M | $90M | $59M | $52M | $53M | $50M | $43M | $47M | $44M | $38M | $29M | $29M | $33M | $14M | $25M | |
| Net Income | $181M | $205M | $325M | $186M | $154M | $148M | $142M | $114M | $119M | $126M | $89M | $99M | $89M | $88M | $89M | $69M | |
| EPS (Basic) | $0.85 | $0.96 | $1.52 | $0.87 | $0.72 | $0.70 | $0.67 | $0.53 | $0.56 | $0.59 | $0.42 | $0.47 | $0.42 | $0.42 | $0.42 | $0.34 | |
| EPS (Diluted) | $0.85 | $0.96 | $1.52 | $0.86 | $0.71 | $0.69 | $0.66 | $0.53 | $0.55 | $0.59 | $0.41 | $0.46 | $0.42 | $0.42 | $0.42 | $0.33 | |
| Shares (Basic) | 212,463,597 | 212,685,136 | -426,572,976 | 213,359,090 | 213,339,761 | 213,087,496 | -426,048,167 | 213,206,193 | 213,162,158 | 212,709,872 | -420,496,838 | 211,618,475 | 211,569,728 | 208,105,437 | -408,706,907 | 205,721,162 | |
| Shares (Diluted) | 212,795,141 | 213,324,648 | -429,952,610 | 214,983,486 | 214,971,946 | 214,895,418 | -429,729,011 | 215,096,974 | 214,895,947 | 214,660,853 | -424,123,313 | 213,491,634 | 213,156,753 | 210,143,734 | -414,699,206 | 208,329,469 | |
| EBITDA | $245M | $287M | · | $210M | $200M | $204M | · | $159M | $162M | $168M | · | $125M | $116M | $123M | · | $103M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.06B | $1.94B | $2.08B | $1.91B | $1.63B | $1.31B | $1.34B | $1.17B | $1.72B | $1.54B | $1.71B | $1.49B | $1.40B | $1.23B | $1.26B | $1.11B | |
| PP&E (Net) | $81M | $79M | $78M | $75M | $41M | $44M | $46M | $33M | $32M | $33M | · | $36M | $36M | $37M | · | $33M | |
| Accum. Depreciation | $104M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Goodwill | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $2.86B | $2.86B | $2.82B | $2.82B | $2.78B | $2.78B | $2.78B | $2.78B | |
| Intangibles | · | $1.12B | $1.15B | $1.18B | $1.21B | $1.25B | $1.28B | $1.32B | $1.00B | $1.03B | · | $1.03B | $1.02B | $1.05B | · | $1.10B | |
| Total Assets | $8.25B | $8.30B | $8.19B | $8.00B | $8.06B | $7.37B | $7.27B | $7.34B | $7.28B | $7.40B | · | $6.50B | $6.49B | $6.24B | · | $6.14B | |
| Deferred Tax | $54M | $51M | $50M | $44M | $43M | $43M | $43M | $43M | $19M | $20M | · | $18M | $19M | $20M | · | $20M | |
| Total Liabilities | $913M | $986M | $1.00B | $1.06B | $1.33B | $823M | $869M | $1.05B | $1.08B | $1.32B | · | $693M | $773M | $639M | · | $683M | |
| Paid-in Capital | $4.93B | $4.89B | $4.90B | $4.87B | $4.84B | $4.82B | $4.81B | $4.79B | $4.80B | $4.77B | · | $4.71B | $4.69B | $4.58B | · | $4.54B | |
| Retained Earnings | $1.69B | $1.73B | $1.60B | $1.41B | $1.25B | $1.12B | $997M | $911M | $843M | $745M | · | $570M | $495M | $433M | · | $348M | |
| AOCI | $16M | $8M | $11M | $8M | $7M | $-2M | $-10M | $1M | $-8M | $-8M | · | $-11M | $-7M | $-8M | · | $-22M | |
| Stockholders' Equity | $6.63B | $6.62B | $6.51B | $6.28B | $6.10B | $5.94B | $5.80B | $5.70B | $5.63B | $5.51B | · | $5.27B | $5.18B | $5.00B | · | $4.87B | |
| Liabilities + Equity | $8.25B | $8.30B | $8.19B | $8.00B | $8.06B | $7.37B | $7.27B | $7.34B | $7.28B | $7.40B | · | $6.50B | $6.49B | $6.24B | · | $6.14B | |
| Shares Outstanding | 234,130,300 | 236,026,021 | 235,492,749 | 236,472,441 | 236,449,414 | 236,439,111 | 235,984,281 | 236,234,604 | 236,292,770 | 236,176,393 | 235,101,952 | 234,725,246 | 234,681,780 | 234,696,458 | 234,023,679 | · |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $61M | $61M | $60M | $64M | $63M | $63M | $63M | $58M | $50M | $49M | $48M | $47M | $46M | $45M | $45M | $45M | |
| Stock-based Comp | $30M | $25M | $28M | $26M | $27M | $22M | $23M | $26M | $24M | $16M | $20M | $17M | $16M | $12M | $17M | $15M | |
| Deferred Tax | $17M | $21M | $69M | $9M | $5M | $10M | $2M | $13M | $9M | $8M | $20M | $21M | $25M | $24M | $4M | $19M | |
| Amort. of Intangibles | · | $29M | $29M | $35M | $35M | $35M | $35M | $33M | $29M | $28M | $28M | $27M | $27M | $27M | $27M | $27M | |
| Operating Cash Flow | $394M | $104M | $356M | $342M | $409M | $60M | $282M | $292M | $286M | $38M | $245M | $217M | $213M | $71M | $208M | $202M | |
| CapEx | $8M | $10M | $19M | $14M | $5M | $2M | $25M | $4M | $5M | $7M | $1M | $6M | $4M | $7M | $5M | $3M | |
| Investing Cash Flow | $-34M | $-77M | $-35M | $-35M | $-42M | $-15M | $-46M | $-788M | $-28M | $-107M | $-12M | $-86M | $-17M | $-17M | $-15M | $-12M | |
| Stock Repurchased | $187M | $53M | $103M | $0 | $0 | $844.0K | $35M | $24M | $0 | $0 | $2M | $3M | $9M | $21M | $34M | $9M | |
| Net Stock Activity | · | $-53M | · | · | · | $-844.0K | · | · | · | $0 | · | · | · | $-21M | · | · | |
| Financing Cash Flow | $-239M | $-172M | $-145M | $-28M | $-51M | $-83M | $-60M | $-55M | $-84M | $-91M | $-24M | $-31M | $-33M | $-80M | $-55M | $-29M | |
| Net Change in Cash | $121M | $-147M | $177M | $278M | $324M | $-34M | $167M | $-544M | $173M | $-162M | $213M | $97M | $164M | $-25M | $147M | $151M | |
| Taxes Paid | $35M | $78M | $15M | $-2M | $33M | $12M | $81M | $9M | $57M | $4M | $4M | $6M | $15M | $4M | $2M | $6M | |
| Free Cash Flow | · | $94M | · | · | · | $59M | · | · | · | $31M | · | · | · | $64M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $30M | · | · | · | · | · | · |
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 | 43.9% | 46.5% | · | 41.4% | 39.0% | 40.1% | · | 35.5% | 40.1% | 41.0% | · | 38.0% | 37.5% | 37.2% | · | 35.8% | |
| Net Margin | 32.4% | 33.2% | · | 36.5% | 30.0% | 29.1% | · | 25.4% | 29.4% | 30.9% | · | 30.0% | 28.7% | 26.7% | · | 24.1% | |
| Pretax Margin | 48.3% | 49.0% | · | 53.0% | 44.3% | 43.5% | · | 38.7% | 45.3% | 45.8% | · | 42.7% | 42.2% | 41.1% | · | 37.0% | |
| EBITDA Margin | 43.9% | 46.5% | · | 41.4% | 39.0% | 40.1% | · | 35.5% | 40.1% | 41.0% | · | 38.0% | 37.5% | 37.2% | · | 35.8% | |
| ROA | 2.2% | 2.6% | · | 2.4% | 2.0% | 2.0% | · | 1.7% | 1.7% | 1.8% | · | 1.6% | 1.4% | 1.4% | · | 1.1% | |
| ROE | 2.9% | 3.3% | · | 3.1% | 2.6% | 2.6% | · | 2.1% | 2.2% | 2.4% | · | 1.9% | 1.8% | 1.8% | · | 1.5% | |
| ROIC | 2.8% | 3.3% | · | 2.6% | 2.5% | 2.6% | · | 2.1% | 2.1% | 2.3% | · | 1.9% | 1.8% | 1.8% | · | 1.6% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | · | 97.6 | · | · | · | · | · | · |
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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.1 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.20B | $2.15B | · | $1.98B | $1.88B | $1.77B | · | $1.59B | $1.45B | $1.38B | · | $1.26B | $1.22B | $1.22B | · | $1.16B | |
| Net Income TTM | $726M | $693M | · | $602M | $535M | $508M | · | $458M | $433M | $402M | · | $345M | $314M | $308M | · | $275M | |
| Market Cap | $23.33B | $27.77B | · | $26.24B | $34.62B | $35.10B | · | $29.22B | $25.05B | $24.60B | · | $18.82B | $16.07B | $18.55B | · | · | |
| P/E | 29.5 | 36.5 | · | 39.8 | 59.0 | 62.9 | · | 58.1 | 52.5 | 55.1 | · | 49.2 | 45.7 | 53.4 | · | 42.7 | |
| P/S | 10.6 | 12.9 | · | 13.3 | 18.4 | 19.8 | · | 18.4 | 17.2 | 17.9 | · | 15.0 | 13.1 | 15.1 | · | · | |
| P/B | 3.5 | 4.2 | · | 4.2 | 5.7 | 5.9 | · | 5.1 | 4.4 | 4.5 | · | 3.6 | 3.1 | 3.7 | · | · | |
| P / Tangible Book | 6.7 | 11.8 | · | 13.4 | 19.9 | 22.8 | · | 23.7 | 14.2 | 15.2 | · | 13.3 | 11.6 | 15.8 | · | · | |
| P / Cash Flow | · | 267.5 | · | · | · | 583.0 | · | · | · | 648.9 | · | · | · | 261.8 | · | · | |
| P / FCF | · | 294.7 | · | · | · | 599.4 | · | · | · | 785.4 | · | · | · | 290.0 | · | · | |
| Earnings Yield | 3.4% | 2.7% | · | 2.5% | 1.7% | 1.6% | · | 1.7% | 1.9% | 1.8% | · | 2.0% | 2.2% | 1.9% | · | 2.3% |
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 | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B |
| Operating Margin % | 40.7% | 39.3% | 37.8% | 34.7% | 33.3% |
| Net Income | $813M | $502M | $365M | $309M | $227M |
| Diluted EPS | $3.78 | $2.33 | $1.71 | $1.48 | $1.09 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.13B | $857M | $728M | $610M | $561M |
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Institutional owners (13F) 610 filers · $7.0B 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 |
|---|---|---|---|---|
| 75 (-31 vs prior Q) | 83 (+25 vs prior Q) | 212 (-20 vs prior Q) | 213 (+29 vs prior Q) | +16.7M |
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 PORTFOLIO MANAGEMENT LLC | $603,700,516 | 6,057,601 | 8.63% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $535,202,005 | 5,370,279 | 7.65% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $522,116,049 | 5,238,973 | 7.46% | Shares |
| Carmignac Gestion | $386,361,888 | 3,876,800 | 5.52% | Shares |
| STATE STREET CORP | $279,828,039 | 2,807,827 | 4.00% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $265,446,499 | 2,663,518 | 3.79% | Shares |
| Capital World Investors | $230,555,637 | 2,313,422 | 3.30% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $178,372,255 | 1,795,981 | 2.55% | Shares |
| NORGES BANK | $153,934,736 | 1,544,599 | 2.20% | Shares |
| MILLENNIUM MANAGEMENT LLC | $142,319,463 | 1,428,050 | 2.03% | Shares |
| Ninety One UK Ltd | $133,825,734 | 1,342,823 | 1.91% | Shares |
| CITADEL ADVISORS LLC | $127,528,623 | 1,279,637 | 1.82% | Shares |
| Artisan Partners Limited Partnership | $114,796,243 | 1,151,879 | 1.64% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $105,186,683 | 1,148,832 | 1.50% | Shares |
| KENSICO CAPITAL MANAGEMENT CORP | $100,128,402 | 1,004,700 | 1.43% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $97,852,519 | 1,000,537 | 1.40% | Shares |
| AMERICAN CENTURY COMPANIES INC | $93,547,354 | 938,665 | 1.34% | Shares |
| Capital International Investors | $92,832,792 | 931,495 | 1.33% | Shares |
| Harding Loevner LP | $84,029,568 | 843,174 | 1.20% | Shares |
| Qube Research & Technologies Ltd | $82,583,658 | 828,654 | 1.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $81,870,690 | 821,500 | 1.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $79,159,340 | 794,294 | 1.13% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $73,321,955 | 735,721 | 1.05% | Shares |
| Stephens Investment Management Group LLC | $58,806,476 | 590,071 | 0.84% | Shares |
| Mawer Investment Management Ltd. | $57,745,496 | 579,425 | 0.83% | Shares |
| Vinva Investment Management Ltd | $50,978,941 | 552,893 | 0.73% | Shares |
| BAMCO INC /NY/ | $50,911,610 | 510,853 | 0.73% | Shares |
| FMR LLC | $49,533,824 | 497,028 | 0.71% | Shares |
| MARSHALL WACE, LLP | $45,594,649 | 457,502 | 0.65% | Shares |
| HMI Capital Management, L.P. | $45,385,164 | 455,400 | 0.65% | Shares |
| Junto Capital Management LP | $44,809,329 | 449,622 | 0.64% | Shares |
| NEUBERGER BERMAN GROUP LLC | $44,220,089 | 443,710 | 0.63% | Shares |
| Champlain Investment Partners, LLC | $43,333,364 | 434,812 | 0.62% | Shares |
| CIBC Private Wealth Group LLC | $42,951,150 | 387,017 | 0.61% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $42,312,746 | 424,571 | 0.60% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $40,197,800 | 403,349 | 0.57% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $39,883,234 | 400,193 | 0.57% | Shares |
| TD Asset Management Inc | $39,487,684 | 396,224 | 0.56% | Shares |
| Focus Partners Wealth | $39,153,842 | 392,874 | 0.56% | Shares |
| Point72 Asset Management, L.P. | $37,127,137 | 372,538 | 0.53% | Shares |
| GOLDMAN SACHS GROUP INC | $35,062,381 | 351,820 | 0.50% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $34,339,547 | 344,567 | 0.49% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $32,674,727 | 327,862 | 0.47% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $32,493,146 | 326,040 | 0.46% | Shares |
| VIKING GLOBAL INVESTORS LP | $31,315,365 | 314,222 | 0.45% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $30,109,080 | 302,118 | 0.43% | Shares |
| Fisher Funds Management LTD | $29,955,205 | 300,574 | 0.43% | Shares |
| D. E. Shaw & Co., Inc. | $29,506,635 | 296,073 | 0.42% | Shares |
| Square Wave Capital, LLC | $27,924,732 | 280,200 | 0.40% | Shares |
| Gotham Asset Management, LLC | $26,751,634 | 268,429 | 0.38% | Shares |
| AMERICAN CAPITAL MANAGEMENT INC | $23,743,397 | 238,244 | 0.34% | Shares |
| Freestone Grove Partners LP | $22,791,644 | 228,694 | 0.33% | Shares |
| Holocene Advisors, LP | $22,679,726 | 227,571 | 0.32% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $21,267,245 | 213,398 | 0.30% | Shares |
| RENAISSANCE GROUP LLC | $21,107,397 | 211,794 | 0.30% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $20,611,561 | 175,179 | 0.29% | Shares |
| Altshuler Shaham Ltd | $20,430,300 | 205,000 | 0.29% | Shares |
| Cubist Systematic Strategies, LLC | $20,413,637 | 183,940 | 0.29% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $20,294,364 | 203,636 | 0.29% | Shares |
| AMERIPRISE FINANCIAL INC | $19,862,543 | 199,229 | 0.28% | Shares |
| Norinchukin Bank, The | $19,080,405 | 191,455 | 0.27% | Shares |
| Sone Capital Management, LLC | $18,683,061 | 187,468 | 0.27% | Shares |
| Distillate Capital Partners LLC | $18,383,682 | 184,464 | 0.26% | Shares |
| BANQUE PICTET & CIE SA | $17,738,683 | 177,992 | 0.25% | Shares |
| Schonfeld Strategic Advisors LLC | $17,479,565 | 175,392 | 0.25% | Shares |
| TUDOR INVESTMENT CORP ET AL | $16,985,054 | 170,430 | 0.24% | Shares |
| Square Wave Partners, L.P. | $15,777,438 | 106,274 | 0.23% | Shares |
| BlackRock, Inc. | $15,742,194 | 157,959 | 0.23% | Shares |
| California Public Employees Retirement System | $15,527,526 | 155,805 | 0.22% | Shares |
| WILSON ASSET MANAGEMENT (INTERNATIONAL) PTY LTD | $15,327,110 | 153,794 | 0.22% | Shares |
| FIRST TRUST ADVISORS LP | $14,810,771 | 148,613 | 0.21% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $14,664,371 | 147,144 | 0.21% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $14,591,958 | 124,018 | 0.21% | Shares |
| Sumitomo Mitsui DS Asset Management Company, Ltd | $14,333,600 | 143,825 | 0.20% | Shares |
| UBS Group AG | $14,139,960 | 141,882 | 0.20% | Shares |
| XTX Topco Ltd | $14,073,088 | 141,211 | 0.20% | Shares |
| Carnegie Investment Counsel | $13,896,814 | 139,442 | 0.20% | Shares |
| Prana Capital Management, LP | $13,288,166 | 133,335 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $13,051,613 | 130,962 | 0.19% | Shares |
| Korea Investment CORP | $12,721,200 | 127,646 | 0.18% | Shares |
| USS Investment Management Ltd | $12,678,859 | 127,202 | 0.18% | Shares |
| Robeco Institutional Asset Management B.V. | $12,454,411 | 124,969 | 0.18% | Shares |
| Walleye Capital LLC | $11,966,874 | 120,077 | 0.17% | Shares |
| Cantillon Capital Management LLC | $10,861,844 | 108,989 | 0.16% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $10,781,122 | 108,179 | 0.15% | Shares |
| Assenagon Asset Management S.A. | $10,777,531 | 108,143 | 0.15% | Shares |
| Trexquant Investment LP | $10,586,284 | 106,224 | 0.15% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $10,352,681 | 103,880 | 0.15% | Shares |
| Moran Wealth Management, LLC | $10,266,475 | 103,015 | 0.15% | Shares |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $9,740,768 | 97,740 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $9,688,148 | 97,212 | 0.14% | Shares |
| FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND | $9,682,866 | 97,159 | 0.14% | Shares |
| Cornerstone Advisors, LLC | $9,208,086 | 92,395 | 0.13% | Shares |
| Fiera Capital Corp | $9,088,195 | 91,192 | 0.13% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $9,057,237 | 96,556 | 0.13% | Shares |
| CITIGROUP INC | $8,820,431 | 88,505 | 0.13% | Shares |
| Regal Partners Ltd | $8,322,407 | 83,508 | 0.12% | Shares |
| Asset Management One Co., Ltd. | $8,273,819 | 70,340 | 0.12% | Shares |
| Interval Partners, LP | $8,126,077 | 81,538 | 0.12% | Shares |
| CWM, LLC | $8,106,893 | 68,901 | 0.12% | Shares |
Company insiders 18 insiders · 10 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Lee Olesky | Chief Executive Officer | Aug. 18, 2022 S | 230,164 | 0 | 0 | $0 |
| Sara Furber | Chief Financial Officer | May 17, 2024 S | 83,424 | 0 | 0 | $0 |
| Robert J Warshaw | Chief Financial Officer | June 21, 2021 M | 63,824 | 0 | 0 | $0 |
| William Hult | President | April 6, 2022 M | 213,626 | 0 | 0 | $0 |
| Troy Dixon | MD, Co-Head of Global Markets | Aug. 17, 2026 S | 31,863 | 0 | 2 | $-331,793 |
| Justin Peterson | Chief Technology Officer | June 1, 2026 S | 15,070 | 0 | 1 | $-2,164,542 |
| Simon Maisey | Managing Director, Corp. Dev. | June 15, 2022 S | 65,675 | 0 | 0 | $0 |
| Enrico Bruni | Managing Director, Europe/Asia | April 5, 2022 S | 78,267 | 0 | 0 | $0 |
| Douglas Friedman | General Counsel and Secretary | March 18, 2022 A | 45,112 | 0 | 0 | $0 |
| James Spencer | Chief Technology Officer | March 24, 2020 A | 111,583 | 0 | 0 | $0 |
| Steven Berns | Director | May 20, 2024 S | 3,574 | 0 | 0 | $0 |
| Rana Yared | Director | Aug. 1, 2022 A | 1,418 | 0 | 0 | $0 |
| Jacques Aigrain | Director | Aug. 1, 2022 A | 1,418 | 0 | 0 | $0 |
| Scott Ganeles | Director | March 22, 2022 A | 8,729 | 0 | 0 | $0 |
| Thomas Pluta | Director | March 22, 2022 A | 8,729 | 0 | 0 | $0 |
| Paula Madoff | Director | March 22, 2022 A | 8,729 | 0 | 0 | $0 |
| Von Hughes | Director | March 1, 2022 A | 2,556 | 0 | 0 | $0 |
| Scott Zucker | — | March 18, 2022 A | 44,616 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Refinitiv US PME LLC, Refinitiv US LLC, LSEGA, Inc., LSEG US Holdco, Inc., Refinitiv TW Holdings Ltd., Refinitiv Parent Limited, London Stock Exchange Group plc ×9 filings | March 10, 2025 | 50.80% | Amendment | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 108 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 |
|---|---|---|---|---|
| KBWR · Invesco Exchange-Traded Fund Trust … | 2.07% | 10,573 NS | May 31, 2026 | N-PORT |
| NBDS · Neuberger Berman ETF Trust | 2.01% | 7,243 NS | May 31, 2026 | N-PORT |
| WBIF · Absolute Shares Trust | 1.45% | 3,411 NS | June 30, 2026 | N-PORT |
| FDFF · Fidelity Covington Trust | 1.22% | 5,120 NS | May 31, 2026 | N-PORT |
| WBIG · Absolute Shares Trust | 0.98% | 2,700 NS | June 30, 2026 | N-PORT |
| AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 0.84% | 7,854 NS | April 30, 2026 | N-PORT |
| HFGO · Hartford Funds Exchange-Traded Trust | 0.76% | 12,090 NS | April 30, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 0.75% | 209,464 NS | May 31, 2026 | N-PORT |
| QLTY · GMO ETF Trust | 0.72% | 324,343 NS | May 31, 2026 | N-PORT |
| ILDR · First Trust Exchange-Traded Fund VI… | 0.60% | 17,242 NS | May 31, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 0.46% | 7,060 NS | April 30, 2026 | N-PORT |
| SXQG · EXCHANGE TRADED CONCEPTS TRUST | 0.46% | 3,071 NS | May 31, 2026 | N-PORT |
| VUSE · ETF Series Solutions | 0.31% | 21,196 NS | May 31, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.29% | 27,087 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 47,023 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.25% | 11,655 NS | April 30, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.22% | 3,023 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.22% | 313,089 NS | May 31, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.18% | 31,639 NS | May 31, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.17% | 3,660 NS | May 31, 2026 | N-PORT |
| JSTC · Tidal Trust I | 0.16% | 5,495 NS | May 31, 2026 | N-PORT |
| ESLG · Strategy Shares | 0.16% | 272 NS | April 30, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.16% | 30,328 NS | April 30, 2026 | N-PORT |
| NBCR · Neuberger Berman ETF Trust | 0.14% | 12,309 NS | May 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.13% | 15,428 NS | April 30, 2026 | N-PORT |
| QGRO · AMERICAN CENTURY ETF TRUST | 0.13% | 28,273 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.11% | 4,332 NS | May 31, 2026 | N-PORT |
| ESLV · Strategy Shares | 0.10% | 107 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.08% | 67,579 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.08% | 3,207 NS | April 30, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.05% | 655 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.04% | 1,158 NS | May 29, 2026 | N-PORT |
| HAPI · Harbor ETF Trust | 0.04% | 1,714 NS | April 30, 2026 | N-PORT |
| SCHG · SCHWAB STRATEGIC TRUST | 0.04% | 248,884 NS | May 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.03% | 3 NS | April 30, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.03% | 1,281 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.03% | 29,403 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.03% | 4,620 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.03% | 4,676 NS | April 30, 2026 | N-PORT |
| JUST · Goldman Sachs ETF Trust | 0.03% | 1,437 NS | May 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.02% | 12 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 6,332 NS | April 30, 2026 | N-PORT |
| SFY · Tidal Trust I | 0.02% | 1,620 NS | May 31, 2026 | N-PORT |
| USCA · DBX ETF Trust | 0.02% | 6,983 NS | May 29, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.02% | 21,143 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 81,816 NS | April 30, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.02% | 9,390 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.02% | 35,481 NS | April 30, 2026 | N-PORT |
| ONOF · Global X Funds | 0.02% | 256 NS | May 31, 2026 | N-PORT |
| GXLC · Global X Funds | 0.02% | 8 NS | May 31, 2026 | N-PORT |