URI United Rentals, Inc. Common Stock
About United Rentals, Inc. Common Stock Company overview from Wikipedia
United Rentals, Inc. is an American equipment rental company, with about 16 percent of the North American market share as of 2022. It owns the largest rental fleet in the world with approximately 4,800 classes of equipment totaling about $20.59 billion in original equipment cost (OEC) as of 2025. The company has a combined total of 1,625 locations, including an integrated network of 1,504 rental locations in North America, 38 in Europe, 23 in Australia and 19 in New Zealand. In North America, the company operates in 49 U.S. states and Puerto Rico and in every Canadian province. In 2017, United Rentals' revenue totaled more than $6.64 billion, with over $1.35 billion in profit.
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United Rentals, Inc. is an American equipment rental company, with about 16 percent of the North American market share as of 2022. It owns the largest rental fleet in the world with approximately 4,800 classes of equipment totaling about $20.59 billion in original equipment cost (OEC) as of 2025. The company has a combined total of 1,625 locations, including an integrated network of 1,504 rental locations in North America, 38 in Europe, 23 in Australia and 19 in New Zealand. In North America, the company operates in 49 U.S. states and Puerto Rico and in every Canadian province. In 2017, United Rentals' revenue totaled more than $6.64 billion, with over $1.35 billion in profit.
In the year 2024, United Rentals revenue totaled $15.35 billion. It is ranked #298 on the Fortune 500 as of 2024, #555 on the Forbes Global 2000 list of the world's largest public companies, and, as of 2025, ranked as the largest rental equipment company in North America according to the Rental Equipment Register.
URI was founded in 1997 by Brad Jacobs and grew primarily through acquisition. It offers general, aerial, and specialty rentals to a customer base that includes construction and industrial companies; utilities; municipalities; and homeowners. In addition to rentals, the company offers new and used equipment sales, servicing, and safety training.
Since 2019, United Rentals has been led by Matthew Flannery (President & CEO), Michael Durand (Executive Vice President & COO), and Ted Grace (Executive Vice President & CFO). The company is headquartered in Stamford, Connecticut. In 2019, United Rentals was announced the 6th best stock of the 2010s, with a total return of 1,559%.
In 2025 United Rental's Power and HVAC Boise Branch were announced as sponsors of the Heterosexual Awesomeness Festival, providing financial backing and supplying all power needs for the stage, kid's zone, and vendors. Branch manager Paul Mitchell stated, "We're proud to support an event that celebrates the strength and unity of traditional families." The event was poorly attended, and drew criticism for its anti-LGBTQ+ mission.
History
United Rentals was founded in September 1997. Then-chairman and CEO Hector Salazar Jr. planned to grow the company through acquisition and consolidation, beginning in October 1997 with six small leasing companies scattered across North America.
In December 1997, three months after forming, United Rentals began trading on the New York Stock Exchange under the symbol URI.
In June 1998, it acquired U.S. Rentals, Inc., for a sum variously reported as $1.2 billion and $1.31 billion. The acquisition made United Rentals the largest equipment rental company in North America.
On December 26, 2006, United Rentals announced the sale of their Highway Technology division to HTS Acquisition, Inc.
On July 23, 2007, United Rentals announced a definitive agreement to sell itself to Cerberus Capital Management in a transaction valued at approximately $6.6 billion, including the assumption of approximately $2.6 billion in debt obligations. URI's board of directors approved the merger agreement and recommended that stockholders do the same.
On November 15, 2007, the company announced that Cerberus was not prepared to proceed with the purchase on the terms set forth in its merger agreement. Cerberus confirmed that there had not been a material adverse change at United Rentals, which would have let it bow out of the deal without penalty. On December 21, 2007, a Delaware Chancery Court ruling denied United Rentals' attempt to force Cerberus to follow through on the takeover bid. However, the court did order Cerberus to pay the $100 million termination fee stipulated in the original agreement.
On December 16, 2011, United Rentals and RSC Holdings, Inc. announced that they had entered into a definitive merger agreement, under which United Rentals would acquire RSC in a cash-and-stock transaction. The largest merger in rental equipment history was finalized on April 30, 2012, boosting URI to what was at the time a 13 percent market share of the equipment rental industry.
In 2013, United Rentals moved its headquarters from Greenwich, Connecticut, to Stamford, Connecticut. On March 9, 2014, the company announced plans to acquire National Pump for $780 million. This made United Rentals the second-largest pump rental company in North America. The transaction was finalized on March 31, 2014. In June 2014, United Rentals was first listed on the Fortune 500. Based on its 2013 revenues of $4.955 billion, the company was ranked exactly 500th. It had previously made it as high as 517 in 2002, before falling back down. On September 19, 2014, URI was added to the S&P 500 Index.
On January 25, 2017, United Rentals announced the purchase of NES Rentals, a competing general equipment rentals company, for approximately $965 million. It completed the acquisition on April 3, 2017. On August 22, 2017, United Rentals announced it had acquired all power generation assets, primarily mobile generator sets, from Cummins Inc. To maintain fleet and customer service continuity, a small number of Cummins employees joined United Rentals. On October 2, 2017, United Rentals announced it had completed the acquisition of Neff Corporation, a competing general equipment rentals company, for approximately $1.3 billion. In the transaction, United Rentals acquired approximately $867 million in equipment (based on original equipment cost) and Neff's 69 rental facility locations in the United States. On October 4, 2017, United Rentals announced it had acquired the assets of Superior Speedie Portable Services, Inc. and Superior Logistics Services, Inc. (together "Superior Speedie"), which includes a fleet of over 8,000 portable toilets and over 130 restroom trailers. This new specialty division is named United Rentals Reliable Onsite Services.
On March 1, 2018, United Rentals acquired certain assets of Industrial Rental Services, LLC, expanding its Tool Solutions specialty division to include two-way radio communications and industrial blind services.
On July 2, 2018, United Rentals announced it had agreed to purchase BakerCorp International for about $715 million in cash, enhancing its Pump Solutions division. BakerCorp is a leading provider of tank, pump, filtration, and trench shoring rentals, with about 950 employees, 46 locations in North America, and another 11 locations in Europe. Following the transaction, United Rentals changed the name of its Pump Solutions division to United Rentals Fluid Solutions.
On September 11, 2018, United Rentals announced an agreement to add BlueLine Rental, one of the top ten rental equipment companies in North America, to its growing list of acquisitions. United Rentals' board of directors unanimously approved the deal to purchase BlueLine from Platinum Equity for about $2.1 billion in cash. BlueLine had 114 locations in 25 US states, Canada, and Puerto Rico, and approximately 46,000 rental assets marketed primarily to mid-sized and local accounts.
On May 25 2021, United Rentals acquired General Finance Corporation, a provider of mobile storage and office containers, mobile offices and modular building solutions operating in North America, New Zealand and Australia. At the time of acquisition, General Finance operated brands including Pac Van, Container King, Southern Frac, Lone Star Tank Rental, and Royal Wolf. On December 7, 2022, United Rentals completed the acquisition of Ahern Rentals, Inc. for approximately $2.0 billion in cash, adding Ahern's 106 rental facilities and approximately 66,000 rental assets. On March 15, 2024, United Access completed the acquisition of Yak Access, Yak Mat and New South Access & Environmental Solutions from Platinum Equity for approximately $1.1 billion.
Operations
United Rentals is primarily a provider of construction and industrial equipment: trucks, aerial work platforms, counterbalance forklifts, reach forklifts, earth movers, compressors, homeowner equipment, and similar devices. Together, these are considered general and aerial rentals, and they make up the bulk of URI's rental fleet and customer base.
The company also rents equipment in five primary specialty fields:
Trench safety includes shoring equipment for excavation in confined spaces and below-ground construction sites, and the training necessary to safely handle such equipment.
Power & HVAC includes temporary power generators and mobile climate control. These devices are often used during commercial renovations, on television and movie sets, or in response to natural disasters.
Tool solutions involve renting out trailers stocked with tools and supplies. They are often used at large construction sites or during refinery shutdowns.
Fluid solutions include the devices and supplies necessary for transferring, containing or removing liquids. They tend to have applications in mining and agriculture.
Reliable Onsite Services involve the renting of portable toilets, restroom and shower trailers and, as of 2021, mobile and modular offices and mobile storage.
Additional specialty fields include:
Radio Services involve the renting of portable radios. United Rentals is an authorized dealer for Motorola and can provide a variety of handheld and portable radio solutions.
Sports & Entertainment involve the renting of equipment that covers anything from movie production to large events like the Super Bowl.
Drone Services involve providing drone services to scope out job sites and survey projects. Can be used on anything from large job sites to nuclear silos, etc.
Matting services involve wood and composite matting for protecting surfaces during construction and maintenance.
Canada
United Rentals of Canada, Inc., a subsidiary of United Rentals, has agreed to acquire WesternOne Rentals & Sales LP with an all cash purchase of $91.8 million. The acquisition will add 330 employees and twelve locations in Alberta, British Columbia, and Manitoba.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
URI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
URI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 12, 2026 | $1.9700 |
| May 13, 2026 | $1.9700 |
| Feb. 11, 2026 | $1.9700 |
| Nov. 12, 2025 | $1.7900 |
| Aug. 13, 2025 | $1.7900 |
| May 14, 2025 | $1.7900 |
| Feb. 12, 2025 | $1.7900 |
| Nov. 13, 2024 | $1.6300 |
| Aug. 14, 2024 | $1.6300 |
| May 7, 2024 | $1.6300 |
| Feb. 13, 2024 | $1.6300 |
| Nov. 7, 2023 | $1.4800 |
| Aug. 8, 2023 | $1.4800 |
| May 9, 2023 | $1.4800 |
| Feb. 7, 2023 | $1.4800 |
URI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 6 22.2%
- Buy 15 55.6%
- Hold 5 18.5%
- Sell 1 3.7%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $12.76 | $11.64 | 1.1% |
| March 31, 2026 | $9.71 | $9.06 | 0.65% |
| Dec. 31, 2025 | $11.09 | $11.89 | -0.80% |
| Sept. 30, 2025 | $11.70 | $12.42 | -0.72% |
| June 30, 2025 | $10.47 | $10.65 | -0.18% |
| March 31, 2025 | $8.86 | $8.91 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| URI | $51.06B | 21.0 | 4.9% | 15.5% | 28.4% | 38.2% |
| GWW | $47.85B | 28.5 | 4.5% | 9.5% | 48.1% | 39.1% |
| FAST | $46.07B | 36.8 | 8.7% | 15.3% | 33.0% | 45.0% |
| FERG | — | 24.0 | 3.8% | 6.0% | 32.3% | 30.7% |
| SUNB | $31.40B | 24.3 | 3.4% | 11.9% | 17.7% | 38.5% |
| WCC | $11.90B | 18.7 | 7.8% | 2.7% | 12.8% | — |
| QXO | $13.01B | -30.6 | 11925.0% | -4.1% | -2.9% | 23.0% |
| WSO | $13.14B | 27.5 | -5.0% | 6.9% | 18.3% | 28.1% |
| AIT | $12.44B | 30.9 | 8.8% | 8.3% | 22.4% | 30.3% |
| CNM | — | 23.1 | 2.8% | 5.8% | 23.9% | 26.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.10B | $15.35B | $14.33B | $11.64B | $9.72B | $8.53B | $9.35B | $8.05B | $6.64B | $5.76B | $5.82B | $5.68B | |
| Cost of Revenue | $9.96B | $9.20B | $8.52B | $6.65B | $5.86B | $5.35B | $5.68B | $4.68B | $3.87B | $3.36B | $3.34B | $3.25B | |
| Gross Profit | $6.14B | $6.15B | $5.81B | $5.00B | $3.85B | $3.18B | $3.67B | $3.36B | $2.77B | $2.40B | $2.48B | $2.43B | |
| SG&A Expense | $1.73B | $1.65B | $1.53B | $1.40B | $1.20B | $979M | $1.09B | $1.04B | $903M | $719M | $714M | $758M | |
| Operating Income | $3.97B | $4.07B | $3.83B | $3.23B | $2.28B | $1.80B | $2.15B | $1.95B | $1.51B | $1.42B | $1.52B | $1.39B | |
| Other Non-op | $81M | $14M | $19M | $15M | $-7M | $8M | $10M | $6M | $5M | $5M | $12M | $14M | |
| Pretax Income | $3.34B | $3.39B | $3.21B | $2.80B | $1.85B | $1.14B | $1.51B | $1.48B | $1.05B | $909M | $963M | $850M | |
| Income Tax | $844M | $813M | $787M | $697M | $460M | $249M | $340M | $380M | $-298M | $343M | $378M | $310M | |
| Net Income | $2.49B | $2.58B | $2.42B | $2.10B | $1.39B | $890M | $1.17B | $1.10B | $1.35B | $566M | $585M | $540M | |
| EPS (Basic) | $38.71 | $38.82 | $35.40 | $29.77 | $19.14 | $12.24 | $15.18 | $13.26 | $15.91 | $6.49 | $6.14 | $5.54 | |
| EPS (Diluted) | $38.61 | $38.69 | $35.28 | $29.65 | $19.04 | $12.20 | $15.11 | $13.12 | $15.73 | $6.45 | $6.07 | $5.15 | |
| Shares (Basic) | 64,439,000 | 66,345,000 | 68,470,000 | 70,703,000 | 72,432,000 | 72,658,000 | 77,341,000 | 82,652,000 | 84,599,000 | 87,217,000 | 95,170,000 | 97,489,000 | |
| Shares (Diluted) | 64,604,000 | 66,567,000 | 68,710,000 | 70,973,000 | 72,817,000 | 72,929,000 | 77,710,000 | 83,530,000 | 85,562,000 | 87,775,000 | 96,379,000 | 104,956,000 | |
| EBITDA | $3.97B | $4.07B | $3.83B | $3.23B | $2.28B | $1.80B | $2.15B | $1.95B | $1.51B | $2.66B | $2.76B | $2.58B |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $459M | $457M | $363M | $106M | $144M | $202M | $52M | $43M | $352M | $312M | $179M | $158M | |
| Receivables | $2.51B | $2.36B | $2.23B | $2.00B | $1.68B | $1.31B | $1.53B | $1.54B | $1.23B | $920M | $930M | $940M | |
| Inventory | $240M | $200M | $205M | $232M | $164M | $125M | $120M | $109M | $75M | $68M | $69M | $78M | |
| Prepaid Expense | $399M | $235M | $135M | $381M | $166M | $375M | $140M | $64M | $112M | $61M | $116M | $122M | |
| Other Current Assets | · | $90M | $62M | $73M | $60M | $42M | $50M | · | · | · | · | · | |
| Current Assets | $3.61B | $3.25B | $2.93B | $2.72B | $2.15B | $2.02B | $1.84B | $1.76B | $1.77B | $1.36B | $1.29B | $1.30B | |
| PP&E (Net) | · | · | · | · | · | · | $604M | $614M | $467M | $430M | · | · | |
| PP&E (Gross) | · | · | · | · | · | · | $1.31B | $1.23B | $1.00B | $897M | · | · | |
| Accum. Depreciation | · | · | · | · | · | · | $708M | $613M | $537M | $467M | · | · | |
| Goodwill | $7.12B | $6.90B | $5.94B | $6.03B | $5.53B | $5.17B | $5.15B | $5.06B | $4.08B | $3.26B | $3.24B | $3.27B | |
| Intangibles | $477M | $663M | $670M | $452M | $615M | $648M | $895M | $1.08B | $875M | $742M | $905M | $1.11B | |
| Other Non-current Assets | $64M | $49M | $43M | $47M | $42M | $38M | $19M | $16M | $10M | $6M | $10M | $7M | |
| Total Assets | $29.87B | $28.16B | $25.59B | $24.18B | $20.29B | $17.87B | $18.97B | $18.13B | $15.03B | $11.99B | $12.08B | $12.13B | |
| Accounts Payable | $776M | $748M | $905M | $1.14B | $816M | $466M | $454M | $536M | $409M | $243M | $271M | $285M | |
| Accrued Liabilities | $1.47B | $1.40B | $1.27B | $1.15B | $881M | $720M | $747M | $677M | $536M | $344M | $355M | $575M | |
| Current Liabilities | $3.82B | $3.32B | $3.64B | $2.44B | $2.60B | $1.89B | $2.20B | $2.12B | $1.67B | $1.18B | $1.23B | $1.48B | |
| Capital Leases | $1.12B | $1.09B | $895M | $642M | $621M | $549M | $533M | $0 | · | · | · | · | |
| Deferred Tax | $3.12B | $2.69B | $2.70B | $2.67B | $2.15B | $1.77B | $1.89B | $1.69B | $1.42B | $1.90B | $1.76B | $1.44B | |
| Other Non-current Liabilities | $188M | $216M | $173M | $154M | $144M | $138M | $91M | $83M | $120M | $67M | $54M | $65M | |
| Total Liabilities | $20.90B | $19.54B | $17.46B | $17.12B | $14.30B | $13.32B | $15.14B | $14.73B | $11.92B | $10.34B | $10.61B | $10.33B | |
| Long-term Debt | $14.30B | $13.47B | $11.58B | $11.45B | $9.75B | $9.76B | $11.52B | $11.83B | $9.52B | $7.84B | $8.21B | $7.99B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Paid-in Capital | $2.77B | $2.69B | $2.65B | $2.63B | $2.57B | $2.48B | $2.44B | $2.41B | $2.36B | $2.29B | $2.20B | $2.17B | |
| Retained Earnings | $15.84B | $13.81B | $11.67B | $9.66B | $7.55B | $6.17B | $5.28B | $4.10B | $3.00B | $1.65B | $1.09B | $503M | |
| Treasury Stock | $9.40B | $7.48B | $5.96B | $4.96B | $3.96B | $3.96B | $3.70B | $2.87B | $2.10B | $2.08B | $1.56B | $802M | |
| AOCI | $-249M | $-405M | $-228M | $-264M | $-171M | $-146M | $-186M | $-237M | $-151M | $-218M | $-250M | $-74M | |
| Stockholders' Equity | $8.97B | $8.62B | $8.13B | $7.06B | $5.99B | $4.54B | $3.83B | $3.40B | $3.11B | $1.65B | $1.48B | $1.80B | |
| Liabilities + Equity | $29.87B | $28.16B | $25.59B | $24.18B | $20.29B | $17.87B | $18.97B | $18.13B | $15.03B | $11.99B | $12.08B | $12.13B | |
| Shares Outstanding | 63,095,970 | 65,000,000 | 67,000,000 | 69,000,000 | 72,000,000 | 72,000,000 | 74,000,000 | 79,872,956 | 84,463,662 | 84,222,042 | 91,776,436 | 97,877,580 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $438M | $437M | $431M | $364M | $372M | $387M | $407M | $308M | $259M | $1.25B | $1.24B | $1.19B | |
| Stock-based Comp | $134M | $112M | $94M | $127M | $119M | $70M | $61M | $102M | $87M | $45M | $49M | $74M | |
| Deferred Tax | $405M | $-19M | $35M | $537M | $268M | $-121M | $204M | $257M | $-533M | $123M | $336M | $261M | |
| Amort. of Intangibles | $238M | $258M | $271M | $219M | $233M | $250M | $290M | $213M | $173M | $174M | $193M | $204M | |
| Restructuring | $1M | $3M | $28M | $0 | $2M | $17M | $18M | $31M | $50M | $14M | $6M | $-1M | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $-26M | $-219M | $-268M | |
| Operating Cash Flow | $5.19B | $4.55B | $4.70B | $4.43B | $3.69B | $2.66B | $3.02B | $2.85B | $2.21B | $1.94B | $2.00B | $1.80B | |
| CapEx | · | $4.13B | $3.86B | $3.69B | $3.20B | $1.16B | $2.35B | $185M | $120M | $93M | $102M | $120M | |
| Investing Cash Flow | $-3.37B | $-4.15B | $-2.98B | $-5.02B | $-3.61B | $-223M | $-1.71B | $-4.55B | $-3.68B | $-847M | $-1.17B | $-2.00B | |
| Stock Repurchased | $1.97B | $1.57B | $1.07B | $1.07B | $34M | $286M | $870M | $817M | $56M | $528M | $789M | $613M | |
| Net Stock Activity | $-1.97B | $-1.57B | $-1.07B | $-1.07B | $-34M | $-286M | $-870M | $-817M | $-56M | $-528M | $-789M | $-613M | |
| Dividends Paid | $464M | $434M | $406M | $0 | $0 | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-1.84B | $-274M | $-1.47B | $552M | $-140M | $-2.29B | $-1.30B | $1.40B | $1.50B | $-964M | $-775M | $196M | |
| Net Change in Cash | $2M | $94M | $257M | $-38M | $-58M | $150M | $9M | $-309M | $40M | $133M | $21M | $-17M | |
| Taxes Paid | $602M | $994M | $493M | $326M | $202M | $318M | $238M | $71M | $205M | $99M | $60M | $100M | |
| Free Cash Flow | · | $416M | $840M | $743M | $491M | $2.46B | $2.81B | $2.67B | $2.11B | $1.86B | $1.89B | $1.68B |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.2% | 40.1% | 40.6% | 42.9% | 39.7% | 37.3% | 39.2% | 41.8% | 41.7% | 41.7% | 42.6% | 42.8% | |
| Operating Margin | 24.7% | 26.5% | 26.7% | 27.8% | 23.4% | 21.1% | 23.0% | 24.2% | 22.7% | 24.6% | 26.1% | 24.5% | |
| Net Margin | 15.5% | 16.8% | 16.9% | 18.1% | 14.3% | 10.4% | 12.6% | 13.6% | 20.3% | 9.8% | 10.1% | 9.5% | |
| Pretax Margin | 20.7% | 22.1% | 22.4% | 24.1% | 19.0% | 13.4% | 16.2% | 18.3% | 15.8% | 15.8% | 16.6% | 14.9% | |
| EBITDA Margin | 24.7% | 26.5% | 26.7% | 27.8% | 23.4% | 21.1% | 23.0% | 24.2% | 22.7% | 46.2% | 47.5% | 45.5% | |
| ROA | 8.6% | 9.6% | 9.7% | 9.5% | 7.3% | 4.8% | 6.3% | 6.6% | 10.0% | 4.7% | 4.8% | 4.6% | |
| ROE | 28.4% | 30.7% | 31.9% | 32.2% | 26.3% | 21.2% | 32.5% | 33.7% | 56.6% | 36.2% | 35.8% | 29.8% | |
| ROIC | 33.1% | 35.8% | 35.5% | 34.4% | 28.5% | 30.9% | 43.6% | 42.6% | 62.3% | 53.5% | 62.5% | 49.2% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.0 | 0.8 | 1.1 | 0.8 | 1.1 | 0.8 | 0.8 | 1.1 | 1.1 | 1.0 | 1.0 | |
| Quick Ratio | 0.8 | 0.8 | 0.7 | 0.9 | 0.7 | 0.8 | 0.7 | 0.8 | 1.0 | 1.0 | 0.9 | 0.7 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
| Inventory Turnover | 45.2 | 45.4 | 39.0 | 33.6 | 40.6 | 43.6 | 49.6 | 50.9 | 54.2 | 49.0 | 45.4 | 44.0 | |
| Receivables Turnover | 6.6 | 6.7 | 6.8 | 6.3 | 6.5 | 6.0 | 6.1 | 5.8 | 6.2 | 6.2 | 6.2 | 6.5 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 4.9% | 7.1% | 23.1% | 19.8% | 13.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 11.4% | 16.5% | 18.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 13.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -0.21% | 9.7% | 19.0% | 55.7% | 56.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 9.2% | 26.7% | 42.5% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 25.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -3.1% | 6.2% | 15.2% | 51.9% | 55.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 5.8% | 22.9% | 39.6% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 22.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $16.10B | $15.35B | $14.33B | $11.64B | $9.72B | $8.53B | $9.35B | $8.05B | $6.64B | $5.76B | $5.82B | $5.68B | |
| Net Income TTM | $2.49B | $2.58B | $2.42B | $2.10B | $1.39B | $890M | $1.17B | $1.10B | $1.35B | $566M | $585M | $540M | |
| Market Cap | $51.06B | $46.00B | $38.57B | $24.65B | $24.06B | $16.74B | $12.40B | $8.19B | $14.52B | $8.89B | $6.66B | $9.98B | |
| P/E | 21.0 | 18.2 | 16.3 | 12.0 | 17.5 | 19.0 | 11.0 | 7.8 | 10.9 | 16.4 | 12.0 | 19.8 | |
| P/S | 3.2 | 3.0 | 2.7 | 2.1 | 2.5 | 2.0 | 1.3 | 1.0 | 2.2 | 1.5 | 1.1 | 1.8 | |
| P/B | 5.7 | 5.3 | 4.7 | 3.5 | 4.0 | 3.7 | 3.2 | 2.4 | 4.7 | 5.4 | 4.5 | 5.6 | |
| P / Tangible Book | 37.2 | 43.4 | 25.4 | 42.2 | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 9.8 | 10.1 | 8.2 | 5.6 | 6.5 | 6.3 | 4.1 | 2.9 | 6.5 | 4.6 | 3.3 | 5.5 | |
| P / FCF | · | 110.6 | 45.9 | 33.2 | 49.0 | 6.8 | 4.4 | 3.1 | 6.9 | 4.8 | 3.5 | 5.9 | |
| Dividend Yield | 0.91% | 0.94% | 1.1% | 0.00% | 0.00% | · | · | · | · | · | · | · | |
| Earnings Yield | 4.8% | 5.5% | 6.2% | 8.3% | 5.7% | 5.3% | 9.1% | 12.8% | 9.2% | 6.1% | 8.4% | 5.1% | |
| Payout Ratio | 18.6% | 16.9% | 16.8% | · | · | · | · | · | · | · | · | · | |
| Annual Payout | $464M | $434M | $406M | $0 | $0 | · | · | · | · | · | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.41B | $3.98B | $4.21B | $4.23B | $3.94B | $3.72B | $4.09B | $3.99B | $3.77B | $3.48B | $3.73B | $3.77B | $3.55B | $3.29B | $3.30B | $3.05B | |
| Cost of Revenue | $2.68B | $2.52B | $2.62B | $2.56B | $2.41B | $2.36B | $2.46B | $2.34B | $2.25B | $2.14B | $2.17B | $2.18B | $2.13B | $2.04B | $1.81B | $1.69B | |
| Gross Profit | $1.73B | $1.47B | $1.59B | $1.67B | $1.53B | $1.36B | $1.64B | $1.65B | $1.52B | $1.35B | $1.56B | $1.58B | $1.43B | $1.24B | $1.49B | $1.37B | |
| SG&A Expense | $472M | $441M | $431M | $442M | $422M | $437M | $436M | $416M | $404M | $389M | $393M | $374M | $378M | $382M | $378M | $356M | |
| Operating Income | $1.14B | $869M | $1.05B | $1.11B | $1.00B | $804M | $1.09B | $1.12B | $1.00B | $852M | $1.06B | $1.10B | $925M | $740M | $1.02B | $921M | |
| Other Non-op | $47M | $8M | $5M | $1M | $7M | $68M | $2M | $5M | $4M | $3M | $0 | $7M | $8M | $4M | $3M | $1M | |
| Pretax Income | $1.01B | $701M | $874M | $937M | $839M | $688M | $909M | $949M | $835M | $695M | $902M | $943M | $772M | $594M | $895M | $816M | |
| Income Tax | $254M | $170M | $221M | $236M | $217M | $170M | $220M | $241M | $199M | $153M | $223M | $240M | $181M | $143M | $256M | $210M | |
| Net Income | $753M | $531M | $653M | $701M | $622M | $518M | $689M | $708M | $636M | $542M | $679M | $703M | $591M | $451M | $639M | $606M | |
| EPS (Basic) | $12.04 | $8.44 | $10.30 | $10.93 | $9.59 | $7.92 | $10.50 | $10.73 | $9.56 | $8.06 | $10.00 | $10.30 | $8.60 | $6.50 | $9.10 | $8.69 | |
| EPS (Diluted) | $12.03 | $8.43 | $10.27 | $10.91 | $9.59 | $7.91 | $10.47 | $10.70 | $9.54 | $8.04 | $9.94 | $10.29 | $8.58 | $6.47 | $9.04 | $8.66 | |
| Shares (Basic) | 62,554,000 | 62,927,000 | -129,950,000 | 64,159,000 | 64,895,000 | 65,335,000 | -133,450,000 | 66,019,000 | 66,563,000 | 67,213,000 | -137,815,000 | 68,153,000 | 68,718,000 | 69,414,000 | -142,744,000 | 69,854,000 | |
| Shares (Diluted) | 62,630,000 | 63,026,000 | -130,054,000 | 64,276,000 | 64,947,000 | 65,435,000 | -133,747,000 | 66,185,000 | 66,712,000 | 67,417,000 | -138,139,000 | 68,263,000 | 68,841,000 | 69,745,000 | -143,118,000 | 70,053,000 | |
| EBITDA | $1.14B | $869M | · | $1.11B | $1.00B | $804M | · | $1.12B | $1.00B | $852M | · | $1.10B | $925M | $740M | · | $921M |
Balance Sheet 26
| 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 | $112M | $156M | $459M | $512M | $548M | $542M | $457M | $479M | $467M | $429M | · | $284M | $227M | $99M | · | $76M | |
| Receivables | $2.80B | $2.56B | $2.51B | $2.58B | $2.37B | $2.30B | $2.36B | $2.40B | $2.26B | $2.22B | · | $2.28B | $2.14B | $2.03B | · | $1.93B | |
| Inventory | $294M | $256M | $240M | $234M | $242M | $227M | $200M | $211M | $219M | $208M | · | $201M | $210M | $222M | · | $193M | |
| Prepaid Expense | $390M | $338M | $399M | $458M | $362M | $174M | $235M | $235M | $273M | $151M | · | $216M | $263M | $267M | · | $124M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | · | $65M | $78M | $72M | · | · | |
| Current Assets | $3.59B | $3.31B | $3.61B | $3.78B | $3.52B | $3.24B | $3.25B | $3.32B | $3.22B | $3.01B | · | $2.98B | $2.84B | $2.62B | · | $2.33B | |
| Goodwill | $7.20B | $7.29B | $7.12B | $6.88B | $6.89B | $6.86B | $6.90B | $6.85B | $6.75B | $6.86B | $5.94B | $5.79B | $5.83B | $5.71B | $6.03B | $5.54B | |
| Intangibles | $561M | $547M | $477M | $531M | $588M | $642M | $663M | $694M | $744M | $666M | · | $728M | $773M | $868M | · | $500M | |
| Other Non-current Assets | $63M | $66M | $64M | $61M | $56M | $53M | $49M | $48M | $47M | $44M | · | $48M | $49M | $45M | · | $47M | |
| Total Assets | $31.31B | $29.89B | $29.87B | $30.07B | $29.21B | $28.05B | $28.16B | $28.41B | $27.61B | $26.66B | $25.59B | $25.83B | $25.51B | $24.63B | $24.18B | $21.42B | |
| Accounts Payable | $1.61B | $1.08B | $776M | $1.28B | $1.44B | $1.03B | $748M | $1.22B | $1.35B | $959M | · | $1.12B | $1.34B | $1.12B | · | $1.14B | |
| Accrued Liabilities | $1.55B | $1.42B | $1.47B | $1.39B | $1.37B | $1.34B | $1.40B | $1.30B | $1.25B | $1.32B | · | $1.10B | $1.03B | $1.01B | · | $972M | |
| Current Liabilities | $4.70B | $4.13B | $3.82B | $4.21B | $4.10B | $3.79B | $3.32B | $4.03B | $3.97B | $3.36B | · | $3.67B | $3.81B | $2.28B | · | $2.26B | |
| Capital Leases | $1.16B | $1.13B | $1.12B | $1.06B | $1.07B | $1.07B | $1.09B | $1.02B | $988M | $966M | · | $890M | $896M | $857M | · | $630M | |
| Deferred Tax | $3.33B | $3.20B | $3.12B | $2.97B | $2.68B | $2.69B | $2.69B | $2.67B | $2.67B | $2.69B | · | $2.76B | $2.72B | $2.70B | · | $2.26B | |
| Other Non-current Liabilities | $210M | $198M | $188M | $219M | $225M | $202M | $216M | $225M | $183M | $200M | · | $176M | $169M | $167M | · | $155M | |
| Total Liabilities | $22.09B | $20.92B | $20.90B | $21.07B | $20.17B | $19.26B | $19.54B | $19.83B | $19.33B | $18.54B | · | $18.08B | $18.09B | $17.50B | · | $15.07B | |
| Long-term Debt | · | · | $14.30B | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $2.80B | $2.76B | $2.77B | $2.75B | $2.72B | $2.69B | $2.69B | $2.69B | $2.66B | $2.64B | · | $2.64B | $2.62B | $2.60B | · | $2.60B | |
| Retained Earnings | $16.88B | $16.25B | $15.84B | $15.30B | $14.72B | $14.21B | $13.81B | $13.23B | $12.63B | $12.10B | · | $11.09B | $10.49B | $10.00B | · | $9.02B | |
| Treasury Stock | $10.15B | $9.77B | $9.40B | $8.77B | $8.15B | $7.73B | $7.48B | $7.10B | $6.72B | $6.34B | · | $5.71B | $5.46B | $5.21B | · | $4.96B | |
| AOCI | $-307M | $-272M | $-249M | $-283M | $-254M | $-384M | $-405M | $-237M | $-292M | $-279M | · | $-268M | $-241M | $-264M | · | $-312M | |
| Stockholders' Equity | $9.22B | $8.97B | $8.97B | $9.00B | $9.04B | $8.79B | $8.62B | $8.58B | $8.28B | $8.12B | · | $7.76B | $7.41B | $7.13B | · | $6.35B | |
| Liabilities + Equity | $31.31B | $29.89B | $29.87B | $30.07B | $29.21B | $28.05B | $28.16B | $28.41B | $27.61B | $26.66B | · | $25.83B | $25.51B | $24.63B | · | $21.42B | |
| Shares Outstanding | 62,337,831 | 62,730,346 | 63,095,970 | 63,766,498 | 64,450,115 | 64,997,902 | 65,305,731 | 65,702,533 | 66,235,191 | 66,796,805 | 67,000,000 | 67,733,679 | 68,280,874 | 68,934,902 | 69,000,000 | 69,308,052 |
Cash Flow 15
| 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 | $116M | $114M | $107M | $109M | $108M | $114M | $115M | $109M | $109M | $104M | $102M | $107M | $104M | $118M | $86M | $90M | |
| Stock-based Comp | $43M | $36M | $32M | $32M | $34M | $36M | $33M | $24M | $27M | $28M | $22M | $23M | $25M | $24M | $32M | $35M | |
| Deferred Tax | $137M | $83M | $146M | $297M | $-22M | $-16M | $12M | $1M | $-15M | $-17M | $-53M | $35M | $18M | $35M | $407M | $66M | |
| Amort. of Intangibles | · | · | · | · | · | · | $68M | $64M | $66M | $60M | $61M | $66M | $65M | $79M | $49M | $53M | |
| Restructuring | $6M | $45M | $0 | $0 | $0 | $1M | $0 | $1M | $1M | $1M | $4M | $5M | $18M | $1M | $0 | $-1M | |
| Operating Cash Flow | $1.79B | $1.51B | $1.26B | $1.18B | $1.33B | $1.43B | $1.05B | $1.20B | $1.26B | $1.03B | $1.41B | $1.06B | $1.29B | $939M | $1.25B | $1.14B | |
| CapEx | · | · | · | · | · | · | · | $1.37B | $1.53B | $653M | · | $1.12B | $1.36B | $870M | $1.05B | $1.16B | |
| Investing Cash Flow | $-1.62B | $-853M | $-603M | $-1.19B | $-1.21B | $-361M | $-515M | $-1.17B | $-1.19B | $-1.28B | $-437M | $-711M | $-1.07B | $-760M | $-2.65B | $-978M | |
| Stock Repurchased | $395M | $421M | $631M | $618M | $431M | $289M | $403M | $377M | $376M | $415M | $264M | $252M | $251M | $303M | $10M | $239M | |
| Net Stock Activity | · | $-421M | · | · | · | $-289M | · | · | · | $-415M | · | · | · | $-303M | · | · | |
| Dividends Paid | $123M | $125M | $114M | $115M | $117M | $118M | $108M | $107M | $109M | $110M | $101M | $100M | $102M | $103M | $0 | $0 | |
| Financing Cash Flow | $-216M | $-958M | $-712M | $-14M | $-134M | $-981M | $-528M | $-33M | $-38M | $325M | $-906M | $-290M | $-92M | $-186M | $1.43B | $-152M | |
| Net Change in Cash | $-44M | $-303M | $-53M | $-36M | $6M | $85M | $-22M | $12M | $38M | $66M | $79M | $57M | $128M | $-7M | $30M | $8M | |
| Taxes Paid | $141M | $17M | $28M | $34M | $498M | $42M | $182M | $206M | $475M | $131M | $104M | $177M | $183M | $29M | $31M | $143M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $376M | · | · | · | $69M | · | · |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.3% | 36.9% | · | 39.4% | 38.9% | 36.5% | · | 41.3% | 40.2% | 38.6% | · | 42.1% | 40.1% | 37.8% | · | 44.8% | |
| Operating Margin | 25.8% | 21.8% | · | 26.3% | 25.4% | 21.6% | · | 28.1% | 26.6% | 24.4% | · | 29.2% | 26.0% | 22.5% | · | 30.2% | |
| Net Margin | 17.1% | 13.3% | · | 16.6% | 15.8% | 13.9% | · | 17.7% | 16.9% | 15.6% | · | 18.7% | 16.6% | 13.7% | · | 19.9% | |
| Pretax Margin | 22.8% | 17.6% | · | 22.2% | 21.3% | 18.5% | · | 23.8% | 22.1% | 19.9% | · | 25.1% | 21.7% | 18.1% | · | 26.8% | |
| EBITDA Margin | 25.8% | 21.8% | · | 26.3% | 25.4% | 21.6% | · | 28.1% | 26.6% | 24.4% | · | 29.2% | 26.0% | 22.5% | · | 30.2% | |
| ROA | 2.5% | 1.8% | · | 2.4% | 2.2% | 1.9% | · | 2.6% | 2.4% | 2.1% | · | 3.0% | 2.5% | 2.0% | · | 2.9% | |
| ROE | 8.2% | 6.0% | · | 8.0% | 7.2% | 6.1% | · | 8.7% | 8.1% | 7.1% | · | 10.0% | 8.8% | 6.8% | · | 10.2% | |
| ROIC | 9.2% | 7.3% | · | 9.3% | 8.2% | 6.9% | · | 9.8% | 9.2% | 8.2% | · | 10.6% | 9.6% | 7.9% | · | 10.8% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 0.8 | 0.8 | 0.9 | · | 0.8 | 0.7 | 1.1 | · | 1.0 | |
| Quick Ratio | 0.6 | 0.7 | · | 0.7 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.8 | · | 0.7 | 0.6 | 0.9 | · | 0.9 |
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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.1 | |
| Inventory Turnover | 10.0 | 10.4 | · | 11.5 | 10.5 | 10.9 | · | 11.4 | 10.5 | 9.9 | · | 11.1 | 10.4 | 10.2 | · | 9.4 | |
| Receivables Turnover | 1.7 | 1.6 | · | 1.7 | 1.7 | 1.6 | · | 1.7 | 1.7 | 1.6 | · | 1.8 | 1.8 | 1.8 | · | 1.7 |
Valuation (TTM) 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 TTM | $16.83B | $16.36B | · | $15.99B | $15.75B | $15.58B | · | $14.98B | $14.75B | $14.53B | · | $13.90B | $13.19B | $12.40B | · | $11.12B | |
| Net Income TTM | $2.64B | $2.51B | · | $2.53B | $2.54B | $2.55B | · | $2.56B | $2.56B | $2.52B | · | $2.38B | $2.29B | $2.19B | · | $1.95B | |
| Market Cap | $70.62B | $45.70B | · | $60.88B | $48.56B | $40.73B | · | $53.20B | $42.84B | $48.17B | · | $30.11B | $30.41B | $27.28B | · | $18.72B | |
| P/E | 27.2 | 18.6 | · | 24.6 | 19.5 | 16.2 | · | 21.1 | 17.1 | 19.5 | · | 12.9 | 13.6 | 12.7 | · | 9.9 | |
| P/S | 4.2 | 2.8 | · | 3.8 | 3.1 | 2.6 | · | 3.6 | 2.9 | 3.3 | · | 2.2 | 2.3 | 2.2 | · | 1.7 | |
| P/B | 7.7 | 5.1 | · | 6.8 | 5.4 | 4.6 | · | 6.2 | 5.2 | 5.9 | · | 3.9 | 4.1 | 3.8 | · | 2.9 | |
| P / Tangible Book | 48.3 | 40.2 | · | 38.4 | 31.1 | 31.7 | · | 51.5 | 54.4 | 81.5 | · | 24.4 | 37.3 | 49.2 | · | 60.4 | |
| P / Cash Flow | · | 30.2 | · | · | · | 28.6 | · | · | · | 46.8 | · | · | · | 29.1 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | 128.1 | · | · | · | 395.4 | · | · | |
| Earnings Yield | 3.7% | 5.4% | · | 4.1% | 5.1% | 6.2% | · | 4.7% | 5.9% | 5.1% | · | 7.8% | 7.4% | 7.9% | · | 10.1% | |
| Payout Ratio | · | 23.5% | · | · | · | 22.8% | · | · | · | 20.3% | · | · | · | 22.8% | · | · |
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 | $16.10B | $15.35B | $14.33B | $11.64B | $9.72B |
| Gross Margin % | 38.2% | 40.1% | 40.6% | 42.9% | 39.7% |
| Operating Margin % | 24.7% | 26.5% | 26.7% | 27.8% | 23.4% |
| Net Income | $2.49B | $2.58B | $2.42B | $2.10B | $1.39B |
| Diluted EPS | $38.61 | $38.69 | $35.28 | $29.65 | $19.04 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.0 | 0.8 | 1.1 | 0.8 |
| Quick Ratio | 0.8 | 0.8 | 0.7 | 0.9 | 0.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $416M | $840M | $743M | $491M |
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Institutional owners (13F) 1,737 filers · $45.7B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 237 (+84 vs prior Q) | 88 (-78 vs prior Q) | 554 (+14 vs prior Q) | 545 (-2 vs prior Q) | -887K |
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 GROUP INC | $5,506,760,576 | 6,804,182 | 12.04% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $4,635,199,043 | 4,091,482 | 10.13% | Shares |
| STATE STREET CORP | $3,391,687,999 | 2,993,837 | 7.41% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,056,515,695 | 2,697,981 | 6.68% | Shares |
| Capital Research Global Investors | $2,178,339,311 | 1,922,865 | 4.76% | Shares |
| Capital World Investors | $1,865,571,757 | 1,646,737 | 4.08% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,686,558,212 | 1,495,407 | 3.69% | Shares |
| NORGES BANK | $1,437,571,702 | 1,268,942 | 3.14% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $917,510,681 | 809,883 | 2.01% | Shares |
| ALLIANCEBERNSTEIN L.P. | $726,676,672 | 997,415 | 1.59% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $716,129,097 | 632,126 | 1.57% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $605,697,373 | 534,648 | 1.32% | Shares |
| NEUBERGER BERMAN GROUP LLC | $558,920,331 | 493,542 | 1.22% | Shares |
| Capital International Investors | $412,151,958 | 363,999 | 0.90% | Shares |
| FMR LLC | $401,707,567 | 354,586 | 0.88% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $400,647,681 | 353,651 | 0.88% | Shares |
| Robeco Institutional Asset Management B.V. | $341,218,537 | 301,193 | 0.75% | Shares |
| W1M Asset Management Ltd | $337,323,040 | 297,832 | 0.74% | Shares |
| Holocene Advisors, LP | $330,117,349 | 291,394 | 0.72% | Shares |
| 1832 Asset Management L.P. | $269,594,966 | 237,971 | 0.59% | Shares |
| UBS Group AG | $266,866,967 | 235,563 | 0.58% | Shares |
| GOLDMAN SACHS GROUP INC | $257,770,327 | 227,533 | 0.56% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $256,328,824 | 226,261 | 0.56% | Shares |
| W1M Investment Management Ltd | $226,465,913 | 237,044 | 0.50% | Shares |
| Public Sector Pension Investment Board | $224,341,675 | 198,026 | 0.49% | Shares |
| Swiss National Bank | $201,291,895 | 177,680 | 0.44% | Shares |
| ROYAL BANK OF CANADA | $188,068,000 | 166,007 | 0.41% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $183,151,000 | 161,667 | 0.40% | Shares |
| Findlay Park Partners LLP | $180,070,600 | 158,948 | 0.39% | Shares |
| LPL Financial LLC | $177,968,023 | 157,092 | 0.39% | Shares |
| JANE STREET GROUP, LLC | $176,617,551 | 155,900 | 0.39% | Call option |
| BANK OF AMERICA CORP /DE/ | $174,233,950 | 153,796 | 0.38% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $174,203,362 | 153,769 | 0.38% | Shares |
| Pictet Asset Management Holding SA | $174,170,269 | 153,743 | 0.38% | Shares |
| RAYMOND JAMES FINANCIAL INC | $172,855,857 | 152,580 | 0.38% | Shares |
| CITADEL ADVISORS LLC | $165,855,096 | 146,400 | 0.36% | Call option |
| BlackRock, Inc. | $163,346,878 | 144,186 | 0.36% | Shares |
| CITADEL ADVISORS LLC | $156,225,531 | 137,900 | 0.34% | Put option |
| Clearbridge Investments, LLC | $154,677,675 | 136,534 | 0.34% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $154,182,930 | 136,097 | 0.34% | Shares |
| Vanguard Global Advisers, LLC | $153,039,844 | 135,088 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $145,349,787 | 128,300 | 0.32% | Put option |
| LAZARD ASSET MANAGEMENT LLC | $144,542,036 | 127,587 | 0.32% | Shares |
| UBS Group AG | $144,103,608 | 127,200 | 0.31% | Put option |
| Legal & General Group Plc | $139,662,681 | 123,280 | 0.31% | Shares |
| RHUMBLINE ADVISERS | $138,693,914 | 122,425 | 0.30% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $137,989,401 | 121,803 | 0.30% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $137,603,085 | 121,462 | 0.30% | Shares |
| California Public Employees Retirement System | $131,990,748 | 116,508 | 0.29% | Shares |
| AMERIPRISE FINANCIAL INC | $124,886,433 | 110,238 | 0.27% | Shares |
| National Pension Service | $123,549,585 | 109,057 | 0.27% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $117,160,227 | 103,445 | 0.26% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $114,620,394 | 102,188 | 0.25% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $114,225,900 | 100,827 | 0.25% | Shares |
| ARGENT CAPITAL MANAGEMENT LLC | $111,347,412 | 98,286 | 0.24% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $110,538,094 | 98,236 | 0.24% | Shares |
| Cornerstone Investment Partners, LLC | $109,314,822 | 96,492 | 0.24% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $108,279,360 | 95,578 | 0.24% | Shares |
| Mariner, LLC | $103,297,127 | 91,191 | 0.23% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $102,841,488 | 90,778 | 0.22% | Shares |
| GROUPAMA ASSET MANAGMENT | $100,574,572 | 89,561 | 0.22% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $97,766,141 | 86,298 | 0.21% | Shares |
| NZS Capital, LLC | $97,359,434 | 85,939 | 0.21% | Shares |
| AVIVA PLC | $97,066,015 | 85,680 | 0.21% | Shares |
| AMF Tjanstepension AB | $94,820,627 | 83,698 | 0.21% | Shares |
| MARSHALL WACE, LLP | $86,206,133 | 76,094 | 0.19% | Shares |
| BARCLAYS PLC | $84,695,990 | 74,761 | 0.19% | Shares |
| Freestone Grove Partners LP | $78,654,287 | 69,428 | 0.17% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $77,955,484 | 68,985 | 0.17% | Shares |
| MACKENZIE FINANCIAL CORP | $77,580,307 | 68,480 | 0.17% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $77,397,912 | 68,319 | 0.17% | Shares |
| FIRST TRUST ADVISORS LP | $76,843,659 | 67,830 | 0.17% | Shares |
| Retirement Systems of Alabama | $74,938,408 | 66,148 | 0.16% | Shares |
| TODD ASSET MANAGEMENT LLC | $73,745,474 | 65,095 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $72,856,729 | 100,001 | 0.16% | Shares |
| MILLENNIUM MANAGEMENT LLC | $72,499,296 | 63,995 | 0.16% | Shares |
| Lansforsakringar Fondforvaltning AB (publ) | $71,531,807 | 63,141 | 0.16% | Shares |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $69,580,971 | 61,419 | 0.15% | Shares |
| AMERICAN CENTURY COMPANIES INC | $68,261,383 | 60,254 | 0.15% | Shares |
| WHITTIER TRUST CO | $66,531,951 | 60,501 | 0.15% | Shares |
| ATWOOD & PALMER INC | $66,412,391 | 58,622 | 0.15% | Shares |
| WOLVERINE TRADING, LLC | $65,034,021 | 68,900 | 0.14% | Call option |
| PFA Pension, Forsikringsaktieselskab | $64,611,312 | 57,032 | 0.14% | Shares |
| Quantinno Capital Management LP | $63,605,417 | 56,144 | 0.14% | Shares |
| DANSKE BANK A/S | $63,208,465 | 55,794 | 0.14% | Shares |
| Fisher Asset Management, LLC | $61,917,744 | 54,654 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $61,786,688 | 54,539 | 0.14% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $61,049,176 | 53,888 | 0.13% | Shares |
| Walleye Trading LLC | $57,437,523 | 50,700 | 0.13% | Call option |
| HighTower Advisors, LLC | $55,621,005 | 49,097 | 0.12% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $54,708,391 | 48,291 | 0.12% | Shares |
| Focus Partners Wealth | $54,580,262 | 48,176 | 0.12% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $53,953,886 | 47,625 | 0.12% | Shares |
| TD Asset Management Inc | $53,606,089 | 47,318 | 0.12% | Shares |
| NATIXIS | $53,379,511 | 47,118 | 0.12% | Shares |
| WOLVERINE TRADING, LLC | $53,141,007 | 56,300 | 0.12% | Put option |
| Edgemoor Investment Advisors, Inc. | $51,082,984 | 70,115 | 0.11% | Shares |
| PNC Financial Services Group, Inc. | $50,726,283 | 44,776 | 0.11% | Shares |
| JENNISON ASSOCIATES LLC | $49,876,616 | 44,026 | 0.11% | Shares |
| AustralianSuper Pty Ltd | $49,685,157 | 43,857 | 0.11% | Shares |
Company insiders 54 insiders · 21 officers · 33 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew John Flannery | President & CEO | April 24, 2026 S | 99,980 | 0 | 1 | $-22,426,025 |
| William E. Grace | EVP, CFO | July 24, 2026 S | 6,062 | 0 | 2 | $-2,884,478 |
| Jessica Graziano | EVP, CFO | July 29, 2022 S | 21,587 | 0 | 0 | $0 |
| William B Plummer | EVP & Chief Financial Officer | March 13, 2018 M | 55,926 | 0 | 0 | $0 |
| Martin E Welch | EVP and CFO | March 31, 2008 M | 74,036 | 0 | 0 | $0 |
| John N Milne | President and CFO | April 8, 2004 A | 1,106,132 | 0 | 0 | $0 |
| Michael D Durand | EVP, Chief Operating Officer | March 5, 2026 F | 8,267 | 0 | 1 | $-1,969,939 |
| Dale A Asplund | EVP, Chief Operating Officer | Aug. 30, 2023 S | 6,379 | 0 | 0 | $0 |
| Joli L. Gross | SVP, Chief LGL & Sustain. Off. | April 27, 2026 S | 5,738 | 0 | 1 | $-292,227 |
| Craig Adam Pintoff | EVP, Chief Admin. Officer | April 27, 2026 S | 14,774 | 0 | 1 | $-2,374,758 |
| Andrew B. Limoges | VP, Controller | April 24, 2026 S | 1,865 | 0 | 1 | $-535,867 |
| Anthony S. Leopold | SVP | March 5, 2026 F | 4,310 | 0 | 0 | $0 |
| Jeffrey J Fenton | SVP, Business Development | June 30, 2022 F | 22,289 | 0 | 0 | $0 |
| McDonnell Paul I. | EVP, Chief Commercial Officer | March 11, 2020 F | 19,623 | 0 | 0 | $0 |
| Jonathan Mark Gottsegen | Sr. VP, General Counsel & Sec. | Oct. 23, 2015 S | 11,149 | 0 | 0 | $0 |
| John J Fahey | Vice President - Controller | April 24, 2014 S | 17,086 | 0 | 0 | $0 |
| Joseph A. Dixon | Vice President - Sales | March 13, 2011 F | 28,828 | 0 | 0 | $0 |
| Kenneth E. Dewitt | VP & Chief Information Officer | March 13, 2011 F | 34,786 | 0 | 0 | $0 |
| Roger E Schwed | EVP and General Counsel | June 13, 2008 M | 17,701 | 0 | 0 | $0 |
| Kurtis T Barker | EVP - Corporate Services | March 10, 2008 F | 111,079 | 0 | 0 | $0 |
| Joseph B Sherk | Corporate Controller | Dec. 2, 2004 A | 66,872 | 0 | 0 | $0 |
| Marc A Bruno | Director | June 30, 2026 A | 7,745 | 0 | 0 | $0 |
| Alexander R. Taussig | Director | May 8, 2026 A | 260 | 0 | 0 | $0 |
| Brandt Julie M Heuer | Director | May 8, 2026 A | 563 | 0 | 0 | $0 |
| Francisco J Lopez-Balboa | Director | May 8, 2026 A | 1,605 | 0 | 0 | $0 |
| Terri L. Kelly | Director | May 8, 2026 A | 6,990 | 0 | 0 | $0 |
| Shiv Singh | Director | May 8, 2026 A | 7,803 | 1 | 0 | $53,268 |
| Kim Harris Jones | Director | May 8, 2026 A | 5,291 | 0 | 0 | $0 |
| Larry D De Shon | Director | May 8, 2026 A | 2,123 | 0 | 0 | $0 |
| Gracia C Martore | Director | May 8, 2026 A | 7,242 | 0 | 0 | $0 |
| Bobby J Griffin | Director | May 9, 2024 A | 43,374 | 0 | 0 | $0 |
| Jose B Alvarez | Director | May 7, 2023 D | 10,661 | 0 | 0 | $0 |
| Michael Kneeland | Director | March 11, 2022 F | 107,163 | 0 | 0 | $0 |
| Filippo Passerini | Director | May 25, 2021 S | 9,627 | 0 | 0 | $0 |
| Donald C Roof | Director | May 6, 2021 A | 15,453 | 0 | 0 | $0 |
| Jason D Papastavrou | Director | Nov. 5, 2019 S | 28,591 | 0 | 0 | $0 |
| Jenne K Britell | Director | Oct. 22, 2018 P | 27,497 | 0 | 0 | $0 |
| Singleton B Mcallister | Director | Dec. 12, 2017 S | 15,446 | 0 | 0 | $0 |
| MCAULEY BRIAN | Director | Feb. 2, 2017 S | 9,820 | 0 | 0 | $0 |
| John S Mckinney | Director | Dec. 2, 2016 S | 4,820 | 0 | 0 | $0 |
| Lawrence Keith Wimbush | Director | Nov. 9, 2016 S | 4,838 | 0 | 0 | $0 |
| James Ozanne | Director | May 6, 2015 A | 23,219 | 0 | 0 | $0 |
| LEROY PIERRE E | Director | May 7, 2014 A | 9,505 | 0 | 0 | $0 |
| CLARK HOWARD LONGSTRETH JR | Director | Jan. 10, 2012 J | 18,653 | 0 | 0 | $0 |
| Wayland R Hicks | Director | Sept. 29, 2008 S | 334,353 | 0 | 0 | $0 |
| Gerald Tsai JR | Director | June 12, 2008 A | 758 | 0 | 0 | $0 |
| Michael S Gross | Director | Jan. 24, 2008 A | — | 0 | 0 | $0 |
| BLACK, LEON D | Director | Jan. 24, 2008 A | — | 0 | 0 | $0 |
| Jacobs S Bradley | Director | Aug. 23, 2007 X | 2,755,949 | 0 | 0 | $0 |
| Mark A Suwyn | Director | June 5, 2007 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 16 positions
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 |
|---|---|---|---|---|---|
| United Rentals, Inc. | May 3, 2012 | — | Initial filing | M&A / sale | SEC |
| United Rentals, Inc. (2) | Dec. 21, 2011 | — | Initial filing | — | SEC |
| Fairholme Capital Management, L.L.C., Bruce R. Berkowitz, Fairholme Funds, Inc. ×4 filings | April 17, 2009 | — | Initial filing | — | SEC |
| SuttonBrook Capital Management LP, SuttonBrook Capital Portfolio L.P., John London, Steven M. Weinstein ×2 filings | July 18, 2008 | — | Initial filing | — | SEC |
| Apollo Investment Fund IV, L.P., Apollo Overseas Partners IV, L.P., Apollo Advisors IV, L.P., Apollo Capital Management IV, Inc., Apollo Principal Holdings I, L.P., Apollo Principal Holdings I GP, LLC, Apollo Management IV, L.P., Apollo Management, L.P., Apollo Management GP, LLC ×3 filings | June 12, 2008 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Jan. 2, 2008 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Nov. 15, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Aug. 1, 2007 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 4, 2003 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 30, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 30, 2001 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Feb. 27, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Feb. 21, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Feb. 5, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Jan. 23, 2001 | — | Initial filing | — | 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 190 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 |
|---|---|---|---|---|
| FTXR · First Trust Exchange-Traded Fund VI | 4.95% | 47,458 NS | June 30, 2026 | N-PORT |
| ABIG · EA Series Trust | 3.82% | 2,135 NS | May 29, 2026 | N-PORT |
| AMID · EA Series Trust | 2.93% | 3,090 NS | May 29, 2026 | N-PORT |
| PAVE · Global X Funds | 2.87% | 389,973 NS | May 31, 2026 | N-PORT |
| DRES · GMO ETF Trust | 2.68% | 975 NS | May 31, 2026 | N-PORT |
| SWP · Manager Directed Portfolios | 2.41% | 3,742 NS | May 31, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 2.41% | 10,818 NS | April 30, 2026 | N-PORT |
| LCLG · Advisors Series Trust | 2.25% | 2,377 NS | April 30, 2026 | N-PORT |
| PRAY · FIS Trust | 1.74% | 1,412 NS | May 31, 2026 | N-PORT |
| BSJS · Invesco Exchange-Traded Self-Indexe… | 1.55% | 11,824,000 | Aug. 21, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 1.22% | 402,421 SH | Aug. 19, 2026 | Daily |
| PDP · Invesco Exchange-Traded Fund Trust | 1.21% | 16,202 SH | Aug. 21, 2026 | Daily |
| RSPN · Invesco Exchange-Traded Fund Trust | 1.19% | 11,484 SH | Aug. 21, 2026 | Daily |
| SURE · AdvisorShares Trust | 1.15% | 574 NS | June 30, 2026 | N-PORT |
| ROE · EA Series Trust | 1.14% | 2,989 NS | May 29, 2026 | N-PORT |
| FXR · First Trust Exchange-Traded AlphaDE… | 1.13% | 8,194 NS | April 30, 2026 | N-PORT |
| CGVV · Capital Group Equity ETF Trust I | 0.99% | 1,362 NS | May 31, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.96% | 76,500 SH | Aug. 19, 2026 | Daily |
| JGLO · J.P. Morgan Exchange-Traded Fund Tr… | 0.92% | 68,243 NS | April 30, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.87% | 18,873 NS | April 30, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 0.86% | 24,152 NS | May 31, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 0.83% | 98,573 NS | April 30, 2026 | N-PORT |
| IYJ · iShares Trust | 0.82% | 14,259 SH | Aug. 21, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.79% | 1,949 NS | April 30, 2026 | N-PORT |
| VLUE · iShares Trust | 0.79% | 70,518 SH | Aug. 21, 2026 | Daily |
| DUSL · Direxion Shares ETF Trust | 0.78% | 442 NS | April 30, 2026 | N-PORT |
| UXI · ProShares Trust | 0.73% | 209 NS | May 31, 2026 | N-PORT |
| LRGC · AB Active ETFs, Inc. | 0.70% | 8,849 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.69% | 1,357,626 SH | Aug. 19, 2026 | Daily |
| EXI · iShares Trust | 0.67% | 8,882 SH | Aug. 21, 2026 | Daily |
| ACLC · AMERICAN CENTURY ETF TRUST | 0.63% | 1,944 NS | May 31, 2026 | N-PORT |
| IMCG · iShares Trust | 0.63% | 23,411 SH | Aug. 21, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.60% | 36,650 NS | April 30, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 0.53% | 436 NS | April 30, 2026 | N-PORT |
| FVAL · FIDELITY COVINGTON TRUST | 0.52% | 6,580 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.52% | 2,113 NS | May 31, 2026 | N-PORT |
| AKAF · ETF Series Solutions | 0.51% | 15 NS | May 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.50% | 72,253 SH | Aug. 21, 2026 | Daily |
| IWR · iShares Trust | 0.49% | 254,094 SH | Aug. 21, 2026 | Daily |
| LGDX · Tidal Trust III | 0.47% | 674 NS | April 30, 2026 | N-PORT |
| IMCB · iShares Trust | 0.46% | 7,237 SH | Aug. 21, 2026 | Daily |
| IWP · iShares Trust | 0.44% | 82,889 SH | Aug. 21, 2026 | Daily |
| CGGE · Capital Group Global Equity ETF | 0.41% | 11,523 NS | May 31, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.39% | 1,981 NS | April 30, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 0.38% | 53 NS | April 30, 2026 | N-PORT |
| XOEF · iShares Trust | 0.38% | 79 SH | Aug. 21, 2026 | Daily |
| PHEQ · Morgan Stanley ETF Trust | 0.37% | 451 NS | June 30, 2026 | N-PORT |
| SPXD · DBX ETF Trust | 0.35% | 24 NS | May 31, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.33% | 527 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.33% | 2,147 NS | May 31, 2026 | N-PORT |