VTRS Viatris Inc. - Common Stock
$16.47
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$9–$18
79% of range
Analyst Rating
BUY
17 analysts
Price Target
$18
+12% upside
P/E (TTM)
-4.2
ROE
-23.2%
Net Profit Margin
-24.6%
About Viatris Inc. - Common Stock Company overview from Wikipedia
Viatris Inc. is an American global pharmaceutical and healthcare corporation headquartered in Canonsburg, Pennsylvania. The corporation was formed through the merger of Mylan and Upjohn, a legacy division of Pfizer, on November 16, 2020.
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Viatris Inc. is an American global pharmaceutical and healthcare corporation headquartered in Canonsburg, Pennsylvania. The corporation was formed through the merger of Mylan and Upjohn, a legacy division of Pfizer, on November 16, 2020.
The name of the corporation comes from the Latin words via, meaning path, and tris, which means three, referring to the path to three main objectives the corporation set: expanding access to medicines, meeting patient needs through innovation, and earning the trust of the healthcare community.
Viatris ranked 254th on the 2021 Fortune 500 rankings of the largest United States corporations based on its 2020 total revenue. In 2026, Viatris ranked 100 on Time Magazine's World's Most Impactful Companies.
History
On November 16, 2020, Upjohn merged with Mylan in a Reverse Morris Trust transaction and changed its name to Viatris. At that time, Michael Goettler became chief executive officer. Following the combination, the company began trading on the NASDAQ using the ticker symbol VTRS. In December 2020, the company announced a cost-reducing restructuring plan that would impact up to 20% of its global workforce, or 9,000 jobs at its facilities around the world.
In 2021, Viatris was ranked 5th by Fortune on its annual "Change the World" list for having "transformed the treatment of HIV around the world in the [previous] five years through the first low-cost antiretroviral drug for first-line treatment of HIV and a children's version in the form of fruit-flavored tablets that dissolve in liquid. In February 2022, Viatris announced an agreement where it will contribute to Biocon Biologics its biosimilars portfolio and related commercial and operational capabilities in exchange for up to $3.335 billion, including a stake of at least 12.9% in Biocon Biologics. The transaction was completed in November 2022. In November 2022, the business agreed to acquire Oyster Point Pharma and Famy Life Sciences for an aggregate of $700–750 million to create an ophthalmology division. The acquisitions closed in January 2023.
In 2022 and 2024, Viatris was recognized by Forbes as one of the world's best employers and by Newsweek as one of America's most responsible companies. On April 1, 2023, Scott A. Smith became Viatris' CEO, succeeding Michael Goettler. Smith previously served on the company's board since 2022. In April 2023, Viatris was recognized by LinkedIn as one of the 25 best companies to work for in India, and one of the 25 best companies offering career development in Ireland. In May 2023, USA Today included Viatris in its list of 400 US companies that have reduced their greenhouse gas emissions intensity from 2019 to 2021. In June 2023, Viatris was named to the Forbes Global 2000 list of the world's largest companies. In October 2023, Viatris reached agreements to divest from almost all of its OTC business, its women’s healthcare business, and its India-based active pharmaceutical ingredients business for a total of about $3.6 billion.
In late December 2024, Viatris disclosed that the U.S. FDA had issued a warning letter and an import alert concerning the company's drug-making facility in Indore, India. The import alert affects 11 actively distributed products, which will no longer be accepted into the U.S. until the warning letter is lifted, while four products were conditionally exempted due to shortages. The violations cited by the FDA included subpar quality control and improper management of manufacturing defect. In response, the company announced that it has taken corrective and preventative actions.
Predecessors
The following is an illustration of the company's major mergers and acquisitions and historical predecessors:
Products
The company produces and sells a variety of medicines, with 1,400 approved therapeutic molecules in its portfolio. It owns brands (like Viagra, Xanax, Lipitor), generics, including branded and complex generics, biosimilars, and over-the-counter (OTC) drugs and active pharmaceutical ingredients. Viatris products cover therapeutic areas including cardiovascular, infectious disease, oncology, immunology, CNS and anesthesia, women's healthcare, diabetes and metabolism, gastroenterology, respiratory and allergy, and dermatology.
The following products have been newly launched or received regulatory approvals since Viatris was established include:
Dolutegravir: In December 2020, received FDA approval to treat children with HIV/AIDS in low to middle income countries. The formulation is strawberry-flavored to make it easier to give to children and was made available at a 75% discount compared to previous treatments.
Breyna (budesonide and formoterol fumarate dihydrate inhalation aerosol): In March 2022, received approval from the US FDA in March 2022 as the first generic version of Symbicort for the treatment of asthma and COPD.
GA Depot (long-acting version of glatiramer acetate): In August 2023, received New Drug Application acceptance from the US FDA as a once-monthly injection for the treatment of relapsing forms of multiple sclerosis.
Abacavir/dolutegravir/lamivudine: In September 2023, received tentative US FDA approval for a New Drug Application through the President's Emergency Plan for AIDS Relief (PEPFAR) for the treatment of HIV-1 infection in pediatric patients.
Ryzumvi (phentolamine ophthalmic solution 0.75%): In September 2023, received FDA approval for the treatment of mydriasis caused by adrenergic agonist or parasympatholytic agents or a combination of those drugs. It was previously known as Nyxol.
Partnerships
Following the formation of Viatris, the company became a member of the Biosimilars Forum, a trade organization that advocates for greater biosimilar usage. Viatris partnered with the American College of Cardiology, the NCD Alliance, and the World Heart Federation to create the NCD Academy, a platform to help fight non-communicable diseases around the world.
In December 2020, the company worked with Sesame Workshop to create resources to help children and their caregivers manage their social and emotional needs impacted by the COVID-19 pandemic. In April 2021, the company partnered with Atomo Diagnostics and Unitaid to expand access to HIV self-testing to 135 countries and lower the price of the tests by around 50%.
In February 2024, Viatris entered into an agreement with Idorsia to collaborate on global research and development and the commercialization rights to Phase 3 pharmaceuticals selatogrel, a cardiac medication, and cenerimod, a novel immunology medication used to treat systemic lupus erythematosus. The agreement includes the potential to add more assets in the future.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
VTRS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$16.47
Market Cap
—
P/E (TTM)
-4.2
EPS (TTM)
$-3.00
Revenue (TTM)
$14.30B
Div Yield
—
ROE
-23.2%
Debt/Equity
1.0
52W Range
$9 – $18
VTRS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$14.30B
2018-12-31
→
2025-12-31
EPS
$-3.00
2018-12-31
→
2025-12-31
Free Cash Flow
$1.94B
2025-12-31
→
2025-12-31
Margins
-24.6%
2025-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
VTRS
Peer Median
P/E (TTM)
-4.2
32.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
VTRS
Peer Median
Gross Margin
35.1%
71.8%
Operating Margin
-18.6%
—
Net Profit Margin
-24.6%
13.0%
ROA
-8.9%
6.4%
ROE
-23.2%
15.1%
ROIC
-8.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
VTRS
Peer Median
Debt / Equity
1.0
—
Current Ratio
1.4
1.6
Quick Ratio
0.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
VTRS
Peer Median
Revenue YoY
-3.0%
—
Revenue CAGR 3Y
-4.2%
—
Revenue CAGR 5Y
3.7%
—
EPS YoY
-97.1%
—
Net Income YoY
-97.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
VTRS
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 22, 2026 | $0.1200 |
| March 9, 2026 | $0.1200 |
| Nov. 24, 2025 | $0.1200 |
| Aug. 22, 2025 | $0.1200 |
| May 23, 2025 | $0.1200 |
| March 10, 2025 | $0.1200 |
| Nov. 22, 2024 | $0.1200 |
| Aug. 23, 2024 | $0.1200 |
| May 23, 2024 | $0.1200 |
| March 8, 2024 | $0.1200 |
| Nov. 22, 2023 | $0.1200 |
| Aug. 23, 2023 | $0.1200 |
| May 23, 2023 | $0.1200 |
| March 8, 2023 | $0.1200 |
| Nov. 22, 2022 | $0.1200 |
| Aug. 23, 2022 | $0.1200 |
| May 23, 2022 | $0.1200 |
| Feb. 23, 2022 | $0.1200 |
| Nov. 22, 2021 | $0.1100 |
| Aug. 23, 2021 | $0.1100 |
VTRS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 4 23.5%
- Buy 7 41.2%
- Hold 5 29.4%
- Sell 1 5.9%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-19
Median
$19.00
Now
$16.47
Low
$12.00
High
$23.00
Median target
$19.00
+15.4%
Mean target
$18.50
+12.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.69 | $0.61 | 0.08% |
| March 31, 2026 | $0.59 | $0.51 | 0.08% |
| Dec. 31, 2025 | $0.57 | $0.54 | 0.03% |
| Sept. 30, 2025 | $0.67 | $0.63 | 0.04% |
| June 30, 2025 | $0.62 | $0.57 | 0.05% |
| March 31, 2025 | $0.50 | $0.50 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VTRS | — | -4.2 | -3.0% | -24.6% | -23.2% | 35.1% |
| MRK | — | 14.5 | 1.3% | 28.1% | 36.9% | — |
| PFE | — | 18.3 | -1.7% | 12.4% | 8.9% | — |
| BMY | — | 15.6 | -0.22% | 14.6% | 40.5% | — |
| RPRX | — | 21.7 | 5.1% | 32.4% | 8.0% | — |
| ZTS | $53.46B | 20.9 | 2.3% | 28.2% | 66.0% | — |
| CORT | $3.69B | 42.4 | 12.8% | 13.1% | 15.5% | — |
| ELAN | $11.25B | -48.1 | 6.2% | -4.9% | -3.5% | 55.0% |
| AXSM | $9.29B | -49.6 | 65.5% | -28.7% | -227.0% | — |
| CRNX | $4.45B | -9.4 | 640.7% | -6046.2% | -43.0% | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.30B | $14.74B | $15.43B | $16.26B | $17.89B | $11.95B | $11.50B | $11.43B | |
| Cost of Revenue | $9.29B | $9.12B | $8.99B | $9.77B | $12.31B | $8.15B | $7.60B | $7.43B | |
| Gross Profit | $5.01B | $5.62B | $6.44B | $6.50B | $5.58B | $3.80B | $3.90B | $4.00B | |
| R&D Expense | · | · | · | · | $751M | $555M | $640M | $704M | |
| SG&A Expense | $3.79B | $4.10B | $4.07B | $4.18B | $4.53B | $3.34B | $2.56B | $2.44B | |
| Operating Expenses | $7.68B | $5.61B | $5.67B | $4.88B | $5.61B | $4.01B | $3.18B | $3.10B | |
| Operating Income | $-2.66B | $10M | $766M | $1.61B | $-34M | $-211M | $716M | $906M | |
| Interest Expense | $471M | $550M | $573M | $592M | $636M | $498M | $517M | $542M | |
| Other Non-op | $-531M | $-83M | $10M | $1.79B | $6M | $-13M | $-44M | $-65M | |
| Pretax Income | $-3.67B | $-623M | $203M | $2.81B | $-664M | $-721M | $154M | $298M | |
| Income Tax | $-150M | $11M | $148M | $735M | $605M | $-51M | $138M | $-54M | |
| Net Income | $-3.51B | $-634M | $55M | $2.08B | $-1.27B | $-670M | $17M | $352M | |
| EPS (Basic) | $-3.00 | $-0.53 | $0.05 | $1.71 | $-1.05 | $-1.11 | $0.03 | $0.69 | |
| EPS (Diluted) | $-3.00 | $-0.53 | $0.05 | $1.71 | $-1.05 | $-1.11 | $0.03 | $0.68 | |
| Shares (Basic) | · | · | 1,200,300,000 | 1,212,100,000 | 1,208,800,000 | 601,200,000 | 515,700,000 | 514,500,000 | |
| Shares (Diluted) | · | · | 1,206,900,000 | 1,217,400,000 | 1,208,800,000 | 601,200,000 | 516,500,000 | 516,500,000 | |
| EBITDA | $135M | · | · | · | · | · | · | · |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.32B | $735M | $992M | $1.26B | $701M | $844M | $476M | $388M | |
| Short-term Investments | · | · | · | · | · | $39M | $27M | · | |
| Receivables | $3.03B | $3.22B | $3.70B | $3.81B | $4.27B | $4.84B | $3.06B | · | |
| Inventory | $4.00B | $3.85B | $3.47B | $3.52B | $3.98B | $5.47B | $2.67B | · | |
| Prepaid Expense | $1.44B | $1.71B | $2.03B | $1.81B | $1.96B | $1.71B | $552M | · | |
| Other Current Assets | $136M | $387M | $271M | $328M | $1.47B | $1.24B | $286M | · | |
| Current Assets | $9.79B | $9.52B | $12.98B | $10.64B | $10.90B | $12.87B | $6.76B | · | |
| PP&E (Net) | $2.61B | $2.67B | $2.76B | $3.02B | $3.19B | $3.46B | $2.15B | · | |
| PP&E (Gross) | $5.13B | $4.87B | $4.77B | $5.08B | $5.59B | $5.72B | $4.12B | · | |
| Accum. Depreciation | $2.52B | $2.20B | $2.01B | $2.06B | $2.40B | $2.26B | $1.97B | · | |
| Goodwill | $6.75B | $9.13B | $9.87B | $10.43B | $12.11B | $12.35B | $9.59B | $9.75B | |
| Intangibles | $15.10B | $17.07B | $19.18B | $22.61B | $26.13B | $29.68B | $11.65B | · | |
| Other Non-current Assets | $1.87B | $2.36B | $2.21B | $2.40B | $1.17B | $1.05B | $405M | · | |
| Total Assets | $37.19B | $41.50B | $47.69B | $50.02B | $54.84B | $61.55B | $31.26B | · | |
| Short-term Debt | · | · | · | $0 | $1.49B | $1.10B | $0 | · | |
| Current Liabilities | $7.09B | $5.78B | $7.78B | $6.75B | $9.88B | $10.56B | $5.57B | · | |
| Capital Leases | $178M | $179M | $165M | $181M | $201M | $230M | $176M | · | |
| Deferred Tax | $892M | $1.11B | $1.74B | $2.43B | $2.81B | $3.12B | $1.63B | · | |
| Other Non-current Liabilities | $2.01B | $1.94B | $1.52B | $1.76B | $1.93B | $2.48B | $961M | · | |
| Total Liabilities | $22.48B | $22.87B | $27.22B | $28.95B | $34.35B | $38.60B | $19.37B | · | |
| Long-term Debt | $14.41B | $14.05B | $18.13B | $19.27B | $21.59B | $24.74B | $12.72B | · | |
| Total Debt | $14.41B | · | · | · | · | · | · | · | |
| Common Stock | $12M | $12M | $12M | $12M | $12M | $12M | $6M | · | |
| Paid-in Capital | $18.80B | $18.92B | $18.81B | $18.65B | $18.54B | $18.44B | $8.64B | · | |
| Retained Earnings | $-388M | $3.42B | $4.64B | $5.18B | $3.69B | $5.36B | $6.03B | · | |
| Treasury Stock | $1.01B | $504M | $252M | $0 | $0 | $0 | $1000M | · | |
| AOCI | $-2.71B | $-3.21B | $-2.75B | $-2.76B | $-1.74B | $-858M | $-1.80B | · | |
| Stockholders' Equity | $14.71B | $18.64B | $20.47B | $21.07B | $20.49B | $22.95B | $11.88B | $12.17B | |
| Liabilities + Equity | $37.19B | $41.50B | $47.69B | $50.02B | $54.84B | $61.55B | $31.26B | · | |
| Shares Outstanding | · | · | · | · | · | · | 100 | · |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $2.80B | $2.89B | $2.74B | $3.03B | $4.51B | $2.22B | $2.02B | $2.11B | |
| Stock-based Comp | $178M | $146M | $181M | $116M | $111M | $79M | $57M | $-3M | |
| Deferred Tax | $-476M | $-768M | $-387M | $-26M | $676M | $-213M | $-193M | $-264M | |
| Amort. of Intangibles | $2.35B | $2.35B | $2.32B | $2.50B | $2.70B | $1.61B | $1.58B | $1.61B | |
| Restructuring | · | · | · | · | $50M | $50M | $105M | · | |
| Other Non-cash | $3.33B | · | · | · | · | · | · | · | |
| Operating Cash Flow | $2.32B | $2.30B | $2.90B | $3.00B | $3.02B | $1.23B | $1.80B | $2.34B | |
| CapEx | $379M | $326M | $377M | $406M | $457M | $243M | $213M | $252M | |
| Investing Cash Flow | $-428M | $1.80B | $-864M | $1.47B | $-118M | $-301M | $-525M | $-1.21B | |
| Debt Issued | $0 | $0 | $300.0K | $1.88B | $1.71B | $983M | $7M | $2.58B | |
| Net Debt Issued | $-100.0K | · | · | · | · | · | · | · | |
| Stock Issued | $3M | $2M | $3M | $3M | $0 | $0 | · | · | |
| Stock Repurchased | $500M | $250M | $250M | $0 | $0 | $0 | $0 | $432M | |
| Net Stock Activity | $-498M | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-1.29B | $-4.33B | $-2.30B | $-3.88B | $-3.01B | $-606M | $-1.17B | $-1.09B | |
| Net Change in Cash | $612M | $-258M | $-269M | $556M | $-144M | $359M | $102M | $19M | |
| Taxes Paid | $445M | · | · | · | · | · | · | · | |
| Free Cash Flow | $1.94B | · | · | · | · | · | · | · | |
| Levered FCF | $1.49B | · | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.1% | · | · | · | · | · | · | · | |
| Operating Margin | -18.6% | · | · | · | · | · | · | · | |
| Net Margin | -24.6% | · | · | · | · | · | · | · | |
| Pretax Margin | -25.6% | · | · | · | · | · | · | · | |
| EBITDA Margin | 0.95% | · | · | · | · | · | · | · | |
| ROA | -8.9% | · | · | · | · | · | · | · | |
| ROE | -23.2% | · | · | · | · | · | · | · | |
| ROIC | -8.8% | · | · | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | · | · | · | · | · | · | · | |
| Quick Ratio | 0.6 | · | · | · | · | · | · | · | |
| Debt / Equity | 1.0 | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.8 | · | · | · | · | · | · | · | |
| Interest Coverage | -5.7 | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | · | · | · | · | · | · | · | |
| Inventory Turnover | 2.4 | · | · | · | · | · | · | · | |
| Receivables Turnover | 4.6 | · | · | · | · | · | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -3.0% | -4.5% | -5.1% | -9.1% | 49.7% | · | · | · | |
| Revenue CAGR 3Y | -4.2% | -6.2% | 8.9% | · | · | · | · | · | |
| Revenue CAGR 5Y | 3.7% | · | · | · | · | · | · | · | |
| EPS YoY | · | · | -97.1% | · | · | · | · | · | |
| Net Income YoY | · | · | -97.4% | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14.30B | $14.74B | $15.43B | $16.26B | $17.89B | $11.95B | $11.50B | · | |
| Net Income TTM | $-3.51B | $-634M | $55M | $2.08B | $-1.27B | $-670M | $17M | · | |
| Market Cap | · | · | · | · | · | · | $2.0K | · | |
| P/E | -4.2 | -23.5 | 216.6 | 6.5 | -12.9 | -16.9 | 670.0 | · | |
| P/S | · | · | · | · | · | · | 0.0 | · | |
| Earnings Yield | -24.1% | -4.3% | 0.46% | 15.4% | -7.8% | -5.9% | 0.15% | · |
Income Statement 16
| 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 | $3.76B | $3.52B | $3.70B | $3.76B | $3.58B | $3.25B | $3.53B | $3.75B | $3.80B | $3.66B | $3.84B | $3.94B | $3.92B | $3.73B | $3.88B | $4.08B | |
| Cost of Revenue | $2.30B | $2.36B | $2.56B | $2.39B | $2.25B | $2.09B | $2.31B | $2.29B | $2.35B | $2.16B | $2.24B | $2.25B | $2.31B | $2.19B | $2.60B | $2.33B | |
| Gross Profit | $1.46B | $1.16B | $1.15B | $1.37B | $1.33B | $1.16B | $1.22B | $1.46B | $1.45B | $1.50B | $1.60B | $1.69B | $1.61B | $1.54B | $1.27B | $1.75B | |
| R&D Expense | $248M | $249M | · | $250M | $219M | $222M | · | $198M | $204M | $200M | · | $211M | $208M | $183M | · | $175M | |
| SG&A Expense | $1.13B | $929M | $1.03B | $887M | $929M | $948M | $1.05B | $1.00B | $1.04B | $1.02B | $1.03B | $1.05B | $1.03B | $959M | $1.27B | $1.02B | |
| Operating Expenses | $1.45B | $1.24B | $1.34B | $1.19B | $1.10B | $4.04B | $1.39B | $1.23B | $1.69B | $1.30B | $2.05B | $1.24B | $1.24B | $1.14B | $1.48B | $1.19B | |
| Operating Income | $6M | $-80M | $-193M | $179M | $233M | $-2.88B | $-180M | $226M | $-240M | $204M | $-454M | $452M | $369M | $400M | $-201M | $560M | |
| Interest Expense | $121M | $120M | $120M | $120M | $117M | $116M | $120M | $146M | $146M | $138M | $141M | $142M | $144M | $147M | $147M | $153M | |
| Other Non-op | $50M | $-48M | $-31M | $-67M | $-334M | $-99M | $-226M | $10M | $-6M | $139M | $-260M | $92M | $108M | $70M | $1.82B | $21M | |
| Pretax Income | $-64M | $-247M | $-343M | $-8M | $-217M | $-3.10B | $-526M | $90M | $-392M | $205M | $-855M | $402M | $333M | $323M | $1.47B | $428M | |
| Income Tax | $55M | $-424M | $-3M | $120M | $-212M | $-55M | $-10M | $-4M | $-65M | $91M | $-89M | $71M | $69M | $98M | $458M | $73M | |
| EPS (Basic) | $-0.10 | $0.15 | $-0.34 | $-0.11 | $0.00 | $-2.55 | $-0.44 | $0.08 | $-0.27 | $0.10 | $-0.64 | $0.28 | $0.22 | $0.19 | $0.83 | $0.29 | |
| EPS (Diluted) | $-0.10 | $0.15 | $-0.34 | $-0.11 | $0.00 | $-2.55 | $-0.43 | $0.08 | $-0.27 | $0.09 | $-0.63 | $0.27 | $0.22 | $0.19 | $0.83 | $0.29 | |
| Shares (Basic) | 1,163,300,000 | 1,155,400,000 | · | 1,164,600,000 | 1,173,000,000 | 1,192,400,000 | · | 1,193,500,000 | 1,191,100,000 | 1,195,200,000 | -2,400,700,000 | 1,199,500,000 | 1,199,000,000 | 1,202,500,000 | -2,423,200,000 | 1,212,500,000 | |
| Shares (Diluted) | 1,163,300,000 | 1,175,300,000 | · | 1,164,600,000 | 1,173,000,000 | 1,192,400,000 | · | 1,200,400,000 | 1,191,100,000 | 1,209,500,000 | -2,409,800,000 | 1,207,600,000 | 1,203,500,000 | 1,205,600,000 | -2,430,900,000 | 1,218,100,000 | |
| EBITDA | $6M | $596M | · | $179M | $233M | $-2.22B | · | $226M | $-240M | $895M | · | $452M | $369M | $1.13B | · | $560M |
Balance Sheet 28
| 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 | $886M | $1.80B | $1.32B | $975M | $566M | $755M | $735M | $1.88B | $917M | $1.01B | $992M | $1.31B | $629M | $507M | $1.26B | $647M | |
| Receivables | $3.13B | $3.08B | $3.03B | $3.37B | $3.26B | $3.13B | $3.22B | $3.72B | $3.57B | $3.63B | · | $3.74B | $3.61B | $3.50B | · | $3.33B | |
| Inventory | $3.93B | $3.93B | $4.00B | $4.11B | $4.26B | $4.10B | $3.85B | $4.08B | $3.94B | $3.82B | · | $3.67B | $3.64B | $3.66B | · | $3.38B | |
| Prepaid Expense | $2.11B | $2.11B | $1.44B | $1.49B | $1.69B | $1.65B | $1.71B | $1.63B | $1.76B | $1.93B | · | $1.78B | $1.73B | $1.76B | · | $1.70B | |
| Other Current Assets | $140M | $98M | $136M | $251M | $259M | $355M | $387M | $335M | $270M | $250M | · | $1.20B | $1.18B | $1.35B | · | $1.13B | |
| Current Assets | $10.06B | $10.92B | $9.79B | $9.95B | $9.77B | $9.62B | $9.52B | $11.31B | $11.79B | $12.92B | · | $10.93B | $9.78B | $9.63B | · | $10.49B | |
| PP&E (Net) | $2.44B | $2.53B | $2.61B | $2.63B | $2.64B | $2.64B | $2.67B | $2.68B | $2.66B | $2.71B | · | $2.93B | $2.98B | $3.01B | · | $3.04B | |
| PP&E (Gross) | $5.11B | $5.11B | $5.13B | $5.11B | $5.07B | $4.94B | $4.87B | $4.88B | $4.71B | $4.71B | · | $5.04B | $5.05B | $5.15B | · | $5.02B | |
| Accum. Depreciation | $2.67B | $2.58B | $2.52B | $2.48B | $2.42B | $2.30B | $2.20B | $2.21B | $2.05B | $2.00B | · | $2.11B | $2.06B | $2.14B | · | $1.98B | |
| Goodwill | $6.65B | $6.69B | $6.75B | $6.73B | $6.75B | $6.46B | $9.13B | $9.56B | $9.33B | $9.69B | $9.87B | $10.28B | $10.53B | $10.57B | $10.43B | $10.05B | |
| Intangibles | $13.68B | $14.48B | $15.10B | $15.72B | $16.32B | $16.66B | $17.07B | $17.98B | $18.42B | $19.13B | · | $21.28B | $22.08B | $22.70B | · | $23.01B | |
| Other Non-current Assets | $1.06B | $1.11B | $1.87B | $1.89B | $2.00B | $2.27B | $2.36B | $2.47B | $2.45B | $2.23B | · | $2.40B | $2.35B | $2.42B | · | $964M | |
| Total Assets | $35.04B | $36.83B | $37.19B | $37.92B | $38.41B | $38.47B | $41.50B | $44.75B | $45.33B | $47.34B | · | $48.74B | $48.70B | $49.29B | · | $48.66B | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | · | $100.0K | $23M | $205M | · | $500M | |
| Current Liabilities | $6.35B | $6.81B | $7.09B | $7.36B | $7.13B | $5.72B | $5.78B | $7.51B | $7.71B | $7.76B | · | $6.83B | $6.52B | $6.11B | · | $6.52B | |
| Capital Leases | $160M | $167M | $178M | $171M | $182M | $177M | $179M | $188M | $192M | $156M | · | $160M | $167M | $173M | · | $179M | |
| Deferred Tax | $803M | $871M | $892M | $1.03B | $1.08B | $1.08B | $1.11B | $1.28B | $1.57B | $1.67B | · | $2.32B | $2.41B | $2.46B | · | $2.49B | |
| Other Non-current Liabilities | $2.02B | $2.08B | $2.01B | $1.82B | $1.84B | $1.84B | $1.94B | $1.87B | $1.80B | $1.83B | · | $1.65B | $1.67B | $1.72B | · | $1.75B | |
| Total Liabilities | $20.78B | $22.18B | $22.48B | $22.70B | $22.84B | $22.82B | $22.87B | $24.96B | $25.81B | $27.33B | · | $27.88B | $27.85B | $28.36B | · | $29.48B | |
| Long-term Debt | $13.35B | $14.34B | $14.41B | $14.44B | $14.47B | $14.19B | $14.05B | $15.75B | $17.10B | $17.97B | · | $18.38B | $18.58B | $18.58B | · | $19.49B | |
| Total Debt | $13.35B | $14.34B | · | $14.44B | $14.47B | $14.19B | · | $15.75B | $17.10B | $17.97B | · | $18.38B | $18.60B | $18.78B | · | $19.99B | |
| Common Stock | $13M | $13M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | · | $12M | $12M | $12M | · | $12M | |
| Paid-in Capital | $18.56B | $18.66B | $18.80B | $18.89B | $19.00B | $18.96B | $18.92B | $18.89B | $18.85B | $18.84B | · | $18.76B | $18.72B | $18.68B | · | $18.62B | |
| Retained Earnings | $-331M | $-212M | $-388M | $-48M | $80M | $228M | $3.42B | $4.08B | $4.13B | $4.61B | · | $5.55B | $5.37B | $5.25B | · | $4.31B | |
| Treasury Stock | $1.16B | $1.01B | $1.01B | $924M | $856M | $680M | $504M | $504M | $504M | $504M | · | $252M | $252M | $252M | · | · | |
| AOCI | $-2.82B | $-2.80B | $-2.71B | $-2.71B | $-2.66B | $-2.87B | · | $-2.69B | $-2.98B | $-2.94B | · | $-3.21B | $-3.01B | $-2.76B | · | $-3.76B | |
| Stockholders' Equity | $14.26B | $14.66B | $14.71B | $15.22B | $15.57B | $15.65B | $18.64B | $19.79B | $19.52B | $20.01B | $20.47B | $20.87B | $20.84B | $20.93B | $21.07B | $19.18B | |
| Liabilities + Equity | $35.04B | $36.83B | $37.19B | $37.92B | $38.41B | $38.47B | $41.50B | $44.75B | $45.33B | $47.34B | · | $48.74B | $48.70B | $49.29B | · | $48.66B |
Cash Flow 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $672M | $676M | $767M | $688M | $678M | $665M | $746M | $670M | $786M | $691M | $644M | $679M | $687M | $730M | $870M | $700M | |
| Stock-based Comp | $39M | $48M | $49M | $36M | $37M | $55M | $32M | $32M | $35M | $47M | $56M | $43M | $39M | $43M | $30M | $29M | |
| Deferred Tax | $-124M | $-70M | $-248M | $-137M | $-48M | $-44M | $-249M | $-312M | $-154M | $-52M | $-207M | $-85M | $-68M | $-27M | $154M | $-22M | |
| Amort. of Intangibles | $572M | $585M | $602M | $593M | $583M | $571M | $579M | $575M | $597M | $601M | $539M | $584M | $591M | $603M | $606M | $616M | |
| Restructuring | $27M | $78M | · | · | · | · | · | · | · | · | · | $15M | $74M | $10M | · | $15M | |
| Operating Cash Flow | $382M | $388M | $816M | $745M | $220M | $536M | $483M | $826M | $379M | $615M | $568M | $845M | $525M | $971M | $189M | $869M | |
| CapEx | $53M | $40M | $196M | $87M | $53M | $43M | $140M | $77M | $59M | $50M | $166M | $96M | $68M | $48M | $154M | $104M | |
| Investing Cash Flow | $-52M | $277M | $-211M | $-99M | $-52M | $-65M | $-169M | $1.75B | $376M | $-154M | $27M | $-65M | $-87M | $-750M | $1.74B | $-115M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | $300.0K | $0 | $0 | $0 | $100.0K | $1.08B | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-750M | · | · | |
| Stock Issued | $700.0K | $500.0K | $600.0K | $700.0K | $700.0K | $600.0K | $600.0K | $600.0K | $700.0K | $600.0K | $600.0K | $800.0K | $800.0K | $900.0K | $800.0K | $2M | |
| Stock Repurchased | $150M | $0 | $82M | $68M | $175M | $175M | $0 | $0 | $0 | $250M | $0 | $0 | $0 | $250M | $0 | $0 | |
| Net Stock Activity | · | $500.0K | · | $-68M | $-175M | $-175M | · | · | · | $-249M | · | · | · | $-249M | · | · | |
| Financing Cash Flow | $-1.24B | $-204M | $-236M | $-228M | $-362M | $-467M | $-1.42B | $-1.64B | $-848M | $-426M | $-926M | $-98M | $-304M | $-975M | $-1.33B | $-759M | |
| Net Change in Cash | $-916M | $458M | $344M | $436M | $-188M | $20M | $-1.14B | $962M | $-97M | $22M | $-318M | $680M | $121M | $-752M | $612M | $-19M | |
| Free Cash Flow | · | $348M | · | · | · | $493M | · | · | · | $565M | · | · | · | $923M | · | · | |
| Levered FCF | · | $434M | · | · | · | $379M | · | · | · | $488M | · | · | · | $821M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.8% | 32.9% | · | 36.5% | 37.2% | 35.7% | · | 38.9% | 38.1% | 41.0% | · | 42.9% | 41.0% | 41.4% | · | 42.9% | |
| Operating Margin | 0.17% | -2.3% | · | 4.8% | 6.5% | -88.6% | · | 6.0% | -6.3% | 5.6% | · | 11.5% | 9.4% | 10.7% | · | 13.7% | |
| Pretax Margin | -1.7% | -7.0% | · | -0.21% | -6.1% | -95.2% | · | 2.4% | -10.3% | 5.6% | · | 10.2% | 8.5% | 8.6% | · | 10.5% | |
| EBITDA Margin | 0.17% | 17.0% | · | 4.8% | 6.5% | -68.1% | · | 6.0% | -6.3% | 24.4% | · | 11.5% | 9.4% | 30.3% | · | 13.7% | |
| ROIC | 0.04% | 0.20% | · | 9.8% | 0.02% | -9.5% | · | 0.67% | -0.55% | 0.30% | · | 0.95% | 0.74% | 0.70% | · | 1.2% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.6 | · | 1.4 | 1.4 | 1.7 | · | 1.5 | 1.5 | 1.7 | · | 1.6 | 1.5 | 1.6 | · | 1.6 | |
| Quick Ratio | 0.6 | 0.7 | · | 0.6 | 0.5 | 0.7 | · | 0.7 | 0.6 | 0.6 | · | 0.7 | 0.6 | 0.7 | · | 0.6 | |
| Debt / Equity | 0.9 | 1.0 | · | 0.9 | 0.9 | 0.9 | · | 0.8 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 1.0 | |
| LT Debt / Equity | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.9 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | 0.8 | 0.9 | · | 1.0 | |
| Interest Coverage | 0.1 | -0.7 | · | 1.5 | 2.0 | -25.0 | · | 1.6 | -1.6 | 1.5 | · | 3.2 | 2.6 | 2.7 | · | 3.7 |
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 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.6 | 0.6 | · | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | |
| Receivables Turnover | 1.2 | 1.1 | · | 1.1 | 1.0 | 1.0 | · | 1.0 | 1.1 | 1.0 | · | 1.1 | 1.1 | 1.0 | · | 1.1 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14.62B | $14.11B | · | $14.35B | $14.38B | $14.47B | · | $15.15B | $15.32B | $15.25B | · | $15.67B | $15.84B | $16.12B | · | $16.92B | |
| Net Income TTM | $-170M | $-170M | · | $-170M | $-170M | $-170M | · | $-170M | $-170M | $-170M | · | $-170M | $-170M | $-170M | · | $-170M | |
| P/E | -264.7 | -5.4 | · | -3.8 | -3.3 | -3.3 | · | 68.3 | 34.3 | 15.5 | · | 10.2 | 10.4 | 9.0 | · | 7.5 | |
| Earnings Yield | -0.38% | -18.6% | · | -26.1% | -30.7% | -30.4% | · | 1.5% | 2.9% | 6.5% | · | 9.8% | 9.6% | 11.1% | · | 13.4% |
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 | $14.30B | $14.74B | $15.43B | $16.26B | $17.89B |
| Gross Margin % | 35.1% | — | — | — | — |
| Operating Margin % | -18.6% | — | — | — | — |
| Net Income | $-3.51B | $-634M | $55M | $2.08B | $-1.27B |
| Diluted EPS | $-3.00 | $-0.53 | $0.05 | $1.71 | $-1.05 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.0 | — | — | — | — |
| Current Ratio | 1.4 | — | — | — | — |
| Quick Ratio | 0.6 | — | — | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.94B | — | — | — | — |
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Institutional owners (13F) 1,132 filers · $12.6B 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 |
|---|---|---|---|---|
| 113 (-35 vs prior Q) | 87 (0 vs prior Q) | 352 (+15 vs prior Q) | 311 (+5 vs prior Q) | +245.4M |
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 | $1,590,154,649 | 127,723,265 | 12.66% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,207,625,391 | 76,046,939 | 9.61% | Shares |
| Davis Selected Advisers | $1,194,789,797 | 75,232,254 | 9.51% | Shares |
| FMR LLC | $992,936,353 | 62,527,478 | 7.91% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $861,999,430 | 54,282,080 | 6.86% | Shares |
| STATE STREET CORP | $842,743,041 | 53,069,461 | 6.71% | Shares |
| Rubric Capital Management LP | $542,599,639 | 34,168,743 | 4.32% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $458,542,313 | 28,931,625 | 3.65% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $425,986,168 | 26,825,324 | 3.39% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $320,873,980 | 20,206,170 | 2.55% | Shares |
| AMERIPRISE FINANCIAL INC | $294,863,935 | 18,568,141 | 2.35% | Shares |
| GLENVIEW CAPITAL MANAGEMENT, LLC | $156,853,255 | 9,877,409 | 1.25% | Shares |
| GOLDMAN SACHS GROUP INC | $138,959,750 | 8,750,614 | 1.11% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $132,934,942 | 8,371,218 | 1.06% | Shares |
| Callodine Capital Management, LP | $127,051,783 | 8,000,742 | 1.01% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $103,910,383 | 6,543,475 | 0.83% | Shares |
| Qube Research & Technologies Ltd | $98,141,941 | 6,180,223 | 0.78% | Shares |
| Nantahala Capital Management, LLC | $79,400,000 | 5,000,000 | 0.63% | Call option |
| Assenagon Asset Management S.A. | $79,225,415 | 4,989,006 | 0.63% | Shares |
| AMERICAN CENTURY COMPANIES INC | $73,760,258 | 4,644,851 | 0.59% | Shares |
| FRANKLIN RESOURCES INC | $73,433,026 | 4,624,246 | 0.58% | Shares |
| Gotham Asset Management, LLC | $69,469,966 | 4,374,683 | 0.55% | Shares |
| Brandywine Global Investment Management, LLC | $67,528,501 | 5,423,976 | 0.54% | Shares |
| NORGES BANK | $60,705,175 | 3,822,744 | 0.48% | Shares |
| LAKEWOOD CAPITAL MANAGEMENT, LP | $59,326,092 | 3,735,900 | 0.47% | Shares |
| BlackRock, Inc. | $50,770,853 | 3,197,157 | 0.40% | Shares |
| RHUMBLINE ADVISERS | $45,614,656 | 2,872,464 | 0.36% | Shares |
| Vanguard Global Advisers, LLC | $42,862,486 | 2,699,149 | 0.34% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $42,610,407 | 2,683,275 | 0.34% | Shares |
| FLPUTNAM INVESTMENT MANAGEMENT CO | $42,249,391 | 2,660,541 | 0.34% | Shares |
| California Public Employees Retirement System | $40,629,123 | 2,558,509 | 0.32% | Shares |
| ARGENT CAPITAL MANAGEMENT LLC | $40,499,641 | 2,550,355 | 0.32% | Shares |
| DME Capital Management, LP | $39,761,614 | 2,503,880 | 0.32% | Shares |
| Pictet Asset Management Holding SA | $39,481,647 | 2,437,987 | 0.31% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $37,396,986 | 2,354,974 | 0.30% | Shares |
| Swiss National Bank | $37,102,064 | 2,336,402 | 0.30% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $34,474,638 | 2,170,947 | 0.27% | Shares |
| FIL Ltd | $33,643,336 | 2,118,598 | 0.27% | Shares |
| Robeco Institutional Asset Management B.V. | $33,037,834 | 2,080,468 | 0.26% | Shares |
| BARCLAYS PLC | $32,535,722 | 2,048,849 | 0.26% | Shares |
| Allianz Asset Management GmbH | $32,188,236 | 2,026,967 | 0.26% | Shares |
| Legal & General Group Plc | $31,446,226 | 1,980,241 | 0.25% | Shares |
| BANK OF NOVA SCOTIA | $28,130,467 | 1,771,440 | 0.22% | Shares |
| SEI INVESTMENTS CO | $28,129,290 | 1,771,366 | 0.22% | Shares |
| BANK OF AMERICA CORP /DE/ | $28,053,767 | 1,766,610 | 0.22% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $27,953,373 | 1,760,288 | 0.22% | Shares |
| TORONTO DOMINION BANK | $27,612,303 | 1,738,810 | 0.22% | Shares |
| Invenomic Capital Management LP | $27,611,985 | 1,738,790 | 0.22% | Shares |
| Bridgewater Associates, LP | $26,969,655 | 1,698,341 | 0.21% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $26,265,777 | 1,944,173 | 0.21% | Shares |
| RAYMOND JAMES FINANCIAL INC | $24,676,772 | 1,553,953 | 0.20% | Shares |
| Camber Capital Management LP | $24,557,500 | 2,750,000 | 0.20% | Shares |
| Arnhold LLC | $23,200,267 | 1,460,974 | 0.18% | Shares |
| MANNING & NAPIER ADVISORS LLC | $23,136,612 | 1,425,546 | 0.18% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $22,918,445 | 1,443,227 | 0.18% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $22,718,786 | 1,430,654 | 0.18% | Shares |
| Quantinno Capital Management LP | $21,730,727 | 1,368,433 | 0.17% | Shares |
| Quaker Capital Investments, LLC | $21,567,486 | 1,358,154 | 0.17% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $21,126,752 | 1,330,400 | 0.17% | Put option |
| STATE OF WISCONSIN INVESTMENT BOARD | $20,950,929 | 1,319,328 | 0.17% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $20,773,000 | 1,308,106 | 0.17% | Shares |
| Man Group plc | $20,719,636 | 1,304,763 | 0.16% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $19,978,215 | 1,258,074 | 0.16% | Shares |
| Caption Management, LLC | $19,850,000 | 1,250,000 | 0.16% | Put option |
| Monaco Asset Management SAM | $19,287,419 | 1,214,573 | 0.15% | Shares |
| UBS Group AG | $18,638,340 | 1,173,699 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $18,213,709 | 1,348,165 | 0.15% | Shares |
| ARCADIA INVESTMENT MANAGEMENT CORP/MI | $17,959,195 | 1,329,326 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $17,915,228 | 1,128,163 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $17,890,408 | 1,126,600 | 0.14% | Call option |
| HIGHLAND PEAK CAPITAL, LLC | $17,495,488 | 1,101,731 | 0.14% | Shares |
| THOMPSON INVESTMENT MANAGEMENT, INC. | $17,330,906 | 1,091,367 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $16,660,991 | 1,233,234 | 0.13% | Shares |
| Bastion Asset Management Inc. | $16,191,713 | 1,052,647 | 0.13% | Shares |
| QSM Asset Management Ltd | $15,898,267 | 996,132 | 0.13% | Shares |
| TD Asset Management Inc | $15,844,127 | 997,741 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $15,495,783 | 975,805 | 0.12% | Shares |
| Sio Capital Management, LLC | $15,154,268 | 954,299 | 0.12% | Shares |
| PRUDENTIAL FINANCIAL INC | $13,466,796 | 848,035 | 0.11% | Shares |
| Illinois Municipal Retirement Fund | $13,448,693 | 846,895 | 0.11% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $13,398,528 | 843,736 | 0.11% | Shares |
| LEVIN CAPITAL STRATEGIES, L.P. | $13,365,809 | 841,676 | 0.11% | Shares |
| Woodline Partners LP | $12,753,911 | 803,143 | 0.10% | Shares |
| HSBC HOLDINGS PLC | $12,656,884 | 797,033 | 0.10% | Shares |
| EDMOND DE ROTHSCHILD HOLDING S.A. | $12,545,248 | 790,003 | 0.10% | Shares |
| CONTINENTAL ADVISORS LLC | $12,430,070 | 782,750 | 0.10% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $11,932,326 | 751,406 | 0.09% | Shares |
| Miller Value Partners, LLC | $11,642,644 | 733,164 | 0.09% | Shares |
| ALGERT GLOBAL LLC | $11,559,052 | 727,900 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,509,824 | 724,800 | 0.09% | Put option |
| VestGen Advisors, LLC | $11,228,726 | 707,099 | 0.09% | Shares |
| Atom Investors LP | $11,206,246 | 705,683 | 0.09% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $10,891,425 | 685,858 | 0.09% | Shares |
| APG Asset Management N.V. | $10,865,473 | 782,273 | 0.09% | Shares |
| MARSHALL WACE, LLP | $10,826,793 | 681,788 | 0.09% | Shares |
| LPL Financial LLC | $10,767,536 | 678,057 | 0.09% | Shares |
| Poehling Capital Management, INC. | $10,675,322 | 672,250 | 0.08% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $10,620,957 | 668,826 | 0.08% | Shares |
| CITADEL ADVISORS LLC | $10,496,680 | 661,000 | 0.08% | Call option |
| Sound Income Strategies, LLC | $10,242,156 | 644,972 | 0.08% | Shares |
Company insiders 31 insiders · 14 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Scott Andrew Smith | Chief Executive Officer | March 6, 2026 A | 1,329,326 | 0 | 0 | $0 |
| Michael Goettler | Chief Executive Officer | March 4, 2023 M | 321,653 | 0 | 0 | $0 |
| Campbell Paul | Interim Chief Financial Officer, Chief Accounting Officer and Corporate Controller | June 25, 2026 S | 316,212 | 0 | 2 | $-1,093,257 |
| Theodora Mistras | Chief Financial Officer | March 6, 2026 A | 70,645 | 0 | 0 | $0 |
| Sanjeev Narula | Chief Financial Officer | March 4, 2023 M | 73,877 | 0 | 0 | $0 |
| Anthony Mauro | President, Developed Markets | March 13, 2024 S | 243,044 | 0 | 0 | $0 |
| Xiangyang (Sean) Ni | President, Greater China | March 4, 2024 A | 90,804 | 0 | 0 | $0 |
| Andrew Cuneo | President, JANZ (Japan, Australia and New Zealand) and Emerging Markets | March 4, 2024 A | 60,055 | 0 | 0 | $0 |
| Menassie Taddese | President, Emerging Markets | May 27, 2022 S | 0 | 0 | 0 | $0 |
| Andrew Enrietti | Chief Administrative and Transformation Officer | Aug. 15, 2026 M | 234,444 | 0 | 0 | $0 |
| Corinne Le Goff | Chief Commercial Officer | April 15, 2026 M | 107,135 | 0 | 1 | $-72,078 |
| Matthew Joseph Maletta | Chief Legal Officer | March 6, 2026 A | — | 0 | 0 | $0 |
| Brian Roman | Chief Legal Officer | March 6, 2025 A | 193,916 | 0 | 0 | $0 |
| Robert J Coury | Executive Chairman | March 4, 2023 M | 1,174,515 | 0 | 0 | $0 |
| Leo Frans Groothuis | Director | June 30, 2026 A | 63,437 | 0 | 0 | $0 |
| David S Simmons | Director | June 30, 2026 A | 23,344 | 2 | 0 | $5,202 |
| Richard A Mark | Director | March 6, 2026 A | 116,145 | 0 | 0 | $0 |
| Coelho Rogerio Vivaldi | Director | March 6, 2026 A | 46,526 | 0 | 0 | $0 |
| Michael Severino | Director | March 6, 2026 A | 26,031 | 0 | 0 | $0 |
| Dillon Joellen Lyons | Director | March 6, 2026 A | 102,526 | 0 | 0 | $0 |
| Mark W Parrish | Director | March 6, 2026 A | 165,230 | 0 | 0 | $0 |
| Elisha W Finney | Director | March 6, 2026 A | 62,667 | 0 | 0 | $0 |
| Frank A Damelio | Director | March 6, 2026 A | 26,031 | 0 | 0 | $0 |
| Don W Cornwell | Director | March 6, 2026 A | 112,044 | 0 | 0 | $0 |
| Melina E Higgins | Director | March 6, 2026 A | 146,048 | 0 | 0 | $0 |
| James M Kilts | Director | March 6, 2026 A | 161,257 | 0 | 0 | $0 |
| Rajiv Malik | Director | March 6, 2025 A | 1,068,262 | 0 | 0 | $0 |
| Harry Korman | Director | March 6, 2025 A | 113,937 | 0 | 0 | $0 |
| Mohr Pauline Van Der Meer | Director | March 4, 2023 M | 40,245 | 0 | 0 | $0 |
| Ian C Read | Director | March 21, 2022 M | 14,497 | 0 | 0 | $0 |
| Neil F Dimick | Director | March 21, 2022 M | 75,200 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 159 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 |
|---|---|---|---|---|
| DUSA · Davis Fundamental ETF Trust | 4.97% | 3,855,281 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 4.18% | 4,159,839 SH | Aug. 8, 2026 | Daily |
| ADPV · Series Portfolios Trust | 4.11% | 471,687 NS | April 30, 2026 | N-PORT |
| DWLD · Davis Fundamental ETF Trust | 4.01% | 1,522,109 NS | April 30, 2026 | N-PORT |
| LBAY · Tidal Trust I | 3.80% | 41,162 NS | May 31, 2026 | N-PORT |
| PJP · Invesco Exchange-Traded Fund Trust | 2.57% | 791,598 SH | Aug. 8, 2026 | Daily |
| LYLD · Cambria ETF Trust | 2.12% | 8,544 NS | April 30, 2026 | N-PORT |
| SPDV · ETF Series Solutions | 2.08% | 125,516 NS | April 30, 2026 | N-PORT |
| ABIG · EA Series Trust | 1.97% | 67,399 NS | May 29, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.64% | 246,267 SH | Aug. 8, 2026 | Daily |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.58% | 751,666 SH | Aug. 8, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.43% | 12,352 NS | April 30, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 1.30% | 63,374 SH | Aug. 8, 2026 | Daily |
| RPV · Invesco Exchange-Traded Fund Trust | 1.14% | 1,183,250 SH | Aug. 8, 2026 | Daily |
| SYLD · Cambria ETF Trust | 1.03% | 662,665 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.94% | 42,565 NS | May 31, 2026 | N-PORT |
| CZA · Invesco Exchange-Traded Fund Trust | 0.89% | 104,432 SH | Aug. 8, 2026 | Daily |
| SPVM · Invesco Exchange-Traded Fund Trust | 0.71% | 56,727 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.71% | 6,483,864 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.66% | 251,956 NS | May 31, 2026 | N-PORT |
| COWZ · Pacer Funds Trust | 0.65% | 7,904,043 NS | April 30, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.65% | 20,246 NS | April 30, 2026 | N-PORT |
| CVY · Invesco Exchange-Traded Fund Trust | 0.64% | 48,660 SH | Aug. 8, 2026 | Daily |
| AUSF · Global X Funds | 0.55% | 287,430 NS | May 31, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.51% | 27,790 NS | May 29, 2026 | N-PORT |
| ABCS · EA Series Trust | 0.50% | 3,459 NS | May 29, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.44% | 184,557 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.40% | 117,672 NS | April 30, 2026 | N-PORT |
| STNC · Hennessy Funds Trust | 0.40% | 24,403 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.39% | 16,955,526 SH | Aug. 8, 2026 | Daily |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.37% | 2,917,765 NS | May 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.35% | 10,400,000 | Aug. 8, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.35% | 3,114,448 NS | May 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.34% | 466,740 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.33% | 1,672,565 NS | April 30, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.31% | 91,932 NS | April 30, 2026 | N-PORT |
| IYH · iShares Trust | 0.31% | 697,150 SH | Aug. 8, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.28% | 150,960 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.28% | 530,957 NS | April 30, 2026 | N-PORT |
| RXL · ProShares Trust | 0.27% | 12,010 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.27% | 67,551 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.27% | 3,499,976 SH | Aug. 8, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.26% | 115,598 SH | Aug. 8, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.26% | 49,318 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.26% | 454,086 SH | Aug. 8, 2026 | Daily |
| IMCV · iShares Trust | 0.25% | 179,939 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.25% | 581,770 SH | Aug. 8, 2026 | Daily |
| CURE · Direxion Shares ETF Trust | 0.25% | 22,967 NS | April 30, 2026 | N-PORT |
| IXJ · iShares Trust | 0.24% | 611,025 SH | Aug. 8, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 115,075 NS | April 30, 2026 | N-PORT |