WAB Westinghouse Air Brake Technologies Corporation Common Stock
$293.09
Price · Aug 19, 2026
Fundamentals as of Jul 22, 2026
52W Range
$184–$307
89% of range
Analyst Rating
BUY
18 analysts
Price Target
$324
+11% upside
P/E (TTM)
42.9
ROE
11.0%
Net Profit Margin
10.5%
About Westinghouse Air Brake Technologies Corporation Common Stock Company overview from Wikipedia
Westinghouse Air Brake Technologies Corporation, commonly known as Wabtec, is an American company formed by the merger of the Westinghouse Air Brake Company (WABCO) and MotivePower in 1999. It is headquartered in Pittsburgh, Pennsylvania.
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Westinghouse Air Brake Technologies Corporation, commonly known as Wabtec, is an American company formed by the merger of the Westinghouse Air Brake Company (WABCO) and MotivePower in 1999. It is headquartered in Pittsburgh, Pennsylvania.
Wabtec manufactures products for locomotives, freight cars and passenger transit vehicles, and builds new locomotives up to 6,000 horsepower (4 MW). It is a Fortune 500 company.
The company purchased GE Transportation on February 25, 2019.
History
The company's origins go back to 1869 with the founding of the Westinghouse Air Brake Company. That company (known as WA&B and later also as WABCO) became independent in 1990 via a management buy-out, and went public in 1995. (Another company, WABCO Vehicle Control Systems, also created from the Westinghouse Brake Company, is independent of Wabtec. It was spun off by American Standard Companies in 2007, and is today part of German automotive components firm ZF Friedrichshafen.)
The other company forming Wabtec, MotivePower, can be traced back to 1972, with the formation of the MK Rail division by Morrison Knudsen and the purchase of a manufacturing facility in Boise. In 1994 Morrison Knudsen created a subsidiary MK Rail Corporation; during the first half of the same decade the MK Rail group expanded with the acquisition of various other locomotive component companies. In 1996, MK Rail group separated from the parent Morrison Knudsen and adopted the name MotivePower Industries Corporation. In the later half of the 1990s additional companies were acquired – again all in the locomotive components business. MotivePower, a wholly owned subsidiary of Wabtec, continues to manufacture locomotives.
The corporate logo is said to represent an axial view of a mechanical brake valve, where different air ports line up between the 'stator' and 'rotor' depending upon the handle position.
On June 10, 2023, United Electrical, Radio and Machine Workers of America workers at Wabtec's Erie, Pennsylvania, plant went on strike. Issues included pay, healthcare benefits, paid time off, prohibitions on grievance strikes, and the number of tier-4 emission rules compliant locomotives built at the Erie plant. The strike ended on August 31 with an agreement that raised the pay of workers.
Mergers and acquisitions
Examples of notable mergers and acquisitions by Wabtec include:
April 1998 - RFS Industries for $10 million, rebranding it to Wabtec Rail UK.
March 2010 - Xorail, railway signaling design and construction company, for $40 million
July 2010 - G&B Specialties, track products manufacturer, for $31.8 million
August 2010 - Bach-Simpson Corporation, locomotive component supplier for $12.0 million
November 2010 - Swiger Coil Systems, Cleveland-based manufacturer of traction motors and electric coils, for approximately $43.0 million
February 2011 - Brush Traction, English locomotive builder and maintainer, for $31 million
November 2011 - Bearward Engineering, English industrial radiator manufacturer
June 2012 - Mors Smitt Holding for $88.4 million
October 2012 - LH Group, diesel engine, transmission and bogie overhaul and industrial locomotive supplier for $48 million
June 2014 - Fandstan Electric Group, rail and industrial equipment manufacturer, comprising the Brecknell Willis, Stemmann Technik and TransTech brands for $199.4 million
June 2015 - Metalocaucho (MTC), producer of suspension and anti-vibration systems for $23.4 million
December 2016 - acquired 51% of Faiveley Transport's shares in a cash-and-stock deal valued at $1.7 billion, including debt
August 2014 - Dia-Frag, manufacturer of friction products including motorcycle braking, for $70.6 million.
October 2015 - Track IQ, lineside sensor manufacturer
February 2019 - GE Transportation for $11 billion
January 2022 - Masu, New Delhi-based railway friction company, for $34 million
April 2022 - Trimble’s Beena Vision business
June 2022 - Collins Aerospace ARINC rail solutions
June 2023 - L&M Radiator, heat exchanger manufacturer in Hibbing, Minnesota
July 2025 - Evident's Inspection Technologies for $1.78 billion
December 2025 - Frauscher Sensor Technology Group, Schärding, Austria-based manufacturer of railway signalling for $783.9 million
February 2026 - Dellner Couplers for $968 million
Merger with GE Transportation
On April 20, 2018, it was reported that General Electric (GE), undergoing a strategic review, was in talks to sell its century-old locomotive business, GE Transportation, to Wabtec, according to people familiar with the matter. On May 21, 2018, GE and Wabtec confirmed the merger of GE Transportation with Wabtec in an $11 billion deal, completed on February 25, 2019, which saw Wabtec shareholders take a 50.8% shareholding in the merged company, with GE shareholders owning 24.3% and GE itself 24.9%.
Battery electric locomotive
In September 2021, at an event in Pittsburgh, Wabtec unveiled the world’s first battery-electric freight locomotive. It was the result of a joint venture with Carnegie Mellon University, and is part of an initiative by the two organizations to develop zero-emissions technology. Using a traditional locomotive body, the usual diesel engine has been replaced by a large bank of batteries, which drive the traction motors of the locomotive. Regenerative braking is used to help recharge the batteries.
Wabtec claimed that the next version of the locomotive, to be developed within two years, would reduce the consumption of diesel fuel by nearly a third, and that emissions could be entirely eliminated through the development of accompanying hydrogen fuel cells.
The first battery locomotives were for the Roy Hill railway line.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
WAB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$293.09
Market Cap
$50.00B
P/E (TTM)
42.9
EPS (TTM)
$6.83
Revenue (TTM)
$11.17B
Div Yield
0.35%
ROE
11.0%
Debt/Equity
0.5
52W Range
$184 – $307
WAB 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
$11.17B
2021-12-31
→
2025-12-31
EPS
$6.83
2021-12-31
→
2025-12-31
Free Cash Flow
$1.50B
2021-12-31
→
2025-12-31
Margins
10.5%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
WAB
Peer Median
P/E (TTM)
42.9
19.4
P/S (TTM)
4.5
1.9
P/B
4.5
3.8
Price / FCF
33.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WAB
Peer Median
Gross Margin
34.1%
27.9%
Operating Margin
16.1%
—
Net Profit Margin
10.5%
11.0%
ROA
5.7%
7.1%
ROE
11.0%
22.3%
ROIC
8.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WAB
Peer Median
Debt / Equity
0.5
—
Current Ratio
1.1
1.8
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WAB
Peer Median
Revenue YoY
7.5%
—
Revenue CAGR 3Y
10.1%
—
Revenue CAGR 5Y
8.1%
—
EPS YoY
13.1%
—
Net Income YoY
10.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WAB
Peer Median
Payout Ratio
14.8%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.35%
Payout Ratio
14.8%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 22, 2026 | $0.3100 |
| Feb. 17, 2026 | $0.3100 |
| Nov. 12, 2025 | $0.2500 |
| Aug. 14, 2025 | $0.2500 |
| May 27, 2025 | $0.2500 |
| Feb. 21, 2025 | $0.2500 |
| Nov. 13, 2024 | $0.2000 |
| Aug. 14, 2024 | $0.2000 |
| May 24, 2024 | $0.2000 |
| Feb. 22, 2024 | $0.2000 |
| Nov. 14, 2023 | $0.1700 |
| Aug. 11, 2023 | $0.1700 |
| May 26, 2023 | $0.1700 |
| Feb. 23, 2023 | $0.1700 |
| Nov. 10, 2022 | $0.1500 |
| Aug. 12, 2022 | $0.1500 |
| May 19, 2022 | $0.1500 |
| Feb. 24, 2022 | $0.1500 |
| Nov. 12, 2021 | $0.1200 |
| Aug. 12, 2021 | $0.1200 |
WAB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 6 33.3%
- Buy 7 38.9%
- Hold 5 27.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-14
Median
$326.00
Now
$293.09
Low
$280.00
High
$355.00
Median target
$326.00
+11.2%
Mean target
$324.17
+10.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.11%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.76 | $2.63 | 0.13% |
| March 31, 2026 | $2.71 | $2.53 | 0.18% |
| Dec. 31, 2025 | $2.10 | $2.10 | -0.00% |
| Sept. 30, 2025 | $2.32 | $2.29 | 0.03% |
| June 30, 2025 | $2.27 | $2.19 | 0.08% |
| March 31, 2025 | $2.28 | $2.05 | 0.23% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WAB | $36.41B | 31.3 | 7.5% | 10.5% | 11.0% | 34.1% |
| CAT | $266.56B | 30.5 | 4.3% | 13.1% | 44.4% | — |
| CMI | — | 24.9 | -1.3% | 8.8% | 26.2% | 25.3% |
| PCAR | — | 24.3 | -15.5% | 8.3% | 12.9% | — |
| ALSN | — | 13.4 | -6.7% | 20.7% | 34.4% | 48.6% |
| OSK | $7.86B | — | -2.9% | 6.2% | 14.9% | 17.4% |
| TEX | $3.46B | 16.0 | 5.7% | 4.1% | 10.9% | 19.4% |
| FSS | $6.61B | 27.1 | 17.1% | 11.3% | 18.6% | 28.9% |
| ATMU | — | 20.8 | 5.7% | 11.8% | 59.7% | 28.2% |
| TRN | — | 8.7 | -29.9% | 11.7% | 23.7% | — |
| BLBD | $1.85B | 14.9 | 9.9% | 8.6% | 61.6% | 20.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.17B | $10.39B | $9.68B | $8.36B | $7.82B | $7.56B | $8.20B | $4.36B | $3.88B | $2.93B | $3.31B | $3.04B | |
| Cost of Revenue | $7.36B | $7.02B | $6.73B | $5.82B | $5.45B | $5.42B | $5.92B | $3.13B | $2.82B | $2.01B | $2.26B | $2.11B | |
| Gross Profit | $3.81B | $3.37B | $2.94B | $2.54B | $2.37B | $2.14B | $2.28B | $1.23B | $1.07B | $924M | $1.05B | $936M | |
| R&D Expense | $223M | $206M | $218M | $209M | $176M | $162M | $210M | $88M | $95M | $71M | $71M | $62M | |
| SG&A Expense | $1.49B | $1.25B | $1.14B | $1.03B | $1.03B | $948M | $1.17B | $633M | $512M | $374M | $347M | $325M | |
| Operating Expenses | $2.01B | $1.76B | $1.68B | $1.53B | $1.49B | $1.39B | $1.61B | $760M | $644M | $468M | $440M | $409M | |
| Operating Income | $1.79B | $1.61B | $1.27B | $1.01B | $876M | $745M | $663M | $473M | $421M | $457M | $608M | $527M | |
| Other Non-op | $-2M | $2M | $32M | $-1M | $1M | $-1M | $-1M | $1M | $3M | $629.0K | $-652.0K | $765.0K | |
| Pretax Income | $1.59B | $1.41B | $1.09B | $854M | $737M | $557M | $447M | $368M | $352M | $413M | $585M | $508M | |
| Income Tax | $409M | $343M | $267M | $213M | $172M | $145M | $120M | $76M | $90M | $99M | $187M | $156M | |
| Net Income | $1.17B | $1.06B | $815M | $633M | $558M | $414M | $327M | $295M | $262M | $305M | $399M | $352M | |
| EPS (Basic) | $6.84 | $6.05 | $4.54 | $3.46 | $2.96 | $2.18 | $1.91 | $3.06 | $2.74 | $3.37 | $4.14 | $3.66 | |
| EPS (Diluted) | $6.83 | $6.04 | $4.53 | $3.46 | $2.96 | $2.17 | $1.84 | $3.05 | $2.72 | $3.34 | $4.10 | $3.62 | |
| Shares (Basic) | 170,500,000 | 174,100,000 | 178,800,000 | 182,200,000 | 187,700,000 | 189,900,000 | 170,500,000 | 96,000,000 | 95,500,000 | 90,359,000 | 96,074,000 | 95,781,000 | |
| Shares (Diluted) | 171,100,000 | 174,800,000 | 179,500,000 | 182,800,000 | 188,100,000 | 190,400,000 | 177,300,000 | 96,500,000 | 96,100,000 | 91,141,000 | 97,006,000 | 96,885,000 | |
| EBITDA | $1.79B | $1.61B | $1.27B | $1.01B | $876M | $744M | $663M | $473M | $422M | $458M | $608M | $527M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | $473M | $599M | $604M | $581M | $233M | $1.14B | $226M | $426M | |
| Receivables | $1.41B | $1.15B | $1.16B | $975M | $1.08B | $969M | $1.15B | $801M | $801M | $668M | $495M | $443M | |
| Inventory | $2.75B | $2.31B | $2.28B | $2.03B | $1.69B | $1.64B | $1.77B | $845M | $743M | $659M | $479M | $511M | |
| Other Current Assets | $263M | $212M | $267M | $233M | $193M | $227M | $151M | $116M | $122M | $123M | $34M | $26M | |
| Current Assets | $5.69B | $4.94B | $4.86B | $4.33B | $3.83B | $3.88B | $4.19B | $4.45B | $2.27B | $2.87B | $1.54B | $1.64B | |
| PP&E (Net) | $1.62B | $1.45B | $1.49B | $1.43B | $1.50B | $1.60B | $1.66B | $564M | $574M | $518M | $353M | $339M | |
| PP&E (Gross) | $3.11B | $2.75B | $2.67B | $2.48B | $2.40B | $2.37B | $2.22B | $1.04B | $1.03B | $912M | $717M | $683M | |
| Accum. Depreciation | $1.49B | $1.31B | $1.19B | $1.05B | $906M | $772M | $560M | $473M | $452M | $394M | $364M | $344M | |
| Goodwill | $10.22B | $8.71B | $8.78B | $8.51B | $8.59B | $8.48B | $8.36B | $2.40B | $2.46B | $2.08B | $859M | $862M | |
| Intangibles | $3.84B | $2.93B | $3.21B | $3.40B | $3.71B | $3.87B | $4.10B | $1.13B | $1.20B | $1.05B | $441M | $423M | |
| Other Non-current Assets | $705M | $668M | $663M | $850M | $833M | $619M | $632M | $109M | $76M | $62M | $37M | $42M | |
| Total Assets | $22.07B | $18.70B | $18.99B | $18.52B | $18.45B | $18.45B | $18.94B | $8.65B | $6.58B | $6.58B | $3.23B | $3.30B | |
| Accounts Payable | $1.40B | $1.30B | $1.25B | $1.30B | $1.01B | $909M | $1.16B | $589M | $553M | $530M | $320M | $400M | |
| Current Liabilities | $5.15B | $3.79B | $4.06B | $3.47B | $2.91B | $3.23B | $3.26B | $1.65B | $1.57B | $1.45B | $665M | $739M | |
| Deferred Tax | $606M | $376M | $318M | $326M | $288M | $168M | $145M | $198M | $176M | $246M | $73M | $113M | |
| Other Non-current Liabilities | $832M | $921M | $740M | $721M | $743M | $783M | $809M | $47M | $60M | $23M | $23M | $21M | |
| Total Liabilities | $10.88B | $8.57B | $8.46B | $8.37B | $8.21B | $8.30B | $8.95B | $5.78B | $3.75B | $3.60B | $1.53B | $1.50B | |
| Long-term Debt | $5.54B | $3.98B | $4.07B | $4.00B | $4.06B | $4.24B | $4.43B | $3.86B | · | · | · | · | |
| Total Debt | $5.54B | $3.98B | $4.07B | $4.00B | $4.06B | $4.24B | $4.43B | · | · | · | · | · | |
| Common Stock | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | |
| Retained Earnings | $3.88B | $6.18B | $5.27B | $4.58B | $4.05B | $3.59B | $3.27B | $3.02B | $2.77B | $2.55B | $2.28B | $1.91B | |
| Treasury Stock | $190M | $3.27B | $2.17B | $1.77B | $1.31B | $1.01B | $807M | $816M | $827M | $839M | $775M | $392M | |
| AOCI | $-616M | $-846M | $-590M | $-661M | $-466M | $-339M | $-383M | $-257M | $-45M | $-380M | $-277M | $-159M | |
| Stockholders' Equity | $11.14B | $10.09B | $10.49B | $10.10B | $10.20B | $10.12B | $9.96B | $2.87B | $2.81B | $2.21B | $1.70B | $1.81B | |
| Liabilities + Equity | $22.07B | $18.70B | $18.99B | $18.52B | $18.45B | $18.45B | $18.94B | $8.65B | $6.58B | $6.58B | $3.23B | $3.30B | |
| Shares Outstanding | 170,600,000 | 171,300,000 | 226,900,000 | 226,900,000 | 226,900,000 | 226,900,000 | 226,900,000 | 96,614,946 | 96,034,352 | 95,425,432 | 91,836,106 | 96,274,395 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $501M | $503M | $531M | $479M | $491M | $473M | $401M | $109M | $103M | $70M | $65M | $61M | |
| Stock-based Comp | $80M | $66M | $47M | $41M | $46M | $20M | $50M | $25M | $21M | $21M | $26M | $26M | |
| Deferred Tax | $11M | $51M | $-58M | $36M | $88M | $29M | $-27M | $-5M | $-67M | $-10M | $5M | $-7M | |
| Amort. of Intangibles | $300M | $303M | $321M | $291M | $287M | $282M | $238M | $40M | $36M | $23M | $22M | $22M | |
| Restructuring | · | $28M | $49M | $46M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $1.76B | $1.83B | $1.20B | $1.04B | $1.07B | $784M | $1.02B | $315M | $189M | $451M | $451M | $472M | |
| CapEx | $260M | $207M | $186M | $149M | $130M | $136M | $186M | $93M | $90M | $50M | $49M | $48M | |
| Investing Cash Flow | $-2.75B | $-343M | $-492M | $-235M | $-540M | $-155M | $-3.18B | $-147M | $-1.03B | $-233M | $-380M | $-348M | |
| Stock Repurchased | $223M | $1.10B | $409M | $473M | $300M | $207M | $0 | $0 | $0 | $212M | $388M | $27M | |
| Net Stock Activity | $-223M | $-1.10B | $-409M | $-473M | $-300M | $-207M | · | $0 | $0 | $-212M | $-388M | $-27M | |
| Dividends Paid | $173M | $140M | $123M | $111M | $92M | $93M | $82M | $46M | $42M | $32M | $27M | $19M | |
| Financing Cash Flow | $1.03B | $-1.37B | $-633M | $-708M | $-653M | $-619M | $461M | $1.98B | $-97M | $523M | $-251M | $26M | |
| Net Change in Cash | $74M | $95M | $79M | $68M | $-126M | $-5M | $-1.74B | $2.11B | $-910M | $714M | $-200M | $140M | |
| Taxes Paid | $342M | $237M | $233M | $157M | $123M | $129M | $100M | $84M | $89M | $122M | $148M | $125M | |
| Free Cash Flow | $1.50B | $1.63B | $1.01B | $889M | $943M | $647M | $830M | $221M | $99M | $399M | $399M | $425M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.1% | 32.4% | 30.4% | 30.4% | 30.3% | 28.3% | 27.8% | 28.3% | 27.4% | 31.5% | 31.7% | 30.7% | |
| Operating Margin | 16.1% | 15.5% | 13.1% | 12.1% | 11.2% | 9.8% | 8.1% | 10.8% | 10.9% | 15.6% | 18.4% | 17.3% | |
| Net Margin | 10.5% | 10.2% | 8.4% | 7.6% | 7.1% | 5.5% | 4.0% | 6.8% | 6.8% | 10.4% | 12.0% | 11.6% | |
| Pretax Margin | 14.3% | 13.6% | 11.3% | 10.2% | 9.4% | 7.4% | 5.5% | 8.4% | 9.1% | 14.1% | 17.7% | 16.7% | |
| EBITDA Margin | 16.1% | 15.5% | 13.1% | 12.1% | 11.2% | 9.8% | 8.1% | 10.8% | 10.9% | 15.6% | 18.4% | 17.3% | |
| ROA | 5.7% | 5.7% | 4.3% | 3.4% | 3.0% | 2.2% | 2.4% | 3.9% | 4.0% | 6.2% | 12.1% | 11.5% | |
| ROE | 11.0% | 10.3% | 7.9% | 6.2% | 5.5% | 4.1% | 5.1% | 10.4% | 9.8% | 15.6% | 22.7% | 20.7% | |
| ROIC | 8.0% | 8.6% | 6.6% | 5.4% | 4.7% | 3.8% | 3.4% | 13.1% | 11.2% | 15.8% | 24.3% | 20.2% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.3 | 1.2 | 1.2 | 1.3 | 1.2 | 1.3 | 2.7 | 1.4 | 2.0 | 2.4 | 2.2 | |
| Quick Ratio | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.5 | 0.5 | 0.8 | 0.7 | 0.7 | 1.1 | 1.2 | |
| Debt / Equity | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | · | · | · | · | · | |
| LT Debt / Equity | 0.4 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.6 | 0.5 | 0.5 | 0.4 | 0.4 | 0.6 | 0.6 | 0.6 | 0.6 | 1.0 | 1.0 | |
| Inventory Turnover | 2.9 | 3.1 | 3.1 | 3.1 | 3.3 | 3.2 | 4.5 | 3.9 | 3.8 | 3.5 | 4.6 | 4.6 | |
| Receivables Turnover | 8.7 | 9.0 | 9.1 | 8.1 | 7.6 | 7.1 | 8.4 | 5.4 | 4.8 | 5.0 | 7.0 | 7.7 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.5% | 7.3% | 15.7% | 6.9% | 3.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 10.1% | 9.9% | 8.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 13.1% | 33.3% | 30.9% | 16.9% | 36.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 25.4% | 26.8% | 27.8% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 25.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 10.8% | 29.6% | 28.7% | 13.4% | 34.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 22.7% | 23.7% | 25.3% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 23.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 13.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11.17B | $10.39B | $9.68B | $8.36B | $7.82B | $7.56B | $8.20B | $4.36B | $3.88B | $2.93B | $3.31B | $3.04B | |
| Net Income TTM | $1.17B | $1.06B | $815M | $633M | $558M | $414M | $327M | $295M | $262M | $305M | $399M | $352M | |
| Market Cap | $36.41B | $32.48B | $22.56B | $18.09B | $17.11B | $13.83B | $14.91B | $6.79B | $7.82B | $7.92B | $6.53B | $8.37B | |
| Enterprise Value | · | · | · | · | $20.70B | $17.47B | $18.74B | · | · | · | · | · | |
| P/E | 31.3 | 31.4 | 28.0 | 28.8 | 31.1 | 33.7 | 42.3 | 23.0 | 29.9 | 24.9 | 17.3 | 24.0 | |
| P/S | 3.3 | 3.1 | 2.3 | 2.2 | 2.2 | 1.8 | 1.8 | 1.6 | 2.0 | 2.7 | 2.0 | 2.7 | |
| P/B | 3.3 | 3.2 | 2.2 | 1.8 | 1.7 | 1.4 | 1.5 | 2.4 | 2.8 | 3.6 | 3.8 | 4.6 | |
| P / Cash Flow | 20.7 | 17.7 | 18.8 | 17.4 | 15.9 | 17.6 | 14.7 | 21.6 | 41.4 | 17.6 | 14.6 | 17.7 | |
| P / FCF | 24.3 | 20.0 | 22.2 | 20.3 | 18.1 | 21.4 | 18.0 | 30.7 | 78.7 | 19.9 | 16.4 | 19.7 | |
| EV / EBITDA | · | · | · | · | 23.6 | 23.5 | 28.3 | · | · | · | · | · | |
| EV / FCF | · | · | · | · | 22.0 | 27.0 | 22.6 | · | · | · | · | · | |
| EV / Revenue | · | · | · | · | 2.6 | 2.3 | 2.3 | · | · | · | · | · | |
| Dividend Yield | 0.48% | 0.43% | 0.55% | 0.61% | 0.54% | 0.67% | 0.55% | 0.68% | 0.54% | 0.41% | 0.41% | 0.23% | |
| Earnings Yield | 3.2% | 3.2% | 3.6% | 3.5% | 3.2% | 3.0% | 2.4% | 4.3% | 3.3% | 4.0% | 5.8% | 4.2% | |
| Payout Ratio | 14.8% | 13.3% | 15.1% | 17.5% | 16.5% | 22.3% | 25.0% | 15.7% | 16.1% | 10.6% | 6.8% | 5.5% | |
| Annual Payout | $173M | $140M | $123M | $111M | $92M | $93M | $82M | $46M | $42M | $32M | $27M | $19M |
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 | $3.18B | $2.95B | $2.96B | $2.89B | $2.71B | $2.61B | $2.58B | $2.66B | $2.64B | $2.50B | $2.53B | $2.55B | $2.41B | $2.19B | $2.31B | $2.08B | |
| Cost of Revenue | $2.02B | $1.89B | $2.00B | $1.88B | $1.77B | $1.71B | $1.79B | $1.78B | $1.77B | $1.68B | $1.76B | $1.76B | $1.68B | $1.53B | $1.65B | $1.43B | |
| Gross Profit | $1.16B | $1.06B | $966M | $1.00B | $938M | $900M | $797M | $880M | $874M | $815M | $764M | $792M | $723M | $665M | $652M | $648M | |
| R&D Expense | $70M | $56M | $68M | $59M | $50M | $46M | $51M | $50M | $57M | $48M | $61M | $53M | $53M | $51M | $60M | $54M | |
| SG&A Expense | $400M | $401M | $461M | $375M | $347M | $307M | $333M | $318M | $316M | $281M | $296M | $295M | $285M | $263M | $272M | $260M | |
| Operating Expenses | $561M | $544M | $610M | $511M | $466M | $426M | $463M | $447M | $444M | $403M | $456M | $422M | $411M | $389M | $405M | $387M | |
| Operating Income | $600M | $517M | $356M | $491M | $472M | $474M | $334M | $433M | $430M | $412M | $308M | $370M | $312M | $276M | $247M | $261M | |
| Other Non-op | $-1M | $1M | $1M | $-2M | $-2M | $1M | $2M | $-1M | $2M | $-1M | $34M | $-1M | $-1M | $0 | $-1M | $2M | |
| Pretax Income | $518M | $469M | $291M | $425M | $450M | $426M | $284M | $378M | $385M | $363M | $280M | $320M | $259M | $233M | $210M | $217M | |
| Income Tax | $122M | $106M | $87M | $112M | $111M | $99M | $71M | $92M | $94M | $86M | $63M | $78M | $66M | $60M | $51M | $54M | |
| Net Income | $395M | $362M | $202M | $310M | $336M | $322M | $212M | $283M | $289M | $272M | $215M | $240M | $191M | $169M | $158M | $160M | |
| EPS (Basic) | $2.33 | $2.12 | $1.19 | $1.81 | $1.96 | $1.88 | $1.24 | $1.63 | $1.64 | $1.54 | $1.20 | $1.34 | $1.06 | $0.94 | $0.87 | $0.88 | |
| EPS (Diluted) | $2.33 | $2.12 | $1.18 | $1.81 | $1.96 | $1.88 | $1.24 | $1.63 | $1.64 | $1.53 | $1.21 | $1.33 | $1.06 | $0.93 | $0.87 | $0.88 | |
| Shares (Basic) | 169,100,000 | 170,000,000 | -341,100,000 | 170,500,000 | 170,600,000 | 170,500,000 | -351,200,000 | 173,400,000 | 175,400,000 | 176,500,000 | -358,600,000 | 178,600,000 | 178,900,000 | 179,900,000 | -365,500,000 | 181,300,000 | |
| Shares (Diluted) | 169,600,000 | 170,700,000 | -342,500,000 | 171,100,000 | 171,200,000 | 171,300,000 | -352,500,000 | 174,100,000 | 176,000,000 | 177,200,000 | -359,700,000 | 179,200,000 | 179,400,000 | 180,600,000 | -366,500,000 | 181,900,000 | |
| EBITDA | $600M | $517M | · | $491M | $472M | $474M | · | $433M | $430M | $412M | · | $370M | $312M | $276M | · | $261M |
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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $514M | |
| Receivables | $1.72B | $1.78B | $1.41B | $1.66B | $1.44B | $1.39B | $1.15B | $1.23B | $1.27B | $997M | · | $1.10B | $1.01B | $956M | · | $1.00B | |
| Inventory | $2.86B | $2.85B | $2.75B | $2.75B | $2.57B | $2.38B | $2.31B | $2.38B | $2.36B | $2.36B | · | $2.25B | $2.32B | $2.23B | · | $2.02B | |
| Other Current Assets | $345M | $340M | $263M | $315M | $285M | $247M | $212M | $202M | $267M | $263M | · | $282M | $277M | $275M | · | $200M | |
| Current Assets | $6.04B | $5.97B | $5.69B | $5.79B | $6.35B | $5.25B | $4.94B | $4.77B | $5.03B | $4.80B | · | $4.63B | $4.66B | $4.50B | · | $4.20B | |
| PP&E (Net) | $1.65B | $1.65B | $1.62B | $1.53B | $1.48B | $1.46B | $1.45B | $1.44B | $1.44B | $1.45B | · | $1.42B | $1.44B | $1.42B | · | $1.40B | |
| PP&E (Gross) | · | · | $3.11B | · | · | · | $2.75B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $1.49B | · | · | · | $1.31B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $10.60B | $10.62B | $10.22B | $9.85B | $8.94B | $8.79B | $8.71B | $8.79B | $8.71B | $8.73B | $8.78B | $8.59B | $8.66B | $8.54B | $8.51B | $8.36B | |
| Intangibles | $4.12B | $4.24B | $3.84B | $3.55B | $2.89B | $2.89B | $2.93B | $3.00B | $3.03B | $3.12B | · | $3.27B | $3.36B | $3.33B | · | $3.41B | |
| Other Non-current Assets | $709M | $706M | $705M | $806M | $736M | $700M | $668M | $649M | $673M | $658M | · | $890M | $863M | $878M | · | $890M | |
| Total Assets | $23.13B | $23.20B | $22.07B | $21.53B | $20.39B | $19.10B | $18.70B | $18.64B | $18.88B | $18.75B | · | $18.80B | $18.98B | $18.67B | · | $18.26B | |
| Accounts Payable | $1.43B | $1.42B | $1.40B | $1.43B | $1.41B | $1.32B | $1.30B | $1.34B | $1.33B | $1.29B | · | $1.24B | $1.31B | $1.35B | · | $1.21B | |
| Current Liabilities | $5.39B | $5.83B | $5.15B | $4.06B | $3.61B | $3.93B | $3.79B | $3.68B | $3.65B | $3.15B | · | $3.89B | $4.17B | $4.17B | · | $3.33B | |
| Deferred Tax | $724M | $729M | $606M | $553M | $411M | $390M | $376M | $295M | $323M | $321M | · | $355M | $359M | $333M | · | $287M | |
| Other Non-current Liabilities | $858M | $773M | $832M | $717M | $681M | $802M | $921M | $798M | $831M | $710M | · | $787M | $713M | $742M | · | $692M | |
| Total Liabilities | $11.88B | $12.04B | $10.88B | $10.43B | $9.55B | $8.68B | $8.57B | $8.35B | $8.36B | $8.24B | · | $8.43B | $8.76B | $8.54B | · | $8.34B | |
| Long-term Debt | $6.57B | $6.54B | $5.54B | $5.29B | $4.78B | $4.01B | $3.98B | $4.02B | $4.00B | $4.00B | · | $4.05B | $4.39B | $4.16B | · | $4.08B | |
| Total Debt | $6.57B | $6.54B | · | $5.29B | $4.78B | $4.01B | · | $4.02B | $4.00B | $4.00B | · | $4.05B | $4.39B | $4.16B | · | $4.08B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Retained Earnings | $4.53B | $4.19B | $3.88B | $3.72B | $3.45B | $3.16B | $6.18B | $6.01B | $5.76B | $5.50B | · | $5.08B | $4.88B | $4.71B | · | $4.45B | |
| Treasury Stock | $630M | $416M | $190M | $115M | $116M | $69M | $3.27B | $3.15B | $2.54B | $2.35B | · | $2.01B | $2.01B | $1.94B | · | $1.70B | |
| AOCI | $-729M | $-689M | $-616M | $-604M | $-561M | $-733M | $-846M | $-607M | $-720M | $-667M | · | $-713M | $-624M | $-631M | · | $-808M | |
| Stockholders' Equity | $11.21B | $11.10B | $11.14B | $11.05B | $10.80B | $10.37B | $10.09B | $10.25B | $10.48B | $10.46B | · | $10.33B | $10.19B | $10.09B | · | $9.88B | |
| Liabilities + Equity | $23.13B | $23.20B | $22.07B | $21.53B | $20.39B | $19.10B | $18.70B | $18.64B | $18.88B | $18.75B | · | $18.80B | $18.98B | $18.67B | · | $18.26B | |
| Shares Outstanding | 169,100,000 | 169,900,000 | 170,600,000 | 170,900,000 | 170,900,000 | 171,100,000 | 171,300,000 | 171,900,000 | 175,600,000 | 176,800,000 | 226,900,000 | 179,100,000 | 179,100,000 | 179,800,000 | 226,900,000 | 181,900,000 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $143M | $139M | $136M | $128M | $117M | $120M | $128M | $134M | $118M | $123M | $160M | $125M | $123M | $123M | $120M | $119M | |
| Stock-based Comp | $28M | $22M | $22M | $22M | $19M | $17M | $22M | $18M | $14M | $12M | $11M | $14M | $12M | $10M | $11M | $10M | |
| Amort. of Intangibles | $91M | $87M | $81M | $77M | $69M | $73M | $79M | $79M | $71M | $74M | $99M | $74M | $73M | $75M | $73M | $73M | |
| Restructuring | · | · | · | · | · | · | · | $10M | $4M | $8M | · | $13M | $8M | $9M | · | · | |
| Operating Cash Flow | $441M | $199M | $992M | $367M | $209M | $191M | $723M | $542M | $235M | $334M | $686M | $425M | $115M | $-25M | $410M | $204M | |
| CapEx | $62M | $46M | $122M | $55M | $39M | $44M | $84M | $46M | $46M | $31M | $77M | $39M | $38M | $32M | $67M | $32M | |
| Investing Cash Flow | $-55M | $-1.10B | $-860M | $-1.79B | $-54M | $-44M | $-237M | $-49M | $-38M | $-19M | $-156M | $-43M | $-261M | $-32M | $-86M | $-32M | |
| Stock Repurchased | $215M | $242M | $75M | $0 | $50M | $98M | $123M | $599M | $200M | $175M | $157M | $0 | $74M | $178M | $73M | $1M | |
| Net Stock Activity | · | $-242M | · | · | · | $-98M | · | · | · | $-175M | · | · | · | $-178M | · | · | |
| Dividends Paid | $53M | $53M | $43M | $43M | $44M | $43M | $34M | $35M | $35M | $36M | $31M | $30M | $31M | $31M | $28M | $28M | |
| Financing Cash Flow | $-248M | $656M | $124M | $453M | $626M | $-172M | $-162M | $-686M | $-234M | $-289M | $-310M | $-353M | $102M | $-72M | $-313M | $-139M | |
| Net Change in Cash | $139M | $-258M | $261M | $-971M | $801M | $-17M | $305M | $-185M | $-44M | $19M | $228M | $21M | $-46M | $-124M | $27M | $13M | |
| Free Cash Flow | · | $153M | · | · | · | $147M | · | · | · | $303M | · | · | · | $-57M | · | · |
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 | 36.5% | 36.0% | · | 34.7% | 34.7% | 34.5% | · | 33.1% | 33.1% | 32.6% | · | 31.1% | 30.0% | 30.3% | · | 31.1% | |
| Operating Margin | 18.9% | 17.5% | · | 17.0% | 17.4% | 18.2% | · | 16.3% | 16.3% | 16.5% | · | 14.5% | 13.0% | 12.6% | · | 12.5% | |
| Net Margin | 12.4% | 12.3% | · | 10.7% | 12.4% | 12.3% | · | 10.6% | 10.9% | 10.9% | · | 9.4% | 7.9% | 7.7% | · | 7.7% | |
| Pretax Margin | 16.3% | 15.9% | · | 14.7% | 16.6% | 16.3% | · | 14.2% | 14.6% | 14.5% | · | 12.6% | 10.8% | 10.6% | · | 10.4% | |
| EBITDA Margin | 18.9% | 17.5% | · | 17.0% | 17.4% | 18.2% | · | 16.3% | 16.3% | 16.5% | · | 14.5% | 13.0% | 12.6% | · | 12.5% | |
| ROA | 1.8% | 1.7% | · | 1.5% | 1.7% | 1.7% | · | 1.5% | 1.5% | 1.5% | · | 1.3% | 1.0% | 0.91% | · | 0.87% | |
| ROE | 3.6% | 3.4% | · | 2.9% | 3.2% | 3.1% | · | 2.8% | 2.8% | 2.6% | · | 2.4% | 1.9% | 1.7% | · | 1.6% | |
| ROIC | 2.6% | 2.3% | · | 2.2% | 2.3% | 2.5% | · | 2.3% | 2.2% | 2.2% | · | 1.9% | 1.6% | 1.4% | · | 1.4% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.0 | · | 1.4 | 1.8 | 1.3 | · | 1.3 | 1.4 | 1.5 | · | 1.2 | 1.1 | 1.1 | · | 1.3 | |
| Quick Ratio | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.5 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.5 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | |
| LT Debt / Equity | 0.4 | 0.4 | · | 0.5 | 0.4 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | 0.4 |
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 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.7 | · | 0.8 | 0.8 | 0.7 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | |
| Receivables Turnover | 2.0 | 1.9 | · | 2.0 | 2.0 | 2.2 | · | 2.3 | 2.3 | 2.6 | · | 2.4 | 2.4 | 2.2 | · | 2.1 |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11.72B | $11.15B | · | $10.87B | $10.62B | $10.41B | · | $10.35B | $10.10B | $9.65B | · | $9.23B | $8.73B | $8.25B | · | $7.96B | |
| Net Income TTM | $1.40B | $1.33B | · | $1.25B | $1.23B | $1.17B | · | $1.08B | $992M | $872M | · | $760M | $686M | $644M | · | $606M | |
| Market Cap | $45.59B | $42.46B | · | $34.26B | $35.78B | $31.03B | · | $31.25B | $27.75B | $25.76B | · | $19.03B | $19.64B | $18.17B | · | $14.80B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $18.36B | |
| P/E | 32.8 | 32.2 | · | 27.5 | 29.4 | 27.1 | · | 29.7 | 28.4 | 30.0 | · | 25.3 | 29.0 | 28.7 | · | 24.8 | |
| P/S | 3.9 | 3.8 | · | 3.2 | 3.4 | 3.0 | · | 3.0 | 2.7 | 2.7 | · | 2.1 | 2.2 | 2.2 | · | 1.9 | |
| P/B | 4.1 | 3.8 | · | 3.1 | 3.3 | 3.0 | · | 3.0 | 2.6 | 2.5 | · | 1.8 | 1.9 | 1.8 | · | 1.5 | |
| P / Cash Flow | · | 213.4 | · | · | · | 162.5 | · | · | · | 77.1 | · | · | · | -726.8 | · | · | |
| P / FCF | · | 277.5 | · | · | · | 211.1 | · | · | · | 85.0 | · | · | · | -318.8 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 70.3 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 2.3 | |
| Earnings Yield | 3.0% | 3.1% | · | 3.6% | 3.4% | 3.7% | · | 3.4% | 3.5% | 3.3% | · | 4.0% | 3.5% | 3.5% | · | 4.0% | |
| Payout Ratio | · | 14.6% | · | · | · | 13.4% | · | · | · | 13.2% | · | · | · | 18.3% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $11.17B | — | — | $10.39B | — |
| Gross Margin % | 34.1% | — | — | 32.4% | — |
| Operating Margin % | 16.1% | — | — | 15.5% | — |
| Net Income | $1.17B | — | — | $1.06B | — |
| Diluted EPS | $6.83 | — | — | $6.04 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.5 | — | — | 0.4 | — |
| Current Ratio | 1.1 | — | — | 1.3 | — |
| Quick Ratio | 0.3 | — | — | 0.3 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.50B | — | — | $1.63B | — |
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Institutional owners (13F) 1,295 filers · $24.8B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 124 (-49 vs prior Q) | 73 (-22 vs prior Q) | 407 (+31 vs prior Q) | 387 (+38 vs prior Q) | +23.0M |
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 |
|---|---|---|---|---|
| FMR LLC | $4,016,661,655 | 14,898,597 | 16.19% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,988,214,048 | 11,083,880 | 12.05% | Shares |
| STATE STREET CORP | $2,131,389,661 | 7,905,748 | 8.59% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,933,209,666 | 7,170,659 | 7.79% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,064,671,452 | 3,967,166 | 4.29% | Shares |
| Select Equity Group, L.P. | $652,850,419 | 2,421,552 | 2.63% | Shares |
| NORGES BANK | $511,367,305 | 1,896,763 | 2.06% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $415,954,247 | 1,542,857 | 1.68% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $393,852,669 | 1,460,880 | 1.59% | Shares |
| AMERICAN CENTURY COMPANIES INC | $287,337,403 | 1,065,784 | 1.16% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $287,209,682 | 1,063,267 | 1.16% | Shares |
| FIL Ltd | $273,715,174 | 1,015,264 | 1.10% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $259,062,953 | 960,916 | 1.04% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $256,846,842 | 952,696 | 1.04% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $241,158,009 | 894,503 | 0.97% | Shares |
| VANGUARD GROUP INC | $203,732,902 | 954,476 | 0.82% | Shares |
| AVIVA PLC | $192,990,734 | 715,841 | 0.78% | Shares |
| PointState Capital LP | $172,127,468 | 638,455 | 0.69% | Shares |
| Vontobel Holding Ltd. | $162,699,017 | 603,483 | 0.66% | Shares |
| Santori & Peters, Inc. | $162,646,908 | 603,290 | 0.66% | Shares |
| Impax Asset Management Group plc | $150,640,917 | 558,757 | 0.61% | Shares |
| Robeco Institutional Asset Management B.V. | $147,144,445 | 545,788 | 0.59% | Shares |
| Junto Capital Management LP | $142,006,947 | 526,732 | 0.57% | Shares |
| Burgundy Asset Management Ltd. | $139,083,736 | 718,779 | 0.56% | Shares |
| PARK PRESIDIO CAPITAL LLC | $132,190,542 | 490,321 | 0.53% | Shares |
| ALLIANCEBERNSTEIN L.P. | $132,131,915 | 528,718 | 0.53% | Shares |
| AustralianSuper Pty Ltd | $131,557,521 | 487,973 | 0.53% | Shares |
| Swiss National Bank | $129,415,818 | 480,029 | 0.52% | Shares |
| BlackRock, Inc. | $121,469,628 | 450,555 | 0.49% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $120,003,813 | 445,118 | 0.48% | Shares |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $116,078,167 | 430,557 | 0.47% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $110,196,843 | 408,742 | 0.44% | Shares |
| California Public Employees Retirement System | $102,842,425 | 381,463 | 0.41% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $101,854,071 | 377,797 | 0.41% | Shares |
| GOLDMAN SACHS GROUP INC | $101,561,825 | 376,713 | 0.41% | Shares |
| Boston Partners | $100,986,500 | 374,579 | 0.41% | Shares |
| Legal & General Group Plc | $100,479,651 | 372,699 | 0.41% | Shares |
| Alyeska Investment Group, L.P. | $99,138,930 | 367,726 | 0.40% | Shares |
| Vanguard Global Advisers, LLC | $98,403,461 | 364,998 | 0.40% | Shares |
| Candriam S.C.A. | $98,049,140 | 364,034 | 0.40% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $92,129,599 | 341,727 | 0.37% | Shares |
| RHUMBLINE ADVISERS | $86,064,044 | 319,229 | 0.35% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $84,614,499 | 313,852 | 0.34% | Shares |
| Amundi | $81,562,088 | 302,530 | 0.33% | Shares |
| Erste Asset Management GmbH | $80,088,057 | 298,115 | 0.32% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $78,783,118 | 292,319 | 0.32% | Shares |
| BLAIR WILLIAM & CO/IL | $72,451,473 | 268,737 | 0.29% | Shares |
| National Pension Service | $72,260,888 | 268,030 | 0.29% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $70,447,130 | 281,890 | 0.28% | Shares |
| TREMBLANT CAPITAL GROUP | $68,158,654 | 252,814 | 0.27% | Shares |
| PFA Pension, Forsikringsaktieselskab | $65,192,189 | 241,811 | 0.26% | Shares |
| NEUBERGER BERMAN GROUP LLC | $65,057,576 | 241,311 | 0.26% | Shares |
| Bristol Gate Capital Partners Inc. | $63,342,836 | 234,949 | 0.26% | Shares |
| Resona Asset Management Co.,Ltd. | $62,805,998 | 233,300 | 0.25% | Shares |
| MARSHALL WACE, LLP | $62,008,000 | 230,000 | 0.25% | Shares |
| BECK MACK & OLIVER LLC | $61,868,347 | 229,482 | 0.25% | Shares |
| BANK OF NOVA SCOTIA | $58,145,980 | 215,675 | 0.23% | Shares |
| Maple Rock Capital Partners Inc. | $58,071,840 | 215,400 | 0.23% | Shares |
| PINEBRIDGE INVESTMENTS LLC | $58,023,042 | 215,219 | 0.23% | Shares |
| FIRST TRUST ADVISORS LP | $57,250,334 | 212,353 | 0.23% | Shares |
| Nuveen, LLC | $55,508,214 | 205,891 | 0.22% | Shares |
| Davidson Kempner Capital Management LP | $53,920,000 | 200,000 | 0.22% | Shares |
| Assenagon Asset Management S.A. | $52,639,939 | 195,252 | 0.21% | Shares |
| Ensign Peak Advisors, Inc | $52,520,506 | 194,809 | 0.21% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $52,114,489 | 193,303 | 0.21% | Shares |
| Vantage Investment Partners, LLC | $51,255,291 | 205,095 | 0.21% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $51,131,797 | 189,658 | 0.21% | Shares |
| PineBridge Investments, L.P. | $51,074,143 | 254,772 | 0.21% | Shares |
| First Pacific Advisors, LP | $50,966,532 | 189,045 | 0.21% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $50,611,243 | 188,069 | 0.20% | Shares |
| Lido Advisors, LLC | $49,148,080 | 182,300 | 0.20% | Put option |
| TD Asset Management Inc | $48,528,809 | 180,003 | 0.20% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $47,802,565 | 177,316 | 0.19% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $45,658,108 | 169,355 | 0.18% | Shares |
| BANK OF AMERICA CORP /DE/ | $45,646,521 | 169,312 | 0.18% | Shares |
| Quantinno Capital Management LP | $43,722,977 | 162,177 | 0.18% | Shares |
| ROYAL BANK OF CANADA | $42,471,000 | 157,532 | 0.17% | Shares |
| Nuveen Asset Management, LLC | $42,350,804 | 223,381 | 0.17% | Shares |
| RAYMOND JAMES FINANCIAL INC | $40,187,977 | 149,065 | 0.16% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $39,043,472 | 144,820 | 0.16% | Shares |
| Banco Santander, S.A. | $39,014,086 | 144,711 | 0.16% | Shares |
| Verition Fund Management LLC | $38,869,310 | 144,174 | 0.16% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $38,175,090 | 141,599 | 0.15% | Shares |
| BARCLAYS PLC | $37,068,114 | 137,493 | 0.15% | Shares |
| STRS OHIO | $36,992,355 | 137,212 | 0.15% | Shares |
| TRILLIUM ASSET MANAGEMENT, LLC | $34,576,686 | 128,251 | 0.14% | Shares |
| Capital Investment Services of America, Inc. | $34,426,387 | 127,694 | 0.14% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $34,067,734 | 126,364 | 0.14% | Shares |
| Voleon Capital Management LP | $33,642,575 | 124,787 | 0.14% | Shares |
| DJE Kapital AG | $33,549,810 | 117,540 | 0.14% | Shares |
| APG Asset Management N.V. | $33,407,715 | 141,673 | 0.13% | Shares |
| AMERIPRISE FINANCIAL INC | $33,383,490 | 123,826 | 0.13% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $32,945,390 | 122,201 | 0.13% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $31,780,178 | 117,879 | 0.13% | Shares |
| ING GROEP NV | $31,217,793 | 115,793 | 0.13% | Shares |
| TWO SIGMA INVESTMENTS, LP | $29,828,005 | 110,638 | 0.12% | Shares |
| KLP KAPITALFORVALTNING AS | $29,716,929 | 110,226 | 0.12% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $29,622,839 | 109,877 | 0.12% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $29,544,386 | 109,586 | 0.12% | Shares |
| Asset Management One Co., Ltd. | $29,388,416 | 117,596 | 0.12% | Shares |
Company insiders 66 insiders · 40 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Raymond T Betler | President & CEO | March 20, 2019 F | 222,306 | 0 | 0 | $0 |
| John A Olin | Executive Vice President & CFO | March 20, 2025 A | 57,405 | 0 | 0 | $0 |
| Patrick D Dugan | EVP & Chief Financial Officer | Aug. 30, 2021 S | 69,516 | 0 | 0 | $0 |
| Guillaume Bouhours | Sr. VP Transit CFO&Integration | Feb. 7, 2017 A | — | 0 | 0 | $0 |
| Tunon Alvaro Garcia | Exec. VP and CFO | Nov. 18, 2013 S | 41,270 | 0 | 0 | $0 |
| Pascal Schweitzer | President Transit | June 9, 2025 S | 7,955 | 0 | 0 | $0 |
| Rogerio Mendonca | President, Equipment Group | May 12, 2025 S | 11,535 | 0 | 0 | $0 |
| Nalin Jain | President, Digital Electronics | April 24, 2025 M | 10,224 | 0 | 0 | $0 |
| Alicia Hammersmith | President - Services Group | March 20, 2025 A | 8,968 | 0 | 0 | $0 |
| Stephane Rambaud-Measson | EVP & Chief Operating Officer | Feb. 6, 2018 A | — | 0 | 0 | $0 |
| Gregory Sbrocco | EVP Operations | Aug. 17, 2026 S | 21,043 | 0 | 1 | $-285,600 |
| Sameer Gaur | Pres., Global Freight Services | July 24, 2026 S | 10,985 | 0 | 2 | $-585,747 |
| Eric Gebhardt | Chief Technology Officer | July 24, 2026 S | 19,153 | 0 | 4 | $-2,124,840 |
| David L Deninno | Exec VP, General Counsel, Sec. | July 24, 2026 S | 55,128 | 0 | 1 | $-903,930 |
| Nicole B Theophilus | EVP & Chief Admin. Officer | July 1, 2026 A | 23,599 | 0 | 0 | $0 |
| Gina Trombley | EVP Sales & Marketing | June 13, 2025 S | 13,696 | 0 | 0 | $0 |
| Kyra Yates | VP - Investor Relations | June 5, 2025 S | 3,128 | 0 | 0 | $0 |
| Michael Fetsko | Pres., Freight Components Grp. | May 13, 2025 S | 41,940 | 0 | 0 | $0 |
| Lilian Leroux | EVP Chief Strategy Officer | May 5, 2025 S | 13,755 | 0 | 0 | $0 |
| John A Mastalerz Jr | SVP Fin, Corp Controller, CAO | March 20, 2025 A | 8,052 | 0 | 0 | $0 |
| Kristine Kubacki | VP, Investor Relations | March 1, 2024 F | 3,615 | 0 | 0 | $0 |
| Scott Wahlstrom | Exec VP & CHRO | March 18, 2020 A | 129,825 | 0 | 0 | $0 |
| Dominique Malenfant | Sr. VP, Global Technology | March 1, 2020 F | 5,578 | 0 | 0 | $0 |
| David M. Seitz | VP,Sr. Counsel/Asst. Secretary | Dec. 31, 2019 F | 28,251 | 0 | 0 | $0 |
| Timothy R Wesley | VP Investor Relations | March 20, 2019 F | 14,006 | 0 | 0 | $0 |
| Paul Ivar Overby | VP Corporate Strategy | March 1, 2018 F | 1,981 | 0 | 0 | $0 |
| Mark R Cox | Exec VP Corporate Development | March 16, 2017 F | 55,585 | 0 | 0 | $0 |
| Karl-Heinz Colmer | Vice President | March 18, 2016 F | 19,403 | 0 | 0 | $0 |
| David J Meyer | Vice President | March 18, 2016 F | 24,838 | 0 | 0 | $0 |
| Robert C Bourg | Vice President | March 18, 2016 F | 91,553 | 0 | 0 | $0 |
| Charles F Kovac | Senior Vice President, Freight | Aug. 19, 2015 S | 119,459 | 0 | 0 | $0 |
| John D Whiteford | Vice President/Group Executive | May 19, 2015 S | 12,961 | 0 | 0 | $0 |
| Keith Hildum | Vice President & Treasurer | Feb. 28, 2013 S | 10,522 | 0 | 0 | $0 |
| Richard A Mathes | Vice President-Group Executive | March 1, 2010 P | 14,445 | 0 | 0 | $0 |
| Anthony J Carpani | VP - Group Executive | Sept. 23, 2008 M | 11,245 | 0 | 0 | $0 |
| Timothy J Logan | VP- International Sales | Sept. 18, 2008 M | 26,608 | 0 | 0 | $0 |
| George A Socher | VP - Internal Audit | Oct. 29, 2007 M | 8,282 | 0 | 0 | $0 |
| Barry Pennypacker | VP - Group Executive | Aug. 8, 2007 M | 7,871 | 0 | 0 | $0 |
| James E Mcclaine | VP - Railroad Marketing | March 1, 2006 M | 0 | 0 | 0 | $0 |
| Gary Prasser | VP - Passsenger Systems | Feb. 10, 2006 S | 285 | 0 | 0 | $0 |
| Linda S Harty | Director | July 30, 2025 G | 11,717 | 0 | 0 | $0 |
| Brian Hehir | Director | June 3, 2025 S | 20,641 | 0 | 0 | $0 |
| Ann R. Klee | Director | May 16, 2025 A | 11,809 | 0 | 0 | $0 |
| Beverley A Babcock | Director | May 16, 2025 A | 3,975 | 0 | 0 | $0 |
| Byron S. Foster | Director | May 16, 2025 A | 7,454 | 0 | 0 | $0 |
| Juan R. Perez | Director | May 16, 2025 A | 1,246 | 0 | 0 | $0 |
| Albert J Neupaver | Director | May 16, 2025 A | 605,400 | 0 | 0 | $0 |
| Lee C Banks | Director | May 16, 2025 A | 12,833 | 0 | 0 | $0 |
| KASSLING WILLIAM E | Director | Jan. 16, 2025 G | 671,304 | 0 | 0 | $0 |
| Lee B Foster II | Director | Nov. 18, 2021 G | 34,986 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| Erwan Faiveley, François Faiveley, Financière Faiveley, Famille Faiveley Participations, FAIVInvest ×2 filings | May 24, 2018 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Nov. 19, 2003 | — | 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 167 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 |
|---|---|---|---|---|
| EFRA · iShares Trust | 6.33% | 1,248 SH | Aug. 8, 2026 | Daily |
| KMID · Virtus ETF Trust II | 4.91% | 8,004 NS | April 30, 2026 | N-PORT |
| MMID · MFS Active Exchange Traded Funds Tr… | 1.41% | 1,843 NS | May 31, 2026 | N-PORT |
| FMAG · FIDELITY COVINGTON TRUST | 1.36% | 12,749 NS | April 30, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 1.35% | 56,558 NS | April 30, 2026 | N-PORT |
| RSPN · Invesco Exchange-Traded Fund Trust | 1.27% | 47,056 SH | Aug. 8, 2026 | Daily |
| DRIV · Global X Funds | 1.21% | 22,137 NS | May 31, 2026 | N-PORT |
| TAX · EA Series Trust | 1.07% | 1,040 NS | May 29, 2026 | N-PORT |
| FDG · AMERICAN CENTURY ETF TRUST | 0.97% | 15,294 NS | May 31, 2026 | N-PORT |
| FFLV · FIDELITY COVINGTON TRUST | 0.83% | 534 NS | April 30, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.80% | 6,999 NS | April 30, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.79% | 1,089,958 SH | Aug. 8, 2026 | Daily |
| FBCV · FIDELITY COVINGTON TRUST | 0.74% | 4,361 NS | April 30, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.69% | 32,312 NS | April 30, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 0.67% | 34,502 SH | Aug. 8, 2026 | Daily |
| IMCG · iShares Trust | 0.67% | 91,720 SH | Aug. 8, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.66% | 50,703 NS | April 30, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.66% | 14,388 NS | April 30, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.64% | 18,378 NS | April 30, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.61% | 206,679 SH | Aug. 8, 2026 | Daily |
| DUSL · Direxion Shares ETF Trust | 0.60% | 1,197 NS | April 30, 2026 | N-PORT |
| IYJ · iShares Trust | 0.58% | 38,381 SH | Aug. 8, 2026 | Daily |
| UXI · ProShares Trust | 0.52% | 562 NS | May 31, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.48% | 4,767 NS | May 31, 2026 | N-PORT |
| EXI · iShares Trust | 0.48% | 23,832 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.48% | 254,577 SH | Aug. 8, 2026 | Daily |
| VLUE · iShares Trust | 0.45% | 143,416 SH | Aug. 8, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.44% | 3,677,198 SH | Aug. 8, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 0.43% | 34 NS | April 30, 2026 | N-PORT |
| PEXL · Pacer Funds Trust | 0.43% | 732 NS | April 30, 2026 | N-PORT |
| BRCE · MFS Active Exchange Traded Funds Tr… | 0.41% | 517 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.38% | 5,853 NS | May 31, 2026 | N-PORT |
| BSCQ · Invesco Exchange-Traded Self-Indexe… | 0.38% | 13,283,000 | Aug. 8, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.37% | 81,033 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.36% | 686,964 SH | Aug. 8, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.35% | 19,662 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.34% | 6,115 NS | April 30, 2026 | N-PORT |
| IMCB · iShares Trust | 0.34% | 19,409 SH | Aug. 8, 2026 | Daily |
| SZNE · Pacer Funds Trust | 0.33% | 166 NS | April 30, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.29% | 10,343,000 | Aug. 8, 2026 | Daily |
| SPXD · DBX ETF Trust | 0.29% | 74 NS | May 31, 2026 | N-PORT |
| XOEF · iShares Trust | 0.28% | 214 SH | Aug. 8, 2026 | Daily |
| MTUM · iShares Trust | 0.26% | 227,173 SH | Aug. 8, 2026 | Daily |
| DSPY · Tema ETF Trust | 0.23% | 7,898 NS | May 31, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 0.23% | 1,488 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.22% | 2,339 NS | May 29, 2026 | N-PORT |
| DFVE · DoubleLine ETF Trust | 0.22% | 242 NS | March 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 723,448 SH | Aug. 8, 2026 | Daily |
| FTLS · First Trust Exchange-Traded Fund III | 0.21% | 17,675 NS | April 30, 2026 | N-PORT |
| SIZE · iShares Trust | 0.21% | 3,068 SH | Aug. 8, 2026 | Daily |