WCN Waste Connections, Inc. Common Shares
$168.67
Price · Aug 19, 2026
Fundamentals as of Jul 23, 2026
52W Range
$147–$189
52% of range
Analyst Rating
BUY
20 analysts
Price Target
$201
+19% upside
P/E (TTM)
40.2
ROE
13.2%
Net Profit Margin
11.4%
About Waste Connections, Inc. Common Shares Company overview from Wikipedia
Waste Connections, Inc. is a North American integrated waste services company that provides waste collection, transfer, disposal and recycling services, primarily of solid waste. It has operations in both the United States and Canada. Its headquarters is located in The Woodlands, Texas. It is the third largest waste management company in North America.
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Waste Connections, Inc. is a North American integrated waste services company that provides waste collection, transfer, disposal and recycling services, primarily of solid waste. It has operations in both the United States and Canada. Its headquarters is located in The Woodlands, Texas. It is the third largest waste management company in North America.
History
The company was founded in 1997 by a group of professionals in Washington and Idaho with industry-related experience: James Cutler, Brad Bishop, Frank Cutler and Ron Mittelstaedt. Waste Connections, Inc. expanded very quickly. Within about a year of its founding the company decided to go public, launching its IPO in May 1998. The company then slowly expanded into California and the western United States. As of 2011, It had operations in 32 of the 50 U.S states. In December 2011, the company announced that it was moving its headquarters from Folsom, CA to The Woodlands, Texas, a suburb of Houston. Chief Executive Officer, Ron Mittelstaedt, cited California's high taxes and dysfunctional legislature as key reasons for the move.
In September 2012, it acquired R360 Environmental Solutions, a Texas waste company specializing in the oil industry. In January 2016, Waste Connections bought Progressive Waste Services of Canada for $2.67 billion. Under the deal, Waste Connections shareholders received 70% of the new company, which moved its tax headquarters to Canada. It later re-branded its Canadian division Waste Connections of Canada.
The company completed 24 acquisitions in 2024 and 13 in 2023. This was part of a broader industry trend of large companies like Waste Management and Republic Services acquiring smaller firms. The 2024 acquisitions added $750 million in annualized revenues to Waste Connections. Notable acquisitions include Royal Waste Services and Waste-Away. The Royal Waste Services entrenches Waste Connections as one of the largest commercial waste companies in New York City. As part of the 2024 acquisitions, Waste Connections added 30 facilities to its Canadian portfolio.
Operations
Waste Connections's primary business is to provide solid waste collection and disposal services. It most often does this through contracts with municipalities to collect the waste in that municipality, for an agreed-upon rate. It also provides services directly to residential, commercial, or industrial customers. In addition, Waste Connections runs landfills for waste disposal (82 solid waste landfills as of September 2019).
In Q3 2017, 67% of revenue was from solid waste collection, 21% from solid waste disposal and transfer, 4% from recycling, 5% from its oil industry waste operations, and 3% from other sources. 16% of revenue was from Canada, with the rest from the United States.
As of 2024, three states in the U.S. passed Extended producer responsibility laws. These laws attempt to decrease externalities by making waste producers have additional responsibility for their products once they enter the waste system. These laws have not been fully implemented in the U.S. but Oregon's law is scheduled to take effect in 2025 and Colorado's is scheduled to take effect in 2026. Waste Connections expects to see additional revenues for their Materials recovery facilities (MRF) as these laws take effect.
Waste Connections is partnered with AMP to use AMP's AI powered robots which facilitate recycling. Waste Connections recycled 2.21 million tons in 2023, and is planning to expand capacity by contracting AMP to build an operate an entirely new MRF in Commerce City, Colorado. It is scheduled to open in 2026.
Incidents
In September 2019, the investigative journalism program CBC Marketplace installed trackers into bales of plastic and commissioned three plastic recycling companies to process them: GFL Environmental, Merlin Plastics, and Waste Connections Canada. Merlin Plastics shredded and recycled the bales and GFL Environmental incinerated the bales in a waste-to-energy facility. Trackers indicated that Waste Connections dumped the plastic bales into a landfill in Richmond and a junkyard in Surrey, British Columbia instead of recycling them. The company responded "There was some miscommunication and the driver took this load to a waste facility".
In March 2024, Waste Connections opened a relief fund to Val Verde, Live Oak, Hasley Hills, Hillcrest Parkway, Hasley Canyon and Stevenson Ranch residents pay to mitigate noxious fumes that leaked from their Chiquita Canyon Landfill in California. The company states that at least $25 million will be available through the fund, and that they distributed air purifiers to the residents. In June, the EPA announced there was an on-going investigation to the landfill and that Waste Connection could face $59,000 per day in civil penalties if they do not comply with regulations.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
WCN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$168.67
Market Cap
$42.88B
P/E (TTM)
40.2
EPS (TTM)
$4.17
Revenue (TTM)
$9.47B
Div Yield
0.77%
ROE
13.2%
Debt/Equity
—
52W Range
$147 – $189
WCN 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
$9.47B
2021-12-31
→
2025-12-31
EPS
$4.17
2021-12-31
→
2025-12-31
Free Cash Flow
$1.23B
2021-12-31
→
2025-12-31
Margins
11.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
WCN
Peer Median
P/E (TTM)
40.2
35.3
P/S (TTM)
4.5
3.6
P/B
5.2
5.5
Price / FCF
34.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WCN
Peer Median
Operating Margin
18.1%
—
Net Profit Margin
11.4%
8.6%
ROA
5.2%
5.5%
ROE
13.2%
14.5%
ROIC
15.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WCN
Peer Median
Current Ratio
0.6
1.2
Quick Ratio
0.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WCN
Peer Median
Revenue YoY
6.1%
—
Revenue CAGR 3Y
9.5%
—
Revenue CAGR 5Y
11.7%
—
EPS YoY
74.5%
—
Net Income YoY
74.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WCN
Peer Median
Payout Ratio
31.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.77%
Payout Ratio
31.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 6, 2026 | $0.3500 |
| May 6, 2026 | $0.3500 |
| Feb. 25, 2026 | $0.3500 |
| Aug. 6, 2025 | $0.3150 |
| May 7, 2025 | $0.3150 |
| Feb. 27, 2025 | $0.3150 |
| Nov. 7, 2024 | $0.3150 |
| Aug. 7, 2024 | $0.2850 |
| May 7, 2024 | $0.2850 |
| Feb. 27, 2024 | $0.2850 |
| Nov. 7, 2023 | $0.2850 |
| Aug. 15, 2023 | $0.2550 |
| May 9, 2023 | $0.2550 |
| Feb. 28, 2023 | $0.2550 |
| Nov. 15, 2022 | $0.2550 |
| Aug. 17, 2022 | $0.2300 |
| May 17, 2022 | $0.2300 |
| March 1, 2022 | $0.2300 |
| Nov. 8, 2021 | $0.2300 |
| Aug. 17, 2021 | $0.2050 |
WCN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 6 30.0%
- Buy 11 55.0%
- Hold 3 15.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
25 analysts · 2026-08-19
Median
$203.00
Now
$168.67
Low
$162.00
High
$220.00
Median target
$203.00
+20.4%
Mean target
$200.60
+18.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.50 | $1.37 | 0.13% |
| March 31, 2026 | $1.23 | $1.20 | 0.03% |
| Dec. 31, 2025 | $1.29 | $1.29 | -0.00% |
| Sept. 30, 2025 | $1.44 | $1.40 | 0.04% |
| June 30, 2025 | $1.29 | $1.26 | 0.03% |
| March 31, 2025 | $1.13 | $1.11 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WCN | $44.82B | 42.1 | 6.1% | 11.4% | 13.2% | — |
| WM | $88.52B | 32.8 | 14.2% | 10.7% | 29.7% | — |
| RSG | — | 30.9 | 3.3% | 11.2% | 18.3% | — |
| VLTO | $24.79B | 26.5 | 6.0% | 17.1% | 36.5% | 60.0% |
| ROL | $28.88B | 55.1 | 11.0% | 14.0% | 37.4% | — |
| CLH | $12.40B | 32.2 | 2.4% | 6.5% | 14.3% | — |
| TTEK | $8.71B | 35.8 | 4.7% | 4.6% | 13.7% | 17.7% |
| CWST | — | 816.2 | 17.9% | 0.43% | 0.50% | — |
| ABM | $2.59B | 16.6 | 4.6% | 1.9% | 9.1% | — |
| BV | $1.27B | 103.1 | -3.4% | 2.1% | 4.4% | 23.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.47B | $8.92B | $8.02B | $7.21B | $6.15B | $5.45B | $5.39B | $4.92B | $4.63B | $3.38B | $2.12B | $2.08B | |
| Cost of Revenue | $5.46B | $5.19B | $4.74B | $4.34B | $3.65B | $3.28B | $3.20B | $2.87B | $2.70B | $1.96B | $1.18B | $1.14B | |
| SG&A Expense | $960M | $883M | $799M | $696M | $612M | $538M | $546M | $524M | $510M | $474M | $237M | $229M | |
| Operating Income | $1.71B | $1.07B | $1.24B | $1.24B | $1.04B | $412M | $838M | $832M | $627M | $452M | $-62M | $449M | |
| Interest Expense | · | · | $275M | $202M | $163M | $162M | $147M | $132M | $125M | $93M | $64M | $65M | |
| Other Non-op | $30M | $10M | $12M | $3M | $6M | $-1M | $6M | $-170.0K | $2M | $53.0K | $-1M | $1M | |
| Pretax Income | $1.42B | $763M | $984M | $1.05B | $771M | $254M | $706M | $707M | $509M | $361M | $-126M | $386M | |
| Income Tax | $341M | $146M | $221M | $213M | $152M | $50M | $139M | $160M | $-69M | $114M | $-32M | $152M | |
| Net Income | $1.08B | $618M | $763M | $836M | $618M | $205M | $567M | $547M | $577M | $247M | $-96M | $233M | |
| EPS (Basic) | $4.18 | $2.39 | $2.96 | $3.25 | $2.37 | $0.78 | $2.15 | $2.07 | $2.19 | $1.07 | $-0.52 | $1.87 | |
| EPS (Diluted) | $4.17 | $2.39 | $2.95 | $3.24 | $2.36 | $0.78 | $2.14 | $2.07 | $2.18 | $1.07 | $-0.52 | $1.86 | |
| Shares (Basic) | 257,323,595 | 257,965,871 | 257,551,129 | 257,383,578 | 261,166,723 | 263,189,699 | 263,792,693 | 263,650,155 | 263,682,608 | 230,325,012 | 185,237,896 | 124,215,346 | |
| Shares (Diluted) | 257,976,741 | 258,662,190 | 258,149,244 | 258,038,801 | 261,728,470 | 263,687,539 | 264,526,561 | 264,395,618 | 264,302,411 | 231,081,496 | 185,237,896 | 124,787,421 | |
| EBITDA | $2.94B | $2.23B | $2.24B | $2.16B | $1.85B | $1.16B | $1.58B | $1.51B | $1.26B | $916M | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $46M | $62M | $78M | $79M | $147M | $617M | $327M | $319M | $434M | $154M | $11M | $14M | |
| Receivables | $1.02B | $935M | $857M | $834M | $710M | $630M | $663M | $610M | $554M | $485M | $255M | · | |
| Prepaid Expense | $241M | $230M | $206M | $205M | $176M | $161M | $141M | $164M | $187M | $98M | $47M | · | |
| Current Assets | $1.31B | $1.23B | $1.14B | $1.12B | $1.03B | $1.41B | $1.13B | $1.09B | $1.18B | $743M | $362M | · | |
| PP&E (Net) | $8.73B | $8.04B | $7.23B | $6.95B | $5.72B | $5.28B | $5.52B | $5.17B | $4.82B | $4.74B | $2.74B | · | |
| PP&E (Gross) | $16.22B | $14.63B | $13.07B | $12.07B | $10.28B | $9.29B | $8.96B | $8.05B | $7.19B | $6.63B | $4.28B | · | |
| Accum. Depreciation | $7.48B | $6.60B | $5.84B | $5.12B | $4.55B | $4.00B | $3.45B | $2.88B | $2.37B | $1.90B | $1.54B | · | |
| Goodwill | $8.39B | $7.95B | $7.40B | $6.90B | $6.19B | $5.73B | $5.51B | $5.03B | $4.68B | $4.39B | $1.42B | $1.69B | |
| Intangibles | $2.01B | $1.99B | $1.60B | $1.67B | $1.35B | $1.16B | $1.16B | $1.13B | $1.09B | $1.07B | $511M | · | |
| Other Non-current Assets | $109M | $91M | $100M | $126M | $115M | $92M | $86M | $73M | $68M | $68M | $41M | · | |
| Total Assets | $21.13B | $19.82B | $17.92B | $17.13B | $14.70B | $13.99B | $13.74B | $12.63B | $12.01B | $11.10B | $5.07B | $5.25B | |
| Accounts Payable | $765M | $637M | $642M | $639M | $393M | $291M | $437M | $360M | $331M | $251M | $115M | · | |
| Accrued Liabilities | $810M | $737M | $521M | $431M | $443M | $405M | $281M | $316M | $278M | $269M | $136M | · | |
| Current Liabilities | $2.12B | $1.88B | $1.69B | $1.51B | $1.23B | $1.03B | $1.01B | $887M | $803M | $692M | $378M | · | |
| Capital Leases | $267M | $272M | $238M | $165M | $130M | $147M | $160M | · | · | · | · | · | |
| Deferred Tax | $1.09B | $958M | $1.02B | $1.01B | $851M | $760M | $819M | $760M | $691M | $779M | $452M | · | |
| Other Non-current Liabilities | $576M | $747M | $524M | $418M | $421M | $456M | $417M | $324M | $316M | $331M | $125M | · | |
| Total Liabilities | $12.88B | $11.96B | $10.22B | $10.02B | $7.71B | $7.13B | $6.80B | $6.17B | $5.74B | $5.45B | $3.13B | · | |
| Long-term Debt | · | · | · | $6.90B | $5.05B | $4.74B | $4.38B | $4.17B | $3.93B | $3.63B | $2.16B | · | |
| Total Debt | · | · | · | $6.90B | $5.05B | $4.72B | $4.35B | $4.16B | $3.91B | $3.62B | · | · | |
| Retained Earnings | $5.20B | $4.46B | $4.14B | $3.65B | $3.06B | $2.66B | $2.65B | $2.26B | $1.86B | $1.41B | $1.26B | · | |
| Treasury Stock | $0 | $0 | $0 | $0 | · | · | · | · | · | · | · | · | |
| AOCI | $-111M | $-206M | $-10M | $-57M | $40M | $-651.0K | $-11M | $-75M | $108M | $-43M | $-12M | · | |
| Stockholders' Equity | $8.25B | $7.86B | $7.69B | $7.11B | $6.99B | $6.86B | $6.93B | $6.45B | $6.27B | $5.65B | $1.99B | · | |
| Liabilities + Equity | $21.13B | $19.82B | $17.92B | $17.13B | $14.70B | $13.99B | $13.74B | $12.63B | $12.01B | $11.10B | $5.12B | · | |
| Shares Outstanding | 255,614,663 | 258,019,389 | 257,600,479 | 257,145,716 | 260,212,496 | 262,824,990 | 263,618,161 | 263,141,413 | 263,494,670 | 262,803,271 | 183,564,362 | 185,977,220 |
Cash Flow 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.23B | $1.16B | $1.00B | $919M | $813M | $752M | $744M | $680M | $632M | $464M | $269M | $258M | |
| Stock-based Comp | $79M | $78M | $70M | $63M | $58M | $46M | $43M | $44M | $39M | $45M | $20M | $18M | |
| Deferred Tax | $117M | $-57M | $6M | $93M | $15M | $-50M | $55M | $78M | $-152M | $42M | $-132M | $31M | |
| Amort. of Intangibles | $202M | $190M | $158M | $156M | $139M | $131M | $126M | $108M | $102M | · | · | · | |
| Other Non-cash | $-91M | $427M | $284M | $111M | $194M | $456M | $132M | $62M | $91M | $-2M | · | · | |
| Operating Cash Flow | $2.41B | $2.23B | $2.13B | $2.02B | $1.70B | $1.41B | $1.54B | $1.41B | $1.19B | $795M | $577M | $545M | |
| CapEx | $1.18B | $1.06B | $934M | $913M | $744M | $597M | $634M | $546M | $479M | $345M | $239M | $241M | |
| Investing Cash Flow | $-2.02B | $-3.16B | $-1.58B | $-3.09B | $-1.69B | $-1.05B | $-1.43B | $-1.37B | $-861M | $-293M | $-471M | · | |
| Debt Issued | $2.67B | $4.56B | $1.82B | $4.82B | $2.11B | $1.82B | $1.58B | $1.02B | $974M | $3.47B | $1.49B | $432M | |
| Net Debt Issued | $544M | $1.32B | $-233M | $1.74B | $219M | $273M | $105M | $52M | $204M | $-245M | · | · | |
| Stock Issued | $323.0K | $2M | $794.0K | $660.0K | $430.0K | $679.0K | $4M | $3M | $11M | $20M | · | · | |
| Stock Repurchased | $506M | $0 | $0 | $425M | $339M | $106M | · | $59M | · | · | $91M | $7M | |
| Net Stock Activity | $-505M | $2M | $794.0K | $-424M | $-339M | $-105M | $4M | $-56M | $11M | $20M | · | · | |
| Dividends Paid | $334M | $302M | $271M | $243M | $220M | $200M | $175M | $153M | $132M | $93M | $66M | $59M | |
| Financing Cash Flow | $-360M | $945M | $-544M | $1.03B | $-499M | $-78M | $-96M | $-188M | $57M | $-355M | $-110M | · | |
| Net Change in Cash | $31M | $14M | $3M | $-38M | $-495M | $291M | $19M | $-149M | $385M | $147M | $-3M | $762.0K | |
| Taxes Paid | $221M | $216M | $207M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $1.23B | $1.17B | $1.19B | $1.11B | $954M | $811M | $906M | $865M | $708M | $451M | · | · | |
| Levered FCF | · | · | $980M | $949M | $823M | $681M | $788M | $763M | $566M | $387M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 18.1% | 12.0% | 15.4% | 17.2% | 16.9% | 7.6% | 15.6% | 16.9% | 13.5% | 13.4% | · | · | |
| Net Margin | 11.4% | 6.9% | 9.5% | 11.6% | 10.1% | 3.8% | 10.5% | 11.1% | 12.5% | 7.3% | · | · | |
| Pretax Margin | 15.0% | 8.6% | 12.3% | 14.5% | 12.5% | 4.7% | 13.1% | 14.4% | 11.0% | 10.7% | · | · | |
| EBITDA Margin | 31.1% | 25.0% | 27.9% | 30.0% | 30.1% | 21.4% | 29.3% | 30.7% | 27.2% | 27.1% | · | · | |
| ROA | 5.2% | 3.1% | 4.3% | 5.2% | 4.3% | 1.5% | 4.3% | 4.4% | 5.0% | 3.0% | · | · | |
| ROE | 13.2% | 7.9% | 10.3% | 11.9% | 8.9% | 3.0% | 8.5% | 8.6% | 9.7% | 6.5% | · | · | |
| ROIC | 15.8% | 11.0% | 12.5% | 7.1% | 6.9% | 2.9% | 6.0% | 6.1% | 7.0% | 3.3% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.7 | 0.7 | 0.7 | 0.8 | 1.4 | 1.1 | 1.3 | 1.5 | 1.2 | · | · | |
| Quick Ratio | 0.5 | 0.5 | 0.6 | 0.6 | 0.7 | 1.2 | 1.0 | 1.1 | 1.2 | 0.9 | · | · | |
| Debt / Equity | · | · | · | 1.0 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | · | · | |
| LT Debt / Equity | · | · | · | 1.0 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | · | · | |
| Interest Coverage | · | · | 4.5 | 6.1 | 6.4 | 2.5 | 5.7 | 6.3 | 5.0 | 4.9 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | · | · | |
| Receivables Turnover | 9.7 | 10.0 | 9.5 | 9.3 | 9.2 | 8.4 | 8.5 | 8.5 | 8.9 | 9.1 | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.1% | 11.2% | 11.2% | 17.2% | 13.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.5% | 13.2% | 13.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 74.5% | -19.0% | -8.9% | 37.3% | 202.6% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 8.8% | 0.42% | 55.8% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 39.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 74.3% | -19.0% | -8.7% | 35.2% | 202.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 8.8% | -0.03% | 55.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 39.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 10.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.47B | $8.92B | $8.02B | $7.21B | $6.15B | $5.45B | $5.39B | $4.92B | $4.63B | $3.38B | · | · | |
| Net Income TTM | $1.08B | $618M | $763M | $836M | $618M | $205M | $567M | $547M | $577M | $247M | · | · | |
| Market Cap | $44.82B | $44.27B | $38.45B | $34.09B | $35.46B | $26.96B | $23.93B | $19.54B | $18.69B | $9.18B | · | · | |
| Enterprise Value | · | · | · | $40.91B | $40.36B | $31.06B | $27.96B | $23.37B | $22.17B | $12.64B | · | · | |
| P/E | 42.1 | 71.8 | 50.6 | 40.9 | 57.7 | 131.5 | 42.4 | 35.9 | 32.5 | 49.0 | · | · | |
| P/S | 4.7 | 5.0 | 4.8 | 4.7 | 5.8 | 5.0 | 4.4 | 4.0 | 4.0 | 2.7 | · | · | |
| P/B | 5.4 | 5.6 | 5.0 | 4.8 | 5.1 | 3.9 | 3.5 | 3.0 | 3.0 | 1.6 | · | · | |
| P / Cash Flow | 18.6 | 19.9 | 18.1 | 16.9 | 20.9 | 19.1 | 15.5 | 13.8 | 15.7 | 11.5 | · | · | |
| P / FCF | 36.3 | 37.7 | 32.2 | 30.7 | 37.2 | 33.2 | 26.4 | 22.6 | 26.4 | 20.4 | · | · | |
| EV / EBITDA | · | · | · | 18.9 | 21.8 | 26.7 | 17.7 | 15.5 | 17.6 | 13.8 | · | · | |
| EV / FCF | · | · | · | 36.9 | 42.3 | 38.3 | 30.9 | 27.0 | 31.3 | 28.1 | · | · | |
| EV / Revenue | · | · | · | 5.7 | 6.6 | 5.7 | 5.2 | 4.7 | 4.8 | 3.7 | · | · | |
| Dividend Yield | 0.74% | 0.68% | 0.70% | 0.71% | 0.62% | 0.74% | 0.73% | 0.78% | 0.71% | 1.0% | · | · | |
| Earnings Yield | 2.4% | 1.4% | 2.0% | 2.4% | 1.7% | 0.76% | 2.4% | 2.8% | 3.1% | 2.0% | · | · | |
| Payout Ratio | 31.0% | 48.9% | 35.5% | 29.1% | 35.6% | 97.7% | 30.9% | 27.9% | 22.9% | 37.5% | · | · | |
| Annual Payout | $334M | $302M | $271M | $243M | $220M | $200M | $175M | $153M | $132M | $93M | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.56B | $2.37B | $2.37B | $2.46B | $2.41B | $2.23B | $2.26B | $2.34B | $2.25B | $2.07B | $2.04B | $2.06B | $2.02B | $1.90B | $1.87B | $1.88B | |
| Cost of Revenue | $1.48B | $1.36B | $1.36B | $1.41B | $1.39B | $1.29B | $1.32B | $1.34B | $1.30B | $1.22B | $1.20B | $1.20B | $1.20B | $1.15B | $1.14B | $1.12B | |
| SG&A Expense | $260M | $251M | $230M | $236M | $243M | $250M | $211M | $223M | $229M | $221M | $193M | $196M | $216M | $194M | $178M | $187M | |
| Operating Income | $438M | $364M | $421M | $440M | $460M | $390M | $-199M | $475M | $425M | $367M | $225M | $353M | $344M | $315M | $312M | $327M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $78M | · | $69M | $68M | $68M | · | $51M | |
| Other Non-op | $33M | $4M | $4M | $15M | $10M | $2M | $-2M | $5M | $10M | $-2M | $4M | $5M | $-200.0K | $3M | $782.0K | $8M | |
| Pretax Income | $384M | $284M | $341M | $375M | $389M | $313M | $-282M | $400M | $356M | $289M | $161M | $292M | $278M | $252M | $251M | $286M | |
| Income Tax | $87M | $64M | $83M | $89M | $99M | $71M | $-86M | $92M | $81M | $59M | $35M | $63M | $69M | $54M | $57M | $49M | |
| Net Income | $296M | $219M | $258M | $286M | $290M | $242M | $-196M | $308M | $275M | $230M | $127M | $229M | $209M | $198M | $194M | $237M | |
| EPS (Basic) | $1.17 | $0.86 | $1.01 | $1.11 | $1.12 | $0.94 | $-0.76 | $1.19 | $1.07 | $0.89 | $0.49 | $0.89 | $0.81 | $0.77 | $0.76 | $0.92 | |
| EPS (Diluted) | $1.17 | $0.86 | $1.01 | $1.11 | $1.12 | $0.93 | $-0.76 | $1.19 | $1.07 | $0.89 | $0.48 | $0.89 | $0.81 | $0.77 | $0.76 | $0.92 | |
| Shares (Basic) | 253,457,489 | 255,347,786 | -516,196,627 | 256,948,902 | 258,377,345 | 258,193,975 | -515,853,011 | 258,023,661 | 257,994,105 | 257,801,116 | -515,052,509 | 257,633,703 | 257,596,993 | 257,372,942 | -515,939,799 | 257,197,010 | |
| Shares (Diluted) | 253,856,582 | 255,873,686 | -517,491,033 | 257,580,321 | 258,982,647 | 258,904,806 | -517,142,057 | 258,756,528 | 258,565,246 | 258,482,473 | -516,179,622 | 258,229,404 | 258,110,491 | 257,988,971 | -517,150,562 | 257,891,635 | |
| EBITDA | $763M | $679M | · | $755M | $767M | $680M | · | $475M | $425M | $367M | · | $353M | $344M | $315M | · | $327M |
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 | $98M | $112M | $46M | $118M | $110M | $111M | $62M | $115M | $79M | $112M | · | $96M | $92M | $134M | · | $200M | |
| Receivables | $1.07B | $1.03B | $1.02B | $1.07B | $1.03B | $952M | $935M | $991M | $961M | $897M | $857M | $868M | $855M | $815M | · | $811M | |
| Prepaid Expense | $231M | $231M | $241M | $216M | $208M | $218M | $230M | $249M | $196M | $208M | · | $187M | $164M | $186M | · | $219M | |
| Current Assets | $1.40B | $1.38B | $1.31B | $1.40B | $1.35B | $1.28B | $1.23B | $1.36B | $1.24B | $1.22B | · | $1.15B | $1.11B | $1.13B | · | $1.23B | |
| PP&E (Net) | $8.97B | $8.71B | $8.73B | $8.42B | $8.38B | $8.22B | $8.04B | $8.23B | $7.90B | $7.83B | · | $7.10B | $7.03B | $6.96B | · | $6.35B | |
| PP&E (Gross) | · | · | $16.22B | · | · | · | $14.63B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $7.48B | · | · | · | $6.60B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $8.39B | $8.41B | $8.39B | $8.28B | $8.22B | $8.06B | $7.95B | $7.92B | $7.70B | $7.60B | $7.40B | $7.31B | $6.99B | $6.94B | $6.90B | $6.57B | |
| Intangibles | $1.97B | $1.96B | $2.01B | $2.00B | $2.06B | $2.07B | $1.99B | $1.98B | $1.89B | $1.88B | · | $1.62B | $1.66B | $1.70B | · | $1.49B | |
| Other Non-current Assets | $122M | $107M | $109M | $108M | $105M | $103M | $91M | $86M | $85M | $110M | · | $109M | $131M | $122M | · | $128M | |
| Total Assets | $21.40B | $21.19B | $21.13B | $20.78B | $20.68B | $20.25B | $19.82B | $20.10B | $19.30B | $19.08B | $17.92B | $17.73B | $17.36B | $17.23B | $17.13B | $16.13B | |
| Accounts Payable | $772M | $712M | $765M | $759M | $730M | $626M | $637M | $706M | $663M | $590M | · | $605M | $539M | $526M | · | $508M | |
| Accrued Liabilities | $781M | $745M | $810M | $762M | $706M | $690M | $737M | $553M | $570M | $507M | · | $446M | $453M | $390M | · | $458M | |
| Current Liabilities | $2.13B | $2.01B | $2.12B | $2.09B | $2.00B | $1.83B | $1.88B | $1.75B | $1.77B | $1.63B | · | $1.58B | $1.46B | $1.38B | · | $1.38B | |
| Capital Leases | $271M | $278M | $267M | $270M | $279M | $267M | $272M | $276M | $270M | $249M | · | $240M | $225M | $169M | · | $164M | |
| Deferred Tax | $1.12B | $1.11B | $1.09B | $1.07B | $1.04B | $1.01B | $958M | $1.10B | $1.07B | $1.05B | · | $1.05B | $1.05B | $1.04B | · | $986M | |
| Other Non-current Liabilities | $654M | $617M | $576M | $622M | $652M | $716M | $747M | $517M | $492M | $542M | · | $452M | $460M | $452M | · | $416M | |
| Total Liabilities | $13.48B | $13.13B | $12.88B | $12.69B | $12.32B | $12.24B | $11.96B | $11.83B | $11.32B | $11.29B | · | $10.14B | $9.90B | $9.99B | · | $9.19B | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $6.93B | · | $6.22B | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $6.93B | · | $6.22B | |
| Retained Earnings | $5.54B | $5.33B | $5.20B | $5.03B | $4.83B | $4.62B | $4.46B | $4.73B | $4.50B | $4.30B | · | $4.09B | $3.93B | $3.78B | · | $3.52B | |
| Treasury Stock | $0 | $0 | $0 | $0 | $0 | · | $0 | · | · | · | · | · | · | · | · | · | |
| AOCI | $-179M | $-142M | $-111M | $-139M | $-94M | $-207M | $-206M | $-65M | $-87M | $-63M | · | $-49M | $-1M | $-61M | · | $-83M | |
| Stockholders' Equity | $7.92B | $8.06B | $8.25B | $8.09B | $8.35B | $8.01B | $7.86B | $8.26B | $7.98B | $7.79B | · | $7.59B | $7.45B | $7.23B | · | $6.94B | |
| Liabilities + Equity | $21.40B | $21.19B | $21.13B | $20.78B | $20.68B | $20.25B | $19.82B | $20.10B | $19.30B | $19.08B | · | $17.73B | $17.36B | $17.23B | · | $16.13B | |
| Shares Outstanding | 252,154,695 | 254,213,909 | 255,614,663 | 255,976,094 | 258,346,757 | 258,318,013 | 258,019,389 | 258,009,392 | 257,965,548 | 257,961,725 | 257,600,479 | 257,581,304 | 257,555,015 | 257,487,434 | 257,145,716 | 257,118,204 |
Cash Flow 18
| 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 | $326M | $315M | $319M | $315M | $308M | $290M | $322M | $294M | $285M | $263M | · | · | · | · | · | · | |
| Stock-based Comp | $24M | $18M | $19M | $18M | $19M | $23M | $17M | $20M | $19M | $22M | $14M | $15M | $23M | $18M | $15M | $21M | |
| Deferred Tax | $9M | $29M | $23M | $36M | $22M | $36M | $-139M | $34M | $17M | $30M | $-23M | $-2M | $3M | $28M | $2M | $6M | |
| Amort. of Intangibles | $48M | $47M | $52M | $51M | $50M | $48M | $60M | $45M | $44M | $40M | $40M | $39M | $39M | $39M | $42M | $39M | |
| Other Non-cash | · | $-174M | · | · | · | $-122M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $733M | $546M | $557M | $677M | $638M | $542M | $569M | $558M | $611M | $490M | $556M | $554M | $574M | $442M | $522M | $526M | |
| CapEx | $302M | $297M | $384M | $297M | $285M | $212M | $397M | $272M | $217M | $170M | $318M | $221M | $218M | $176M | $294M | $247M | |
| Investing Cash Flow | $-606M | $-356M | $-589M | $-414M | $-417M | $-603M | $-513M | $-852M | $-460M | $-1.33B | $-395M | $-581M | $-287M | $-318M | $-1.23B | $-967M | |
| Debt Issued | $547M | $1.16B | $452M | $609M | $831M | $783M | $472M | $952M | $788M | $2.35B | $576M | $704M | $202M | $337M | $1.67B | $1.63B | |
| Net Debt Issued | · | $312M | · | · | · | $241M | · | · | · | $1.00B | · | · | · | $17M | · | · | |
| Stock Issued | $0 | $0 | $-1.0K | $0 | $0 | $324.0K | $816.0K | $912.0K | $0 | $286.0K | $29.0K | $0 | $0 | $765.0K | $0 | $0 | |
| Stock Repurchased | $331M | $284M | $63M | $442M | $389.0K | $0 | $0 | $0 | · | · | · | · | · | · | $0 | $0 | |
| Net Stock Activity | · | $-284M | · | · | · | $324.0K | · | · | · | $286.0K | · | · | · | $765.0K | · | · | |
| Dividends Paid | $88M | $89M | $90M | $81M | $81M | $81M | $81M | $74M | $74M | $74M | $74M | $66M | $65M | $66M | $65M | $59M | |
| Financing Cash Flow | $-186M | $-96M | $-29M | $-239M | $-206M | $113M | $-95M | $338M | $-177M | $878M | $-178M | $23M | $-324M | $-65M | $578M | $425M | |
| Net Change in Cash | $-61M | $93M | $-61M | $23M | $18M | $51M | $-40M | $46M | $-25M | $34M | $-15M | $-5M | $-36M | $59M | $-127M | $-16M | |
| Free Cash Flow | · | $249M | · | · | · | $329M | · | · | · | $320M | · | · | · | $267M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $258M | · | · | · | $213M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 17.1% | 15.4% | · | 17.9% | 19.1% | 17.5% | · | 20.3% | 18.9% | 17.7% | · | 17.1% | 17.0% | 16.6% | · | 17.4% | |
| Net Margin | 11.6% | 9.2% | · | 11.6% | 12.1% | 10.8% | · | 13.2% | 12.2% | 11.1% | · | 11.1% | 10.3% | 10.4% | · | 12.6% | |
| Pretax Margin | 15.0% | 12.0% | · | 15.2% | 16.2% | 14.1% | · | 17.1% | 15.8% | 13.9% | · | 14.1% | 13.7% | 13.3% | · | 15.2% | |
| EBITDA Margin | 29.8% | 28.6% | · | 30.7% | 31.9% | 30.5% | · | 20.3% | 18.9% | 17.7% | · | 17.1% | 17.0% | 16.6% | · | 17.4% | |
| ROA | 1.4% | 1.1% | · | 1.4% | 1.5% | 1.2% | · | 1.6% | 1.5% | 1.3% | · | 1.4% | 1.3% | 1.2% | · | 1.6% | |
| ROE | 3.6% | 2.7% | · | 3.5% | 3.5% | 3.1% | · | 3.9% | 3.6% | 3.1% | · | 3.1% | 2.9% | 2.8% | · | 3.4% | |
| ROIC | 4.3% | 3.5% | · | 4.2% | 4.1% | 3.8% | · | 4.4% | 4.1% | 3.7% | · | 3.6% | 3.5% | 1.7% | · | 2.1% |
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 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.7 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | 0.8 | 0.8 | · | 0.9 | |
| Quick Ratio | 0.5 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.7 | · | 0.7 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | 1.0 | · | 0.9 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | 1.0 | · | 0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 4.7 | · | 5.1 | 5.1 | 4.6 | · | 6.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| Receivables Turnover | 2.4 | 2.4 | · | 2.4 | 2.4 | 2.4 | · | 2.5 | 2.5 | 2.4 | · | 2.5 | 2.4 | 2.5 | · | 2.5 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.80B | $9.46B | · | $9.43B | $9.22B | $8.89B | · | $8.72B | $8.41B | $8.06B | · | $7.87B | $7.62B | $7.24B | · | $6.94B | |
| Net Income TTM | $1.09B | $1.04B | · | $1.13B | $1.12B | $1.06B | · | $1.04B | $944M | $866M | · | $873M | $868M | $839M | · | $756M | |
| Market Cap | $42.03B | $41.29B | · | $45.00B | $48.24B | $50.42B | · | $46.14B | $45.24B | $44.37B | · | $34.59B | $36.81B | $35.81B | · | $34.74B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | $42.61B | · | $40.76B | |
| P/E | 39.1 | 40.4 | · | 40.4 | 43.3 | 47.8 | · | 44.3 | 47.9 | 51.2 | · | 39.6 | 42.4 | 42.8 | · | 46.3 | |
| P/S | 4.3 | 4.4 | · | 4.8 | 5.2 | 5.7 | · | 5.3 | 5.4 | 5.5 | · | 4.4 | 4.8 | 4.9 | · | 5.0 | |
| P/B | 5.3 | 5.1 | · | 5.6 | 5.8 | 6.3 | · | 5.6 | 5.7 | 5.7 | · | 4.6 | 4.9 | 5.0 | · | 5.0 | |
| P / Cash Flow | · | 75.7 | · | · | · | 93.1 | · | · | · | 90.5 | · | · | · | 80.9 | · | · | |
| P / FCF | · | 165.8 | · | · | · | 153.2 | · | · | · | 138.5 | · | · | · | 134.3 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | 135.4 | · | 124.7 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | 159.8 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | 5.9 | · | 5.9 | |
| Earnings Yield | 2.6% | 2.5% | · | 2.5% | 2.3% | 2.1% | · | 2.3% | 2.1% | 1.9% | · | 2.5% | 2.4% | 2.3% | · | 2.2% | |
| Payout Ratio | · | 40.5% | · | · | · | 33.7% | · | · | · | 32.0% | · | · | · | 33.3% | · | · |
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 | $9.47B | — | — | $8.92B | — |
| Operating Margin % | 18.1% | — | — | 12.0% | — |
| Net Income | $1.08B | — | — | $618M | — |
| Diluted EPS | $4.17 | — | — | $2.39 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Current Ratio | 0.6 | — | — | 0.7 | — |
| Quick Ratio | 0.5 | — | — | 0.5 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.23B | — | — | $1.17B | — |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 912 filers · $24.1B 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 |
|---|---|---|---|---|
| 142 (+33 vs prior Q) | 72 (-29 vs prior Q) | 267 (0 vs prior Q) | 300 (+18 vs prior Q) | +32.9M |
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 CAPITAL MANAGEMENT LLC | $2,633,151,151 | 15,797,275 | 10.91% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,872,425,103 | 11,232,978 | 7.76% | Shares |
| 1832 Asset Management L.P. | $1,242,954,656 | 7,456,684 | 5.15% | Shares |
| Capital International Investors | $763,907,187 | 4,582,617 | 3.17% | Shares |
| BANK OF MONTREAL /CAN/ | $678,358,602 | 4,073,974 | 2.81% | Shares |
| NORGES BANK | $659,456,929 | 3,957,385 | 2.73% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $634,134,340 | 3,794,258 | 2.63% | Shares |
| FMR LLC | $631,730,444 | 3,790,123 | 2.62% | Shares |
| TD Asset Management Inc | $591,160,780 | 3,547,990 | 2.45% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $589,670,948 | 3,544,278 | 2.44% | Shares |
| TWO SIGMA INVESTMENTS, LP | $541,057,904 | 3,245,893 | 2.24% | Shares |
| CITADEL ADVISORS LLC | $454,499,788 | 2,726,617 | 1.88% | Shares |
| Fiera Capital Corp | $413,423,624 | 2,484,844 | 1.71% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $408,714,267 | 2,454,287 | 1.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $405,331,748 | 2,431,824 | 1.68% | Shares |
| STATE STREET CORP | $362,974,309 | 2,177,541 | 1.50% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $359,222,200 | 2,155,035 | 1.49% | Shares |
| GATES FOUNDATION TRUST | $339,910,081 | 2,039,175 | 1.41% | Shares |
| Impax Asset Management Group plc | $329,883,893 | 1,979,027 | 1.37% | Shares |
| Pictet Asset Management Holding SA | $319,818,443 | 1,918,656 | 1.33% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $284,439,709 | 1,708,241 | 1.18% | Shares |
| CIBC WORLD MARKET INC. | $278,742,528 | 1,673,823 | 1.16% | Shares |
| TWO SIGMA ADVISERS, LP | $266,924,224 | 1,522,150 | 1.11% | Shares |
| GOLDMAN SACHS GROUP INC | $263,780,924 | 1,582,464 | 1.09% | Shares |
| MILLENNIUM MANAGEMENT LLC | $220,610,781 | 1,323,486 | 0.91% | Shares |
| Findlay Park Partners LLP | $214,331,502 | 1,285,809 | 0.89% | Shares |
| Stockbridge Partners LLC | $193,563,262 | 1,161,217 | 0.80% | Shares |
| Skye Global Management LP | $191,360,120 | 1,148,000 | 0.79% | Shares |
| NEUBERGER BERMAN GROUP LLC | $184,917,510 | 1,109,355 | 0.77% | Shares |
| Vanguard Global Advisers, LLC | $178,722,747 | 1,072,270 | 0.74% | Shares |
| Consulta Ltd | $175,024,500 | 1,050,000 | 0.73% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $166,263,940 | 997,444 | 0.69% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $162,697,729 | 976,473 | 0.67% | Shares |
| MONTRUSCO BOLTON INVESTMENTS INC. | $162,494,412 | 974,830 | 0.67% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $159,691,000 | 958,009 | 0.66% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $143,977,987 | 863,747 | 0.60% | Shares |
| TD Waterhouse Canada Inc. | $141,646,136 | 859,373 | 0.59% | Shares |
| Baird Financial Group, Inc. | $134,097,771 | 804,474 | 0.56% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $127,907,357 | 750,187 | 0.53% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $124,464,655 | 752,869 | 0.52% | Shares |
| Swiss National Bank | $120,190,991 | 721,045 | 0.50% | Shares |
| AGF MANAGEMENT LTD | $118,479,685 | 710,833 | 0.49% | Shares |
| ALLIANCEBERNSTEIN L.P. | $116,869,082 | 719,460 | 0.48% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $115,503,111 | 693,219 | 0.48% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $113,499,888 | 680,904 | 0.47% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $107,510,009 | 644,970 | 0.45% | Shares |
| SANDS CAPITAL MANAGEMENT, LLC | $101,634,393 | 609,721 | 0.42% | Shares |
| Rathbones Group PLC | $100,710,264 | 604,177 | 0.42% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $94,610,893 | 569,050 | 0.39% | Shares |
| CIBC Asset Management Inc | $90,054,805 | 536,576 | 0.37% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $85,550,809 | 513,233 | 0.35% | Shares |
| NICHOLAS COMPANY, INC. | $84,687,188 | 508,052 | 0.35% | Shares |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | $82,939,676 | 498,064 | 0.34% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $81,727,575 | 490,330 | 0.34% | Shares |
| BCV Asset Management Inc. | $76,345,604 | 457,046 | 0.32% | Shares |
| Qube Research & Technologies Ltd | $74,482,261 | 446,841 | 0.31% | Shares |
| Point72 Asset Management, L.P. | $73,453,158 | 440,617 | 0.30% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $71,080,302 | 300,689 | 0.29% | Shares |
| National Pension Service | $68,442,581 | 410,598 | 0.28% | Shares |
| DAVIS R M INC | $65,150,158 | 390,846 | 0.27% | Shares |
| SCOTIA CAPITAL INC. | $64,123,317 | 386,705 | 0.27% | Shares |
| Alyeska Investment Group, L.P. | $62,904,972 | 377,377 | 0.26% | Shares |
| BANK OF NOVA SCOTIA | $60,411,122 | 362,467 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $60,148,192 | 360,839 | 0.25% | Shares |
| MUFG SECURITIES (CANADA), LTD. | $60,079,357 | 361,031 | 0.25% | Shares |
| Northwest & Ethical Investments L.P. | $58,804,965 | 352,832 | 0.24% | Shares |
| Sunriver Management LLC | $57,260,182 | 343,513 | 0.24% | Shares |
| EULAV Asset Management | $57,084,991 | 342,462 | 0.24% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $55,510,513 | 333,031 | 0.23% | Shares |
| Douglas Lane & Associates, LLC | $54,479,629 | 326,832 | 0.23% | Shares |
| Aureus Asset Management, LLC | $54,364,039 | 326,138 | 0.23% | Shares |
| BANK OF AMERICA CORP /DE/ | $52,274,650 | 313,604 | 0.22% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $50,920,128 | 305,478 | 0.21% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $50,890,790 | 305,302 | 0.21% | Shares |
| Legal & General Group Plc | $50,228,386 | 301,444 | 0.21% | Shares |
| Hudson Way Capital Management LLC | $49,923,822 | 299,501 | 0.21% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $49,790,260 | 298,715 | 0.21% | Shares |
| Ensign Peak Advisors, Inc | $49,360,743 | 296,123 | 0.20% | Shares |
| Harvey Partners, LLC | $47,860,366 | 287,122 | 0.20% | Shares |
| Public Sector Pension Investment Board | $47,115,752 | 282,960 | 0.20% | Shares |
| ARGENT CAPITAL MANAGEMENT LLC | $46,242,683 | 277,417 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $45,835,857 | 282,171 | 0.19% | Shares |
| Addenda Capital Inc. | $44,450,776 | 188,040 | 0.18% | Shares |
| State of Tennessee, Department of Treasury | $42,615,867 | 255,721 | 0.18% | Shares |
| Korea Investment CORP | $42,265,416 | 253,557 | 0.18% | Shares |
| Burgundy Asset Management Ltd. | $41,379,668 | 224,049 | 0.17% | Shares |
| BlackRock, Inc. | $40,719,867 | 244,285 | 0.17% | Shares |
| Tandem Investment Advisors, Inc. | $40,688,695 | 244,098 | 0.17% | Shares |
| NICOLA WEALTH MANAGEMENT LTD. | $40,496,197 | 243,000 | 0.17% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $39,786,236 | 238,684 | 0.16% | Shares |
| Nuveen Asset Management, LLC | $38,563,978 | 224,758 | 0.16% | Shares |
| BARCLAYS PLC | $37,048,686 | 222,261 | 0.15% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $35,722,000 | 214,302 | 0.15% | Shares |
| AVIVA PLC | $35,510,622 | 213,050 | 0.15% | Shares |
| OSTERWEIS CAPITAL MANAGEMENT INC | $34,944,392 | 209,637 | 0.14% | Shares |
| Nuveen, LLC | $34,500,108 | 206,972 | 0.14% | Shares |
| Telemark Asset Management, LLC | $33,338,000 | 200,000 | 0.14% | Shares |
| CIDEL ASSET MANAGEMENT INC | $33,005,590 | 198,091 | 0.14% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $32,831,262 | 196,960 | 0.14% | Shares |
| BAMCO INC /NY/ | $32,324,525 | 193,920 | 0.13% | Shares |
Company insiders 15 insiders · 10 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ronald J Mittelstaedt | President & CEO | May 12, 2026 P | 301,017 | 1 | 0 | $7,612,000 |
| Jason Craft | Executive Vice President & COO | June 30, 2026 J | 32,915 | 0 | 1 | $-234,887 |
| Iii Robert Nielsen | SR VP Operations | July 29, 2026 S | 3,950 | 0 | 1 | $-51,930 |
| Robert Michael Cloninger | SR VP, Deputy General Counsel | July 28, 2026 S | 11,666 | 0 | 2 | $-480,760 |
| Aaron Bradley | SR VP PERFORMANCE OPTIMIZATION | June 30, 2026 J | 8,624 | 0 | 0 | $0 |
| Matthew Stephen Black | Sr VP Chief Tax Officer | June 30, 2026 J | 43,530 | 0 | 0 | $0 |
| Domenic Pio | SR VP Operations | June 30, 2026 J | 9,188 | 0 | 0 | $0 |
| Patrick James Shea | Exec VP, General Counsel & Sec | June 5, 2026 G | 19,737 | 0 | 1 | $-1,171,915 |
| Eric Hansen | Senior Vice President and CIO | April 30, 2026 S | 13,350 | 0 | 1 | $-988,920 |
| James Little | Executive VP Engineering | April 27, 2026 S | 34,395 | 0 | 1 | $-427,168 |
| Daniel L Florness | Director | April 1, 2026 M | 154 | 0 | 0 | $0 |
| Edward E Guillet | Director | Feb. 14, 2026 M | 15,171 | 0 | 1 | $-1,569,960 |
| Michael W Harlan | Director | Feb. 14, 2026 M | 8,575 | 0 | 0 | $0 |
| Susan Lee | Director | May 16, 2017 P | 4,279 | 0 | 0 | $0 |
| Susan Netherton | — | Aug. 13, 2026 S | 12,980 | 0 | 1 | $-290,500 |
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 |
|---|---|---|---|---|---|
| Blue Harbour Group, LP, Blue Harbour Holdings, LLC, Clifton S. Robbins ×2 filings | Feb. 26, 2016 | — | Initial filing | — | SEC |
| Westbury (Bermuda) Ltd., Westbury Trust ×3 filings | Nov. 29, 2011 | — | 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 69 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 |
|---|---|---|---|---|
| CCSO · Tidal Trust II | 3.50% | 9,899 NS | April 30, 2026 | N-PORT |
| TMFG · RBB Fund, Inc. | 3.36% | 80,245 NS | May 31, 2026 | N-PORT |
| BWTG · ETF Opportunities Trust | 3.16% | 4,373 NS | May 31, 2026 | N-PORT |
| NFRA · FlexShares Trust | 1.96% | 365,632 NS | April 30, 2026 | N-PORT |
| CZA · Invesco Exchange-Traded Fund Trust | 1.92% | 22,122 SH | Aug. 8, 2026 | Daily |
| ABIG · EA Series Trust | 1.92% | 7,163 NS | May 29, 2026 | N-PORT |
| GRW · TCW ETF Trust | 1.46% | 6,362 NS | April 30, 2026 | N-PORT |
| BBCA · J.P. Morgan Exchange-Traded Fund Tr… | 1.41% | 918,207 NS | April 30, 2026 | N-PORT |
| SUPP · TCW ETF Trust | 1.24% | 913 NS | April 30, 2026 | N-PORT |
| USMV · iShares Trust | 1.24% | 1,788,963 SH | Aug. 8, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 0.93% | 1,955,403 SH | Aug. 8, 2026 | Daily |
| VIGI · VANGUARD WHITEHALL FUNDS | 0.76% | 416,810 SH | Aug. 8, 2026 | Daily |
| PIEL · Pacer Funds Trust | 0.65% | 41 NS | April 30, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.60% | 75,937 NS | April 30, 2026 | N-PORT |
| PID · Invesco Exchange-Traded Fund Trust | 0.59% | 32,274 SH | Aug. 8, 2026 | Daily |
| QLV · FlexShares Trust | 0.57% | 5,824 NS | April 30, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.52% | 280,462 SH | Aug. 8, 2026 | Daily |
| SOVF · Elevation Series Trust | 0.50% | 2,842 NS | April 30, 2026 | N-PORT |
| IDLV · Invesco Exchange-Traded Fund Trust … | 0.41% | 8,577 SH | Aug. 8, 2026 | Daily |
| EXI · iShares Trust | 0.41% | 35,939 SH | Aug. 8, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.41% | 5,531,130 SH | Aug. 8, 2026 | Daily |
| AKAF · ETF Series Solutions | 0.41% | 80 NS | May 31, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.37% | 10,138 NS | May 31, 2026 | N-PORT |
| UMMA · Listed Funds Trust | 0.34% | 6,307 NS | May 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.33% | 67,068 SH | Aug. 8, 2026 | Daily |
| DIHP · Dimensional ETF Trust | 0.25% | 89,076 NS | April 30, 2026 | N-PORT |
| SPWO · SP Funds Trust | 0.22% | 2,044 NS | April 30, 2026 | N-PORT |
| SIZE · iShares Trust | 0.19% | 4,987 SH | Aug. 8, 2026 | Daily |
| EUSA · iShares, Inc. | 0.19% | 21,672 SH | Aug. 8, 2026 | Daily |
| PTIN · Pacer Funds Trust | 0.18% | 2,025 NS | April 30, 2026 | N-PORT |
| BKIE · BNY Mellon ETF Trust | 0.17% | 12,295 NS | April 30, 2026 | N-PORT |
| IMFL · Invesco Exchange-Traded Self-Indexe… | 0.17% | 10,696 SH | Aug. 8, 2026 | Daily |
| IGRO · iShares Trust | 0.15% | 11,861 SH | Aug. 8, 2026 | Daily |
| DFAI · Dimensional ETF Trust | 0.15% | 144,125 NS | April 30, 2026 | N-PORT |
| VUG · VANGUARD INDEX FUNDS | 0.14% | 3,080,395 SH | Aug. 8, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | 0.13% | 2,459,852 SH | Aug. 8, 2026 | Daily |
| SCHF · SCHWAB STRATEGIC TRUST | 0.13% | 566,487 NS | May 31, 2026 | N-PORT |
| NBCR · Neuberger Berman ETF Trust | 0.12% | 7,210 NS | May 31, 2026 | N-PORT |
| VSGX · VANGUARD WORLD FUND | 0.12% | 50,627 SH | Aug. 8, 2026 | Daily |
| VEU · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.10% | 589,004 SH | Aug. 8, 2026 | Daily |
| GXUS · Goldman Sachs ETF Trust II | 0.10% | 4,187 NS | May 29, 2026 | N-PORT |
| ESIM · Strategy Shares | 0.10% | 96 NS | April 30, 2026 | N-PORT |
| VXUS · VANGUARD STAR FUNDS | 0.09% | 3,701,815 SH | Aug. 8, 2026 | Daily |
| DFIC · Dimensional ETF Trust | 0.09% | 74,333 NS | April 30, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.07% | 4,021 SH | Aug. 8, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.07% | 298,091 SH | Aug. 8, 2026 | Daily |
| TLTD · FlexShares Trust | 0.07% | 2,688 NS | April 30, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.06% | 45,139 SH | Aug. 8, 2026 | Daily |
| PXF · Invesco Exchange-Traded Fund Trust … | 0.06% | 10,804 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.06% | 8,104,425 SH | Aug. 8, 2026 | Daily |