WES Western Midstream Partners, LP Common Units Representing Limited Partner Interests
$49.44
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$37–$49
100% of range
Analyst Rating
HOLD
19 analysts
Price Target
$47
P/E (TTM)
—
ROE
—
Net Profit Margin
30.7%
WES Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$49.44
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$3.84B
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$37 – $49
WES Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$3.84B
2016-12-31
→
2025-12-31
EPS
—
Free Cash Flow
—
Margins
30.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
WES
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WES
Peer Median
Operating Margin
41.7%
—
Net Profit Margin
30.7%
23.0%
ROA
8.4%
4.6%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WES
Peer Median
Current Ratio
1.3
1.0
Quick Ratio
1.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WES
Peer Median
Revenue YoY
6.6%
—
Revenue CAGR 3Y
5.7%
—
Revenue CAGR 5Y
6.8%
—
Net Income YoY
-24.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WES
Peer Median
Payout Ratio
121.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
121.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $0.9300 |
| May 1, 2026 | $0.9300 |
| Feb. 2, 2026 | $0.9100 |
| Oct. 31, 2025 | $0.9100 |
| Aug. 1, 2025 | $0.9100 |
| May 2, 2025 | $0.9100 |
| Feb. 3, 2025 | $0.8750 |
| Nov. 1, 2024 | $0.8750 |
| Aug. 1, 2024 | $0.8750 |
| April 30, 2024 | $0.8750 |
| Jan. 31, 2024 | $0.5750 |
| Oct. 31, 2023 | $0.5750 |
| July 28, 2023 | $0.5630 |
| April 28, 2023 | $0.8560 |
| Jan. 31, 2023 | $0.5000 |
| Oct. 28, 2022 | $0.5000 |
| July 29, 2022 | $0.5000 |
| April 29, 2022 | $0.5000 |
| Jan. 28, 2022 | $0.3270 |
| Oct. 29, 2021 | $0.3230 |
WES Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
19 analysts
- Strong Buy 2 10.5%
- Buy 5 26.3%
- Hold 11 57.9%
- Sell 1 5.3%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-17
Median
$46.50
Now
$49.44
Low
$41.00
High
$55.00
Median target
$46.50
-5.9%
Mean target
$47.08
-4.8%
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 | $0.99 | $0.88 | 0.11% |
| March 31, 2026 | $0.85 | $0.75 | 0.10% |
| Dec. 31, 2025 | $0.47 | $0.86 | -0.39% |
| Sept. 30, 2025 | $0.87 | $0.89 | -0.02% |
| June 30, 2025 | $0.87 | $0.84 | 0.03% |
| March 31, 2025 | $0.79 | $0.84 | -0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WES | — | — | 6.6% | 30.7% | — | — |
| MPLX | — | — | 8.9% | 38.1% | — | — |
| OKE | $46.28B | 13.6 | 55.0% | 10.1% | 17.2% | — |
| TRGP | $39.61B | 21.7 | 4.0% | 11.3% | 68.0% | — |
| LNG | $41.29B | 8.1 | 27.2% | 26.7% | 78.3% | — |
| CQP | — | -109.1 | 23.6% | 27.8% | — | — |
| PAA | — | — | -9.5% | 3.2% | — | — |
| DTM | $12.17B | 27.8 | 26.7% | 35.5% | 9.4% | — |
| AM | $8.43B | 20.7 | 7.4% | 34.8% | 20.4% | — |
| KNTK | — | 13.7 | 19.0% | 10.1% | -16.7% | — |
| HESM | — | — | 8.4% | 21.8% | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.84B | $3.61B | $3.11B | $3.25B | $2.88B | $2.77B | $2.75B | $2.30B | $2.43B | $1.80B | $1.75B | $1.53B | |
| Cost of Revenue | · | · | · | · | · | · | · | $432M | $909M | $494M | · | · | |
| SG&A Expense | $399M | $272M | $233M | $194M | $196M | $156M | $115M | $67M | $54M | $49M | $44M | $42M | |
| Operating Expenses | $2.32B | $2.04B | $1.87B | $1.95B | $1.75B | $2.13B | $1.75B | $1.64B | $1.91B | $1.18B | $1.73B | $1.04B | |
| Operating Income | $1.60B | $1.97B | $1.38B | $1.59B | $1.34B | $879M | $1.23B | $861M | $802M | $705M | $154M | $551M | |
| Interest Expense | $390M | $379M | $348M | $334M | $377M | $380M | $303M | $184M | $143M | $117M | $114M | $77M | |
| Other Non-op | $17M | $32M | $6M | $2M | $-623.0K | $1M | $-124M | $-5M | $1M | $545.0K | $-578.0K | $938.0K | |
| Pretax Income | $1.23B | $1.63B | $1.05B | $1.26B | $934M | $523M | $821M | $690M | $677M | $605M | $57M | $493M | |
| Income Tax | $15M | $18M | $4M | $4M | $-10M | $6M | $13M | $59M | $-60M | $8M | $46M | $39M | |
| Net Income | $1.18B | $1.57B | $1.02B | $1.22B | $916M | $527M | $697M | $552M | $541M | $346M | $166M | $288M | |
| EBITDA | $2.31B | $2.62B | $1.98B | · | $1.89B | $1.37B | $1.71B | $963M | $995M | $977M | $279M | $631M |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $819M | $1.09B | $273M | $287M | $202M | $445M | $100M | $92M | $80M | $359M | $100M | $67M | |
| Receivables | $759M | $701M | $666M | $549M | $432M | $453M | $260M | $221M | $160M | $193M | $143M | $105M | |
| Other Current Assets | $64M | $55M | $53M | $60M | $46M | $45M | $42M | $31M | $15M | $13M | $9M | $11M | |
| Current Assets | $1.66B | $1.85B | $992M | $900M | $685M | $943M | $402M | $345M | $255M | $596M | $301M | $187M | |
| PP&E (Net) | $11.22B | $9.71B | $9.66B | $8.54B | $8.51B | $8.71B | $9.06B | $8.41B | $5.73B | $5.05B | $4.86B | $4.57B | |
| PP&E (Gross) | $17.65B | $15.51B | $14.95B | $13.37B | $12.85B | $12.64B | $12.36B | $11.26B | $7.86B | $6.86B | $6.56B | $5.63B | |
| Accum. Depreciation | $6.43B | $5.80B | $5.29B | $4.82B | $4.33B | $3.93B | $3.29B | $2.85B | $2.13B | $1.81B | $1.70B | $1.06B | |
| Goodwill | $353M | $5M | $5M | $5M | $5M | $5M | $446M | $446M | $416M | $418M | $419M | $389M | |
| Intangibles | $914M | $650M | $681M | $713M | $745M | $776M | $809M | $841M | $775M | $804M | $832M | $885M | |
| Other Non-current Assets | $349M | $387M | $233M | $167M | $159M | $171M | $78M | $63M | $13M | $15M | $13M | $28M | |
| Total Assets | $15.00B | $13.14B | $12.47B | $11.27B | $11.27B | $11.83B | $12.35B | $11.46B | $8.02B | $7.74B | $7.30B | $6.96B | |
| Accrued Liabilities | $408M | $329M | $263M | $255M | $263M | $270M | $150M | $129M | $48M | $45M | $119M | $171M | |
| Short-term Debt | · | · | · | · | · | · | $8M | $28M | · | · | · | · | |
| Current Liabilities | $1.24B | $1.69B | $1.30B | $904M | $1.14B | $961M | $486M | $637M | $424M | $315M | $236M | $241M | |
| Capital Leases | $110M | $144M | $48M | $33M | $35M | $35M | $3M | · | · | · | · | · | |
| Deferred Tax | $111M | $30M | $15M | $14M | $12M | $22M | $19M | $280M | $7M | $6M | $140M | $46M | |
| Other Non-current Liabilities | $865M | $751M | $480M | $386M | $326M | $276M | $208M | $132M | $3M | · | · | · | |
| Total Liabilities | $10.84B | $9.77B | $9.44B | $8.16B | $8.18B | $8.93B | $9.00B | $6.56B | $4.07B | $3.63B | $3.38B | $2.82B | |
| Total Debt | · | · | · | · | · | · | $7.96B | $4.79B | $3.49B | $3.12B | $2.71B | $2.42B | |
| Liabilities + Equity | $15.00B | $13.14B | $12.47B | $11.27B | $11.27B | $11.83B | $12.35B | $11.46B | $8.02B | $7.74B | $7.30B | $6.96B |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $711M | $650M | $601M | $582M | $552M | $491M | $483M | $389M | $319M | $273M | $273M | $212M | |
| Stock-based Comp | $51M | $38M | $32M | $28M | $28M | $22M | $15M | $6M | $5M | $5M | $4M | $4M | |
| Deferred Tax | $4M | $14M | $1M | $2M | $-10M | $3M | $8M | $139M | $-53M | $3M | $11M | $39M | |
| Amort. of Intangibles | $35M | $32M | $32M | $32M | $32M | $33M | $32M | $31M | $31M | $28M | $28M | $4M | |
| Other Non-cash | $276M | $-139M | $5M | · | $281M | $594M | $121M | $301M | $222M | $287M | $328M | $119M | |
| Operating Cash Flow | $2.22B | $2.14B | $1.66B | $1.70B | $1.77B | $1.64B | $1.32B | $1.35B | $1.04B | $913M | $783M | $691M | |
| Investing Cash Flow | $-1.09B | $-39M | $-1.61B | $-218M | $-258M | $-448M | $-3.39B | $-2.21B | $-1.13B | $-1.11B | $-500M | · | |
| Debt Issued | $1.18B | $789M | $2.45B | $1.39B | $480M | $3.68B | $4.17B | $2.67B | $469M | $1.32B | $890M | $1.65B | |
| Net Debt Issued | $104M | $645M | $481M | · | $-953M | $-123M | $2.70B | $1.31B | $370M | $423M | $278M | $998M | |
| Stock Repurchased | $0 | $0 | $135M | $488M | $217M | $33M | $0 | $0 | · | · | · | · | |
| Net Stock Activity | $0 | $0 | $-135M | · | $-217M | $-33M | · | · | · | · | · | · | |
| Dividends Paid | $1.43B | $1.25B | $978M | $736M | $534M | $696M | $969M | $502M | $442M | $374M | $306M | $228M | |
| Financing Cash Flow | $-1.41B | $-1.28B | $-68M | $-1.40B | $-1.75B | $-844M | $2.07B | $875M | $-189M | $452M | $-250M | · | |
| Net Change in Cash | $-271M | $818M | $-14M | $85M | $-243M | $345M | $8M | $13M | $-279M | $259M | $32M | $-46M | |
| Taxes Paid | $3M | $2M | $4M | $912.0K | $938.0K | $-384.0K | $96.0K | $2M | $1M | $838.0K | $-138.0K | $-90.0K |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 41.7% | 54.7% | 44.4% | · | 46.4% | 31.7% | 44.8% | 31.4% | 31.3% | 39.1% | 2.2% | 35.2% | |
| Net Margin | 30.7% | 43.6% | 32.9% | · | 31.9% | 19.0% | 25.4% | 18.6% | 16.8% | 19.2% | 5.6% | 17.4% | |
| Pretax Margin | 31.9% | 45.2% | 33.9% | · | 32.5% | 18.9% | 29.9% | 22.7% | 25.7% | 33.6% | -4.0% | 30.6% | |
| EBITDA Margin | 60.2% | 72.7% | 63.7% | · | 65.6% | 49.4% | 62.4% | 48.4% | 44.3% | 54.2% | 17.8% | 49.6% | |
| ROA | 8.4% | 12.3% | 8.6% | · | 7.9% | 4.4% | 5.9% | 4.3% | 4.8% | 4.6% | 1.3% | 3.9% | |
| ROIC | · | · | · | · | · | · | 15.2% | 13.0% | 20.0% | 22.3% | 1.3% | 18.4% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.1 | 0.8 | · | 0.6 | 1.0 | 0.8 | 0.6 | 0.6 | 1.9 | 1.5 | 0.9 | |
| Quick Ratio | 1.3 | 1.1 | 0.7 | · | 0.6 | 0.9 | 0.7 | 0.6 | 0.6 | 1.7 | 1.2 | 0.8 | |
| Interest Coverage | 4.1 | 5.2 | 4.0 | · | 3.5 | 2.3 | 4.1 | 3.4 | 4.9 | 6.0 | 0.3 | 5.8 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | |
| Receivables Turnover | 5.3 | 5.3 | 5.1 | · | 6.5 | 7.8 | 11.4 | 10.6 | 12.7 | 10.7 | 13.2 | 14.0 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.6% | 16.1% | -4.5% | 13.0% | 3.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.7% | 7.8% | 3.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -24.9% | 53.9% | -16.0% | 32.8% | 73.9% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -1.0% | 19.8% | 24.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 17.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 15.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.84B | $3.61B | $3.11B | $3.25B | $2.88B | $2.77B | $2.75B | $2.30B | $2.43B | $1.80B | $1.75B | $1.53B | |
| Net Income TTM | $1.18B | $1.57B | $1.02B | $1.22B | $916M | $527M | $697M | $552M | $541M | $346M | $166M | $288M | |
| Payout Ratio | 121.2% | 79.2% | 95.7% | · | 58.2% | 132.0% | 139.0% | 136.0% | 117.3% | 108.2% | 348.8% | 103.0% | |
| Annual Payout | $1.43B | $1.25B | $978M | $736M | $534M | $696M | $969M | $502M | $442M | $374M | $306M | $228M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.12B | $1.03B | $952M | $942M | $917M | $929M | $883M | $906M | $888M | $858M | $776M | $738M | $734M | $779M | $838M | |
| SG&A Expense | $86M | $75M | $202M | $64M | $66M | $67M | $76M | $65M | $63M | $68M | $73M | $55M | $53M | $51M | $49M | $48M | |
| Operating Expenses | $715M | $663M | $744M | $525M | $524M | $523M | $528M | $512M | $523M | $481M | $496M | $449M | $444M | $481M | $499M | $522M | |
| Operating Income | $527M | $469M | $306M | $442M | $444M | $410M | $426M | $396M | $470M | $679M | $392M | $361M | $337M | $290M | $429M | $357M | |
| Interest Expense | $109M | $113M | $106M | $92M | $95M | $97M | $99M | $94M | $91M | $95M | $98M | $83M | $86M | $82M | $85M | $83M | |
| Other Non-op | $3M | $7M | $4M | $2M | $4M | $7M | $16M | $10M | $4M | $2M | $3M | $-1M | $3M | $1M | $1M | $56.0K | |
| Pretax Income | $420M | $363M | $204M | $351M | $353M | $320M | $342M | $311M | $388M | $588M | $297M | $285M | $260M | $210M | $346M | $274M | |
| Income Tax | $5M | $4M | $7M | $2M | $2M | $3M | $444.0K | $15M | $755.0K | $2M | $1M | $905.0K | $659.0K | $1M | $504.0K | $387.0K | |
| Net Income | $404M | $350M | $191M | $340M | $342M | $309M | $334M | $288M | $379M | $573M | $288M | $277M | $253M | $204M | $336M | $266M | |
| EBITDA | $733M | $670M | · | $612M | $617M | $580M | · | $562M | $633M | $837M | · | $508M | $480M | $435M | · | $514M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $105M | $647M | $819M | $177M | $130M | $448M | $1.09B | $1.12B | $344M | $295M | · | $489M | $214M | $113M | · | $159M | |
| Receivables | $939M | $813M | $759M | $682M | $704M | $673M | $701M | $671M | $684M | $720M | · | $614M | $553M | $558M | · | $645M | |
| Other Current Assets | $79M | $69M | $64M | $57M | $71M | $68M | $55M | $36M | $40M | $51M | · | $31M | $29M | $64M | · | $86M | |
| Current Assets | $1.14B | $1.54B | $1.66B | $917M | $905M | $1.19B | $1.85B | $1.83B | $1.07B | $1.07B | · | $1.14B | $797M | $735M | · | $896M | |
| PP&E (Net) | $12.54B | $11.29B | $11.22B | $9.73B | $9.74B | $9.73B | $9.71B | $9.70B | $9.64B | $9.73B | · | $8.66B | $8.60B | $8.54B | · | $8.54B | |
| PP&E (Gross) | $19.29B | $17.87B | $17.65B | $15.99B | $15.85B | $15.68B | $15.51B | $15.34B | $15.15B | $15.16B | · | $13.81B | $13.74B | $13.55B | · | $13.24B | |
| Accum. Depreciation | $6.74B | $6.57B | $6.43B | $6.26B | $6.11B | $5.95B | $5.80B | $5.65B | $5.50B | $5.43B | · | $5.14B | $5.14B | $5.01B | · | $4.70B | |
| Goodwill | $391M | $348M | $353M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | · | $5M | $5M | $5M | · | $5M | |
| Intangibles | $1.38B | $902M | $914M | $626M | $634M | $642M | $650M | $658M | $666M | $673M | · | $689M | $697M | $705M | · | $721M | |
| Other Non-current Assets | $368M | $345M | $349M | $341M | $352M | $366M | $387M | $255M | $257M | $249M | · | $217M | $199M | $194M | · | $169M | |
| Total Assets | $16.32B | $14.92B | $15.00B | $12.13B | $12.16B | $12.46B | $13.14B | $12.98B | $12.18B | $12.27B | · | $11.63B | $11.22B | $11.11B | · | $11.47B | |
| Accrued Liabilities | $529M | $498M | $408M | $279M | $289M | $257M | $329M | $204M | $226M | $174M | · | $190M | $224M | $163M | · | $190M | |
| Current Liabilities | $1.25B | $1.41B | $1.24B | $640M | $695M | $1.01B | $1.69B | $1.65B | $634M | $708M | · | $636M | $622M | $581M | · | $746M | |
| Capital Leases | · | · | $110M | · | · | · | $144M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $117M | $112M | $111M | $32M | $32M | $31M | $30M | $30M | $16M | $16M | · | $15M | $15M | $15M | · | $14M | |
| Other Non-current Liabilities | $1.19B | $1.26B | $865M | $810M | $790M | $777M | $751M | $624M | $597M | $527M | · | $452M | $434M | $427M | · | $369M | |
| Total Liabilities | $11.92B | $11.42B | $10.84B | $8.80B | $8.83B | $9.12B | $9.77B | $9.60B | $8.76B | $8.89B | · | $8.67B | $8.20B | $8.01B | · | $8.47B | |
| Liabilities + Equity | $16.32B | $14.92B | $15.00B | $12.13B | $12.16B | $12.46B | $13.14B | $12.98B | $12.18B | $12.27B | · | $11.63B | $11.22B | $11.11B | · | $11.47B |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $206M | $200M | $198M | $170M | $172M | $170M | $163M | $166M | $163M | $158M | $165M | $147M | $143M | $145M | $152M | $157M | |
| Stock-based Comp | $14M | $11M | $21M | $10M | $11M | $8M | $9M | $9M | $10M | $9M | $10M | $7M | $8M | $7M | $7M | $6M | |
| Deferred Tax | $2M | $621.0K | $2M | $224.0K | $299.0K | $2M | $33.0K | $14M | $29.0K | $230.0K | $90.0K | $99.0K | $-69.0K | $924.0K | $242.0K | $-163.0K | |
| Other Non-cash | · | $-92M | · | · | · | $41M | · | · | · | $-341M | · | · | · | $-54M | · | · | |
| Operating Cash Flow | $535M | $470M | $558M | $570M | $564M | $531M | $554M | $551M | $631M | $400M | $473M | $395M | $491M | $302M | $489M | $469M | |
| Investing Cash Flow | $-1.11B | $-235M | $-609M | $-162M | $-174M | $-141M | $-230M | $-191M | $-15M | $397M | $-1.07B | $-208M | $-151M | $-179M | $138M | $-185M | |
| Debt Issued | $1.05B | $-132.0K | $1.19B | $0 | $-1M | $0 | $-149.0K | $790M | $-1M | $0 | $648M | $845M | $736M | $220M | $0 | $755M | |
| Net Debt Issued | · | $-132.0K | · | · | · | $-664M | · | · | · | $-15M | · | · | · | $-93M | · | · | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $128M | $41.0K | $7M | $41M | $368M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-7M | · | · | |
| Dividends Paid | $375M | $380M | $380M | $355M | $355M | $341M | $341M | $341M | $341M | $223M | $223M | $221M | $337M | $197M | $197M | $198M | |
| Financing Cash Flow | $30M | $-407M | $693M | $-361M | $-709M | $-1.03B | $-358M | $420M | $-568M | $-774M | $379M | $89M | $-238M | $-297M | $-500M | $-222M | |
| Net Change in Cash | $-543M | $-172M | $642M | $48M | $-319M | $-642M | $-34M | $781M | $49M | $22M | $-217M | $276M | $101M | $-174M | $128M | $62M | |
| Taxes Paid | $10M | $3M | $806.0K | $0 | $2M | $0 | $2M | $0 | $0 | $0 | $3M | $0 | $1.0K | $1M | $7.0K | $0 |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 43.0% | 41.8% | · | 46.4% | 47.2% | 44.7% | · | 44.8% | 51.9% | 76.5% | · | 46.5% | 45.6% | 39.5% | · | 42.6% | |
| Net Margin | 33.0% | 31.2% | · | 35.7% | 36.3% | 33.7% | · | 32.7% | 41.8% | 64.5% | · | 35.7% | 34.3% | 27.8% | · | 31.7% | |
| Pretax Margin | 34.3% | 32.3% | · | 36.9% | 37.5% | 34.9% | · | 35.2% | 42.9% | 66.2% | · | 36.8% | 35.2% | 28.6% | · | 32.7% | |
| EBITDA Margin | 59.8% | 59.6% | · | 64.2% | 65.4% | 63.3% | · | 63.6% | 69.9% | 94.3% | · | 65.5% | 65.0% | 59.2% | · | 61.4% | |
| ROA | 2.8% | 2.6% | · | 2.7% | 2.8% | 2.5% | · | 2.3% | 3.2% | 4.9% | · | 2.4% | 2.2% | 1.8% | · | 2.3% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.1 | · | 1.4 | 1.3 | 1.2 | · | 1.1 | 1.7 | 1.5 | · | 1.8 | 1.3 | 1.3 | · | 1.2 | |
| Quick Ratio | 0.8 | 1.0 | · | 1.3 | 1.2 | 1.1 | · | 1.1 | 1.6 | 1.4 | · | 1.7 | 1.2 | 1.2 | · | 1.1 | |
| Interest Coverage | 4.8 | 4.1 | · | 4.8 | 4.7 | 4.2 | · | 4.2 | 5.2 | 7.2 | · | 4.4 | 3.9 | 3.6 | · | 4.3 |
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 | 1.5 | 1.5 | · | 1.4 | 1.4 | 1.3 | · | 1.4 | 1.5 | 1.4 | · | 1.2 | 1.2 | 1.3 | · | 1.4 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.24B | $3.94B | · | $3.70B | $3.65B | $3.59B | · | $3.45B | $3.31B | $3.14B | · | $3.09B | $3.19B | $3.21B | · | $3.24B | |
| Net Income TTM | $1.44B | $1.34B | · | $1.28B | $1.32B | $1.55B | · | $1.52B | $1.48B | $1.31B | · | $1000M | $1.03B | $1.08B | · | $1.14B | |
| Payout Ratio | · | 108.4% | · | · | · | 110.3% | · | · | · | 39.0% | · | · | · | 96.5% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $3.84B | $3.61B | $3.11B | $3.25B | $2.88B |
| Operating Margin % | 41.7% | 54.7% | 44.4% | — | 46.4% |
| Net Income | $1.18B | $1.57B | $1.02B | $1.22B | $916M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.1 | 0.8 | — | 0.6 |
| Quick Ratio | 1.3 | 1.1 | 0.7 | — | 0.6 |
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Institutional owners (13F) 398 filers · $5.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 45 (-9 vs prior Q) | 18 (-9 vs prior Q) | 109 (-27 vs prior Q) | 92 (+26 vs prior Q) | +4.9M |
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 |
|---|---|---|---|---|
| ALPS ADVISORS INC | $1,602,911,296 | 36,629,600 | 31.89% | Shares |
| Blackstone Inc. | $453,682,675 | 10,367,520 | 9.03% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $377,979,976 | 8,637,568 | 7.52% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $281,843,107 | 6,440,656 | 5.61% | Shares |
| NEUBERGER BERMAN GROUP LLC | $267,052,258 | 6,102,741 | 5.31% | Shares |
| MORGAN STANLEY | $193,818,641 | 4,429,128 | 3.86% | Shares |
| Clearbridge Investments, LLC | $118,648,370 | 2,711,343 | 2.36% | Shares |
| UBS Group AG | $111,072,463 | 2,538,219 | 2.21% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $95,536,327 | 2,183,188 | 1.90% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $87,205,672 | 1,992,817 | 1.74% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $72,157,703 | 1,648,942 | 1.44% | Shares |
| ING GROEP NV | $69,469,000 | 1,587,500 | 1.38% | Shares |
| Fractal Investments LLC | $66,718,509 | 1,524,646 | 1.33% | Shares |
| BARCLAYS PLC | $58,465,067 | 1,336,039 | 1.16% | Shares |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | $55,133,224 | 1,259,900 | 1.10% | Shares |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | $53,263,884 | 1,217,182 | 1.06% | Shares |
| Recurrent Investment Advisors LLC | $49,592,814 | 1,133,291 | 0.99% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $45,572,539 | 1,041,420 | 0.91% | Shares |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC | $40,019,614 | 914,525 | 0.80% | Shares |
| FIRST TRUST ADVISORS LP | $33,133,802 | 757,171 | 0.66% | Shares |
| Brookfield Corp /ON/ | $32,005,118 | 731,378 | 0.64% | Shares |
| CIBC Private Wealth Group LLC | $31,788,282 | 809,068 | 0.63% | Shares |
| GOLDMAN SACHS GROUP INC | $30,136,112 | 688,668 | 0.60% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $29,751,549 | 679,880 | 0.59% | Shares |
| NATIXIS | $28,776,576 | 657,600 | 0.57% | Shares |
| Texas Yale Capital Corp. | $27,923,081 | 638,096 | 0.56% | Shares |
| JANE STREET GROUP, LLC | $27,538,168 | 629,300 | 0.55% | Call option |
| BANK OF AMERICA CORP /DE/ | $22,756,076 | 520,020 | 0.45% | Shares |
| Allianz Asset Management GmbH | $19,406,991 | 443,487 | 0.39% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $19,057,480 | 435,500 | 0.38% | Call option |
| Catalyst Capital Advisors LLC | $17,806,469 | 406,912 | 0.35% | Shares |
| Terril Brothers, Inc. | $17,633,923 | 402,969 | 0.35% | Shares |
| Adams Asset Advisors, LLC | $16,402,254 | 374,823 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $16,366,240 | 374,000 | 0.33% | Call option |
| RR Advisors, LLC | $15,583,942 | 356,123 | 0.31% | Shares |
| Empirical Finance, LLC | $14,441,500 | 330,016 | 0.29% | Shares |
| LPL Financial LLC | $14,250,690 | 325,656 | 0.28% | Shares |
| JENNISON ASSOCIATES LLC | $13,712,940 | 313,367 | 0.27% | Shares |
| CITADEL ADVISORS LLC | $13,315,030 | 304,274 | 0.26% | Shares |
| Knollwood Investment Advisory, LLC | $13,173,160 | 301,032 | 0.26% | Shares |
| Susquehanna Portfolio Strategies, LLC | $12,595,222 | 287,825 | 0.25% | Shares |
| NBW CAPITAL LLC | $12,040,267 | 311,118 | 0.24% | Shares |
| Sovereign Investment Advisors, LLC | $12,011,201 | 274,479 | 0.24% | Shares |
| Slotnik Capital, LLC | $11,491,989 | 262,614 | 0.23% | Shares |
| Waverly Advisors, LLC | $10,978,021 | 250,869 | 0.22% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $10,921,665 | 249,581 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,362,368 | 236,800 | 0.21% | Put option |
| EXCHANGE TRADED CONCEPTS, LLC | $9,822,063 | 224,453 | 0.20% | Shares |
| Maryland State Retirement & Pension System | $9,463,144 | 216,251 | 0.19% | Shares |
| STEPHENS INC /AR/ | $9,446,024 | 215,066 | 0.19% | Shares |
| Heronetta Management, L.P. | $9,030,357 | 206,361 | 0.18% | Shares |
| Arax Advisory Partners | $8,883,131 | 202,996 | 0.18% | Shares |
| CITADEL ADVISORS LLC | $8,791,384 | 200,900 | 0.17% | Put option |
| Militia Capital Management LLC | $8,762,940 | 200,250 | 0.17% | Shares |
| Militia Capital Partners, LP | $7,900,000 | 200,000 | 0.16% | Shares |
| Ellsworth Advisors, LLC | $7,823,113 | 172,429 | 0.16% | Shares |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $7,536,654 | 172,227 | 0.15% | Shares |
| Americana Partners, LLC | $7,056,092 | 161,245 | 0.14% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $6,820,740 | 155,867 | 0.14% | Shares |
| Sanctuary Advisors, LLC | $6,312,313 | 144,248 | 0.13% | Shares |
| BANK OF MONTREAL /CAN/ | $6,102,201 | 139,447 | 0.12% | Shares |
| Mariner, LLC | $5,996,939 | 137,042 | 0.12% | Shares |
| CIBC WORLD MARKET INC. | $5,806,952 | 132,700 | 0.12% | Shares |
| U.S. Capital Wealth Advisors, LLC | $5,783,365 | 140,475 | 0.12% | Shares |
| Cresset Asset Management, LLC | $5,769,100 | 131,835 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $5,693,176 | 130,100 | 0.11% | Put option |
| STIFEL FINANCIAL CORP | $5,486,694 | 125,381 | 0.11% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $4,838,062 | 110,559 | 0.10% | Shares |
| HENNESSY ADVISORS INC | $4,824,978 | 110,260 | 0.10% | Shares |
| Lavaca Capital LLC | $4,726,080 | 108,000 | 0.09% | Shares |
| RAYMOND JAMES FINANCIAL INC | $4,538,602 | 103,716 | 0.09% | Shares |
| Cetera Investment Advisers | $4,351,212 | 99,433 | 0.09% | Shares |
| HighTower Advisors, LLC | $4,301,324 | 98,294 | 0.09% | Shares |
| Summit Financial, LLC | $4,138,791 | 94,579 | 0.08% | Shares |
| PARAGON ASSOCIATES & PARAGON ASSOCIATES II JOINT VENTURE | $4,117,000 | 100,000 | 0.08% | Shares |
| Advisors Asset Management, Inc. | $4,030,692 | 104,884 | 0.08% | Shares |
| WOLVERINE TRADING, LLC | $3,947,788 | 102,700 | 0.08% | Put option |
| GLENMEDE TRUST CO NA | $3,740,648 | 85,481 | 0.07% | Shares |
| SPIRIT OF AMERICA MANAGEMENT CORP/NY | $3,726,164 | 85,150 | 0.07% | Shares |
| Pathstone Holdings, LLC | $3,635,499 | 83,078 | 0.07% | Shares |
| WOLVERINE TRADING, LLC | $3,498,040 | 91,000 | 0.07% | Call option |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $3,449,119 | 78,819 | 0.07% | Shares |
| Glenmede Investment Management, LP | $3,358,548 | 85,481 | 0.07% | Shares |
| D.A. DAVIDSON & CO. | $3,253,092 | 74,339 | 0.06% | Shares |
| Pekin Hardy Strauss, Inc. | $3,201,305 | 73,156 | 0.06% | Shares |
| NewEdge Advisors, LLC | $3,149,721 | 71,977 | 0.06% | Shares |
| GraniteShares Advisors LLC | $3,082,279 | 70,436 | 0.06% | Shares |
| Hartree Partners, LP | $2,888,160 | 66,000 | 0.06% | Shares |
| VAN ECK ASSOCIATES CORP | $2,765,151 | 63,189 | 0.06% | Shares |
| CIBC Bancorp USA Inc. | $2,756,224 | 62,985 | 0.05% | Shares |
| Kestra Advisory Services, LLC | $2,689,056 | 61,450 | 0.05% | Shares |
| DIVIDEND ASSETS CAPITAL, LLC | $2,603,355 | 59,492 | 0.05% | Shares |
| Parkside Financial Bank & Trust | $2,591,624 | 62,949 | 0.05% | Shares |
| HUB Investment Partners, LLC | $2,591,414 | 59,219 | 0.05% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $2,384,336 | 54,487 | 0.05% | Shares |
| HUNTINGTON NATIONAL BANK | $2,187,956 | 49,999 | 0.04% | Shares |
| CFM WEALTH PARTNERS LLC | $2,182,880 | 49,883 | 0.04% | Shares |
| ELCO Management Co., LLC | $2,163,363 | 49,437 | 0.04% | Shares |
| WEXFORD CAPITAL LP | $2,123,498 | 48,526 | 0.04% | Shares |
| SageGuard Financial Group, LLC | $1,946,293 | 44,477 | 0.04% | Shares |
Company insiders 28 insiders · 12 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael Ure | President & CEO | Aug. 12, 2022 F | 125,405 | 0 | 0 | $0 |
| Kristen S. Shults | SVP & Chief Financial Officer | May 2, 2022 A | — | 0 | 0 | $0 |
| Michael C Pearl | SVP and CFO | Aug. 13, 2020 D | 6,124 | 0 | 0 | $0 |
| Holderman Daniel P. | SVP Co-Chief Operating Officer | Aug. 29, 2022 A | — | 0 | 0 | $0 |
| Craig W Collins | SVP & Chief Operating Officer | Aug. 12, 2022 F | 75,254 | 0 | 0 | $0 |
| Danny J Rea | Senior VP and COO | Dec. 6, 2012 P | 40,000 | 0 | 0 | $0 |
| Catherine A. Green | VP & Chief Accounting Officer | Aug. 12, 2022 F | 13,005 | 0 | 0 | $0 |
| Christopher B. Dial | SVP, GC and Secretary | Aug. 12, 2022 F | 30,609 | 0 | 0 | $0 |
| Robert W. Bourne | SVP & Chief Commercial Officer | Aug. 12, 2022 F | 34,770 | 0 | 0 | $0 |
| Charles G. Griffie | SVP, Ops and Engineering | Nov. 12, 2021 D | 18,694 | 0 | 0 | $0 |
| Benjamin Matthew Fink | Chairman of the Board | Feb. 28, 2019 A | 22,058 | 0 | 0 | $0 |
| Philip H Peacock | VP, Gen. Counsel & Corp. Sec. | Dec. 6, 2012 P | 7,500 | 0 | 0 | $0 |
| PHILLIPS ROBERT G | Director | March 11, 2026 P | 5,296 | 1 | 0 | $50,238 |
| Oscar K Brown | Director | Feb. 15, 2022 A | 17,115 | 0 | 0 | $0 |
| Kenneth F. Owen | Director | Feb. 15, 2022 A | 15,054 | 0 | 0 | $0 |
| David J Schulte | Director | Feb. 15, 2022 A | 19,554 | 0 | 0 | $0 |
| Craig W. Stewart | Director | May 14, 2020 A | 30,073 | 0 | 0 | $0 |
| David J Tudor | Director | May 14, 2020 A | 31,241 | 0 | 0 | $0 |
| Steven D Arnold | Director | May 14, 2020 A | 72,616 | 0 | 0 | $0 |
| Thomas R Hix | Director | May 14, 2020 A | 18,530 | 0 | 0 | $0 |
| James R Crane | Director | May 14, 2020 A | 666,402 | 0 | 0 | $0 |
| Milton Carroll | Director | Aug. 8, 2019 M | 23,034 | 0 | 0 | $0 |
| Robert G Gwin | Director | Feb. 28, 2019 A | 107,625 | 0 | 0 | $0 |
| Robert K Reeves | Director | Dec. 6, 2012 P | 9,000 | 0 | 0 | $0 |
| R A Walker | Director | Dec. 6, 2012 P | 5,000 | 0 | 0 | $0 |
| Frederick A. Forthuber | — | Aug. 12, 2026 P | 5,140 | 1 | 0 | $249,907 |
| Lisa A Stewart | — | Feb. 12, 2022 M | 15,054 | 0 | 0 | $0 |
| Donald R. Sinclair | — | Nov. 20, 2016 M | 129,873 | 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 |
|---|---|---|---|---|---|
| Anadarko Petroleum Corporation, Western Gas Resources, Inc., APC Midstream Holdings, LLC, WGR Asset Holding Company LLC, Kerr-McGee Worldwide Corp., Anadarko E&P Onshore LLC ×6 filings | Aug. 14, 2019 | — | Initial filing | M&A / sale | SEC |
| Anadarko Petroleum Corp. (2), Western Gas Resources, Inc. (2) | Dec. 21, 2012 | — | 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 |
|---|---|---|---|---|
| AMLP · ALPS ETF Trust | 13.63% | 38,584,363 NS | May 31, 2026 | N-PORT |
| AMZA · ETFis Series Trust I | 11.70% | 1,247,687 NS | April 30, 2026 | N-PORT |
| MLPA · Global X Funds | 10.87% | 5,330,893 NS | May 31, 2026 | N-PORT |
| EWA · iShares, Inc. | 4.80% | 1,107,477 SH | Aug. 8, 2026 | Daily |
| ORR · EA Series Trust | 4.63% | 396,559 NS | May 29, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 3.99% | 41,206 NS | April 30, 2026 | N-PORT |
| MLPX · Global X Funds | 3.88% | 3,210,019 NS | May 31, 2026 | N-PORT |
| ENFR · ALPS ETF Trust | 3.67% | 394,137 NS | May 31, 2026 | N-PORT |
| EPP · iShares, Inc. | 3.08% | 1,085,769 SH | Aug. 8, 2026 | Daily |
| ABLD · Abacus FCF ETF Trust | 2.88% | 56,490 NS | April 30, 2026 | N-PORT |
| DIV · Global X Funds | 1.99% | 342,840 NS | April 30, 2026 | N-PORT |
| USAI · Pacer Funds Trust | 1.71% | 42,811 NS | April 30, 2026 | N-PORT |
| TPZ · Tortoise Capital Series Trust | 1.41% | 42,293 NS | May 31, 2026 | N-PORT |
| TPYP · Tortoise Capital Series Trust | 1.23% | 241,418 NS | May 31, 2026 | N-PORT |
| RXI · iShares Trust | 1.09% | 46,660 SH | Aug. 8, 2026 | Daily |
| VRAI · ETFis Series Trust I | 1.06% | 4,496 NS | April 30, 2026 | N-PORT |
| CVY · Invesco Exchange-Traded Fund Trust | 0.98% | 26,141 | Aug. 8, 2026 | Daily |
| IDHQ · Invesco Exchange-Traded Fund Trust … | 0.94% | 146,302 SH | Aug. 8, 2026 | Daily |
| CZA · Invesco Exchange-Traded Fund Trust | 0.90% | 37,076 | Aug. 8, 2026 | Daily |
| IQLT · iShares Trust | 0.88% | 1,943,855 SH | Aug. 8, 2026 | Daily |
| IPAC · iShares Trust | 0.77% | 327,030 SH | Aug. 8, 2026 | Daily |
| GYLD · ARROW ETF TRUST | 0.69% | 5,084 NS | April 30, 2026 | N-PORT |
| EFG · iShares Trust | 0.66% | 1,747,492 SH | Aug. 8, 2026 | Daily |
| IMFL · Invesco Exchange-Traded Self-Indexe… | 0.59% | 97,919 SH | Aug. 8, 2026 | Daily |
| VPL · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.54% | 1,214,494 SH | Aug. 8, 2026 | Daily |
| GSY · Invesco Actively Managed Exchange-T… | 0.51% | 19,000,000 | Aug. 8, 2026 | Daily |
| PABD · iShares Trust | 0.49% | 25,555 SH | Aug. 8, 2026 | Daily |
| IDLV · Invesco Exchange-Traded Fund Trust … | 0.48% | 25,950 SH | Aug. 8, 2026 | Daily |
| TOLZ · ProShares Trust | 0.47% | 19,265 NS | May 31, 2026 | N-PORT |
| EFAV · iShares Trust | 0.47% | 399,649 SH | Aug. 8, 2026 | Daily |
| VYMI · VANGUARD WHITEHALL FUNDS | 0.38% | 1,259,996 SH | Aug. 8, 2026 | Daily |
| EFA · iShares Trust | 0.32% | 4,018,430 SH | Aug. 8, 2026 | Daily |
| IEFA · iShares Trust | 0.28% | 8,397,089 SH | Aug. 8, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.27% | 7,584,000 | Aug. 8, 2026 | Daily |
| IDEV · iShares Trust | 0.24% | 1,232,694 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.24% | 12,127 NS | May 31, 2026 | N-PORT |
| AQLT · iShares Trust | 0.22% | 10,631 SH | Aug. 8, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | 0.22% | 11,034,425 SH | Aug. 8, 2026 | Daily |
| INTF · iShares Trust | 0.21% | 122,260 SH | Aug. 8, 2026 | Daily |
| VSGX · VANGUARD WORLD FUND | 0.21% | 227,070 SH | Aug. 8, 2026 | Daily |
| ACWX · iShares Trust | 0.19% | 355,733 SH | Aug. 8, 2026 | Daily |
| ESGD · iShares Trust | 0.19% | 359,590 SH | Aug. 8, 2026 | Daily |
| VEU · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.17% | 2,641,858 SH | Aug. 8, 2026 | Daily |
| IXUS · iShares Trust | 0.17% | 1,569,634 SH | Aug. 8, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | 0.16% | 16,603,068 SH | Aug. 8, 2026 | Daily |
| PXF · Invesco Exchange-Traded Fund Trust … | 0.15% | 67,646 SH | Aug. 8, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.15% | 4,119,000 | Aug. 8, 2026 | Daily |
| TOK · iShares Trust | 0.09% | 3,446 SH | Aug. 8, 2026 | Daily |
| VUSB · VANGUARD BOND INDEX FUNDS | 0.08% | 7,001,000 PA | Aug. 8, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | 0.08% | 7,995,000 PA | Aug. 8, 2026 | Daily |