WTRG Essential Utilities, Inc. Common Stock
$40.95
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$36–$42
77% of range
Analyst Rating
BUY
13 analysts
Price Target
$42
+2% upside
P/E (TTM)
17.4
ROE
9.1%
Net Profit Margin
24.9%
About Essential Utilities, Inc. Common Stock Company overview from Wikipedia
Essential Utilities is an American utility company that has stakes in Illinois, Indiana, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, Texas and Virginia. The company provides drinking water and wastewater treatment infrastructure and natural gas. Essential Utilities is the publicly traded ($WTRG) parent company that oversees the continued business of Aqua America and Peoples Natural Gas, who both continue to do business under their original names.
Read more
Essential Utilities (formerly Aqua America and Peoples Natural Gas) is an American utility company that has stakes in Illinois, Indiana, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, Texas and Virginia. The company provides drinking water and wastewater treatment infrastructure and natural gas. Essential Utilities is the publicly traded ($WTRG) parent company that oversees the continued business of Aqua America and Peoples Natural Gas, who both continue to do business under their original names.
The company began in Pennsylvania and remains headquartered in Bryn Mawr along with the water utility side of the business while the natural gas company Peoples is headquartered in Pittsburgh.
History
The company began January 4, 1886, by the founding of the Springfield Water Company. The company changed its name to the Philadelphia Suburban Water Company (PSW). By 1925 the company provided water to 58 municipalities.
The company was incorporated in 1989.
The current CEO, Christopher H. Franklin, took his position in 2015.
In late 2014, the company committed to transitioning its Pennsylvania vehicle fleet to compressed natural gas (CNG) within five years.
In October 2025, American Water Works agreed to acquire the company in an all-stock merger, creating a combined company valued at $63 billion, including debt. Upon completion of the deal, expected in early 2027, American Water shareholders would own about 69% of the combined company, with Essential shareholders owning the remainder.
Acquisitions
In the United States, many water utilities remain government-owned. Water was supplied by 55,000 separate water systems in 2006.
However, US and global companies have business models which involve the privatization of utilities to achieve profitability from economy of scale. Additionally, cash-strapped municipalities see benefit to selling their water supply assets.
From 1993 to 2013 Aqua America completed 300 acquisitions.
In recent years, the company has purchased smaller private utilities across 12 states, gradually extending southward. Such acquisitions comprise the bulk of Aqua America's stated business model.
In January 1998 Aqua America, then known as the Philadelphia Suburban Water Company (PSW) purchased the West Chester, PA municipal water utility assets.
Acquisitions of large private companies included the purchases of AquaSource in 2003, Heater and Florida Water Services in 2004, and the New York Water Service Corporation in 2007.
In October 2018 Aqua announced that it was going to purchase Peoples Natural Gas in Pittsburgh PA for $4.27 billion. This deal entered Aqua into the competitive Pittsburgh water market while taking their first step into gas utilities.
Subsidiaries
The company's largest water subsidiary is Aqua Pennsylvania, which has been a part of Aqua America since 1996 and accounts for slightly more than half of 2007 operating revenue and provides water services to 50% of the company's total customer base. Aqua Pennsylvania operates in the greater urban and suburban Philadelphia area.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
WTRG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$40.95
Market Cap
—
P/E (TTM)
17.4
EPS (TTM)
$2.20
Revenue (TTM)
$2.47B
Div Yield
—
ROE
9.1%
Debt/Equity
1.2
52W Range
$36 – $42
WTRG 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
$2.47B
2016-12-31
→
2025-12-31
EPS
$2.20
2016-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2018-12-31
Margins
24.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
WTRG
Peer Median
P/E (TTM)
17.4
24.0
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WTRG
Peer Median
Operating Margin
37.2%
—
Net Profit Margin
24.9%
21.9%
ROA
3.3%
3.0%
ROE
9.1%
9.0%
ROIC
6.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WTRG
Peer Median
Debt / Equity
1.2
—
Current Ratio
0.8
1.0
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WTRG
Peer Median
Revenue YoY
18.6%
—
Revenue CAGR 3Y
2.6%
—
Revenue CAGR 5Y
11.1%
—
EPS YoY
1.4%
—
Net Income YoY
3.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WTRG
Peer Median
Payout Ratio
60.7%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
60.7%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 11, 2026 | $0.3610 |
| May 12, 2026 | $0.3430 |
| Feb. 9, 2026 | $0.3430 |
| Nov. 12, 2025 | $0.3430 |
| Aug. 12, 2025 | $0.3430 |
| May 13, 2025 | $0.3260 |
| Feb. 10, 2025 | $0.3260 |
| Nov. 12, 2024 | $0.3260 |
| Aug. 12, 2024 | $0.3260 |
| May 9, 2024 | $0.3070 |
| Feb. 8, 2024 | $0.3070 |
| Nov. 9, 2023 | $0.3070 |
| Aug. 10, 2023 | $0.3070 |
| May 11, 2023 | $0.2870 |
| Feb. 9, 2023 | $0.2870 |
| Nov. 9, 2022 | $0.2870 |
| Aug. 11, 2022 | $0.2870 |
| May 12, 2022 | $0.2680 |
| Feb. 10, 2022 | $0.2680 |
| Nov. 10, 2021 | $0.2680 |
WTRG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 5 38.5%
- Hold 4 30.8%
- Sell 1 7.7%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-14
Median
$41.00
Now
$40.95
Low
$38.00
High
$46.00
Median target
$41.00
+0.1%
Mean target
$41.60
+1.6%
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 | $0.37 | $0.38 | -0.01% |
| March 31, 2026 | $0.79 | $0.89 | -0.10% |
| Dec. 31, 2025 | $0.47 | $0.42 | 0.05% |
| Sept. 30, 2025 | $0.33 | $0.29 | 0.04% |
| June 30, 2025 | $0.38 | $0.31 | 0.07% |
| March 31, 2025 | $1.03 | $0.83 | 0.20% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WTRG | — | 17.4 | 18.6% | 24.9% | 9.1% | — |
| AWK | — | 22.9 | 10.1% | 21.7% | 10.3% | — |
| AWR | $2.83B | 21.5 | 10.5% | 19.8% | 12.9% | — |
| CWT | $2.58B | 20.2 | 6.4% | 13.3% | 7.7% | — |
| HTO | $1.77B | 16.8 | 7.0% | 12.8% | 6.8% | — |
| MSEX | $934M | 21.4 | 1.5% | 22.0% | 9.0% | — |
| YORW | $460M | 22.9 | 3.4% | 25.9% | 8.5% | — |
| ARTNA | — | 14.3 | 4.6% | — | — | — |
| CDZI | $467M | — | 69.8% | -209.4% | -116.1% | — |
| PCYO | $242M | 18.6 | -9.2% | 50.2% | 9.5% | 61.5% |
| GWRS | — | 76.8 | 5.8% | 5.3% | 3.6% | — |
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 | $2.47B | $2.09B | $2.05B | $2.29B | $1.88B | $1.46B | $890M | $838M | $810M | $820M | $814M | $780M | |
| Operating Expenses | $1.55B | $1.33B | $1.36B | $1.63B | $1.28B | $1.03B | $550M | $515M | $476M | $487M | $493M | $466M | |
| Operating Income | $921M | $758M | $692M | $661M | $603M | $435M | $340M | $323M | $334M | $333M | $321M | $314M | |
| Interest Expense | $329M | $302M | $283M | $238M | $208M | $188M | $125M | $99M | $89M | $81M | $77M | $76M | |
| Interest Income | $2M | $3M | $3M | $4M | $2M | · | · | · | · | · | · | · | |
| Other Non-op | $-1M | $1M | $3M | $-494.0K | $3M | $3M | $-6M | $-2M | $-5M | $-8M | · | · | |
| Pretax Income | $620M | $573M | $432M | $451M | $422M | $265M | $212M | $178M | $257M | $255M | $217M | $239M | |
| Income Tax | $3M | $-22M | $-66M | $-14M | $-10M | $-20M | $-13M | $-14M | $17M | $21M | $15M | $25M | |
| Net Income | $616M | $595M | $498M | $465M | $432M | $285M | $225M | $192M | $240M | $234M | $202M | $233M | |
| EPS (Basic) | $2.20 | $2.17 | $1.86 | $1.77 | $1.68 | $1.14 | $1.04 | $1.08 | $1.35 | $1.32 | $1.14 | $1.32 | |
| EPS (Diluted) | $2.20 | $2.17 | $1.86 | $1.77 | $1.67 | $1.12 | $1.04 | $1.08 | $1.35 | $1.32 | $1.14 | $1.31 | |
| Shares (Basic) | 280,054,000 | 273,914,000 | 267,171,000 | 262,246,000 | 257,487,000 | 249,768,000 | 215,550,000 | 177,904,000 | 177,612,000 | 177,273,000 | 176,788,000 | 176,864,000 | |
| Shares (Diluted) | 280,619,000 | 274,421,000 | 267,659,000 | 262,868,000 | 258,180,000 | 254,629,000 | 215,931,000 | 178,399,000 | 178,175,000 | 177,846,000 | 177,517,000 | 177,763,000 | |
| EBITDA | $1.34B | $1.13B | $1.04B | $982M | $901M | $692M | $497M | $470M | $466M | $459M | $450M | $441M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $35M | $9M | $5M | $11M | $11M | $5M | $1.87B | $4M | $4M | $4M | $3M | $4M | |
| Receivables | $217M | $167M | $144M | $206M | $141M | $155M | $67M | $66M | $99M | $97M | $99M | $97M | |
| Inventory | · | · | · | · | · | · | $18M | $16M | $14M | $13M | $12M | $13M | |
| Prepaid Expense | $59M | $41M | $100M | $40M | $37M | $39M | $16M | $23M | $13M | $13M | $12M | $12M | |
| Current Assets | $610M | $486M | $492M | $658M | $438M | $380M | $2.02B | $147M | $131M | $129M | $128M | $153M | |
| PP&E (Net) | $14.26B | $13.14B | $12.10B | $11.13B | $10.25B | $9.51B | $6.35B | $5.93B | $5.40B | $5.00B | $4.69B | $4.40B | |
| PP&E (Gross) | $17.69B | $16.28B | $14.98B | $13.74B | $12.61B | $11.62B | $8.20B | $7.65B | $7.00B | $6.51B | $6.09B | $5.71B | |
| Accum. Depreciation | $3.43B | $3.13B | $2.88B | $2.61B | $2.36B | $2.11B | $1.86B | $1.72B | $1.60B | $1.51B | $1.40B | $1.31B | |
| Goodwill | $2.35B | $2.34B | $2.34B | $2.34B | $2.34B | $2.32B | $64M | $53M | $42M | $42M | $34M | $31M | |
| Intangibles | $3M | $3M | $4M | $5M | $6M | $7M | · | · | · | · | · | · | |
| Total Assets | $19.46B | $18.03B | $16.84B | $15.72B | $14.66B | $13.71B | $9.36B | $6.96B | $6.33B | $6.16B | $5.72B | $5.38B | |
| Accounts Payable | $276M | $259M | $221M | $239M | $193M | $177M | $75M | $77M | $59M | $47M | $56M | $63M | |
| Accrued Liabilities | $169M | $137M | $127M | $131M | $124M | $123M | $50M | $47M | $41M | $40M | $50M | $41M | |
| Current Liabilities | $764M | $975M | $798M | $1.02B | $675M | $604M | $323M | $399M | $284M | $302M | $193M | $225M | |
| Capital Leases | $22M | $27M | $34M | $38M | $48M | $56M | $12M | · | · | · | · | · | |
| Deferred Tax | $2.09B | $1.83B | $1.63B | $1.35B | $1.41B | $1.26B | $936M | $845M | $769M | $1.27B | $1.12B | $1.00B | |
| Other Non-current Liabilities | $61M | $25M | $24M | $29M | $44M | $57M | $33M | $97M | $107M | $116M | $100M | $110M | |
| Long-term Debt | $8.13B | $7.51B | $6.89B | $3.06B | $3.06B | $3.01B | $1.89B | $1.60B | $1.46B | $1.25B | $1.19B | $1.12B | |
| Total Debt | $8.13B | $7.51B | $6.89B | $6.57B | $5.91B | $5.59B | $3.05B | $2.54B | $2.12B | $1.89B | $1.78B | $1.62B | |
| Common Stock | $143M | $139M | $138M | $133M | $128M | $124M | $112M | $91M | $90M | $90M | $90M | $89M | |
| Retained Earnings | $2.28B | $1.95B | $1.71B | $1.53B | $1.43B | $1.26B | $1.21B | $1.17B | $1.13B | $1.03B | $930M | $850M | |
| Treasury Stock | $91M | $90M | $86M | $84M | $84M | $81M | $78M | $76M | $73M | $71M | $68M | $43M | |
| AOCI | · | · | · | · | · | · | · | · | $860.0K | $669.0K | $687.0K | $788.0K | |
| Stockholders' Equity | $6.86B | $6.20B | $5.90B | $5.38B | $5.18B | $4.68B | $3.88B | $2.01B | $1.96B | $1.85B | $1.73B | $1.66B | |
| Liabilities + Equity | $19.46B | $18.03B | $16.84B | $15.72B | $14.66B | $13.71B | $9.36B | $6.96B | $6.33B | $6.16B | $5.72B | $5.41B | |
| Shares Outstanding | · | · | · | · | · | · | · | · | 177,714,000 | 177,394,000 | 176,544,000 | 176,753,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $417M | $370M | $344M | $321M | $298M | $257M | $156M | $147M | $137M | $133M | $129M | $127M | |
| Stock-based Comp | $13M | $10M | $11M | $12M | $10M | $8M | $7M | $8M | $6M | $5M | $6M | $7M | |
| Deferred Tax | $-3M | $-28M | $-80M | $-23M | $-9M | $-18M | $-10M | $-15M | $14M | $17M | $17M | $31M | |
| Other Non-cash | $-33M | $-177M | $160M | $-175M | $-86M | $-24M | $-39M | $37M | $-15M | $6M | $18M | $-34M | |
| Operating Cash Flow | $1.01B | $770M | $934M | $600M | $645M | $508M | $339M | $369M | $381M | $396M | $371M | $365M | |
| CapEx | · | · | · | · | · | · | · | $496M | $478M | $383M | $365M | $329M | |
| Investing Cash Flow | $-1.51B | $-1.16B | $-1.22B | $-1.18B | $-1.06B | $-4.33B | $-605M | $-640M | $-480M | $-383M | $-394M | $-293M | |
| Debt Issued | · | $1.65B | $1.21B | $1.65B | $1.10B | $3.37B | $1.43B | $1.33B | $591M | $504M | $561M | $318M | |
| Net Debt Issued | · | $622M | $331M | $670M | $326M | $1.55B | $386M | $418M | $232M | $130M | $160M | $65M | |
| Stock Issued | $15M | $15M | $16M | $17M | $17M | · | · | $5M | $1M | $1M | $677.0K | · | |
| Stock Repurchased | $2M | $4M | $4M | $1M | $3M | $4M | $2M | $3M | $2M | $3M | $25M | $16M | |
| Net Stock Activity | $13M | $11M | $12M | $-1M | $-3M | $-4M | $-2M | $3M | $-714.0K | $-2M | $-25M | $-16M | |
| Dividends Paid | $374M | $346M | $317M | $289M | $259M | $233M | $189M | $151M | $141M | $131M | $121M | $112M | |
| Financing Cash Flow | $526M | $397M | $281M | $579M | $417M | $1.96B | $2.13B | $271M | $100M | $-12M | $22M | $-72M | |
| Net Change in Cash | $26M | $5M | $-7M | $831.0K | $6M | $-1.86B | $1.87B | $-577.0K | $441.0K | $534.0K | $-909.0K | $-920.0K | |
| Taxes Paid | $9M | $7M | $8M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | · | · | · | · | $-127M | $-97M | $13M | $6M | $35M | |
| Levered FCF | · | · | · | · | · | · | · | $-234M | $-179M | $-61M | $-65M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 37.2% | 36.3% | 33.7% | 28.9% | 32.1% | 29.7% | 38.2% | 38.6% | 40.6% | 39.7% | 39.4% | 40.3% | |
| Net Margin | 24.9% | 28.5% | 24.3% | 20.3% | 23.0% | 19.5% | 25.2% | 22.9% | 29.6% | 28.6% | 24.8% | 29.9% | |
| Pretax Margin | 25.1% | 27.5% | 21.0% | 19.7% | 22.5% | 18.1% | 23.8% | 21.3% | 31.7% | 31.1% | 26.6% | · | |
| EBITDA Margin | 54.1% | 54.0% | 50.4% | 42.9% | 47.9% | 47.3% | 55.8% | 56.1% | 57.5% | 55.9% | 55.2% | 56.5% | |
| ROA | 3.3% | 3.4% | 3.1% | 3.1% | 3.0% | 2.5% | 2.8% | 2.9% | 3.8% | 3.9% | 3.6% | 4.5% | |
| ROE | 9.1% | 9.6% | 8.4% | 8.7% | 8.4% | 6.1% | 5.8% | 9.5% | 12.6% | 13.1% | 11.9% | 14.6% | |
| ROIC | 6.1% | 5.7% | 6.2% | 5.7% | 5.6% | 4.5% | 5.2% | 7.6% | 7.5% | 8.0% | 8.5% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.5 | 0.6 | 0.6 | 0.6 | 0.6 | 6.3 | 0.4 | 0.5 | 0.4 | 0.7 | 0.7 | |
| Quick Ratio | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.3 | 0.4 | 0.3 | 0.5 | 0.4 | |
| Debt / Equity | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 | 1.2 | 0.8 | 1.3 | 1.1 | 1.0 | 1.0 | 1.0 | |
| LT Debt / Equity | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 | 1.2 | 0.8 | 1.2 | 1.0 | 0.9 | 1.0 | 0.9 | |
| Interest Coverage | 2.8 | 2.5 | 2.4 | 2.8 | 2.9 | 2.3 | 2.7 | 3.3 | 3.7 | 4.0 | 4.2 | 4.1 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | 12.9 | 13.4 | 11.7 | 13.2 | 12.7 | 13.2 | 13.4 | 8.4 | 8.3 | 8.3 | 8.3 | 8.1 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 18.6% | 1.6% | -10.2% | 21.8% | 28.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.6% | 3.6% | 12.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 1.4% | 16.7% | 5.1% | 6.0% | 49.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 7.5% | 9.1% | 18.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 14.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 3.5% | 19.5% | 7.1% | 7.8% | 51.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 9.8% | 11.3% | 20.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 16.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 10.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.47B | $2.09B | $2.05B | $2.29B | $1.88B | $1.46B | $890M | $838M | $810M | $820M | $814M | $780M | |
| Net Income TTM | $616M | $595M | $498M | $465M | $432M | $285M | $225M | $192M | $240M | $234M | $202M | $233M | |
| Market Cap | · | · | · | · | · | · | · | · | $6.97B | $5.33B | $5.26B | $4.72B | |
| Enterprise Value | · | · | · | · | · | · | · | · | $9.09B | $7.21B | $7.04B | $6.33B | |
| P/E | 17.4 | 16.7 | 20.1 | 27.0 | 32.1 | 42.2 | 45.1 | 31.7 | 29.1 | 22.8 | 26.1 | 20.4 | |
| P/S | · | · | · | · | · | · | · | · | 8.6 | 6.5 | 6.5 | 6.1 | |
| P/B | · | · | · | · | · | · | · | · | 3.6 | 2.9 | 3.0 | 2.9 | |
| P / Cash Flow | · | · | · | · | · | · | · | · | 18.3 | 13.5 | 14.2 | 13.0 | |
| P / FCF | · | · | · | · | · | · | · | · | -72.0 | 416.6 | 861.8 | 134.1 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | 19.5 | 15.7 | 15.6 | 14.4 | |
| EV / FCF | · | · | · | · | · | · | · | · | -93.9 | 563.9 | 1152.7 | 180.0 | |
| EV / Revenue | · | · | · | · | · | · | · | · | 11.2 | 8.8 | 8.6 | 8.1 | |
| Dividend Yield | · | · | · | · | · | · | · | · | 2.0% | 2.5% | 2.3% | 2.4% | |
| Earnings Yield | 5.7% | 6.0% | 5.0% | 3.7% | 3.1% | 2.4% | 2.2% | 3.2% | 3.4% | 4.4% | 3.8% | 4.9% | |
| Payout Ratio | 60.7% | 58.2% | 63.6% | 62.0% | 59.9% | 81.7% | 84.0% | 78.5% | 58.7% | 55.9% | 60.1% | 48.1% | |
| Annual Payout | $374M | $346M | $317M | $289M | $259M | $233M | $189M | $151M | $141M | $131M | $121M | $112M |
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 | $531M | $862M | $699M | $477M | $515M | $784M | $604M | $435M | $434M | $612M | $479M | $411M | $437M | $726M | $705M | $435M | |
| Operating Expenses | $338M | $551M | $472M | $307M | $330M | $445M | $378M | $280M | $289M | $381M | $305M | $274M | $281M | $501M | $535M | $309M | |
| Operating Income | $193M | $311M | $227M | $170M | $185M | $339M | $227M | $155M | $145M | $231M | $174M | $137M | $155M | $225M | $170M | $126M | |
| Interest Expense | $89M | $87M | $85M | $82M | $80M | $82M | $79M | $77M | $73M | $73M | $73M | $69M | $69M | $73M | $69M | $60M | |
| Interest Income | $510.0K | $2M | $94.0K | $1M | $301.0K | $229.0K | $659.0K | $1M | $276.0K | $989.0K | $670.0K | $942.0K | $970.0K | $819.0K | $732.0K | $2M | |
| Other Non-op | $-1M | $75.0K | $-2M | $1M | $-391.0K | $293.0K | $2M | $-227.0K | $-701.0K | $442.0K | $612.0K | $1M | $323.0K | $240.0K | $-3M | $441.0K | |
| Pretax Income | $109M | $231M | $148M | $96M | $112M | $263M | $156M | $85M | $77M | $255M | $105M | $76M | $91M | $160M | $105M | $73M | |
| Income Tax | $3M | $6M | $15M | $4M | $5M | $-21M | $-29M | $16M | $2M | $-11M | $-31M | $-4M | $-263.0K | $-32M | $-10M | $5M | |
| Net Income | $106M | $224M | $133M | $92M | $108M | $284M | $185M | $69M | $75M | $266M | $135M | $80M | $91M | $191M | $115M | $69M | |
| EPS (Basic) | $0.37 | $0.79 | $0.46 | $0.33 | $0.38 | $1.03 | $0.67 | $0.25 | $0.28 | $0.97 | $0.49 | $0.30 | $0.35 | $0.72 | $0.44 | $0.26 | |
| EPS (Diluted) | $0.37 | $0.79 | $0.46 | $0.33 | $0.38 | $1.03 | $0.67 | $0.25 | $0.28 | $0.97 | $0.50 | $0.30 | $0.34 | $0.72 | $0.44 | $0.26 | |
| Shares (Basic) | 283,655,000 | 283,181,000 | -557,199,000 | 281,784,000 | 280,275,000 | 275,194,000 | -547,051,000 | 274,021,000 | 273,567,000 | 273,377,000 | -528,206,000 | 266,767,000 | 264,418,000 | 264,192,000 | -524,018,000 | 262,213,000 | |
| Shares (Diluted) | 284,088,000 | 283,636,000 | -558,091,000 | 282,298,000 | 280,725,000 | 275,687,000 | -547,813,000 | 274,543,000 | 273,953,000 | 273,738,000 | -529,086,000 | 267,176,000 | 264,818,000 | 264,751,000 | -524,875,000 | 262,754,000 | |
| EBITDA | $193M | $421M | · | $170M | $185M | $438M | · | $155M | $145M | $320M | · | $137M | $155M | $309M | · | $126M |
Balance Sheet 23
| 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 | $9M | $76M | $35M | $6M | $25M | $21M | $9M | $8M | $19M | $35M | · | $9M | $12M | $20M | · | $23M | |
| Receivables | $208M | $287M | $217M | $155M | $198M | $244M | $167M | $125M | $140M | $165M | · | $134M | $150M | $214M | · | $120M | |
| Prepaid Expense | $34M | $36M | $59M | $28M | $29M | $35M | $41M | $26M | $29M | $35M | · | $31M | $37M | $37M | · | $39M | |
| Current Assets | $465M | $623M | $610M | $434M | $439M | $494M | $486M | $374M | $363M | $420M | · | $409M | $407M | $510M | · | $541M | |
| PP&E (Net) | $14.75B | $14.44B | $14.26B | $13.90B | $13.58B | $13.32B | $13.14B | $12.82B | $12.52B | $12.26B | · | $11.85B | $11.59B | $11.29B | · | $10.88B | |
| PP&E (Gross) | $18.36B | $17.94B | $17.69B | $17.27B | $16.86B | $16.54B | $16.28B | $15.89B | $15.52B | $15.21B | · | $14.68B | $14.34B | $13.96B | · | $13.47B | |
| Accum. Depreciation | $3.62B | $3.50B | $3.43B | $3.37B | $3.28B | $3.22B | $3.13B | $3.08B | $3.00B | $2.95B | · | $2.83B | $2.75B | $2.67B | · | $2.59B | |
| Goodwill | $2.35B | $2.35B | $2.35B | $2.35B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | $2.34B | |
| Intangibles | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | · | $4M | $4M | $4M | · | $5M | |
| Total Assets | $19.94B | $19.78B | $19.46B | $18.89B | $18.55B | $18.33B | $18.03B | $17.56B | $17.25B | $17.05B | · | $16.43B | $16.10B | $15.82B | · | $15.28B | |
| Accounts Payable | $199M | $172M | $276M | $197M | $198M | $183M | $259M | $231M | $205M | $161M | · | $192M | $179M | $156M | · | $218M | |
| Accrued Liabilities | $169M | $167M | $169M | $149M | $147M | $120M | $137M | $141M | $144M | $130M | · | $141M | $130M | $114M | · | $140M | |
| Current Liabilities | $599M | $654M | $764M | $728M | $599M | $757M | $975M | $683M | $629M | $679M | · | $897M | $765M | $803M | · | $848M | |
| Capital Leases | $19M | $20M | $22M | $23M | $24M | $26M | $27M | $29M | $31M | $32M | · | $35M | $36M | $39M | · | $40M | |
| Deferred Tax | $2.24B | $2.22B | $2.09B | $2.01B | $2.00B | $1.97B | $1.83B | $1.79B | $1.76B | $1.73B | · | $1.49B | $1.46B | $1.41B | · | $1.30B | |
| Other Non-current Liabilities | $72M | $63M | $61M | $54M | $24M | $27M | $25M | $24M | $24M | $24M | · | $24M | $25M | $27M | · | $26M | |
| Long-term Debt | $8.46B | $8.39B | $8.13B | $7.83B | $7.76B | $7.67B | $7.51B | $7.26B | $7.08B | $6.92B | · | $6.67B | $6.81B | $6.68B | · | $6.32B | |
| Total Debt | $8.46B | $8.39B | · | $7.83B | $7.76B | $7.67B | · | $7.26B | $7.08B | $6.92B | · | $6.67B | $6.81B | $6.68B | · | $6.32B | |
| Common Stock | $144M | $143M | $143M | $143M | $142M | $140M | $139M | $139M | $139M | $138M | · | $138M | $134M | $134M | · | $133M | |
| Retained Earnings | $2.42B | $2.31B | $2.28B | $2.24B | $2.25B | $2.14B | $1.95B | $1.94B | $1.96B | $1.89B | · | $1.74B | $1.74B | $1.65B | · | $1.57B | |
| Treasury Stock | $93M | $94M | $91M | $91M | $91M | $92M | $90M | $88M | $88M | $88M | · | $87M | $87M | $87M | · | $84M | |
| Stockholders' Equity | $7.02B | $6.89B | $6.86B | $6.82B | $6.72B | $6.46B | $6.20B | $6.18B | $6.16B | $6.08B | $5.90B | $5.92B | $5.61B | $5.52B | $5.38B | $5.34B | |
| Liabilities + Equity | $19.94B | $19.78B | $19.46B | $18.89B | $18.55B | $18.33B | $18.03B | $17.56B | $17.25B | $17.05B | · | $16.43B | $16.10B | $15.82B | · | $15.28B |
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 | $113M | $111M | $108M | $107M | $104M | $99M | $97M | $93M | $91M | $90M | $88M | $86M | $86M | $84M | $81M | $83M | |
| Stock-based Comp | $5M | $3M | $1M | $5M | $4M | $3M | $4M | $2M | $3M | $1M | $2M | $2M | $4M | $3M | $4M | $3M | |
| Deferred Tax | $640.0K | $4M | $12M | $1M | $2M | $-19M | $-29M | $14M | $-81.0K | $-12M | $-39M | $-6M | $-1M | $-33M | $-10M | $1M | |
| Other Non-cash | · | $-77M | · | · | · | $-68M | · | · | · | $-104M | · | · | · | $156M | · | · | |
| Operating Cash Flow | $324M | $265M | $206M | $233M | $272M | $300M | $148M | $196M | $186M | $241M | $129M | $183M | $220M | $402M | $81M | $103M | |
| Investing Cash Flow | $-399M | $-267M | $-449M | $-429M | $-345M | $-288M | $-397M | $-384M | $-296M | $-86M | $-303M | $-346M | $-329M | $-243M | $-355M | $-349M | |
| Debt Issued | · | · | · | · | · | $708M | · | $604M | $172M | $618M | · | $296M | $155M | $230M | $702M | $175M | |
| Net Debt Issued | · | · | · | · | · | $157M | · | · | · | $31M | · | · | · | $115M | · | · | |
| Stock Issued | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Stock Repurchased | $20.0K | $3M | $9.0K | $38.0K | $3.0K | $2M | $2M | $2.0K | $1.0K | $2M | $26.0K | $2.0K | $42.0K | $4M | $136.0K | $29.0K | |
| Net Stock Activity | · | $867.0K | · | · | · | $2M | · | · | · | $2M | · | · | · | $206.0K | · | · | |
| Dividends Paid | $97M | $97M | $97M | $96M | $91M | $89M | $89M | $89M | $84M | $84M | $84M | $81M | $76M | $76M | $75M | $75M | |
| Financing Cash Flow | $8M | $43M | $271M | $178M | $77M | $-9.0K | $250M | $177M | $94M | $-124M | $170M | $160M | $101M | $-150M | $262M | $257M | |
| Net Change in Cash | $-67M | $41M | $28M | $-19M | $4M | $12M | $720.0K | $-10M | $-16M | $31M | $-4M | $-3M | $-9M | $9M | $-12M | $10M |
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 | 36.4% | 36.0% | · | 35.6% | 36.0% | 43.2% | · | 35.6% | 33.4% | 37.7% | · | 33.4% | 35.5% | 31.0% | · | 29.0% | |
| Net Margin | 19.9% | 26.0% | · | 19.3% | 20.9% | 36.2% | · | 16.0% | 17.3% | 43.4% | · | 19.5% | 20.9% | 26.4% | · | 15.8% | |
| Pretax Margin | 20.5% | 26.8% | · | 20.2% | 21.8% | 33.6% | · | 19.6% | 17.8% | 41.7% | · | 18.6% | 20.8% | 22.0% | · | 16.9% | |
| EBITDA Margin | 36.4% | 48.9% | · | 35.6% | 36.0% | 55.9% | · | 35.6% | 33.4% | 52.4% | · | 33.4% | 35.5% | 42.6% | · | 29.0% | |
| ROA | 0.55% | 1.2% | · | 0.51% | 0.60% | 1.6% | · | 0.41% | 0.45% | 1.6% | · | 0.51% | 0.59% | 1.2% | · | 0.47% | |
| ROE | 1.5% | 3.4% | · | 1.4% | 1.7% | 4.5% | · | 1.1% | 1.3% | 4.6% | · | 1.4% | 1.7% | 3.5% | · | 1.3% | |
| ROIC | 1.2% | 2.0% | · | 1.1% | 1.2% | 2.6% | · | 0.94% | 1.1% | 1.8% | · | 1.1% | 1.2% | 2.2% | · | 1.0% |
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 | 0.8 | 1.0 | · | 0.6 | 0.7 | 0.7 | · | 0.5 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.6 | · | 0.6 | |
| Quick Ratio | 0.4 | 0.6 | · | 0.2 | 0.4 | 0.4 | · | 0.2 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.3 | · | 0.2 | |
| Debt / Equity | 1.2 | 1.2 | · | 1.1 | 1.2 | 1.2 | · | 1.2 | 1.1 | 1.1 | · | 1.1 | 1.2 | 1.2 | · | 1.2 | |
| LT Debt / Equity | 1.2 | 1.2 | · | 1.1 | 1.1 | 1.2 | · | 1.2 | 1.1 | 1.1 | · | 1.1 | 1.2 | 1.2 | · | 1.2 | |
| Interest Coverage | 2.2 | 3.6 | · | 2.1 | 2.3 | 4.1 | · | 2.0 | 2.0 | 3.1 | · | 2.0 | 2.2 | 3.1 | · | 2.1 |
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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 2.6 | 3.2 | · | 3.4 | 3.0 | 3.8 | · | 3.4 | 3.0 | 3.2 | · | 3.2 | 3.0 | 3.7 | · | 3.8 |
Valuation (TTM) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.38B | $2.64B | · | $2.21B | $2.17B | $2.27B | · | $1.89B | $1.89B | $2.19B | · | $2.01B | $2.05B | $2.31B | · | $1.94B | |
| Net Income TTM | $530M | $708M | · | $553M | $536M | $694M | · | $491M | $513M | $629M | · | $431M | $434M | $542M | · | $401M | |
| P/E | 20.5 | 15.9 | · | 20.1 | 19.1 | 15.6 | · | 21.4 | 19.8 | 15.9 | · | 21.2 | 24.5 | 21.3 | · | 27.2 | |
| Earnings Yield | 4.9% | 6.3% | · | 5.0% | 5.2% | 6.4% | · | 4.7% | 5.1% | 6.3% | · | 4.7% | 4.1% | 4.7% | · | 3.7% | |
| Payout Ratio | · | 43.2% | · | · | · | 31.5% | · | · | · | 31.6% | · | · | · | 39.6% | · | · |
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 | $2.47B | $2.09B | $2.05B | $2.29B | $1.88B |
| Operating Margin % | 37.2% | 36.3% | 33.7% | 28.9% | 32.1% |
| Net Income | $616M | $595M | $498M | $465M | $432M |
| Diluted EPS | $2.20 | $2.17 | $1.86 | $1.77 | $1.67 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 |
| Current Ratio | 0.8 | 0.5 | 0.6 | 0.6 | 0.6 |
| Quick Ratio | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 |
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Institutional owners (13F) 734 filers · $5.5B 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 |
|---|---|---|---|---|
| 76 (-19 vs prior Q) | 66 (-9 vs prior Q) | 251 (+35 vs prior Q) | 213 (-18 vs prior Q) | +40.5M |
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 PORTFOLIO MANAGEMENT LLC | $626,015,512 | 16,340,786 | 11.43% | Shares |
| STATE STREET CORP | $502,595,403 | 13,119,170 | 9.18% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $489,685,929 | 12,782,196 | 8.94% | Shares |
| NORGES BANK | $248,619,449 | 6,489,675 | 4.54% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $159,239,406 | 4,155,260 | 2.91% | Shares |
| MILLENNIUM MANAGEMENT LLC | $159,101,507 | 4,153,002 | 2.91% | Shares |
| AQR Arbitrage LLC | $147,802,164 | 3,858,057 | 2.70% | Shares |
| ANTIPODES PARTNERS Ltd | $125,131,417 | 3,266,286 | 2.29% | Shares |
| Balyasny Asset Management L.P. | $123,723,754 | 3,229,542 | 2.26% | Shares |
| GOLDMAN SACHS GROUP INC | $111,971,395 | 2,922,772 | 2.05% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $99,831,423 | 2,605,884 | 1.82% | Shares |
| Pictet Asset Management Holding SA | $96,697,813 | 2,524,042 | 1.77% | Shares |
| Maple-Brown Abbott Ltd | $94,250,521 | 2,384,087 | 1.72% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $85,934,000 | 2,243,125 | 1.57% | Shares |
| FIRST TRUST ADVISORS LP | $80,157,198 | 2,092,331 | 1.46% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $79,936,458 | 2,086,569 | 1.46% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $76,324,553 | 1,992,288 | 1.39% | Shares |
| Empower Advisory Group, LLC | $71,703,880 | 1,871,675 | 1.31% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $68,741,855 | 1,794,358 | 1.26% | Shares |
| Qube Research & Technologies Ltd | $67,966,920 | 1,774,130 | 1.24% | Shares |
| Amundi | $63,575,810 | 1,658,860 | 1.16% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $59,198,748 | 1,538,429 | 1.08% | Shares |
| LMR Partners LLP | $59,146,234 | 1,543,885 | 1.08% | Shares |
| Bank of New York Mellon Corp | $58,913,616 | 1,537,813 | 1.08% | Shares |
| Boston Trust Walden Corp | $55,354,004 | 1,444,897 | 1.01% | Shares |
| Gotham Asset Management, LLC | $55,318,069 | 1,443,959 | 1.01% | Shares |
| Ensign Peak Advisors, Inc | $51,501,052 | 1,344,324 | 0.94% | Shares |
| ALLIANCEBERNSTEIN L.P. | $51,091,838 | 1,268,732 | 0.93% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $37,553,224 | 980,246 | 0.69% | Shares |
| RHUMBLINE ADVISERS | $31,455,450 | 821,077 | 0.57% | Shares |
| Squarepoint Ops LLC | $31,032,479 | 810,036 | 0.57% | Shares |
| FIL Ltd | $29,673,738 | 774,569 | 0.54% | Shares |
| ProShare Advisors LLC | $27,088,656 | 707,091 | 0.49% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $25,326,664 | 661,098 | 0.46% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $24,283,828 | 633,877 | 0.44% | Shares |
| GABELLI FUNDS LLC | $23,485,946 | 613,050 | 0.43% | Shares |
| AEGON ASSET MANAGEMENT UK Plc | $23,119,625 | 603,488 | 0.42% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $23,069,882 | 596,892 | 0.42% | Shares |
| California Public Employees Retirement System | $22,828,010 | 595,876 | 0.42% | Shares |
| Epoch Investment Partners, Inc. | $22,075,678 | 576,238 | 0.40% | Shares |
| Verition Fund Management LLC | $21,177,768 | 552,800 | 0.39% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $21,147,120 | 552,000 | 0.39% | Shares |
| Swiss National Bank | $20,687,400 | 540,000 | 0.38% | Shares |
| Schonfeld Strategic Advisors LLC | $20,246,183 | 528,483 | 0.37% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $19,419,339 | 506,900 | 0.35% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $19,391,871 | 506,183 | 0.35% | Shares |
| FLPUTNAM INVESTMENT MANAGEMENT CO | $17,840,852 | 465,697 | 0.33% | Shares |
| FMR LLC | $17,776,132 | 464,008 | 0.32% | Shares |
| Kintayl Capital LP | $17,726,343 | 462,708 | 0.32% | Shares |
| BlackRock, Inc. | $17,615,168 | 459,806 | 0.32% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $17,472,425 | 456,080 | 0.32% | Shares |
| BANK OF AMERICA CORP /DE/ | $16,673,017 | 435,213 | 0.30% | Shares |
| Thematics Asset Management | $16,467,767 | 412,726 | 0.30% | Shares |
| LPL Financial LLC | $15,551,914 | 405,949 | 0.28% | Shares |
| MIROVA | $15,275,040 | 398,722 | 0.28% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $15,115,555 | 394,559 | 0.28% | Shares |
| Legal & General Group Plc | $13,776,392 | 359,603 | 0.25% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $13,552,184 | 336,533 | 0.25% | Shares |
| Trexquant Investment LP | $13,441,638 | 350,865 | 0.25% | Shares |
| UBS Group AG | $13,071,525 | 341,204 | 0.24% | Shares |
| ALGERT GLOBAL LLC | $12,316,665 | 321,500 | 0.22% | Shares |
| Magellan Asset Management Ltd | $12,289,350 | 320,787 | 0.22% | Shares |
| MUFG Securities EMEA plc | $11,712,172 | 305,721 | 0.21% | Shares |
| Magnetar Financial LLC | $11,460,820 | 299,160 | 0.21% | Shares |
| Retirement Systems of Alabama | $11,238,507 | 293,357 | 0.21% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $11,106,261 | 289,905 | 0.20% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $11,072,548 | 289,025 | 0.20% | Shares |
| BANK OF NOVA SCOTIA | $10,903,256 | 284,606 | 0.20% | Shares |
| Maryland State Retirement & Pension System | $10,880,231 | 284,005 | 0.20% | Shares |
| D. E. Shaw & Co., Inc. | $10,429,974 | 272,252 | 0.19% | Shares |
| Cetera Investment Advisers | $10,129,658 | 264,413 | 0.19% | Shares |
| ING GROEP NV | $9,883,980 | 258,000 | 0.18% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $9,445,752 | 246,561 | 0.17% | Shares |
| Assenagon Asset Management S.A. | $9,356,336 | 244,227 | 0.17% | Shares |
| NUANCE INVESTMENTS, LLC | $9,152,115 | 238,896 | 0.17% | Shares |
| Meiji Yasuda Asset Management Co Ltd. | $9,048,554 | 236,193 | 0.17% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $9,013,692 | 235,283 | 0.16% | Shares |
| AdvisorNet Financial, Inc | $8,914,571 | 232,696 | 0.16% | Shares |
| AMERIPRISE FINANCIAL INC | $8,909,719 | 232,569 | 0.16% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $8,806,243 | 229,868 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $8,656,834 | 225,968 | 0.16% | Shares |
| Quantinno Capital Management LP | $8,542,044 | 222,971 | 0.16% | Shares |
| Vanguard Investments Australia, Ltd. | $8,390,503 | 219,016 | 0.15% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $8,230,082 | 214,829 | 0.15% | Shares |
| FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC | $8,097,744 | 211,374 | 0.15% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $7,745,894 | 202,400 | 0.14% | Shares |
| XTX Topco Ltd | $7,580,553 | 197,874 | 0.14% | Shares |
| RAYMOND JAMES FINANCIAL INC | $7,035,536 | 183,648 | 0.13% | Shares |
| ABC ARBITRAGE SA | $6,906,374 | 180,276 | 0.13% | Shares |
| Allworth Financial LP | $6,614,887 | 172,667 | 0.12% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $6,605,126 | 164,021 | 0.12% | Shares |
| MACQUARIE GROUP LTD | $6,599,664 | 172,270 | 0.12% | Shares |
| NewSquare Capital LLC | $6,576,831 | 171,674 | 0.12% | Shares |
| TUDOR INVESTMENT CORP ET AL | $6,443,244 | 168,187 | 0.12% | Shares |
| Nuveen, LLC | $6,391,525 | 166,837 | 0.12% | Shares |
| Mariner, LLC | $6,246,773 | 163,058 | 0.11% | Shares |
| Covea Finance | $6,187,065 | 161,500 | 0.11% | Shares |
| H D Vest Advisory Services | $6,116,036 | 164,675 | 0.11% | Shares |
| APG Asset Management N.V. | $6,113,617 | 182,451 | 0.11% | Shares |
| Quantbot Technologies LP | $5,949,160 | 155,290 | 0.11% | Shares |
Company insiders 46 insiders · 16 officers · 27 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Chris Franklin | Chief Executive Officer | Feb. 22, 2026 F | 345,456 | 0 | 0 | $0 |
| David Smeltzer | Executive VP & CFO | Feb. 27, 2018 A | 81,273 | 0 | 0 | $0 |
| Michael Huwar | President - Peoples | Feb. 22, 2026 F | 21,422 | 0 | 0 | $0 |
| Morrison Coulter | PRESIDENT, PSW | Sept. 5, 2003 M | — | 0 | 0 | $0 |
| PHILADELPHIA SUBURBAN CORP | CHAIRMAN & PRESIDENT | July 30, 2003 J | 310,219 | 0 | 0 | $0 |
| Richard Scott Fox | Chief Operating Officer | Feb. 28, 2022 F | 32,123 | 0 | 0 | $0 |
| Bradley John Palmer | Chief Accounting Officer | Feb. 22, 2026 F | 2,270 | 0 | 0 | $0 |
| Daniel Schuller | Executive Vice President | Feb. 22, 2026 F | 83,502 | 0 | 0 | $0 |
| Christopher Paul Luning | EVP, General Counsel | Feb. 22, 2026 F | 84,690 | 0 | 0 | $0 |
| Robert A Rubin | CHIEF ACCOUNTING OFFICER | July 31, 2025 | — | 0 | 0 | $0 |
| Matthew Rhodes | EVP, Strategy & Corp Dev | Feb. 26, 2024 F | 39,100 | 0 | 0 | $0 |
| William C Ross | Sr. VP Engineering and Environ | March 30, 2016 A | 16,772 | 0 | 0 | $0 |
| Karl Kyriss | Exec. VP/ Pres. Cap Ventures | Feb. 24, 2015 F | 44,369 | 0 | 0 | $0 |
| Roy Stahl | Chief Administrative Officer | Feb. 25, 2011 A | 73,446 | 0 | 0 | $0 |
| Robert G Liptak | Aqua America Northern Oper. | Jan. 22, 2010 A | 15,056 | 0 | 0 | $0 |
| Richard Riegler | SR. VICE PRESIDENT-OPERATIONS | Feb. 1, 2008 M | 27,646 | 0 | 0 | $0 |
| Christopher L Bruner | Director | June 23, 2026 A | 10,533 | 0 | 0 | $0 |
| Wilbert Bryan Lewis | Director | June 23, 2026 A | 13,999 | 0 | 0 | $0 |
| Tamara Louise Linde | Director | June 23, 2026 A | 10,533 | 0 | 0 | $0 |
| Daniel J Hilferty III | Director | June 23, 2026 A | 38,011 | 0 | 0 | $0 |
| Elizabeth B Amato | Director | June 23, 2026 A | 26,636 | 0 | 0 | $0 |
| David Alan Ciesinski | Director | June 23, 2026 A | 16,800 | 0 | 0 | $0 |
| Roderick K West | Director | June 21, 2024 A | 4,071 | 0 | 0 | $0 |
| Ellen T Ruff | Director | June 20, 2023 A | 30,438 | 0 | 0 | $0 |
| Lee C Stewart | Director | June 20, 2023 A | 23,003 | 0 | 0 | $0 |
| Christopher C Womack | Director | March 20, 2023 A | 9,083 | 0 | 0 | $0 |
| Francis Osarume Idehen | Director | March 31, 2022 A | 6,534 | 0 | 0 | $0 |
| Nicholas Debenedictis | Director | March 31, 2021 A | 26,378 | 0 | 0 | $0 |
| Carolyn Jeanne Burke | Director | March 29, 2019 A | 6,855 | 0 | 0 | $0 |
| William P Hankowsky | Director | March 29, 2019 A | 32,567 | 0 | 0 | $0 |
| Wendell F Holland | Director | March 29, 2019 A | 16,492 | 0 | 0 | $0 |
| Richard H Glanton | Director | March 31, 2018 A | 4,423 | 0 | 0 | $0 |
| Lon R Greenberg | Director | Oct. 3, 2017 A | 33,361 | 0 | 0 | $0 |
| BROWNE MICHAEL L | Director | June 3, 2015 A | 4,300 | 0 | 0 | $0 |
| Andrew J Sordoni III | Director | June 6, 2014 A | 72,607 | 0 | 0 | $0 |
| Mario Mele | Director | June 3, 2013 A | 14,800 | 0 | 0 | $0 |
| Mary Carroll | Director | June 3, 2013 A | 24,079 | 0 | 0 | $0 |
| Richard Smoot | Director | June 1, 2011 A | 21,462 | 0 | 0 | $0 |
| John Menario | Director | June 27, 2005 D | 0 | 0 | 0 | $0 |
| John Mccaughan | Director | June 1, 2005 A | 902 | 0 | 0 | $0 |
| Jr G Fred Dibona | Director | June 1, 2004 A | 13,124 | 0 | 0 | $0 |
| Colleen Arnold | — | Aug. 7, 2026 S | 17,347 | 0 | 1 | $-112,915 |
| PAPADAKIS CONSTANTINE | — | June 2, 2008 A | 1,500 | 0 | 0 | $0 |
| Mark Kropilak | — | May 16, 2008 M | 6,885 | 0 | 0 | $0 |
| Kathy L Pape | — | May 17, 2007 M | 14,217 | 0 | 0 | $0 |
| Richard Hugus | — | March 7, 2006 A | 5,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| Canada Pension Plan Investment Board, CPP Investment Board PMI-2 Inc. ×3 filings | June 5, 2025 | 4.16% | Amendment | Passive investment | SEC |
| Vivendi Universal S.A. (formerly Vivendi S.A.) 2 =====================================================================, Vivendi Environnement S.A. 2 =====================================================================, Vivendi North America Company (formerly Anjou International Company) 2 =====================================================================, Vivendi Water S.A. 2 ===================================================================== | Sept. 25, 2002 | — | Initial filing | Passive investment | SEC |
| Vivendi Universal S.A. (formerly Vivendi S.A.), Vivendi Environnement S.A., Vivendi North America Company (formerly Anjou International Company), Vivendi Water S.A. ×2 filings | July 8, 2002 | — | 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 102 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 |
|---|---|---|---|---|
| CGW · Invesco Exchange-Traded Fund Trust … | 5.60% | 1,506,959 SH | Aug. 8, 2026 | Daily |
| AQWA · Global X Funds | 4.59% | 29,611 NS | May 31, 2026 | N-PORT |
| LBAY · Tidal Trust I | 4.33% | 20,707 NS | May 31, 2026 | N-PORT |
| FXU · First Trust Exchange-Traded AlphaDE… | 3.15% | 740,391 NS | April 30, 2026 | N-PORT |
| EFRA · iShares Trust | 2.96% | 4,323 SH | Aug. 8, 2026 | Daily |
| MNA · New York Life Investments ETF Trust | 2.58% | 168,544 NS | April 30, 2026 | N-PORT |
| TBLU · Tortoise Capital Series Trust | 1.67% | 23,864 NS | May 31, 2026 | N-PORT |
| REGL · ProShares Trust | 1.48% | 672,158 NS | May 31, 2026 | N-PORT |
| SNPD · DBX ETF Trust | 1.32% | 930 NS | May 29, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.21% | 226,629 SH | Aug. 8, 2026 | Daily |
| IDU · iShares Trust | 0.71% | 241,639 SH | Aug. 8, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 0.67% | 433,721 NS | April 30, 2026 | N-PORT |
| VPU · VANGUARD WORLD FUND | 0.66% | 1,841,124 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.64% | 1,444,915 SH | Aug. 8, 2026 | Daily |
| IQRA · New York Life Investments Active ET… | 0.63% | 1,138 NS | April 30, 2026 | N-PORT |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.62% | 243,583 SH | Aug. 8, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.60% | 202,593 NS | April 30, 2026 | N-PORT |
| CCNR · Financial Investors Trust | 0.55% | 57,196 NS | April 30, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 0.50% | 118,127 NS | May 31, 2026 | N-PORT |
| TOLZ · ProShares Trust | 0.48% | 22,672 NS | May 31, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.42% | 382 NS | May 29, 2026 | N-PORT |
| GUNR · FlexShares Trust | 0.42% | 822,031 NS | April 30, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.41% | 33,493 NS | April 30, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 0.40% | 431,778 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.36% | 26,220 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.36% | 38,388 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.34% | 36,994 SH | Aug. 8, 2026 | Daily |
| IFRA · iShares Trust | 0.32% | 364,385 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.32% | 32,461 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.31% | 9,786,240 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.30% | 458,533 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.26% | 41,521 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.23% | 4,130,157 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.23% | 40,361 SH | Aug. 8, 2026 | Daily |
| MVV · ProShares Trust | 0.23% | 9,782 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.21% | 4,687 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.21% | 155,080 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.21% | 44,280 SH | Aug. 8, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.19% | 766,221 NS | May 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 101,500 NS | April 30, 2026 | N-PORT |
| HDV · iShares Trust | 0.19% | 704,821 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.18% | 12,650 SH | Aug. 8, 2026 | Daily |
| UMDD · ProShares Trust | 0.16% | 1,366 NS | May 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.15% | 141,226 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.13% | 490,486 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.13% | 6,505,980 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.13% | 31,623 SH | Aug. 8, 2026 | Daily |
| NFRA · FlexShares Trust | 0.12% | 100,224 NS | April 30, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.12% | 3,590,000 | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.12% | 3,253,960 SH | Aug. 8, 2026 | Daily |