WYNN Wynn Resorts, Limited - Common Stock
About Wynn Resorts, Limited - Common Stock Company overview from Wikipedia
Wynn Resorts, Limited is an American publicly traded corporation based in Paradise, Nevada, that is a developer and operator of high-end hotels and casinos. It was founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn and is now run by CEO Craig Billings. As of 2020, the company has developed six properties.
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Wynn Resorts, Limited is an American publicly traded corporation based in Paradise, Nevada, that is a developer and operator of high-end hotels and casinos. It was founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn and is now run by CEO Craig Billings. As of 2020, the company has developed six properties.
History
In 2000, Steve Wynn agreed to sell Mirage Resorts to MGM Grand, after having led Mirage and its predecessors since 1973. Wynn laid the foundation for his next venture that same year, buying the Desert Inn for $270 million.
Wynn found an early partner in Japanese billionaire Kazuo Okada of Universal Entertainment Corporation. Wynn, together with Universal subsidiary Aruze USA, controlled almost half the stock, making it harder for outside investors to exert control, as they had done at Mirage in response to Wynn's prolific spending.
Wynn hired investment banker Ronald Kramer as president and director in 2002 in order to help take the company public and oversee its expansion.
Steve Wynn's wife, and later ex-wife, Elaine was acknowledged to have been the company's largest shareholder.
Wynn Resorts made its initial public offering on NASDAQ on October 25, 2002. The company's first project, Wynn Las Vegas, opened on April 28, 2005.
Wynn Macau, the company's second project started construction on June 28, 2004. It opened September 6, 2006 and is now the largest-grossing casino in the region.
Encore, an extension to Wynn Las Vegas, broke ground on April 28, 2006, the first anniversary of the opening of Wynn Las Vegas. Encore at Wynn Macau, the company's second project on the Macau Peninsula, Macau, People's Republic of China, opened on April 21, 2010. A second resort in Macau, Wynn Palace in Cotai, opened August 22, 2016, on 52 acres (21 ha).
The Encore in Las Vegas opened shortly after the beginning of the Great Recession. Despite the additional casino at the Encore (which added 97 tables and 857 slot machines to the original 190 tables and 2000 slots), net casino revenues for the combined resort were initially lower. Similarly, in the first quarter of 2009, net revenues of the Macau operations declined. Following the global economic recovery, performance of the Wynn properties also recovered. Wynn remained the only gaming operator to not perform mass layoffs during the recession.
The company considered opening a casino as part of the Entertainment City development in the Philippines, but decided against it because of corruption in the country's gaming industry. Okada decided to proceed with the project alone, leading to the rupture of his partnership with Wynn. The dispute went public with reciprocal accusations of corrupt practices. Wynn and his allies accused Okada of bribing Philippines gaming regulators with over $110,000 in benefits, including free nights in a luxury suite at Wynn Las Vegas, while Okada claimed that Wynn Resorts' record $135 million donation to the University of Macau constituted a bribe. Okada resigned as vice chairman in October 2011, and the following February, after a company investigation by the Freeh Group confirmed the charges against him, the board of directors forced Aruze USA to sell back its shares at a nearly 30% discount. Aruze had been the company's largest shareholder, with a 19.7% stake.
On September 17, 2014, the Massachusetts Gaming Commission voted to approve Wynn Resorts' proposed $1.6 billion casino to be located in Everett, Massachusetts on the Mystic River, just north of Boston. Encore Boston Harbor opened on June 23, 2019 at a cost of $1.4 billion.”
On February 6, 2018, Steve Wynn resigned as CEO of the company amidst sexual allegations and was replaced by Matthew Maddox. Amid sexual harassment lawsuits involving directors, Maddox announced the planned departure of two board members, Ray Irani and Alvin Shoemaker, on March 7, 2018. The departure of Irani and Shoemaker was to reassure investors that the corporate culture was changing. In April 2018, the company nominated three women to the board of directors: Dee Dee Myers, Betsy Atkins, and Wendy Webb. Elaine Wynn, who still served on the company's board of directors, would acquire her ex-husband's stock and have her voting rights, which she had previously lost in her 2010 divorce from Steve, restored. Elaine Wynn would also become owner of Wynn Resorts, maintaining 8.25 % of the company's stock by December 2021.
Talks between Wynn and Crown Resorts of Australia for a $7.1 billion offer collapsed in April 2019; analysts saw the bid as an attempt to diversify away from Macau, where its license was set to expire in 2022. Wynn reached an agreement with the government of Macau for an extension of its concession on December 16, 2022.
On May 28, 2019, Wynn paid a $35 million fine to the Massachusetts Gaming Commission and the $500,000 fine placed on Matthew Maddox.
On November 9, 2021, Wynn announced that Matthew Maddox would be stepping down as CEO on January 31, 2022. Craig Billings was named as successor to Maddox. Previously, Craig Billings was the CEO of Wynn Interactive and former CFO of Wynn Resorts. Billings assumed the role of CEO effective February 1, 2022.
As of 2024, Wynn Resorts was bidding for a casino license to build an integrated resort at the Hudson Yards in New York City. Wynn entered into a partnership with Related Companies to develop an integrated resort with a casino on the western yard; it was announced that the plan would include a "resort tower" featuring a casino and hotel. The plan included a 2-million-square-foot office tower, as well as 5.5 acres of public parkland, a public school, and a 1 million-square-foot apartment building with 329 affordable housing units. However, supporters of the High Line later prompted Wynn to make "substantive changes to plans in response to [supporters'] concerns"; the revised plan now includes 5.6 acres of public green space in order to generate thousands of union jobs. In March 2024, Wynn Resorts released renderings of the proposed resort and other components of the western portion of the project. Wynn’s proposal for the site was to build a 1,189 foot tall 80 story hotel and casino above the western portion of the West Side Yards. Wynn New York City would have had 1,750 rooms, making it one of the largest hotels in New York City. Wynn Resorts withdrew their New York City casino bid in May 2025.
Wynn Al Marjan Island began construction in 2024, and is slated to become the first legal casino in the United Arab Emirates. They are also looking to expand their new property in the UAE in the years following its opening.
Wynn Resorts was also exploring the possibility of developing a property in Thailand, if gambling were to be legalized there, however efforts to legalize casinos in Thailand have stalled.
In November 2024, prominent Houston-based billionaire Tilman Fertitta, who also owned the rival Golden Nugget brand of casinos, became the largest stockholder at Wynn Resorts after acquiring 9.9% of the company. In April 2025, Fertitta managed to increase his stake at Wynn Resorts after acquiring 12.3% of the company.
In January 2025, Wynn Resorts completed the acquisition of the Crown London casino, formerly owned by Crown Resorts. It was rebranded as Wynn Mayfair.
On April 14, 2025, Elaine Wynn died at 82 years of age.
In February 2026, Wynn Resorts suffered a date breach and extortion by cyberhacking group ShinyHunters, affecting the private data of about 800,000. The hackers demanded about $1.5 million in Bitcoin as ransom. A lawsuit seeking class action status for the breach was filed in U.S. District Court in Las Vegas on February 21, 2026. MGM Resorts and Caesar's Entertainment were both victims of cyberattacks by Scattered Spider in 2023, which forged a cybercrime collective with ShinyHunters as well as Lapsus$ in 2025.
Economic performance
In 2017 CNBC reported that Wynn's stock was up 44% for the year and that Wynn's Macau operations were the leading US-based resorts there.
Wynn resorts continued to operate during the pandemic while requiring employees who chose not to receive a COVID-19 vaccination to submit weekly test results for the virus; employees were paid during this time,with added commensurate compensation for tipped employees. The company temporarily suspended its dividend in response to liquidity issues during the pandemic; the divided was reinstated in May 2023. Following the lifting of pandemic-related restrictions being lifted in the US and in Macau, the company began increasing revenues and profits.
Union relations
47% of Wynn's American employees are unionized. The largest union of Wynn employees is the Culinary Workers Union which agreed to delay automatic contractual wage increases for its members during the COVID-19 pandemic. In 2023 the union reached a new five-year agreement with Wynn which provided pay raises for the employees and was approved with 99% of the vote.
Properties
Properties in the United States
Las Vegas Strip, Nevada
Everett, Massachusetts
Properties in the United Kingdom
London, England
Properties in China
Macau
Future properties
Ras al Khaimah, UAE
Proposed properties
Las Vegas Strip, Nevada
Former properties
==== Las Vegas Strip, Nevada ====
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
WYNN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
WYNN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 14, 2026 | $0.2500 |
| May 18, 2026 | $0.2500 |
| Feb. 23, 2026 | $0.2500 |
| Nov. 17, 2025 | $0.2500 |
| Aug. 18, 2025 | $0.2500 |
| May 16, 2025 | $0.2500 |
| Feb. 24, 2025 | $0.2500 |
| Nov. 15, 2024 | $0.2500 |
| Aug. 19, 2024 | $0.2500 |
| May 17, 2024 | $0.2500 |
| Feb. 16, 2024 | $0.2500 |
| Nov. 17, 2023 | $0.2500 |
| Aug. 18, 2023 | $0.2500 |
| May 22, 2023 | $0.2500 |
| Feb. 25, 2020 | $1.0000 |
| Nov. 13, 2019 | $1.0000 |
| Aug. 15, 2019 | $1.0000 |
| May 21, 2019 | $1.0000 |
| Feb. 14, 2019 | $0.7500 |
| Nov. 20, 2018 | $0.7500 |
WYNN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 7 25.0%
- Buy 20 71.4%
- Hold 1 3.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
19 analysts · 2026-08-15Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.24 | $1.13 | 0.11% |
| March 31, 2026 | $1.25 | $1.28 | -0.03% |
| Dec. 31, 2025 | $1.17 | $1.50 | -0.33% |
| Sept. 30, 2025 | $0.86 | $1.19 | -0.33% |
| June 30, 2025 | $1.09 | $1.23 | -0.14% |
| March 31, 2025 | $1.07 | $1.21 | -0.14% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WYNN | $12.51B | 38.3 | 0.14% | 4.6% | -131.0% | — |
| LVS | $43.94B | 27.7 | 15.2% | 12.5% | 72.7% | — |
| FLUT | $37.68B | -122.9 | 16.6% | -2.5% | -4.4% | 45.2% |
| DKNG | — | -3446.0 | 27.0% | 0.06% | 0.45% | — |
| MGM | $9.43B | 48.0 | 1.7% | 1.2% | 7.5% | — |
| RRR | — | 19.9 | 3.7% | 9.3% | 88.8% | — |
| CHDN | $7.92B | 8.0 | 7.0% | 13.1% | 37.3% | — |
| CZR | $4.74B | -9.7 | 2.1% | -4.4% | -13.1% | — |
| BYD | $6.51B | 3.8 | 4.1% | 45.1% | 88.0% | — |
| RSI | — | 62.7 | 22.8% | 2.9% | 29.5% | — |
| PENN | — | -2.5 | 5.8% | -12.1% | -35.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.14B | $7.13B | $6.53B | $3.76B | $3.76B | $2.10B | $6.61B | $6.72B | $6.07B | $4.35B | $4.08B | $5.43B | |
| SG&A Expense | $1.12B | $1.08B | $1.07B | $830M | $797M | $721M | $897M | $761M | $685M | $548M | $465M | $492M | |
| Operating Expenses | $6.02B | $6.00B | $5.69B | $3.86B | $4.16B | $3.33B | $5.73B | $5.98B | $5.01B | $3.82B | $3.42B | $4.17B | |
| Operating Income | $1.12B | $1.13B | $840M | $-101M | $-395M | $-1.23B | $878M | $736M | $1.06B | $522M | $659M | $1.27B | |
| Interest Expense | · | · | $752M | $651M | $606M | $556M | $414M | $382M | $389M | $289M | $301M | $315M | |
| Interest Income | $67M | $130M | $176M | $30M | $3M | $15M | $24M | $30M | $31M | $14M | $7M | $20M | |
| Other Non-op | $-9M | $29M | $-11M | $6M | $-24M | $29M | $15M | $-4M | $-22M | $-712.0K | $2M | $-182.0K | |
| Pretax Income | $514M | $643M | $285M | $-700M | $-1.01B | $-1.76B | $488M | $306M | $560M | $311M | $289M | $959M | |
| Income Tax | $105M | $4M | $-497M | $9M | $474.0K | $565M | $177M | $-497M | $-329M | $8M | $8M | $-4M | |
| Net Income | $327M | $501M | $730M | $-424M | $-756M | $-2.07B | $123M | $572M | $747M | $242M | $195M | $732M | |
| EPS (Basic) | $3.16 | $4.56 | $6.49 | $-3.73 | $-6.64 | $-19.37 | $1.15 | $5.37 | $7.32 | $2.39 | $1.93 | $7.25 | |
| EPS (Diluted) | $3.14 | $4.35 | $6.32 | $-3.73 | $-6.64 | $-19.37 | $1.15 | $5.35 | $7.28 | $2.38 | $1.92 | $7.18 | |
| Shares (Basic) | 103,697,000 | 109,966,000 | 112,523,000 | 113,623,000 | 113,760,000 | 106,745,000 | 106,745,000 | 106,529,000 | 102,071,000 | 101,445,000 | 101,163,000 | 100,927,000 | |
| Shares (Diluted) | 104,243,000 | 110,267,000 | 112,855,000 | 113,623,000 | 113,760,000 | 106,745,000 | 106,985,000 | 107,032,000 | 102,598,000 | 101,855,000 | 101,671,000 | 101,931,000 | |
| EBITDA | $1.12B | $1.13B | $840M | $-101M | $-395M | $-1.23B | $878M | $736M | $1.06B | $522M | $659M | $1.27B |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.46B | $2.43B | $2.88B | $3.65B | $2.52B | $3.48B | $2.35B | $2.22B | $2.80B | $2.45B | $2.08B | $2.18B | |
| Short-term Investments | · | · | · | · | · | · | · | $0 | $167M | $173M | $115M | $240M | |
| Receivables | $403M | $324M | $342M | $216M | $199M | $200M | $346M | $277M | $224M | $219M | $188M | $238M | |
| Inventory | $88M | $76M | $76M | $70M | $70M | $66M | $89M | $67M | $72M | $92M | $74M | $72M | |
| Prepaid Expense | $127M | $96M | $100M | $88M | $79M | $65M | $69M | $83M | $157M | $53M | $48M | $50M | |
| Current Assets | $2.68B | $2.92B | $4.24B | $4.03B | $2.88B | $3.81B | $2.86B | $2.64B | $3.42B | $2.99B | $2.51B | $2.78B | |
| PP&E (Net) | $6.63B | $6.52B | $6.69B | $6.90B | $8.77B | $9.20B | $9.62B | $9.39B | $8.50B | $8.26B | $7.48B | $5.86B | |
| PP&E (Gross) | $14.14B | $13.58B | $13.27B | $12.95B | $14.49B | $14.36B | $14.13B | $13.47B | $12.14B | $11.43B | $10.32B | $8.48B | |
| Accum. Depreciation | $7.51B | $7.06B | $6.58B | $6.05B | $5.73B | $5.17B | $4.51B | $4.09B | $3.64B | $3.18B | $2.84B | $2.62B | |
| Goodwill | · | $18M | $18M | $91M | $130M | $144M | $18M | $0 | · | · | · | · | |
| Intangibles | $224M | $255M | $303M | $146M | $169M | $126M | $120M | $223M | $124M | $114M | $111M | $112M | |
| Other Non-current Assets | $275M | $232M | $312M | $263M | $207M | $179M | $223M | $226M | $232M | $269M | $226M | $213M | |
| Total Assets | $13.11B | $12.98B | $14.00B | $13.42B | $12.53B | $13.87B | $13.87B | $13.22B | $12.68B | $11.95B | $10.46B | $9.06B | |
| Accounts Payable | $255M | $205M | $208M | $197M | $171M | $148M | $262M | $322M | $285M | $299M | $268M | $303M | |
| Current Liabilities | $1.64B | $1.54B | $2.20B | $1.81B | $1.29B | $1.88B | $1.98B | $1.88B | $1.93B | $1.42B | $1.11B | $1.31B | |
| Capital Leases | $1.63B | $1.62B | $1.63B | $1.62B | $115M | $123M | $159M | $0 | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | $0 | $67M | $36M | $30M | |
| Other Non-current Liabilities | $330M | $283M | $236M | $60M | $79M | $133M | $108M | $108M | $107M | $87M | $141M | $152M | |
| Total Liabilities | $14.14B | $13.95B | $15.10B | $15.06B | $13.37B | $14.61B | $12.33B | $11.40B | $11.60B | $11.70B | $10.44B | $8.85B | |
| Long-term Debt | $10.55B | $10.54B | $11.74B | $12.12B | $11.93B | $13.07B | $10.40B | $9.42B | $9.63B | $10.13B | $9.15B | $7.35B | |
| Total Debt | $10.55B | $10.54B | $11.74B | $12.12B | $11.93B | $13.07B | $10.40B | $9.42B | $9.63B | $10.13B | $9.21B | $7.35B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Paid-in Capital | $3.80B | $3.70B | $3.65B | $3.58B | $3.50B | $2.60B | $2.51B | $2.46B | $1.50B | $1.23B | $983M | $949M | |
| Retained Earnings | $-1.45B | $-1.68B | $-2.07B | $-2.71B | $-2.29B | $-1.53B | $642M | $922M | $635M | $95M | $55M | $164M | |
| Treasury Stock | $2.62B | $2.24B | $1.84B | $1.62B | $1.44B | $1.42B | $1.41B | $1.34B | $1.18B | $1.17B | $1.15B | $1.15B | |
| AOCI | $-3M | $-6M | $3M | $-404.0K | $6M | $4M | $-2M | $-2M | $-2M | $1M | $1M | $3M | |
| Stockholders' Equity | $-275M | $-224M | $-251M | $-751M | $-214M | $-352M | $1.74B | $2.03B | $948M | $158M | $-112M | $-29M | |
| Liabilities + Equity | $13.11B | $12.98B | $14.00B | $13.42B | $12.53B | $13.87B | $13.87B | $13.22B | $12.68B | $11.95B | $10.46B | $9.06B | |
| Shares Outstanding | 103,989,787 | 107,821,567 | 111,737,245 | 113,369,439 | 115,714,943 | 107,888,336 | 107,363,943 | 107,232,026 | 103,005,866 | 101,799,471 | 101,571,909 | 101,439,297 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $621M | $659M | $687M | $692M | $716M | $726M | $625M | $551M | $552M | $405M | $323M | $314M | |
| Stock-based Comp | $92M | $59M | $65M | $68M | $95M | $62M | $40M | $36M | $44M | $43M | $38M | $39M | |
| Deferred Tax | $97M | $-7M | $-503M | $3M | $-3M | $562M | $174M | $-499M | $-311M | $6M | $6M | $-8M | |
| Operating Cash Flow | $1.35B | $1.43B | $1.25B | $-71M | $-223M | $-1.07B | $901M | $961M | $1.88B | $971M | $573M | $1.10B | |
| CapEx | $660M | $420M | $443M | $300M | $291M | $290M | $1.06B | $1.48B | $935M | $1.23B | $1.92B | $1.22B | |
| Investing Cash Flow | $-1.66B | $-84M | $-1.34B | $1.35B | $-342M | $-266M | $-1.07B | $-1.22B | $-958M | $-1.29B | $-1.89B | $-1.11B | |
| Debt Issued | $1.75B | $1.88B | $1.20B | $211M | $1.34B | $4.69B | $3.89B | $2.79B | $2.43B | $1.43B | $5.29B | $958M | |
| Net Debt Issued | $-10M | $-1.18B | $-333M | $161M | $-1.15B | $2.66B | $964M | $-243M | $-530M | $1.03B | $1.95B | $857M | |
| Stock Issued | · | $0 | $0 | $3M | $5M | $0 | $0 | $915M | $0 | $0 | · | · | |
| Stock Repurchased | $380M | $402M | $212M | $187M | $14M | $12M | $67M | $160M | $18M | $14M | $7M | $2M | |
| Net Stock Activity | $-380M | $-402M | $-212M | $-185M | $-9M | $-12M | $-67M | $756M | $-18M | $-14M | $-7M | $-2M | |
| Dividends Paid | $175M | $140M | $85M | $1M | $2M | $109M | $567M | $570M | $321M | $325M | $499M | $943M | |
| Financing Cash Flow | $-653M | $-1.79B | $-719M | $-24M | $-388M | $2.46B | $299M | $-324M | $-754M | $883M | $1.22B | $-236M | |
| Net Change in Cash | $-962M | $-448M | $-814M | $1.25B | $-955M | $1.13B | $139M | $-587M | $161M | $564M | $-102M | $-253M | |
| Taxes Paid | $9M | $10M | $10M | $5M | $2M | $1M | $-17M | $2M | $37M | $2M | $3M | $3M | |
| Free Cash Flow | $692M | $1.01B | $805M | $-371M | $-513M | $-1.36B | $-162M | $-514M | $941M | $-255M | $-1.35B | $-29M | |
| Levered FCF | · | · | $-1.25B | $-1.03B | $-1.12B | $-2.10B | $-426M | $-1.52B | $324M | $-537M | $-1.64B | $-345M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 15.7% | 15.9% | 12.9% | -2.7% | -10.5% | -58.8% | 13.3% | 10.9% | 16.7% | 11.7% | 16.2% | 23.3% | |
| Net Margin | 4.6% | 7.0% | 11.2% | -11.3% | -20.1% | -98.6% | 1.9% | 8.5% | 11.8% | 5.4% | 4.8% | 13.5% | |
| Pretax Margin | 7.2% | 9.0% | 4.4% | -18.6% | -26.9% | -84.1% | 7.4% | 4.5% | 8.9% | 7.0% | 7.1% | 17.6% | |
| EBITDA Margin | 15.7% | 15.9% | 12.9% | -2.7% | -10.5% | -58.8% | 13.3% | 10.9% | 16.7% | 11.7% | 16.2% | 23.3% | |
| ROA | 2.5% | 3.7% | 5.3% | -3.3% | -5.7% | -14.9% | 0.91% | 4.4% | 6.1% | 2.2% | 2.0% | 8.1% | |
| ROE | -131.0% | -210.7% | -145.7% | 87.8% | 266.9% | -297.2% | 6.5% | 38.4% | 135.1% | 1052.8% | -277.5% | -686.0% | |
| ROIC | 8.7% | 10.9% | 20.1% | -0.90% | -3.4% | -12.8% | 4.6% | 16.9% | 15.8% | 4.9% | 7.0% | 17.4% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.9 | 1.9 | 2.2 | 2.2 | 2.0 | 1.4 | 1.4 | 1.8 | 2.1 | 2.3 | 2.1 | |
| Quick Ratio | 1.1 | 1.8 | 1.5 | 2.1 | 2.1 | 2.0 | 1.4 | 1.3 | 1.7 | 2.0 | 2.1 | 2.0 | |
| Debt / Equity | -38.3 | -47.0 | -46.7 | -16.1 | -55.7 | -37.1 | 6.0 | 4.6 | 10.2 | 64.1 | -82.3 | -255.2 | |
| LT Debt / Equity | -38.2 | -46.8 | -43.9 | -15.4 | -55.4 | -35.4 | 5.8 | 4.6 | 10.1 | 64.1 | -82.3 | -255.2 | |
| Interest Coverage | · | · | 1.1 | -0.2 | -0.7 | -2.2 | 2.1 | 1.9 | 2.7 | 1.8 | 2.2 | 4.0 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.3 | 0.3 | 0.2 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.6 | |
| Receivables Turnover | 19.6 | 21.4 | 23.4 | 18.1 | 18.8 | 7.7 | 21.2 | 26.8 | 28.5 | 22.0 | 19.1 | 22.6 |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 0.14% | 9.1% | 73.9% | -0.18% | 79.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 23.9% | 23.7% | 46.1% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 27.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -27.8% | -31.2% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -34.7% | -31.4% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 9.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.14B | $7.13B | $6.53B | $3.76B | $3.76B | $2.10B | $6.61B | $6.72B | $6.07B | $4.35B | $4.08B | $5.43B | |
| Net Income TTM | $327M | $501M | $730M | $-424M | $-756M | $-2.07B | $123M | $572M | $747M | $242M | $195M | $732M | |
| Market Cap | $12.51B | $9.29B | $10.18B | $9.35B | $9.84B | $12.17B | $14.91B | $10.61B | $17.37B | $8.81B | $7.03B | $15.09B | |
| Enterprise Value | $21.60B | $17.41B | $19.04B | $17.82B | $19.25B | $21.76B | $22.96B | $17.81B | $24.02B | $16.31B | $14.05B | $20.01B | |
| P/E | 38.3 | 19.8 | 14.4 | -22.1 | -12.8 | -5.8 | 120.8 | 18.5 | 23.2 | 36.3 | 36.0 | 20.7 | |
| P/S | 1.8 | 1.3 | 1.6 | 2.5 | 2.6 | 5.8 | 2.3 | 1.6 | 2.9 | 2.0 | 1.7 | 2.8 | |
| P/B | -45.4 | -41.4 | -40.5 | -12.5 | -45.9 | -34.6 | 8.6 | 5.2 | 18.3 | 55.8 | -62.8 | -524.3 | |
| P / Cash Flow | 9.3 | 6.5 | 8.2 | -131.2 | -44.2 | -11.4 | 16.5 | 11.0 | 9.3 | 9.1 | 12.3 | 13.7 | |
| P / FCF | 18.1 | 9.2 | 12.6 | -25.2 | -19.2 | -8.9 | -91.9 | -20.6 | 18.5 | -34.5 | -5.2 | -525.8 | |
| EV / EBITDA | 19.3 | 15.4 | 22.7 | -177.0 | -48.8 | -17.7 | 26.1 | 24.2 | 22.8 | 31.3 | 21.3 | 15.8 | |
| EV / FCF | 31.2 | 17.3 | 23.6 | -48.0 | -37.5 | -16.0 | -141.5 | -34.6 | 25.5 | -63.8 | -10.4 | -697.4 | |
| EV / Revenue | 3.0 | 2.4 | 2.9 | 4.7 | 5.1 | 10.4 | 3.5 | 2.7 | 4.0 | 3.8 | 3.4 | 3.7 | |
| Dividend Yield | 1.4% | 1.5% | 0.83% | 0.02% | 0.02% | 0.89% | 3.8% | 5.4% | 1.8% | 3.7% | 7.1% | 6.2% | |
| Earnings Yield | 2.6% | 5.1% | 6.9% | -4.5% | -7.8% | -17.2% | 0.83% | 5.4% | 4.3% | 2.8% | 2.8% | 4.8% | |
| Payout Ratio | 53.4% | 27.9% | 11.6% | -0.34% | -0.21% | -5.3% | 460.6% | 99.5% | 42.9% | 134.4% | 255.6% | 128.9% | |
| Annual Payout | $175M | $140M | $85M | $1M | $2M | $109M | $567M | $570M | $321M | $325M | $499M | $943M |
Income Statement 15
| 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 | $1.86B | $1.86B | $1.87B | $1.83B | $1.74B | $1.70B | $1.84B | $1.69B | $1.73B | $1.86B | $1.84B | $1.67B | $1.60B | $1.42B | $1.00B | $890M | |
| SG&A Expense | $270M | $275M | $285M | $275M | $281M | $276M | $272M | $272M | $265M | $272M | $279M | $268M | $257M | $260M | $232M | $201M | |
| Operating Expenses | $1.56B | $1.57B | $1.59B | $1.52B | $1.47B | $1.43B | $1.47B | $1.56B | $1.46B | $1.50B | $1.48B | $1.61B | $1.35B | $1.25B | $906M | $943M | |
| Operating Income | $298M | $283M | $275M | $310M | $265M | $269M | $367M | $133M | $270M | $363M | $358M | $63M | $250M | $170M | $99M | $-53M | |
| Interest Expense | · | · | · | · | · | · | · | $168M | $175M | $182M | · | $189M | $190M | $188M | · | $165M | |
| Interest Income | $13M | $13M | $15M | $17M | $16M | $19M | $25M | $31M | $35M | $40M | $45M | $47M | $44M | $40M | $19M | $7M | |
| Other Non-op | $-3M | $-29M | $2M | $34M | $-36M | $-8M | $4M | $21M | $9M | $-5M | $8M | $4M | $7M | $-31M | $32M | $-864.0K | |
| Pretax Income | $199M | $161M | $145M | $190M | $88M | $92M | $281M | $12M | $154M | $197M | $274M | $-123M | $132M | $2M | $-27M | $-206M | |
| Income Tax | $16M | $10M | $22M | $61M | $11M | $11M | $-41M | $17M | $8M | $20M | $-499M | $-3M | $4M | $1M | $6M | $1M | |
| Net Income | $140M | $120M | $100M | $88M | $66M | $73M | $277M | $-32M | $112M | $144M | $729M | $-117M | $105M | $12M | $32M | $-143M | |
| EPS (Basic) | $1.37 | $1.17 | $0.97 | $0.86 | $0.64 | $0.69 | $2.54 | $-0.29 | $1.01 | $1.30 | $6.48 | $-1.03 | $0.93 | $0.11 | $0.27 | $-1.27 | |
| EPS (Diluted) | $1.32 | $1.04 | $0.96 | $0.85 | $0.64 | $0.69 | $2.43 | $-0.29 | $0.91 | $1.30 | $6.53 | $-1.03 | $0.84 | $-0.02 | $0.27 | $-1.27 | |
| Shares (Basic) | 102,574,000 | 103,084,000 | -208,195,000 | 102,909,000 | 103,491,000 | 105,492,000 | -221,721,000 | 109,727,000 | 110,937,000 | 111,023,000 | -225,916,000 | 112,797,000 | 112,889,000 | 112,753,000 | -228,587,000 | 112,709,000 | |
| Shares (Diluted) | 102,983,000 | 103,800,000 | -208,903,000 | 103,636,000 | 103,780,000 | 105,730,000 | -221,968,000 | 109,727,000 | 111,175,000 | 111,333,000 | -226,256,000 | 112,797,000 | 113,198,000 | 113,116,000 | -228,587,000 | 112,709,000 | |
| EBITDA | $298M | $283M | · | $310M | $265M | $269M | · | $133M | $270M | $363M | · | $63M | $250M | $170M | · | $-53M |
Balance Sheet 27
| 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 | $1.57B | $1.19B | $1.46B | $1.49B | $1.98B | $2.07B | $2.43B | $2.41B | $2.38B | $2.42B | · | $2.79B | $3.65B | $3.84B | · | $1.94B | |
| Receivables | $337M | $389M | $403M | $353M | $326M | $334M | $324M | $389M | $318M | $297M | · | $249M | $230M | $227M | · | $210M | |
| Inventory | $90M | $92M | $88M | $88M | $81M | $81M | $76M | $75M | $72M | $74M | · | $75M | $71M | $69M | · | $68M | |
| Prepaid Expense | $126M | $154M | $127M | $131M | $113M | $110M | $96M | $113M | $103M | $131M | · | $126M | $105M | $108M | · | $97M | |
| Current Assets | $2.65B | $2.43B | $2.68B | $2.53B | $2.50B | $2.59B | $2.92B | $4.19B | $3.37B | $3.77B | · | $4.03B | $4.35B | $4.25B | · | $2.32B | |
| PP&E (Net) | $6.61B | $6.60B | $6.63B | $6.58B | $6.53B | $6.55B | $6.52B | $6.52B | $6.49B | $6.61B | · | $6.73B | $6.77B | $6.83B | · | $8.50B | |
| PP&E (Gross) | $14.35B | $14.22B | $14.14B | $14.01B | $13.81B | $13.70B | $13.58B | $13.47B | $13.37B | $13.33B | · | $13.18B | $13.09B | $12.99B | · | $14.58B | |
| Accum. Depreciation | $7.74B | $7.62B | $7.51B | $7.43B | $7.28B | $7.15B | $7.06B | $6.96B | $6.88B | $6.73B | · | $6.45B | $6.31B | $6.17B | · | $6.08B | |
| Goodwill | · | · | · | · | · | · | · | $18M | $18M | $18M | · | $18M | $91M | $91M | $91M | $91M | |
| Intangibles | $208M | $216M | $224M | $232M | $238M | · | $255M | · | · | · | · | $314M | $346M | $353M | · | $152M | |
| Other Non-current Assets | $265M | $268M | $275M | $279M | $268M | $225M | $232M | $760M | $732M | $378M | · | $317M | $288M | $254M | · | $204M | |
| Total Assets | $13.16B | $12.91B | $13.11B | $12.80B | $12.69B | $12.72B | $12.98B | $14.11B | $13.29B | $13.47B | $14.00B | $13.34B | $13.78B | $13.72B | $13.42B | $11.78B | |
| Accounts Payable | $241M | $223M | $255M | $205M | $202M | $224M | $205M | $213M | $201M | $176M | · | $188M | $178M | $183M | · | $139M | |
| Current Liabilities | $2.91B | $1.96B | $1.64B | $1.44B | $2.42B | $2.40B | $1.54B | $2.74B | $2.60B | $2.63B | · | $1.51B | $1.35B | $1.37B | · | $1.64B | |
| Capital Leases | $1.62B | $1.64B | $1.63B | $1.63B | $1.62B | $1.63B | $1.62B | $1.62B | $1.62B | $1.64B | · | $1.61B | $1.61B | $1.63B | · | $108M | |
| Other Non-current Liabilities | $244M | $279M | $330M | $310M | $304M | $285M | $283M | $266M | $234M | $229M | · | $238M | $233M | $235M | · | $63M | |
| Total Liabilities | $14.07B | $13.85B | $14.14B | $13.94B | $13.90B | $13.83B | $13.95B | $15.18B | $14.19B | $14.42B | · | $15.05B | $15.29B | $15.34B | · | $13.38B | |
| Long-term Debt | $10.72B | $10.52B | $10.55B | $10.57B | $10.54B | $10.55B | $10.54B | $11.79B | $11.03B | $11.21B | · | $11.79B | $12.14B | $12.25B | · | $12.12B | |
| Total Debt | $10.72B | $10.52B | · | $10.57B | $10.54B | $10.55B | · | $11.79B | $11.03B | $11.21B | · | $11.79B | $12.14B | $12.25B | · | $12.12B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $3.85B | $3.83B | $3.80B | $3.78B | $3.76B | $3.73B | $3.70B | $3.69B | $3.67B | $3.66B | · | $3.63B | $3.62B | $3.60B | · | $3.58B | |
| Retained Earnings | $-1.25B | $-1.36B | $-1.45B | $-1.53B | $-1.59B | $-1.63B | $-1.68B | $-1.93B | $-1.87B | $-1.95B | · | $-2.77B | $-2.62B | $-2.70B | · | $-2.74B | |
| Treasury Stock | $2.78B | $2.69B | $2.62B | $2.62B | $2.62B | $2.46B | $2.24B | $2.04B | $1.92B | $1.85B | · | $1.69B | $1.64B | $1.63B | · | $1.61B | |
| AOCI | $7M | $6M | $-3M | $-2M | $11M | $-3M | $-6M | $-4M | $2M | $5M | · | $6M | $8M | $10M | · | $10M | |
| Stockholders' Equity | $-169M | $-212M | $-275M | $-370M | $-442M | $-361M | $-224M | $-281M | $-110M | $-137M | · | $-822M | $-630M | $-717M | · | $-763M | |
| Liabilities + Equity | $13.16B | $12.91B | $13.11B | $12.80B | $12.69B | $12.72B | $12.98B | $14.11B | $13.29B | $13.47B | · | $13.34B | $13.78B | $13.72B | · | $11.78B | |
| Shares Outstanding | 103,405,133 | 103,745,164 | 103,989,787 | 103,977,280 | 103,976,829 | 105,869,624 | 107,821,567 | 109,922,076 | 111,375,062 | 112,071,149 | · | 113,357,215 | 113,942,935 | 113,808,044 | · | 113,373,330 |
Cash Flow 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $165M | $161M | $159M | $153M | $153M | $155M | $151M | $156M | $176M | $175M | $177M | $172M | $170M | $169M | $172M | $173M | |
| Stock-based Comp | $17M | $26M | $21M | $23M | $29M | $19M | $15M | $14M | $16M | $14M | $15M | $16M | $18M | $15M | $19M | $20M | |
| Deferred Tax | $12M | $8M | $21M | $59M | $9M | $9M | $-45M | $15M | $6M | $17M | $-503M | $1M | $-1M | $-162.0K | $2M | $759.0K | |
| Operating Cash Flow | $492M | $153M | $478M | $336M | $405M | $134M | $479M | $279M | $353M | $315M | $441M | $276M | $361M | $169M | $82M | $4M | |
| CapEx | $153M | $179M | $171M | $164M | $165M | $160M | $127M | $101M | $94M | $98M | $113M | $114M | $91M | $124M | $27M | $87M | |
| Investing Cash Flow | $-131M | $-288M | $-457M | $-744M | $-235M | $-222M | $-210M | $398M | $-104M | $-167M | $-164M | $-634M | $-412M | $-132M | $1.63B | $-88M | |
| Debt Issued | · | · | $0 | $1.00B | $753M | $0 | $600M | $872M | $0 | $412M | $0 | $0 | $0 | $1.20B | $0 | $211M | |
| Net Debt Issued | · | $0 | · | · | · | $-10M | · | · | · | $-545M | · | · | · | $181M | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $3M | $0 | |
| Stock Repurchased | $95M | $70M | $448.0K | $2M | $166M | $212M | $204M | $117M | $69M | $11M | $141M | $59M | $1M | $11M | $9M | $29M | |
| Net Stock Activity | · | $-70M | · | · | · | $-212M | · | · | · | $-11M | · | · | · | $-11M | · | · | |
| Dividends Paid | $68M | $27M | $26M | $61M | $61M | $27M | $28M | $42M | $42M | $28M | $28M | $28M | $29M | $175.0K | $129.0K | $25.0K | |
| Financing Cash Flow | $23M | $-138M | $-42M | $-95M | $-249M | $-267M | $-1.46B | $558M | $-291M | $-604M | $-191M | $-509M | $-140M | $121M | $-33M | $160M | |
| Net Change in Cash | $384M | $-277M | $-23M | $-497M | $-85M | $-356M | $-1.19B | $1.24B | $-40M | $-459M | $90M | $-868M | $-191M | $156M | $1.68B | $79M | |
| Free Cash Flow | · | $-26M | · | · | · | $-26M | · | · | · | $217M | · | · | · | $45M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $54M | · | · | · | $-54M | · | · |
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 | 16.0% | 15.2% | · | 16.9% | 15.2% | 15.8% | · | 7.9% | 15.6% | 19.5% | · | 3.7% | 15.7% | 11.9% | · | -6.0% | |
| Net Margin | 7.5% | 6.5% | · | 4.8% | 3.8% | 4.3% | · | -1.9% | 6.5% | 7.7% | · | -7.0% | 6.6% | 0.87% | · | -16.1% | |
| Pretax Margin | 10.7% | 8.6% | · | 10.3% | 5.0% | 5.4% | · | 0.69% | 8.9% | 10.5% | · | -7.4% | 8.3% | 0.15% | · | -23.2% | |
| EBITDA Margin | 16.0% | 15.2% | · | 16.9% | 15.2% | 15.8% | · | 7.9% | 15.6% | 19.5% | · | 3.7% | 15.7% | 11.9% | · | -6.0% | |
| ROA | 1.1% | 0.94% | · | 0.66% | 0.51% | 0.56% | · | -0.23% | 0.83% | 1.1% | · | -0.93% | 0.82% | 0.10% | · | -1.2% | |
| ROE | -45.9% | -42.1% | · | -27.1% | -24.0% | -29.2% | · | 5.8% | -30.2% | -33.8% | · | 14.7% | -17.0% | -2.3% | · | 35.0% | |
| ROIC | 2.6% | 2.6% | · | 2.1% | 2.3% | 2.3% | · | -0.54% | 2.3% | 2.9% | · | 0.56% | 2.1% | 0.78% | · | -0.47% |
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 | 0.9 | 1.2 | · | 1.8 | 1.0 | 1.1 | · | 1.5 | 1.3 | 1.4 | · | 2.7 | 3.2 | 3.1 | · | 1.4 | |
| Quick Ratio | 0.7 | 0.8 | · | 1.3 | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | · | 2.0 | 2.9 | 3.0 | · | 1.3 | |
| Debt / Equity | -63.3 | -49.7 | · | -28.6 | -23.9 | -29.3 | · | -41.9 | -100.4 | -81.9 | · | -14.3 | -19.3 | -17.1 | · | -15.9 | |
| LT Debt / Equity | -54.9 | -47.1 | · | -28.5 | -21.6 | -26.4 | · | -37.5 | -88.7 | -72.4 | · | -14.2 | -19.2 | -16.9 | · | -15.2 | |
| Interest Coverage | · | · | · | · | · | · | · | 0.8 | 1.5 | 2.0 | · | 0.3 | 1.3 | 0.9 | · | -0.3 |
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 | 5.6 | 5.1 | · | 4.9 | 5.4 | 5.4 | · | 5.3 | 6.3 | 7.1 | · | 7.3 | 7.7 | 6.9 | · | 4.1 |
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 | $7.29B | $7.13B | · | $6.97B | $6.86B | $6.99B | · | $6.96B | $6.86B | $6.55B | · | $5.58B | $4.82B | $4.18B | · | $3.75B | |
| Net Income TTM | $415M | $348M | · | $195M | $219M | $297M | · | $107M | $245M | $145M | · | $-142M | $-155M | $-444M | · | $-623M | |
| Market Cap | $10.04B | $10.54B | · | $13.34B | $9.74B | $8.84B | · | $10.54B | $9.97B | $11.46B | · | $10.48B | $12.03B | $12.74B | · | $7.15B | |
| Enterprise Value | $19.19B | $19.87B | · | $22.42B | $18.30B | $17.32B | · | $19.92B | $18.62B | $20.25B | · | $19.48B | $20.52B | $21.14B | · | $17.32B | |
| P/E | 25.2 | 31.5 | · | 67.9 | 48.0 | 32.0 | · | 107.7 | 44.3 | 93.8 | · | -62.4 | -66.4 | -27.8 | · | -11.6 | |
| P/S | 1.4 | 1.5 | · | 1.9 | 1.4 | 1.3 | · | 1.5 | 1.5 | 1.7 | · | 1.9 | 2.5 | 3.1 | · | 1.9 | |
| P/B | -59.2 | -49.7 | · | -36.0 | -22.1 | -24.5 | · | -37.5 | -90.8 | -83.7 | · | -12.7 | -19.1 | -17.8 | · | -9.4 | |
| P / Cash Flow | · | 68.7 | · | · | · | 66.1 | · | · | · | 36.4 | · | · | · | 75.1 | · | · | |
| P / FCF | · | -411.4 | · | · | · | -338.0 | · | · | · | 52.7 | · | · | · | 282.9 | · | · | |
| EV / EBITDA | 64.5 | 70.3 | · | 72.2 | 69.2 | 64.5 | · | 149.5 | 69.0 | 55.8 | · | 311.2 | 82.0 | 124.7 | · | -326.8 | |
| EV / FCF | · | -776.0 | · | · | · | -662.3 | · | · | · | 93.1 | · | · | · | 469.6 | · | · | |
| EV / Revenue | 2.6 | 2.8 | · | 3.2 | 2.7 | 2.5 | · | 2.9 | 2.7 | 3.1 | · | 3.5 | 4.3 | 5.1 | · | 4.6 | |
| Earnings Yield | 4.0% | 3.2% | · | 1.5% | 2.1% | 3.1% | · | 0.93% | 2.3% | 1.1% | · | -1.6% | -1.5% | -3.6% | · | -8.6% | |
| Payout Ratio | · | 22.3% | · | · | · | 36.8% | · | · | · | 19.4% | · | · | · | 1.4% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $7.14B | $7.13B | $6.53B | $3.76B | $3.76B |
| Operating Margin % | 15.7% | 15.9% | 12.9% | -2.7% | -10.5% |
| Net Income | $327M | $501M | $730M | $-424M | $-756M |
| Diluted EPS | $3.14 | $4.35 | $6.32 | $-3.73 | $-6.64 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -38.3 | -47.0 | -46.7 | -16.1 | -55.7 |
| Current Ratio | 1.6 | 1.9 | 1.9 | 2.2 | 2.2 |
| Quick Ratio | 1.1 | 1.8 | 1.5 | 2.1 | 2.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $692M | $1.01B | $805M | $-371M | $-513M |
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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 596 filers · $6.2B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 71 (-9 vs prior Q) | 66 (-27 vs prior Q) | 167 (-9 vs prior Q) | 197 (-13 vs prior Q) | +2.2M |
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 |
|---|---|---|---|---|
| Capital World Investors | $954,703,706 | 9,833,108 | 15.33% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $495,028,511 | 5,098,656 | 7.95% | Shares |
| Walleye Trading LLC | $382,893,833 | 3,943,700 | 6.15% | Call option |
| FMR LLC | $328,574,019 | 3,384,221 | 5.28% | Shares |
| STATE STREET CORP | $295,923,524 | 3,047,930 | 4.75% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $286,664,439 | 2,952,564 | 4.60% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $207,044,341 | 2,136,551 | 3.32% | Shares |
| NEUBERGER BERMAN GROUP LLC | $185,685,350 | 1,908,953 | 2.98% | Shares |
| CITADEL ADVISORS LLC | $166,115,165 | 1,710,940 | 2.67% | Shares |
| ALKEON CAPITAL MANAGEMENT LLC | $133,838,560 | 1,378,500 | 2.15% | Call option |
| JANE STREET GROUP, LLC | $120,003,240 | 1,236,000 | 1.93% | Call option |
| RENAISSANCE TECHNOLOGIES LLC | $107,746,210 | 1,109,756 | 1.73% | Shares |
| Alyeska Investment Group, L.P. | $99,276,855 | 1,022,524 | 1.59% | Shares |
| GOLDMAN SACHS GROUP INC | $95,882,823 | 987,566 | 1.54% | Shares |
| NORGES BANK | $87,954,996 | 905,912 | 1.41% | Shares |
| Regal Partners Ltd | $87,152,450 | 897,646 | 1.40% | Shares |
| CITADEL ADVISORS LLC | $83,138,167 | 856,300 | 1.33% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $83,104,283 | 855,951 | 1.33% | Shares |
| WOLVERINE TRADING, LLC | $74,319,716 | 561,200 | 1.19% | Call option |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $73,919,666 | 761,352 | 1.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $73,582,375 | 757,878 | 1.18% | Shares |
| WOLVERINE TRADING, LLC | $70,783,835 | 534,500 | 1.14% | Put option |
| BAMCO INC /NY/ | $67,219,096 | 692,338 | 1.08% | Shares |
| JANE STREET GROUP, LLC | $60,632,705 | 624,500 | 0.97% | Put option |
| WOLVERINE TRADING, LLC | $51,218,362 | 386,758 | 0.82% | Shares |
| MARK ASSET MANAGEMENT LP | $48,016,442 | 494,556 | 0.77% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $45,638,125 | 470,060 | 0.73% | Shares |
| AMERIPRISE FINANCIAL INC | $45,468,120 | 468,309 | 0.73% | Shares |
| TWO SIGMA INVESTMENTS, LP | $45,133,257 | 464,860 | 0.72% | Shares |
| Nuveen, LLC | $40,487,792 | 417,013 | 0.65% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $30,066,152 | 309,673 | 0.48% | Shares |
| Long Pond Capital, LP | $29,776,435 | 306,689 | 0.48% | Shares |
| TUDOR INVESTMENT CORP ET AL | $29,321,180 | 302,000 | 0.47% | Call option |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $29,065,639 | 299,368 | 0.47% | Shares |
| MILLENNIUM MANAGEMENT LLC | $27,864,830 | 287,000 | 0.45% | Put option |
| MILLENNIUM MANAGEMENT LLC | $26,787,131 | 275,900 | 0.43% | Call option |
| UBS Group AG | $25,738,559 | 265,100 | 0.41% | Put option |
| ARMISTICE CAPITAL, LLC | $25,346,801 | 261,065 | 0.41% | Shares |
| BANK OF AMERICA CORP /DE/ | $22,727,021 | 234,082 | 0.36% | Shares |
| DAVENPORT & Co LLC | $22,330,506 | 229,998 | 0.36% | Shares |
| PEAK6 LLC | $21,864,668 | 225,200 | 0.35% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $20,339,772 | 209,494 | 0.33% | Shares |
| Kodai Capital Management LP | $19,959,089 | 239,031 | 0.32% | Shares |
| Pacific Heights Asset Management LLC | $19,418,000 | 200,000 | 0.31% | Shares |
| Verition Fund Management LLC | $19,378,970 | 199,598 | 0.31% | Shares |
| Livforsakringsbolaget Skandia, Omsesidigt | $19,244,890 | 26,082 | 0.31% | Shares |
| J. Goldman & Co LP | $17,621,544 | 181,497 | 0.28% | Shares |
| BlackRock, Inc. | $17,128,229 | 176,416 | 0.28% | Shares |
| Vanguard Global Advisers, LLC | $16,755,210 | 172,574 | 0.27% | Shares |
| Goodman Financial Corp | $16,301,916 | 167,904 | 0.26% | Shares |
| CAPITAL INTERNATIONAL SARL | $16,205,098 | 166,908 | 0.26% | Shares |
| Point72 Asset Management, L.P. | $16,204,321 | 166,900 | 0.26% | Call option |
| Long Focus Capital Management, LLC | $16,019,850 | 165,000 | 0.26% | Shares |
| Gotham Asset Management, LLC | $15,891,303 | 163,676 | 0.26% | Shares |
| BLACK DIAMOND CAPITAL MANAGEMENT, L.L.C. | $15,751,360 | 168,158 | 0.25% | Shares |
| Walleye Trading LLC | $15,485,855 | 159,500 | 0.25% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $15,272,257 | 157,300 | 0.25% | Call option |
| Swiss National Bank | $14,728,553 | 151,700 | 0.24% | Shares |
| RHUMBLINE ADVISERS | $14,655,568 | 150,949 | 0.24% | Shares |
| California Public Employees Retirement System | $14,360,873 | 147,913 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $12,874,134 | 132,600 | 0.21% | Put option |
| D. E. Shaw & Co., Inc. | $12,107,123 | 124,700 | 0.19% | Call option |
| Cubist Systematic Strategies, LLC | $11,262,106 | 87,800 | 0.18% | Call option |
| Point72 Asset Management, L.P. | $10,815,826 | 111,400 | 0.17% | Put option |
| MACKENZIE FINANCIAL CORP | $10,767,281 | 110,900 | 0.17% | Shares |
| HSBC HOLDINGS PLC | $10,612,360 | 108,400 | 0.17% | Put option |
| Qube Research & Technologies Ltd | $10,534,265 | 108,500 | 0.17% | Call option |
| Mitsubishi UFJ Asset Management Co., Ltd. | $10,463,486 | 107,771 | 0.17% | Shares |
| BANK OF NOVA SCOTIA | $10,415,427 | 107,276 | 0.17% | Shares |
| Black Diamond Capital Management I, LLLP | $10,015,610 | 103,158 | 0.16% | Shares |
| LPL Financial LLC | $9,929,700 | 102,273 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,771,953 | 96,228 | 0.16% | Shares |
| GOLDMAN SACHS GROUP INC | $9,709,000 | 100,000 | 0.16% | Put option |
| Hudson Bay Capital Management LP | $9,116,848 | 93,901 | 0.15% | Shares |
| UBS Group AG | $8,847,326 | 91,125 | 0.14% | Shares |
| RAYMOND JAMES FINANCIAL INC | $8,702,881 | 89,637 | 0.14% | Shares |
| UBS Group AG | $8,514,793 | 87,700 | 0.14% | Call option |
| BANQUE PICTET & CIE SA | $8,314,788 | 85,640 | 0.13% | Shares |
| GROUP ONE TRADING LLC | $8,250,708 | 84,980 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $8,228,597 | 81,030 | 0.13% | Shares |
| Orvieto Partners, L.P. | $7,961,380 | 82,000 | 0.13% | Shares |
| Capital International, Inc./CA/ | $7,866,620 | 81,024 | 0.13% | Shares |
| BARR E S & CO | $7,855,455 | 80,909 | 0.13% | Shares |
| CIBC WORLD MARKETS CORP | $7,708,941 | 64,065 | 0.12% | Shares |
| Quantinno Capital Management LP | $7,553,037 | 77,794 | 0.12% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $7,252,623 | 74,700 | 0.12% | Shares |
| GAMCO INVESTORS, INC. ET AL | $7,175,631 | 73,907 | 0.12% | Shares |
| BARCLAYS PLC | $7,129,415 | 73,431 | 0.11% | Shares |
| BIGLARI, SARDAR | $6,815,718 | 70,200 | 0.11% | Shares |
| FORA Capital, LLC | $6,612,412 | 68,099 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $6,591,052 | 67,886 | 0.11% | Shares |
| HSBC HOLDINGS PLC | $6,411,532 | 66,037 | 0.10% | Shares |
| PEAK6 LLC | $6,388,522 | 65,800 | 0.10% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $6,185,992 | 63,714 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5,964,821 | 61,436 | 0.10% | Shares |
| Balyasny Asset Management L.P. | $5,876,275 | 60,524 | 0.09% | Shares |
| Darwins River Capital, LP | $5,861,712 | 60,374 | 0.09% | Shares |
| Assenagon Asset Management S.A. | $5,837,633 | 60,126 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $5,787,587 | 59,610 | 0.09% | Shares |
| COOKSON PEIRCE & CO INC | $5,675,774 | 58,459 | 0.09% | Shares |
Company insiders 42 insiders · 18 officers · 26 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Craig Scott Billings | CEO | April 15, 2025 G | 156,189 | 0 | 0 | $0 |
| Matt Maddox | CEO | Jan. 31, 2022 D | 286,603 | 0 | 0 | $0 |
| WYNN STEPHEN A | Chief Executive Officer | Dec. 8, 2015 P | 1,043,292 | 0 | 0 | $0 |
| Julie Cameron-Doe | CFO | May 2, 2025 J | 57,078 | 0 | 0 | $0 |
| Stephen Lawrence Cootey | CFO, SVP and Treasurer | Jan. 2, 2017 F | 20,609 | 0 | 0 | $0 |
| David Sisk | Sr VP/CFO Wynn Las Vegas, LLC | March 3, 2008 A | 18,888 | 0 | 0 | $0 |
| Scott Edward Peterson | CFO of Wynn Macau | Nov. 16, 2006 M | 6,750 | 0 | 0 | $0 |
| PASCAL ANDREW S | President, Wynn Las Vegas, LLC | May 6, 2008 A | 75,000 | 0 | 0 | $0 |
| Ronald J Kramer | President | Dec. 17, 2007 S | 280,755 | 0 | 0 | $0 |
| Marc D Schorr | Chief Operating Officer | May 31, 2013 F | 145,125 | 0 | 0 | $0 |
| Jacqui Krum | EVP and General Counsel | Jan. 30, 2025 F | 44,242 | 0 | 0 | $0 |
| Ellen F Whittemore | EVP | Jan. 30, 2025 F | 107,316 | 0 | 0 | $0 |
| Kimmarie Sinatra | EVP/General Counsel/Secretary | Dec. 22, 2017 F | 210,334 | 0 | 0 | $0 |
| John Strzemp | EVP, Chief Administrative Ofc | March 6, 2017 S | 218,323 | 0 | 0 | $0 |
| Grant Bowie | Pres Wynn Resorts (Macau) S.A. | Nov. 16, 2006 M | 30,000 | 0 | 0 | $0 |
| Jack B Binion | Chairman, Wynn Int'l Marketing | Nov. 7, 2006 J | 1,550,614 | 0 | 0 | $0 |
| Wesley D Allison | Chief Accounting Officer | May 8, 2006 A | 5,000 | 0 | 0 | $0 |
| Karen Bozich | SVP-Chief Information Officer | March 6, 2006 M | 75 | 0 | 0 | $0 |
| Philip G Satre | Director | May 28, 2026 M | 33,293 | 0 | 0 | $0 |
| Betsy S Atkins | Director | May 6, 2026 A | 11,936 | 0 | 0 | $0 |
| Patricia Mulroy | Director | May 29, 2025 M | 3,066 | 0 | 0 | $0 |
| Paul Albert Liu | Director | April 30, 2025 A | 8,762 | 0 | 0 | $0 |
| Darnell O. Strom | Director | April 30, 2025 A | 17,007 | 0 | 0 | $0 |
| Richard J Byrne | Director | April 30, 2025 A | 21,554 | 0 | 0 | $0 |
| Winifred Markus Webb | Director | April 30, 2025 A | 24,506 | 0 | 0 | $0 |
| Margaret Jane Myers | Director | May 13, 2024 S | 17,797 | 0 | 0 | $0 |
| Clark T. Randt Jr. | Director | May 5, 2022 A | 16,941 | 0 | 0 | $0 |
| Jay L Johnson | Director | May 11, 2021 A | 10,090 | 0 | 0 | $0 |
| Daniel Boone Wayson | Director | May 15, 2018 A | 95,471 | 0 | 0 | $0 |
| Alvin V Shoemaker | Director | May 15, 2018 A | 10,471 | 0 | 0 | $0 |
| Robert Jos Miller | Director | May 2, 2018 M | 9,162 | 0 | 0 | $0 |
| Ray R Irani | Director | Nov. 3, 2017 M | 61,662 | 0 | 0 | $0 |
| John J Hagenbuch | Director | May 17, 2017 S | 0 | 0 | 0 | $0 |
| Edward J Virtue | Director | April 20, 2017 A | 6,662 | 0 | 0 | $0 |
| WYNN ELAINE P | Director | Jan. 26, 2015 G | 9,539,077 | 0 | 0 | $0 |
| John A Moran | Director | Oct. 31, 2012 M | 37,500 | 0 | 0 | $0 |
| Russell D Goldsmith | Director | Oct. 29, 2012 M | 6,500 | 0 | 0 | $0 |
| Allan Zeman | Director | June 11, 2012 A | 7,500 | 0 | 0 | $0 |
| Stanley R Zax | Director | May 3, 2006 A | 2,500 | 0 | 0 | $0 |
| Kiril Sokoloff | Director | Feb. 22, 2006 M | 10,000 | 0 | 0 | $0 |
| Anthony Michael Sanfilippo | — | May 6, 2026 A | 158,420 | 0 | 0 | $0 |
| Linda Chen | — | Jan. 15, 2015 F | 105,897 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 12 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 |
|---|---|---|---|---|---|
| ELAINE P. WYNN ×5 filings | Aug. 6, 2018 | — | Initial filing | — | SEC |
| Stephen A. Wynn, Wynn Family Limited Partnership ×14 filings | March 23, 2018 | — | Initial filing | — | SEC |
| March 21, 2018 | — | Initial filing | — | SEC | |
| March 15, 2018 | — | Initial filing | — | SEC | |
| Feb. 20, 2018 | — | Initial filing | — | SEC | |
| Feb. 8, 2018 | — | Initial filing | — | SEC | |
| Oct. 19, 2012 | — | Initial filing | — | SEC | |
| ARUZE USA, INC., UNIVERSAL ENTERTAINMENT CORPORATION, KAZUO OKADA | Sept. 5, 2012 | — | Initial filing | Board campaign | SEC |
| ARUZE USA, INC. (2), UNIVERSAL ENTERTAINMENT CORPORATION (2), KAZUO OKADA (2) ×2 filings | Jan. 18, 2012 | — | Initial filing | — | SEC |
| Aruze USA, Inc. (1), Universal Entertainment Corporation (1), Kazuo Okada (1) ×7 filings | Dec. 20, 2010 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Sept. 22, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person | April 21, 2003 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 107 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 |
|---|---|---|---|---|
| NITE · Capitol Series Trust | 3.09% | 8,817 NS | April 30, 2026 | N-PORT |
| SCAP · Series Portfolios Trust | 3.06% | 6,155 NS | May 31, 2026 | N-PORT |
| LPRE · Exchange Listed Funds Trust | 2.25% | 34,757 NS | May 31, 2026 | N-PORT |
| SZNE · Pacer Funds Trust | 0.50% | 619 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.28% | 13,504 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.24% | 13,956 NS | April 30, 2026 | N-PORT |
| NBCR · Neuberger Berman ETF Trust | 0.24% | 20,648 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.19% | 42,596 NS | April 30, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 33,850 NS | April 30, 2026 | N-PORT |
| FDIS · FIDELITY COVINGTON TRUST | 0.16% | 27,128 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.16% | 228,078 NS | May 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.16% | 90,687 NS | April 30, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 10,544 NS | April 30, 2026 | N-PORT |
| WANT · Direxion Shares ETF Trust | 0.14% | 259 NS | April 30, 2026 | N-PORT |
| CGNG · Capital Group New Geography Equity … | 0.13% | 29,845 NS | May 31, 2026 | N-PORT |
| UCC · ProShares Trust | 0.12% | 142 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.12% | 157,357 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.11% | 100,067 NS | May 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.11% | 2,924 NS | April 30, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.10% | 52,774 NS | April 30, 2026 | N-PORT |
| SPXD · DBX ETF Trust | 0.09% | 58 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.08% | 3,718 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.07% | 8,939 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.05% | 1,354 NS | May 29, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.04% | 3,010 NS | May 31, 2026 | N-PORT |
| SCHV · SCHWAB STRATEGIC TRUST | 0.03% | 42,371 NS | May 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.02% | 338 NS | April 30, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.02% | 1,000 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.02% | 25,100 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.02% | 6,388 NS | April 30, 2026 | N-PORT |
| SPXT · ProShares Trust | 0.02% | 565 NS | May 31, 2026 | N-PORT |
| SFGV · EA Series Trust | 0.02% | 1,919 NS | May 29, 2026 | N-PORT |
| JUST · Goldman Sachs ETF Trust | 0.02% | 874 NS | May 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.02% | 93 NS | April 30, 2026 | N-PORT |
| SPXN · ProShares Trust | 0.02% | 119 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.02% | 16,340 NS | April 30, 2026 | N-PORT |
| XYLD · Global X Funds | 0.02% | 4,444 NS | April 30, 2026 | N-PORT |
| XRMI · Global X Funds | 0.01% | 68 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 2,772 NS | April 30, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.01% | 4,373 NS | April 30, 2026 | N-PORT |
| SPXV · ProShares Trust | 0.01% | 57 NS | May 31, 2026 | N-PORT |
| SPXE · ProShares Trust | 0.01% | 114 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 55,867 NS | April 30, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.01% | 283 NS | April 30, 2026 | N-PORT |
| XCLR · Global X Funds | 0.01% | 4 NS | April 30, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.01% | 1,914 NS | April 30, 2026 | N-PORT |
| SCHX · SCHWAB STRATEGIC TRUST | 0.01% | 90,237 NS | May 31, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.01% | 2,850 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 22,447 NS | April 30, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.01% | 6,764 NS | May 31, 2026 | N-PORT |