# Union Pacific (UNP.US)

Canonical: https://gigainvestors.com/s/UNP

Analysis as of: 2026-10-16T07:32:44.656Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $288.71 per share; close as of 2026-10-15.

Estimated value: low $127.82 per share, central $147.79 per share, high $171.36 per share. Buy at or below the central value $147.79 per share. Valuation as of 2026-10-16T07:32:44.656Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.38×

- FY2018: 0.37×

- FY2019: 0.39×

- FY2020: 0.40×

- FY2021: 0.43×

- FY2022: 0.40×

- FY2023: 0.38×

- FY2024: 0.40×

- FY2025: 0.40×

- LTM to Jun 2026: 0.40×

### moat: pass

- ROIC, median of available years: 15.1%

- ROIC, second-lowest year: 11.5%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 44.7%

- Recent gross margin (lower of latest and 3-year median): 45.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.0%

- ROIC including acquisitions, ten-year median: 12.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.1%

- FY2017: 19.9%

- FY2018: 12.3%

- FY2019: 11.5%

- FY2020: 10.7%

- FY2021: 16.1%

- FY2022: 16.6%

- FY2023: 14.7%

- FY2024: 15.4%

- FY2025: 15.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $31B

- Net income, five-year total: $34B

- Return on incremental invested capital: 20.1%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 7.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.80×

- FY2024: 0.89×

- FY2025: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.1% vs 15.4%

- Per-share earnings: 5.49 to 11.09 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.7%

- Ordinary dilution, 5-year annual growth: -2.6%

- Market cap gain: $53B

- Cumulative retained earnings: $37B

- Diluted shares, 10-year annual growth: -3.7%

- Diluted shares, 5-year annual growth: -2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.2%

- Per-share value change: $5.60

- Per-share value, starting three-year median: $5.49

- Per-share value, ending three-year median: $11.09

- Buybacks concentrated in cheaper years (correlation): 0.41

- Average buyback yield: 3.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $13B

- Cumulative net income, 10 years: $66B

- ROIC, first three-year median: 14.1%

- ROIC, last three-year median: 15.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.07

- FY2017: $13.36

- FY2018: $7.91

- FY2019: $8.38

- FY2020: $7.88

- FY2021: $9.95

- FY2022: $11.21

- FY2023: $10.45

- FY2024: $11.09

- FY2025: $11.98

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: 6.0%

- FY2018: -4.6%

- FY2019: -4.4%

- FY2020: -5.1%

- FY2021: -3.9%

- FY2022: -3.6%

- FY2023: -3.0%

- FY2024: -3.8%

- FY2025: -3.1%

## Holders

- [Seth Klarman](https://gigainvestors.com/BAUPOST): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 9.9% a year for ten years · "Union Pacific (UNP) Sees Truck-to-Rail Shift as Diesel Prices Surge" (finance.yahoo.com, Sep 2026) · sales +3.7%

Story as of 2026-10-16T09:59:46.081Z; price observation 2026-10-15.

Price needs cash profits to grow 9.9% a year for ten years

- 2025-04-24: Union Pacific misses quarterly estimates on weak auto shipments ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/railroad-operator-union-pacific-misses-122941413.html))

- 2026-01-27: Union Pacific misses Q4 estimates as revenue dips amid lower volumes ([finance.yahoo.com](https://finance.yahoo.com/news/union-pacific-misses-q4-estimates-132620826.html))

- 2026-04-23: Union Pacific beats estimates as efficiency gains lift profit ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/union-pacific-beats-estimates-efficiency-123142024.html))

- 2026-07-23: Union Pacific posts record financial results, raises outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/union-pacific-posts-record-financial-191940117.html))

- 2026-08-17: Union Pacific's fuel surcharges outpace fuel expenses in Q2 ([seekingalpha.com](https://seekingalpha.com/news/4633780-union-pacifics-fuel-surcharges-outpace-fuel-expenses-in-q2?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-09-16: Union Pacific Sees Broad Volume Growth as Fuel Costs Threaten Operating Ratio ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/union-pacific-sees-broad-volume-230218536.html))

### Sales · FY2025–2026

sales +3.7%; source https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm; observed 2026-02-06.

- FY2017: $21B 

- FY2018: $23B 

- FY2019: $22B 

- FY2020: $20B 

- FY2021: $22B 

- FY2022: $25B 

- FY2023: $24B 

- FY2024: $24B 

- FY2025: $25B 

- FY2026: $25B 

### Gross margin · FY2025

gross margin 59.4%; source https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm; observed 2026-02-06.

- FY2016: 41.5% 

- FY2017: 42.4% 

- FY2018: 41.8% 

- FY2019: 44.3% 

- FY2020: 47.0% 

- FY2021: 48.2% 

- FY2022: 45.0% 

- FY2023: 43.7% 

- FY2024: 45.5% 

- FY2025: 59.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in railroads; annual sales are USD 24.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm (filed 2026-02-06); FY2025: revenue 24510000000; grossProfit 14553000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNP.US: Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. It offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, and ethanol and renewable biofuel producers; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, liquid petroleum gases, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. The company was founded in 1862 and is headquartered in Omaha, Nebraska.

### Why customers stay

Margins ranged from 43.7% to 59.4% during 2023–25; it earns 15.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: grossProfit / revenue = 43.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: grossProfit / revenue = 45.5%.

- Source: https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm (filed 2026-02-06); FY2025: grossProfit / revenue = 59.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2016,0.14067019820248794],[2017,0.1993569927043403],[2018,0.12290644171688249],[2019,0.11487087472452617],[2020,0.10652343679695633],[2021,0.16093646749917567],[2022,0.16593609434419107],[2023,0.1469185857588401],[2024,0.1542331315095451],[2025,0.1571518807525384]]; median 0.1505758586341926. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9.8% of cash earnings on expansion; earns 20.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2016: growth capex 0; upkeep 3505000000; owner earnings 2766000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2017: growth capex 1152000000; upkeep 2105000000; owner earnings 10712000000. Growth capex / owner earnings = 0.1075429424943988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2018: growth capex 1246000000; upkeep 2191000000; owner earnings 5966000000. Growth capex / owner earnings = 0.20885015085484412.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2019: growth capex 0; upkeep 3453000000; owner earnings 4682000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2020: growth capex 0; upkeep 2927000000; owner earnings 4632000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2021: growth capex 728000000; upkeep 2208000000; owner earnings 6523000000. Growth capex / owner earnings = 0.11160508968266135.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2022: growth capex 1374000000; upkeep 2246000000; owner earnings 6998000000. Growth capex / owner earnings = 0.19634181194627037.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: growth capex 0; upkeep 3606000000; owner earnings 5091000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: growth capex 328000964.2712221; upkeep 3123999035.728778; owner earnings 6021000964.271222. Growth capex / owner earnings = 0.05447615209125334.

- Source: https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm (filed 2026-02-06); FY2025: growth capex 630872300.1748576; upkeep 3160127699.8251424; owner earnings 6442872300.174858. Growth capex / owner earnings = 0.09791786501150052.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Incremental return on capital 0.2009680623993016, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,1879000000],[2017,1982000000],[2018,2299000000],[2019,2598000000],[2020,2626000000],[2021,2800000000],[2022,3159000000],[2023,3173000000],[2024,3213000000],[2025,3236000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm (filed 2026-02-06); FY2025: cash repurchases 2679000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNP.US SharesStats.PercentInsiders = 0.07100000000000001 percentage points; cache date 2026-10-16.

### What could break it

"Financial risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm (filed 2026-02-06); Financial risks

### What the price says

The price assumes cash profits grow 9.9% yearly over ten years; actual growth was 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Ten-year compound average after fade. Initial solved rate 0.1293603062661718. Price 288.71; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.454566367609846 → FY2025 10.812002517494308. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $88.18 per share

- 2016-11: $101.33 per share

- 2016-12: $103.68 per share

- 2017-01: $106.58 per share

- 2017-02: $107.94 per share

- 2017-03: $105.92 per share

- 2017-04: $111.96 per share

- 2017-05: $110.30 per share

- 2017-06: $108.91 per share

- 2017-07: $102.96 per share

- 2017-08: $105.30 per share

- 2017-09: $115.97 per share

- 2017-10: $115.79 per share

- 2017-11: $126.50 per share

- 2017-12: $134.10 per share

- 2018-01: $133.50 per share

- 2018-02: $130.25 per share

- 2018-03: $134.43 per share

- 2018-04: $133.63 per share

- 2018-05: $142.76 per share

- 2018-06: $141.68 per share

- 2018-07: $149.89 per share

- 2018-08: $150.62 per share

- 2018-09: $162.83 per share

- 2018-10: $146.22 per share

- 2018-11: $153.78 per share

- 2018-12: $138.23 per share

- 2019-01: $159.07 per share

- 2019-02: $167.70 per share

- 2019-03: $167.20 per share

- 2019-04: $177.04 per share

- 2019-05: $166.78 per share

- 2019-06: $169.11 per share

- 2019-07: $179.95 per share

- 2019-08: $161.96 per share

- 2019-09: $161.98 per share

- 2019-10: $165.46 per share

- 2019-11: $175.99 per share

- 2019-12: $180.79 per share

- 2020-01: $179.42 per share

- 2020-02: $159.81 per share

- 2020-03: $141.04 per share

- 2020-04: $159.79 per share

- 2020-05: $169.86 per share

- 2020-06: $169.07 per share

- 2020-07: $173.35 per share

- 2020-08: $192.44 per share

- 2020-09: $196.87 per share

- 2020-10: $177.19 per share

- 2020-11: $204.08 per share

- 2020-12: $208.22 per share

- 2021-01: $197.47 per share

- 2021-02: $205.96 per share

- 2021-03: $220.41 per share

- 2021-04: $222.09 per share

- 2021-05: $224.73 per share

- 2021-06: $219.93 per share

- 2021-07: $218.76 per share

- 2021-08: $216.84 per share

- 2021-09: $196.01 per share

- 2021-10: $241.40 per share

- 2021-11: $235.64 per share

- 2021-12: $251.93 per share

- 2022-01: $244.55 per share

- 2022-02: $245.95 per share

- 2022-03: $273.21 per share

- 2022-04: $234.29 per share

- 2022-05: $219.78 per share

- 2022-06: $213.28 per share

- 2022-07: $227.30 per share

- 2022-08: $224.51 per share

- 2022-09: $194.82 per share

- 2022-10: $197.14 per share

- 2022-11: $217.43 per share

- 2022-12: $207.07 per share

- 2023-01: $204.19 per share

- 2023-02: $207.28 per share

- 2023-03: $201.26 per share

- 2023-04: $195.70 per share

- 2023-05: $192.52 per share

- 2023-06: $204.62 per share

- 2023-07: $232.02 per share

- 2023-08: $220.57 per share

- 2023-09: $203.63 per share

- 2023-10: $207.61 per share

- 2023-11: $225.27 per share

- 2023-12: $245.62 per share

- 2024-01: $243.93 per share

- 2024-02: $253.69 per share

- 2024-03: $245.93 per share

- 2024-04: $237.16 per share

- 2024-05: $232.82 per share

- 2024-06: $226.26 per share

- 2024-07: $246.73 per share

- 2024-08: $256.09 per share

- 2024-09: $246.48 per share

- 2024-10: $232.07 per share

- 2024-11: $244.66 per share

- 2024-12: $228.04 per share

- 2025-01: $247.79 per share

- 2025-02: $246.69 per share

- 2025-03: $236.24 per share

- 2025-04: $215.66 per share

- 2025-05: $221.66 per share

- 2025-06: $230.08 per share

- 2025-07: $221.97 per share

- 2025-08: $223.57 per share

- 2025-09: $236.37 per share

- 2025-10: $220.37 per share

- 2025-11: $231.83 per share

- 2025-12: $231.32 per share

- 2026-01: $235.10 per share

- 2026-02: $264.98 per share

- 2026-03: $242.62 per share

- 2026-04: $269.48 per share

- 2026-05: $262.64 per share

- 2026-06: $272.00 per share

- 2026-07: $292.13 per share

- 2026-08: $300.67 per share

- 2026-09: $272.13 per share

- 2026-10: $282.36 per share

## Annual estimated value (USD per share)

- FY2016: low $50.28 per share, central $57.06 per share, high $66.09 per share

- FY2017: low $59.03 per share, central $67.01 per share, high $77.62 per share

- FY2018: low $84.13 per share, central $111.56 per share, high $130.42 per share

- FY2019: low $89.88 per share, central $126.79 per share, high $148.75 per share

- FY2020: low $76.72 per share, central $86.99 per share, high $100.68 per share

- FY2021: low $95.89 per share, central $108.99 per share, high $126.43 per share

- FY2022: low $120.07 per share, central $143.28 per share, high $166.70 per share

- FY2023: low $106.99 per share, central $126.05 per share, high $146.52 per share

- FY2024: low $110.79 per share, central $128.08 per share, high $148.73 per share

- FY2025: low $119.91 per share, central $136.21 per share, high $157.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:38:30.072Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Seth Klarman](https://gigainvestors.com/BAUPOST): 1,185,395 UNP shares; USD 322,427,000 reported position value; 5.95% of portfolio; reduce; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 260,902 UNP shares; USD 70,965,000 reported position value; 0.04% of portfolio; reduce; quarter 2026 Q2.
- [Edgar Wachenheim](https://gigainvestors.com/GA): 2,032 UNP shares; USD 553,000 reported position value; 0.01% of portfolio; hold; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 25,841 UNP shares; USD 7,029,000 reported position value; 0.08% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 3,844,522 UNP shares; USD 1,045,710,000 reported position value; 1.39% of portfolio; add; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 161,028 UNP shares; USD 43,799,000 reported position value; 0.33% of portfolio; add; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 3,415 UNP shares; USD 929,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 850 UNP shares; USD 231,000 reported position value; 0.03% of portfolio; hold; quarter 2026 Q2.
- [William Browne](https://gigainvestors.com/TB): 19,185 UNP shares; USD 5,218,000 reported position value; 0.4% of portfolio; hold; quarter 2026 Q2.
- [Daniel Loeb](https://gigainvestors.com/tp): 350,000 UNP shares; USD 95,200,000 reported position value; 2.08% of portfolio; add; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 2,047,332 UNP shares; USD 556,874,000 reported position value; 1.59% of portfolio; new; quarter 2026 Q2.

# UNP — Union Pacific

Held by 11 investors · USD 2,148,935,000 total · 2026 Q2 · reported price USD 272.00 (split-adjusted).
Page: https://gigainvestors.com/s/UNP

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Nygren (https://gigainvestors.com/HA) | USD 1,045,710,000 | 1.4% | add +1.64% |
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 556,874,000 | 1.6% | new |
| Seth Klarman (https://gigainvestors.com/BAUPOST) | USD 322,427,000 | 6.0% | reduce -23.08% |
| Daniel Loeb (https://gigainvestors.com/tp) | USD 95,200,000 | 2.1% | add +250% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 70,965,000 | <0.1% | reduce -0.02% |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 43,799,000 | 0.3% | add +7.15% |
| Thomas Russo (https://gigainvestors.com/GR) | USD 7,029,000 | 0.1% | reduce -6.5% |
| William Browne (https://gigainvestors.com/TB) | USD 5,218,000 | 0.4% | hold |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 929,000 | <0.1% | reduce -18.5% |
| Edgar Wachenheim (https://gigainvestors.com/GA) | USD 553,000 | <0.1% | hold |
| Robert Torray (https://gigainvestors.com/T) | USD 231,000 | <0.1% | hold |

## Total held by quarter

- 2008 Q4: USD 329,133,257 · 1 holder · USD 23.90
- 2009 Q1: USD 295,919,425 · 1 holder · USD 20.55
- 2009 Q2: USD 101,600,140 · 1 holder · USD 26.03
- 2009 Q3: USD 0 · 0 holders
- 2009 Q4: USD 0 · 0 holders
- 2010 Q1: USD 0 · 0 holders
- 2010 Q2: USD 0 · 0 holders
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 173,296,531 · 1 holder · USD 46.33
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 94,001 · 1 holder · USD 40.87
- 2011 Q4: USD 121,992 · 1 holder · USD 53.04
- 2012 Q1: USD 123,993 · 1 holder · USD 53.91
- 2012 Q2: USD 137,011 · 1 holder · USD 59.57
- 2012 Q3: USD 137,011 · 1 holder · USD 59.57
- 2012 Q4: USD 144,992 · 1 holder · USD 63.04
- 2013 Q1: USD 163,990 · 1 holder · USD 71.30
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 271,990 · 1 holder · USD 99.63
- 2014 Q3: USD 295,987 · 1 holder · USD 108.42
- 2014 Q4: USD 325,007 · 1 holder · USD 119.05
- 2015 Q1: USD 295,987 · 1 holder · USD 108.42
- 2015 Q2: USD 239,002 · 1 holder · USD 95.22
- 2015 Q3: USD 222,010 · 1 holder · USD 88.45
- 2015 Q4: USD 5,083,000 · 1 holder · USD 78.20
- 2016 Q1: USD 5,449,175 · 1 holder · USD 79.55
- 2016 Q2: USD 125,387,848 · 3 holders · USD 87.25
- 2016 Q3: USD 130,408,539 · 3 holders · USD 97.53
- 2016 Q4: USD 128,253,317 · 3 holders · USD 103.68
- 2017 Q1: USD 9,215,834 · 2 holders · USD 105.92
- 2017 Q2: USD 31,257,777 · 3 holders · USD 108.91
- 2017 Q3: USD 77,178,713 · 3 holders · USD 115.97
- 2017 Q4: USD 97,853,918 · 3 holders · USD 134.10
- 2018 Q1: USD 21,369,223 · 3 holders · USD 134.43
- 2018 Q2: USD 259,375,800 · 3 holders · USD 141.68
- 2018 Q3: USD 1,367,906,783 · 4 holders · USD 162.83
- 2018 Q4: USD 1,076,271,453 · 3 holders · USD 138.22
- 2019 Q1: USD 3,146,006,044 · 6 holders · USD 167.20
- 2019 Q2: USD 2,664,378,656 · 6 holders · USD 169.11
- 2019 Q3: USD 2,333,364,022 · 6 holders · USD 161.98
- 2019 Q4: USD 2,347,088,423 · 6 holders · USD 180.79
- 2020 Q1: USD 1,375,026,238 · 5 holders · USD 141.04
- 2020 Q2: USD 1,624,860,876 · 5 holders · USD 169.08
- 2020 Q3: USD 1,824,282,878 · 5 holders · USD 196.87
- 2020 Q4: USD 1,274,559,741 · 4 holders · USD 208.22
- 2021 Q1: USD 1,349,210,529 · 4 holders · USD 220.42
- 2021 Q2: USD 1,281,336,865 · 4 holders · USD 219.94
- 2021 Q3: USD 1,142,188,674 · 4 holders · USD 196.01
- 2021 Q4: USD 1,575,060,465 · 4 holders · USD 251.93
- 2022 Q1: USD 1,463,936,554 · 4 holders · USD 273.21
- 2022 Q2: USD 1,142,817,778 · 4 holders · USD 213.28
- 2022 Q3: USD 1,098,855,231 · 4 holders · USD 194.84
- 2022 Q4: USD 25,295,122 · 5 holders · USD 207.07
- 2023 Q1: USD 34,542,866 · 5 holders · USD 201.28
- 2023 Q2: USD 72,449,150 · 6 holders · USD 204.62
- 2023 Q3: USD 36,748,204 · 5 holders · USD 203.65
- 2023 Q4: USD 44,695,159 · 5 holders · USD 245.61
- 2024 Q1: USD 145,411,054 · 9 holders · USD 245.93
- 2024 Q2: USD 134,660,619 · 9 holders · USD 226.26
- 2024 Q3: USD 147,919,588 · 9 holders · USD 246.48
- 2024 Q4: USD 115,596,832 · 8 holders · USD 228.04
- 2025 Q1: USD 118,215,188 · 8 holders · USD 236.24
- 2025 Q2: USD 114,207,878 · 8 holders · USD 230.09
- 2025 Q3: USD 1,013,821,549 · 10 holders · USD 236.37
- 2025 Q4: USD 1,746,422,917 · 9 holders · USD 231.32
- 2026 Q1: USD 1,428,683,068 · 10 holders · USD 242.62
- 2026 Q2: USD 2,148,935,000 · 11 holders · USD 272.00