Sprouts Farmers Market, Inc.

    SFM ·NASDAQ ·Retail-Grocery Stores ·Inc. in DE
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    Item 1. Business
    Sprouts Farmers Market offers a unique specialty grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. We continue to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. From our founding in 2002, we have grown rapidly, significantly increasing our sales, store count and profitability. Headquartered in Phoenix with 477 stores in 24 states as of December 28, 2025, we are one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States.
    Our Growth Strategy
    We continue to execute on our long-term growth strategy that we believe is driving profitable growth, focusing on the following areas:
    Win with Target Customers. We are focusing attention on our target customers, identified through research as ‘health enthusiasts’ and ‘selective shoppers’, where there is ample opportunity to gain share within these customer segments. We believe our business can continue to grow by leveraging existing strengths in a unique assortment of better-for-you, quality products and by providing a full omnichannel offering through delivery or pickup via our website or the Sprouts app.
    Market Expansion. We are delivering unique smaller stores with expectations of stronger returns, while maintaining the approachable, fresh-focused farmer’s market heritage Sprouts is known for. From 2021 through 2025, we have opened 112 new stores and remodeled one store featuring our updated format. Our geographic store expansion and new store placement will intersect where our target customers live, in markets with growth potential and supply chain support, which we believe will provide a long runway of approximately 10% annual unit growth.
    Create an Advantaged Supply Chain. We believe our network of distribution centers can drive efficiencies across the chain and support growth plans. To further deliver on our fresh commitment and reputation, as well as to increase our local offerings and improve financial results, we aspire to ultimately position fresh distribution centers within a 250-mile radius of stores. As a step to improve our fresh supply chain, in 2025 we began the transition to a self-distribution model for meat and seafood through our fresh distribution centers. As a result, we are better leveraging our existing distribution center capacity, and approximately 80% of our stores were within 250 miles of a distribution center as of December 28, 2025.
    Customer Engagement and Personalization. We believe we are elevating our national brand recognition and positioning by telling our unique brand story rooted in product innovation and differentiation. We are increasing our use of data analytics and insights, including through the nationwide launch of our Sprouts Rewards loyalty program in 2025. We believe this data-driven intelligence will increase customer engagement through personalization efforts with digital and social connections to drive additional sales growth and loyalty.
    Inspire and Engage Our Talent to Create a Best Place to Work. Subsequent to the initial launch of our long-term growth strategy, we have added the focus area of inspiring and engaging our talent through our culture, acquisition and development and total rewards program to attract and retain the talent we believe we need to execute on our strategic goals and transform our company into a premier place to work.
    Invest in Technology for Growth. We continue to make investments in technology in support of our strategy, with a focus on enhancing efficiency, scalability, and customer experience. While we are showing positive outcomes on our strategic investments in inventory management and customer personalization, we believe that ongoing investments in our technology foundation will allow us to streamline operations and improve decision making to execute on our strategy.
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    Deliver on Key Financial Metrics. We are measuring and reporting on the success of this strategy against a number of long-term financial and operational targets. Since the implementation of our strategy beginning in 2020, we have significantly improved our margin structure above our 2019 baseline.
    Our Stores and Operations
    We believe our stores represent a blend of farmers markets, natural foods stores, and smaller specialty markets, distinguishing us from other food retailers, while also providing a broad offering of innovative and differentiated products with lifestyle friendly ingredients for our customers.
    Store Design and Experience. Our stores are organized in a “flipped” conventional food retail store model, positioning our produce at the center of the store surrounded by a specialty grocery offering. Produce remains the heart of our stores, as we typically dedicate approximately 20% of a store’s selling square footage to produce, which we believe is significantly higher than many of our peers. The stores are designed with open layouts and low displays, intended to provide an easy-to-shop environment that invokes a farmers’ market experience and allows our customers to view the entire store. Our small box format allows for quick in-and-out service, and our curated assortment of innovative, responsibly and locally sourced items offer treasure hunt shopping experiences. The below diagram shows a sample layout of our updated smaller format stores:
    Customer Engagement. We are committed to providing, and believe we have, best-in-class customer engagement, which builds trust with our customers and differentiates the Sprouts shopping experience from that of many of our competitors. We design our stores to maximize personal connections with our purpose-driven team members, as we believe this interaction provides an opportunity to educate customers and provides a valued, differentiated customer service model, which enhances customer loyalty and increases visits and purchases over time. In addition, we continue to expand mobile and digital opportunities to further engage with our customers and provide a full omnichannel offering as many customers use both in-store and online for their grocery needs.
    Store Size. Currently, our stores average approximately 28,000 square feet, which we believe is smaller than many of our peers’ average stores. Under our long-term growth strategy, our updated format stores feature a smaller box size, generally between 21,000 and 25,000 square feet, that stay true to our fresh-focused, farmers market heritage but are generally less expensive to build, reduce non-selling space, reduce occupancy and operating costs and leverage the strengths of
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    our older, highly productive stores. Our stores are located in a variety of mid-sized and larger shopping centers, lifestyle centers and in certain cases, independent single-unit, stand-alone developments. The size of our stores and our real estate strategy provide us flexibility in site selection.
    Team Members. Our stores are typically staffed with 75 to 100 full and part-time team members. We are intentional about our company culture, rooted in our purpose, with a dedication to developing team members throughout the organization. We take pride in caring for and assisting our store teams through our store support office and regional teams. We have prioritized making investments in training and team member development that we believe enhances our team members’ knowledge, particularly with respect to our expanded and evolving product offerings, so our team members can continue to engage and assist our customers. We also support leadership and career opportunities for our team members at Sprouts. We believe our team members contribute to our consistently high service standards and this helps us successfully open and operate our stores.
    Our Product Offering
    We are a specialty natural and organic food retailer offering a unique shopping experience for our customers. To offer the right assortment of healthy alternatives and good-for-you options, we curate our product mix to attribute-driven and differentiated fresh, natural and organic foods and healthier options throughout all of our departments, with innovative products that feature lifestyle friendly ingredients.
    Fresh, Natural and Organic Foods
    We focus our product offerings on fresh, natural and organic foods. Foods are generally considered “fresh” if they are minimally processed or in their raw state not subject to any type of preservation or freezing. Natural foods can be broadly defined as foods that are minimally processed and are free of synthetic preservatives, artificial sweeteners, colors, flavors and other additives, growth hormones, antibiotics, hydrogenated oils, stabilizers and emulsifiers. Essentially, natural foods are largely or completely free of non-naturally occurring chemicals and are as near to their whole, natural state as possible. Organic foods refer to the food itself as well as the method by which it is produced. In general, organic operations must demonstrate that they are protecting natural resources, conserving biodiversity, and using only approved substances and must be certified by a USDA-accredited certifying agency. Further, retailers that handle, store or sell organic products must implement measures to protect their organic character.
    Product Categories
    We categorize the varieties of products we sell as perishable and non-perishable. Perishable product categories include produce, meat and meat alternatives, seafood, deli, bakery, floral and dairy and dairy alternatives. Non-perishable product categories include grocery, vitamins and supplements, bulk items, frozen foods, beer and wine, and natural health and body care. The following is a breakdown of our perishable and non-perishable sales mix:
    202520242023
    Perishables57.0 %57.3 %57.3 %
    Non-Perishables43.0 %42.7 %42.7 %
    Departments
    While we focus on providing an abundant and affordable offering of natural and organic produce, our stores also include the following departments: packaged groceries, meat and meat alternatives, seafood, deli, vitamins and supplements, dairy and dairy alternatives, bulk items, baked goods, frozen foods, natural health and body care, and beer and wine. Our departments reflect our unique selling proposition featuring intentional curation of responsibly and locally sourced products. We believe each of our departments provides high-quality, differentiated and value-oriented offerings for our customers which we continuously refine with our customers' preferences in mind.
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    Sprouts Brand
    We continue to expand the breadth of our Sprouts‑branded products through a dedicated product development team committed to driving growth with a focus on innovation and quality. Our broad assortment features differentiated, attribute‑driven products that create an engaging and exploratory shopping experience for our customers. This curated selection—available exclusively at Sprouts—delivers exceptional taste and quality while offering strong value. Our initiative to update and redesign all Sprouts‑branded products is now substantially complete, with a focus in 2025 on updating the vitamins and supplements assortment, enhancing consistency across the assortment and elevating the overall customer experience. We believe the refreshed design is contributing to increased sales and improved brand recognition. In fiscal 2025, Sprouts Brand products represented just over 25% of our revenue. We believe this portfolio strengthens and elevates the overall Sprouts shopping experience, differentiates us within the marketplace, fosters customer loyalty, and reinforces Sprouts as a destination for unique products available only in our stores.
    Product Innovation
    We believe Sprouts is on the forefront of food innovation and has paved the way for natural food trends for over two decades. Since our founding, Sprouts has carried a wide selection of innovative natural and organic brands that resonate with our target customers and inspire healthy living for everyone. We have nurtured and grown many startup brands that now serve as category leaders. As we continue to grow, we aspire to become the most innovative health and wellness specialty food retailer in the country by seeking out and growing our relationships with niche vendors to bring their unique, quality products to the millions of shoppers who visit our stores every week. Led by our dedicated foraging team, we embrace product innovation, and we believe our stores serve as an incubator for growth across the natural foods industry, highlighting new and differentiated items in our innovation center merchandising displays.
    In 2025, we launched more than 7,000 new products. We feature thousands of responsibly sourced products with certifications and attributes that are desired by our target customer base, including organic, paleo, keto, plant-based, non-GMO, fair trade, gluten-free, vegan, grass-fed, raw and humane certified. We will continue to offer a treasure hunt experience for our customers by sourcing new, innovative and differentiated offerings into every department of our stores.

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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

    From 10-Q filed 2026-07-29 (period ending 2026-06-28).


    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
    You should read the following discussion of our financial condition and results of operations together with the consolidated financial statements and related notes that are included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements included in our Annual Report on Form 10-K for the 2025 fiscal year, filed with the Securities and Exchange Commission ("SEC") on February 19, 2026 (“2025 Form 10-K”). All dollar amounts included below are in thousands, unless otherwise noted.
    Business Overview
    Sprouts Farmers Market offers a unique specialty grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. We continue to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. From our founding in 2002, we have grown rapidly, significantly increasing our sales, store count and profitability. Headquartered in Phoenix with 490 stores in 25 states as of June 28, 2026, we are one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States.
    Our Growth Strategy
    We continue to execute on our long-term growth strategy that we believe is transforming our company and driving profitable growth, focusing on the following areas:
    Win with Target Customers. We are focusing attention on our target customers, identified through research as ‘health enthusiasts’ and ‘selective shoppers’, where there is ample opportunity to gain share within these customer segments. We believe our business can continue to grow by leveraging existing strengths in a unique assortment of better-for-you, quality products and by providing a full omnichannel offering through delivery or pickup via our website or the Sprouts app.
    Market Expansion. We are delivering unique smaller stores with expectations of stronger returns, while maintaining the approachable, fresh-focused farmer’s market heritage Sprouts is known for. From 2021 through June 28, 2026, we have opened 125 new stores and remodeled one store featuring our updated format. Our geographic store expansion and new store placement will intersect where our target customers live, in markets with growth potential and supply chain support, which we believe will provide a long runway of approximately 10% annual unit growth.
    Create an Advantaged Supply Chain. We believe our network of distribution centers can drive efficiencies across the chain and support our growth plans. To further deliver on our fresh commitment and reputation, as well as to increase our local offerings and improve our financial results, we aspire to ultimately position fresh distribution centers within a 250-mile radius of stores. As a step to improve our fresh supply chain, in 2025 we began the transition to a self-distribution model for meat and seafood through our fresh distribution centers. As a result, we are better leveraging our existing distribution center capacity, and approximately 80% of our stores were within 250 miles of a distribution center as of June 28, 2026.
    Customer Engagement and Personalization. We believe we are elevating our national brand recognition and positioning by telling our unique brand story rooted in product innovation and differentiation. We are increasing our use of data analytics and insights, including through the nationwide launch of our Sprouts Rewards loyalty program in 2025. We believe this data-driven intelligence will increase customer engagement through personalization efforts with digital and social connections to drive additional sales growth and loyalty.
    Inspire and Engage Our Talent to Make Sprouts a Best Place to Work. Subsequent to the initial launch of our long-term growth strategy, we have added the focus area of inspiring and engaging our talent through our culture, acquisition and development and total rewards program to attract and retain the talent we believe we need to execute on our strategic goals and transform our company into a premier place to work.
    Invest in Technology for Growth. We continue to make investments in technology in support of our strategy, with a focus on enhancing efficiency, scalability, and customer experience. While
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    we are showing positive outcomes on our strategic investments in inventory management and customer personalization, we believe that ongoing investments in our technology foundation will allow us to streamline operations and improve decision making to execute on our strategy.
    Deliver on Key Financial Metrics. We are measuring and reporting on the success of this strategy against a number of long-term financial and operational targets. Since the implementation of our strategy beginning in 2020, we have significantly improved our margin structure above our 2019 baseline.
    The twenty-six weeks ended June 28, 2026 were characterized by an uneven macroeconomic backdrop, with customers continuing to make thoughtful choices around their healthy grocery spend amid cost pressures. We are taking action to address these challenges through our initiatives in affordability, innovation, personalization, marketing, and supply chain as we continue executing our long-term growth strategy.
    Results of Operations for Thirteen Weeks Ended June 28, 2026 and June 29, 2025
    The following tables set forth our unaudited results of operations and other operating data for the periods presented. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods.
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Unaudited Quarterly Consolidated Statement of Income Data:
    Net sales$2,325,804 $2,220,602 
    Cost of sales1,425,156 1,358,002 
    Gross profit900,648 862,600 
    Selling, general and administrative expenses682,633 645,127 
    Depreciation and amortization (exclusive of depreciation included in cost of sales)43,081 36,606 
    Store closure and other costs, net760 1,511 
    Income from operations174,174 179,356 
    Interest expense/(income), net68 (431)
    Income before income taxes174,106 179,787 
    Income tax provision44,911 46,084 
    Net income$129,195 $133,703 
    Weighted average shares outstanding - basic93,98897,858
    Diluted effect of equity-based awards422916
    Weighted average shares and equivalent shares outstanding - diluted94,41098,774
    Diluted net income per share$1.37 $1.35 
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Other Operating Data:
    Comparable store sales (1.0)%10.2 %
    Stores at beginning of period483443
    Closed
    Opened712
    Stores at end of period490455
    21

    Comparison of Thirteen Weeks Ended June 28, 2026 to Thirteen Weeks Ended June 29, 2025

    Net sales
    Thirteen weeks ended
    June 28, 2026June 29, 2025Change
    % Change
    Net sales$2,325,804 $2,220,602 $105,202 %
    Comparable store sales (1.0)%10.2 %
    Net sales during the thirteen weeks ended June 28, 2026 totaled $2.3 billion, an increase of $105.2 million, or 5%, compared to the thirteen weeks ended June 29, 2025. The sales increase was driven by sales from new stores opened in the last twelve months, partially offset by a 1.0% decrease in comparable store sales. Comparable stores contributed approximately 93% of total sales for the thirteen weeks ended June 28, 2026 and June 29, 2025.
    Cost of sales and gross profit
    Thirteen weeks ended
    June 28, 2026June 29, 2025Change
    % Change
    Net sales$2,325,804 $2,220,602 $105,202 %
    Cost of sales1,425,156 1,358,002 67,154 %
    Gross profit900,648 862,600 38,048 %
    Gross margin38.7 %38.8 %(0.1)%
    Gross profit totaled $900.6 million during the thirteen weeks ended June 28, 2026, an increase of $38.0 million, or 4%, compared to the thirteen weeks ended June 29, 2025, driven by increased sales volume from new stores. Gross margin decreased by 0.1% to 38.7% for the thirteen weeks ended June 28, 2026, compared to 38.8% for the thirteen weeks ended June 29, 2025, primarily driven by the impact from our loyalty program and elevated fuel costs. This was partially offset by benefits from self-distribution and vendor participation.
    Selling, general and administrative expenses
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Selling, general and administrative expenses$682,633 $645,127 $37,506 %
    Percentage of net sales29.4 %29.1 %0.3 %
    Selling, general and administrative expenses during the thirteen weeks ended June 28, 2026 increased $37.5 million, or 6%, compared to the thirteen weeks ended June 29, 2025. The increase was primarily due to the increase in new stores opened since the comparable period last year. As a percentage of net sales, selling, general and administrative expenses increased slightly, primarily due to lower comparable store sales and investments in the business made during the period. This was partially offset by cost control initiatives and operating expense management.
    22

    Depreciation and amortization
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Depreciation and amortization$43,081 $36,606 $6,475 18 %
    Percentage of net sales1.9 %1.6 %0.3 %
    Depreciation and amortization expense (exclusive of depreciation included in cost of sales) was $43.1 million for the thirteen weeks ended June 28, 2026, compared to $36.6 million for the thirteen weeks ended June 29, 2025. Depreciation and amortization expense primarily consists of depreciation and amortization for buildings, store leasehold improvements, and equipment for new stores.
    Store closure and other costs, net
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Store closure and other costs, net$760 $1,511 $(751)(50)%
    Percentage of net sales— %0.1 %(0.1)%
    Store closure and other costs, net decreased $0.8 million to $0.8 million for the thirteen weeks ended June 28, 2026, compared to $1.5 million for the thirteen weeks ended June 29, 2025. Store closure and other costs, net primarily consist of ongoing occupancy costs associated with our closed store locations as well as one-time costs associated with disaster recovery activity.
    Interest expense/(income), net
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Long-term debt$181 $215 $(34)(16)%
    Finance leases251 168 83 49 %
    Deferred financing costs133 193 (60)(31)%
    Interest income and other
    (497)(1,007)510 51 %
    Total interest expense/(income), net$68 $(431)$499 116 %
    The change to interest expense/(income), net for the thirteen weeks ended June 28, 2026 compared to interest expense/(income), net in the thirteen weeks ended June 29, 2025 was primarily due to lower interest rates and invested cash. See Note 4, “Long-Term Debt and Other Finance Obligations” of our unaudited consolidated financial statements.
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    Income tax provision
    Income tax provision differed from the amounts computed by applying the U.S. federal income tax rate to pretax income as a result of the following:
    The table below provides the updated requirements of ASU no. 2023-09 for the thirteen weeks ended June 28, 2026.
    Thirteen weeks ended
    June 28, 2026
    Federal statutory rate$36,562 21.0 %
    Change in income taxes resulting from:
    State income taxes, net of federal benefit(1)
    8,641 5.0 %
    Enhanced charitable contributions(1,579)(0.9)%
    Federal credits(32)— %
    Transferable Tax Credits(47)— %
    Share-based payment awards(411)(0.3)%
    Non-deductible Executive Compensation
    1,717 1.0 %
    Other, net(2)
    60 — %
    Effective tax rate$44,911 25.8 %
    (1) State taxes in California made up the majority (greater than 50%) of the tax effect in this category.
    (2) Includes items that are immaterial individually and in total.
    Thirteen weeks ended
    June 29, 2025
    Federal statutory rate21.0 %
    Change in income taxes resulting from:
    State income taxes, net of federal benefit5.1 %
    Enhanced charitable contributions(1.0)%
    Federal credits(0.2)%
    Share-based payment awards(0.9)%
    Non-deductible Executive Compensation
    1.7 %
    Other, net(0.1)%
    Effective tax rate25.6 %

    The effective tax rate increased to 25.8% for the thirteen weeks ended June 28, 2026 from 25.6% for the thirteen weeks ended June 29, 2025. The increase in the effective tax rate was primarily driven by a reduction in the benefit for share-based compensation and amended return true up in the prior year quarter, partially offset by a decrease in non-deductible executive compensation.
    Net income
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Net income$129,195 $133,703 $(4,508)(3)%
    Percentage of net sales5.6 %6.0 %(0.4)%
    Net income decreased $4.5 million primarily due to decreased comparable store sales and higher selling, general and administrative expenses for the reasons discussed above.
    24

    Diluted earnings per share
    Thirteen weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Diluted earnings per share$1.37 $1.35 $0.02 %
    Diluted weighted average shares outstanding
    94,41098,774(4,364)
    The increase in diluted earnings per share of $0.02 was driven by fewer outstanding shares largely due to share repurchase activity during the thirteen weeks ended June 28, 2026 under our share repurchase program.
    Results of Operations for Twenty-six Weeks Ended June 28, 2026 and June 29, 2025
    The following tables set forth our unaudited results of operations and other operating data for the periods presented. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods.
    Twenty-six weeks ended
    June 28, 2026June 29, 2025
    Unaudited Quarterly Consolidated Statement of Income Data:
    Net sales$4,654,983 $4,457,038 
    Cost of sales2,837,059 2,708,075 
    Gross profit1,817,924 1,748,963 
    Selling, general and administrative expenses1,341,414 1,268,353 
    Depreciation and amortization (exclusive of depreciation included in cost of sales)85,108 71,705 
    Store closure and other costs, net1,921 3,217 
    Income from operations389,481 405,688 
    Interest expense/(income), net(61)(1,355)
    Income before income taxes389,542 407,043 
    Income tax provision96,623 93,314 
    Net income$292,919 $313,729 
    Weighted average shares outstanding - basic94,40198,198
    Diluted effect of equity-based awards5941,061
    Weighted average shares and equivalent shares outstanding - diluted94,99599,259
    Diluted net income per share$3.08 $3.16 
    Twenty-six weeks ended
    June 28, 2026June 29, 2025
    Other Operating Data:
    Comparable store sales growth(1.4)%10.9 %
    Stores at beginning of period477440
    Closed
    Opened1315
    Stores at end of period490455
    25

    Comparison of Twenty-six Weeks Ended June 28, 2026 to Twenty-six Weeks Ended June 29, 2025
    Net Sales
    Twenty-six weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Net sales$4,654,983 $4,457,038 $197,945 %
    Comparable store sales growth(1.4)%10.9 %
    Net sales during the twenty-six weeks ended June 28, 2026 totaled $4.7 billion, an increase of $197.9 million, or 4%, compared to the twenty-six weeks ended June 29, 2025. The sales increase was primarily due to new stores opened in the last twelve months, partially offset by a 1.4% decrease in comparable store sales. Comparable stores contributed approximately 93% of total sales for the twenty-six weeks ended June 28, 2026 and June 29, 2025.
    Cost of sales and gross profit
    Twenty-six weeks ended
    June 28, 2026June 29, 2025
    Change
    % Change
    Net sales$4,654,983 $4,457,038 $197,945 %
    Cost of sales2,837,059 2,708,075 128,984 %
    Gross profit1,817,924 1,748,963 68,961 %
    Gross margin39.1 %39.2 %(0.1)%
    Gross profit totaled $1.8 billion during the twenty-six weeks ended June 28, 2026, an increase of $69.0 million, or 4%, compared to the twenty-six weeks ended June 29, 2025, driven by increased sales volume from new stores. Gross margin decreased to 39.1% for the twenty-six weeks ended June 28, 2026, compared to 39.2% for the twenty-six weeks ended June 29, 2025, primarily driven by the impact from our loyalty program and elevated fuel costs. This was partially offset by benefits from self-distribution and vendor participation.
    Selling, general and administrative expenses

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    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Recent insider activity

    Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 6 transactions across 3 insiders. Net: -56,098 shares, -$4,816,963.

    Date Insider Role Action Shares Price Value
    2026-07-07 Sinclair Jack Chief Executive Officer Sell -10,788 $84.87 -$915,595
    2026-07-06 Sinclair Jack Chief Executive Officer Sell -10,788 $87.41 -$942,964
    2026-06-11 Konat Nicholas President & COO Sell -12,538 $87.90 -$1,102,149
    2026-06-08 Sinclair Jack Chief Executive Officer Sell -10,788 $86.92 -$937,690
    2026-06-05 Sinclair Jack Chief Executive Officer Sell -10,790 $82.04 -$885,258
    2026-05-01 Lombardi Brandon F. Chief Legal Officer Sell -406 $82.04 -$33,307

    Source: SEC Form 4 filings.

    Next expected filings

    • ~2026-10-28 10-Q expected by 2026-11-06 (in 90 days)
    • ~2027-02-18 10-K expected by 2027-02-25 (in 203 days)
    • ~2027-04-28 10-Q expected by 2027-05-07 (in 272 days)
    • ~2027-07-28 10-Q expected by 2027-08-06 (in 363 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-07-29 10-Q Quarterly Report
    • 2026-07-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2026-05-19 8-K Officer/Director Change; Financial Statements and Exhibits
    • 2026-04-29 10-Q Quarterly Report
    • 2026-04-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2026-04-07 DEF 14A Proxy Statement
    • 2026-02-19 10-K Annual Report
    • 2026-02-19 8-K Officer/Director Change; Financial Statements and Exhibits
    • 2026-02-19 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2025-10-29 10-Q Quarterly Report
    • 2025-10-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2025-09-08 8-K Material Agreement Entered
    • 2025-08-19 8-K Other Events; Financial Statements and Exhibits
    • 2025-07-30 10-Q Quarterly Report
    • 2025-07-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits