Callahan Advisors, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 1, 2025), Callahan Advisors, LLC reported 162 stock positions worth $1.0 billion. Its top holding was Meta Platforms Class A (META) at 5.7% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Alphabet Class C (GOOG, 3.9%). Compared with Q4 2024, it opened 9 new positions, sold out of 13, added to 78 and reduced 57. The biggest buy was Johnson & Johnson (JNJ, shares +2%) and the biggest sale Apple (AAPL, shares −5%).

Most Recent 13F
Q2 2026
Location
Houston, TX
CIK
0001395055
Portfolio Value
$1.0B (Q1 2025)
SEC Filing
0001140361-25-016719 ↗ filed May 1, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $953.5M Q1 2024 Q2 2024: $961.8M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.0B $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 162 stocks · $1.0B
META Meta Platforms Inc. Class A 5.65% 102,937 $59.3M Reduce -3.5%
MSFT Microsoft Corp. 4.46% 124,702 $46.8M Add +1.4%
GOOG Alphabet Inc. Class C 3.95% 265,152 $41.4M Add +2.8%
AMZN Amazon.com Inc. 3.92% 216,442 $41.2M Add +2.7%
AAPL Apple Inc. 3.44% 162,656 $36.1M Reduce -4.5%
BRK.B Berkshire Hathaway Inc. Class B 2.96% 58,408 $31.1M Reduce -3.8%
CB Chubb Ltd. 2.64% 91,590 $27.7M Add +0.0%
BN Brookfield Corp. 2.36% 473,221 $24.8M Reduce -0.1%
JPM JPMorgan Chase & Co. 2.35% 100,543 $24.7M Reduce -7.0%
UNH Unitedhealth Group Inc. 2.34% 46,858 $24.5M Add +6.9%
JNJ Johnson & Johnson 1.98% 125,052 $20.7M Add +1.9%
BKNG Booking Holdings Inc. 1.93% 4,388 $20.2M Add +8.0%
PEP Pepsico Inc. 1.81% 126,941 $19.0M Add +19.9%
MCD McDonald's Corp. 1.79% 60,175 $18.8M Add +0.6%
SYK Stryker Corp. 1.75% 49,410 $18.4M Reduce -2.9%
CAT Caterpillar Inc. 1.72% 54,657 $18.0M Reduce -0.4%
XOM Exxon Mobil Corp. 1.71% 150,810 $17.9M Reduce -3.5%
PG The Procter & Gamble Co. 1.69% 103,980 $17.7M Add +10.9%
FDX FedEx Corp. 1.65% 70,875 $17.3M Add +4.2%
CVX Chevron Corp. 1.64% 102,600 $17.2M Reduce -6.5%
EQT Eqt Corp. 1.59% 311,658 $16.7M Reduce -7.2%
NEE Nextera Energy Inc. 1.55% 230,164 $16.3M Add +7.5%
WMT Walmart Inc. 1.44% 172,612 $15.2M Reduce -14.9%
PFE Pfizer Inc. 1.39% 575,497 $14.6M Add +17.9%
MA Mastercard Inc. Class A 1.37% 26,307 $14.4M Add +4.1%
LOW Lowe's Cos Inc. 1.37% 61,775 $14.4M Reduce -3.8%
NVDA Nvidia Corp. 1.31% 127,162 $13.8M Add +13.7%
LLY Eli Lilly & Co. 1.31% 16,660 $13.8M Add +16.2%
FTNT Fortinet Inc. 1.25% 136,496 $13.1M Reduce -2.3%
PAYX Paychex Inc. 1.12% 76,386 $11.8M Reduce -7.7%
CNI Canadian Natl Railway Co. 1.08% 115,874 $11.3M Add +32.5%
ABT Abbott Laboratories 1.06% 84,153 $11.2M Reduce -0.3%
AMAT Applied Materials Inc. 1.05% 75,676 $11.0M Add +0.5%
KMI Kinder Morgan Inc. 1.02% 374,009 $10.7M Reduce -18.9%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.91% 228,188 $9.5M Reduce -9.1%
EXP Eagle Materials Inc. 0.91% 42,838 $9.5M Add +10.6%
STE Steris PLC 0.89% 41,376 $9.4M Add +7.3%
CTVA Corteva Inc. 0.84% 140,552 $8.8M Reduce -3.4%
EOG EOG Resources Inc. 0.83% 68,003 $8.7M Reduce -25.2%
T AT&T Inc. 0.81% 300,916 $8.5M Reduce -15.0%
ACN Accenture PLC Class A 0.81% 27,088 $8.5M Reduce -10.3%
CRM Salesforce Inc. 0.80% 31,434 $8.4M Add +3.5%
GPN Global Payments Inc. 0.74% 79,555 $7.8M Reduce -2.9%
ADBE Adobe Inc. 0.72% 19,620 $7.5M Add +34.7%
CAH Cardinal Health Inc. 0.68% 52,067 $7.2M Reduce -12.2%
URI United Rentals Inc. 0.68% 11,320 $7.1M Add +18.2%
CTAS Cintas Corp. 0.66% 33,619 $6.9M Reduce -6.7%
ASML ASML Holding NV-NY Reg SHS 0.64% 10,144 $6.7M Add +39.1%
WELL Welltower Inc. 0.62% 42,723 $6.5M Add +0.7%
IQV Iqvia Holdings Inc. 0.62% 37,107 $6.5M Add +3.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.57% 60,339 $6.0M Reduce -4.1%
WTW Willis Towers Watson PLC 0.54% 16,729 $5.7M Add +13.5%
ENB Enbridge Inc. 0.54% 126,972 $5.6M Reduce -8.2%
ETN Eaton Corp. PLC 0.53% 20,557 $5.6M Add +5.6%
DY Dycom Industries Inc. 0.52% 35,926 $5.5M Add +14.2%
VRSK Verisk Analytics Inc. 0.50% 17,544 $5.2M Add +3.2%
GOOGL Alphabet Inc. Class A 0.46% 31,447 $4.9M Add +9.7%
AXP American Express Co. 0.46% 17,826 $4.8M Add +0.0%
STEL Stellar Bancorp Inc. 0.44% 166,731 $4.6M Add +0.0%
TRI Thomson Reuters Corp. 0.43% 26,314 $4.5M No change
PAYC Paycom Software Inc. 0.42% 20,040 $4.4M No change
CSCO Cisco Systems Inc. 0.41% 70,439 $4.3M Add +7.5%
PLD Prologis Inc. 0.40% 37,072 $4.1M Add +33.3%
WDAY Workday Inc. Class A 0.37% 16,418 $3.8M Reduce -2.1%
KO The Coca-Cola Co. 0.37% 53,521 $3.8M Add +1.7%
ENTG Entegris Inc. 0.33% 39,697 $3.5M Add +41.6%
CFR Cullen/Frost Bankers Inc. 0.32% 26,995 $3.4M Reduce -3.5%
DHI D.R. Horton Inc. 0.31% 25,965 $3.3M Reduce -20.8%
BRK.A Berkshire Hathaway Inc. Class A 0.30% 4 $3.2M No change
V Visa Inc. Class A 0.30% 8,879 $3.1M No change
SBUX Starbucks Corp. 0.30% 31,628 $3.1M Reduce -14.0%
NOW ServiceNow Inc. 0.30% 3,895 $3.1M Reduce -0.5%
HD Home Depot Inc. 0.29% 8,409 $3.1M Add +1.5%
NKE Nike Inc. Class B 0.29% 48,317 $3.1M Reduce -5.7%
EPD Enterprise Products Partners 0.29% 88,342 $3.0M Add +5.4%
BF.B Brown-Forman Corp. Class B 0.28% 86,649 $2.9M New
HSY The Hershey Co. 0.26% 15,856 $2.7M Add +796.3%
SKWD Skyward Specialty Insurance 0.25% 50,254 $2.7M No change
DHR Danaher Corp. 0.25% 12,599 $2.6M Reduce -0.9%
BFK BlackRock Municipal Inc. TRST 0.24% 255,951 $2.5M Add +0.3%
LAZ Lazard Inc. 0.24% 57,801 $2.5M Add +9.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.24% 20,502 $2.5M Add +3.0%
BHP BHP Group Ltd.-Spon ADR 0.23% 50,700 $2.5M Reduce -7.2%
MRK Merck & Co. Inc. 0.23% 26,738 $2.4M Reduce -3.3%
ZTS Zoetis Inc. 0.23% 14,388 $2.4M Add +9.8%
UL Unilever PLC 0.21% 37,600 $2.2M Reduce -18.4%
CVS CVS Health Corp. 0.21% 32,365 $2.2M Add +10.7%
PM Philip Morris International 0.19% 12,801 $2.0M Add +31.5%
TSM Taiwan Semiconductor-SP ADR 0.19% 12,237 $2.0M Add +18.6%
FISV Fiserv Inc. 0.19% 8,910 $2.0M Reduce -0.6%
DEO Diageo PLC-Sponsored ADR 0.19% 18,719 $2.0M Add +5.6%
GD General Dynamics Corp. 0.19% 7,147 $1.9M Reduce -0.7%
RTX RTX Corp. 0.18% 14,524 $1.9M Add +0.0%
NTRS Northern Trust Corp. 0.18% 19,492 $1.9M Add +5.6%
LMT Lockheed Martin Corp. 0.16% 3,873 $1.7M Reduce -16.1%
QSR Restaurant Brands Intern 0.16% 25,030 $1.7M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.15% 6,171 $1.5M Add +11.0%
FLOT iShares Floating Rate Bond E 0.14% 28,569 $1.5M Reduce -5.7%
DOW Dow Inc. 0.13% 38,756 $1.4M Reduce -24.1%
SCHB Schwab US Broad Market ETF 0.13% 61,813 $1.3M Add +9.0%
FE Firstenergy Corp. 0.13% 32,600 $1.3M No change
WM Waste Management Inc. 0.12% 5,440 $1.3M Add +10.2%
UNP Union Pacific Corp. 0.12% 5,285 $1.2M Add +11.0%
BLE BlackRock Muni Inc. TR II 0.12% 116,815 $1.2M Add +0.6%
ABBV Abbvie Inc. 0.11% 5,728 $1.2M Add +11.9%
OKE Oneok Inc. 0.11% 12,071 $1.2M Add +12.6%
MKTX Marketaxess Holdings Inc. 0.11% 5,500 $1.2M Reduce -0.1%
FANG Diamondback Energy Inc. 0.10% 6,392 $1.0M Add +1.1%
MAIN Main Street Capital Corp. 0.09% 17,096 $967K Add +2.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.09% 1,700 $951K Add +0.7%
FFIN First Finl Bankshares Inc. 0.09% 24,870 $893K No change
COP Conocophillips 0.08% 8,467 $889K Reduce -9.1%
NUV Nuveen Municipal Value 0.08% 94,482 $829K Add +0.7%
FRD Friedman Industries 0.07% 52,046 $775K Reduce -3.3%
NBH Neuberger Municipal Fund Inc. 0.07% 74,205 $772K Add +1.6%
RF Regions Financial Corp. 0.07% 32,700 $711K No change
XMVTX BlackRock Munivest Fund II 0.07% 66,601 $704K Reduce -24.5%
BIP Brookfield Infrastructure Pa 0.07% 23,026 $686K Add +8.7%
MO Altria Group Inc. 0.06% 11,126 $668K Add +29.7%
COST Costco Wholesale Corp. 0.06% 698 $660K Reduce -6.7%
ORCL Oracle Corp. 0.06% 4,553 $637K Reduce -45.2%
AVGO Broadcom Inc. 0.06% 3,790 $635K Reduce -14.4%
CRGY Crescent Energy Inc. Class A 0.06% 54,831 $616K Add +3.9%
REGN Regeneron Pharmaceuticals 0.06% 935 $593K Add +8.0%
GILD Gilead Sciences Inc. 0.05% 4,648 $521K Reduce -28.9%
BMY Bristol-Myers Squibb Co. 0.05% 8,396 $512K Reduce -2.1%
XBKNX BlackRock Invest QLTY Muni 0.04% 40,712 $468K New
IBOC International Bancshares CRP 0.04% 6,985 $440K No change
PAA Plains All Amer Pipeline LP 0.04% 21,714 $434K Add +0.1%
ISRG Intuitive Surgical Inc. 0.04% 862 $427K No change
EMR Emerson Electric Co. 0.04% 3,750 $411K Reduce -10.7%
OXY Occidental Petroleum Corp. 0.04% 8,100 $400K No change
VOO Vanguard S&P 500 ETF 0.04% 747 $384K Add +0.1%
STZ Constellation Brands Inc. Class A 0.04% 2,083 $382K Add +44.9%
ARLP Alliance Resource Partners 0.04% 14,000 $382K No change
ARCC Ares Capital Corp. 0.04% 17,027 $377K New
NFLX Netflix Inc. 0.03% 352 $328K Add +18.5%
TXN Texas Instruments Inc. 0.03% 1,779 $320K Add +0.3%
BRO Brown & Brown Inc. 0.03% 2,458 $306K No change
MMM 3M Co. 0.03% 2,019 $297K Reduce -1.2%
PSX Phillips 66 0.03% 2,371 $293K Reduce -20.3%
SSB Southstate Bank Corp. 0.03% 3,056 $284K New
VHT Vanguard Health Care ETF 0.03% 1,061 $281K No change
O Realty Income Corp. 0.03% 4,800 $278K New
VOX Vanguard Communication Servi 0.02% 1,750 $260K Add +11.1%
TSLA Tesla Inc. 0.02% 967 $251K Add +15.8%
SO The Southern Co. 0.02% 2,700 $248K Add +4.8%
VCIT Vanguard Int-Term Corporate 0.02% 2,939 $240K Reduce -3.2%
DVN Devon Energy Corp. 0.02% 6,322 $236K Add +0.0%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.02% 4,900 $232K Reduce -23.7%
GLD SPDR Gold Shares 0.02% 789 $227K New
TRGP Targa Resources Corp. 0.02% 1,133 $227K No change
BX Blackstone Inc. 0.02% 1,624 $227K New
CRWD CrowdStrike Holdings Inc. Class A 0.02% 640 $226K No change
QQQ Invesco QQQ Trust Series 1 0.02% 463 $217K Reduce -13.0%
SCCO Southern Copper Corp. 0.02% 2,238 $209K New
PR Permian Resources Corp. Class A 0.02% 15,079 $209K Add +2.1%
DLTR Dollar Tree Inc. 0.02% 2,720 $204K New
AR Antero Resources Corp. 0.02% 5,000 $202K Reduce -16.7%
IIM Invesco Value Municipal Inco 0.02% 13,829 $166K Add +1.0%
SLNG Stabilis Solutions Inc. 0.01% 28,182 $137K No change
REI Ring Energy Inc. 0.00% 30,061 $35K Add +19.9%

Portfolio Sells Q4 2024 → Q1 2025
AAPL Apple Inc. Reduce -4.5% 3.44% −0.57
WMT Walmart Inc. Reduce -14.9% 1.44% −0.28
META Meta Platforms Inc. Class A Reduce -3.5% 5.65% −0.23
EOG EOG Resources Inc. Reduce -25.2% 0.83% −0.22
BN Brookfield Corp. Reduce -0.1% 2.36% −0.20
ACN Accenture PLC Class A Reduce -10.3% 0.81% −0.19
KMI Kinder Morgan Inc. Reduce -18.9% 1.02% −0.17
CAT Caterpillar Inc. Reduce -0.4% 1.72% −0.16
GPN Global Payments Inc. Reduce -2.9% 0.74% −0.12
LOW Lowe's Cos Inc. Reduce -3.8% 1.37% −0.12
DHI D.R. Horton Inc. Reduce -20.8% 0.31% −0.12
GSK GSK PLC-Spon ADR Sold out 0.00% −0.10
NOW ServiceNow Inc. Reduce -0.5% 0.30% −0.10
DIS The Walt Disney Co. Reduce -4.1% 0.57% −0.09
GIS General Mills Inc. Sold out 0.00% −0.09
JPM JPMorgan Chase & Co. Reduce -7.0% 2.35% −0.09
NKE Nike Inc. Class B Reduce -5.7% 0.29% −0.07
ORCL Oracle Corp. Reduce -45.2% 0.06% −0.07
BA The Boeing Co. Sold out 0.00% −0.06
DOW Dow Inc. Reduce -24.1% 0.13% −0.06
LMT Lockheed Martin Corp. Reduce -16.1% 0.16% −0.05
NVT Nvent Electric PLC Sold out 0.00% −0.04
WDAY Workday Inc. Class A Reduce -2.1% 0.37% −0.04
AVGO Broadcom Inc. Reduce -14.4% 0.06% −0.04
UL Unilever PLC Reduce -18.4% 0.21% −0.03
CFR Cullen/Frost Bankers Inc. Reduce -3.5% 0.32% −0.03
MRK Merck & Co. Inc. Reduce -3.3% 0.23% −0.03
IBTX Independent Bank Group Inc. Sold out 0.00% −0.03
DHR Danaher Corp. Reduce -0.9% 0.25% −0.03
THO Thor Industries Inc. Sold out 0.00% −0.03
MRVL Marvell Technology Inc. Sold out 0.00% −0.02
VGT Vanguard Info Tech ETF Sold out 0.00% −0.02
CRK Comstock Resources Inc. Sold out 0.00% −0.02
CBZ Cbiz Inc. Sold out 0.00% −0.02
CADE Cadence Bank Sold out 0.00% −0.02
XMVTX BlackRock Munivest Fund II Reduce -24.5% 0.07% −0.02
SBUX Starbucks Corp. Reduce -14.0% 0.30% −0.02
SWKS Skyworks Solutions Inc. Sold out 0.00% −0.02
IESC Ies Holdings Inc. Sold out 0.00% −0.02
BHP BHP Group Ltd.-Spon ADR Reduce -7.2% 0.23% −0.02
ENB Enbridge Inc. Reduce -8.2% 0.54% −0.02
BNS Bank of Nova Scotia Reduce -23.7% 0.02% −0.01
EMR Emerson Electric Co. Reduce -10.7% 0.04% −0.01
GILD Gilead Sciences Inc. Reduce -28.9% 0.05% −0.01
FLOT iShares Floating Rate Bond E Reduce -5.7% 0.14% −0.01
QQQ Invesco QQQ Trust Series 1 Reduce -13.0% 0.02% −0.00
PSX Phillips 66 Reduce -20.3% 0.03% −0.00
MKTX Marketaxess Holdings Inc. Reduce -0.1% 0.11% −0.00
FRD Friedman Industries Reduce -3.3% 0.07% −0.00
COP Conocophillips Reduce -9.1% 0.08% −0.00

Portfolio Buys Q4 2024 → Q1 2025
JNJ Johnson & Johnson Add +1.9% 1.98% +0.31
PEP Pepsico Inc. Add +19.9% 1.81% +0.30
BF.B Brown-Forman Corp. Class B New 0.28% +0.28
LLY Eli Lilly & Co. Add +16.2% 1.31% +0.27
CB Chubb Ltd. Add +0.0% 2.64% +0.26
UNH Unitedhealth Group Inc. Add +6.9% 2.34% +0.25
CNI Canadian Natl Railway Co. Add +32.5% 1.08% +0.24
HSY The Hershey Co. Add +796.3% 0.26% +0.23
PG The Procter & Gamble Co. Add +10.9% 1.69% +0.21
PFE Pfizer Inc. Add +17.9% 1.39% +0.17
ASML ASML Holding NV-NY Reg SHS Add +39.1% 0.64% +0.16
MCD McDonald's Corp. Add +0.6% 1.79% +0.16
STE Steris PLC Add +7.3% 0.89% +0.15
MA Mastercard Inc. Class A Add +4.1% 1.37% +0.12
WELL Welltower Inc. Add +0.7% 0.62% +0.12
PLD Prologis Inc. Add +33.3% 0.40% +0.12
NEE Nextera Energy Inc. Add +7.5% 1.55% +0.11
ADBE Adobe Inc. Add +34.7% 0.72% +0.11
WTW Willis Towers Watson PLC Add +13.5% 0.54% +0.10
CVS CVS Health Corp. Add +10.7% 0.21% +0.09
PM Philip Morris International Add +31.5% 0.19% +0.08
ENTG Entegris Inc. Add +41.6% 0.33% +0.07
KO The Coca-Cola Co. Add +1.7% 0.37% +0.06
VRSK Verisk Analytics Inc. Add +3.2% 0.50% +0.06
CSCO Cisco Systems Inc. Add +7.5% 0.41% +0.05
XBKNX BlackRock Invest QLTY Muni New 0.04% +0.04
URI United Rentals Inc. Add +18.2% 0.68% +0.04
EPD Enterprise Products Partners Add +5.4% 0.29% +0.04
ARCC Ares Capital Corp. New 0.04% +0.04
IBM Intl Business Machines Corp. Add +11.0% 0.15% +0.03
ABBV Abbvie Inc. Add +11.9% 0.11% +0.03
SSB Southstate Bank Corp. New 0.03% +0.03
O Realty Income Corp. New 0.03% +0.03
WM Waste Management Inc. Add +10.2% 0.12% +0.03
BKNG Booking Holdings Inc. Add +8.0% 1.93% +0.03
RTX RTX Corp. Add +0.0% 0.18% +0.03
ZTS Zoetis Inc. Add +9.8% 0.23% +0.02
GLD SPDR Gold Shares New 0.02% +0.02
BX Blackstone Inc. New 0.02% +0.02
MO Altria Group Inc. Add +29.7% 0.06% +0.02
SCCO Southern Copper Corp. New 0.02% +0.02
DLTR Dollar Tree Inc. New 0.02% +0.02
UNP Union Pacific Corp. Add +11.0% 0.12% +0.02
OKE Oneok Inc. Add +12.6% 0.11% +0.01
TJX TJX Companies Inc. Add +3.0% 0.24% +0.01
EXP Eagle Materials Inc. Add +10.6% 0.91% +0.01
STZ Constellation Brands Inc. Class A Add +44.9% 0.04% +0.01
PAA Plains All Amer Pipeline LP Add +0.1% 0.04% +0.01
DY Dycom Industries Inc. Add +14.2% 0.52% +0.01
NFLX Netflix Inc. Add +18.5% 0.03% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 181$1.3BGOOG, META, AMZN, MSFT, AMAT
Q1 2026 177$1.2BGOOG, META, AMZN, MSFT, AAPL
Q4 2025 174$1.2BGOOG, META, MSFT, AMZN, AAPL
Q3 2025 168$1.2BMETA, GOOG, MSFT, AMZN, AAPL
Q2 2025 173$1.1BMETA, MSFT, AMZN, GOOG, AAPL
Q1 2025 162$1.0BMETA, MSFT, GOOG, AMZN, AAPL
Q4 2024 166$1.1BMETA, MSFT, GOOG, AMZN, AAPL
Q3 2024 144$1.0BMETA, MSFT, GOOG, AAPL, AMZN
Q2 2024 146$961.8MMETA, MSFT, GOOG, AMZN, AAPL
Q1 2024 144$953.5MMETA, MSFT, GOOG, AMZN, AAPL