Dearborn Partners LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Dearborn Partners LLC reported 256 stock positions worth $2.1 billion. Its top holding was Apple (AAPL) at 4.6% of the portfolio, followed by Microsoft (MSFT, 4.4%) and Automatic Data Processing (ADP, 2.8%). Compared with Q1 2025, it opened 13 new positions, sold out of 14, added to 152 and reduced 73. The biggest buy was Thomson Reuters (TRI, shares +4238%) and the biggest sale Apple (AAPL, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001206792
- Portfolio Value
- $2.1B (Q2 2025)
- SEC Filing
- 0001104659-25-078184 ↗ filed Aug 14, 2025
Holdings Value
Holdings 256 stocks · $2.1B
| AAPL Apple Inc. | 4.55% | 468,754 | $96.2M | Reduce -6.2% |
| MSFT Microsoft Corp. | 4.43% | 188,211 | $93.6M | Reduce -3.1% |
| ADP Automatic Data Processing | 2.85% | 195,122 | $60.2M | Reduce -13.8% |
| MCD McDonald's Corp. | 2.35% | 169,682 | $49.6M | Add +1.0% |
| RSG Republic Services Inc. | 2.10% | 179,819 | $44.3M | Reduce -0.3% |
| CASY Casey's General Stores Inc. | 2.07% | 85,802 | $43.8M | Add +5.8% |
| WMT Walmart Inc. | 1.96% | 423,429 | $41.4M | Add +6.2% |
| MA Mastercard Inc. Class A | 1.93% | 72,433 | $40.7M | Add +0.6% |
| HD Home Depot Inc. | 1.92% | 110,394 | $40.5M | Add +1.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.89% | 124,890 | $40.0M | Add +1.1% |
| WEC WEC Energy Group Inc. | 1.89% | 382,369 | $39.8M | Add +1.3% |
| INTU Intuit Inc. | 1.87% | 50,129 | $39.5M | Add +9.5% |
| WSO Watsco Inc. | 1.80% | 86,057 | $38.0M | Add +10.9% |
| QCOM Qualcomm Inc. | 1.80% | 238,598 | $38.0M | Add +0.8% |
| ITW Illinois Tool Works | 1.76% | 149,975 | $37.1M | Reduce -15.0% |
| TSCO Tractor Supply Company | 1.75% | 701,884 | $37.0M | Add +8.1% |
| XOM Exxon Mobil Corp. | 1.73% | 339,532 | $36.6M | Add +1.7% |
| COST Costco Wholesale Corp. | 1.72% | 36,702 | $36.3M | Add +7.0% |
| CTVA Corteva Inc. | 1.65% | 467,986 | $34.9M | Add +1.7% |
| TXN Texas Instruments Inc. | 1.63% | 166,076 | $34.5M | Add +14.8% |
| SNA Snap-on Inc. | 1.62% | 109,703 | $34.1M | Add +1.2% |
| PG The Procter & Gamble Co. | 1.61% | 213,198 | $34.0M | Add +2.4% |
| MKC.V McCormick & Co. Inc. VTG Com | 1.61% | 447,374 | $33.9M | Add +3.6% |
| SYK Stryker Corp. | 1.60% | 85,398 | $33.8M | Add +0.7% |
| SHW The Sherwin-Williams Co. | 1.58% | 97,330 | $33.4M | Add +10.7% |
| ABT Abbott Laboratories | 1.58% | 244,726 | $33.3M | Add +0.8% |
| ATO Atmos Energy Corp. | 1.57% | 215,094 | $33.1M | Add +0.6% |
| APH Amphenol Corp. Class A | 1.55% | 331,976 | $32.8M | Reduce -11.8% |
| VZ Verizon Communications Inc. | 1.54% | 751,103 | $32.5M | Add +1.2% |
| ABBV Abbvie Inc. | 1.53% | 174,525 | $32.4M | Add +1.3% |
| SPGI S&P Global Inc. | 1.53% | 61,209 | $32.3M | Add +9.4% |
| TRI Thomson Reuters Corp. | 1.51% | 158,165 | $31.8M | Add +4238.0% |
| ACN Accenture PLC Class A | 1.50% | 106,293 | $31.8M | Add +20.1% |
| TMUS T-Mobile US Inc. | 1.50% | 132,893 | $31.7M | Add +0.7% |
| CTAS Cintas Corp. | 1.49% | 141,665 | $31.6M | Add +11.8% |
| FAST Fastenal Co. | 1.49% | 750,155 | $31.5M | Reduce -2.0% |
| NDAQ Nasdaq Inc. | 1.40% | 329,573 | $29.5M | Add +0.2% |
| STE Steris PLC | 1.36% | 119,309 | $28.7M | Add +12.9% |
| MSI Motorola Solutions Inc. | 1.29% | 65,037 | $27.3M | Add +2.2% |
| BR Broadridge Financial Solutio | 1.19% | 103,671 | $25.2M | Add +0.9% |
| JPM JPMorgan Chase & Co. | 1.19% | 86,376 | $25.0M | Reduce -20.9% |
| AWK American Water Works Co. Inc. | 1.18% | 179,016 | $24.9M | Add +1.9% |
| MDLZ Mondelez International Inc. Class A | 0.95% | 298,456 | $20.1M | Add +1.5% |
| ZTS Zoetis Inc. | 0.94% | 127,643 | $19.9M | Add +3.5% |
| ARES Ares Management Corp. Class A | 0.92% | 112,298 | $19.4M | Add +2.1% |
| EQIX Equinix Inc. | 0.91% | 24,202 | $19.3M | Add +0.8% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.90% | 106,098 | $19.1M | Reduce -0.1% |
| EOG EOG Resources Inc. | 0.89% | 156,706 | $18.7M | Add +0.6% |
| MRK Merck & Co. Inc. | 0.85% | 225,964 | $17.9M | Add +1.2% |
| NEE Nextera Energy Inc. | 0.77% | 233,456 | $16.2M | Add +0.2% |
| BDX Becton Dickinson and Co. | 0.73% | 89,274 | $15.4M | Reduce -26.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.72% | 51,518 | $15.2M | Add +1.8% |
| POOL Pool Corp. | 0.68% | 49,515 | $14.4M | Reduce -2.6% |
| GD General Dynamics Corp. | 0.64% | 46,225 | $13.5M | Reduce -16.5% |
| JNJ Johnson & Johnson | 0.60% | 82,735 | $12.6M | Reduce -23.3% |
| CAT Caterpillar Inc. | 0.55% | 29,807 | $11.6M | Reduce -24.3% |
| RS Reliance Inc. | 0.51% | 34,550 | $10.8M | Reduce -36.1% |
| RPM RPM International Inc. | 0.50% | 95,433 | $10.5M | Reduce -0.1% |
| UNP Union Pacific Corp. | 0.41% | 37,766 | $8.7M | Reduce -1.9% |
| GILD Gilead Sciences Inc. | 0.41% | 77,560 | $8.6M | Add +1.4% |
| GOOGL Alphabet Inc. Class A | 0.40% | 47,631 | $8.4M | Add +53.0% |
| OKE Oneok Inc. | 0.37% | 95,635 | $7.8M | Add +2.7% |
| PEP Pepsico Inc. | 0.33% | 53,516 | $7.1M | Reduce -29.6% |
| APD Air Products & Chemicals Inc. | 0.33% | 24,681 | $7.0M | Add +0.7% |
| NVDA Nvidia Corp. | 0.32% | 42,694 | $6.7M | Add +20.0% |
| MDT Medtronic PLC | 0.25% | 60,187 | $5.2M | Add +2.3% |
| LIN Linde PLC | 0.24% | 10,744 | $5.0M | Reduce -64.6% |
| V Visa Inc. Class A | 0.23% | 13,632 | $4.8M | Add +2.1% |
| CVX Chevron Corp. | 0.23% | 33,692 | $4.8M | Reduce -48.1% |
| O Realty Income Corp. | 0.22% | 82,230 | $4.7M | Add +2.9% |
| AMZN Amazon.com Inc. | 0.22% | 21,241 | $4.7M | Reduce -2.1% |
| SBUX Starbucks Corp. | 0.22% | 49,736 | $4.6M | Reduce -6.5% |
| RTX RTX Corp. | 0.21% | 31,101 | $4.5M | Reduce -56.9% |
| NVS Novartis AG-Sponsored ADR | 0.20% | 35,210 | $4.3M | Reduce -43.4% |
| KMB Kimberly-Clark Corp. | 0.20% | 32,018 | $4.1M | Add +2.6% |
| LLY Eli Lilly & Co. | 0.18% | 4,872 | $3.8M | Reduce -4.9% |
| BLK BlackRock Finance Inc. | 0.17% | 3,399 | $3.6M | Reduce -29.4% |
| KO The Coca-Cola Co. | 0.17% | 49,568 | $3.5M | Reduce -49.8% |
| DE Deere & Co. | 0.16% | 6,702 | $3.4M | Reduce -2.0% |
| CME Cme Group Inc. | 0.16% | 12,000 | $3.3M | Add +449.9% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.15% | 43,732 | $3.2M | Add +18.1% |
| MORN Morningstar Inc. | 0.14% | 9,663 | $3.0M | Add +525.0% |
| CARR Carrier Global Corp. | 0.14% | 39,241 | $2.9M | Reduce -38.0% |
| AVGO Broadcom Inc. | 0.11% | 8,554 | $2.4M | Add +46.6% |
| HSY The Hershey Co. | 0.10% | 13,331 | $2.2M | Reduce -58.6% |
| UBER Uber Technologies Inc. | 0.10% | 22,325 | $2.1M | Add +0.2% |
| BX Blackstone Inc. | 0.10% | 13,502 | $2.0M | Reduce -4.7% |
| MAIN Main Street Capital Corp. | 0.09% | 33,862 | $2.0M | Reduce -1.0% |
| VCLT Vanguard Long-Term Corp. Bond | 0.09% | 23,968 | $1.8M | Add +77.7% |
| HON Honeywell International Inc. | 0.09% | 7,722 | $1.8M | Add +10.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.08% | 3,211 | $1.8M | Add +2.8% |
| ADI Analog Devices Inc. | 0.08% | 7,400 | $1.8M | Add +13.7% |
| ECL Ecolab Inc. | 0.08% | 6,397 | $1.7M | Reduce -4.5% |
| VRP Invesco Variable Rate Prefer | 0.08% | 68,988 | $1.7M | Reduce -15.7% |
| PGR Progressive Corp. | 0.08% | 6,301 | $1.7M | Add +4.9% |
| SO The Southern Co. | 0.08% | 17,762 | $1.6M | Reduce -53.3% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 0.08% | 84,284 | $1.6M | Reduce -19.1% |
| XLC SS Comm Select Sector SPDR | 0.07% | 14,339 | $1.6M | Add +1.3% |
| VEA Vanguard Ftse Developed ETF | 0.07% | 26,881 | $1.5M | Add +24.4% |
| AGG iShares Core U.S. Aggregate | 0.07% | 15,383 | $1.5M | Add +4.7% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -6.2% | 4.55% | −0.78 |
| BDX Becton Dickinson and Co. | Reduce -26.5% | 0.73% | −0.61 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.51 |
| ADP Automatic Data Processing | Reduce -13.8% | 2.85% | −0.47 |
| LIN Linde PLC | Reduce -64.6% | 0.24% | −0.44 |
| ITW Illinois Tool Works | Reduce -15.0% | 1.76% | −0.35 |
| CVX Chevron Corp. | Reduce -48.1% | 0.23% | −0.29 |
| JNJ Johnson & Johnson | Reduce -23.3% | 0.60% | −0.26 |
| RTX RTX Corp. | Reduce -56.9% | 0.21% | −0.24 |
| RS Reliance Inc. | Reduce -36.1% | 0.51% | −0.24 |
| PEP Pepsico Inc. | Reduce -29.6% | 0.33% | −0.21 |
| KO The Coca-Cola Co. | Reduce -49.8% | 0.17% | −0.17 |
| HSY The Hershey Co. | Reduce -58.6% | 0.10% | −0.16 |
| NVS Novartis AG-Sponsored ADR | Reduce -43.4% | 0.20% | −0.13 |
| JPM JPMorgan Chase & Co. | Reduce -20.9% | 1.19% | −0.10 |
| POOL Pool Corp. | Reduce -2.6% | 0.68% | −0.09 |
| SO The Southern Co. | Reduce -53.3% | 0.08% | −0.09 |
| GD General Dynamics Corp. | Reduce -16.5% | 0.64% | −0.09 |
| CAT Caterpillar Inc. | Reduce -24.3% | 0.55% | −0.08 |
| OTIS Otis Worldwide Corp. | Reduce -65.0% | 0.03% | −0.06 |
| CARR Carrier Global Corp. | Reduce -38.0% | 0.14% | −0.06 |
| BLK BlackRock Finance Inc. | Reduce -29.4% | 0.17% | −0.05 |
| BLV Vanguard Long-Term Bond ETF | Sold out | 0.00% | −0.04 |
| SBUX Starbucks Corp. | Reduce -6.5% | 0.22% | −0.03 |
| RPM RPM International Inc. | Reduce -0.1% | 0.50% | −0.03 |
| JKHY Jack Henry & Associates Inc. | Reduce -0.1% | 0.90% | −0.03 |
| UNP Union Pacific Corp. | Reduce -1.9% | 0.41% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -4.9% | 0.18% | −0.02 |
| VCIT Vanguard Int-Term Corporate | Reduce -23.4% | 0.07% | −0.02 |
| BSCQ Invesco Bulletshares 2026 CB | Sold out | 0.00% | −0.02 |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | Reduce -19.1% | 0.08% | −0.02 |
| VRP Invesco Variable Rate Prefer | Reduce -15.7% | 0.08% | −0.02 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Sold out | 0.00% | −0.02 |
| PFXF Vaneck Pref Sec X-Financials | Sold out | 0.00% | −0.01 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.01 |
| DOW Dow Inc. | Sold out | 0.00% | −0.01 |
| EFA iShares MSCI Eafe ETF | Sold out | 0.00% | −0.01 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.01 |
| MZTI The Marzetti Company | Reduce -21.7% | 0.03% | −0.01 |
| HEI Heico Corp. | Sold out | 0.00% | −0.01 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.01 |
| XLV SS Health Care Select Sector | Reduce -12.4% | 0.04% | −0.01 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Sold out | 0.00% | −0.01 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.01 |
| PSA Public Storage | Reduce -25.2% | 0.03% | −0.01 |
| LYB Lyondellbasell Indu Class A | Reduce -13.6% | 0.02% | −0.01 |
| AMLP Alerian MLP ETF | Reduce -7.4% | 0.05% | −0.01 |
| CLX Clorox Company | Reduce -4.2% | 0.02% | −0.01 |
| FISV Fiserv Inc. | Reduce -0.6% | 0.02% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| TRI Thomson Reuters Corp. | Add +4238.0% | 1.51% | +1.48 |
| INTU Intuit Inc. | Add +9.5% | 1.87% | +0.52 |
| TXN Texas Instruments Inc. | Add +14.8% | 1.63% | +0.38 |
| CASY Casey's General Stores Inc. | Add +5.8% | 2.07% | +0.38 |
| WMT Walmart Inc. | Add +6.2% | 1.96% | +0.28 |
| CTVA Corteva Inc. | Add +1.7% | 1.65% | +0.26 |
| CTAS Cintas Corp. | Add +11.8% | 1.49% | +0.24 |
| STE Steris PLC | Add +12.9% | 1.36% | +0.21 |
| NDAQ Nasdaq Inc. | Add +0.2% | 1.40% | +0.20 |
| ACN Accenture PLC Class A | Add +20.1% | 1.50% | +0.18 |
| GOOGL Alphabet Inc. Class A | Add +53.0% | 0.40% | +0.17 |
| COST Costco Wholesale Corp. | Add +7.0% | 1.72% | +0.16 |
| SPGI S&P Global Inc. | Add +9.4% | 1.53% | +0.16 |
| ARES Ares Management Corp. Class A | Add +2.1% | 0.92% | +0.15 |
| NVDA Nvidia Corp. | Add +20.0% | 0.32% | +0.13 |
| CME Cme Group Inc. | Add +449.9% | 0.16% | +0.13 |
| MORN Morningstar Inc. | Add +525.0% | 0.14% | +0.12 |
| IBM Intl Business Machines Corp. | Add +1.8% | 0.72% | +0.11 |
| SHW The Sherwin-Williams Co. | Add +10.7% | 1.58% | +0.11 |
| SYK Stryker Corp. | Add +0.7% | 1.60% | +0.08 |
| AVGO Broadcom Inc. | Add +46.6% | 0.11% | +0.06 |
| QCOM Qualcomm Inc. | Add +0.8% | 1.80% | +0.05 |
| VCLT Vanguard Long-Term Corp. Bond | Add +77.7% | 0.09% | +0.04 |
| ASML ASML Holding NV-NY Reg SHS | Add +98.3% | 0.06% | +0.04 |
| TSCO Tractor Supply Company | Add +8.1% | 1.75% | +0.04 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +18.1% | 0.15% | +0.03 |
| ELV Elevance Health Inc. | New | 0.03% | +0.03 |
| MA Mastercard Inc. Class A | Add +0.6% | 1.93% | +0.03 |
| ABT Abbott Laboratories | Add +0.8% | 1.58% | +0.03 |
| MCO Moody's Corp. | Add +188.8% | 0.04% | +0.03 |
| VRSK Verisk Analytics Inc. | Add +139.7% | 0.05% | +0.03 |
| AEE Ameren Corporation | New | 0.03% | +0.03 |
| UBER Uber Technologies Inc. | Add +0.2% | 0.10% | +0.02 |
| ADI Analog Devices Inc. | Add +13.7% | 0.08% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +24.4% | 0.07% | +0.02 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.02% | +0.02 |
| NFLX Netflix Inc. | Add +0.3% | 0.06% | +0.02 |
| EWC iShares MSCI Canada ETF | New | 0.02% | +0.02 |
| CB Chubb Ltd. | New | 0.02% | +0.02 |
| CRS Carpenter Technology | Add +10.2% | 0.04% | +0.02 |
| SMH Vaneck Semiconductor ETF | Add +2.4% | 0.07% | +0.02 |
| FSV Firstservice Corp. | Add +46.4% | 0.04% | +0.02 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.01% | +0.01 |
| GWW WW Grainger Inc. | New | 0.01% | +0.01 |
| ETN Eaton Corp. PLC | Add +0.3% | 0.06% | +0.01 |
| HON Honeywell International Inc. | Add +10.0% | 0.09% | +0.01 |
| EMR Emerson Electric Co. | Add +4.8% | 0.07% | +0.01 |
| HEICO CORP NEW | New | 0.01% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +2.8% | 0.08% | +0.01 |
| GS Goldman Sachs Group Inc. | New | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 285 | $1.8B | AAPL, MSFT, APH, CASY, TXN |
| Q1 2026 | 269 | $1.8B | AAPL, MSFT, CASY, MCD, XOM |
| Q4 2025 | 264 | $2.0B | AAPL, MSFT, MCD, ADP, CASY |
| Q3 2025 | 255 | $2.1B | AAPL, MSFT, ADP, MCD, CASY |
| Q2 2025 | 256 | $2.1B | AAPL, MSFT, ADP, MCD, RSG |
| Q1 2025 | 257 | $2.1B | AAPL, MSFT, ADP, MCD, ITW |
| Q4 2024 | 259 | $2.4B | AAPL, MSFT, ADP, MCD, HD |
| Q3 2024 | 266 | $2.5B | AAPL, MSFT, ADP, MCD, HD |
| Q2 2024 | 255 | $2.3B | AAPL, MSFT, ADP, QCOM, MCD |
| Q1 2024 | 260 | $2.3B | AAPL, MSFT, ADP, MCD, ITW |