Dearborn Partners LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Dearborn Partners LLC reported 255 stock positions worth $2.1 billion. Its top holding was Apple (AAPL) at 5.5% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Automatic Data Processing (ADP, 2.7%). Compared with Q2 2025, it opened 14 new positions, sold out of 15, added to 64 and reduced 131. The biggest buy was Casey's General Stores (CASY, shares +0%) and the biggest sale Intuit (INTU, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001206792
- Portfolio Value
- $2.1B (Q3 2025)
- SEC Filing
- 0001104659-25-108947 ↗ filed Nov 10, 2025
Holdings Value
Holdings 255 stocks · $2.1B
| AAPL Apple Inc. | 5.52% | 462,537 | $117.8M | Reduce -1.3% |
| MSFT Microsoft Corp. | 4.52% | 186,307 | $96.5M | Reduce -1.0% |
| ADP Automatic Data Processing | 2.67% | 193,820 | $56.9M | Reduce -0.7% |
| MCD McDonald's Corp. | 2.40% | 168,490 | $51.2M | Reduce -0.7% |
| CASY Casey's General Stores Inc. | 2.28% | 86,041 | $48.6M | Add +0.3% |
| HD Home Depot Inc. | 2.07% | 109,053 | $44.2M | Reduce -1.2% |
| WEC WEC Energy Group Inc. | 2.05% | 381,925 | $43.8M | Reduce -0.1% |
| WMT Walmart Inc. | 2.04% | 421,815 | $43.5M | Reduce -0.4% |
| RSG Republic Services Inc. | 1.92% | 178,496 | $41.0M | Reduce -0.7% |
| MA Mastercard Inc. Class A | 1.90% | 71,392 | $40.6M | Reduce -1.4% |
| APH Amphenol Corp. Class A | 1.90% | 327,599 | $40.5M | Reduce -1.3% |
| ABBV Abbvie Inc. | 1.89% | 174,046 | $40.3M | Reduce -0.3% |
| WSO Watsco Inc. | 1.86% | 97,935 | $39.6M | Add +13.8% |
| QCOM Qualcomm Inc. | 1.83% | 234,591 | $39.0M | Reduce -1.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.83% | 125,990 | $39.0M | Add +0.9% |
| TSCO Tractor Supply Company | 1.82% | 682,517 | $38.8M | Reduce -2.8% |
| ITW Illinois Tool Works | 1.81% | 148,343 | $38.7M | Reduce -1.1% |
| SNA Snap-on Inc. | 1.77% | 109,144 | $37.8M | Reduce -0.5% |
| XOM Exxon Mobil Corp. | 1.75% | 330,695 | $37.3M | Reduce -2.6% |
| ATO Atmos Energy Corp. | 1.71% | 214,056 | $36.6M | Reduce -0.5% |
| INTU Intuit Inc. | 1.58% | 49,417 | $33.7M | Reduce -1.4% |
| SHW The Sherwin-Williams Co. | 1.57% | 96,654 | $33.5M | Reduce -0.7% |
| COST Costco Wholesale Corp. | 1.56% | 35,898 | $33.2M | Reduce -2.2% |
| VZ Verizon Communications Inc. | 1.55% | 752,993 | $33.1M | Add +0.3% |
| PG The Procter & Gamble Co. | 1.53% | 212,983 | $32.7M | Reduce -0.1% |
| ABT Abbott Laboratories | 1.53% | 243,636 | $32.6M | Reduce -0.5% |
| CTVA Corteva Inc. | 1.49% | 470,442 | $31.8M | Add +0.5% |
| TMUS T-Mobile US Inc. | 1.49% | 132,319 | $31.7M | Reduce -0.4% |
| SYK Stryker Corp. | 1.46% | 84,085 | $31.1M | Reduce -1.5% |
| TXN Texas Instruments Inc. | 1.43% | 165,864 | $30.5M | Reduce -0.1% |
| ACN Accenture PLC Class A | 1.40% | 121,270 | $29.9M | Add +14.1% |
| MKC.V McCormick & Co. Inc. VTG Com | 1.39% | 443,288 | $29.7M | Reduce -0.9% |
| SPGI S&P Global Inc. | 1.38% | 60,627 | $29.5M | Reduce -0.9% |
| MSI Motorola Solutions Inc. | 1.38% | 64,389 | $29.4M | Reduce -1.0% |
| STE Steris PLC | 1.37% | 118,221 | $29.3M | Reduce -0.9% |
| CTAS Cintas Corp. | 1.35% | 140,612 | $28.9M | Reduce -0.7% |
| NDAQ Nasdaq Inc. | 1.34% | 323,743 | $28.6M | Reduce -1.8% |
| FAST Fastenal Co. | 1.30% | 563,828 | $27.7M | Reduce -24.8% |
| JPM JPMorgan Chase & Co. | 1.26% | 85,149 | $26.9M | Reduce -1.4% |
| AWK American Water Works Co. Inc. | 1.17% | 178,939 | $24.9M | Reduce -0.0% |
| TRI Thomson Reuters Corp. | 1.16% | 158,580 | $24.6M | Add +0.3% |
| BR Broadridge Financial Solutio | 1.15% | 102,770 | $24.5M | Reduce -0.9% |
| MRK Merck & Co. Inc. | 0.90% | 228,899 | $19.2M | Add +1.3% |
| EQIX Equinix Inc. | 0.89% | 24,127 | $18.9M | Reduce -0.3% |
| MDLZ Mondelez International Inc. Class A | 0.85% | 291,004 | $18.2M | Reduce -2.5% |
| ZTS Zoetis Inc. | 0.85% | 123,176 | $18.0M | Reduce -3.5% |
| NEE Nextera Energy Inc. | 0.82% | 231,924 | $17.5M | Reduce -0.7% |
| ARES Ares Management Corp. Class A | 0.82% | 108,749 | $17.4M | Reduce -3.2% |
| EOG EOG Resources Inc. | 0.81% | 154,779 | $17.4M | Reduce -1.2% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.74% | 106,516 | $15.9M | Add +0.4% |
| GD General Dynamics Corp. | 0.72% | 45,342 | $15.5M | Reduce -1.9% |
| JNJ Johnson & Johnson | 0.71% | 81,913 | $15.2M | Reduce -1.0% |
| POOL Pool Corp. | 0.71% | 48,956 | $15.2M | Reduce -1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.69% | 51,865 | $14.6M | Add +0.7% |
| CAT Caterpillar Inc. | 0.65% | 29,227 | $13.9M | Reduce -1.9% |
| GOOGL Alphabet Inc. Class A | 0.56% | 48,704 | $11.8M | Add +2.3% |
| BDX Becton Dickinson and Co. | 0.54% | 61,232 | $11.5M | Reduce -31.4% |
| RPM RPM International Inc. | 0.52% | 94,605 | $11.2M | Reduce -0.9% |
| RS Reliance Inc. | 0.46% | 34,552 | $9.7M | Add +0.0% |
| UNP Union Pacific Corp. | 0.41% | 37,317 | $8.8M | Reduce -1.2% |
| GILD Gilead Sciences Inc. | 0.39% | 75,853 | $8.4M | Reduce -2.2% |
| NVDA Nvidia Corp. | 0.36% | 41,634 | $7.8M | Reduce -2.5% |
| PEP Pepsico Inc. | 0.35% | 53,343 | $7.5M | Reduce -0.3% |
| OKE Oneok Inc. | 0.31% | 90,621 | $6.6M | Reduce -5.2% |
| APD Air Products & Chemicals Inc. | 0.31% | 24,219 | $6.6M | Reduce -1.9% |
| MDT Medtronic PLC | 0.25% | 55,350 | $5.3M | Reduce -8.0% |
| CVX Chevron Corp. | 0.24% | 33,645 | $5.2M | Reduce -0.1% |
| LIN Linde PLC | 0.24% | 10,931 | $5.2M | Add +1.7% |
| O Realty Income Corp. | 0.24% | 83,410 | $5.1M | Add +1.4% |
| RTX RTX Corp. | 0.24% | 30,094 | $5.0M | Reduce -3.2% |
| V Visa Inc. Class A | 0.22% | 13,666 | $4.7M | Add +0.3% |
| NVS Novartis AG-Sponsored ADR | 0.21% | 35,160 | $4.5M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 0.21% | 20,511 | $4.5M | Reduce -3.4% |
| KMB Kimberly-Clark Corp. | 0.18% | 31,490 | $3.9M | Reduce -1.6% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.17% | 46,407 | $3.6M | Add +6.1% |
| SBUX Starbucks Corp. | 0.17% | 42,805 | $3.6M | Reduce -13.9% |
| LLY Eli Lilly & Co. | 0.17% | 4,686 | $3.6M | Reduce -3.8% |
| AVGO Broadcom Inc. | 0.15% | 9,993 | $3.3M | Add +16.8% |
| KO The Coca-Cola Co. | 0.15% | 49,583 | $3.3M | Add +0.0% |
| CME Cme Group Inc. | 0.15% | 11,648 | $3.1M | Reduce -2.9% |
| DE Deere & Co. | 0.15% | 6,825 | $3.1M | Add +1.8% |
| BLK BlackRock Finance Inc. | 0.14% | 2,608 | $3.0M | Reduce -23.3% |
| HSY The Hershey Co. | 0.11% | 12,826 | $2.4M | Reduce -3.8% |
| CARR Carrier Global Corp. | 0.11% | 39,241 | $2.3M | No change |
| MORN Morningstar Inc. | 0.10% | 9,544 | $2.2M | Reduce -1.2% |
| VCLT Vanguard Long-Term Corp. Bond | 0.10% | 26,427 | $2.1M | Add +10.3% |
| GOOG Alphabet Inc. Class C | 0.10% | 8,388 | $2.0M | Reduce -2.4% |
| BX Blackstone Inc. | 0.09% | 11,677 | $2.0M | Reduce -13.5% |
| MAIN Main Street Capital Corp. | 0.09% | 31,352 | $2.0M | Reduce -7.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 3,193 | $1.9M | Reduce -0.6% |
| ADI Analog Devices Inc. | 0.09% | 7,568 | $1.9M | Add +2.3% |
| AGG iShares Core U.S. Aggregate | 0.09% | 18,079 | $1.8M | Add +17.5% |
| VRP Invesco Variable Rate Prefer | 0.09% | 73,368 | $1.8M | Add +6.3% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 0.08% | 90,032 | $1.7M | Add +6.8% |
| VEA Vanguard Ftse Developed ETF | 0.08% | 28,560 | $1.7M | Add +6.3% |
| XLC SS Comm Select Sector SPDR | 0.08% | 14,339 | $1.7M | No change |
| SO The Southern Co. | 0.08% | 17,767 | $1.7M | Add +0.0% |
| SMH Vaneck Semiconductor ETF | 0.08% | 5,034 | $1.6M | Add +0.5% |
| PGR Progressive Corp. | 0.08% | 6,555 | $1.6M | Add +4.0% |
| ECL Ecolab Inc. | 0.08% | 5,857 | $1.6M | Reduce -8.4% |
Portfolio Sells Q2 2025 → Q3 2025
| INTU Intuit Inc. | Reduce -1.4% | 1.58% | −0.29 |
| MKC.V McCormick & Co. Inc. VTG Com | Reduce -0.9% | 1.39% | −0.21 |
| TXN Texas Instruments Inc. | Reduce -0.1% | 1.43% | −0.20 |
| FAST Fastenal Co. | Reduce -24.8% | 1.30% | −0.19 |
| BDX Becton Dickinson and Co. | Reduce -31.4% | 0.54% | −0.19 |
| ADP Automatic Data Processing | Reduce -0.7% | 2.67% | −0.18 |
| RSG Republic Services Inc. | Reduce -0.7% | 1.92% | −0.18 |
| COST Costco Wholesale Corp. | Reduce -2.2% | 1.56% | −0.16 |
| SPGI S&P Global Inc. | Reduce -0.9% | 1.38% | −0.14 |
| SYK Stryker Corp. | Reduce -1.5% | 1.46% | −0.14 |
| CTAS Cintas Corp. | Reduce -0.7% | 1.35% | −0.14 |
| ARES Ares Management Corp. Class A | Reduce -3.2% | 0.82% | −0.11 |
| MDLZ Mondelez International Inc. Class A | Reduce -2.5% | 0.85% | −0.10 |
| ZTS Zoetis Inc. | Reduce -3.5% | 0.85% | −0.10 |
| EOG EOG Resources Inc. | Reduce -1.2% | 0.81% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 1.53% | −0.07 |
| OKE Oneok Inc. | Reduce -5.2% | 0.31% | −0.06 |
| NDAQ Nasdaq Inc. | Reduce -1.8% | 1.34% | −0.05 |
| SBUX Starbucks Corp. | Reduce -13.9% | 0.17% | −0.05 |
| ABT Abbott Laboratories | Reduce -0.5% | 1.53% | −0.05 |
| BR Broadridge Financial Solutio | Reduce -0.9% | 1.15% | −0.04 |
| MORN Morningstar Inc. | Reduce -1.2% | 0.10% | −0.04 |
| UBER Uber Technologies Inc. | Reduce -35.8% | 0.07% | −0.03 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −0.03 |
| BLK BlackRock Finance Inc. | Reduce -23.3% | 0.14% | −0.03 |
| EQIX Equinix Inc. | Reduce -0.3% | 0.89% | −0.03 |
| PSA Public Storage | Sold out | 0.00% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -1.4% | 1.90% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -1.9% | 0.31% | −0.02 |
| KNSL Kinsale Capital Group Inc. | Reduce -20.6% | 0.04% | −0.02 |
| ZBRA Zebra Technologies Corp. Class A | Sold out | 0.00% | −0.02 |
| NGG National Grid PLC-SP ADR | Sold out | 0.00% | −0.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -38.0% | 0.05% | −0.02 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.02 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.02 |
| T AT&T Inc. | Reduce -27.7% | 0.04% | −0.02 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.02 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.01 |
| FSV Firstservice Corp. | Reduce -37.5% | 0.03% | −0.01 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.01 |
| RMD Resmed Inc. | Sold out | 0.00% | −0.01 |
| HEICO CORP NEW | Sold out | 0.00% | −0.01 |
| TMUS T-Mobile US Inc. | Reduce -0.4% | 1.49% | −0.01 |
| ROP Roper Technologies Inc. | Reduce -43.1% | 0.01% | −0.01 |
| ELV Elevance Health Inc. | Reduce -28.1% | 0.02% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -23.4% | 0.05% | −0.01 |
| XLV SS Health Care Select Sector | Reduce -32.8% | 0.03% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -0.7% | 1.57% | −0.01 |
| GILD Gilead Sciences Inc. | Reduce -2.2% | 0.39% | −0.01 |
| LLY Eli Lilly & Co. | Reduce -3.8% | 0.17% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| CASY Casey's General Stores Inc. | Add +0.3% | 2.28% | +0.21 |
| GOOGL Alphabet Inc. Class A | Add +2.3% | 0.56% | +0.16 |
| WSO Watsco Inc. | Add +13.8% | 1.86% | +0.06 |
| MRK Merck & Co. Inc. | Add +1.3% | 0.90% | +0.05 |
| AVGO Broadcom Inc. | Add +16.8% | 0.15% | +0.04 |
| FMC FMC Corp. | New | 0.04% | +0.04 |
| MBB iShares MBS ETF | New | 0.03% | +0.03 |
| JIRE JPMorgan Int Res Enh Eqty | New | 0.02% | +0.02 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +6.1% | 0.17% | +0.02 |
| VRSK Verisk Analytics Inc. | Add +73.5% | 0.06% | +0.02 |
| ULS Ul Solutions Inc. Class A | New | 0.01% | +0.01 |
| PFE Pfizer Inc. | Add +26.4% | 0.06% | +0.01 |
| Newmont Mining Corporation | New | 0.01% | +0.01 |
| O Realty Income Corp. | Add +1.4% | 0.24% | +0.01 |
| VZ Verizon Communications Inc. | Add +0.3% | 1.55% | +0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | New | 0.01% | +0.01 |
| MUB iShares National Muni Bond E | New | 0.01% | +0.01 |
| BEPC Brookfield Renewable Corp. | New | 0.01% | +0.01 |
| AGG iShares Core U.S. Aggregate | Add +17.5% | 0.09% | +0.01 |
| MPWR Monolithic Power Systems Inc. | New | 0.01% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.01% | +0.01 |
| OWL Blue Owl Capital Inc. | New | 0.01% | +0.01 |
| SCHG Schwab US Large-Cap Growth | New | 0.01% | +0.01 |
| SHOP Shopify Inc. Class A | New | 0.01% | +0.01 |
| SMH Vaneck Semiconductor ETF | Add +0.5% | 0.08% | +0.01 |
| VCLT Vanguard Long-Term Corp. Bond | Add +10.3% | 0.10% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | New | 0.01% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +6.3% | 0.08% | +0.01 |
| META Meta Platforms Inc. Class A | Add +18.0% | 0.05% | +0.01 |
| PSX Phillips 66 | Add +7.4% | 0.03% | +0.01 |
| VRP Invesco Variable Rate Prefer | Add +6.3% | 0.09% | +0.01 |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | Add +6.8% | 0.08% | +0.01 |
| WMB Williams Cos Inc. | Add +9.7% | 0.06% | +0.01 |
| USB US Bancorp | Add +4.0% | 0.05% | +0.00 |
| AMD Advanced Micro Devices | Add +1.4% | 0.04% | +0.00 |
| IJH iShares Core S&P Midcap ETF | Add +5.9% | 0.05% | +0.00 |
| IDV iShares International Select | Add +15.9% | 0.03% | +0.00 |
| LIN Linde PLC | Add +1.7% | 0.24% | +0.00 |
| AEE Ameren Corporation | Add +6.8% | 0.03% | +0.00 |
| ADI Analog Devices Inc. | Add +2.3% | 0.09% | +0.00 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +18.6% | 0.02% | +0.00 |
| SCHA Schwab US Small-Cap ETF | Add +6.0% | 0.03% | +0.00 |
| CSWC Capital Southwest Corp. | Add +21.2% | 0.02% | +0.00 |
| GE General Electric | Add +1.2% | 0.02% | +0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +2.5% | 0.03% | +0.00 |
| VOO Vanguard S&P 500 ETF | Add +0.1% | 0.04% | +0.00 |
| IEMG iShares Core MSCI Emerging | Add +5.2% | 0.02% | +0.00 |
| VBTLX Vanguard TTL BD MKT Idx-Adm | Add +5.4% | 0.05% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +5.0% | 0.02% | +0.00 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +7.5% | 0.03% | +0.00 |
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 |