Dearborn Partners LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Dearborn Partners LLC reported 264 stock positions worth $2.0 billion. Its top holding was Apple (AAPL) at 6.1% of the portfolio, followed by Microsoft (MSFT, 4.8%) and McDonald's (MCD, 2.5%). Compared with Q3 2025, it opened 17 new positions, sold out of 8, added to 72 and reduced 141. The biggest buy was Cme (CME, shares +712%) and the biggest sale Home Depot (HD, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001206792
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001104659-26-013113 ↗ filed Feb 11, 2026
Holdings Value
Holdings 264 stocks · $2.0B
| AAPL Apple Inc. | 6.10% | 449,668 | $122.2M | Reduce -2.8% |
| MSFT Microsoft Corp. | 4.84% | 200,304 | $96.9M | Add +7.5% |
| MCD McDonald's Corp. | 2.51% | 164,603 | $50.3M | Reduce -2.3% |
| ADP Automatic Data Processing | 2.39% | 186,218 | $47.9M | Reduce -3.9% |
| CASY Casey's General Stores Inc. | 2.29% | 83,147 | $46.0M | Reduce -3.4% |
| APH Amphenol Corp. Class A | 2.10% | 310,502 | $42.0M | Reduce -5.2% |
| MA Mastercard Inc. Class A | 1.97% | 69,090 | $39.4M | Reduce -3.2% |
| QCOM Qualcomm Inc. | 1.95% | 227,837 | $39.0M | Reduce -2.9% |
| RSG Republic Services Inc. | 1.81% | 170,769 | $36.2M | Reduce -4.3% |
| WEC WEC Energy Group Inc. | 1.79% | 339,058 | $35.8M | Reduce -11.2% |
| XOM Exxon Mobil Corp. | 1.77% | 294,873 | $35.5M | Reduce -10.8% |
| ITW Illinois Tool Works | 1.76% | 142,825 | $35.2M | Reduce -3.7% |
| SNA Snap-on Inc. | 1.74% | 101,170 | $34.9M | Reduce -7.3% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.73% | 133,936 | $34.7M | Add +6.3% |
| ATO Atmos Energy Corp. | 1.72% | 206,052 | $34.5M | Reduce -3.7% |
| ABBV Abbvie Inc. | 1.62% | 141,951 | $32.4M | Reduce -18.4% |
| WSO Watsco Inc. | 1.59% | 94,731 | $31.9M | Reduce -3.3% |
| WMT Walmart Inc. | 1.58% | 284,670 | $31.7M | Reduce -32.5% |
| ACN Accenture PLC Class A | 1.56% | 116,749 | $31.3M | Reduce -3.7% |
| CTVA Corteva Inc. | 1.52% | 454,522 | $30.5M | Reduce -3.4% |
| NDAQ Nasdaq Inc. | 1.51% | 311,111 | $30.2M | Reduce -3.9% |
| SHW The Sherwin-Williams Co. | 1.51% | 93,021 | $30.1M | Reduce -3.8% |
| INTU Intuit Inc. | 1.50% | 45,446 | $30.1M | Reduce -8.0% |
| COST Costco Wholesale Corp. | 1.50% | 34,863 | $30.1M | Reduce -2.9% |
| ABT Abbott Laboratories | 1.48% | 235,881 | $29.6M | Reduce -3.2% |
| VZ Verizon Communications Inc. | 1.46% | 719,205 | $29.3M | Reduce -4.5% |
| PG The Procter & Gamble Co. | 1.45% | 202,332 | $29.0M | Reduce -5.0% |
| STE Steris PLC | 1.45% | 114,224 | $29.0M | Reduce -3.4% |
| SPGI S&P Global Inc. | 1.44% | 55,269 | $28.9M | Reduce -8.8% |
| SYK Stryker Corp. | 1.42% | 80,912 | $28.4M | Reduce -3.8% |
| TSCO Tractor Supply Company | 1.38% | 552,579 | $27.6M | Reduce -19.0% |
| TXN Texas Instruments Inc. | 1.37% | 158,404 | $27.5M | Reduce -4.5% |
| JPM JPMorgan Chase & Co. | 1.35% | 83,913 | $27.0M | Reduce -1.4% |
| MKC.V McCormick & Co. Inc. VTG Com | 1.33% | 390,419 | $26.6M | Reduce -11.9% |
| HD Home Depot Inc. | 1.30% | 75,645 | $26.0M | Reduce -30.6% |
| CME Cme Group Inc. | 1.29% | 94,608 | $25.8M | Add +712.2% |
| TRI Thomson Reuters Corp. | 1.28% | 194,025 | $25.6M | Add +22.4% |
| CTAS Cintas Corp. | 1.26% | 134,359 | $25.3M | Reduce -4.5% |
| MSI Motorola Solutions Inc. | 1.21% | 62,964 | $24.1M | Reduce -2.2% |
| TMUS T-Mobile US Inc. | 1.20% | 118,182 | $24.0M | Reduce -10.7% |
| MRK Merck & Co. Inc. | 1.16% | 220,100 | $23.2M | Reduce -3.8% |
| FAST Fastenal Co. | 1.09% | 541,595 | $21.7M | Reduce -3.9% |
| BR Broadridge Financial Solutio | 1.03% | 92,171 | $20.6M | Reduce -10.3% |
| VRSK Verisk Analytics Inc. | 0.99% | 88,440 | $19.8M | Add +1521.9% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.94% | 102,663 | $18.7M | Reduce -3.6% |
| AWK American Water Works Co. Inc. | 0.93% | 142,142 | $18.5M | Reduce -20.6% |
| NEE Nextera Energy Inc. | 0.91% | 227,407 | $18.3M | Reduce -1.9% |
| ARES Ares Management Corp. Class A | 0.87% | 107,734 | $17.4M | Reduce -0.9% |
| EQIX Equinix Inc. | 0.87% | 22,651 | $17.4M | Reduce -6.1% |
| JNJ Johnson & Johnson | 0.84% | 80,928 | $16.7M | Reduce -1.2% |
| CAT Caterpillar Inc. | 0.82% | 28,663 | $16.4M | Reduce -1.9% |
| GD General Dynamics Corp. | 0.76% | 45,161 | $15.2M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 0.74% | 47,588 | $14.9M | Reduce -2.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.72% | 48,727 | $14.4M | Reduce -6.0% |
| ZTS Zoetis Inc. | 0.70% | 112,174 | $14.1M | Reduce -8.9% |
| MDLZ Mondelez International Inc. Class A | 0.69% | 255,022 | $13.7M | Reduce -12.4% |
| EOG EOG Resources Inc. | 0.67% | 127,514 | $13.4M | Reduce -17.6% |
| RS Reliance Inc. | 0.50% | 34,400 | $9.9M | Reduce -0.4% |
| RPM RPM International Inc. | 0.49% | 94,105 | $9.8M | Reduce -0.5% |
| GILD Gilead Sciences Inc. | 0.44% | 72,570 | $8.9M | Reduce -4.3% |
| UNP Union Pacific Corp. | 0.43% | 37,107 | $8.6M | Reduce -0.6% |
| NVDA Nvidia Corp. | 0.38% | 41,297 | $7.7M | Reduce -0.8% |
| PEP Pepsico Inc. | 0.38% | 52,534 | $7.5M | Reduce -1.5% |
| OKE Oneok Inc. | 0.33% | 89,770 | $6.6M | Reduce -0.9% |
| APD Air Products & Chemicals Inc. | 0.28% | 22,392 | $5.5M | Reduce -7.5% |
| RTX RTX Corp. | 0.27% | 29,605 | $5.4M | Reduce -1.6% |
| MDT Medtronic PLC | 0.26% | 53,236 | $5.1M | Reduce -3.8% |
| CVX Chevron Corp. | 0.25% | 33,452 | $5.1M | Reduce -0.6% |
| NVS Novartis AG-Sponsored ADR | 0.24% | 35,225 | $4.9M | Add +0.2% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.24% | 59,982 | $4.8M | Add +29.3% |
| AMZN Amazon.com Inc. | 0.24% | 20,634 | $4.8M | Add +0.6% |
| V Visa Inc. Class A | 0.23% | 13,327 | $4.7M | Reduce -2.5% |
| LLY Eli Lilly & Co. | 0.23% | 4,304 | $4.6M | Reduce -8.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 6,557 | $4.5M | Add +175.7% |
| O Realty Income Corp. | 0.22% | 79,309 | $4.5M | Reduce -4.9% |
| LIN Linde PLC | 0.22% | 10,352 | $4.4M | Reduce -5.3% |
| AVGO Broadcom Inc. | 0.22% | 12,466 | $4.3M | Add +24.8% |
| KO The Coca-Cola Co. | 0.17% | 49,191 | $3.4M | Reduce -0.8% |
| SBUX Starbucks Corp. | 0.16% | 38,900 | $3.3M | Reduce -9.1% |
| AGG iShares Core U.S. Aggregate | 0.15% | 29,888 | $3.0M | Add +65.3% |
| BLK BlackRock Finance Inc. | 0.14% | 2,586 | $2.8M | Reduce -0.8% |
| KMB Kimberly-Clark Corp. | 0.13% | 26,022 | $2.6M | Reduce -17.4% |
| GOOG Alphabet Inc. Class C | 0.13% | 8,234 | $2.6M | Reduce -1.8% |
| DE Deere & Co. | 0.12% | 5,274 | $2.5M | Reduce -22.7% |
| HSY The Hershey Co. | 0.12% | 12,687 | $2.3M | Reduce -1.1% |
| VEA Vanguard Ftse Developed ETF | 0.11% | 35,629 | $2.2M | Add +24.8% |
| CARR Carrier Global Corp. | 0.10% | 38,433 | $2.0M | Reduce -2.1% |
| VCLT Vanguard Long-Term Corp. Bond | 0.10% | 25,734 | $2.0M | Reduce -2.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.10% | 3,140 | $1.9M | Reduce -1.7% |
| MORN Morningstar Inc. | 0.10% | 8,755 | $1.9M | Reduce -8.3% |
| SMH Vaneck Semiconductor ETF | 0.09% | 5,034 | $1.8M | No change |
| BX Blackstone Inc. | 0.09% | 11,677 | $1.8M | No change |
| MAIN Main Street Capital Corp. | 0.09% | 29,372 | $1.8M | Reduce -6.3% |
| VRP Invesco Variable Rate Prefer | 0.09% | 71,369 | $1.7M | Reduce -2.7% |
| VBTLX Vanguard TTL BD MKT Idx-Adm | 0.09% | 23,152 | $1.7M | Add +64.6% |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | 0.08% | 87,611 | $1.7M | Reduce -2.7% |
| XLC SS Comm Select Sector SPDR | 0.08% | 13,939 | $1.6M | Reduce -2.8% |
| ADI Analog Devices Inc. | 0.08% | 6,019 | $1.6M | Reduce -20.5% |
| SO The Southern Co. | 0.07% | 16,962 | $1.5M | Reduce -4.5% |
| ECL Ecolab Inc. | 0.07% | 5,628 | $1.5M | Reduce -3.9% |
Portfolio Sells Q3 2025 → Q4 2025
| HD Home Depot Inc. | Reduce -30.6% | 1.30% | −0.77 |
| POOL Pool Corp. | Reduce -95.0% | 0.03% | −0.68 |
| BDX Becton Dickinson and Co. | Reduce -96.6% | 0.02% | −0.52 |
| WMT Walmart Inc. | Reduce -32.5% | 1.58% | −0.45 |
| TSCO Tractor Supply Company | Reduce -19.0% | 1.38% | −0.44 |
| TMUS T-Mobile US Inc. | Reduce -10.7% | 1.20% | −0.29 |
| ADP Automatic Data Processing | Reduce -3.9% | 2.39% | −0.28 |
| ABBV Abbvie Inc. | Reduce -18.4% | 1.62% | −0.27 |
| WEC WEC Energy Group Inc. | Reduce -11.2% | 1.79% | −0.27 |
| WSO Watsco Inc. | Reduce -3.3% | 1.59% | −0.26 |
| AWK American Water Works Co. Inc. | Reduce -20.6% | 0.93% | −0.24 |
| FAST Fastenal Co. | Reduce -3.9% | 1.09% | −0.21 |
| MSI Motorola Solutions Inc. | Reduce -2.2% | 1.21% | −0.18 |
| MDLZ Mondelez International Inc. Class A | Reduce -12.4% | 0.69% | −0.17 |
| EOG EOG Resources Inc. | Reduce -17.6% | 0.67% | −0.14 |
| ZTS Zoetis Inc. | Reduce -8.9% | 0.70% | −0.14 |
| BR Broadridge Financial Solutio | Reduce -10.3% | 1.03% | −0.12 |
| RSG Republic Services Inc. | Reduce -4.3% | 1.81% | −0.11 |
| CTAS Cintas Corp. | Reduce -4.5% | 1.26% | −0.09 |
| VZ Verizon Communications Inc. | Reduce -4.5% | 1.46% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -5.0% | 1.45% | −0.09 |
| INTU Intuit Inc. | Reduce -8.0% | 1.50% | −0.08 |
| SHW The Sherwin-Williams Co. | Reduce -3.8% | 1.51% | −0.06 |
| MKC.V McCormick & Co. Inc. VTG Com | Reduce -11.9% | 1.33% | −0.06 |
| ITW Illinois Tool Works | Reduce -3.7% | 1.76% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -2.9% | 1.50% | −0.06 |
| TXN Texas Instruments Inc. | Reduce -4.5% | 1.37% | −0.06 |
| ABT Abbott Laboratories | Reduce -3.2% | 1.48% | −0.05 |
| KMB Kimberly-Clark Corp. | Reduce -17.4% | 0.13% | −0.05 |
| SYK Stryker Corp. | Reduce -3.8% | 1.42% | −0.04 |
| FMC FMC Corp. | Sold out | 0.00% | −0.04 |
| RPM RPM International Inc. | Reduce -0.5% | 0.49% | −0.03 |
| APD Air Products & Chemicals Inc. | Reduce -7.5% | 0.28% | −0.03 |
| SNA Snap-on Inc. | Reduce -7.3% | 1.74% | −0.03 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.03 |
| DE Deere & Co. | Reduce -22.7% | 0.12% | −0.02 |
| LIN Linde PLC | Reduce -5.3% | 0.22% | −0.02 |
| EQIX Equinix Inc. | Reduce -6.1% | 0.87% | −0.02 |
| O Realty Income Corp. | Reduce -4.9% | 0.22% | −0.01 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.01 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.01 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.01 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -34.9% | 0.04% | −0.01 |
| MAS Masco Corp. | Sold out | 0.00% | −0.01 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.01 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.01 |
| AXP American Express Co. | Reduce -46.9% | 0.02% | −0.01 |
| MORN Morningstar Inc. | Reduce -8.3% | 0.10% | −0.01 |
| UBER Uber Technologies Inc. | Reduce -2.2% | 0.06% | −0.01 |
| CARR Carrier Global Corp. | Reduce -2.1% | 0.10% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| CME Cme Group Inc. | Add +712.2% | 1.29% | +1.14 |
| VRSK Verisk Analytics Inc. | Add +1521.9% | 0.99% | +0.92 |
| MSFT Microsoft Corp. | Add +7.5% | 4.84% | +0.31 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +175.7% | 0.22% | +0.15 |
| TRI Thomson Reuters Corp. | Add +22.4% | 1.28% | +0.12 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +29.3% | 0.24% | +0.07 |
| AGG iShares Core U.S. Aggregate | Add +65.3% | 0.15% | +0.06 |
| NOBL Proshares S&P 500 Dividend A | New | 0.06% | +0.06 |
| AVGO Broadcom Inc. | Add +24.8% | 0.22% | +0.06 |
| VBTLX Vanguard TTL BD MKT Idx-Adm | Add +64.6% | 0.09% | +0.04 |
| NVS Novartis AG-Sponsored ADR | Add +0.2% | 0.24% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +24.8% | 0.11% | +0.03 |
| IBDV iShares Ibonds Dec 2030 Corp. | New | 0.03% | +0.03 |
| AMZN Amazon.com Inc. | Add +0.6% | 0.24% | +0.03 |
| PFFV Global X Variable Rate Pref | New | 0.03% | +0.03 |
| DOW Dow Inc. | New | 0.02% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +116.4% | 0.04% | +0.02 |
| WDC Western Digital Corp. | New | 0.02% | +0.02 |
| SCHA Schwab US Small-Cap ETF | Add +67.0% | 0.05% | +0.02 |
| PSA Public Storage | New | 0.02% | +0.02 |
| IEMG iShares Core MSCI Emerging | Add +73.4% | 0.04% | +0.02 |
| CTSH Cognizant Tech Solutions-A | Add +54.2% | 0.03% | +0.02 |
| IBCA iShares Ibonds Dec 2035 TC | New | 0.02% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +17.4% | 0.06% | +0.01 |
| JIRE JPMorgan Int Res Enh Eqty | Add +48.9% | 0.03% | +0.01 |
| ROP Roper Technologies Inc. | Add +99.8% | 0.03% | +0.01 |
| IBB iShares Biotechnology ETF | Add +5.5% | 0.05% | +0.01 |
| BHM Bluerock Homes Trust Inc. | New | 0.01% | +0.01 |
| IBDY iShares Ibonds Dec 2033 Corp. | New | 0.01% | +0.01 |
| IBDX iShares Ibonds Dec 2032 TC | New | 0.01% | +0.01 |
| IBDW iShares Ibonds Dec 2031 Corp. | New | 0.01% | +0.01 |
| IBTP iShares Ibonds Dec 2034 ETF | New | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +48.0% | 0.03% | +0.01 |
| BMY Bristol-Myers Squibb Co. | New | 0.01% | +0.01 |
| FSLR First Solar Inc. | New | 0.01% | +0.01 |
| EWQ iShares MSCI France ETF | New | 0.01% | +0.01 |
| TER Teradyne Inc. | New | 0.01% | +0.01 |
| AMGN Amgen Inc. | Add +1.6% | 0.04% | +0.01 |
| NTLA Intellia Therapeutics Inc. | New | 0.01% | +0.01 |
| CMI Cummins Inc. | Add +1.0% | 0.03% | +0.01 |
| LYB Lyondellbasell Indu Class A | Add +85.7% | 0.02% | +0.01 |
| IDV iShares International Select | Add +9.5% | 0.03% | +0.01 |
| TSLA Tesla Inc. | Add +4.3% | 0.06% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +40.6% | 0.02% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +24.0% | 0.02% | +0.01 |
| XLV SS Health Care Select Sector | Add +1.3% | 0.03% | +0.01 |
| GEV GE Vernova Inc. | Add +0.9% | 0.04% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Add +26.3% | 0.02% | +0.00 |
| XLY SS Consumer Disc Select Sect | Add +14.1% | 0.03% | +0.00 |
| DVY iShares Select Dividend ETF | Add +7.9% | 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 |