First Business Financial Services, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), First Business Financial Services, Inc. reported 168 stock positions worth $1.1 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 24.3% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.4%) and iShares Russell 1000 Growth (IWF, 7.9%). Compared with Q3 2025, it opened 2 new positions, sold out of 19, added to 47 and reduced 67. The biggest buy was Alphabet Class A (GOOGL, shares +2%) and the biggest sale Caterpillar (CAT, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001521951
- Portfolio Value
- $1.1B (Q4 2025)
- SEC Filing
- 0001140361-26-004002 ↗ filed Feb 6, 2026
Holdings Value
Holdings 168 stocks · $1.1B
| VTI VG Morningstar TS MKT ETF-US | 24.29% | 788,902 | $264.5M | Reduce -2.3% |
| IEFA iShares Core MSCI Eafe ETF | 12.43% | 1,513,690 | $135.4M | Reduce -0.5% |
| IWF iShares Russell 1000 Growth | 7.91% | 182,074 | $86.2M | Reduce -3.0% |
| IJR iShares Core S&P Small-Cap E | 5.44% | 492,711 | $59.2M | Reduce -1.3% |
| DGRO iShares Core Dividend Growth | 5.24% | 822,044 | $57.1M | Reduce -0.2% |
| IWD iShares Russell 1000 Value E | 5.07% | 262,423 | $55.2M | Reduce -1.1% |
| IJH iShares Core S&P Midcap ETF | 4.22% | 696,772 | $46.0M | Reduce -1.1% |
| AGG iShares Core U.S. Aggregate | 3.50% | 381,535 | $38.1M | Add +5.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.74% | 43,791 | $29.9M | No change |
| FBIZ First Business Financial Ser | 1.80% | 361,311 | $19.6M | Reduce -3.5% |
| NVDA Nvidia Corp. | 1.62% | 94,501 | $17.6M | Add +0.9% |
| AAPL Apple Inc. | 1.42% | 56,928 | $15.5M | Add +0.8% |
| AVGO Broadcom Inc. | 1.20% | 37,823 | $13.1M | Add +2.7% |
| GOOGL Alphabet Inc. Class A | 1.12% | 38,978 | $12.2M | Add +1.6% |
| JPST JPMorgan Ultra-Short Income | 1.01% | 217,698 | $11.0M | Add +7.3% |
| JPM JPMorgan Chase & Co. | 0.95% | 32,107 | $10.3M | Add +1.7% |
| MSFT Microsoft Corp. | 0.79% | 17,678 | $8.5M | Reduce -6.0% |
| ANET Arista Networks Inc. | 0.71% | 59,041 | $7.7M | Add +3.4% |
| CIEN Ciena Corp. | 0.57% | 26,740 | $6.3M | Add +3.0% |
| LLY Eli Lilly & Co. | 0.56% | 5,719 | $6.1M | Add +2.1% |
| PWR Quanta Services Inc. | 0.55% | 14,111 | $6.0M | Add +1.9% |
| XLK SS Technology Select Sector | 0.48% | 36,498 | $5.3M | No change |
| MTUM iShares MSCI USA Momentum Fa | 0.47% | 20,335 | $5.1M | No change |
| MUB iShares National Muni Bond E | 0.44% | 45,130 | $4.8M | Add +3.4% |
| COR Cencora Inc. | 0.43% | 13,742 | $4.6M | Add +3.0% |
| LRCX Lam Research Corp. | 0.42% | 26,859 | $4.6M | Add +2.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.42% | 6 | $4.5M | No change |
| C Citigroup Inc. | 0.39% | 35,927 | $4.2M | Add +2.9% |
| IVV iShares Core S&P 500 ETF | 0.37% | 5,873 | $4.0M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.36% | 71,291 | $3.9M | Add +2.4% |
| COST Costco Wholesale Corp. | 0.33% | 4,208 | $3.6M | Add +0.7% |
| ADI Analog Devices Inc. | 0.30% | 11,959 | $3.2M | Add +2.9% |
| XOM Exxon Mobil Corp. | 0.30% | 26,898 | $3.2M | Add +2.0% |
| EXPE Expedia Group Inc. | 0.28% | 10,953 | $3.1M | Add +3.2% |
| SYK Stryker Corp. | 0.28% | 8,689 | $3.1M | Add +3.1% |
| GD General Dynamics Corp. | 0.27% | 8,822 | $3.0M | Add +3.3% |
| NUE Nucor Corp. | 0.27% | 17,808 | $2.9M | Add +3.5% |
| EA Electronic Arts Inc. | 0.27% | 14,190 | $2.9M | Reduce -3.4% |
| TMUS T-Mobile US Inc. | 0.26% | 14,101 | $2.9M | Add +3.1% |
| PRU Prudential Financial Inc. | 0.26% | 25,141 | $2.8M | Add +46.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 17,940 | $2.8M | Add +0.8% |
| KO The Coca-Cola Co. | 0.24% | 38,069 | $2.7M | Add +1.6% |
| RSG Republic Services Inc. | 0.24% | 12,495 | $2.6M | Reduce -1.7% |
| META Meta Platforms Inc. Class A | 0.23% | 3,843 | $2.5M | Add +237.7% |
| AMZN Amazon.com Inc. | 0.23% | 10,829 | $2.5M | Reduce -0.9% |
| NEE Nextera Energy Inc. | 0.22% | 30,371 | $2.4M | Add +2.7% |
| XLE SS Energy Select Sector | 0.22% | 54,244 | $2.4M | No change |
| ICE Intercontinental Exchange Inc. | 0.22% | 14,745 | $2.4M | Add +2.9% |
| CSCO Cisco Systems Inc. | 0.21% | 30,321 | $2.3M | Reduce -1.2% |
| EQIX Equinix Inc. | 0.21% | 2,947 | $2.3M | Add +3.6% |
| XLI SS Industrial Select Sector | 0.20% | 14,013 | $2.2M | No change |
| GOOG Alphabet Inc. Class C | 0.20% | 6,896 | $2.2M | Reduce -4.4% |
| TXN Texas Instruments Inc. | 0.20% | 12,335 | $2.1M | Add +2.5% |
| GLD SPDR Gold Shares | 0.19% | 5,247 | $2.1M | Add +1.3% |
| TOL Toll Brothers Inc. | 0.19% | 15,109 | $2.0M | Add +3.6% |
| LOW Lowe's Cos Inc. | 0.19% | 8,360 | $2.0M | Add +3.4% |
| NFLX Netflix Inc. | 0.17% | 19,889 | $1.9M | Reduce -0.3% |
| IQV Iqvia Holdings Inc. | 0.16% | 7,925 | $1.8M | Reduce -5.9% |
| DRI Darden Restaurants Inc. | 0.16% | 9,536 | $1.8M | Add +3.3% |
| PM Philip Morris International | 0.15% | 10,458 | $1.7M | Reduce -0.3% |
| IWB iShares Russell 1000 ETF | 0.15% | 4,244 | $1.6M | No change |
| QCOM Qualcomm Inc. | 0.14% | 9,169 | $1.6M | Add +2.0% |
| ABBV Abbvie Inc. | 0.14% | 6,840 | $1.6M | Reduce -6.0% |
| XLY SS Consumer Disc Select Sect | 0.14% | 12,902 | $1.5M | No change |
| OSK Oshkosh Corp. | 0.14% | 12,110 | $1.5M | Add +2.2% |
| PLTR Palantir Technologies Inc. Class A | 0.13% | 8,116 | $1.4M | No change |
| KR Kroger Co. | 0.13% | 22,507 | $1.4M | Add +4.5% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.13% | 35,613 | $1.4M | Reduce -10.5% |
| XLF SS Financial Select Sector | 0.12% | 24,095 | $1.3M | No change |
| AEP American Electric Power | 0.12% | 11,322 | $1.3M | Add +6.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.12% | 5,039 | $1.3M | No change |
| APO Apollo Global Management Inc. | 0.11% | 8,636 | $1.3M | Add +8.5% |
| IWM iShares Russell 2000 ETF | 0.11% | 4,950 | $1.2M | Reduce -1.4% |
| VOX Vanguard Communication Servi | 0.11% | 6,200 | $1.2M | No change |
| CRM Salesforce Inc. | 0.10% | 4,295 | $1.1M | Add +3.8% |
| ACN Accenture PLC Class A | 0.10% | 3,884 | $1.0M | Reduce -6.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.09% | 2,047 | $1.0M | No change |
| IWO iShares Russell 2000 Growth | 0.09% | 3,132 | $1.0M | No change |
| CL Colgate-Palmolive Co. | 0.09% | 12,370 | $977K | Add +7.2% |
| JNJ Johnson & Johnson | 0.09% | 4,635 | $959K | Reduce -6.3% |
| MRK Merck & Co. Inc. | 0.09% | 8,804 | $927K | Reduce -0.2% |
| WMT Walmart Inc. | 0.09% | 8,309 | $926K | Reduce -3.3% |
| PG The Procter & Gamble Co. | 0.08% | 6,360 | $911K | Reduce -13.4% |
| BLK BlackRock Inc. | 0.08% | 835 | $894K | Add +0.5% |
| TDG Transdigm Group Inc. | 0.08% | 652 | $867K | No change |
| NULV Nuveen ESG Large-Cap Val ETF | 0.08% | 19,185 | $864K | Reduce -8.7% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.08% | 2,969 | $862K | No change |
| XLC SS Comm Select Sector SPDR | 0.08% | 7,317 | $861K | Add +3.7% |
| ATI Ati Inc. | 0.08% | 7,484 | $859K | No change |
| IWN iShares Russell 2000 Value E | 0.08% | 4,604 | $834K | No change |
| USMV iShares MSCI USA Min Vol Fac | 0.08% | 8,694 | $819K | No change |
| SLV iShares Silver Trust | 0.07% | 12,230 | $788K | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.07% | 732 | $783K | Reduce -0.7% |
| GLW Corning Inc. | 0.07% | 8,369 | $733K | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.07% | 1,502 | $733K | No change |
| ISRG Intuitive Surgical Inc. | 0.06% | 1,240 | $702K | Reduce -0.9% |
| ABT Abbott Laboratories | 0.06% | 5,443 | $682K | No change |
| AMD Advanced Micro Devices | 0.06% | 3,146 | $674K | Reduce -11.0% |
| MCD McDonald's Corp. | 0.06% | 2,188 | $669K | Reduce -1.8% |
| MDLZ Mondelez International Inc. Class A | 0.06% | 12,118 | $652K | Reduce -6.6% |
Portfolio Sells Q3 2025 → Q4 2025
| CAT Caterpillar Inc. | Reduce -95.4% | 0.04% | −0.61 |
| DE Deere & Co. | Sold out | 0.00% | −0.42 |
| MGEE Mge Energy Inc. | Reduce -85.9% | 0.04% | −0.30 |
| IWF iShares Russell 1000 Growth | Reduce -3.0% | 7.91% | −0.16 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −0.14 |
| MSFT Microsoft Corp. | Reduce -6.0% | 0.79% | −0.11 |
| AEE Ameren Corporation | Sold out | 0.00% | −0.11 |
| LNT Alliant Energy Corp. | Reduce -65.1% | 0.03% | −0.06 |
| PLOW Douglas Dynamics Inc. | Sold out | 0.00% | −0.06 |
| NFLX Netflix Inc. | Reduce -0.3% | 0.17% | −0.05 |
| CVX Chevron Corp. | Reduce -51.7% | 0.04% | −0.04 |
| PNC PNC Financial Services Group | Reduce -59.6% | 0.03% | −0.04 |
| TTC Toro Co. | Sold out | 0.00% | −0.04 |
| HWM Howmet Aerospace Inc. | Sold out | 0.00% | −0.03 |
| SO The Southern Co. | Reduce -38.6% | 0.04% | −0.03 |
| RSG Republic Services Inc. | Reduce -1.7% | 0.24% | −0.02 |
| USB US Bancorp | Reduce -52.5% | 0.03% | −0.02 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.02 |
| T AT&T Inc. | Sold out | 0.00% | −0.02 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.02 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −0.02 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.02 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.02 |
| PSX Phillips 66 | Sold out | 0.00% | −0.02 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -13.4% | 0.08% | −0.02 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −0.02 |
| INTC Intel Corp. | Sold out | 0.00% | −0.02 |
| PPL PPL Corp. | Sold out | 0.00% | −0.02 |
| ICLN iShares Global Clean Energy | Sold out | 0.00% | −0.02 |
| PEP Pepsico Inc. | Reduce -24.4% | 0.05% | −0.01 |
| ORCL Oracle Corp. | Reduce -1.1% | 0.03% | −0.01 |
| MDLZ Mondelez International Inc. Class A | Reduce -6.6% | 0.06% | −0.01 |
| ITW Illinois Tool Works | Reduce -13.3% | 0.06% | −0.01 |
| HD Home Depot Inc. | Reduce -4.0% | 0.05% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -2.7% | 0.06% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.3% | 24.29% | −0.01 |
| ABBV Abbvie Inc. | Reduce -6.0% | 0.14% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -26.7% | 0.03% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.3% | 5.44% | −0.01 |
| DIS The Walt Disney Co. | Reduce -21.8% | 0.02% | −0.01 |
| TEL Te Connectivity PLC | Reduce -15.2% | 0.05% | −0.01 |
| NOW ServiceNow Inc. | Reduce -1.2% | 0.03% | −0.01 |
| EA Electronic Arts Inc. | Reduce -3.4% | 0.27% | −0.01 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -8.7% | 0.08% | −0.01 |
| UNP Union Pacific Corp. | Reduce -12.2% | 0.03% | −0.00 |
| ROK Rockwell Automation Inc. | Reduce -25.3% | 0.02% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -10.7% | 0.03% | −0.00 |
| DUK Duke Energy Corp. | Reduce -5.4% | 0.03% | −0.00 |
| COF Capital One Financial Corp. | Reduce -20.4% | 0.03% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +1.6% | 1.12% | +0.26 |
| CIEN Ciena Corp. | Add +3.0% | 0.57% | +0.23 |
| LLY Eli Lilly & Co. | Add +2.1% | 0.56% | +0.17 |
| AGG iShares Core U.S. Aggregate | Add +5.0% | 3.50% | +0.16 |
| META Meta Platforms Inc. Class A | Add +237.7% | 0.23% | +0.16 |
| AAPL Apple Inc. | Add +0.8% | 1.42% | +0.10 |
| LRCX Lam Research Corp. | Add +2.5% | 0.42% | +0.10 |
| PRU Prudential Financial Inc. | Add +46.5% | 0.26% | +0.10 |
| AVGO Broadcom Inc. | Add +2.7% | 1.20% | +0.09 |
| EXPE Expedia Group Inc. | Add +3.2% | 0.28% | +0.08 |
| JPST JPMorgan Ultra-Short Income | Add +7.3% | 1.01% | +0.07 |
| C Citigroup Inc. | Add +2.9% | 0.39% | +0.06 |
| NUE Nucor Corp. | Add +3.5% | 0.27% | +0.05 |
| COR Cencora Inc. | Add +3.0% | 0.43% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +1.7% | 0.95% | +0.04 |
| ADI Analog Devices Inc. | Add +2.9% | 0.30% | +0.04 |
| BAC Bank of America Corp. | Add +2.4% | 0.36% | +0.03 |
| XOM Exxon Mobil Corp. | Add +2.0% | 0.30% | +0.02 |
| GLD SPDR Gold Shares | Add +1.3% | 0.19% | +0.02 |
| EXAS Exact Sciences Corp. | New | 0.02% | +0.02 |
| PWR Quanta Services Inc. | Add +1.9% | 0.55% | +0.02 |
| TFC Truist Financial Corp. | New | 0.02% | +0.02 |
| NEE Nextera Energy Inc. | Add +2.7% | 0.22% | +0.02 |
| APO Apollo Global Management Inc. | Add +8.5% | 0.11% | +0.02 |
| MUB iShares National Muni Bond E | Add +3.4% | 0.44% | +0.02 |
| TJX TJX Companies Inc. | Add +0.8% | 0.25% | +0.02 |
| KO The Coca-Cola Co. | Add +1.6% | 0.24% | +0.02 |
| NVDA Nvidia Corp. | Add +0.9% | 1.62% | +0.02 |
| CRM Salesforce Inc. | Add +3.8% | 0.10% | +0.01 |
| AEP American Electric Power | Add +6.8% | 0.12% | +0.01 |
| QCOM Qualcomm Inc. | Add +2.0% | 0.14% | +0.01 |
| GD General Dynamics Corp. | Add +3.3% | 0.27% | +0.01 |
| AXP American Express Co. | Add +0.3% | 0.05% | +0.01 |
| CL Colgate-Palmolive Co. | Add +7.2% | 0.09% | +0.01 |
| EQIX Equinix Inc. | Add +3.6% | 0.21% | +0.00 |
| TOL Toll Brothers Inc. | Add +3.6% | 0.19% | +0.00 |
| XLC SS Comm Select Sector SPDR | Add +3.7% | 0.08% | +0.00 |
| WFC Wells Fargo & Co. | Add +2.0% | 0.02% | +0.00 |
| DRI Darden Restaurants Inc. | Add +3.3% | 0.16% | 0.00 |
| OSK Oshkosh Corp. | Add +2.2% | 0.14% | −0.00 |
| LOW Lowe's Cos Inc. | Add +3.4% | 0.19% | −0.00 |
| ICE Intercontinental Exchange Inc. | Add +2.9% | 0.22% | −0.00 |
| KR Kroger Co. | Add +4.5% | 0.13% | −0.00 |
| SYK Stryker Corp. | Add +3.1% | 0.28% | −0.01 |
| TXN Texas Instruments Inc. | Add +2.5% | 0.20% | −0.01 |
| BLK BlackRock Inc. | Add +0.5% | 0.08% | −0.01 |
| COST Costco Wholesale Corp. | Add +0.7% | 0.33% | −0.02 |
| TMUS T-Mobile US Inc. | Add +3.1% | 0.26% | −0.04 |
| ANET Arista Networks Inc. | Add +3.4% | 0.71% | −0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 201 | $1.3B | VTI, IEFA, IWF, IJR, IWD |
| Q1 2026 | 192 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q4 2025 | 168 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q3 2025 | 185 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q2 2025 | 185 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q1 2025 | 170 | $1.0B | VTI, IEFA, IWF, IJR, DGRO |
| Q4 2024 | 162 | $1.0B | VTI, IEFA, IWF, IJR, DGRO |
| Q3 2024 | 159 | $999.2M | VTI, IEFA, IWF, IJR, DGRO |
| Q2 2024 | 157 | $943.3M | VTI, IEFA, IWF, IJR, DGRO |
| Q1 2024Amended | 165 | $932.5M | VTI, IEFA, IWF, IJR, DGRO |