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

0$500.0M$1.0B$1.5B Q1 2024: $932.5M Q1 2024 Q2 2024: $943.3M Q2 2024 Q3 2024: $999.2M Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B $1.1B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.3B Q2 2026

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%
ITW Illinois Tool Works 0.06% 2,606 $642K Reduce -13.3%
ETN Eaton Corp. PLC 0.06% 2,006 $639K Reduce -2.7%
HD Home Depot Inc. 0.05% 1,724 $593K Reduce -4.0%
TTEK Tetra Tech Inc. 0.05% 16,820 $564K Reduce -4.2%
PEP Pepsico Inc. 0.05% 3,809 $547K Reduce -24.4%
AXP American Express Co. 0.05% 1,472 $545K Add +0.3%
TEL Te Connectivity PLC 0.05% 2,375 $540K Reduce -15.2%
MDY State Street SPDR S&P Midcap 0.05% 887 $535K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 1,764 $523K Reduce -9.0%
TRI Thomson Reuters Corp. 0.05% 3,942 $520K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 2,689 $514K No change
MA Mastercard Inc. Class A 0.05% 883 $504K Reduce -0.2%
AMP Ameriprise Financial Inc. 0.05% 1,015 $498K No change
EFA iShares MSCI Eafe ETF 0.05% 5,128 $492K No change
MGEE Mge Energy Inc. 0.04% 6,252 $490K Reduce -85.9%
AON Aon PLC Class A 0.04% 1,384 $488K No change
OKLO Oklo Inc. 0.04% 6,650 $477K No change
WEYS Weyco Group Inc. 0.04% 14,156 $433K No change
V Visa Inc. Class A 0.04% 1,227 $430K Reduce -9.3%
MCK McKesson Corp. 0.04% 523 $429K No change
CMI Cummins Inc. 0.04% 824 $421K No change
CVX Chevron Corp. 0.04% 2,731 $416K Reduce -51.7%
PH Parker Hannifin Corp. 0.04% 470 $413K No change
MO Altria Group Inc. 0.04% 7,116 $410K No change
VEA Vanguard Ftse Developed ETF 0.04% 6,432 $402K Reduce -1.3%
ACWX iShares MSCI Acwi Ex US ETF 0.04% 5,905 $396K No change
VGT Vanguard Info Tech ETF 0.04% 519 $391K No change
SO The Southern Co. 0.04% 4,434 $387K Reduce -38.6%
CTAS Cintas Corp. 0.04% 2,052 $386K No change
CAT Caterpillar Inc. 0.04% 672 $385K Reduce -95.4%
COF Capital One Financial Corp. 0.03% 1,556 $377K Reduce -20.4%
MS Morgan Stanley 0.03% 2,076 $369K Reduce -0.4%
GE General Electric filed as GE AEROSPACE 0.03% 1,189 $366K Reduce -0.3%
WM Waste Management Inc. 0.03% 1,659 $364K Reduce -5.7%
DUK Duke Energy Corp. 0.03% 3,073 $360K Reduce -5.4%
DOX Amdocs Ltd. 0.03% 4,450 $358K No change
LNT Alliant Energy Corp. 0.03% 5,444 $354K Reduce -65.1%
ORCL Oracle Corp. 0.03% 1,794 $350K Reduce -1.1%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 7,904 $337K No change
IXN iShares Global Tech ETF 0.03% 3,143 $330K No change
UNP Union Pacific Corp. 0.03% 1,422 $329K Reduce -12.2%
GS Goldman Sachs Group Inc. 0.03% 371 $326K Reduce -9.7%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.03% 2,462 $320K Reduce -1.2%
XEL Xcel Energy Inc. 0.03% 4,184 $309K Reduce -3.0%
NOW ServiceNow Inc. 0.03% 1,990 $305K Reduce -1.2%
WWD Woodward Inc. 0.03% 1,000 $302K No change
UNH Unitedhealth Group Inc. 0.03% 879 $290K Reduce -10.7%
USB US Bancorp 0.03% 5,397 $288K Reduce -52.5%
SCHW Schwab (charles) Corp. 0.03% 2,881 $288K Reduce -26.7%
PNC PNC Financial Services Group 0.03% 1,348 $281K Reduce -59.6%
AMAT Applied Materials Inc. 0.03% 1,078 $277K Reduce -3.2%
STRT Strattec Security Corp. 0.03% 3,598 $274K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.02% 1,037 $268K No change
MRVL Marvell Technology Inc. 0.02% 3,113 $265K Reduce -0.7%
FIS Fidelity National Info Serv 0.02% 3,963 $263K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,281 $260K Reduce -21.8%
CRL Charles River Laboratories 0.02% 1,300 $259K No change
PAVE Global X US Infrastructure 0.02% 5,401 $258K No change
ROK Rockwell Automation Inc. 0.02% 648 $252K Reduce -25.3%
IVW iShares S&P 500 Growth ETF 0.02% 1,933 $238K No change
TMO Thermo Fisher Scientific Inc. 0.02% 411 $238K Reduce -7.0%
FELG Fidelity Enh LRG Cap GWTH 0.02% 5,700 $238K No change
WFC Wells Fargo & Co. 0.02% 2,473 $230K Add +2.0%
DGRW Wisdomtree U.S. Quality Divi 0.02% 2,543 $227K No change
EXAS Exact Sciences Corp. 0.02% 2,215 $225K New
TFC Truist Financial Corp. 0.02% 4,292 $211K New
GILD Gilead Sciences Inc. 0.02% 1,710 $210K Reduce -5.3%
UA Under Armour Inc. Class C 0.00% 10,000 $48K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 201$1.3BVTI, IEFA, IWF, IJR, IWD
Q1 2026 192$1.1BVTI, IEFA, IWF, IJR, DGRO
Q4 2025 168$1.1BVTI, IEFA, IWF, IJR, DGRO
Q3 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q2 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q1 2025 170$1.0BVTI, IEFA, IWF, IJR, DGRO
Q4 2024 162$1.0BVTI, IEFA, IWF, IJR, DGRO
Q3 2024 159$999.2MVTI, IEFA, IWF, IJR, DGRO
Q2 2024 157$943.3MVTI, IEFA, IWF, IJR, DGRO
Q1 2024Amended 165$932.5MVTI, IEFA, IWF, IJR, DGRO