First Dallas Securities Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), First Dallas Securities Inc. reported 112 stock positions worth $239.3 million. Its top holding was Texas Pacific Land (TPL) at 13.9% of the portfolio, followed by Nvidia (NVDA, 9.5%) and Apple (AAPL, 6.7%). Compared with Q4 2024, it opened 10 new positions, sold out of 10, added to 39 and reduced 43. The biggest buy was a new position in Kirby (KEX) and the biggest sale an exit from Generac (GNRC).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001378559
- Portfolio Value
- $239.3M (Q1 2025)
- SEC Filing
- 0001378559-25-000001 ↗ filed May 16, 2025
Holdings Value
Holdings 112 stocks · $239.3M
| TPL Texas Pacific Land Corp. | 13.91% | 25,117 | $33.3M | Reduce -1.3% |
| NVDA Nvidia Corp. | 9.50% | 209,862 | $22.7M | Add +0.3% |
| AAPL Apple Inc. | 6.67% | 71,822 | $16.0M | Add +0.6% |
| OKE Oneok Inc. | 3.03% | 73,046 | $7.2M | Add +15.2% |
| AMZN Amazon.com Inc. | 2.87% | 36,058 | $6.9M | Add +2.7% |
| MSFT Microsoft Corp. | 2.70% | 17,203 | $6.5M | Reduce -15.7% |
| UBER Uber Technologies Inc. | 2.63% | 86,397 | $6.3M | Add +8.4% |
| XOM Exxon Mobil Corp. | 2.52% | 50,618 | $6.0M | Reduce -11.0% |
| META Meta Platforms Inc. Class A | 2.15% | 8,934 | $5.1M | Add +17.7% |
| FCX Freeport-McMoran Inc. | 1.80% | 113,541 | $4.3M | Add +0.6% |
| WYNN WYNN Resorts Ltd. | 1.75% | 50,021 | $4.2M | Reduce -5.9% |
| ABBV Abbvie Inc. | 1.54% | 17,553 | $3.7M | Reduce -3.9% |
| LLY Eli Lilly & Co. | 1.53% | 4,438 | $3.7M | Add +10.6% |
| HD Home Depot Inc. | 1.49% | 9,761 | $3.6M | Reduce -0.5% |
| JPM JPMorgan Chase & Co. | 1.48% | 14,396 | $3.5M | Add +0.9% |
| EXP Eagle Materials Inc. | 1.43% | 15,451 | $3.4M | Add +1.6% |
| ET Energy Transfer LP | 1.41% | 181,899 | $3.4M | Add +1.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.38% | 13,277 | $3.3M | Reduce -21.4% |
| CAT Caterpillar Inc. | 1.36% | 9,854 | $3.3M | Reduce -0.1% |
| ETD Ethan Allen Interiors Inc. | 1.32% | 113,887 | $3.2M | Reduce -6.1% |
| DKNG Draftkings Inc. Class A | 1.29% | 93,061 | $3.1M | Add +21.1% |
| KEX Kirby Corp. | 1.24% | 29,285 | $3.0M | New |
| EXE Expand Energy Corp. | 1.23% | 26,406 | $2.9M | Reduce -0.5% |
| VST Vistra Corp. | 1.20% | 24,488 | $2.9M | Reduce -3.4% |
| BA The Boeing Co. | 1.12% | 15,676 | $2.7M | Add +1.4% |
| WMT Walmart Inc. | 1.09% | 29,597 | $2.6M | Add +0.2% |
| T AT&T Inc. | 1.08% | 91,684 | $2.6M | Add +2.3% |
| COST Costco Wholesale Corp. | 1.07% | 2,703 | $2.6M | Reduce -1.8% |
| DVN Devon Energy Corp. | 0.88% | 56,067 | $2.1M | Add +6.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.86% | 49,084 | $2.0M | Reduce -1.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.85% | 12,206 | $2.0M | Add +26.4% |
| CLF Cleveland-Cliffs Inc. | 0.84% | 245,240 | $2.0M | Add +21.7% |
| SN Sharkninja Inc. | 0.83% | 23,905 | $2.0M | Add +2.7% |
| AMGN Amgen Inc. | 0.82% | 6,308 | $2.0M | Reduce -13.1% |
| MRK Merck & Co. Inc. | 0.78% | 20,664 | $1.9M | Reduce -3.1% |
| JNJ Johnson & Johnson | 0.77% | 11,179 | $1.9M | Reduce -7.1% |
| XEL Xcel Energy Inc. | 0.77% | 25,974 | $1.8M | Reduce -0.4% |
| CSWC Capital Southwest Corp. | 0.67% | 71,925 | $1.6M | Add +7.2% |
| GOOGL Alphabet Inc. Class A | 0.63% | 9,695 | $1.5M | Add +97.9% |
| GOOG Alphabet Inc. Class C | 0.62% | 7,440 | $1.5M | Add +38.7% |
| SCHW Schwab (charles) Corp. | 0.60% | 18,417 | $1.4M | Reduce -2.1% |
| HR Healthcare Realty Trust Inc. | 0.59% | 84,250 | $1.4M | No change |
| AXP American Express Co. | 0.58% | 5,162 | $1.4M | Reduce -4.6% |
| WFC Wells Fargo & Co. | 0.58% | 19,278 | $1.4M | Add +17.7% |
| CMC Commercial Metals Co. | 0.57% | 29,885 | $1.4M | Reduce -0.6% |
| VZ Verizon Communications Inc. | 0.55% | 29,267 | $1.3M | Add +0.0% |
| AEP American Electric Power | 0.54% | 11,825 | $1.3M | Add +1.7% |
| MU Micron Technology Inc. | 0.53% | 14,630 | $1.3M | Add +4.5% |
| UPS United Parcel Service Class B | 0.52% | 11,421 | $1.3M | Add +0.9% |
| DUK Duke Energy Corp. | 0.51% | 10,059 | $1.2M | No change |
| C Citigroup Inc. | 0.49% | 16,484 | $1.2M | Add +60.5% |
| BANC Banc of California Inc. | 0.46% | 77,975 | $1.1M | No change |
| MTZ Mastec Inc. | 0.43% | 8,850 | $1.0M | Add +16.4% |
| MMM 3M Co. | 0.42% | 6,845 | $1.0M | Reduce -18.0% |
| ABNB Airbnb Inc. Class A | 0.41% | 8,230 | $983K | No change |
| BX Blackstone Inc. | 0.39% | 6,615 | $925K | Reduce -18.1% |
| WHR Whirlpool Corp. | 0.37% | 9,775 | $881K | Add +20.3% |
| KO The Coca-Cola Co. | 0.36% | 12,120 | $868K | Add +1.7% |
| MCD McDonald's Corp. | 0.36% | 2,775 | $867K | Reduce -3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.36% | 1,602 | $853K | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.33% | 1 | $798K | No change |
| HPE Hewlett Packard Enterprise | 0.33% | 51,373 | $793K | Add +67.0% |
| ATO Atmos Energy Corp. | 0.31% | 4,800 | $742K | Reduce -0.4% |
| PR Permian Resources Corp. Class A | 0.30% | 51,567 | $714K | Reduce -2.8% |
| GS Goldman Sachs Group Inc. | 0.29% | 1,260 | $688K | No change |
| SO The Southern Co. | 0.27% | 7,020 | $645K | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.26% | 14,290 | $628K | Add +13.5% |
| FDX FedEx Corp. | 0.26% | 2,542 | $620K | Reduce -21.1% |
| MS Morgan Stanley | 0.25% | 5,062 | $591K | No change |
| NCLH Norwegian Cruise Line Holdin | 0.25% | 31,100 | $590K | Reduce -12.3% |
| PLTR Palantir Technologies Inc. Class A | 0.24% | 6,819 | $576K | Add +100.6% |
| AEE Ameren Corporation | 0.24% | 5,725 | $575K | No change |
| MTDR Matador Resources Co. | 0.24% | 11,138 | $569K | Add +0.1% |
| PANW Palo Alto Networks Inc. | 0.23% | 3,160 | $539K | Reduce -25.8% |
| SPG Simon Property Group Inc. | 0.22% | 3,100 | $515K | No change |
| HON Honeywell International Inc. | 0.21% | 2,350 | $498K | No change |
| CRS Carpenter Technology | 0.21% | 2,725 | $494K | New |
| PTLO Portillo's Inc. Class A | 0.20% | 41,250 | $490K | Reduce -4.6% |
| CFR Cullen/Frost Bankers Inc. | 0.20% | 3,878 | $486K | Reduce -3.7% |
| MTN Vail Resorts Inc. | 0.20% | 3,025 | $484K | New |
| CVX Chevron Corp. | 0.20% | 2,874 | $481K | Add +1.0% |
| ISRG Intuitive Surgical Inc. | 0.19% | 900 | $446K | No change |
| NFLX Netflix Inc. | 0.18% | 460 | $429K | No change |
| SPOT Spotify Technology SA | 0.17% | 748 | $411K | New |
| PEP Pepsico Inc. | 0.17% | 2,732 | $410K | Reduce -4.0% |
| COP Conocophillips | 0.17% | 3,898 | $409K | Reduce -1.6% |
| FANG Diamondback Energy Inc. | 0.17% | 2,540 | $406K | Reduce -13.0% |
| LIF LIFE360 Inc. | 0.17% | 10,450 | $401K | No change |
| DE Deere & Co. | 0.16% | 840 | $394K | No change |
| LUV Southwest Airlines Co. | 0.15% | 10,925 | $367K | Reduce -16.8% |
| RTX RTX Corp. | 0.15% | 2,677 | $355K | New |
| AVGO Broadcom Inc. | 0.15% | 2,100 | $352K | No change |
| XRN Global Medical REIT Inc. | 0.14% | 38,000 | $333K | Reduce -26.9% |
| DELL Dell Technologies -C | 0.14% | 3,595 | $328K | Reduce -8.9% |
| TFC Truist Financial Corp. | 0.14% | 7,961 | $328K | Add +53.1% |
| FOUR SHIFT4 Payments Inc. Class A | 0.14% | 4,000 | $327K | Reduce -24.9% |
| STKL Sunopta Inc. | 0.14% | 67,000 | $326K | Add +42.5% |
| ORCL Oracle Corp. | 0.13% | 2,300 | $322K | No change |
| TSLA Tesla Inc. | 0.13% | 1,240 | $321K | New |
| SYM Symbotic Inc. | 0.13% | 15,150 | $306K | Reduce -13.4% |
Portfolio Sells Q4 2024 → Q1 2025
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −1.68 |
| MSFT Microsoft Corp. | Reduce -15.7% | 2.70% | −0.81 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −0.43 |
| ON On Semiconductor | Sold out | 0.00% | −0.31 |
| VST Vistra Corp. | Reduce -3.4% | 1.20% | −0.22 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −0.21 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.20 |
| BX Blackstone Inc. | Reduce -18.1% | 0.39% | −0.18 |
| SNBRQ Sleep Number Corp. | Reduce -26.5% | 0.08% | −0.18 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.14 |
| TFIN Triumph Financial Inc. | Reduce -34.5% | 0.10% | −0.14 |
| IBM Intl Business Machines Corp. | Reduce -21.4% | 1.38% | −0.13 |
| CART Maplebear Inc. | Sold out | 0.00% | −0.13 |
| CROX Crocs Inc. | Sold out | 0.00% | −0.13 |
| NCLH Norwegian Cruise Line Holdin | Reduce -12.3% | 0.25% | −0.13 |
| YOU Clear Secure Inc. Class A | Sold out | 0.00% | −0.12 |
| WYNN WYNN Resorts Ltd. | Reduce -5.9% | 1.75% | −0.12 |
| CMA Comerica Inc. | Sold out | 0.00% | −0.12 |
| FDX FedEx Corp. | Reduce -21.1% | 0.26% | −0.11 |
| LMT Lockheed Martin Corp. | Reduce -46.5% | 0.11% | −0.11 |
| CAT Caterpillar Inc. | Reduce -0.1% | 1.36% | −0.10 |
| PANW Palo Alto Networks Inc. | Reduce -25.8% | 0.23% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -3.1% | 0.78% | −0.09 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -24.9% | 0.14% | −0.09 |
| AXP American Express Co. | Reduce -4.6% | 0.58% | −0.07 |
| ETD Ethan Allen Interiors Inc. | Reduce -6.1% | 1.32% | −0.07 |
| HD Home Depot Inc. | Reduce -0.5% | 1.49% | −0.06 |
| BLDR Builders Firstsource Inc. | Reduce -34.7% | 0.08% | −0.06 |
| DELL Dell Technologies -C | Reduce -8.9% | 0.14% | −0.05 |
| SYM Symbotic Inc. | Reduce -13.4% | 0.13% | −0.04 |
| BAC Bank of America Corp. | Reduce -1.2% | 0.86% | −0.03 |
| CMC Commercial Metals Co. | Reduce -0.6% | 0.57% | −0.03 |
| LUV Southwest Airlines Co. | Reduce -16.8% | 0.15% | −0.03 |
| FANG Diamondback Energy Inc. | Reduce -13.0% | 0.17% | −0.03 |
| XRN Global Medical REIT Inc. | Reduce -26.9% | 0.14% | −0.02 |
| MMM 3M Co. | Reduce -18.0% | 0.42% | −0.02 |
| CFR Cullen/Frost Bankers Inc. | Reduce -3.7% | 0.20% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -14.5% | 0.13% | −0.02 |
| PR Permian Resources Corp. Class A | Reduce -2.8% | 0.30% | −0.01 |
| PEP Pepsico Inc. | Reduce -4.0% | 0.17% | −0.01 |
| COP Conocophillips | Reduce -1.6% | 0.17% | +0.01 |
| XOM Exxon Mobil Corp. | Reduce -11.0% | 2.52% | +0.02 |
| MCD McDonald's Corp. | Reduce -3.5% | 0.36% | +0.02 |
| SCHW Schwab (charles) Corp. | Reduce -2.1% | 0.60% | +0.04 |
| ATO Atmos Energy Corp. | Reduce -0.4% | 0.31% | +0.04 |
| PTLO Portillo's Inc. Class A | Reduce -4.6% | 0.20% | +0.04 |
| COST Costco Wholesale Corp. | Reduce -1.8% | 1.07% | +0.04 |
| AMGN Amgen Inc. | Reduce -13.1% | 0.82% | +0.05 |
| XEL Xcel Energy Inc. | Reduce -0.4% | 0.77% | +0.05 |
| JNJ Johnson & Johnson | Reduce -7.1% | 0.77% | +0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| KEX Kirby Corp. | New | 1.24% | +1.24 |
| UBER Uber Technologies Inc. | Add +8.4% | 2.63% | +0.67 |
| OKE Oneok Inc. | Add +15.2% | 3.03% | +0.43 |
| META Meta Platforms Inc. Class A | Add +17.7% | 2.15% | +0.34 |
| LLY Eli Lilly & Co. | Add +10.6% | 1.53% | +0.27 |
| T AT&T Inc. | Add +2.3% | 1.08% | +0.25 |
| GOOGL Alphabet Inc. Class A | Add +97.9% | 0.63% | +0.25 |
| GOOG Alphabet Inc. Class C | Add +38.7% | 0.62% | +0.21 |
| CRS Carpenter Technology | New | 0.21% | +0.21 |
| MTN Vail Resorts Inc. | New | 0.20% | +0.20 |
| C Citigroup Inc. | Add +60.5% | 0.49% | +0.19 |
| DVN Devon Energy Corp. | Add +6.4% | 0.88% | +0.17 |
| SPOT Spotify Technology SA | New | 0.17% | +0.17 |
| RTX RTX Corp. | New | 0.15% | +0.15 |
| PLTR Palantir Technologies Inc. Class A | Add +100.6% | 0.24% | +0.14 |
| TSLA Tesla Inc. | New | 0.13% | +0.13 |
| DKNG Draftkings Inc. Class A | Add +21.1% | 1.29% | +0.13 |
| WFC Wells Fargo & Co. | Add +17.7% | 0.58% | +0.11 |
| AEP American Electric Power | Add +1.7% | 0.54% | +0.10 |
| EQT Eqt Corp. | New | 0.10% | +0.10 |
| VRT Vertiv Holdings Co. Class A | New | 0.09% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +0.9% | 1.48% | +0.08 |
| VZ Verizon Communications Inc. | Add +0.0% | 0.55% | +0.08 |
| CSWC Capital Southwest Corp. | Add +7.2% | 0.67% | +0.07 |
| CLF Cleveland-Cliffs Inc. | Add +21.7% | 0.84% | +0.07 |
| AIOT Powerfleet Inc. | New | 0.07% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +26.4% | 0.85% | +0.07 |
| WULF Terawulf Inc. | New | 0.07% | +0.07 |
| HPE Hewlett Packard Enterprise | Add +67.0% | 0.33% | +0.06 |
| KO The Coca-Cola Co. | Add +1.7% | 0.36% | +0.06 |
| MU Micron Technology Inc. | Add +4.5% | 0.53% | +0.05 |
| TFC Truist Financial Corp. | Add +53.1% | 0.14% | +0.04 |
| FCX Freeport-McMoran Inc. | Add +0.6% | 1.80% | +0.04 |
| CVX Chevron Corp. | Add +1.0% | 0.20% | +0.03 |
| MTZ Mastec Inc. | Add +16.4% | 0.43% | +0.01 |
| BA The Boeing Co. | Add +1.4% | 1.12% | +0.00 |
| WMT Walmart Inc. | Add +0.2% | 1.09% | −0.00 |
| TXN Texas Instruments Inc. | Add +0.1% | 0.12% | −0.00 |
| WHR Whirlpool Corp. | Add +20.3% | 0.37% | −0.01 |
| STKL Sunopta Inc. | Add +42.5% | 0.14% | −0.01 |
| ET Energy Transfer LP | Add +1.8% | 1.41% | −0.01 |
| MTDR Matador Resources Co. | Add +0.1% | 0.24% | −0.02 |
| ONON On Holding AG Class A | Add +13.5% | 0.26% | −0.02 |
| UPS United Parcel Service Class B | Add +0.9% | 0.52% | −0.06 |
| SN Sharkninja Inc. | Add +2.7% | 0.83% | −0.09 |
| EXP Eagle Materials Inc. | Add +1.6% | 1.43% | −0.10 |
| AMZN Amazon.com Inc. | Add +2.7% | 2.87% | −0.27 |
| AAPL Apple Inc. | Add +0.6% | 6.67% | −0.62 |
| NVDA Nvidia Corp. | Add +0.3% | 9.50% | −1.95 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 125 | $302.6M | NVDA, TPL, AAPL, AMZN, CAT |
| Q1 2026 | 118 | $270.3M | NVDA, TPL, AAPL, AMZN, XOM |
| Q4 2025 | 107 | $268.8M | NVDA, TPL, AAPL, AMZN, MSFT |
| Q3 2025 | 113 | $266.9M | NVDA, TPL, AAPL, AMZN, MSFT |
| Q2 2025 | 123 | $253.0M | NVDA, TPL, AAPL, AMZN, MSFT |
| Q1 2025 | 112 | $239.3M | TPL, NVDA, AAPL, OKE, AMZN |
| Q4 2024 | 112 | $245.4M | TPL, NVDA, AAPL, MSFT, AMZN |
| Q3 2024 | 119 | $239.3M | NVDA, TPL, AAPL, MSFT, XOM |
| Q2 2024 | 117 | $227.8M | NVDA, TPL, AAPL, MSFT, XOM |
| Q1 2024 | 118 | $217.4M | TPL, AAPL, NVDA, WIRE, XOM |