First Dallas Securities Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), First Dallas Securities Inc. reported 123 stock positions worth $253.0 million. Its top holding was Nvidia (NVDA) at 13.0% of the portfolio, followed by Texas Pacific Land (TPL, 9.7%) and Apple (AAPL, 5.7%). Compared with Q1 2025, it opened 17 new positions, sold out of 6, added to 28 and reduced 68. The biggest buy was Boeing (BA, shares +77%) and the biggest sale Texas Pacific Land (TPL, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001378559
- Portfolio Value
- $253.0M (Q2 2025)
- SEC Filing
- 0001337263-25-000006 ↗ filed Aug 7, 2025
Holdings Value
Holdings 123 stocks · $253.0M
| NVDA Nvidia Corp. | 13.05% | 208,907 | $33.0M | Reduce -0.5% |
| TPL Texas Pacific Land Corp. | 9.70% | 23,234 | $24.5M | Reduce -7.5% |
| AAPL Apple Inc. | 5.65% | 69,710 | $14.3M | Reduce -2.9% |
| AMZN Amazon.com Inc. | 3.45% | 39,772 | $8.7M | Add +10.3% |
| MSFT Microsoft Corp. | 3.29% | 16,729 | $8.3M | Reduce -2.8% |
| UBER Uber Technologies Inc. | 2.90% | 78,527 | $7.3M | Reduce -9.1% |
| META Meta Platforms Inc. Class A | 2.78% | 9,537 | $7.0M | Add +6.8% |
| OKE Oneok Inc. | 2.30% | 71,253 | $5.8M | Reduce -2.5% |
| BA The Boeing Co. | 2.30% | 27,747 | $5.8M | Add +77.0% |
| XOM Exxon Mobil Corp. | 2.08% | 48,835 | $5.3M | Reduce -3.5% |
| FCX Freeport-McMoran Inc. | 1.90% | 110,756 | $4.8M | Reduce -2.5% |
| DKNG Draftkings Inc. Class A | 1.69% | 99,911 | $4.3M | Add +7.4% |
| JPM JPMorgan Chase & Co. | 1.61% | 14,076 | $4.1M | Reduce -2.2% |
| CAT Caterpillar Inc. | 1.53% | 9,939 | $3.9M | Add +0.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.49% | 12,828 | $3.8M | Reduce -3.4% |
| VST Vistra Corp. | 1.47% | 19,208 | $3.7M | Reduce -21.6% |
| LLY Eli Lilly & Co. | 1.37% | 4,443 | $3.5M | Add +0.1% |
| WYNN WYNN Resorts Ltd. | 1.36% | 36,817 | $3.4M | Reduce -26.4% |
| HD Home Depot Inc. | 1.36% | 9,387 | $3.4M | Reduce -3.8% |
| SN Sharkninja Inc. | 1.33% | 34,090 | $3.4M | Add +42.6% |
| KEX Kirby Corp. | 1.31% | 29,135 | $3.3M | Reduce -0.5% |
| EXP Eagle Materials Inc. | 1.26% | 15,781 | $3.2M | Add +2.1% |
| ABBV Abbvie Inc. | 1.22% | 16,693 | $3.1M | Reduce -4.9% |
| ETD Ethan Allen Interiors Inc. | 1.20% | 108,790 | $3.0M | Reduce -4.5% |
| EXE Expand Energy Corp. | 1.19% | 25,663 | $3.0M | Reduce -2.8% |
| WMT Walmart Inc. | 1.12% | 29,101 | $2.8M | Reduce -1.7% |
| COST Costco Wholesale Corp. | 1.06% | 2,703 | $2.7M | No change |
| TSM Taiwan Semiconductor-SP ADR | 1.05% | 11,695 | $2.6M | Reduce -4.2% |
| T AT&T Inc. | 0.98% | 85,338 | $2.5M | Reduce -6.9% |
| C Citigroup Inc. | 0.95% | 28,363 | $2.4M | Add +72.1% |
| CLF Cleveland-Cliffs Inc. | 0.94% | 312,040 | $2.4M | Add +27.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.77% | 40,962 | $1.9M | Reduce -16.6% |
| XEL Xcel Energy Inc. | 0.68% | 25,128 | $1.7M | Reduce -3.3% |
| CSWC Capital Southwest Corp. | 0.67% | 77,102 | $1.7M | Add +7.2% |
| MU Micron Technology Inc. | 0.67% | 13,705 | $1.7M | Reduce -6.3% |
| MRP Millrose Properties | 0.64% | 56,980 | $1.6M | New |
| JNJ Johnson & Johnson | 0.64% | 10,573 | $1.6M | Reduce -5.4% |
| AXP American Express Co. | 0.61% | 4,873 | $1.6M | Reduce -5.6% |
| WFC Wells Fargo & Co. | 0.59% | 18,680 | $1.5M | Reduce -3.1% |
| AMGN Amgen Inc. | 0.56% | 5,115 | $1.4M | Reduce -18.9% |
| MTZ Mastec Inc. | 0.56% | 8,350 | $1.4M | Reduce -5.7% |
| GOOGL Alphabet Inc. Class A | 0.56% | 8,014 | $1.4M | Reduce -17.3% |
| UPS United Parcel Service Class B | 0.55% | 13,720 | $1.4M | Add +20.1% |
| SCHW Schwab (charles) Corp. | 0.54% | 15,109 | $1.4M | Reduce -18.0% |
| CMC Commercial Metals Co. | 0.52% | 26,792 | $1.3M | Reduce -10.3% |
| WHR Whirlpool Corp. | 0.50% | 12,527 | $1.3M | Add +28.1% |
| RHP Ryman Hospitality Properties | 0.50% | 12,775 | $1.3M | New |
| PLTR Palantir Technologies Inc. Class A | 0.49% | 9,119 | $1.2M | Add +33.7% |
| VZ Verizon Communications Inc. | 0.47% | 27,624 | $1.2M | Reduce -5.6% |
| AEP American Electric Power | 0.46% | 11,121 | $1.2M | Reduce -6.0% |
| DUK Duke Energy Corp. | 0.42% | 9,018 | $1.1M | Reduce -10.3% |
| CRS Carpenter Technology | 0.41% | 3,775 | $1.0M | Add +38.5% |
| MMM 3M Co. | 0.41% | 6,846 | $1.0M | Add +0.0% |
| DVN Devon Energy Corp. | 0.40% | 31,769 | $1.0M | Reduce -43.3% |
| HPE Hewlett Packard Enterprise | 0.39% | 48,826 | $998K | Reduce -5.0% |
| BX Blackstone Inc. | 0.38% | 6,410 | $959K | Reduce -3.1% |
| MRK Merck & Co. Inc. | 0.37% | 11,927 | $944K | Reduce -42.3% |
| BANC Banc of California Inc. | 0.37% | 66,725 | $937K | Reduce -14.4% |
| GS Goldman Sachs Group Inc. | 0.35% | 1,250 | $885K | Reduce -0.8% |
| HR Healthcare Realty Trust Inc. | 0.35% | 55,500 | $880K | Reduce -34.1% |
| KO The Coca-Cola Co. | 0.33% | 11,725 | $830K | Reduce -3.3% |
| PR Permian Resources Corp. Class A | 0.30% | 54,865 | $747K | Add +6.4% |
| ATO Atmos Energy Corp. | 0.29% | 4,803 | $740K | Add +0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.29% | 1 | $729K | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.29% | 13,940 | $726K | Reduce -2.5% |
| MS Morgan Stanley | 0.28% | 5,062 | $713K | No change |
| TSLA Tesla Inc. | 0.28% | 2,240 | $712K | Add +80.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 1,452 | $705K | Reduce -9.4% |
| CYBR Cyberark Software Ltd./Israel | 0.26% | 1,600 | $651K | New |
| SO The Southern Co. | 0.25% | 7,020 | $645K | No change |
| NFLX Netflix Inc. | 0.24% | 460 | $616K | No change |
| SPOT Spotify Technology SA | 0.23% | 768 | $589K | Add +2.7% |
| WULF Terawulf Inc. | 0.23% | 132,500 | $580K | Add +126.5% |
| MTDR Matador Resources Co. | 0.23% | 11,945 | $570K | Add +7.3% |
| MTN Vail Resorts Inc. | 0.22% | 3,550 | $558K | Add +17.4% |
| HON Honeywell International Inc. | 0.22% | 2,350 | $547K | No change |
| RH RH | 0.21% | 2,825 | $534K | New |
| PANW Palo Alto Networks Inc. | 0.21% | 2,560 | $524K | Reduce -19.0% |
| VRT Vertiv Holdings Co. Class A | 0.20% | 3,993 | $513K | Add +32.4% |
| AEE Ameren Corporation | 0.20% | 5,226 | $502K | Reduce -8.7% |
| SPG Simon Property Group Inc. | 0.20% | 3,100 | $498K | No change |
| MCD McDonald's Corp. | 0.19% | 1,675 | $489K | Reduce -39.6% |
| ISRG Intuitive Surgical Inc. | 0.19% | 900 | $489K | No change |
| ORCL Oracle Corp. | 0.19% | 2,200 | $481K | Reduce -4.3% |
| DELL Dell Technologies -C | 0.18% | 3,795 | $465K | Add +5.6% |
| FDX FedEx Corp. | 0.18% | 2,012 | $457K | Reduce -20.9% |
| PTLO Portillo's Inc. Class A | 0.17% | 37,250 | $435K | Reduce -9.7% |
| AVGO Broadcom Inc. | 0.17% | 1,570 | $433K | Reduce -25.2% |
| DE Deere & Co. | 0.17% | 841 | $427K | Add +0.1% |
| CFR Cullen/Frost Bankers Inc. | 0.17% | 3,278 | $421K | Reduce -15.5% |
| TFC Truist Financial Corp. | 0.16% | 9,675 | $416K | Add +21.5% |
| POWL Powell Industries Inc. | 0.16% | 1,950 | $410K | New |
| GEO The Geo Group Inc. | 0.16% | 16,735 | $401K | New |
| RTX RTX Corp. | 0.14% | 2,428 | $354K | Reduce -9.3% |
| ABNB Airbnb Inc. Class A | 0.14% | 2,655 | $351K | Reduce -67.7% |
| NCLH Norwegian Cruise Line Holdin | 0.14% | 17,100 | $347K | Reduce -45.0% |
| TXN Texas Instruments Inc. | 0.13% | 1,610 | $334K | No change |
| LIF LIFE360 Inc. | 0.13% | 5,050 | $330K | Reduce -51.7% |
| LUV Southwest Airlines Co. | 0.13% | 10,125 | $328K | Reduce -7.3% |
| FOUR SHIFT4 Payments Inc. Class A | 0.13% | 3,225 | $320K | Reduce -19.4% |
Portfolio Sells Q1 2025 → Q2 2025
| TPL Texas Pacific Land Corp. | Reduce -7.5% | 9.70% | −4.21 |
| ET Energy Transfer LP | Sold out | 0.00% | −1.41 |
| AAPL Apple Inc. | Reduce -2.9% | 5.65% | −1.01 |
| OKE Oneok Inc. | Reduce -2.5% | 2.30% | −0.73 |
| GOOG Alphabet Inc. Class C | Reduce -78.6% | 0.11% | −0.51 |
| DVN Devon Energy Corp. | Reduce -43.3% | 0.40% | −0.48 |
| XOM Exxon Mobil Corp. | Reduce -3.5% | 2.08% | −0.43 |
| MRK Merck & Co. Inc. | Reduce -42.3% | 0.37% | −0.40 |
| WYNN WYNN Resorts Ltd. | Reduce -26.4% | 1.36% | −0.38 |
| ABBV Abbvie Inc. | Reduce -4.9% | 1.22% | −0.31 |
| ABNB Airbnb Inc. Class A | Reduce -67.7% | 0.14% | −0.27 |
| AMGN Amgen Inc. | Reduce -18.9% | 0.56% | −0.26 |
| HR Healthcare Realty Trust Inc. | Reduce -34.1% | 0.35% | −0.25 |
| MCD McDonald's Corp. | Reduce -39.6% | 0.19% | −0.17 |
| JNJ Johnson & Johnson | Reduce -5.4% | 0.64% | −0.14 |
| STKL Sunopta Inc. | Sold out | 0.00% | −0.14 |
| HD Home Depot Inc. | Reduce -3.8% | 1.36% | −0.13 |
| SYM Symbotic Inc. | Sold out | 0.00% | −0.13 |
| ETD Ethan Allen Interiors Inc. | Reduce -4.5% | 1.20% | −0.12 |
| NCLH Norwegian Cruise Line Holdin | Reduce -45.0% | 0.14% | −0.11 |
| T AT&T Inc. | Reduce -6.9% | 0.98% | −0.11 |
| DRI Darden Restaurants Inc. | Sold out | 0.00% | −0.10 |
| XRN Global Medical REIT Inc. | Reduce -57.9% | 0.04% | −0.10 |
| CVX Chevron Corp. | Reduce -33.0% | 0.11% | −0.09 |
| DUK Duke Energy Corp. | Reduce -10.3% | 0.42% | −0.09 |
| XEL Xcel Energy Inc. | Reduce -3.3% | 0.68% | −0.09 |
| BANC Banc of California Inc. | Reduce -14.4% | 0.37% | −0.09 |
| BAC Bank of America Corp. | Reduce -16.6% | 0.77% | −0.09 |
| FANG Diamondback Energy Inc. | Reduce -39.0% | 0.08% | −0.09 |
| AEP American Electric Power | Reduce -6.0% | 0.46% | −0.08 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.08 |
| VZ Verizon Communications Inc. | Reduce -5.6% | 0.47% | −0.08 |
| SNBRQ Sleep Number Corp. | Sold out | 0.00% | −0.08 |
| FDX FedEx Corp. | Reduce -20.9% | 0.18% | −0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -9.4% | 0.28% | −0.08 |
| GOOGL Alphabet Inc. Class A | Reduce -17.3% | 0.56% | −0.07 |
| COP Conocophillips | Reduce -18.7% | 0.11% | −0.06 |
| SCHW Schwab (charles) Corp. | Reduce -18.0% | 0.54% | −0.06 |
| CMC Commercial Metals Co. | Reduce -10.3% | 0.52% | −0.06 |
| PEP Pepsico Inc. | Reduce -14.5% | 0.12% | −0.05 |
| EXE Expand Energy Corp. | Reduce -2.8% | 1.19% | −0.04 |
| AEE Ameren Corporation | Reduce -8.7% | 0.20% | −0.04 |
| LIF LIFE360 Inc. | Reduce -51.7% | 0.13% | −0.04 |
| CFR Cullen/Frost Bankers Inc. | Reduce -15.5% | 0.17% | −0.04 |
| KO The Coca-Cola Co. | Reduce -3.3% | 0.33% | −0.03 |
| PTLO Portillo's Inc. Class A | Reduce -9.7% | 0.17% | −0.03 |
| LUV Southwest Airlines Co. | Reduce -7.3% | 0.13% | −0.02 |
| PANW Palo Alto Networks Inc. | Reduce -19.0% | 0.21% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -2.8% | 0.11% | −0.02 |
| TFIN Triumph Financial Inc. | Reduce -4.7% | 0.09% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| BA The Boeing Co. | Add +77.0% | 2.30% | +1.18 |
| MRP Millrose Properties | New | 0.64% | +0.64 |
| META Meta Platforms Inc. Class A | Add +6.8% | 2.78% | +0.63 |
| AMZN Amazon.com Inc. | Add +10.3% | 3.45% | +0.58 |
| SN Sharkninja Inc. | Add +42.6% | 1.33% | +0.50 |
| RHP Ryman Hospitality Properties | New | 0.50% | +0.50 |
| C Citigroup Inc. | Add +72.1% | 0.95% | +0.47 |
| DKNG Draftkings Inc. Class A | Add +7.4% | 1.69% | +0.40 |
| CYBR Cyberark Software Ltd./Israel | New | 0.26% | +0.26 |
| PLTR Palantir Technologies Inc. Class A | Add +33.7% | 0.49% | +0.25 |
| RH RH | New | 0.21% | +0.21 |
| CRS Carpenter Technology | Add +38.5% | 0.41% | +0.21 |
| CAT Caterpillar Inc. | Add +0.9% | 1.53% | +0.17 |
| WULF Terawulf Inc. | Add +126.5% | 0.23% | +0.16 |
| POWL Powell Industries Inc. | New | 0.16% | +0.16 |
| GEO The Geo Group Inc. | New | 0.16% | +0.16 |
| TSLA Tesla Inc. | Add +80.7% | 0.28% | +0.15 |
| WHR Whirlpool Corp. | Add +28.1% | 0.50% | +0.13 |
| NBIS Nebius Group NV | New | 0.12% | +0.12 |
| VRT Vertiv Holdings Co. Class A | Add +32.4% | 0.20% | +0.11 |
| ETN Eaton Corp. PLC | New | 0.11% | +0.11 |
| GEV GE Vernova Inc. | New | 0.10% | +0.10 |
| CLF Cleveland-Cliffs Inc. | Add +27.2% | 0.94% | +0.09 |
| GE General Electric | New | 0.09% | +0.09 |
| GNRC Generac Holdings Inc. | New | 0.09% | +0.09 |
| GENI Genius Sports Ltd. | New | 0.09% | +0.09 |
| V Visa Inc. Class A | New | 0.08% | +0.08 |
| UAL United Airlines Holdings Inc. | New | 0.08% | +0.08 |
| TTWO Take-Two Interactive Softwre | New | 0.08% | +0.08 |
| SPOT Spotify Technology SA | Add +2.7% | 0.23% | +0.06 |
| DELL Dell Technologies -C | Add +5.6% | 0.18% | +0.05 |
| TFC Truist Financial Corp. | Add +21.5% | 0.16% | +0.03 |
| UPS United Parcel Service Class B | Add +20.1% | 0.55% | +0.02 |
| MTN Vail Resorts Inc. | Add +17.4% | 0.22% | +0.02 |
| SFIX Stitch Fix Inc. Class A | New | 0.01% | +0.01 |
| TTGPF TT Electronics PLC | New | 0.01% | +0.01 |
| DE Deere & Co. | Add +0.1% | 0.17% | +0.00 |
| CSWC Capital Southwest Corp. | Add +7.2% | 0.67% | +0.00 |
| PR Permian Resources Corp. Class A | Add +6.4% | 0.30% | −0.00 |
| AIOT Powerfleet Inc. | Add +26.2% | 0.07% | −0.00 |
| MMM 3M Co. | Add +0.0% | 0.41% | −0.01 |
| MTDR Matador Resources Co. | Add +7.3% | 0.23% | −0.01 |
| ATO Atmos Energy Corp. | Add +0.1% | 0.29% | −0.02 |
| LLY Eli Lilly & Co. | Add +0.1% | 1.37% | −0.16 |
| EXP Eagle Materials Inc. | Add +2.1% | 1.26% | −0.17 |
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 |