First Dallas Securities Inc.

Name: First Dallas Securities Inc. 13F holdings, Q2 2025
Creator: First Dallas Securities Inc.
Published: 2025-08-07

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
NBIS Nebius Group NV	0.12%	5,700	$315K	New
PEP Pepsico Inc.	0.12%	2,336	$308K	Reduce -14.5%
COP Conocophillips	0.11%	3,168	$284K	Reduce -18.7%
GOOG Alphabet Inc. Class C	0.11%	1,595	$283K	Reduce -78.6%
ETN Eaton Corp. PLC	0.11%	780	$278K	New
CVX Chevron Corp.	0.11%	1,924	$275K	Reduce -33.0%
PG The Procter & Gamble Co.	0.11%	1,715	$273K	Reduce -2.8%
LMT Lockheed Martin Corp.	0.11%	575	$266K	No change
GEV GE Vernova Inc.	0.10%	471	$249K	New
EQT Eqt Corp.	0.09%	4,040	$236K	Reduce -6.9%
GE General Electric filed as GE AEROSPACE	0.09%	887	$228K	New
URI United Rentals Inc.	0.09%	300	$226K	Reduce -6.3%
TFIN Triumph Financial Inc.	0.09%	4,075	$225K	Reduce -4.7%
GNRC Generac Holdings Inc.	0.09%	1,550	$222K	New
GENI Genius Sports Ltd.	0.09%	21,000	$218K	New
V Visa Inc. Class A	0.08%	600	$213K	New
FANG Diamondback Energy Inc.	0.08%	1,550	$213K	Reduce -39.0%
UAL United Airlines Holdings Inc.	0.08%	2,600	$207K	New
TTWO Take-Two Interactive Softwre	0.08%	825	$200K	New
AIOT Powerfleet Inc.	0.07%	38,500	$166K	Add +26.2%
XRN Global Medical REIT Inc.	0.04%	16,000	$111K	Reduce -57.9%
SFIX Stitch Fix Inc. Class A	0.01%	10,000	$37K	New
TTGPF TT Electronics PLC	0.01%	17,553	$25K	New

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