First Dallas Securities Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), First Dallas Securities Inc. reported 113 stock positions worth $266.9 million. Its top holding was Nvidia (NVDA) at 14.5% of the portfolio, followed by Texas Pacific Land (TPL, 7.6%) and Apple (AAPL, 6.5%). Compared with Q2 2025, it opened 4 new positions, sold out of 14, added to 42 and reduced 48. The biggest buy was a new position in Unitedhealth (UNH) and the biggest sale Texas Pacific Land (TPL, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001378559
- Portfolio Value
- $266.9M (Q3 2025)
- SEC Filing
- 0001378559-25-000006 ↗ filed Nov 5, 2025
Holdings Value
Holdings 113 stocks · $266.9M
| NVDA Nvidia Corp. | 14.54% | 208,002 | $38.8M | Reduce -0.4% |
| TPL Texas Pacific Land Corp. | 7.63% | 21,816 | $20.4M | Reduce -6.1% |
| AAPL Apple Inc. | 6.55% | 68,667 | $17.5M | Reduce -1.5% |
| AMZN Amazon.com Inc. | 3.33% | 40,426 | $8.9M | Add +1.6% |
| MSFT Microsoft Corp. | 3.28% | 16,919 | $8.8M | Add +1.1% |
| UBER Uber Technologies Inc. | 2.85% | 77,527 | $7.6M | Reduce -1.3% |
| BA The Boeing Co. | 2.55% | 31,557 | $6.8M | Add +13.7% |
| META Meta Platforms Inc. Class A | 2.50% | 9,105 | $6.7M | Reduce -4.5% |
| XOM Exxon Mobil Corp. | 2.01% | 47,624 | $5.4M | Reduce -2.5% |
| OKE Oneok Inc. | 2.00% | 73,113 | $5.3M | Add +2.6% |
| FCX Freeport-McMoran Inc. | 1.86% | 126,844 | $5.0M | Add +14.5% |
| CAT Caterpillar Inc. | 1.77% | 9,890 | $4.7M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 1.70% | 5,943 | $4.5M | Add +33.8% |
| JPM JPMorgan Chase & Co. | 1.63% | 13,816 | $4.4M | Reduce -1.9% |
| HD Home Depot Inc. | 1.53% | 10,084 | $4.1M | Add +7.4% |
| EXP Eagle Materials Inc. | 1.44% | 16,482 | $3.8M | Add +4.4% |
| ABBV Abbvie Inc. | 1.42% | 16,372 | $3.8M | Reduce -1.9% |
| DKNG Draftkings Inc. Class A | 1.41% | 100,911 | $3.8M | Add +1.0% |
| CLF Cleveland-Cliffs Inc. | 1.35% | 295,800 | $3.6M | Reduce -5.2% |
| ETD Ethan Allen Interiors Inc. | 1.30% | 118,151 | $3.5M | Add +8.6% |
| VST Vistra Corp. | 1.28% | 17,499 | $3.4M | Reduce -8.9% |
| SN Sharkninja Inc. | 1.22% | 31,625 | $3.3M | Reduce -7.2% |
| MRP Millrose Properties | 1.16% | 92,299 | $3.1M | Add +62.0% |
| WMT Walmart Inc. | 1.14% | 29,604 | $3.1M | Add +1.7% |
| KEX Kirby Corp. | 1.14% | 36,525 | $3.0M | Add +25.4% |
| WULF Terawulf Inc. | 1.13% | 264,000 | $3.0M | Add +99.3% |
| EXE Expand Energy Corp. | 1.13% | 28,340 | $3.0M | Add +10.4% |
| C Citigroup Inc. | 1.04% | 27,291 | $2.8M | Reduce -3.8% |
| UNH Unitedhealth Group Inc. | 0.99% | 7,641 | $2.6M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.93% | 8,895 | $2.5M | Reduce -23.9% |
| COST Costco Wholesale Corp. | 0.92% | 2,655 | $2.5M | Reduce -1.8% |
| RHP Ryman Hospitality Properties | 0.87% | 26,050 | $2.3M | Add +103.9% |
| T AT&T Inc. | 0.84% | 79,682 | $2.3M | Reduce -6.6% |
| MU Micron Technology Inc. | 0.79% | 12,655 | $2.1M | Reduce -7.7% |
| JNJ Johnson & Johnson | 0.76% | 10,996 | $2.0M | Add +4.0% |
| XEL Xcel Energy Inc. | 0.74% | 24,532 | $2.0M | Reduce -2.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.70% | 36,274 | $1.9M | Reduce -11.4% |
| CSWC Capital Southwest Corp. | 0.69% | 84,031 | $1.8M | Add +9.0% |
| MTZ Mastec Inc. | 0.65% | 8,150 | $1.7M | Reduce -2.4% |
| WFC Wells Fargo & Co. | 0.62% | 19,834 | $1.7M | Add +6.2% |
| HPE Hewlett Packard Enterprise | 0.60% | 65,178 | $1.6M | Add +33.5% |
| AXP American Express Co. | 0.59% | 4,774 | $1.6M | Reduce -2.0% |
| PLTR Palantir Technologies Inc. Class A | 0.56% | 8,219 | $1.5M | Reduce -9.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.54% | 5,109 | $1.4M | Reduce -60.2% |
| GOOG Alphabet Inc. Class C | 0.51% | 5,605 | $1.4M | Add +251.4% |
| CMC Commercial Metals Co. | 0.51% | 23,573 | $1.4M | Reduce -12.0% |
| GEO The Geo Group Inc. | 0.48% | 62,935 | $1.3M | Add +276.1% |
| AEP American Electric Power | 0.47% | 11,047 | $1.2M | Reduce -0.7% |
| UPS United Parcel Service Class B | 0.46% | 14,772 | $1.2M | Add +7.7% |
| VZ Verizon Communications Inc. | 0.45% | 27,281 | $1.2M | Reduce -1.2% |
| AMGN Amgen Inc. | 0.44% | 4,152 | $1.2M | Reduce -18.8% |
| SCHW Schwab (charles) Corp. | 0.43% | 12,161 | $1.2M | Reduce -19.5% |
| BANC Banc of California Inc. | 0.43% | 69,575 | $1.2M | Add +4.3% |
| DUK Duke Energy Corp. | 0.42% | 9,018 | $1.1M | No change |
| BX Blackstone Inc. | 0.41% | 6,410 | $1.1M | No change |
| POWL Powell Industries Inc. | 0.41% | 3,575 | $1.1M | Add +83.3% |
| TSLA Tesla Inc. | 0.40% | 2,420 | $1.1M | Add +8.0% |
| GS Goldman Sachs Group Inc. | 0.37% | 1,250 | $995K | No change |
| MMM 3M Co. | 0.36% | 6,246 | $969K | Reduce -8.8% |
| SPOT Spotify Technology SA | 0.35% | 1,343 | $937K | Add +74.9% |
| MRK Merck & Co. Inc. | 0.33% | 10,509 | $882K | Reduce -11.9% |
| ATO Atmos Energy Corp. | 0.31% | 4,856 | $829K | Add +1.1% |
| GENI Genius Sports Ltd. | 0.31% | 66,500 | $823K | Add +216.7% |
| RH RH | 0.30% | 3,975 | $808K | Add +40.7% |
| MS Morgan Stanley | 0.30% | 5,062 | $805K | No change |
| KO The Coca-Cola Co. | 0.28% | 11,427 | $758K | Reduce -2.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 1 | $754K | No change |
| CRS Carpenter Technology | 0.28% | 3,050 | $749K | Reduce -19.2% |
| VRT Vertiv Holdings Co. Class A | 0.28% | 4,943 | $746K | Add +23.8% |
| PR Permian Resources Corp. Class A | 0.27% | 56,110 | $718K | Add +2.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.25% | 1,302 | $655K | Reduce -10.3% |
| V Visa Inc. Class A | 0.24% | 1,902 | $649K | Add +217.0% |
| ORCL Oracle Corp. | 0.23% | 2,200 | $619K | No change |
| HR Healthcare Realty Trust Inc. | 0.23% | 33,655 | $607K | Reduce -39.4% |
| MTN Vail Resorts Inc. | 0.22% | 3,950 | $591K | Add +11.3% |
| NFLX Netflix Inc. | 0.22% | 490 | $587K | Add +6.5% |
| SPG Simon Property Group Inc. | 0.22% | 3,100 | $582K | No change |
| SO The Southern Co. | 0.21% | 6,020 | $571K | Reduce -14.3% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.21% | 13,440 | $569K | Reduce -3.6% |
| AEE Ameren Corporation | 0.20% | 5,215 | $544K | Reduce -0.2% |
| DELL Dell Technologies -C | 0.20% | 3,820 | $542K | Add +0.7% |
| MTDR Matador Resources Co. | 0.20% | 11,952 | $537K | Add +0.1% |
| PANW Palo Alto Networks Inc. | 0.20% | 2,560 | $521K | No change |
| HON Honeywell International Inc. | 0.19% | 2,350 | $495K | No change |
| LIF LIFE360 Inc. | 0.18% | 4,600 | $489K | Reduce -8.9% |
| TFC Truist Financial Corp. | 0.18% | 10,686 | $489K | Add +10.4% |
| VRNS Varonis Systems Inc. | 0.18% | 8,200 | $471K | New |
| RTX RTX Corp. | 0.16% | 2,578 | $431K | Add +6.2% |
| AVGO Broadcom Inc. | 0.16% | 1,270 | $419K | Reduce -19.1% |
| CFR Cullen/Frost Bankers Inc. | 0.16% | 3,278 | $416K | No change |
| FDX FedEx Corp. | 0.15% | 1,735 | $409K | Reduce -13.8% |
| TTWO Take-Two Interactive Softwre | 0.15% | 1,575 | $407K | Add +90.9% |
| MCD McDonald's Corp. | 0.15% | 1,300 | $395K | Reduce -22.4% |
| WHR Whirlpool Corp. | 0.14% | 4,628 | $364K | Reduce -63.1% |
| DVN Devon Energy Corp. | 0.13% | 9,623 | $337K | Reduce -69.7% |
| LUV Southwest Airlines Co. | 0.12% | 10,125 | $323K | No change |
| PEP Pepsico Inc. | 0.12% | 2,202 | $309K | Reduce -5.7% |
| CVX Chevron Corp. | 0.11% | 1,924 | $299K | No change |
| TXN Texas Instruments Inc. | 0.11% | 1,611 | $296K | Add +0.1% |
| ETN Eaton Corp. PLC | 0.11% | 780 | $292K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| TPL Texas Pacific Land Corp. | Reduce -6.1% | 7.63% | −2.07 |
| WYNN WYNN Resorts Ltd. | Sold out | 0.00% | −1.36 |
| IBM Intl Business Machines Corp. | Reduce -60.2% | 0.54% | −0.95 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.56 |
| WHR Whirlpool Corp. | Reduce -63.1% | 0.14% | −0.37 |
| META Meta Platforms Inc. Class A | Reduce -4.5% | 2.50% | −0.28 |
| DVN Devon Energy Corp. | Reduce -69.7% | 0.13% | −0.27 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −0.26 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.19 |
| VST Vistra Corp. | Reduce -8.9% | 1.28% | −0.19 |
| PTLO Portillo's Inc. Class A | Sold out | 0.00% | −0.17 |
| DE Deere & Co. | Sold out | 0.00% | −0.17 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −0.14 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.14 |
| COST Costco Wholesale Corp. | Reduce -1.8% | 0.92% | −0.14 |
| T AT&T Inc. | Reduce -6.6% | 0.84% | −0.13 |
| CRS Carpenter Technology | Reduce -19.2% | 0.28% | −0.13 |
| AMGN Amgen Inc. | Reduce -18.8% | 0.44% | −0.13 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.12 |
| HR Healthcare Realty Trust Inc. | Reduce -39.4% | 0.23% | −0.12 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -23.9% | 0.93% | −0.12 |
| SN Sharkninja Inc. | Reduce -7.2% | 1.22% | −0.11 |
| SCHW Schwab (charles) Corp. | Reduce -19.5% | 0.43% | −0.11 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.09 |
| TFIN Triumph Financial Inc. | Sold out | 0.00% | −0.09 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.08 |
| ONON On Holding AG Class A | Reduce -3.6% | 0.21% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -2.5% | 2.01% | −0.07 |
| BAC Bank of America Corp. | Reduce -11.4% | 0.70% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -1.3% | 2.85% | −0.05 |
| MMM 3M Co. | Reduce -8.8% | 0.36% | −0.05 |
| MCD McDonald's Corp. | Reduce -22.4% | 0.15% | −0.05 |
| KO The Coca-Cola Co. | Reduce -2.5% | 0.28% | −0.04 |
| XRN Global Medical REIT Inc. | Sold out | 0.00% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -11.9% | 0.33% | −0.04 |
| SO The Southern Co. | Reduce -14.3% | 0.21% | −0.04 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -3.9% | 0.09% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -10.3% | 0.25% | −0.03 |
| FDX FedEx Corp. | Reduce -13.8% | 0.15% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -14.6% | 0.08% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -1.2% | 0.45% | −0.02 |
| AXP American Express Co. | Reduce -2.0% | 0.59% | −0.02 |
| SFIX Stitch Fix Inc. Class A | Sold out | 0.00% | −0.01 |
| AVGO Broadcom Inc. | Reduce -19.1% | 0.16% | −0.01 |
| CMC Commercial Metals Co. | Reduce -12.0% | 0.51% | −0.01 |
| PEP Pepsico Inc. | Reduce -5.7% | 0.12% | −0.01 |
| COP Conocophillips | Reduce -3.2% | 0.11% | −0.00 |
| GNRC Generac Holdings Inc. | Reduce -6.5% | 0.09% | +0.00 |
| AEE Ameren Corporation | Reduce -0.2% | 0.20% | +0.01 |
| AEP American Electric Power | Reduce -0.7% | 0.47% | +0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| UNH Unitedhealth Group Inc. | New | 0.99% | +0.99 |
| WULF Terawulf Inc. | Add +99.3% | 1.13% | +0.90 |
| MRP Millrose Properties | Add +62.0% | 1.16% | +0.52 |
| GOOG Alphabet Inc. Class C | Add +251.4% | 0.51% | +0.40 |
| RHP Ryman Hospitality Properties | Add +103.9% | 0.87% | +0.38 |
| LLY Eli Lilly & Co. | Add +33.8% | 1.70% | +0.33 |
| GEO The Geo Group Inc. | Add +276.1% | 0.48% | +0.32 |
| BA The Boeing Co. | Add +13.7% | 2.55% | +0.25 |
| POWL Powell Industries Inc. | Add +83.3% | 0.41% | +0.25 |
| GENI Genius Sports Ltd. | Add +216.7% | 0.31% | +0.22 |
| HPE Hewlett Packard Enterprise | Add +33.5% | 0.60% | +0.20 |
| EXP Eagle Materials Inc. | Add +4.4% | 1.44% | +0.18 |
| VRNS Varonis Systems Inc. | New | 0.18% | +0.18 |
| HD Home Depot Inc. | Add +7.4% | 1.53% | +0.17 |
| V Visa Inc. Class A | Add +217.0% | 0.24% | +0.16 |
| JNJ Johnson & Johnson | Add +4.0% | 0.76% | +0.13 |
| TSLA Tesla Inc. | Add +8.0% | 0.40% | +0.12 |
| SPOT Spotify Technology SA | Add +74.9% | 0.35% | +0.12 |
| ETD Ethan Allen Interiors Inc. | Add +8.6% | 1.30% | +0.11 |
| RH RH | Add +40.7% | 0.30% | +0.09 |
| EAT Brinker International Inc. | New | 0.09% | +0.09 |
| VRT Vertiv Holdings Co. Class A | Add +23.8% | 0.28% | +0.08 |
| TTWO Take-Two Interactive Softwre | Add +90.9% | 0.15% | +0.07 |
| BANC Banc of California Inc. | Add +4.3% | 0.43% | +0.06 |
| SNBRQ Sleep Number Corp. | New | 0.03% | +0.03 |
| WFC Wells Fargo & Co. | Add +6.2% | 0.62% | +0.03 |
| RTX RTX Corp. | Add +6.2% | 0.16% | +0.02 |
| AIOT Powerfleet Inc. | Add +13.0% | 0.09% | +0.02 |
| DELL Dell Technologies -C | Add +0.7% | 0.20% | +0.02 |
| TFC Truist Financial Corp. | Add +10.4% | 0.18% | +0.02 |
| WMT Walmart Inc. | Add +1.7% | 1.14% | +0.02 |
| ATO Atmos Energy Corp. | Add +1.1% | 0.31% | +0.02 |
| CSWC Capital Southwest Corp. | Add +9.0% | 0.69% | +0.02 |
| MTN Vail Resorts Inc. | Add +11.3% | 0.22% | +0.00 |
| MSFT Microsoft Corp. | Add +1.1% | 3.28% | −0.01 |
| TXN Texas Instruments Inc. | Add +0.1% | 0.11% | −0.02 |
| NFLX Netflix Inc. | Add +6.5% | 0.22% | −0.02 |
| MTDR Matador Resources Co. | Add +0.1% | 0.20% | −0.02 |
| PR Permian Resources Corp. Class A | Add +2.3% | 0.27% | −0.03 |
| FCX Freeport-McMoran Inc. | Add +14.5% | 1.86% | −0.03 |
| EXE Expand Energy Corp. | Add +10.4% | 1.13% | −0.06 |
| UPS United Parcel Service Class B | Add +7.7% | 0.46% | −0.09 |
| AMZN Amazon.com Inc. | Add +1.6% | 3.33% | −0.12 |
| KEX Kirby Corp. | Add +25.4% | 1.14% | −0.16 |
| DKNG Draftkings Inc. Class A | Add +1.0% | 1.41% | −0.28 |
| OKE Oneok Inc. | Add +2.6% | 2.00% | −0.30 |
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 |