First Dallas Securities Inc.

Name: First Dallas Securities Inc. 13F holdings, Q3 2025
Creator: First Dallas Securities Inc.
Published: 2025-11-05

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

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
COP Conocophillips	0.11%	3,068	$290K	Reduce -3.2%
GEV GE Vernova Inc.	0.11%	471	$290K	No change
LMT Lockheed Martin Corp.	0.11%	575	$287K	No change
URI United Rentals Inc.	0.11%	300	$286K	No change
GE General Electric filed as GE AEROSPACE	0.10%	887	$267K	No change
GNRC Generac Holdings Inc.	0.09%	1,450	$243K	Reduce -6.5%
FOUR SHIFT4 Payments Inc. Class A	0.09%	3,100	$240K	Reduce -3.9%
EAT Brinker International Inc.	0.09%	1,875	$238K	New
AIOT Powerfleet Inc.	0.09%	43,500	$228K	Add +13.0%
PG The Procter & Gamble Co.	0.08%	1,465	$225K	Reduce -14.6%
FANG Diamondback Energy Inc.	0.08%	1,550	$222K	No change
SNBRQ Sleep Number Corp.	0.03%	13,000	$91K	New
TTGPF TT Electronics PLC	0.01%	17,553	$22K	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