First Dallas Securities Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), First Dallas Securities Inc. reported 107 stock positions worth $268.8 million. Its top holding was Nvidia (NVDA) at 14.2% of the portfolio, followed by Texas Pacific Land (TPL, 6.9%) and Apple (AAPL, 6.9%). Compared with Q3 2025, it opened 6 new positions, sold out of 12, added to 38 and reduced 48. The biggest buy was Whirlpool (WHR, shares +723%) and the biggest sale Ethan Allen Interiors (ETD, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001378559
- Portfolio Value
- $268.8M (Q4 2025)
- SEC Filing
- 0001378559-26-000001 ↗ filed Feb 11, 2026
Holdings Value
Holdings 107 stocks · $268.8M
| NVDA Nvidia Corp. | 14.20% | 204,696 | $38.2M | Reduce -1.6% |
| TPL Texas Pacific Land Corp. | 6.91% | 64,655 | $18.6M | Reduce -1.2% |
| AAPL Apple Inc. | 6.88% | 68,024 | $18.5M | Reduce -0.9% |
| AMZN Amazon.com Inc. | 3.44% | 40,006 | $9.2M | Reduce -1.0% |
| MSFT Microsoft Corp. | 2.94% | 16,322 | $7.9M | Reduce -3.5% |
| BA The Boeing Co. | 2.56% | 31,692 | $6.9M | Add +0.4% |
| FCX Freeport-McMoran Inc. | 2.51% | 132,658 | $6.7M | Add +4.6% |
| UBER Uber Technologies Inc. | 2.41% | 79,415 | $6.5M | Add +2.4% |
| LLY Eli Lilly & Co. | 2.30% | 5,753 | $6.2M | Reduce -3.2% |
| XOM Exxon Mobil Corp. | 2.09% | 46,624 | $5.6M | Reduce -2.1% |
| META Meta Platforms Inc. Class A | 2.08% | 8,471 | $5.6M | Reduce -7.0% |
| CAT Caterpillar Inc. | 2.07% | 9,690 | $5.6M | Reduce -2.0% |
| OKE Oneok Inc. | 2.01% | 73,613 | $5.4M | Add +0.7% |
| SN Sharkninja Inc. | 1.66% | 39,960 | $4.5M | Add +26.4% |
| JPM JPMorgan Chase & Co. | 1.58% | 13,167 | $4.2M | Reduce -4.7% |
| HD Home Depot Inc. | 1.44% | 11,214 | $3.9M | Add +11.2% |
| DKNG Draftkings Inc. Class A | 1.43% | 111,393 | $3.8M | Add +10.4% |
| ABBV Abbvie Inc. | 1.38% | 16,226 | $3.7M | Reduce -0.9% |
| MU Micron Technology Inc. | 1.37% | 12,876 | $3.7M | Add +1.8% |
| MRP Millrose Properties | 1.25% | 112,389 | $3.4M | Add +21.8% |
| EXP Eagle Materials Inc. | 1.21% | 15,698 | $3.2M | Reduce -4.8% |
| CLF Cleveland-Cliffs Inc. | 1.20% | 243,800 | $3.2M | Reduce -17.6% |
| WMT Walmart Inc. | 1.17% | 28,250 | $3.1M | Reduce -4.6% |
| EXE Expand Energy Corp. | 1.14% | 27,694 | $3.1M | Reduce -2.3% |
| C Citigroup Inc. | 1.14% | 26,144 | $3.1M | Reduce -4.2% |
| KEX Kirby Corp. | 1.07% | 26,190 | $2.9M | Reduce -28.3% |
| RHP Ryman Hospitality Properties | 1.07% | 30,340 | $2.9M | Add +16.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.03% | 9,123 | $2.8M | Add +2.6% |
| WHR Whirlpool Corp. | 1.02% | 38,104 | $2.7M | Add +723.3% |
| UNH Unitedhealth Group Inc. | 0.94% | 7,687 | $2.5M | Add +0.6% |
| VST Vistra Corp. | 0.94% | 15,720 | $2.5M | Reduce -10.2% |
| JNJ Johnson & Johnson | 0.89% | 11,497 | $2.4M | Add +4.6% |
| GOOG Alphabet Inc. Class C | 0.83% | 7,145 | $2.2M | Add +27.5% |
| COST Costco Wholesale Corp. | 0.80% | 2,502 | $2.2M | Reduce -5.8% |
| WULF Terawulf Inc. | 0.77% | 180,000 | $2.1M | Reduce -31.8% |
| CSWC Capital Southwest Corp. | 0.74% | 89,911 | $2.0M | Add +7.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.74% | 36,070 | $2.0M | Reduce -0.6% |
| T AT&T Inc. | 0.70% | 76,093 | $1.9M | Reduce -4.5% |
| WFC Wells Fargo & Co. | 0.69% | 19,786 | $1.8M | Reduce -0.2% |
| MTZ Mastec Inc. | 0.68% | 8,350 | $1.8M | Add +2.5% |
| AXP American Express Co. | 0.66% | 4,799 | $1.8M | Add +0.5% |
| XEL Xcel Energy Inc. | 0.65% | 23,736 | $1.8M | Reduce -3.2% |
| CMC Commercial Metals Co. | 0.60% | 23,382 | $1.6M | Reduce -0.8% |
| UPS United Parcel Service Class B | 0.58% | 15,583 | $1.5M | Add +5.5% |
| PLTR Palantir Technologies Inc. Class A | 0.57% | 8,578 | $1.5M | Add +4.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.55% | 5,010 | $1.5M | Reduce -1.9% |
| BANC Banc of California Inc. | 0.52% | 72,825 | $1.4M | Add +4.7% |
| AMGN Amgen Inc. | 0.49% | 4,053 | $1.3M | Reduce -2.4% |
| AEP American Electric Power | 0.47% | 10,923 | $1.3M | Reduce -1.1% |
| MRK Merck & Co. Inc. | 0.42% | 10,671 | $1.1M | Add +1.5% |
| TSLA Tesla Inc. | 0.41% | 2,460 | $1.1M | Add +1.6% |
| GS Goldman Sachs Group Inc. | 0.41% | 1,250 | $1.1M | No change |
| SCHW Schwab (charles) Corp. | 0.41% | 10,897 | $1.1M | Reduce -10.4% |
| POWL Powell Industries Inc. | 0.40% | 3,401 | $1.1M | Reduce -4.9% |
| PR Permian Resources Corp. Class A | 0.39% | 74,630 | $1.0M | Add +33.0% |
| DUK Duke Energy Corp. | 0.39% | 8,827 | $1.0M | Reduce -2.1% |
| GEO The Geo Group Inc. | 0.38% | 63,470 | $1.0M | Add +0.8% |
| ETD Ethan Allen Interiors Inc. | 0.37% | 44,066 | $1.0M | Reduce -62.7% |
| MMM 3M Co. | 0.37% | 6,230 | $997K | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.37% | 24,370 | $993K | Reduce -10.7% |
| BX Blackstone Inc. | 0.37% | 6,410 | $988K | No change |
| CRS Carpenter Technology | 0.36% | 3,050 | $960K | No change |
| HPE Hewlett Packard Enterprise | 0.36% | 39,802 | $956K | Reduce -38.9% |
| MS Morgan Stanley | 0.33% | 5,062 | $899K | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.33% | 19,100 | $888K | Add +42.1% |
| FDX FedEx Corp. | 0.33% | 3,060 | $884K | Add +76.4% |
| VRT Vertiv Holdings Co. Class A | 0.31% | 5,115 | $829K | Add +3.5% |
| ATO Atmos Energy Corp. | 0.28% | 4,559 | $764K | Reduce -6.1% |
| GENI Genius Sports Ltd. | 0.28% | 68,500 | $755K | Add +3.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 1 | $755K | No change |
| KO The Coca-Cola Co. | 0.27% | 10,406 | $728K | Reduce -8.9% |
| TFC Truist Financial Corp. | 0.26% | 14,448 | $711K | Add +35.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.24% | 1,302 | $654K | No change |
| V Visa Inc. Class A | 0.24% | 1,805 | $633K | Reduce -5.1% |
| CXW Corecivic Inc. | 0.23% | 32,500 | $621K | New |
| RTX RTX Corp. | 0.23% | 3,309 | $607K | Add +28.4% |
| FWRG First Watch Restaurant Group | 0.22% | 39,000 | $588K | New |
| SPG Simon Property Group Inc. | 0.21% | 3,100 | $574K | No change |
| HR Healthcare Realty Trust Inc. | 0.21% | 33,405 | $566K | Reduce -0.7% |
| EAT Brinker International Inc. | 0.21% | 3,902 | $560K | Add +108.1% |
| AEE Ameren Corporation | 0.19% | 5,215 | $521K | No change |
| SO The Southern Co. | 0.19% | 5,795 | $505K | Reduce -3.7% |
| AIOT Powerfleet Inc. | 0.18% | 91,450 | $487K | Add +110.2% |
| RH RH | 0.18% | 2,675 | $479K | Reduce -32.7% |
| AVGO Broadcom Inc. | 0.18% | 1,370 | $474K | Add +7.9% |
| PANW Palo Alto Networks Inc. | 0.18% | 2,560 | $472K | No change |
| TTWO Take-Two Interactive Softwre | 0.17% | 1,835 | $470K | Add +16.5% |
| LUV Southwest Airlines Co. | 0.17% | 11,325 | $468K | Add +11.8% |
| DELL Dell Technologies -C | 0.17% | 3,670 | $462K | Reduce -3.9% |
| HON Honeywell International Inc. | 0.17% | 2,350 | $458K | No change |
| NFLX Netflix Inc. | 0.16% | 4,700 | $441K | Reduce -4.1% |
| CFR Cullen/Frost Bankers Inc. | 0.15% | 3,278 | $415K | No change |
| ORCL Oracle Corp. | 0.15% | 2,100 | $409K | Reduce -4.5% |
| MTDR Matador Resources Co. | 0.15% | 9,260 | $393K | Reduce -22.5% |
| GM General Motors Co. | 0.15% | 4,808 | $391K | New |
| MCD McDonald's Corp. | 0.14% | 1,200 | $367K | Reduce -7.7% |
| PEP Pepsico Inc. | 0.12% | 2,252 | $323K | Add +2.3% |
| FVR Frontview REIT Inc. | 0.12% | 21,600 | $319K | New |
| TXN Texas Instruments Inc. | 0.10% | 1,612 | $280K | Add +0.1% |
| LMT Lockheed Martin Corp. | 0.10% | 575 | $278K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| ETD Ethan Allen Interiors Inc. | Reduce -62.7% | 0.37% | −0.93 |
| TPL Texas Pacific Land Corp. | Reduce -1.2% | 6.91% | −0.72 |
| META Meta Platforms Inc. Class A | Reduce -7.0% | 2.08% | −0.42 |
| WULF Terawulf Inc. | Reduce -31.8% | 0.77% | −0.36 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.35 |
| MSFT Microsoft Corp. | Reduce -3.5% | 2.94% | −0.35 |
| VST Vistra Corp. | Reduce -10.2% | 0.94% | −0.34 |
| NVDA Nvidia Corp. | Reduce -1.6% | 14.20% | −0.33 |
| HPE Hewlett Packard Enterprise | Reduce -38.9% | 0.36% | −0.24 |
| EXP Eagle Materials Inc. | Reduce -4.8% | 1.21% | −0.23 |
| MTN Vail Resorts Inc. | Sold out | 0.00% | −0.22 |
| LIF LIFE360 Inc. | Sold out | 0.00% | −0.18 |
| VRNS Varonis Systems Inc. | Sold out | 0.00% | −0.18 |
| CLF Cleveland-Cliffs Inc. | Reduce -17.6% | 1.20% | −0.15 |
| T AT&T Inc. | Reduce -4.5% | 0.70% | −0.14 |
| DVN Devon Energy Corp. | Sold out | 0.00% | −0.13 |
| RH RH | Reduce -32.7% | 0.18% | −0.12 |
| COST Costco Wholesale Corp. | Reduce -5.8% | 0.80% | −0.12 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.11 |
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −0.09 |
| FOUR SHIFT4 Payments Inc. Class A | Sold out | 0.00% | −0.09 |
| XEL Xcel Energy Inc. | Reduce -3.2% | 0.65% | −0.09 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.08 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −0.08 |
| VZ Verizon Communications Inc. | Reduce -10.7% | 0.37% | −0.08 |
| ORCL Oracle Corp. | Reduce -4.5% | 0.15% | −0.08 |
| KEX Kirby Corp. | Reduce -28.3% | 1.07% | −0.07 |
| NFLX Netflix Inc. | Reduce -4.1% | 0.16% | −0.06 |
| MTDR Matador Resources Co. | Reduce -22.5% | 0.15% | −0.05 |
| JPM JPMorgan Chase & Co. | Reduce -4.7% | 1.58% | −0.05 |
| ABBV Abbvie Inc. | Reduce -0.9% | 1.38% | −0.04 |
| SNBRQ Sleep Number Corp. | Sold out | 0.00% | −0.03 |
| DUK Duke Energy Corp. | Reduce -2.1% | 0.39% | −0.03 |
| DELL Dell Technologies -C | Reduce -3.9% | 0.17% | −0.03 |
| SCHW Schwab (charles) Corp. | Reduce -10.4% | 0.41% | −0.03 |
| COP Conocophillips | Reduce -23.5% | 0.08% | −0.03 |
| ATO Atmos Energy Corp. | Reduce -6.1% | 0.28% | −0.03 |
| SO The Southern Co. | Reduce -3.7% | 0.19% | −0.03 |
| CVX Chevron Corp. | Reduce -14.3% | 0.09% | −0.02 |
| HR Healthcare Realty Trust Inc. | Reduce -0.7% | 0.21% | −0.02 |
| KO The Coca-Cola Co. | Reduce -8.9% | 0.27% | −0.01 |
| MCD McDonald's Corp. | Reduce -7.7% | 0.14% | −0.01 |
| TTGPF TT Electronics PLC | Sold out | 0.00% | −0.01 |
| V Visa Inc. Class A | Reduce -5.1% | 0.24% | −0.01 |
| POWL Powell Industries Inc. | Reduce -4.9% | 0.40% | −0.00 |
| AEP American Electric Power | Reduce -1.1% | 0.47% | +0.00 |
| MMM 3M Co. | Reduce -0.3% | 0.37% | +0.01 |
| EXE Expand Energy Corp. | Reduce -2.3% | 1.14% | +0.01 |
| IBM Intl Business Machines Corp. | Reduce -1.9% | 0.55% | +0.01 |
| WMT Walmart Inc. | Reduce -4.6% | 1.17% | +0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| WHR Whirlpool Corp. | Add +723.3% | 1.02% | +0.89 |
| FCX Freeport-McMoran Inc. | Add +4.6% | 2.51% | +0.64 |
| MU Micron Technology Inc. | Add +1.8% | 1.37% | +0.57 |
| SN Sharkninja Inc. | Add +26.4% | 1.66% | +0.44 |
| GOOG Alphabet Inc. Class C | Add +27.5% | 0.83% | +0.32 |
| CXW Corecivic Inc. | New | 0.23% | +0.23 |
| FWRG First Watch Restaurant Group | New | 0.22% | +0.22 |
| RHP Ryman Hospitality Properties | Add +16.5% | 1.07% | +0.19 |
| FDX FedEx Corp. | Add +76.4% | 0.33% | +0.18 |
| GM General Motors Co. | New | 0.15% | +0.15 |
| JNJ Johnson & Johnson | Add +4.6% | 0.89% | +0.12 |
| PR Permian Resources Corp. Class A | Add +33.0% | 0.39% | +0.12 |
| EAT Brinker International Inc. | Add +108.1% | 0.21% | +0.12 |
| FVR Frontview REIT Inc. | New | 0.12% | +0.12 |
| ONON On Holding AG Class A | Add +42.1% | 0.33% | +0.12 |
| UPS United Parcel Service Class B | Add +5.5% | 0.58% | +0.11 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.6% | 1.03% | +0.10 |
| AIOT Powerfleet Inc. | Add +110.2% | 0.18% | +0.10 |
| BANC Banc of California Inc. | Add +4.7% | 0.52% | +0.09 |
| MRK Merck & Co. Inc. | Add +1.5% | 0.42% | +0.09 |
| MRP Millrose Properties | Add +21.8% | 1.25% | +0.09 |
| CRK Comstock Resources Inc. | New | 0.09% | +0.09 |
| DECK Deckers Outdoor Corp. | New | 0.08% | +0.08 |
| TFC Truist Financial Corp. | Add +35.2% | 0.26% | +0.08 |
| AXP American Express Co. | Add +0.5% | 0.66% | +0.07 |
| RTX RTX Corp. | Add +28.4% | 0.23% | +0.06 |
| LUV Southwest Airlines Co. | Add +11.8% | 0.17% | +0.05 |
| CSWC Capital Southwest Corp. | Add +7.0% | 0.74% | +0.05 |
| VRT Vertiv Holdings Co. Class A | Add +3.5% | 0.31% | +0.03 |
| MTZ Mastec Inc. | Add +2.5% | 0.68% | +0.03 |
| TTWO Take-Two Interactive Softwre | Add +16.5% | 0.17% | +0.02 |
| AVGO Broadcom Inc. | Add +7.9% | 0.18% | +0.02 |
| OKE Oneok Inc. | Add +0.7% | 2.01% | +0.01 |
| DKNG Draftkings Inc. Class A | Add +10.4% | 1.43% | +0.01 |
| BA The Boeing Co. | Add +0.4% | 2.56% | +0.01 |
| TSLA Tesla Inc. | Add +1.6% | 0.41% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +4.4% | 0.57% | +0.01 |
| PEP Pepsico Inc. | Add +2.3% | 0.12% | +0.00 |
| TXN Texas Instruments Inc. | Add +0.1% | 0.10% | −0.01 |
| GENI Genius Sports Ltd. | Add +3.0% | 0.28% | −0.03 |
| UNH Unitedhealth Group Inc. | Add +0.6% | 0.94% | −0.04 |
| HD Home Depot Inc. | Add +11.2% | 1.44% | −0.09 |
| GEO The Geo Group Inc. | Add +0.8% | 0.38% | −0.10 |
| UBER Uber Technologies Inc. | Add +2.4% | 2.41% | −0.43 |
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 |