First Dallas Securities Inc.

Name: First Dallas Securities Inc. 13F holdings, Q4 2025
Creator: First Dallas Securities Inc.
Published: 2026-02-11

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

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
GE General Electric filed as GE AEROSPACE	0.10%	887	$273K	No change
CVX Chevron Corp.	0.09%	1,649	$251K	Reduce -14.3%
ETN Eaton Corp. PLC	0.09%	780	$248K	No change
URI United Rentals Inc.	0.09%	300	$243K	No change
CRK Comstock Resources Inc.	0.09%	10,000	$232K	New
DECK Deckers Outdoor Corp.	0.08%	2,190	$227K	New
COP Conocophillips	0.08%	2,348	$220K	Reduce -23.5%

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