First Dallas Securities Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 27, 2026), First Dallas Securities Inc. reported 118 stock positions worth $270.3 million. Its top holding was Nvidia (NVDA) at 13.3% of the portfolio, followed by Texas Pacific Land (TPL, 10.5%) and Apple (AAPL, 6.3%). Compared with Q4 2025, it opened 16 new positions, sold out of 5, added to 36 and reduced 51. The biggest buy was Johnson & Johnson (JNJ, shares +44%) and the biggest sale Microsoft (MSFT, shares −35%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001378559
Portfolio Value
$270.3M (Q1 2026)
SEC Filing
0001378559-26-000004 ↗ filed Apr 27, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $217.4M Q1 2024 Q2 2024: $227.8M Q2 2024 Q3 2024: $239.3M Q3 2024 Q4 2024: $245.4M Q4 2024 Q1 2025: $239.3M Q1 2025 Q2 2025: $253.0M Q2 2025 Q3 2025: $266.9M Q3 2025 Q4 2025: $268.8M Q4 2025 Q1 2026: $270.3M $270.3M Q1 2026 Q2 2026: $302.6M Q2 2026

Holdings 118 stocks · $270.3M
NVDA Nvidia Corp. 13.33% 206,615 $36.0M Add +0.9%
TPL Texas Pacific Land Corp. 10.46% 59,555 $28.3M Reduce -7.9%
AAPL Apple Inc. 6.31% 67,171 $17.0M Reduce -1.3%
AMZN Amazon.com Inc. 3.06% 39,696 $8.3M Reduce -0.8%
XOM Exxon Mobil Corp. 2.79% 44,390 $7.5M Reduce -4.8%
FCX Freeport-McMoran Inc. 2.71% 124,683 $7.3M Reduce -6.0%
OKE Oneok Inc. 2.39% 71,619 $6.5M Reduce -2.7%
BA The Boeing Co. 2.39% 32,437 $6.5M Add +2.4%
CAT Caterpillar Inc. 2.27% 8,652 $6.1M Reduce -10.7%
UBER Uber Technologies Inc. 2.05% 77,215 $5.6M Reduce -2.8%
LLY Eli Lilly & Co. 1.83% 5,392 $5.0M Reduce -6.3%
META Meta Platforms Inc. Class A 1.72% 8,133 $4.7M Reduce -4.0%
JNJ Johnson & Johnson 1.50% 16,567 $4.0M Add +44.1%
MSFT Microsoft Corp. 1.46% 10,672 $4.0M Reduce -34.6%
HD Home Depot Inc. 1.46% 11,989 $3.9M Add +6.9%
JPM JPMorgan Chase & Co. 1.44% 13,218 $3.9M Add +0.4%
SN Sharkninja Inc. 1.39% 35,460 $3.8M Reduce -11.3%
WMT Walmart Inc. 1.28% 27,926 $3.5M Reduce -1.1%
C Citigroup Inc. 1.26% 30,030 $3.4M Add +14.9%
EXE Expand Energy Corp. 1.26% 31,014 $3.4M Add +12.0%
RHP Ryman Hospitality Properties 1.23% 35,916 $3.3M Add +18.4%
EXP Eagle Materials Inc. 1.15% 16,449 $3.1M Add +4.8%
MRP Millrose Properties 1.13% 108,844 $3.0M Reduce -3.1%
WHR Whirlpool Corp. 1.10% 55,112 $3.0M Add +44.6%
UPS United Parcel Service Class B 1.09% 29,834 $2.9M Add +91.5%
MU Micron Technology Inc. 0.99% 7,945 $2.7M Reduce -38.3%
COST Costco Wholesale Corp. 0.94% 2,557 $2.5M Add +2.2%
TSM Taiwan Semiconductor-SP ADR 0.91% 7,276 $2.5M Reduce -20.3%
MTZ Mastec Inc. 0.89% 7,500 $2.4M Reduce -10.2%
WULF Terawulf Inc. 0.82% 153,750 $2.2M Reduce -14.6%
T AT&T Inc. 0.81% 75,505 $2.2M Reduce -0.8%
GOOG Alphabet Inc. Class C 0.79% 7,410 $2.1M Add +3.7%
DKNG Draftkings Inc. Class A 0.77% 96,490 $2.1M Reduce -13.4%
CLF Cleveland-Cliffs Inc. 0.75% 241,100 $2.0M Reduce -1.1%
CSWC Capital Southwest Corp. 0.73% 89,691 $2.0M Reduce -0.2%
XEL Xcel Energy Inc. 0.68% 23,240 $1.8M Reduce -2.1%
FWRG First Watch Restaurant Group 0.65% 166,750 $1.7M Add +327.6%
POWL Powell Industries Inc. 0.63% 3,151 $1.7M Reduce -7.3%
KEX Kirby Corp. 0.63% 12,815 $1.7M Reduce -51.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.62% 34,283 $1.7M Reduce -5.0%
WFC Wells Fargo & Co. 0.59% 19,989 $1.6M Add +1.0%
FVR Frontview REIT Inc. 0.55% 95,950 $1.5M Add +344.2%
AVGO Broadcom Inc. 0.54% 4,735 $1.5M Add +245.6%
AMGN Amgen Inc. 0.54% 4,153 $1.5M Add +2.5%
PR Permian Resources Corp. Class A 0.54% 67,950 $1.4M Reduce -8.9%
AEP American Electric Power 0.53% 10,969 $1.4M Add +0.4%
AMAT Applied Materials Inc. 0.53% 4,175 $1.4M New
CMC Commercial Metals Co. 0.51% 22,460 $1.4M Reduce -3.9%
AXP American Express Co. 0.50% 4,440 $1.3M Reduce -7.5%
ETD Ethan Allen Interiors Inc. 0.49% 59,525 $1.3M Add +35.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.48% 5,330 $1.3M Add +6.4%
MRK Merck & Co. Inc. 0.48% 10,730 $1.3M Add +0.6%
VZ Verizon Communications Inc. 0.46% 24,815 $1.2M Add +1.8%
BANC Banc of California Inc. 0.46% 70,475 $1.2M Reduce -3.2%
CRS Carpenter Technology 0.44% 3,050 $1.2M No change
DUK Duke Energy Corp. 0.43% 8,827 $1.2M No change
GEO The Geo Group Inc. 0.43% 68,620 $1.2M Add +8.1%
FDX FedEx Corp. 0.41% 3,110 $1.1M Add +1.6%
NFLX Netflix Inc. 0.41% 11,438 $1.1M Add +143.4%
GS Goldman Sachs Group Inc. 0.39% 1,250 $1.1M No change
ACA Arcosa Inc. 0.39% 9,925 $1.1M New
PLTR Palantir Technologies Inc. Class A 0.38% 6,994 $1.0M Reduce -18.5%
SCHW Schwab (charles) Corp. 0.34% 9,849 $926K Reduce -9.6%
TSLA Tesla Inc. 0.34% 2,485 $924K Add +1.0%
VIK Viking Holdings Ltd. 0.34% 12,450 $915K New
ABBV Abbvie Inc. 0.32% 4,027 $876K Reduce -75.2%
MS Morgan Stanley 0.31% 5,062 $833K No change
MTN Vail Resorts Inc. 0.31% 6,450 $828K New
ATO Atmos Energy Corp. 0.30% 4,462 $824K Reduce -2.1%
KO The Coca-Cola Co. 0.28% 9,906 $753K Reduce -4.8%
BX Blackstone Inc. 0.28% 6,510 $749K Add +1.6%
BRK.A Berkshire Hathaway Inc. Class A 0.27% 1 $718K No change
TFC Truist Financial Corp. 0.25% 14,659 $674K Add +1.5%
HR Healthcare Realty Trust Inc. 0.24% 38,405 $653K Add +15.0%
MTDR Matador Resources Co. 0.24% 10,268 $649K Add +10.9%
VST Vistra Corp. 0.24% 4,270 $642K Reduce -72.8%
MMM 3M Co. 0.24% 4,411 $641K Reduce -29.2%
RTX RTX Corp. 0.24% 3,309 $638K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.23% 18,600 $633K Reduce -2.6%
BRK.B Berkshire Hathaway Inc. Class B 0.23% 1,302 $624K No change
LUV Southwest Airlines Co. 0.22% 15,975 $600K Add +41.1%
HPE Hewlett Packard Enterprise 0.22% 24,926 $593K Reduce -37.4%
SPG Simon Property Group Inc. 0.21% 3,100 $578K No change
AEE Ameren Corporation 0.21% 5,216 $573K Add +0.0%
DELL Dell Technologies -C 0.21% 3,480 $571K Reduce -5.2%
SO The Southern Co. 0.20% 5,735 $554K Reduce -1.0%
GIL Gildan Activewear Inc. 0.20% 9,600 $534K New
HON Honeywell International Inc. 0.20% 2,350 $531K No change
CXW Corecivic Inc. 0.19% 27,500 $520K Reduce -15.4%
PANW Palo Alto Networks Inc. 0.18% 3,110 $499K Add +21.5%
CFR Cullen/Frost Bankers Inc. 0.17% 3,278 $449K No change
EAT Brinker International Inc. 0.16% 2,990 $427K Reduce -23.4%
RH RH 0.15% 2,850 $398K Add +6.5%
IPGP Ipg Photonics Corp. 0.14% 3,340 $383K New
MCD McDonald's Corp. 0.14% 1,185 $368K Reduce -1.3%
LMT Lockheed Martin Corp. 0.13% 575 $348K No change
VRT Vertiv Holdings Co. Class A 0.12% 1,340 $336K Reduce -73.8%
PEP Pepsico Inc. 0.12% 2,135 $332K Reduce -5.2%
YOU Clear Secure Inc. Class A 0.12% 6,650 $322K New
TXN Texas Instruments Inc. 0.12% 1,613 $313K Add +0.1%
COP Conocophillips 0.11% 2,348 $310K No change
ORCL Oracle Corp. 0.11% 2,100 $309K No change
CRCL Circle Internet Group Inc. 0.11% 3,050 $291K New
ETN Eaton Corp. PLC 0.10% 750 $268K Reduce -3.9%
NVGS Navigator Holdings Ltd. 0.10% 13,800 $267K New
CVX Chevron Corp. 0.10% 1,279 $265K Reduce -22.4%
GE General Electric filed as GE AEROSPACE 0.09% 887 $252K No change
UNH Unitedhealth Group Inc. 0.09% 850 $230K Reduce -88.9%
TWLO Twilio Inc. Class A 0.08% 1,800 $226K New
OUT Outfront Media Inc. 0.08% 8,500 $225K New
GNRC Generac Holdings Inc. 0.08% 1,150 $225K New
ONDS Ondas Inc. 0.08% 24,500 $221K New
URI United Rentals Inc. 0.08% 300 $219K No change
ISRG Intuitive Surgical Inc. 0.08% 450 $207K New
GENI Genius Sports Ltd. 0.07% 43,500 $193K Reduce -36.5%
AIOT Powerfleet Inc. 0.05% 46,450 $143K Reduce -49.2%
SOPH Sophia Genetics SA 0.02% 10,000 $50K New
SFIX Stitch Fix Inc. Class A 0.01% 11,500 $38K New

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -34.6% 1.46% −1.48
ABBV Abbvie Inc. Reduce -75.2% 0.32% −1.06
UNH Unitedhealth Group Inc. Reduce -88.9% 0.09% −0.86
VST Vistra Corp. Reduce -72.8% 0.24% −0.71
DKNG Draftkings Inc. Class A Reduce -13.4% 0.77% −0.66
AAPL Apple Inc. Reduce -1.3% 6.31% −0.57
LLY Eli Lilly & Co. Reduce -6.3% 1.83% −0.47
CLF Cleveland-Cliffs Inc. Reduce -1.1% 0.75% −0.45
KEX Kirby Corp. Reduce -51.1% 0.63% −0.44
AMZN Amazon.com Inc. Reduce -0.8% 3.06% −0.38
MU Micron Technology Inc. Reduce -38.3% 0.99% −0.37
UBER Uber Technologies Inc. Reduce -2.8% 2.05% −0.36
META Meta Platforms Inc. Class A Reduce -4.0% 1.72% −0.36
SN Sharkninja Inc. Reduce -11.3% 1.39% −0.27
V Visa Inc. Class A Sold out 0.00% −0.24
GENI Genius Sports Ltd. Reduce -36.5% 0.07% −0.21
PLTR Palantir Technologies Inc. Class A Reduce -18.5% 0.38% −0.19
VRT Vertiv Holdings Co. Class A Reduce -73.8% 0.12% −0.18
TTWO Take-Two Interactive Softwre Sold out 0.00% −0.17
AXP American Express Co. Reduce -7.5% 0.50% −0.16
GM General Motors Co. Sold out 0.00% −0.15
HPE Hewlett Packard Enterprise Reduce -37.4% 0.22% −0.14
MMM 3M Co. Reduce -29.2% 0.24% −0.13
AIOT Powerfleet Inc. Reduce -49.2% 0.05% −0.13
TSM Taiwan Semiconductor-SP ADR Reduce -20.3% 0.91% −0.12
MRP Millrose Properties Reduce -3.1% 1.13% −0.12
BAC Bank of America Corp. Reduce -5.0% 0.62% −0.12
ONON On Holding AG Class A Reduce -2.6% 0.23% −0.10
CMC Commercial Metals Co. Reduce -3.9% 0.51% −0.09
CRK Comstock Resources Inc. Sold out 0.00% −0.09
DECK Deckers Outdoor Corp. Sold out 0.00% −0.08
BANC Banc of California Inc. Reduce -3.2% 0.46% −0.06
SCHW Schwab (charles) Corp. Reduce -9.6% 0.34% −0.06
EAT Brinker International Inc. Reduce -23.4% 0.16% −0.05
CXW Corecivic Inc. Reduce -15.4% 0.19% −0.04
CSWC Capital Southwest Corp. Reduce -0.2% 0.73% −0.01
MCD McDonald's Corp. Reduce -1.3% 0.14% −0.00
PEP Pepsico Inc. Reduce -5.2% 0.12% +0.00
CVX Chevron Corp. Reduce -22.4% 0.10% +0.00
ETN Eaton Corp. PLC Reduce -3.9% 0.10% +0.01
KO The Coca-Cola Co. Reduce -4.8% 0.28% +0.01
SO The Southern Co. Reduce -1.0% 0.20% +0.02
ATO Atmos Energy Corp. Reduce -2.1% 0.30% +0.02
XEL Xcel Energy Inc. Reduce -2.1% 0.68% +0.03
DELL Dell Technologies -C Reduce -5.2% 0.21% +0.04
WULF Terawulf Inc. Reduce -14.6% 0.82% +0.05
T AT&T Inc. Reduce -0.8% 0.81% +0.11
WMT Walmart Inc. Reduce -1.1% 1.28% +0.11
PR Permian Resources Corp. Class A Reduce -8.9% 0.54% +0.15
CAT Caterpillar Inc. Reduce -10.7% 2.27% +0.20

Portfolio Buys Q4 2025 → Q1 2026
JNJ Johnson & Johnson Add +44.1% 1.50% +0.61
AMAT Applied Materials Inc. New 0.53% +0.53
UPS United Parcel Service Class B Add +91.5% 1.09% +0.51
FVR Frontview REIT Inc. Add +344.2% 0.55% +0.43
FWRG First Watch Restaurant Group Add +327.6% 0.65% +0.43
ACA Arcosa Inc. New 0.39% +0.39
AVGO Broadcom Inc. Add +245.6% 0.54% +0.37
VIK Viking Holdings Ltd. New 0.34% +0.34
MTN Vail Resorts Inc. New 0.31% +0.31
NFLX Netflix Inc. Add +143.4% 0.41% +0.24
GIL Gildan Activewear Inc. New 0.20% +0.20
RHP Ryman Hospitality Properties Add +18.4% 1.23% +0.16
IPGP Ipg Photonics Corp. New 0.14% +0.14
COST Costco Wholesale Corp. Add +2.2% 0.94% +0.14
C Citigroup Inc. Add +14.9% 1.26% +0.12
EXE Expand Energy Corp. Add +12.0% 1.26% +0.12
YOU Clear Secure Inc. Class A New 0.12% +0.12
ETD Ethan Allen Interiors Inc. Add +35.1% 0.49% +0.12
CRCL Circle Internet Group Inc. New 0.11% +0.11
NVGS Navigator Holdings Ltd. New 0.10% +0.10
MTDR Matador Resources Co. Add +10.9% 0.24% +0.09
VZ Verizon Communications Inc. Add +1.8% 0.46% +0.09
TWLO Twilio Inc. Class A New 0.08% +0.08
OUT Outfront Media Inc. New 0.08% +0.08
GNRC Generac Holdings Inc. New 0.08% +0.08
ONDS Ondas Inc. New 0.08% +0.08
FDX FedEx Corp. Add +1.6% 0.41% +0.08
ISRG Intuitive Surgical Inc. New 0.08% +0.08
WHR Whirlpool Corp. Add +44.6% 1.10% +0.08
AEP American Electric Power Add +0.4% 0.53% +0.06
MRK Merck & Co. Inc. Add +0.6% 0.48% +0.06
LUV Southwest Airlines Co. Add +41.1% 0.22% +0.05
AMGN Amgen Inc. Add +2.5% 0.54% +0.05
GEO The Geo Group Inc. Add +8.1% 0.43% +0.05
HR Healthcare Realty Trust Inc. Add +15.0% 0.24% +0.03
HD Home Depot Inc. Add +6.9% 1.46% +0.02
AEE Ameren Corporation Add +0.0% 0.21% +0.02
SOPH Sophia Genetics SA New 0.02% +0.02
SFIX Stitch Fix Inc. Class A New 0.01% +0.01
TXN Texas Instruments Inc. Add +0.1% 0.12% +0.01
PANW Palo Alto Networks Inc. Add +21.5% 0.18% +0.01
TFC Truist Financial Corp. Add +1.5% 0.25% −0.02
RH RH Add +6.5% 0.15% −0.03
GOOG Alphabet Inc. Class C Add +3.7% 0.79% −0.05
EXP Eagle Materials Inc. Add +4.8% 1.15% −0.05
TSLA Tesla Inc. Add +1.0% 0.34% −0.07
IBM Intl Business Machines Corp. Add +6.4% 0.48% −0.07
BX Blackstone Inc. Add +1.6% 0.28% −0.09
WFC Wells Fargo & Co. Add +1.0% 0.59% −0.10
JPM JPMorgan Chase & Co. Add +0.4% 1.44% −0.14

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 125$302.6MNVDA, TPL, AAPL, AMZN, CAT
Q1 2026 118$270.3MNVDA, TPL, AAPL, AMZN, XOM
Q4 2025 107$268.8MNVDA, TPL, AAPL, AMZN, MSFT
Q3 2025 113$266.9MNVDA, TPL, AAPL, AMZN, MSFT
Q2 2025 123$253.0MNVDA, TPL, AAPL, AMZN, MSFT
Q1 2025 112$239.3MTPL, NVDA, AAPL, OKE, AMZN
Q4 2024 112$245.4MTPL, NVDA, AAPL, MSFT, AMZN
Q3 2024 119$239.3MNVDA, TPL, AAPL, MSFT, XOM
Q2 2024 117$227.8MNVDA, TPL, AAPL, MSFT, XOM
Q1 2024 118$217.4MTPL, AAPL, NVDA, WIRE, XOM