Lionstone Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Lionstone Capital Management LLC reported 12 stock positions worth $432.6 million. Its top holding was Api (APG) at 21.9% of the portfolio, followed by Alphabet Class C (GOOG, 16.9%) and Amazon.com (AMZN, 14.9%). Compared with Q3 2025, it added to 3 and reduced 4. The biggest buy was Qxo (QXO, shares +10%) and the biggest sale Lowe's Cos (LOW, shares −49%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001575662
Portfolio Value
$432.6M (Q4 2025)
SEC Filing
0001193125-26-053107 ↗ filed Feb 17, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $394.6M Q1 2024 Q2 2024: $391.6M Q2 2024 Q3 2024: $371.2M Q3 2024 Q4 2024: $390.7M Q4 2024 Q1 2025: $361.6M Q1 2025 Q2 2025: $416.4M Q2 2025 Q3 2025: $427.9M Q3 2025 Q4 2025: $432.6M $432.6M Q4 2025 Q1 2026: $413.0M Q1 2026 Q2 2026: $435.0M Q2 2026

Holdings 12 stocks · $432.6M
APG Api Group Corp. 21.90% 2,476,270 $94.7M Reduce -5.4%
GOOG Alphabet Inc. Class C 16.94% 233,545 $73.3M Reduce -10.6%
AMZN Amazon.com Inc. 14.92% 279,740 $64.6M Reduce -10.3%
QXO Qxo Inc. 10.40% 2,332,662 $45.0M Add +10.0%
SPGI S&P Global Inc. 10.15% 84,000 $43.9M No change
FSV Firstservice Corp. 8.83% 245,720 $38.2M Add +13.7%
FERG Ferguson Enterprises Inc. 8.29% 161,048 $35.9M No change
CPRT Copart Inc. 7.02% 776,300 $30.4M No change
LOW Lowe's Cos Inc. 1.19% 21,330 $5.1M Reduce -48.5%
LBRDK Liberty Broadband-C 0.28% 24,605 $1.2M No change
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.06% 6,810 $253K Add +38.4%
UUUU Energy Fuels Inc. 0.02% 6,760 $98K No change

Portfolio Sells Q3 2025 → Q4 2025
LOW Lowe's Cos Inc. Reduce -48.5% 1.19% −1.25
AMZN Amazon.com Inc. Reduce -10.3% 14.92% −1.09
APG Api Group Corp. Reduce -5.4% 21.90% +0.88
GOOG Alphabet Inc. Class C Reduce -10.6% 16.94% +2.08

Portfolio Buys Q3 2025 → Q4 2025
QXO Qxo Inc. Add +10.0% 10.40% +0.95
GLIBK Liberty Capital Corp. Class C Add +38.4% 0.06% +0.02
FSV Firstservice Corp. Add +13.7% 8.83% −0.79

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$435.0MAPG, GOOG, AMZN, QXO, FSV
Q1 2026 12$413.0MAPG, GOOG, AMZN, QXO, FERG
Q4 2025 12$432.6MAPG, GOOG, AMZN, QXO, SPGI
Q3 2025 12$427.9MAPG, AMZN, GOOG, FSV, SPGI
Q2 2025 11$416.4MAPG, AMZN, GOOG, QXO, SPGI
Q1 2025 11$361.6MAPG, AMZN, GOOG, CPRT, SPGI
Q4 2024 11$390.7MAPG, AMZN, GOOG, CPRT, SPGI
Q3 2024 11$371.2MAPG, AMZN, GOOG, SPGI, CPRT
Q2 2024 12$391.6MAPG, AMZN, GOOG, CPRT, SPGI
Q1 2024 12$394.6MAPG, AMZN, GOOG, CPRT, FSV