Maple Capital Management, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 21, 2025), Maple Capital Management, Inc. reported 114 stock positions worth $1.5 billion. Its top holding was Nvidia (NVDA) at 9.3% of the portfolio, followed by Microsoft (MSFT, 9.0%) and Apple (AAPL, 8.8%). Compared with Q2 2025, it opened 4 new positions, sold out of 6, added to 46 and reduced 50. The biggest buy was Alphabet Class C (GOOG, shares +1%) and the biggest sale Unitedhealth (UNH, shares −98%).

Most Recent 13F
Q2 2026
Location
MONTPELIER, VT
CIK
0001313893
Portfolio Value
$1.5B (Q3 2025)
SEC Filing
0001313893-25-000007 ↗ filed Nov 21, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.3B Q3 2024 Q4 2024: $1.4B Q4 2024 Q1 2025: $1.3B Q1 2025 Q2 2025: $1.5B Q2 2025 Q3 2025: $1.5B $1.5B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $1.7B Q2 2026

Holdings 114 stocks · $1.5B
NVDA Nvidia Corp. 9.28% 757,108 $141.3M Add +0.2%
MSFT Microsoft Corp. 8.96% 263,387 $136.4M Add +0.8%
AAPL Apple Inc. 8.81% 527,115 $134.2M Add +0.7%
GOOG Alphabet Inc. Class C 7.13% 446,070 $108.6M Add +1.2%
AMZN Amazon.com Inc. 5.82% 403,984 $88.7M Add +2.3%
META Meta Platforms Inc. Class A 4.86% 100,838 $74.1M Add +0.8%
COST Costco Wholesale Corp. 3.92% 64,511 $59.7M Add +0.9%
JPM JPMorgan Chase & Co. 3.89% 187,958 $59.3M Reduce -2.0%
MA Mastercard Inc. Class A 3.06% 81,973 $46.6M Add +1.4%
IJR iShares Core S&P Small-Cap E 2.93% 375,072 $44.6M Add +3.9%
TXN Texas Instruments Inc. 2.86% 236,771 $43.5M Add +1.7%
AXP American Express Co. 2.44% 111,689 $37.1M Reduce -3.3%
LLY Eli Lilly & Co. 2.35% 46,921 $35.8M Add +0.3%
MS Morgan Stanley 2.35% 225,129 $35.8M Reduce -4.7%
HD Home Depot Inc. 2.32% 87,307 $35.4M Add +2.1%
HON Honeywell International Inc. 2.17% 157,346 $33.1M Add +1.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.16% 227,613 $32.9M Add +0.9%
JNJ Johnson & Johnson 2.12% 174,207 $32.3M Add +1.4%
ACN Accenture PLC Class A 1.85% 114,229 $28.2M Add +0.8%
CVX Chevron Corp. 1.79% 176,017 $27.3M Add +3.3%
GE General Electric filed as GE AEROSPACE 1.63% 82,380 $24.8M Add +7.8%
ABT Abbott Laboratories 1.52% 172,489 $23.1M Add +0.2%
SPGI S&P Global Inc. 1.38% 43,105 $21.0M Add +0.8%
APD Air Products & Chemicals Inc. 1.33% 74,420 $20.3M Add +2.2%
AMAT Applied Materials Inc. 1.22% 90,930 $18.6M Add +2.8%
CME Cme Group Inc. 1.15% 64,731 $17.5M Add +0.6%
ISRG Intuitive Surgical Inc. 1.10% 37,593 $16.8M Reduce -2.0%
CMG Chipotle Mexican Grill Inc. 0.94% 365,616 $14.3M Add +2.9%
NFLX Netflix Inc. 0.93% 11,837 $14.2M Add +3.6%
CL Colgate-Palmolive Co. 0.91% 173,632 $13.9M Add +5.8%
ZTS Zoetis Inc. 0.85% 88,717 $13.0M Add +1.3%
ECL Ecolab Inc. 0.85% 47,302 $13.0M Add +0.8%
UBER Uber Technologies Inc. 0.73% 113,262 $11.1M Add +14.1%
FBND Fidelity Total Bond ETF 0.32% 104,403 $4.8M Add +7.3%
BRK.B Berkshire Hathaway Inc. Class B 0.20% 6,023 $3.0M Reduce -0.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.19% 4,421 $2.9M Add +2.2%
GOOGL Alphabet Inc. Class A 0.16% 10,012 $2.4M Add +1.5%
EFA iShares MSCI Eafe ETF 0.16% 25,446 $2.4M Add +0.6%
IVV iShares Core S&P 500 ETF 0.15% 3,494 $2.3M Add +0.3%
BRK.A Berkshire Hathaway Inc. Class A 0.15% 3 $2.3M No change
IJH iShares Core S&P Midcap ETF 0.14% 33,577 $2.2M Reduce -7.8%
TCHP T Rowe Price Blue Chip Growt 0.11% 34,911 $1.7M Reduce -14.6%
SCHD Schwab US DVD Equity ETF 0.11% 61,179 $1.7M Reduce -7.2%
JPST JPMorgan Ultra-Short Income 0.11% 31,792 $1.6M Add +7.8%
XOM Exxon Mobil Corp. 0.10% 13,589 $1.5M Reduce -5.4%
ORCL Oracle Corp. 0.09% 5,132 $1.4M Add +1.6%
PG The Procter & Gamble Co. 0.09% 9,219 $1.4M Reduce -15.9%
TSLA Tesla Inc. 0.09% 3,165 $1.4M Reduce -2.8%
IXUS iShares Core Intl Stock ETF 0.09% 16,356 $1.4M Add +16.9%
QQQ Invesco QQQ Trust Series 1 0.08% 2,133 $1.3M Reduce -6.7%
DHR Danaher Corp. 0.08% 6,190 $1.2M Reduce -23.0%
VOO Vanguard S&P 500 ETF 0.08% 1,980 $1.2M Reduce -11.3%
VIG Vanguard Dividend Apprec ETF 0.07% 4,911 $1.1M Reduce -0.9%
MCO Moody's Corp. 0.07% 2,102 $1.0M Reduce -2.3%
MCD McDonald's Corp. 0.06% 3,249 $987K Reduce -3.6%
ABBV Abbvie Inc. 0.06% 3,922 $908K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 3,205 $904K Add +4.0%
PEP Pepsico Inc. 0.06% 6,061 $851K Reduce -11.8%
PNC PNC Financial Services Group 0.06% 4,225 $849K Reduce -19.5%
UNP Union Pacific Corp. 0.05% 3,508 $829K Reduce -4.0%
MRK Merck & Co. Inc. 0.05% 8,864 $744K Reduce -14.3%
SHW The Sherwin-Williams Co. 0.05% 2,138 $740K Reduce -0.7%
ADP Automatic Data Processing 0.04% 2,296 $674K Reduce -2.6%
KO The Coca-Cola Co. 0.04% 9,378 $622K Add +3.5%
CSCO Cisco Systems Inc. 0.04% 8,754 $599K Reduce -0.9%
V Visa Inc. Class A 0.04% 1,743 $595K Reduce -1.8%
ACWX iShares MSCI Acwi Ex US ETF 0.04% 8,971 $583K Reduce -10.6%
MUB iShares National Muni Bond E 0.04% 5,320 $567K Add +15.2%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.04% 6,442 $562K Reduce -0.9%
TRMK Trustmark Corp. 0.04% 14,028 $556K No change
UNH Unitedhealth Group Inc. 0.04% 1,561 $539K Reduce -97.7%
VTI VG Morningstar TS MKT ETF-US 0.03% 1,556 $511K Add +26.7%
NEE Nextera Energy Inc. 0.03% 6,671 $504K Reduce -13.0%
AVGO Broadcom Inc. 0.03% 1,496 $494K Reduce -3.0%
LMT Lockheed Martin Corp. 0.03% 974 $486K Reduce -96.5%
LOW Lowe's Cos Inc. 0.03% 1,921 $483K New
IWB iShares Russell 1000 ETF 0.03% 1,289 $471K Reduce -15.1%
ROP Roper Technologies Inc. 0.03% 931 $464K Reduce -9.7%
VMC Vulcan Materials Co. 0.03% 1,460 $449K No change
PM Philip Morris International 0.03% 2,705 $439K Add +59.8%
QCOM Qualcomm Inc. 0.03% 2,555 $425K Reduce -3.4%
JEF Jefferies Financial Group Inc. 0.03% 6,449 $422K Add +2.1%
SBUX Starbucks Corp. 0.03% 4,920 $416K Reduce -10.1%
WMT Walmart Inc. 0.03% 3,989 $411K Reduce -40.5%
IJS iShares S&P Small-Cap 600 Va 0.03% 3,695 $409K No change
MDT Medtronic PLC 0.03% 4,284 $408K Reduce -8.2%
VZ Verizon Communications Inc. 0.03% 8,736 $384K Reduce -15.1%
WM Waste Management Inc. 0.02% 1,720 $380K Add +1.0%
CAT Caterpillar Inc. 0.02% 765 $365K Add +3.0%
VUG Vanguard Mrngstar GR ETF-Sui 0.02% 721 $346K Add +2.1%
IDXX Idexx Laboratories Inc. 0.02% 529 $338K Reduce -6.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,781 $318K Reduce -2.3%
TT Trane Technologies PLC 0.02% 746 $315K Reduce -1.3%
CWT California Water Service Grp 0.02% 6,667 $306K No change
EW Edwards Lifesciences Corp. 0.02% 3,850 $299K No change
PFE Pfizer Inc. 0.02% 11,483 $293K Reduce -14.7%
TMO Thermo Fisher Scientific Inc. 0.02% 544 $264K No change
ROK Rockwell Automation Inc. 0.02% 750 $262K Reduce -0.4%
QUAL iShares MSCI USA Quality Fac 0.02% 1,277 $248K Reduce -64.0%
COF Capital One Financial Corp. 0.02% 1,147 $244K No change
BBY Best Buy Co. Inc. 0.02% 3,175 $240K Reduce -1.2%
T AT&T Inc. 0.01% 7,826 $221K Reduce -4.1%
GEV GE Vernova Inc. 0.01% 357 $220K New
IVW iShares S&P 500 Growth ETF 0.01% 1,816 $219K New
PLD Prologis Inc. 0.01% 1,913 $219K No change
AMT American Tower Corp. 0.01% 1,139 $219K No change
QXO Qxo Inc. 0.01% 11,445 $218K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.01% 466 $216K Reduce -30.6%
NSC Norfolk Southern Corp. 0.01% 719 $216K New
EFG iShares MSCI Eafe Growth ETF 0.01% 1,835 $209K Reduce -8.7%
SCHZ Schwab US Aggregate Bond ETF 0.01% 8,889 $209K Reduce -0.3%
LIN Linde PLC 0.01% 425 $202K Reduce -0.5%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.01% 2,250 $202K No change
F Ford Motor Co. filed as FORD MTR CO 0.01% 13,850 $166K No change

Portfolio Sells Q2 2025 → Q3 2025
UNH Unitedhealth Group Inc. Reduce -97.7% 0.04% −1.38
LMT Lockheed Martin Corp. Reduce -96.5% 0.03% −0.86
ISRG Intuitive Surgical Inc. Reduce -2.0% 1.10% −0.32
GMS GMS Inc. Sold out 0.00% −0.09
AXP American Express Co. Reduce -3.3% 2.44% −0.09
RSP Invesco S&P 500 Equal Weight Sold out 0.00% −0.03
DHR Danaher Corp. Reduce -23.0% 0.08% −0.03
QUAL iShares MSCI USA Quality Fac Reduce -64.0% 0.02% −0.03
PG The Procter & Gamble Co. Reduce -15.9% 0.09% −0.03
FIX Comfort Systems USA Inc. Sold out 0.00% −0.02
WMT Walmart Inc. Reduce -40.5% 0.03% −0.02
IEFA iShares Core MSCI Eafe ETF Sold out 0.00% −0.02
SHOP Shopify Inc. Class A Sold out 0.00% −0.02
EMR Emerson Electric Co. Sold out 0.00% −0.01
TCHP T Rowe Price Blue Chip Growt Reduce -14.6% 0.11% −0.01
PNC PNC Financial Services Group Reduce -19.5% 0.06% −0.01
IJH iShares Core S&P Midcap ETF Reduce -7.8% 0.14% −0.01
SCHD Schwab US DVD Equity ETF Reduce -7.2% 0.11% −0.01
ROP Roper Technologies Inc. Reduce -9.7% 0.03% −0.01
MCO Moody's Corp. Reduce -2.3% 0.07% −0.01
MRK Merck & Co. Inc. Reduce -14.3% 0.05% −0.01
VOO Vanguard S&P 500 ETF Reduce -11.3% 0.08% −0.01
SBUX Starbucks Corp. Reduce -10.1% 0.03% −0.01
PEP Pepsico Inc. Reduce -11.8% 0.06% −0.01
DIA SS SPDR Dow Jones Indus Avg Reduce -30.6% 0.01% −0.01
ADP Automatic Data Processing Reduce -2.6% 0.04% −0.01
XOM Exxon Mobil Corp. Reduce -5.4% 0.10% −0.01
VZ Verizon Communications Inc. Reduce -15.1% 0.03% −0.01
IWB iShares Russell 1000 ETF Reduce -15.1% 0.03% −0.00
V Visa Inc. Class A Reduce -1.8% 0.04% −0.00
ACWX iShares MSCI Acwi Ex US ETF Reduce -10.6% 0.04% −0.00
NEE Nextera Energy Inc. Reduce -13.0% 0.03% −0.00
DIS The Walt Disney Co. Reduce -2.3% 0.02% −0.00
PFE Pfizer Inc. Reduce -14.7% 0.02% −0.00
UNP Union Pacific Corp. Reduce -4.0% 0.05% −0.00
CSCO Cisco Systems Inc. Reduce -0.9% 0.04% −0.00
MCD McDonald's Corp. Reduce -3.6% 0.06% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -6.7% 0.08% −0.00
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.3% 0.20% −0.00
SHW The Sherwin-Williams Co. Reduce -0.7% 0.05% −0.00
TT Trane Technologies PLC Reduce -1.3% 0.02% −0.00
T AT&T Inc. Reduce -4.1% 0.01% −0.00
EFG iShares MSCI Eafe Growth ETF Reduce -8.7% 0.01% −0.00
MDT Medtronic PLC Reduce -8.2% 0.03% −0.00
QCOM Qualcomm Inc. Reduce -3.4% 0.03% −0.00
SCHZ Schwab US Aggregate Bond ETF Reduce -0.3% 0.01% −0.00
LIN Linde PLC Reduce -0.5% 0.01% −0.00
ROK Rockwell Automation Inc. Reduce -0.4% 0.02% +0.00
VIG Vanguard Dividend Apprec ETF Reduce -0.9% 0.07% +0.00
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -0.9% 0.04% +0.00

Portfolio Buys Q2 2025 → Q3 2025
GOOG Alphabet Inc. Class C Add +1.2% 7.13% +1.78
AAPL Apple Inc. Add +0.7% 8.81% +1.46
NVDA Nvidia Corp. Add +0.2% 9.28% +1.10
JNJ Johnson & Johnson Add +1.4% 2.12% +0.32
GE General Electric Add +7.8% 1.63% +0.28
TJX TJX Companies Inc. Add +0.9% 2.16% +0.25
IJR iShares Core S&P Small-Cap E Add +3.9% 2.93% +0.23
HD Home Depot Inc. Add +2.1% 2.32% +0.18
CVX Chevron Corp. Add +3.3% 1.79% +0.12
AMAT Applied Materials Inc. Add +2.8% 1.22% +0.11
UBER Uber Technologies Inc. Add +14.1% 0.73% +0.09
MSFT Microsoft Corp. Add +0.8% 8.96% +0.06
GOOGL Alphabet Inc. Class A Add +1.5% 0.16% +0.04
LOW Lowe's Cos Inc. New 0.03% +0.03
ORCL Oracle Corp. Add +1.6% 0.09% +0.02
IXUS iShares Core Intl Stock ETF Add +16.9% 0.09% +0.01
GEV GE Vernova Inc. New 0.01% +0.01
IVW iShares S&P 500 Growth ETF New 0.01% +0.01
NSC Norfolk Southern Corp. New 0.01% +0.01
FBND Fidelity Total Bond ETF Add +7.3% 0.32% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +2.2% 0.19% +0.01
VTI VG Morningstar TS MKT ETF-US Add +26.7% 0.03% +0.01
PM Philip Morris International Add +59.8% 0.03% +0.01
IVV iShares Core S&P 500 ETF Add +0.3% 0.15% +0.01
CAT Caterpillar Inc. Add +3.0% 0.02% +0.00
MUB iShares National Muni Bond E Add +15.2% 0.04% +0.00
JEF Jefferies Financial Group Inc. Add +2.1% 0.03% +0.00
JPST JPMorgan Ultra-Short Income Add +7.8% 0.11% +0.00
VUG Vanguard Mrngstar GR ETF-Sui Add +2.1% 0.02% +0.00
EFA iShares MSCI Eafe ETF Add +0.6% 0.16% +0.00
WM Waste Management Inc. Add +1.0% 0.02% −0.00
IBM Intl Business Machines Corp. Add +4.0% 0.06% −0.00
KO The Coca-Cola Co. Add +3.5% 0.04% −0.00
ECL Ecolab Inc. Add +0.8% 0.85% −0.02
MA Mastercard Inc. Class A Add +1.4% 3.06% −0.05
CME Cme Group Inc. Add +0.6% 1.15% −0.07
APD Air Products & Chemicals Inc. Add +2.2% 1.33% −0.07
ZTS Zoetis Inc. Add +1.3% 0.85% −0.08
ABT Abbott Laboratories Add +0.2% 1.52% −0.09
CL Colgate-Palmolive Co. Add +5.8% 0.91% −0.11
AMZN Amazon.com Inc. Add +2.3% 5.82% −0.11
NFLX Netflix Inc. Add +3.6% 0.93% −0.12
LLY Eli Lilly & Co. Add +0.3% 2.35% −0.15
SPGI S&P Global Inc. Add +0.8% 1.38% −0.17
META Meta Platforms Inc. Class A Add +0.8% 4.86% −0.19
HON Honeywell International Inc. Add +1.4% 2.17% −0.30
COST Costco Wholesale Corp. Add +0.9% 3.92% −0.41
CMG Chipotle Mexican Grill Inc. Add +2.9% 0.94% −0.43
TXN Texas Instruments Inc. Add +1.7% 2.86% −0.45
ACN Accenture PLC Class A Add +0.8% 1.85% −0.47

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 127$1.7BAAPL, GOOG, NVDA, AMZN, MSFT
Q1 2026 119$1.5BAAPL, GOOG, NVDA, MSFT, AMZN
Q4 2025 116$1.6BAAPL, GOOG, MSFT, NVDA, AMZN
Q3 2025 114$1.5BNVDA, MSFT, AAPL, GOOG, AMZN
Q2 2025 116$1.5BMSFT, NVDA, AAPL, AMZN, GOOG
Q1 2025 120$1.3BAAPL, MSFT, NVDA, AMZN, GOOG
Q4 2024 115$1.4BAAPL, MSFT, NVDA, AMZN, GOOG
Q3 2024 111$1.3BAAPL, MSFT, NVDA, GOOG, AMZN
Q2 2024 113$1.2BMSFT, AAPL, NVDA, GOOG, AMZN
Q1 2024 106$1.1BMSFT, AAPL, NVDA, GOOG, AMZN