13F HOLDINGS REPORT
FIRST BUSINESS FINANCIAL SERVICES, INC.
Quarter ended Q2 2025 · Filed July 31, 2025 · Accession 0001140361-25-028130
Total Value
$1.11B
Positions
185
Other Managers
0
Confidential Omitted
No
Holdings (185)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Vanguard Total Stock Market ET | 922908769 | 902,062 | $274.2M | 24.72% |
| 2 | iShares Core MSCI EAFE ETF | 46432F842 | 1,703,005 | $142.2M | 12.82% |
| 3 | iShares Russell 1000 Growth ET | 464287614 | 205,395 | $87.2M | 7.86% |
| 4 | iShares Core S&P Small-Cap ETF | 464287804 | 562,741 | $61.5M | 5.55% |
| 5 | iShares Core Dividend Growth | 46434V621 | 937,050 | $59.9M | 5.40% |
| 6 | iShares Russell 1000 Value ETF | 464287598 | 295,296 | $57.4M | 5.17% |
| 7 | iShares Core S&P Mid-Cap ETF | 464287507 | 790,118 | $49.0M | 4.42% |
| 8 | iShares Core US Aggregate Bond | 464287226 | 356,904 | $35.4M | 3.19% |
| 9 | SPDR S&P 500 ETF | SPY | 43,995 | $27.2M | 2.45% |
| 10 | First Business Financial Servi | 319390100 | 394,491 | $20.0M | 1.80% |
| 11 | Nvidia Corp | NVDA | 101,713 | $16.1M | 1.45% |
| 12 | Apple Inc | AAPL | 59,631 | $12.2M | 1.10% |
| 13 | Broadcom Inc | AVGO | 39,937 | $11.0M | 0.99% |
| 14 | JPMorgan Ultra-Short Income ET | 46641Q837 | 197,067 | $10.0M | 0.90% |
| 15 | JPMorgan Chase & Co | VYLD | 33,950 | $9.8M | 0.89% |
| 16 | Microsoft Corp | MSFT | 18,123 | $9.0M | 0.81% |
| 17 | Alphabet Inc Cap Stk Cl A | GOOG | 40,748 | $7.2M | 0.65% |
| 18 | Arista Networks Inc | ANET | 65,876 | $6.7M | 0.61% |
| 19 | Caterpillar Inc | CAT | 14,667 | $5.7M | 0.51% |
| 20 | Quanta Services Inc | 74762E102 | 14,628 | $5.5M | 0.50% |
| 21 | Deere & Co Com | DE | 10,040 | $5.1M | 0.46% |
| 22 | iShares Edge MSCI USA Momentum | 46432F396 | 20,335 | $4.9M | 0.44% |
| 23 | Lilly Eli Co | LLY | 6,180 | $4.8M | 0.43% |
| 24 | CENCORA INC | COR | 15,612 | $4.7M | 0.42% |
| 25 | Technology Select Sector SPDR | 81369Y803 | 18,249 | $4.6M | 0.42% |
| 26 | Costco Wholesale Corp | 22160K105 | 4,584 | $4.5M | 0.41% |
| 27 | iShares National Muni Bond ETF | 464288414 | 43,042 | $4.5M | 0.41% |
| 28 | Berkshire Hathaway Inc Class A | BRK-A | 6 | $4.4M | 0.39% |
| 29 | MGE Energy Inc | MGEE | 46,899 | $4.1M | 0.37% |
| 30 | Stryker Corp | SYK | 9,498 | $3.8M | 0.34% |
| 31 | iShares S&P 500 Core | 464287200 | 5,873 | $3.6M | 0.33% |
| 32 | T Mobile US Inc | TMUSZ | 15,191 | $3.6M | 0.33% |
| 33 | Republic Services Inc | 760759100 | 14,356 | $3.5M | 0.32% |
| 34 | Bank of America Corp | 060505104 | 71,543 | $3.4M | 0.31% |
| 35 | Citigroup Inc | C-PR | 38,852 | $3.3M | 0.30% |
| 36 | Analog Devices Inc | ADI | 13,433 | $3.2M | 0.29% |
| 37 | Exxon Mobil Corp | XOM | 29,272 | $3.2M | 0.28% |
| 38 | Intercontinental Exchange Inc | 45866F104 | 16,389 | $3.0M | 0.27% |
| 39 | General Dynamics Corp | GD | 9,805 | $2.9M | 0.26% |
| 40 | Lam Research Corporation | LRCX | 29,280 | $2.9M | 0.26% |
| 41 | Texas Instruments Inc | 882508104 | 13,067 | $2.7M | 0.24% |
| 42 | Electronic Arts Inc | EA | 16,949 | $2.7M | 0.24% |
| 43 | Coca-Cola Co | KO | 38,152 | $2.7M | 0.24% |
| 44 | Equinix Inc | EQIX | 3,278 | $2.6M | 0.24% |
| 45 | Cisco Systems Inc | CSCO | 35,766 | $2.5M | 0.22% |
| 46 | TJX Companies Inc | 872540109 | 20,025 | $2.5M | 0.22% |
| 47 | Darden Restaurants Inc | DRI | 10,662 | $2.3M | 0.21% |
| 48 | Energy Select Sector SPDR ETF | 81369Y506 | 27,252 | $2.3M | 0.21% |
| 49 | Netflix Inc | NFLX | 1,718 | $2.3M | 0.21% |
| 50 | Ciena Corp | CIEN | 27,680 | $2.3M | 0.20% |
| 51 | Nextera Energy Inc | NEE-PW | 32,379 | $2.2M | 0.20% |
| 52 | Amazon.com Inc | AMZN | 9,569 | $2.1M | 0.19% |
| 53 | Prudential Financial Inc | PUKPF | 19,388 | $2.1M | 0.19% |
| 54 | Industrials Select Sector SPDR | 81369Y704 | 14,013 | $2.1M | 0.19% |
| 55 | Nucor Corp | NUE | 15,581 | $2.0M | 0.18% |
| 56 | Lowe's Companies Inc | 548661107 | 8,933 | $2.0M | 0.18% |
| 57 | Expedia Group Inc New | EXPE | 11,406 | $1.9M | 0.17% |
| 58 | Philip Morris International In | 718172109 | 10,487 | $1.9M | 0.17% |
| 59 | iShares Russell 1000 ETF | 464287622 | 5,578 | $1.9M | 0.17% |
| 60 | Kroger Co | KR | 25,550 | $1.8M | 0.17% |
| 61 | Vanguard Small-Cap ETF | 922908751 | 7,596 | $1.8M | 0.16% |
| 62 | EOG Res Inc | EOG | 14,727 | $1.8M | 0.16% |
| 63 | Toll Brothers Inc | TOL | 14,015 | $1.6M | 0.14% |
| 64 | Qualcomm Inc | QCOM | 10,004 | $1.6M | 0.14% |
| 65 | Spdr Gold Trust Shs | GLD | 5,180 | $1.6M | 0.14% |
| 66 | Iqvia Holdings Inc | IQV | 9,466 | $1.5M | 0.13% |
| 67 | Schlumberger Ltd | SLB | 43,929 | $1.5M | 0.13% |
| 68 | Consumer Discr Select Sect SPD | 81369Y407 | 6,451 | $1.4M | 0.13% |
| 69 | Abbvie Inc Com | ABBV | 7,428 | $1.4M | 0.12% |
| 70 | Adobe Inc | ADBE | 3,451 | $1.3M | 0.12% |
| 71 | Oshkosh Corporation | OSK | 11,742 | $1.3M | 0.12% |
| 72 | Alphabet Inc Cap Stk Cl C | GOOG | 7,416 | $1.3M | 0.12% |
| 73 | Financial Select Sector SPDR E | 81369Y605 | 24,095 | $1.3M | 0.11% |
| 74 | Palantir Technologies Inc | PLTR | 9,198 | $1.3M | 0.11% |
| 75 | Accenture PLC | ACN | 4,167 | $1.2M | 0.11% |
| 76 | iShares Russell 2000 | 464287655 | 5,642 | $1.2M | 0.11% |
| 77 | Salesforce Inc. | CRM | 4,276 | $1.2M | 0.11% |
| 78 | Procter & Gamble Co | 742718109 | 7,245 | $1.2M | 0.10% |
| 79 | Colgate-Palmolive Co | CL | 12,302 | $1.1M | 0.10% |
| 80 | Apollo Global Mgmt Inc | 03769M106 | 7,777 | $1.1M | 0.10% |
| 81 | Berkshire Hathaway INC-CL B | BRK-A | 2,247 | $1.1M | 0.10% |
| 82 | Ameren Corporation | AEE | 11,155 | $1.1M | 0.10% |
| 83 | Vanguard Communication SVCS ET | 92204A884 | 6,200 | $1.1M | 0.10% |
| 84 | Transdigm Group Inc | TDG | 652 | $991,457 | 0.09% |
| 85 | Alliant Energy Corp | LNT | 15,614 | $944,179 | 0.09% |
| 86 | iShares Russell 2000 Growth | 464287648 | 3,132 | $895,314 | 0.08% |
| 87 | Nuveen ESG Large Cap Value | NU | 21,249 | $890,652 | 0.08% |
| 88 | Mondelez Intl Inc Class A | 609207105 | 12,980 | $875,371 | 0.08% |
| 89 | Blackrock Inc New | BLK | 831 | $871,927 | 0.08% |
| 90 | Wal-Mart Inc | WMT | 8,610 | $841,886 | 0.08% |
| 91 | Meta Platforms Inc | META | 1,138 | $839,946 | 0.08% |
| 92 | Chevron Corp | CVX | 5,807 | $831,504 | 0.07% |
| 93 | Vanguard Mid-Cap ETF | 922908629 | 2,969 | $830,815 | 0.07% |
| 94 | iShares Edge MSCI Min Vol USA | 46429B697 | 8,694 | $816,106 | 0.07% |
| 95 | Johnson & Johnson | JNJ | 5,214 | $796,439 | 0.07% |
| 96 | Thomson Reuters Corp. | TMSOF | 3,942 | $792,854 | 0.07% |
| 97 | Illinois Tool Works Inc | 452308109 | 3,206 | $792,684 | 0.07% |
| 98 | Communication Sector Select SP | 81369Y852 | 7,057 | $765,896 | 0.07% |
| 99 | Abbott Laboratories | ABLZF | 5,443 | $740,302 | 0.07% |
| 100 | Eaton Corp PLC | ETN | 2,062 | $736,113 | 0.07% |
| 101 | iShares Russell 2000 Value | 464287630 | 4,604 | $726,327 | 0.07% |
| 102 | Merck & Co Inc | MRK | 9,051 | $716,477 | 0.06% |
| 103 | Corteva Inc Com | CTVA | 9,454 | $704,607 | 0.06% |
| 104 | Intuitive Surgical Inc | ISRG | 1,251 | $679,806 | 0.06% |
| 105 | Vanguard Index Growth | 922908736 | 1,502 | $658,477 | 0.06% |
| 106 | Home Depot Inc | HD | 1,795 | $658,119 | 0.06% |
| 107 | Pepsico Inc | PEP | 4,982 | $657,823 | 0.06% |
| 108 | McDonald's Corp | MCD | 2,229 | $651,247 | 0.06% |
| 109 | Southern Company | SOMN | 7,050 | $647,402 | 0.06% |
| 110 | ATI Inc | ATI | 7,484 | $646,169 | 0.06% |
| 111 | Tetra Tech Inc New | TTEK | 17,555 | $631,278 | 0.06% |
| 112 | International Business Machine | INTR | 2,113 | $622,870 | 0.06% |
| 113 | PNC Financial Services Group I | 693475105 | 3,341 | $622,829 | 0.06% |
| 114 | ASML Holding N V N Y Registry | ASMLF | 737 | $590,624 | 0.05% |
| 115 | Douglas Dynamics Inc | PLOW | 20,000 | $589,400 | 0.05% |
| 116 | Ameriprise Financial Inc | 03076C106 | 1,093 | $583,367 | 0.05% |
| 117 | UnitedHealth Group Inc | UNH | 1,858 | $579,640 | 0.05% |
| 118 | US Bancorp | USB-PS | 11,631 | $526,303 | 0.05% |
| 119 | SPDRA S&P MidCap 400 ETF | MDY | 887 | $502,468 | 0.05% |
| 120 | Advanced Micro Devices Inc | AMD | 3,536 | $501,758 | 0.05% |
| 121 | Mastercard Inc Cl A | MA | 885 | $497,317 | 0.04% |
| 122 | Aon PLC Shs Cl A | AON | 1,384 | $493,756 | 0.04% |
| 123 | Visa Inc | V | 1,352 | $480,028 | 0.04% |
| 124 | Vanguard Index Value | 922908744 | 2,689 | $475,254 | 0.04% |
| 125 | TE Connectivity PLC ADR | TEL | 2,800 | $472,276 | 0.04% |
| 126 | American Express CO | AXP | 1,468 | $468,263 | 0.04% |
| 127 | iShares MSCI EAFE ETF | 464287465 | 5,128 | $458,392 | 0.04% |
| 128 | Cintas Corporation | CTAS | 2,052 | $457,329 | 0.04% |
| 129 | Hilton Worldwide Hldgs Inc | HLT | 1,717 | $457,306 | 0.04% |
| 130 | Corning Inc | GLW | 8,369 | $440,126 | 0.04% |
| 131 | Weyco Group Inc | WEYS | 13,096 | $434,263 | 0.04% |
| 132 | Altria Group Inc | MO | 7,116 | $417,211 | 0.04% |
| 133 | Capital One Finl Corp Com | 14040H105 | 1,956 | $416,159 | 0.04% |
| 134 | Servicenow Inc | NOW | 403 | $414,316 | 0.04% |
| 135 | Amdocs Ltd ADR | DOX | 4,450 | $406,018 | 0.04% |
| 136 | Waste Mgmt Inc Del | 94106L109 | 1,759 | $402,494 | 0.04% |
| 137 | Ishares Silver Trust | SLV | 12,230 | $401,266 | 0.04% |
| 138 | Oracle Corp | ORCL-PD | 1,814 | $396,595 | 0.04% |
| 139 | Duke Energy Corp | DUKB | 3,338 | $393,884 | 0.04% |
| 140 | McKesson Corp | MCK | 523 | $383,244 | 0.03% |
| 141 | CSX Corp Com | CSX | 11,620 | $379,161 | 0.03% |
| 142 | Walt Disney Company | 254687106 | 3,032 | $375,998 | 0.03% |
| 143 | Union Pacific Corp | UNP | 1,619 | $372,500 | 0.03% |
| 144 | Vanguard FTSE Developed Market | 921943858 | 6,514 | $371,363 | 0.03% |
| 145 | iShares MSCI ACWI ex US | 464288240 | 5,905 | $359,851 | 0.03% |
| 146 | The Charles Schwab Corp | SCHW-PJ | 3,931 | $358,664 | 0.03% |
| 147 | Toro Co | TORO | 5,000 | $353,400 | 0.03% |
| 148 | Thermo Fisher Scientific Inc | TMO | 866 | $351,128 | 0.03% |
| 149 | Vanguard Information Technolog | 92204A702 | 519 | $344,242 | 0.03% |
| 150 | Arthur J. Gallagher & Co | 363576109 | 1,037 | $331,964 | 0.03% |
| 151 | Parker Hannifin Corp | PH | 470 | $328,281 | 0.03% |
| 152 | Utilities Select Sector SPDR E | 81369Y886 | 3,952 | $322,720 | 0.03% |
| 153 | Fidelity National Information | 31620M106 | 3,963 | $322,628 | 0.03% |
| 154 | Howmet Aerospace Inc | HWM | 1,666 | $310,093 | 0.03% |
| 155 | GE Aerospace | 369604301 | 1,192 | $306,809 | 0.03% |
| 156 | American Tower Corp | 03027X100 | 1,359 | $300,366 | 0.03% |
| 157 | Morgan Stanley | MS-PQ | 2,084 | $293,552 | 0.03% |
| 158 | Goldman Sachs Group Inc | GSCE | 411 | $290,885 | 0.03% |
| 159 | Ishares Tr Global Tech ETF | 464287291 | 3,143 | $290,225 | 0.03% |
| 160 | Rockwell Automation Inc | ROK | 867 | $287,991 | 0.03% |
| 161 | Xcel Energy Inc. | XELLL | 4,162 | $283,432 | 0.03% |
| 162 | Oklo Inc. | OKLO | 5,000 | $279,950 | 0.03% |
| 163 | Bank Of Montreal ADR | 063671101 | 2,492 | $275,690 | 0.02% |
| 164 | Nice Ltd Sponsored ADR | NCSYF | 1,625 | $274,479 | 0.02% |
| 165 | Cummins Inc | CMI | 824 | $269,860 | 0.02% |
| 166 | GE Vernova Inc | GEV | 507 | $268,279 | 0.02% |
| 167 | Paypal Hldgs Inc | PYPL | 3,399 | $252,614 | 0.02% |
| 168 | Woodward Inc | WWD | 1,000 | $245,090 | 0.02% |
| 169 | AT&T Inc | T-PC | 8,396 | $242,980 | 0.02% |
| 170 | Marvell Technology Group LTD | MRVL | 3,136 | $242,726 | 0.02% |
| 171 | Microchip Technology Inc | MCHPP | 3,362 | $236,584 | 0.02% |
| 172 | Global X US Infr Dev ETF | 37954Y673 | 5,401 | $235,376 | 0.02% |
| 173 | Nike Inc | NKE | 3,246 | $230,596 | 0.02% |
| 174 | Hca Healthcare Inc Com | HCA | 591 | $226,412 | 0.02% |
| 175 | STRATTEC Security Corporation | STRT | 3,598 | $223,832 | 0.02% |
| 176 | Intel Corp | INTC | 9,601 | $215,062 | 0.02% |
| 177 | Wisdomtree Tr US Qtly Div Grt | WT | 2,543 | $212,951 | 0.02% |
| 178 | iShares S&P 500 Growth | 464287309 | 1,933 | $212,823 | 0.02% |
| 179 | Starbucks Corp | SBUX | 2,309 | $211,574 | 0.02% |
| 180 | Fidelity Covington Enhanced La | 31609A305 | 5,700 | $211,071 | 0.02% |
| 181 | Applied Materials Inc | 038222105 | 1,114 | $203,940 | 0.02% |
| 182 | Crowdstrike Hldgs Inc | CRWD | 398 | $202,705 | 0.02% |
| 183 | Honeywell International Inc | 438516106 | 868 | $202,140 | 0.02% |
| 184 | Ford Motor Co | 345370860 | 14,703 | $159,528 | 0.01% |
| 185 | iShares Global Clean Energy ET | 464288224 | 11,452 | $150,136 | 0.01% |