13F HOLDINGS REPORT
FIRST BUSINESS FINANCIAL SERVICES, INC.
Quarter ended Q3 2025 · Filed October 30, 2025 · Accession 0001140361-25-039810
Total Value
$1.09B
Positions
185
Other Managers
0
Confidential Omitted
No
Holdings (185)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Vanguard Total Stock Market ET | 922908769 | 807,129 | $264.9M | 24.30% |
| 2 | iShares Core MSCI EAFE ETF | 46432F842 | 1,520,975 | $132.8M | 12.18% |
| 3 | iShares Russell 1000 Growth ET | 464287614 | 187,768 | $88.0M | 8.07% |
| 4 | iShares Core S&P Small-Cap ETF | 464287804 | 499,418 | $59.3M | 5.44% |
| 5 | iShares Core Dividend Growth | 46434V621 | 824,026 | $56.1M | 5.15% |
| 6 | iShares Russell 1000 Value ETF | 464287598 | 265,429 | $54.0M | 4.96% |
| 7 | iShares Core S&P Mid-Cap ETF | 464287507 | 704,170 | $46.0M | 4.22% |
| 8 | iShares Core US Aggregate Bond | 464287226 | 363,294 | $36.4M | 3.34% |
| 9 | SPDR S&P 500 ETF | SPY | 43,791 | $29.2M | 2.68% |
| 10 | First Business Financial Servi | 319390100 | 374,233 | $19.2M | 1.76% |
| 11 | Nvidia Corp | NVDA | 93,654 | $17.5M | 1.60% |
| 12 | Apple Inc | AAPL | 56,477 | $14.4M | 1.32% |
| 13 | Broadcom Inc | AVGO | 36,835 | $12.2M | 1.11% |
| 14 | JPMorgan Ultra-Short Income ET | 46641Q837 | 202,797 | $10.3M | 0.94% |
| 15 | JPMorgan Chase & Co | VYLD | 31,583 | $10.0M | 0.91% |
| 16 | Microsoft Corp | MSFT | 18,803 | $9.7M | 0.89% |
| 17 | Alphabet Inc Cap Stk Cl A | GOOG | 38,376 | $9.3M | 0.86% |
| 18 | Arista Networks Inc | ANET | 57,092 | $8.3M | 0.76% |
| 19 | Caterpillar Inc | CAT | 14,667 | $7.0M | 0.64% |
| 20 | Quanta Services Inc | 74762E102 | 13,845 | $5.7M | 0.53% |
| 21 | iShares Edge MSCI USA Momentum | 46432F396 | 20,335 | $5.2M | 0.48% |
| 22 | Technology Select Sector SPDR | 81369Y803 | 18,249 | $5.1M | 0.47% |
| 23 | iShares National Muni Bond ETF | 464288414 | 43,656 | $4.6M | 0.43% |
| 24 | Deere & Co Com | DE | 10,040 | $4.6M | 0.42% |
| 25 | Berkshire Hathaway Inc Class A | BRK-A | 6 | $4.5M | 0.42% |
| 26 | Lilly Eli Co | LLY | 5,601 | $4.3M | 0.39% |
| 27 | CENCORA INC | COR | 13,344 | $4.2M | 0.38% |
| 28 | iShares S&P 500 Core | 464287200 | 5,873 | $3.9M | 0.36% |
| 29 | Costco Wholesale Corp | 22160K105 | 4,179 | $3.9M | 0.35% |
| 30 | Ciena Corp | CIEN | 25,956 | $3.8M | 0.35% |
| 31 | MGE Energy Inc | MGEE | 44,382 | $3.7M | 0.34% |
| 32 | Bank of America Corp | 060505104 | 69,648 | $3.6M | 0.33% |
| 33 | Citigroup Inc | C-PR | 34,915 | $3.5M | 0.33% |
| 34 | Lam Research Corporation | LRCX | 26,211 | $3.5M | 0.32% |
| 35 | T Mobile US Inc | TMUSZ | 13,679 | $3.3M | 0.30% |
| 36 | Stryker Corp | SYK | 8,430 | $3.1M | 0.29% |
| 37 | Exxon Mobil Corp | XOM | 26,362 | $3.0M | 0.27% |
| 38 | Electronic Arts Inc | EA | 14,682 | $3.0M | 0.27% |
| 39 | Republic Services Inc | 760759100 | 12,715 | $2.9M | 0.27% |
| 40 | General Dynamics Corp | GD | 8,540 | $2.9M | 0.27% |
| 41 | Analog Devices Inc | ADI | 11,623 | $2.9M | 0.26% |
| 42 | TJX Companies Inc | 872540109 | 17,798 | $2.6M | 0.24% |
| 43 | Coca-Cola Co | KO | 37,455 | $2.5M | 0.23% |
| 44 | Energy Select Sector SPDR ETF | 81369Y506 | 27,122 | $2.4M | 0.22% |
| 45 | Intercontinental Exchange Inc | 45866F104 | 14,332 | $2.4M | 0.22% |
| 46 | Amazon.com Inc | AMZN | 10,929 | $2.4M | 0.22% |
| 47 | Netflix Inc | NFLX | 1,995 | $2.4M | 0.22% |
| 48 | Nucor Corp | NUE | 17,203 | $2.3M | 0.21% |
| 49 | Expedia Group Inc New | EXPE | 10,616 | $2.3M | 0.21% |
| 50 | Nextera Energy Inc | NEE-PW | 29,560 | $2.2M | 0.20% |
| 51 | Equinix Inc | EQIX | 2,845 | $2.2M | 0.20% |
| 52 | Texas Instruments Inc | 882508104 | 12,033 | $2.2M | 0.20% |
| 53 | Industrials Select Sector SPDR | 81369Y704 | 14,013 | $2.2M | 0.20% |
| 54 | Cisco Systems Inc | CSCO | 30,679 | $2.1M | 0.19% |
| 55 | Lowe's Companies Inc | 548661107 | 8,088 | $2.0M | 0.19% |
| 56 | Toll Brothers Inc | TOL | 14,579 | $2.0M | 0.18% |
| 57 | Spdr Gold Trust Shs | GLD | 5,180 | $1.8M | 0.17% |
| 58 | Prudential Financial Inc | PUKPF | 17,155 | $1.8M | 0.16% |
| 59 | Alphabet Inc Cap Stk Cl C | GOOG | 7,216 | $1.8M | 0.16% |
| 60 | Darden Restaurants Inc | DRI | 9,229 | $1.8M | 0.16% |
| 61 | Philip Morris International In | 718172109 | 10,487 | $1.7M | 0.16% |
| 62 | Abbvie Inc Com | ABBV | 7,278 | $1.7M | 0.15% |
| 63 | Iqvia Holdings Inc | IQV | 8,422 | $1.6M | 0.15% |
| 64 | iShares Russell 1000 ETF | 464287622 | 4,244 | $1.6M | 0.14% |
| 65 | EOG Res Inc | EOG | 13,820 | $1.5M | 0.14% |
| 66 | Consumer Discr Select Sect SPD | 81369Y407 | 6,451 | $1.5M | 0.14% |
| 67 | Oshkosh Corporation | OSK | 11,845 | $1.5M | 0.14% |
| 68 | Qualcomm Inc | QCOM | 8,985 | $1.5M | 0.14% |
| 69 | Palantir Technologies Inc | PLTR | 8,116 | $1.5M | 0.14% |
| 70 | Kroger Co | KR | 21,530 | $1.5M | 0.13% |
| 71 | SLB Limited | SLB | 39,793 | $1.4M | 0.13% |
| 72 | Financial Select Sector SPDR E | 81369Y605 | 24,095 | $1.3M | 0.12% |
| 73 | Vanguard Small-Cap ETF | 922908751 | 5,039 | $1.3M | 0.12% |
| 74 | iShares Russell 2000 | 464287655 | 5,020 | $1.2M | 0.11% |
| 75 | American Electric Power Inc | 025537101 | 10,599 | $1.2M | 0.11% |
| 76 | Ameren Corporation | AEE | 11,155 | $1.2M | 0.11% |
| 77 | Vanguard Communication SVCS ET | 92204A884 | 6,200 | $1.2M | 0.11% |
| 78 | Procter & Gamble Co | 742718109 | 7,345 | $1.1M | 0.10% |
| 79 | Apollo Global Mgmt Inc | 03769M106 | 7,962 | $1.1M | 0.10% |
| 80 | Alliant Energy Corp | LNT | 15,614 | $1.1M | 0.10% |
| 81 | Berkshire Hathaway INC-CL B | BRK-A | 2,047 | $1.0M | 0.09% |
| 82 | Accenture PLC | ACN | 4,167 | $1.0M | 0.09% |
| 83 | iShares Russell 2000 Growth | 464287648 | 3,132 | $1.0M | 0.09% |
| 84 | Salesforce Inc. | CRM | 4,139 | $980,943 | 0.09% |
| 85 | Blackrock Inc New | BLK | 831 | $968,838 | 0.09% |
| 86 | Colgate-Palmolive Co | CL | 11,538 | $922,348 | 0.08% |
| 87 | Nuveen ESG Large Cap Value | NU | 21,003 | $920,498 | 0.08% |
| 88 | Johnson & Johnson | JNJ | 4,947 | $917,273 | 0.08% |
| 89 | Wal-Mart Inc | WMT | 8,592 | $885,492 | 0.08% |
| 90 | Chevron Corp | CVX | 5,649 | $877,233 | 0.08% |
| 91 | Vanguard Mid-Cap ETF | 922908629 | 2,969 | $872,114 | 0.08% |
| 92 | Transdigm Group Inc | TDG | 652 | $859,349 | 0.08% |
| 93 | Meta Platforms Inc | META | 1,138 | $835,724 | 0.08% |
| 94 | Communication Sector Select SP | 81369Y852 | 7,057 | $835,337 | 0.08% |
| 95 | iShares Edge MSCI Min Vol USA | 46429B697 | 8,694 | $827,147 | 0.08% |
| 96 | iShares Russell 2000 Value | 464287630 | 4,604 | $814,033 | 0.07% |
| 97 | Mondelez Intl Inc Class A | 609207105 | 12,980 | $810,861 | 0.07% |
| 98 | Illinois Tool Works Inc | 452308109 | 3,006 | $783,845 | 0.07% |
| 99 | Eaton Corp PLC | ETN | 2,062 | $771,704 | 0.07% |
| 100 | Oklo Inc. | OKLO | 6,650 | $742,340 | 0.07% |
| 101 | Merck & Co Inc | MRK | 8,824 | $740,598 | 0.07% |
| 102 | Abbott Laboratories | ABLZF | 5,443 | $729,035 | 0.07% |
| 103 | Home Depot Inc | HD | 1,795 | $727,316 | 0.07% |
| 104 | Vanguard Index Growth | 922908736 | 1,502 | $720,374 | 0.07% |
| 105 | ASML Holding N V N Y Registry | ASMLF | 737 | $713,482 | 0.07% |
| 106 | Pepsico Inc | PEP | 5,042 | $708,098 | 0.06% |
| 107 | Corning Inc | GLW | 8,369 | $686,509 | 0.06% |
| 108 | Southern Company | SOMN | 7,225 | $684,713 | 0.06% |
| 109 | McDonald's Corp | MCD | 2,229 | $677,371 | 0.06% |
| 110 | PNC Financial Services Group I | 693475105 | 3,341 | $671,307 | 0.06% |
| 111 | Douglas Dynamics Inc | PLOW | 20,000 | $625,200 | 0.06% |
| 112 | TE Connectivity PLC ADR | TEL | 2,800 | $614,684 | 0.06% |
| 113 | Thomson Reuters Corp. | TMSOF | 3,942 | $612,311 | 0.06% |
| 114 | ATI Inc | ATI | 7,484 | $608,749 | 0.06% |
| 115 | Tetra Tech Inc New | TTEK | 17,555 | $585,986 | 0.05% |
| 116 | Advanced Micro Devices Inc | AMD | 3,536 | $572,089 | 0.05% |
| 117 | Intuitive Surgical Inc | ISRG | 1,251 | $559,485 | 0.05% |
| 118 | US Bancorp | USB-PS | 11,368 | $549,415 | 0.05% |
| 119 | International Business Machine | INTR | 1,938 | $546,826 | 0.05% |
| 120 | SPDRA S&P MidCap 400 ETF | MDY | 887 | $528,679 | 0.05% |
| 121 | Ishares Silver Trust | SLV | 12,230 | $518,185 | 0.05% |
| 122 | Oracle Corp | ORCL-PD | 1,814 | $510,169 | 0.05% |
| 123 | Mastercard Inc Cl A | MA | 885 | $503,397 | 0.05% |
| 124 | Vanguard Index Value | 922908744 | 2,689 | $501,472 | 0.05% |
| 125 | Ameriprise Financial Inc | 03076C106 | 1,015 | $498,619 | 0.05% |
| 126 | Aon PLC Shs Cl A | AON | 1,384 | $493,507 | 0.05% |
| 127 | American Express CO | AXP | 1,468 | $487,611 | 0.04% |
| 128 | iShares MSCI EAFE ETF | 464287465 | 5,128 | $478,801 | 0.04% |
| 129 | Altria Group Inc | MO | 7,116 | $470,083 | 0.04% |
| 130 | Visa Inc | V | 1,352 | $461,546 | 0.04% |
| 131 | Weyco Group Inc | WEYS | 14,156 | $425,954 | 0.04% |
| 132 | Cintas Corporation | CTAS | 2,052 | $421,194 | 0.04% |
| 133 | Capital One Finl Corp Com | 14040H105 | 1,956 | $415,806 | 0.04% |
| 134 | McKesson Corp | MCK | 523 | $404,038 | 0.04% |
| 135 | Duke Energy Corp | DUKB | 3,248 | $401,940 | 0.04% |
| 136 | Vanguard FTSE Developed Market | 921943858 | 6,514 | $390,319 | 0.04% |
| 137 | Waste Mgmt Inc Del | 94106L109 | 1,759 | $388,440 | 0.04% |
| 138 | Vanguard Information Technolog | 92204A702 | 519 | $387,501 | 0.04% |
| 139 | iShares MSCI ACWI ex US | 464288240 | 5,905 | $383,884 | 0.04% |
| 140 | Union Pacific Corp | UNP | 1,619 | $382,683 | 0.04% |
| 141 | Toro Co | TORO | 5,000 | $381,000 | 0.03% |
| 142 | The Charles Schwab Corp | SCHW-PJ | 3,931 | $375,293 | 0.03% |
| 143 | Servicenow Inc | NOW | 403 | $370,873 | 0.03% |
| 144 | Amdocs Ltd ADR | DOX | 4,450 | $365,123 | 0.03% |
| 145 | GE Aerospace | 369604301 | 1,192 | $358,577 | 0.03% |
| 146 | Parker Hannifin Corp | PH | 470 | $356,331 | 0.03% |
| 147 | Cummins Inc | CMI | 824 | $348,033 | 0.03% |
| 148 | Xcel Energy Inc. | XELLL | 4,312 | $347,763 | 0.03% |
| 149 | Utilities Select Sector SPDR E | 81369Y886 | 3,952 | $344,654 | 0.03% |
| 150 | UnitedHealth Group Inc | UNH | 984 | $339,775 | 0.03% |
| 151 | Walt Disney Company | 254687106 | 2,917 | $333,997 | 0.03% |
| 152 | Morgan Stanley | MS-PQ | 2,084 | $331,273 | 0.03% |
| 153 | Goldman Sachs Group Inc | GSCE | 411 | $327,300 | 0.03% |
| 154 | Howmet Aerospace Inc | HWM | 1,666 | $326,919 | 0.03% |
| 155 | Bank Of Montreal ADR | 063671101 | 2,492 | $324,583 | 0.03% |
| 156 | Ishares Tr Global Tech ETF | 464287291 | 3,143 | $324,389 | 0.03% |
| 157 | Arthur J. Gallagher & Co | 363576109 | 1,037 | $321,200 | 0.03% |
| 158 | Rockwell Automation Inc | ROK | 867 | $303,043 | 0.03% |
| 159 | Marvell Technology Group LTD | MRVL | 3,136 | $263,644 | 0.02% |
| 160 | Fidelity National Information | 31620M106 | 3,963 | $261,320 | 0.02% |
| 161 | Global X US Infr Dev ETF | 37954Y673 | 5,401 | $257,250 | 0.02% |
| 162 | Woodward Inc | WWD | 1,000 | $252,710 | 0.02% |
| 163 | Hca Healthcare Inc Com | HCA | 591 | $251,884 | 0.02% |
| 164 | STRATTEC Security Corporation | STRT | 3,598 | $244,880 | 0.02% |
| 165 | AT&T Inc | T-PC | 8,629 | $243,683 | 0.02% |
| 166 | GE Vernova Inc | GEV | 390 | $239,811 | 0.02% |
| 167 | Nice Ltd Sponsored ADR | NCSYF | 1,625 | $235,268 | 0.02% |
| 168 | Fidelity Enhanced Large Cap ET | 31609A305 | 5,700 | $234,384 | 0.02% |
| 169 | iShares S&P 500 Growth | 464287309 | 1,933 | $233,352 | 0.02% |
| 170 | Applied Materials Inc | 038222105 | 1,114 | $228,080 | 0.02% |
| 171 | Nike Inc | NKE | 3,246 | $226,344 | 0.02% |
| 172 | Wisdomtree Tr US Qtly Div Grt | WT | 2,543 | $226,225 | 0.02% |
| 173 | Paypal Hldgs Inc | PYPL | 3,309 | $221,902 | 0.02% |
| 174 | Phillips 66 | PSX | 1,631 | $221,849 | 0.02% |
| 175 | Microchip Technology Inc | MCHPP | 3,362 | $215,908 | 0.02% |
| 176 | Marathon Petroleum Corp | MARA | 1,116 | $215,098 | 0.02% |
| 177 | Thermo Fisher Scientific Inc | TMO | 442 | $214,379 | 0.02% |
| 178 | Intel Corp | INTC | 6,337 | $212,606 | 0.02% |
| 179 | PPL Corp | PPLC | 5,553 | $206,349 | 0.02% |
| 180 | Charles River Labs Intl | 159864107 | 1,300 | $203,398 | 0.02% |
| 181 | Wells Fargo & Co | 949746101 | 2,425 | $203,264 | 0.02% |
| 182 | Gilead Sciences Inc | GILD | 1,806 | $200,466 | 0.02% |
| 183 | iShares Global Clean Energy ET | 464288224 | 11,001 | $170,295 | 0.02% |
| 184 | Under Armour Inc | UA | 10,000 | $48,300 | 0.00% |
| 185 | Gopro Inc | GPRO | 10,000 | $21,200 | 0.00% |