13F HOLDINGS REPORT
FIRST BUSINESS FINANCIAL SERVICES, INC.
Quarter ended Q4 2025 · Filed February 6, 2026 · Accession 0001140361-26-004002
Total Value
$1.09B
Positions
168
Other Managers
0
Confidential Omitted
No
Holdings (168)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Vanguard Total Stock Market ET | 922908769 | 788,902 | $264.5M | 24.29% |
| 2 | iShares Core MSCI EAFE ETF | 46432F842 | 1,513,690 | $135.4M | 12.43% |
| 3 | iShares Russell 1000 Growth ET | 464287614 | 182,074 | $86.2M | 7.91% |
| 4 | iShares Core S&P Small-Cap ETF | 464287804 | 492,711 | $59.2M | 5.44% |
| 5 | iShares Core Dividend Growth | 46434V621 | 822,044 | $57.1M | 5.24% |
| 6 | iShares Russell 1000 Value ETF | 464287598 | 262,423 | $55.2M | 5.07% |
| 7 | iShares Core S&P Mid-Cap ETF | 464287507 | 696,772 | $46.0M | 4.22% |
| 8 | iShares Core US Aggregate Bond | 464287226 | 381,535 | $38.1M | 3.50% |
| 9 | SPDR S&P 500 ETF | SPY | 43,791 | $29.9M | 2.74% |
| 10 | First Business Financial Servi | 319390100 | 361,311 | $19.6M | 1.80% |
| 11 | Nvidia Corp | NVDA | 94,501 | $17.6M | 1.62% |
| 12 | Apple Inc | AAPL | 56,928 | $15.5M | 1.42% |
| 13 | Broadcom Inc | AVGO | 37,823 | $13.1M | 1.20% |
| 14 | Alphabet Inc Cap Stk Cl A | GOOG | 38,978 | $12.2M | 1.12% |
| 15 | JPMorgan Ultra-Short Income ET | 46641Q837 | 217,698 | $11.0M | 1.01% |
| 16 | JPMorgan Chase & Co | VYLD | 32,107 | $10.3M | 0.95% |
| 17 | Microsoft Corp | MSFT | 17,678 | $8.5M | 0.79% |
| 18 | Arista Networks Inc | ANET | 59,041 | $7.7M | 0.71% |
| 19 | Ciena Corp | CIEN | 26,740 | $6.3M | 0.57% |
| 20 | Lilly Eli Co | LLY | 5,719 | $6.1M | 0.56% |
| 21 | Quanta Services Inc | 74762E102 | 14,111 | $6.0M | 0.55% |
| 22 | State Street Technology Select | 81369Y803 | 36,498 | $5.3M | 0.48% |
| 23 | iShares Edge MSCI USA Momentum | 46432F396 | 20,335 | $5.1M | 0.47% |
| 24 | iShares National Muni Bond ETF | 464288414 | 45,130 | $4.8M | 0.44% |
| 25 | CENCORA INC | COR | 13,742 | $4.6M | 0.43% |
| 26 | Lam Research Corporation | LRCX | 26,859 | $4.6M | 0.42% |
| 27 | Berkshire Hathaway Inc Class A | BRK-A | 6 | $4.5M | 0.42% |
| 28 | Citigroup Inc | C-PR | 35,927 | $4.2M | 0.38% |
| 29 | iShares S&P 500 Core | 464287200 | 5,873 | $4.0M | 0.37% |
| 30 | Bank of America Corp | 060505104 | 71,291 | $3.9M | 0.36% |
| 31 | Costco Wholesale Corp | 22160K105 | 4,208 | $3.6M | 0.33% |
| 32 | Analog Devices Inc | ADI | 11,959 | $3.2M | 0.30% |
| 33 | Exxon Mobil Corp | XOM | 26,898 | $3.2M | 0.30% |
| 34 | Expedia Group Inc New | EXPE | 10,953 | $3.1M | 0.28% |
| 35 | Stryker Corp | SYK | 8,689 | $3.1M | 0.28% |
| 36 | General Dynamics Corp | GD | 8,822 | $3.0M | 0.27% |
| 37 | Nucor Corp | NUE | 17,808 | $2.9M | 0.27% |
| 38 | Electronic Arts Inc | EA | 14,190 | $2.9M | 0.27% |
| 39 | T Mobile US Inc | TMUSZ | 14,101 | $2.9M | 0.26% |
| 40 | Prudential Financial Inc | PUKPF | 25,141 | $2.8M | 0.26% |
| 41 | TJX Companies Inc | 872540109 | 17,940 | $2.8M | 0.25% |
| 42 | Coca-Cola Co | KO | 38,069 | $2.7M | 0.24% |
| 43 | Republic Services Inc | 760759100 | 12,495 | $2.6M | 0.24% |
| 44 | Meta Platforms Inc | META | 3,843 | $2.5M | 0.23% |
| 45 | Amazon.com Inc | AMZN | 10,829 | $2.5M | 0.23% |
| 46 | Nextera Energy Inc | NEE-PW | 30,371 | $2.4M | 0.22% |
| 47 | State Street Energy Select Sec | 81369Y506 | 54,244 | $2.4M | 0.22% |
| 48 | Intercontinental Exchange Inc | 45866F104 | 14,745 | $2.4M | 0.22% |
| 49 | Cisco Systems Inc | CSCO | 30,321 | $2.3M | 0.21% |
| 50 | Equinix Inc | EQIX | 2,947 | $2.3M | 0.21% |
| 51 | State Street Industrial Select | 81369Y704 | 14,013 | $2.2M | 0.20% |
| 52 | Alphabet Inc Cap Stk Cl C | GOOG | 6,896 | $2.2M | 0.20% |
| 53 | Texas Instruments Inc | 882508104 | 12,335 | $2.1M | 0.20% |
| 54 | Spdr Gold Trust | GLD | 5,247 | $2.1M | 0.19% |
| 55 | Toll Brothers Inc | TOL | 15,109 | $2.0M | 0.19% |
| 56 | Lowe's Companies Inc | 548661107 | 8,360 | $2.0M | 0.19% |
| 57 | Netflix Inc | NFLX | 19,889 | $1.9M | 0.17% |
| 58 | Iqvia Holdings Inc | IQV | 7,925 | $1.8M | 0.16% |
| 59 | Darden Restaurants Inc | DRI | 9,536 | $1.8M | 0.16% |
| 60 | Philip Morris International In | 718172109 | 10,458 | $1.7M | 0.15% |
| 61 | iShares Russell 1000 ETF | 464287622 | 4,244 | $1.6M | 0.15% |
| 62 | Qualcomm Inc | QCOM | 9,169 | $1.6M | 0.14% |
| 63 | Abbvie Inc Com | ABBV | 6,840 | $1.6M | 0.14% |
| 64 | State Street Consumer Dis Sele | 81369Y407 | 12,902 | $1.5M | 0.14% |
| 65 | Oshkosh Corporation | OSK | 12,110 | $1.5M | 0.14% |
| 66 | Palantir Technologies Inc | PLTR | 8,116 | $1.4M | 0.13% |
| 67 | Kroger Co | KR | 22,507 | $1.4M | 0.13% |
| 68 | SLB Limited | SLB | 35,613 | $1.4M | 0.13% |
| 69 | Financial Select Sector SPDR E | 81369Y605 | 24,095 | $1.3M | 0.12% |
| 70 | American Electric Power Inc | 025537101 | 11,322 | $1.3M | 0.12% |
| 71 | Vanguard Small-Cap ETF | 922908751 | 5,039 | $1.3M | 0.12% |
| 72 | Apollo Global Mgmt Inc | 03769M106 | 8,636 | $1.3M | 0.11% |
| 73 | iShares Russell 2000 | 464287655 | 4,950 | $1.2M | 0.11% |
| 74 | Vanguard Communication SVCS ET | 92204A884 | 6,200 | $1.2M | 0.11% |
| 75 | Salesforce Inc. | CRM | 4,295 | $1.1M | 0.10% |
| 76 | Accenture PLC | ACN | 3,884 | $1.0M | 0.10% |
| 77 | Berkshire Hathaway INC-CL B | BRK-A | 2,047 | $1.0M | 0.09% |
| 78 | iShares Russell 2000 Growth | 464287648 | 3,132 | $1.0M | 0.09% |
| 79 | Colgate-Palmolive Co | CL | 12,370 | $977,477 | 0.09% |
| 80 | Johnson & Johnson | JNJ | 4,635 | $959,213 | 0.09% |
| 81 | Merck & Co Inc | MRK | 8,804 | $926,709 | 0.09% |
| 82 | Wal-Mart Inc | WMT | 8,309 | $925,706 | 0.09% |
| 83 | Procter & Gamble Co | 742718109 | 6,360 | $911,452 | 0.08% |
| 84 | Blackrock Inc New | BLK | 835 | $893,734 | 0.08% |
| 85 | Transdigm Group Inc | TDG | 652 | $867,062 | 0.08% |
| 86 | Nuveen ESG Large Cap Value | NU | 19,185 | $864,284 | 0.08% |
| 87 | Vanguard Mid-Cap ETF | 922908629 | 2,969 | $861,663 | 0.08% |
| 88 | State Street Comm Svcs Select | 81369Y852 | 7,317 | $861,357 | 0.08% |
| 89 | ATI Inc | ATI | 7,484 | $858,864 | 0.08% |
| 90 | iShares Russell 2000 Value | 464287630 | 4,604 | $834,291 | 0.08% |
| 91 | iShares Edge MSCI Min Vol USA | 46429B697 | 8,694 | $818,627 | 0.08% |
| 92 | Ishares Silver Trust | SLV | 12,230 | $787,857 | 0.07% |
| 93 | ASML Holding N V N Y Registry | ASMLF | 732 | $783,138 | 0.07% |
| 94 | Corning Inc | GLW | 8,369 | $732,790 | 0.07% |
| 95 | Vanguard Index Growth | 922908736 | 1,502 | $732,766 | 0.07% |
| 96 | Intuitive Surgical Inc | ISRG | 1,240 | $702,286 | 0.06% |
| 97 | Abbott Laboratories | ABLZF | 5,443 | $681,953 | 0.06% |
| 98 | Advanced Micro Devices Inc | AMD | 3,146 | $673,747 | 0.06% |
| 99 | McDonald's Corp | MCD | 2,188 | $668,718 | 0.06% |
| 100 | Mondelez Intl Inc Class A | 609207105 | 12,118 | $652,312 | 0.06% |
| 101 | Illinois Tool Works Inc | 452308109 | 2,606 | $641,858 | 0.06% |
| 102 | Eaton Corp PLC | ETN | 2,006 | $638,931 | 0.06% |
| 103 | Home Depot Inc | HD | 1,724 | $593,228 | 0.05% |
| 104 | Tetra Tech Inc New | TTEK | 16,820 | $564,143 | 0.05% |
| 105 | Pepsico Inc | PEP | 3,809 | $546,668 | 0.05% |
| 106 | American Express CO | AXP | 1,472 | $544,566 | 0.05% |
| 107 | TE Connectivity PLC ADR | TEL | 2,375 | $540,336 | 0.05% |
| 108 | SPDRA S&P MidCap 400 ETF | MDY | 887 | $535,109 | 0.05% |
| 109 | International Business Machine | INTR | 1,764 | $522,514 | 0.05% |
| 110 | Thomson Reuters Corp. | TMSOF | 3,942 | $519,910 | 0.05% |
| 111 | Vanguard Index Value | 922908744 | 2,689 | $513,572 | 0.05% |
| 112 | Mastercard Inc Cl A | MA | 883 | $504,087 | 0.05% |
| 113 | Ameriprise Financial Inc | 03076C106 | 1,015 | $497,695 | 0.05% |
| 114 | iShares MSCI EAFE ETF | 464287465 | 5,128 | $492,442 | 0.05% |
| 115 | MGE Energy Inc | MGEE | 6,252 | $490,282 | 0.05% |
| 116 | Aon PLC Shs Cl A | AON | 1,384 | $488,386 | 0.04% |
| 117 | Oklo Inc. | OKLO | 6,650 | $477,204 | 0.04% |
| 118 | Weyco Group Inc | WEYS | 14,156 | $433,032 | 0.04% |
| 119 | Visa Inc | V | 1,227 | $430,321 | 0.04% |
| 120 | McKesson Corp | MCK | 523 | $429,012 | 0.04% |
| 121 | Cummins Inc | CMI | 824 | $420,611 | 0.04% |
| 122 | Chevron Corp | CVX | 2,731 | $416,232 | 0.04% |
| 123 | Parker Hannifin Corp | PH | 470 | $413,111 | 0.04% |
| 124 | Altria Group Inc | MO | 7,116 | $410,309 | 0.04% |
| 125 | Vanguard FTSE Developed Market | 921943858 | 6,432 | $401,807 | 0.04% |
| 126 | iShares MSCI ACWI ex US | 464288240 | 5,905 | $396,403 | 0.04% |
| 127 | Vanguard Information Technolog | 92204A702 | 519 | $391,212 | 0.04% |
| 128 | Southern Company | SOMN | 4,434 | $386,645 | 0.04% |
| 129 | Cintas Corporation | CTAS | 2,052 | $385,920 | 0.04% |
| 130 | Caterpillar Inc | CAT | 672 | $384,969 | 0.04% |
| 131 | Capital One Finl Corp Com | 14040H105 | 1,556 | $377,112 | 0.03% |
| 132 | Morgan Stanley | MS-PQ | 2,076 | $368,552 | 0.03% |
| 133 | GE Aerospace | 369604301 | 1,189 | $366,248 | 0.03% |
| 134 | Waste Mgmt Inc Del | 94106L109 | 1,659 | $364,499 | 0.03% |
| 135 | Duke Energy Corp | DUKB | 3,073 | $360,186 | 0.03% |
| 136 | Amdocs Ltd ADR | DOX | 4,450 | $358,270 | 0.03% |
| 137 | Alliant Energy Corp | LNT | 5,444 | $353,914 | 0.03% |
| 138 | Oracle Corp | ORCL-PD | 1,794 | $349,669 | 0.03% |
| 139 | State Street Utilities Select | 81369Y886 | 7,904 | $337,422 | 0.03% |
| 140 | Ishares Tr Global Tech ETF | 464287291 | 3,143 | $330,015 | 0.03% |
| 141 | Union Pacific Corp | UNP | 1,422 | $328,937 | 0.03% |
| 142 | Goldman Sachs Group Inc | GSCE | 371 | $326,109 | 0.03% |
| 143 | Bank Of Montreal ADR | 063671101 | 2,462 | $319,543 | 0.03% |
| 144 | Xcel Energy Inc. | XELLL | 4,184 | $309,030 | 0.03% |
| 145 | Servicenow Inc | NOW | 1,990 | $304,848 | 0.03% |
| 146 | Woodward Inc | WWD | 1,000 | $302,320 | 0.03% |
| 147 | UnitedHealth Group Inc | UNH | 879 | $290,167 | 0.03% |
| 148 | US Bancorp | USB-PS | 5,397 | $287,984 | 0.03% |
| 149 | The Charles Schwab Corp | SCHW-PJ | 2,881 | $287,841 | 0.03% |
| 150 | PNC Financial Services Group I | 693475105 | 1,348 | $281,368 | 0.03% |
| 151 | Applied Materials Inc | 038222105 | 1,078 | $277,035 | 0.03% |
| 152 | STRATTEC Security Corporation | STRT | 3,598 | $273,952 | 0.03% |
| 153 | Arthur J. Gallagher & Co | 363576109 | 1,037 | $268,365 | 0.02% |
| 154 | Marvell Technology Group LTD | MRVL | 3,113 | $264,543 | 0.02% |
| 155 | Fidelity National Information | 31620M106 | 3,963 | $263,381 | 0.02% |
| 156 | Walt Disney Company | 254687106 | 2,281 | $259,509 | 0.02% |
| 157 | Charles River Labs Intl | 159864107 | 1,300 | $259,324 | 0.02% |
| 158 | Global X US Infr Dev ETF | 37954Y673 | 5,401 | $258,114 | 0.02% |
| 159 | Rockwell Automation Inc | ROK | 648 | $252,117 | 0.02% |
| 160 | iShares S&P 500 Growth | 464287309 | 1,933 | $238,262 | 0.02% |
| 161 | Thermo Fisher Scientific Inc | TMO | 411 | $238,154 | 0.02% |
| 162 | Fidelity Enhanced Large Cap ET | 31609A305 | 5,700 | $237,690 | 0.02% |
| 163 | Wells Fargo & Co | 949746101 | 2,473 | $230,484 | 0.02% |
| 164 | Wisdomtree Tr US Qtly Div Grt | WT | 2,543 | $227,420 | 0.02% |
| 165 | Exact Sciences Corp | 30063P105 | 2,215 | $224,955 | 0.02% |
| 166 | Truist Financial Corporation | 89832Q109 | 4,292 | $211,209 | 0.02% |
| 167 | Gilead Sciences Inc | GILD | 1,710 | $209,885 | 0.02% |
| 168 | Under Armour Inc | UA | 10,000 | $48,000 | 0.00% |