David Tepper's (Appaloosa) Trades and Holdings in Q2 2025

Breaking down the stocks David Tepper (Appaloosa) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Appaloosa's 13F filed on August 14, 2025.

Who is Appaloosa?

Appaloosa Management is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income markets globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of market dislocation. The firm has delivered exceptional long-term returns, establishing Tepper as one of the most successful hedge fund managers of his generation.

AMLP.com
Wikipedia on David Tepper
Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Appaloosa established eight new positions led by a massive $179.2 million stake in Intel (INTC) with 8 million shares, alongside significant positions in defense contractor RTX (RTX) ($85.4M), healthcare data company IQVIA (IQV) ($47.3M), and airlines United Airlines (UAL) and Delta (DAL) totaling $70.8 million combined, plus smaller positions in Whirlpool (WHR), Goodyear (GT), and Mohawk (MHK).

Bought

Appaloosa made substantial additions to existing technology and healthcare positions, most notably increasing UnitedHealth (UNH) from 175,000 to 2.45 million shares (733% increase), Nvidia (NVDA) from 300,000 to 1.75 million shares (750% increase), Taiwan Semiconductor (TSM) from 270,000 to 1.025 million shares (418% increase), and dramatically expanding Block (SQ) from 75,000 to 641,800 shares (970% increase).

Sold

Appaloosa executed major liquidations including completely exiting a $2.5 billion position in S&P 500 (SPYX) ETF and a $277.7 million Apple (AAPL) stake, while significantly trimming Chinese exposure by reducing China Large Cap (FXI) by 82%, PDD Holdings (PDD) by 60%, Alibaba (BABA) by 23%, and JD.com (JD) by 13%, alongside exits from casino operators Wynn Resorts (WYNN) and Las Vegas Sands (LVS) and substantial reductions in Oracle (ORCL) and Alphabet (GOOG).

New Investments in Q2 2025

Intel INTC

David Tepper bought $179.2M of Intel in Q2 2025. Intel delivered $12.9 billion in Q2 2025 revenue that was flat year-over-year but exceeded guidance by nearly $500 million, demonstrating resilience in its client business despite market headwinds. However, the company posted a substantial $2.9 billion GAAP net loss driven by aggressive restructuring efforts including $1.9 billion in downsizing costs and $800 million in equipment impairment charges as it replaces outdated manufacturing tools. While revenue has held steady, profitability remains under severe pressure with gross margins compressing to just 27.5%, down nearly 8 percentage points from the prior year as the company invests heavily in operational transformation.

• Q2 2025 revenue of $12.9 billion was flat year-over-year but beat the high-end guidance by $500 million.
• GAAP earnings per share deteriorated to $(0.67) in Q2 2025 compared to prior periods due to massive restructuring charges.
• Gross margin compressed to 27.5% in Q2 2025, down nearly 8 percentage points from the year-ago quarter.

RTX RTX

David Tepper bought $85.42M of RTX in Q2 2025. RTX demonstrated strong momentum in Q2 2025, delivering 9% sales growth to $21.6 billion and 11% adjusted EPS growth to $1.56, both beating analyst expectations significantly. The aerospace and defense giant has benefited from robust commercial aftermarket demand and increased defense spending amid global conflicts, with its backlog expanding 15% to a record $236 billion. The company's stock has surged approximately 30% in 2025, reflecting investor confidence in its operational execution and strong order momentum across all business segments.

• Q2 2025 adjusted EPS of $1.56 beat consensus estimates by 7.6% and grew 11% year-over-year.
• Sales of $21.6 billion exceeded analyst expectations by 5.1% with 9% organic growth.
• Commercial aftermarket segment delivered 16% growth with a strong book-to-bill ratio of 1.86.

IQVIA IQV

David Tepper bought $47.28M of IQVIA in Q2 2025. IQVIA demonstrated strong Q2 2025 performance with revenue growing 5.3% year-over-year to $4.017 billion and adjusted EPS of $2.81 beating consensus estimates by $0.04, driven primarily by its AI-powered Technology & Analytics Solutions segment which surged 8.9% year-over-year. The company maintains a dominant 37.85% market share in the medical laboratories industry, significantly ahead of closest competitor Labcorp at 32.51%, while generating strong cash flows that enabled $1.032 billion in share repurchases during the first half of 2025. The stock responded positively to the earnings beat, surging 15.44% in pre-market trading, reflecting investor confidence in the company's AI-driven growth strategy and robust $32.1 billion contracted backlog.

• Technology & Analytics Solutions segment revenue grew 8.9% year-over-year to $1.628 billion, demonstrating strong demand for AI-powered healthcare analytics.
• Book-to-bill ratio of 1.12x in Q2 2025 with trailing twelve-month ratio of 1.10x indicates sustained client demand and revenue visibility.
• Adjusted EBITDA increased 2.6% year-over-year to $910 million with current P/E ratio of 27.42 and trailing EPS of $6.91.

United Airlines UAL

David Tepper bought $43.8M of United Airlines in Q2 2025. United Airlines delivered a strong Q2 2025 performance, reporting adjusted earnings per share of $3.87 that exceeded Wall Street expectations of $3.81 and fell within the upper range of company guidance. The airline demonstrated operational excellence with its best post-pandemic Q2 on-time departure and seat cancellation rates, while launching its largest international expansion in history with service to eight new destinations. Management sees positive momentum building with a 6-point acceleration in booking demand beginning in early July and expects continued strength in the second half of 2025.

• Q2 2025 adjusted EPS of $3.87 beat Wall Street expectations by 1.6% and company raised full-year EPS guidance to $9.00-$11.00.
• Premium cabin revenues grew 5.6% year-over-year while international flying significantly outperformed domestic with only 1% RASM decline versus 7% domestic decline.
• Cargo revenue increased 4% year-over-year on record volumes and loyalty program revenues jumped 9% demonstrating diversified revenue strength.

Delta DAL

David Tepper bought $27.05M of Delta in Q2 2025. Delta delivered exceptional performance in the June quarter 2025, posting record quarterly revenue of $16.6 billion with a strong 13% operating margin and $1.8 billion in pre-tax profit, demonstrating the airline's operational excellence and pricing power in a competitive market. The company has restored full-year guidance with confidence, expecting earnings per share of $5.25 to $6.25 and free cash flow of $3-4 billion, while announcing a 25% dividend increase beginning in September quarter. Despite some softness in main cabin margins and cautious consumer sentiment, Delta's diverse revenue streams including premium services continue showing resilience with structural improvements in international operations.

• Earnings per share reached $3.27 in June quarter 2025 with record quarterly revenue performance.
• Operating margin of 13% significantly outpaced network peers while generating $2.1 billion in operating income.
• Premium revenue grew 5% year-over-year, demonstrating pricing power in higher-margin segments.

Whirlpool WHR

David Tepper bought $26.99M of Whirlpool in Q2 2025. Whirlpool demonstrated resilience in Q2 2025 despite challenging market conditions, delivering sequential net sales growth across all segments while net sales declined 5.4% year-over-year to $3.77 billion. The company executed significant cost reduction initiatives, achieving 100 basis points of cost takeout worth approximately $50 million, helping maintain an ongoing EBIT margin of 5.3%. However, the company faced headwinds from negative consumer sentiment and reported concerning cash flow metrics with negative free cash flow of $856 million in Q2.

• Net sales declined 5.4% year-over-year in Q2 2025 to $3.77 billion, though achieved sequential growth across all segments.
• Ongoing earnings per diluted share of $1.34 in Q2 with full-year guidance of $6.00 to $8.00 per share.
• Negative free cash flow of $856 million in Q2 2025, representing a significant cash flow challenge for the company.

Goodyear GT

David Tepper bought $8.94M of Goodyear in Q2 2025. Goodyear delivered mixed Q2 2025 results with net income surging 221% to $254 million compared to $79 million in the prior year, despite facing headwinds from declining sales and volume pressures. The company reported net sales of $4.465 billion, down 2.3% year-over-year, with tire unit volumes falling 5.3% to 37.9 million units, reflecting challenging market conditions across key segments. Management has launched the "Goodyear Forward" transformation plan aimed at margin expansion and leverage reduction, though the company continues to face profitability pressures with segment operating margin compressed to 3.6%.

• Net income increased 221% year-over-year to $254 million in Q2 2025 versus $79 million in the prior year period.
• Net sales declined 2.3% year-over-year to $4.465 billion with tire unit volumes down 5.3% to 37.9 million units.
• Segment operating margin compressed 370 basis points year-over-year to 3.6% while free cash flow remained negative at $387 million.

Mohawk MHK

David Tepper bought $6.81M of Mohawk in Q2 2025. Mohawk demonstrated operational resilience in Q2 2025 despite challenging market conditions, maintaining $2.8 billion in revenue while executing a comprehensive restructuring program that positions the company for future margin expansion. The company's strategic focus on cost discipline and premium product positioning, combined with 85% U.S. local production, provides strong defensive characteristics in the cyclical flooring industry. Strong cash generation of $125 million in Q2 and an active $500 million buyback program underscore management's commitment to shareholder returns while maintaining conservative leverage at 1.1x.

• Q2 2025 revenue flat at $2.8 billion year-over-year with 8.0% adjusted operating margin outperforming industry benchmarks.
• Restructuring program delivering $285 million in annualized savings by 2026, including 15% efficiency gains in LVT production.
• Generated $125 million in Q2 free cash flow while maintaining conservative 1.1x leverage ratio and returning $161 million to shareholders in 2024.

Holdings at the end of Q2 2025

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.