Marc Andreessen and Ben Horowitz's Trades and Holdings in Q1 2026

Breaking down the stocks Marc Andreessen and Ben Horowitz (A16Z) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from A16Z's 13F filed on May 12, 2026.

Who are Marc Andreessen, Ben Horowitz and Andreessen Horowitz?

Andreessen Horowitz (a16z) is a prominent venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. The firm manages over $35 billion in assets across multiple funds and is renowned for its high-conviction bets on transformative technologies, often maintaining concentrated positions in early-stage to growth-stage companies while also allocating to select public equities through its growth and public market strategies. The overarching investment style emphasizes "software is eating the world," a philosophy coined by Andreessen, prioritizing disruptive innovations in areas like AI, biotech, crypto, consumer tech, and enterprise software. Andreessen and Horowitz focus on founder-led companies with massive market potential, strong network effects, and scalable business models, providing not just capital but extensive operational support through a large team of experts in talent, marketing, and policy. They advocate for long-term compounding through bold, contrarian theses—such as Andreessen's "It's Time to Build" manifesto urging investment in infrastructure and innovation amid societal challenges.

A16z.com
A16Z on X
Marc Andreessen on X
Ben Horowitz on X
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Away from its venture bets on AI and software startups, Andreessen Horowitz's public-markets sleeve took a conservative, income-oriented turn in the first quarter of 2026, anchoring its portfolio in short-duration bond funds like Bondbloxx Etf Trust and iShares alongside blue-chip stalwarts such as Disney, Amazon, Microsoft, Berkshire Hathaway and JPMorgan Chase, while retaining a crypto hedge through the Bitwise Bitcoin ETF. The firm rotated further into defensive, cash-generative names—initiating stakes in Procter & Gamble, AstraZeneca, SanDisk and Texas Pacific Land alongside a broad State Street SPDR S&P 500 ETF position—even as it trimmed exposure to gold via GraniteShares Gold Trust, exited its direct Berkshire Hathaway and S&P 500 ETF stakes, and sold out of enterprise-software holding Confluent, signaling a broader diversification away from concentrated tech and crypto risk toward blue-chip equities and fixed income.

New Investments

State Str Spdr S&P 500 Etf T

Marc Andreessen and Ben Horowitz bought $805.77K of State Str Spdr S&P 500 Etf T in Q1 2026. Over the last 12 months, the ETF has delivered a strong total return of about 21–23%, with year‑to‑date performance of roughly 13.6% that outpaces the large‑blend category and leaves it trading close to record high price levels. Performance over the past two quarters has shifted from an exceptionally strong Q2 2026 gain of roughly 15% to a more measured grind higher in the current quarter, where the fund is up about 4–5% over the last three months and approximately 3.7% over the last month. As a broad, market‑cap‑weighted proxy for the S&P 500, future value creation will primarily follow index‑level earnings and macro trends rather than fund‑specific events, so your purchase adds core U.S. equity beta at a time when the benchmark is still compounding double‑digit trailing returns.

• Q2 2026 total return approximately 15.2% (NAV), versus S&P 500 benchmark near 15.1%, reflecting a very strong quarter for U.S. large caps..
• Year‑to‑date through mid‑August 2026, the ETF is up about 13.6%, compared with around 5.1% for the large‑blend category and roughly 14.6% for total‑market peer VTI..
• Over the last 12 months, total return of roughly 21–22% has slightly lagged QQQ’s ~25% but remained in line with equal‑weight S&P peer RSP at about 21%..

Procter &Gamble Co

Marc Andreessen and Ben Horowitz bought $480.55K of Procter &Gamble Co in Q1 2026. Over the last two fiscal quarters, Procter & Gamble's operating momentum has been mixed: Q3 FY26 saw net sales growth of 7% year-over-year with organic sales up 3% and volumes rising 2%, but in the current Q4 FY26 quarter net sales growth slowed to 2%, organic sales were flat at 0%, and volume, price and mix were collectively neutral. This shift from gaining to stalling growth reflects weaker consumer spending in categories like U.S. laundry and paper products, tariff and packaging cost pressures that have weighed on gross margin, and higher selling and administrative expenses that compressed operating margin to roughly 18.6% in Q4 FY26, driving diluted EPS down about 15% year-over-year and core EPS down 3%. Despite these near-term headwinds, the company continues to generate robust cash flow (Q4 FY26 operating cash flow around $5.13 billion) and has a multi-year record of low-single-digit organic sales growth and mid-single-digit core EPS growth, so management’s ongoing pricing, productivity and restructuring initiatives—while temporarily depressing reported earnings—are positioned to support margin recovery and potential value creation as volumes normalize.

• Q3 FY26 net sales grew 7% year-over-year to $21.24 billion, with organic sales up 3% and volumes up 2% for the first time in a year..
• Q4 FY26 net sales increased 2% year-over-year to $21.2 billion, but organic sales were flat at 0%, operating margin slipped to about 18.6%, and diluted EPS fell roughly 15% year-over-year to around $1.26 while core EPS declined 3%..
• Q2 FY26 core EPS was stable at $1.88 (flat year-over-year) despite diluted EPS declining 5% on restructuring charges, and for fiscal 2025 organic sales grew 2% with core EPS up 4%, highlighting the company’s longer-term earnings compounding..

AstraZeneca

Marc Andreessen and Ben Horowitz bought $393.06K of AstraZeneca in Q1 2026. Over the last two quarters, the company has delivered consistent mid‑single‑digit top-line growth, with H1 2026 total revenue up 6% and Q2 revenue up about 6.4% year-on-year, while core EPS for H1 rose roughly 11–12%, signaling that the business is still gaining rather than declining overall. In the current quarter, product revenue reached $15.38bn and core EPS increased to $2.63 (up 21% year-on-year and ahead of expectations), alongside roughly 10% growth in core operating profit and margin expansion to about 34%, driven by double-digit growth in Oncology and Rare Disease that more than offset headwinds from Farxiga and Brilinta loss of exclusivity and China volume-based procurement. Strategically, the company’s value is supported by six positive Phase III programs (including three new molecular entities), around 30 regulatory approvals and eight first approvals in major markets since late 2025—notably the US approval of Baxfendy for hypertension—as well as a roughly 6% share price move higher after reports dismissing Bristol Myers merger talks reduced deal uncertainty.

• Q2 2026 product revenue was $15.38bn, up 6.4% year-on-year and roughly 0.6% sequentially from the prior quarter’s about $15.29bn..
• Q2 2026 core EPS reached $2.63, up 21% year-on-year and about $0.13 above the consensus estimate, with H1 2026 core EPS totaling $5.21 (up roughly 11–12%)..
• H1 2026 free cash flow was $4.9bn, down 18% year-on-year, and net debt increased to $26.9bn from $25.3bn..

SanDisk

Marc Andreessen and Ben Horowitz bought $374.85K of SanDisk in Q1 2026. Over the last two reported quarters, fundamentals have accelerated dramatically, with fiscal Q4 2026 revenue climbing to $8.97 billion (up 51% sequentially and 372% year over year) and GAAP EPS reaching $43.97, capping a full‑year revenue of $20.25 billion (up 175% year over year). This followed an already explosive fiscal Q3 2026, where revenue nearly doubled sequentially to $5.95 billion, GAAP net income surged to $3.615 billion (EPS $23.03), and datacenter and edge segments grew 233% and 118% quarter over quarter, respectively, highlighting the company’s leverage to AI‑driven memory demand. Recent upside surprises versus guidance in Q2 and Q3, record free cash flow of $843 million, rapid deleveraging (debt reduced by $750 million to $603 million), and the stock’s more than 3,300% gain over 12 months underscore that the market is rewarding the AI‑cycle tailwinds, though commentary from analysts also stresses that current pricing strength may be finite.

• Fiscal Q4 2026 revenue of $8.97 billion, up 51% sequentially and 372% year over year; GAAP EPS $43.97..
• Fiscal Q3 2026 revenue of $5.95 billion, up 97% quarter over quarter and 251% year over year, with GAAP net income $3.615 billion and EPS $23.03..
• Fiscal Q2 2026 non‑GAAP EPS of $6.20 versus $1.22 in the prior quarter, gross margin expanding from 29.9% to 51.1%, and free cash flow rising to $843 million..

Texas Pacific Land

Marc Andreessen and Ben Horowitz bought $291.85K of Texas Pacific Land in Q1 2026. In the most recent quarter, the company is gaining momentum, delivering record revenue of $246.1 million and net income of $153.9 million, up from Q1 2026, as higher oil and gas royalty volumes and growth in water services more than offset the prior quarter's modest revenue and EBITDA misses. Over the last 12 months, net profit increased to roughly $541.4 million (up 17% year over year), supported by high-margin royalty and water assets that produced a trailing ROE of 35.76% and net margin of 60.32%, underscoring the company's strong fundamental quality. Major recent catalysts include record Q2 royalty production, expanding produced water royalty and water services revenues, and EBITDA and free cash flow reaching new highs, all of which support further value creation despite occasional revenue misses versus consensus.

• Q2 2026 revenue $246.1M, up 4% QoQ and 31% YoY; net income $153.9M, up 7.7% QoQ and roughly 33% YoY..
• Q2 2026 adjusted EBITDA $216M with margin 88%, versus Q1 2026 EBITDA $181.4M and margin 76.6%, indicating significant sequential margin expansion..
• Trailing twelve-month net income approximately $541.4M (up 17.25% YoY) with ROE 35.76% and net margin 60.32%..

TotalEnergies

Marc Andreessen and Ben Horowitz bought $264.39K of TotalEnergies in Q1 2026. The purchase increases exposure to a company delivering strong acceleration in underlying earnings and cash flow over the last two quarters, with adjusted net income rising to $6.0 billion in the current quarter—about 15% above Q1 2026 and roughly 67% higher than a year ago. While reported net income is modestly lower quarter-on-quarter due to non-operating items, operational performance is clearly improving, driven by Brent crude averaging about $104/bbl, upstream earnings up roughly 25% vs Q1, and refining & chemicals income surging over 300% year-on-year amid Iran-related supply disruptions. Despite a ~4% year-on-year decline in hydrocarbon production and a ~22% quarter-on-quarter drop in LNG earnings tied to Middle East shut-ins and weak European gas demand, the current quarter’s cash flow from operations of about $9.8 billion and gearing near 13% underpin a strengthening balance sheet and create upside if commodity strength and production normalization persist.

• Adjusted net income rose to $6.0 billion in Q2 2026, up roughly 15% vs Q1 2026 and about 67% year-over-year..
• Cash flow from operations reached approximately $9.8 billion in Q2 2026, driving net cash flow of around $6.4 billion and reducing gearing to about 13.1% for the first half of the year..
• Hydrocarbon production averaged 2,395 kboe/d in Q2 2026, down roughly 4% year-over-year, while LNG division earnings fell about 22% quarter-on-quarter due to Middle East shut-ins and weak European gas demand..

ServiceNow

Marc Andreessen and Ben Horowitz bought $258.76K of ServiceNow in Q1 2026. Over the last 12 months, the company has delivered robust fundamental growth, with Q2 2026 total revenue up 24% year over year to about $3.99B and subscription revenue up 24.5% to $3.88B, while sustaining a non-GAAP operating margin near 29.5%, leaving it among the faster-growing and more profitable large-cap enterprise software names. Across the last two quarters, EPS was $0.97 in Q1 2026 and $0.90 in Q2 2026, beating consensus estimates in both periods and supported by revenue growth in the mid-20s percentage range and AI-related annual contract value surpassing $1B, even as GAAP net income declined from roughly $469M to $298M as management increased growth investments. While the stock is still down roughly 25–28% over the past year, it has rallied about 35–43% in the last three months as investors respond to the Q2 beat, the raised full-year subscription revenue outlook, and the strengthening AI narrative—factors that could continue to drive multiple expansion if software-sector sentiment improves.

• Q2 2026 total revenue increased 24% year over year to about $3.99B, with subscription revenue up 24.5% to $3.88B.
• Q2 2026 non-GAAP operating margin was approximately 29.5%, while GAAP net income fell from roughly $469M in Q1 2026 to about $298M in Q2 2026.
• The shares are up roughly 35–43% over the last 3 months but down about 25–28% over the past 12 months, with 3-year performance still ahead of the industry’s top-5 market-cap peers.

Series Portfolios Tr

Marc Andreessen and Ben Horowitz bought $252.65K of Series Portfolios Tr in Q1 2026. Because 'Series Portfolios Tr' is a multi-series trust rather than a single traded vehicle, there is no consolidated price or return history for the last 2 quarters; performance is driven entirely by the specific underlying series held in this position. In the current quarter we cannot determine whether the holding is gaining or declining in value without a fund-level ticker, so the impact on the portfolio is assessed qualitatively, based on the strategy and asset class exposure of the underlying series. With no major trust-level corporate events or news affecting valuation, any change in this position's value over the past 6 months is likely attributable to market beta and manager implementation rather than issuer fundamentals.

• Issuer structures of this type can host more than 20 individual series, each reporting its own NAV, returns, and risk metrics.
• Without a specific ticker or fund name, there is effectively a 100% information gap for precise quarter-over-quarter performance, volatility, and drawdown for this holding.
• Academic evidence suggests asset-class beta can explain over 80% of short-term return variation in diversified funds, implying recent performance here is likely dominated by market factors rather than trust-level decisions.

Sumitomo Mitsui Fin Grp Inc

Marc Andreessen and Ben Horowitz bought $250.81K of Sumitomo Mitsui Fin Grp Inc in Q1 2026. This position adds exposure to a Japanese megabank that has delivered a clear step-up in earnings, with profit attributable to owners in the most recent quarter rising to ¥501.4 billion, up roughly 33% year-on-year and supported by a ¥315.7 billion increase in consolidated gross profit. Over the last two quarters, the company has gone from an exceptionally strong fourth quarter—where net profit jumped about 350% and management guided to another year of record earnings—to a current quarter that beat EPS expectations at $0.50 versus $0.44 consensus, with net margin of 15.7% and ROE of around 10%, indicating sustained profitability momentum relative to both domestic peers and the broader Nikkei financials complex. Shareholder returns and valuation are improving alongside fundamentals, with forecast full‑year profit of roughly ¥1.7 trillion (about 7–8% growth year-on-year), a planned two‑for‑one stock split and ongoing buybacks supporting EPS growth, while the ADR has delivered a roughly mid‑30% total return year-to-date, broadly in line with the Nikkei 225.

• Latest quarter profit attributable to owners rose from ¥376.9 billion to ¥501.4 billion, and consolidated gross profit increased by ¥315.7 billion year-on-year.
• Quarterly EPS printed at $0.50, beating the $0.44 consensus by $0.06, with net margin at 15.68% and ROE at 10.19%.
• For the fiscal year ending March 31, 2027, management is guiding to profit attributable to owners of ¥1.7 trillion (about 7.4% year-on-year growth) and EPS of roughly ¥223.6 after a two-for-one stock split.

Kinder Morgan

Marc Andreessen and Ben Horowitz bought $242.86K of Kinder Morgan in Q1 2026. The purchase comes as Kinder Morgan delivered a record Q2 2026, with net income attributable to KMI up 21% year over year to $867 million, adjusted EBITDA up 12% to a record $2.199 billion, and adjusted EPS up 32%, all driven by higher natural gas volumes and strong contributions across every business segment. Across the first half of 2026, adjusted EBITDA is up 15% and adjusted EPS up 35% versus the same period in 2025, with Q1 and Q2 EPS beats of roughly 23% and 19% versus consensus, underscoring accelerating earnings momentum and robust cash-flow fundamentals over the last 12 months. Management has raised full-year 2026 guidance (now targeting adjusted EBITDA at least 5% and adjusted EPS at least 11% above budget) while natural gas transport volumes are up 7% and gathering volumes up 26%, and yet the stock remains around $30–32, suggesting potential upside if guidance is met and balance-sheet leverage stays near 3.6x net debt-to-EBITDA.

• Q2 2026 net income attributable to KMI increased 21% year over year to $867 million, while adjusted EBITDA rose 12% to a record $2.199 billion..
• Adjusted EPS grew 32% year over year in Q2 2026 to $0.37, beating consensus by about 19%, after a Q1 2026 EPS beat of roughly 23% versus estimates..
• Year-to-date 2026 adjusted EBITDA is up 15% and adjusted EPS up 35% versus the first half of 2025, supported by natural gas transport volumes up 7% and gathering volumes up 26%, with net debt-to-EBITDA at about 3.6x..

Bunge

Marc Andreessen and Ben Horowitz bought $235.57K of Bunge in Q1 2026. The purchase comes as the company delivers a strong inflection in earnings, with Q2 2026 adjusted EPS up 52.7% year over year to $2.00 and reported EPS of $3.47, driven by robust soybean and softseed processing margins and broad-based volume growth. In the current quarter revenue surged 88.3% year over year to $24.04B and adjusted segment EBIT more than doubled to $796M, enabling management to raise full‑year 2026 adjusted EPS guidance to $9.25–$9.75 and complete a $2B share repurchase program tied to the Viterra transaction—clear signals that fundamentals are gaining momentum versus the softer 2025 backdrop. Over the last 12 months shares have risen about 53.8% versus 31.9% for the industry, while trailing adjusted EBIT has climbed to roughly $2.6B from $2.0B at year‑end 2025 and yet the business still runs on modest net margins of about 0.9% and ROE near 4.1%, leaving scope for further value creation if integration synergies and capital returns continue.

• Q2 2026 adjusted EPS increased 52.7% year over year to $2.00, while reported EPS was $3.47 versus $2.61 in Q2 2025..
• Q2 2026 net sales grew 88.3% year over year to $24.04B, beating revenue estimates by 2.3%..
• Trailing twelve‑month adjusted total EBIT reached about $2.61B in Q2 2026, up from roughly $2.03B at year‑end 2025, while shares gained 53.8% over 12 months versus industry growth of 31.9%..

ONEOK

Marc Andreessen and Ben Horowitz bought $235.56K of ONEOK in Q1 2026. Over the last two quarters, the company has delivered accelerating earnings growth, with Q2 2026 net income rising 13% year over year to $967 million (EPS $1.53) and adjusted EBITDA up 7% to $2.12 billion, driven by record NGL throughput and higher natural gas processing and refined products volumes. Sequentially, Q2 net income increased about 25% and adjusted EBITDA about 6% versus Q1 (which delivered EPS of $1.30 and a modest beat), and on a trailing‑twelve‑month basis revenue has grown to $35.2 billion (up 41% year over year) with net income of $3.53 billion (up 16.5%), indicating the business is gaining scale and profitability rather than stalling. Over the last 12 months, the shares are up about 16.57% and trade near the low $90s, with a consensus 12‑month target of $95.24 (implying roughly 13.46% upside), as investors respond to raised 2026 guidance—including an adjusted EBITDA midpoint of $8.35 billion—and strong volume growth, even though near‑term price action has been tempered by mixed revenue‑versus‑consensus headlines.

• Q2 2026 net income $967 million and EPS $1.53, up 13% and 14.2% year over year, respectively..
• Q2 2026 adjusted EBITDA $2.12 billion, up 7% year over year and about 6% sequentially, supported by record NGL volumes and higher gas and refined products throughput..
• Stock up 16.57% over the last 12 months and 2.76% over the last 3 months, with a consensus 12‑month target price of $95.24 implying about 13.46% upside from recent levels..

Slb Limited

Marc Andreessen and Ben Horowitz bought $230.12K of Slb Limited in Q1 2026. Over the last two quarters, the company has shown improving operational momentum, with Q2 2026 revenue rising 3% sequentially to $8.97 billion, building on a stable Q1, and driven by strong offshore and international activity that offset a 13% sequential revenue decline in the Middle East tied to conflict disruptions. In the current quarter, earnings quality improved sequentially—GAAP EPS increased about 4% and EPS excluding charges and credits rose 6% to $0.55, with adjusted EBITDA up 7%—yet profitability remains under pressure year on year, as GAAP EPS fell 30%, net income declined 22% and adjusted EBITDA slipped 7%, even though the company beat consensus (EPS $0.55 vs. $0.51, revenue ahead by ~3%) and the stock jumped roughly 9–10% on the print. Over the last 12 months, trailing net income is down about 25% and revenue slightly negative (~2–3% decline), while multi-year earnings growth of roughly 22.5% annually trails the broader energy services industry (~44.6%), but the stock’s normalized P/E around 17x, stronger Q2 free cash flow of $716 million (up ~$739 million from Q1) and a quarterly dividend of $0.295 per share, together with recent growth catalysts such as the Liberty Energy data-center power alliance and the Baleine Phase 3 subsea EPC award, position the company to regain earnings momentum if management delivers on guidance for Q3 sequential revenue growth of 3–4% and Q4 revenue above $10 billion with ~24% adjusted EBITDA margins.

• Q2 2026 revenue increased 3% sequentially and 5% year on year to $8.97 billion..
• Q2 2026 GAAP EPS rose about 4% sequentially but declined 30% year on year to $0.52, with net income down 22% year on year to $786 million..
• Q2 2026 free cash flow improved to $716 million, up approximately $739 million from Q1, and the shares trade at a normalized P/E of roughly 17x..

NextEra Energy

Marc Andreessen and Ben Horowitz bought $228.49K of NextEra Energy in Q1 2026. The purchase comes as the company has delivered a very strong current quarter, with Q2 2026 adjusted EPS of $1.15 up 9.5% year over year and GAAP EPS rising to $1.50 on $7.53 billion of revenue, supported by solid contributions from both Florida Power & Light and the Energy Resources segment. Across the last two quarters (the first half of 2026), adjusted EPS has grown about 9.8% year over year and GAAP net income has increased from roughly $2.86 billion to $5.33 billion, driving trailing‑12‑month diluted EPS to $4.45 and quarterly earnings growth of about 55% on revenue growth near 12%. Over the past year, earnings have expanded by roughly 48.5% while the share price has risen about 19%, underpinned by a profit margin of 32.4%, operating margin of 31.5%, and return on equity of 11.7%, which together reflect a growth‑oriented profile within the utilities sector.

• Q2 2026 adjusted EPS $1.15, up 9.5% year over year; GAAP EPS $1.50 versus $0.98 in Q2 2025..
• Q2 2026 revenue $7.53 billion, up from $6.70 billion a year ago, implying quarterly revenue growth of about 12.4% year over year..
• Trailing‑12‑month diluted EPS $4.45, profit margin 32.4%, operating margin 31.5%, ROE 11.7%, and share price up about 19% over the past year..

Eni Spa

Marc Andreessen and Ben Horowitz bought $209.51K of Eni Spa in Q1 2026. Building on a strong 4Q 2025, where adjusted net income rose 35% year over year to €1.20 billion and group proforma adjusted EBIT reached €2.87 billion, the company has delivered clear upward momentum over the last two quarters, culminating in 2Q 2026 proforma adjusted EBIT of €5.38 billion, up 52% sequentially and roughly 100% year over year, and first-half proforma EBIT of €8.91 billion, 40% higher than a year ago. In the current quarter, revenue increased to about €22.7 billion (roughly 32% year-over-year growth), reported net income surged to €3.3 billion from €0.5 billion a year ago, adjusted net income roughly doubled to about €2.3 billion, cash flow from operations rose more than 60% year over year to around €4.5 billion, and EPS swung from a small loss to roughly €0.9 per share, contributing to a trailing-twelve-month EPS of 1.70, all driven by higher commodity realizations, about 8% production growth and stronger margins in gas/LNG and biorefining. Relative to major European integrated energy peers, this combination of double-digit EBIT and cash-flow growth, low proforma gearing at the lower end of the 10–15% target range, and the recent decision to lift the share buyback programme by €600 million to €3.4 billion following better-than-expected second-quarter results and upgraded 2026 guidance points to a company gaining operational and financial strength and supports a constructive view on the equity over the next year.

• 2Q 2026 group proforma adjusted EBIT of €5.38 billion, up 52% sequentially and about 100% year over year..
• 2Q 2026 revenue of approximately €22.7 billion, up about 32% year over year, with reported net income rising to €3.3 billion from €0.5 billion (> 500% year-over-year growth)..
• First-half 2026 proforma adjusted EBIT of €8.91 billion (+40% year over year), adjusted operating cash flow before working capital of €7.4 billion versus organic capex of €3.7 billion, and EPS (TTM) of 1.70 alongside a total share buyback programme increased to €3.4 billion..

Hershey

Marc Andreessen and Ben Horowitz bought $209.34K of Hershey in Q1 2026. This purchase comes as the company has delivered strong results over the past two quarters, with Q1 2026 net sales up 10.6% and adjusted EPS up 12.4% year over year, followed by Q2 net sales up 6.6% to about $2.79 billion and a nearly 1,490-basis-point gross margin expansion, indicating clear fundamental improvement. Current-quarter performance is being driven by roughly 12% price realization offsetting an 8% volume decline, double-digit growth in North America salty snacks (22.9%), and robust confectionery demand, positioning the company ahead of many food peers even though its longer-term earnings growth (~-1% annually vs the industry’s ~4.4%) has been more muted. Recent catalysts that could support further value creation include repeated earnings beats (Q1 adjusted EPS $2.35, Q2 adjusted EPS $1.90 both well above consensus), strong first-half net income of about $892.8 million with diluted EPS of $4.39, and a reaffirmed full-year 2026 sales and earnings outlook, underscoring pricing power, margin resilience, and growing international and snacks businesses.

• Q1 2026 net sales increased 10.6% year over year to $3,104.2 million, with adjusted EPS up 12.4% to $2.35..
• Q2 2026 net sales rose 6.6% year over year to approximately $2.79 billion, and adjusted EPS of $1.90 beat consensus by about 31%..
• Q2 2026 gross margin expanded to 45.3%, up roughly 1,490 basis points from the prior year, while first-half 2026 net income reached about $892.8 million with diluted EPS of $4.39..

Huntington Ingalls Industries

Marc Andreessen and Ben Horowitz bought $205.15K of Huntington Ingalls Industries in Q1 2026. This purchase comes as the company has moved from modest growth in 2025 to clear acceleration in 2026, with Q2 2026 revenue rising 10.9% year over year to $3.42B and diluted EPS climbing to $5.27, roughly 36% above last year and about 38% ahead of consensus estimates. Over the last 12 months, despite four consecutive quarterly earnings beats and sequential net income growth from $149M to $208M, the shares are only up about 0.55% and have underperformed aerospace and defense peers given concerns about slower long-term sales growth and low returns on capital relative to competitors. The current quarter indicates the company is gaining momentum, as shipbuilding sales grew roughly 16–17% year over year, segment margins expanded at Ingalls and Newport News, production bottlenecks at the yards have eased, and new submarine contracts plus strong undersea demand are emerging as catalysts that could support higher earnings and a potential re-rating if execution continues.

• Q2 2026 revenue $3.42B, up 10.9% year over year and beating consensus by about 8%.
• Q2 2026 diluted EPS $5.27, up from $3.86 a year ago (~36% growth) and roughly 38% above the ~$3.8 consensus.
• Stock price down 22.24% over the last 3 months but up 0.55% over the last 12 months, despite four straight quarterly EPS beats.

AT&T

Marc Andreessen and Ben Horowitz bought $201.16K of AT&T in Q1 2026. Over the last two quarters, AT&T has shown improving fundamentals, with Q2 FY2026 revenue rising to $31.6 billion (up 2.3% year over year), adjusted EPS increasing to $0.65, and operating income reaching $7.3 billion (up 20.3% year over year), supported by growth in fiber and wireless connectivity and ongoing mix shift away from legacy copper services. Sequentially, net income grew from roughly $3.83 billion in Q1 FY2026 to $4.63 billion in Q2, while the share price has rallied about 12–13% over the past month but remains down roughly 15% over the last 12 months and well below the 52‑week high of $29.79, indicating recent earnings strength has not yet fully closed the valuation gap. The current quarter’s earnings beat, record quarter for combined fiber and fixed wireless net adds, strongest consumer postpaid wireless account growth in more than three years, and integration of the acquired Lumen mass‑market fiber business are key positive catalysts that have already driven a modest share‑price reaction and could support further value creation if execution and sector sentiment remain constructive.

• Q2 FY2026 revenue $31.56 billion, up 2.3% year over year vs $30.8 billion a year ago, and 0.6% below analyst estimates of $31.75 billion..
• Q2 GAAP EPS $0.66 vs analyst estimates of $0.59 (an 11.2% beat), with adjusted EPS of $0.65 vs $0.54 in the prior-year quarter..
• Net income rose from approximately $3.83 billion in Q1 FY2026 to $4.63 billion in Q2, while the share price has gained about 12–13% over the past month but remains roughly 15% lower year over year (52‑week range $19.89–$29.79)..

Revolution Medicines

Marc Andreessen and Ben Horowitz bought $195.19K of Revolution Medicines in Q1 2026. Over the last 12 months, shares have surged roughly 277% and are up 157.7% year-to-date, massively outperforming the broader biotech industry’s roughly 3% gain as investors re-rate the name on strengthening clinical data and long-term growth expectations. In the most recent quarter, the company reported EPS of -3.06 and net income of about -$644M, missing consensus by roughly $1.0 per share and marking a ~42% larger loss versus the prior quarter and ~89% deterioration year-over-year, underscoring continued heavy investment in its oncology pipeline. Despite these widening losses, the stock has continued to rerate on positive pancreatic cancer trial results, a higher Street price target to $230, and management’s decision to raise its 2026 outlook, suggesting the market is increasingly confident that current cash burn will translate into commercially meaningful assets.

• Share price up 157.7% year-to-date vs biotech industry ~3% growth..
• Q2 2026 EPS of -3.06 vs consensus -2.04, a miss of -1.02 and down from -1.31 in Q2 2025..
• Q2 2026 net income of -644.37M, a 41.99% larger loss than last quarter and 88.52% worse than the prior year; trailing four-quarter EPS totals -8.82..

Nu Holdings

Marc Andreessen and Ben Horowitz bought $13.68K of Nu Holdings in Q1 2026. We added downside protection here because over the last 12 months the share price has risen only 12.4%, materially lagging the SPY’s 22.1%, and the risk‑reward is increasingly driven by margin and growth dynamics rather than multiple expansion.. In the most recent quarter, the company delivered an earnings beat with revenue up just 2% QoQ, but net interest margin contracted 70bp QoQ to 17.7% (down 210bp over the last two quarters) and risk‑adjusted NIM fell 60bp QoQ to 9.5%, contributing to a slight net‑income decline from about $892M to $872M sequentially.. Asset quality did improve and the loan book continues to tilt toward lower‑risk products, which, together with the earnings beat, could drive upside if management can stabilize margins, but the roughly 9.9% three‑month share‑price pullback underscores current investor concern around profitability..

• Share price up 12.4% over the last 12 months versus SPY up 22.1% in the same period..
• Latest reported quarter revenue grew 2% QoQ while net interest margin contracted 70bp QoQ to 17.7% and is down 210bp over the past two quarters..
• Risk‑adjusted NIM declined 60bp QoQ to 9.5% (down 150bp over two quarters) and net income slipped from about $892M to $872M sequentially..

Added, Trimmed, and Exited

Added

The largest increase was in Samsara, where A16Z more than tripled its stake by adding roughly 4.33 million shares, boosting the position's value from $58.9M to $189.8M (aided by a stock return of over 220%). The firm also dramatically scaled into American Express, growing the position from a token $250,826 stake to $35.3M—effectively building a brand-new-sized holding within an existing line. Smaller share increases came in Nu Holdings (despite a ~13.5% price decline), Omada Health Inc, and Coinbase, while put option positions were expanded in both Okta and Airbnb.
What it means: The outsized conviction adds to Samsara and American Express signal that A16Z is doubling down on both a high-growth enterprise IoT/software story and a blue-chip financial services name, even as the latter's value swelled almost entirely from fresh capital deployment rather than price appreciation. Adding to Nu Holdings despite negative returns suggests the firm views the recent margin compression as temporary rather than a change in long-term thesis. Meanwhile, the increased put exposure on Okta and Airbnb indicates a tactical hedge or bearish view layered on top of otherwise long-only growth positioning.

Trimmed

A16Z made significant cuts across several positions, most notably reducing iShares by roughly 388,000 shares (value falling from $11.4M to $2.49M) and Robinhood by about 100,000 shares (value dropping from $67.2M to $34.3M). Other notable trims included Pinterest (down ~71.5% in value), DigitalOcean (down ~76.6%), DoorDash (down ~85.6%, nearly eliminated), Revolution Medicines (down ~30.4%), and Mizuho Financial (down ~32.4%).
What it means: The breadth of trims across consumer internet (Pinterest, DoorDash), fintech (Robinhood), and cloud infrastructure (DigitalOcean) names suggests A16Z is rotating out of several growth-at-a-reasonable-price plays that have underperformed, likely to fund the aggressive build-outs in Samsara and American Express. The steep reduction in DoorDash and iShares in particular looks like a near-full unwind, hinting the firm may be reassessing its thesis on food delivery economics and passive index exposure alike.

Exited

A16Z fully liquidated a wide swath of positions this quarter, including iShares (Core MSCI Emkt), GraniteShares Gold Trust, Berkshire Hathaway (Class A, single share), Confluent, AbbVie, Circle Internet, SAP, Abbott, Novo Nordisk, Reddit, Boston Scientific, Constellation Energy, Adobe, Accenture, and S&P Global—together representing well over $20M in prior value. Note that several other exits, such as the old SPDR S&P 500 ETF, Procter & Gamble, AstraZeneca (ADR), and Sumitomo Mitsui Financial listings, were simply respelled/reclassified into equivalent new-position entries rather than true sales.
What it means: This broad clearing-out spans healthcare (AbbVie, Abbott, Novo Nordisk, Boston Scientific), enterprise software (Confluent, SAP, Adobe, Accenture), and diversified holdings (Berkshire Hathaway, GraniteShares Gold, iShares emerging markets), suggesting a deliberate simplification of the portfolio toward fewer, higher-conviction themes in AI infrastructure, fintech, and energy rather than a broad diversified sector approach. The exit from gold and emerging-market index exposure, paired with fresh commodity-linked additions like Texas Pacific Land and TotalEnergies in new positions, hints at a shift from passive macro hedges toward direct operating-company exposure with clearer near-term catalysts.

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.