Stephen Mandel's Trades and Holdings in Q1 2026

Breaking down the stocks Stephen Mandel (Lone Pine) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Lone Pine's 13F filed on May 15, 2026.

Who are Stephen Mandel and Lone Pine Capital?

Stephen Mandel is the founder and managing director of Lone Pine Capital LLC (commonly referred to as Lone Pine Capital). The fund is known for its concentrated portfolio, typically consisting of 20-25 stocks, with the top 10 holdings comprising approximately 57% of assets, and minimal cash holdings as it aims to remain close to fully invested over time. His investment strategy is a growth-oriented long/short equity approach inspired by Julian Robertson's Tiger Management, emphasizing long-term capital appreciation through an integrated, iterative research process that generates differentiated insights and high-conviction ideas across public and private markets. Mandel focuses on innovative companies undergoing catalysts for change that can compound value over multiple years, with strong qualitative factors like management caliber, growth potential, favorable unit economics, high margin profiles, durable competitive advantages, franchise value, and alignment with secular trends and inflection points.

Lonepinecapital.com
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Lone Pine Capital, Stephen Mandel's Greenwich-based hedge fund, maintained its hallmark high-conviction, growth-oriented approach in Q1 2026, anchoring a concentrated ~$12.5 billion public equity portfolio around secular compounders — headlined by positions in Vistra Corp., ASML, Carpenter Technology, LPL Financial, and AppLovin — while exiting mega-cap technology names including Microsoft, Amazon, and Broadcom in favor of companies with more direct exposure to AI infrastructure buildout, energy transition, and food distribution. The fund's new Q1 additions of Teradyne, Corning, and MasTec signal a deliberate pivot toward picks-and-shovels beneficiaries of the AI-driven capital expenditure supercycle and U.S. grid modernization wave, complemented by consumer staples plays in US Foods and Performance Food Group, underscoring Mandel's enduring preference for businesses undergoing durable, catalyst-driven inflection points with strong competitive moats.

New Investments

Teradyne TER

Stephen Mandel bought $555.23B of Teradyne in Q1 2026. Teradyne delivered exceptional Q1 2026 results with revenue surging 87% year-over-year and EPS of $2.56, significantly exceeding analyst expectations by $0.45, indicating strong momentum in the semiconductor testing market. Despite the recent pullback of 5.24% following the earnings report, the stock has still surged 74.6% year-to-date and 319% over the past year, reflecting robust investor confidence in the company's growth trajectory. The company maintains impressive profitability metrics with a net margin of 22.55%, ROE of 31.79%, and ROA of 22.36%, though its premium valuation at a P/E ratio of 62.57 reflects high growth expectations.

• Revenue surged 87.0% year-over-year in Q1 2026, representing a significant acceleration from the 4% growth rate seen in Q3 2025.
• EPS of $2.56 in Q1 2026 beat estimates by 21.3%, contrasting with the 20.8% decline in net income observed between the two prior quarters.
• The stock has gained 74.6% year-to-date, with analysts forecasting earnings to grow 31.31% in the coming year from $7.09 to $9.31 per share.

Corning GLW

Stephen Mandel bought $505.56B of Corning in Q1 2026. Over the last 12 months, Corning has moved from a muted demand backdrop to a markedly stronger current quarter, with core sales up 18% year over year to about $4.35B and core EPS up 30% to $0.70, modestly ahead of expectations. Momentum has clearly accelerated over the last two quarters as net income increased from roughly $157M to $469M (about a 199% sequential gain), driven primarily by a 58% year‑over‑year rebound in the Optical Communications segment tied to Gen AI infrastructure demand and emerging operating leverage. Despite the share price pulling back roughly 9% on the latest earnings release amid high expectations, it is still up around 85% over the past year and now trades at a premium valuation (roughly mid‑ to high‑double‑digit P/E on trailing EPS of $2.08), so further upside will likely hinge on management delivering a targeted 20% Optical operating margin by Q4 2025 and sustaining double‑digit growth in AI‑related end markets.

• Core sales rose 18% year over year in the latest quarter to about $4.35B, while core EPS increased 30% to $0.70 versus consensus of roughly $0.69.
• Optical Communications segment revenue grew 58% year over year, with management targeting a 20% operating margin by Q4 2025 in this Gen AI‑driven business.
• The stock is up approximately 85% over the last 12 months and trades near a trailing P/E of about 95x based on EPS of roughly $2.08.

MasTec MTZ

Stephen Mandel bought $492.6B of MasTec in Q1 2026. Over the last 12 months, MasTec has delivered strong fundamental and share price performance, with the stock up roughly 175% as revenue growth has re-accelerated and investors have re-rated the name on improved execution and guidance. Momentum has strengthened over the last two quarters: Q4 2025 revenue grew 15.8% year over year and Q1 2026 revenue grew 34.5% year over year, both ahead of expectations and accompanied by upside surprises in EPS and profitability. In the current quarter, the company is clearly gaining rather than slowing, supported by backlog growth of 32.6% year over year exiting Q4, an adjusted EBITDA margin expansion of about 170 bps in Q1, and raised full‑year 2026 guidance for both EBITDA and EPS, all key drivers of the recent share price appreciation.

• In Q1 2026, revenue increased 34.5% year over year to $3.83B, and EPS of about $1.39 beat consensus by roughly $0.41 per share (over 40% upside).
• In Q4 2025, revenue rose 15.8% year over year to $3.94B, adjusted EPS of $2.07 exceeded estimates by 6.4%, and backlog reached $18.96B, up 32.6% year over year.
• Management is guiding to roughly 22% year‑on‑year sales growth next quarter and full‑year 2026 adjusted EPS of about $8.40 with EBITDA of $1.45B, both above Street expectations, while the share price has climbed about 175% over 12 months and 100.2% year to date.

US Foods USFD

Stephen Mandel bought $350.03B of US Foods in Q1 2026. Over the last two quarters, US Foods has shown modest top-line growth—Q1 2026 sales rose about 2.8% year over year to roughly $10.1B—but the company slightly missed Street expectations on both revenue and EPS, with Q1 EPS of $0.78 versus consensus of $0.82, indicating some near-term margin pressure despite resilient demand. Sequential profitability is improving, as net income nearly doubled from around $115M in Q4 2025 to approximately $224M in Q1 2026 (up nearly 95% quarter over quarter), while the stock has risen roughly 10–12% year to date and trades at a trailing P/E of about 28x, consistent with a steady compounder rather than a deep-value setup. Management’s completion of a roughly $980M+ share repurchase program and a consensus “Moderate Buy” rating—with average price targets implying about 25–30% upside from the current $82–85 price range—highlight expectations that ongoing cost actions, mix improvement, and capital returns can drive further earnings growth and support higher equity value.

• Q1 2026 revenue grew 2.8% year over year to about $10.08B, modestly below consensus expectations of roughly $10.18B.
• Q1 2026 EPS was $0.78, missing consensus of $0.82 by $0.04 (roughly 5%), while net income increased sequentially from around $115M in Q4 2025 to approximately $224M in Q1 2026.
• Over the last 12 months, the stock is up about 21.7%, now trading around $82–85 with a market capitalization near $18B and a trailing P/E of roughly 28x.

Performance Food Group PFGC

Stephen Mandel bought $340.77B of Performance Food Group in Q1 2026. Over the last two quarters, revenue growth has moderated to the mid-single digits, with the latest quarter delivering 5.2% year-over-year growth to $16.44 billion but flat margins (operating margin 1.2%, net margin 0.52%), highlighting stable volumes but limited pricing power. Current-quarter earnings underwhelmed—adjusted EPS of $0.98 was roughly 10% below consensus and flat year over year—yet management reaffirmed full-year revenue guidance of about $67.75 billion and only slightly lowered EBITDA expectations, while Street still models full-year EPS growth of roughly 20–22% to around $4.5–$4.6. Despite a premium valuation near 41–46x trailing earnings, the stock has rebounded into the mid-$90s, supported by roughly 97% institutional ownership, a 16.5% drop in short interest in April, and a consensus Buy rating with price targets clustered around $106–$118 that suggest meaningful upside if the company can convert its scale into sustained margin expansion.

• Latest quarter revenue grew 5.2% year over year to $16.44 billion, with operating margin holding at approximately 1.2%.
• Adjusted EPS came in at $0.98, about 10% below analyst expectations, while full-year EPS is projected around $4.5–$4.6 (roughly 20–22% growth).
• Shares trade around $96 with a P/E of roughly 41–46x, versus a consensus analyst price target near $106–$118 that implies approximately 10–35% upside.

McKesson MCK

Stephen Mandel bought $339.41B of McKesson in Q1 2026. Over the last two reported quarters, the company has posted modest top- and bottom-line beats—most recently delivering adjusted EPS of $11.69 versus $11.56 expected and revenue of roughly $97.8B versus a ~$96.2B consensus—while GAAP net income declined ~37.8% sequentially to $784M from $1.26B in the prior quarter, reflecting some margin and/or one-time headwinds beneath otherwise solid results. In the current quarter, the stock is consolidating in the mid-$700s after a ~60.7% 12‑month move, with sentiment supported by management raising fiscal 2026 EPS guidance to $38.05–$38.55 and by BofA lifting its price target to $970, suggesting investors expect continued earnings growth even at a premium ~23–24x P/E multiple versus most large-cap healthcare distributors.

• Share price is up approximately 60.66% over the last 12 months, trading in the mid-$700s with a trailing EPS of about $38.37 and a P/E of roughly 23–24x.
• Latest reported quarter delivered adjusted EPS of $11.69 vs. $11.56 estimated (about a 1.1% beat) on revenue of roughly $97.83B vs. $96.18B expected (~$1.65B beat), even as GAAP net income fell from $1.26B to $784M (down 37.78% sequentially).
• Management raised fiscal 2026 EPS guidance to $38.05–$38.55, implying continued earnings growth, while the stock offers a modest 0.43% dividend yield alongside buybacks and has seen at least one major broker raise its price target to $970.

Ciena CIEN

Stephen Mandel bought $314.28B of Ciena in Q1 2026. Ciena has delivered outstanding financial results in its most recent quarter, significantly exceeding earnings and revenue expectations with EPS of $1.35 (beating estimates by 15.76%) and revenue of $1.22 billion surpassing the $1.17 billion forecast. The company's net income surged 460.91% to $50.31 million, reflecting strong operational execution and market demand for its networking solutions. Despite a recent minor pullback due to insider selling activity, the stock has gained 29.76% in the current period and 188.66% over the past year, indicating robust investor confidence in the company's growth trajectory.

• Quarterly revenue reached $1.22 billion, exceeding estimates by 4.27% with continued growth trajectory.
• Net income jumped 460.91% to $50.31 million from $8.97 million in the prior quarter, demonstrating strong margin expansion.
• Stock price has appreciated 29.76% in the current period and 188.66% year-over-year, outperforming the broader technology sector.

TeraWulf WULF

Stephen Mandel bought $287.47B of TeraWulf in Q1 2026. Over the last two reported quarters, the company has delivered relatively stable top-line performance, with most recent revenue of $47.64M slightly ahead of the $47.28M consensus and Street modeling a further step-up to about $55.73M next quarter, while the stock is up roughly 136.9% over the past year. Profitability remains negative but is improving at the margin, as net loss narrowed from −$61.42M to −$18.37M quarter-over-quarter even though EPS of −$1.01 missed the −$0.19 estimate, reflecting ramp costs and depreciation tied to recent capacity additions. Strategically, the company is pivoting from volatile bitcoin mining toward high-performance computing infrastructure for AI, with HPC lease revenue growing from $7.2M to $9.7M quarter-over-quarter and supported by more than $12.8B in long-term customer contracts and $6.5B in financings that, if executed well, can underpin further value creation.

• Most recent quarterly revenue was $47.64M vs. $47.28M consensus, with next-quarter revenue expected to rise to about $55.73M.
• Net loss improved from −$61.42M to −$18.37M quarter-over-quarter, although EPS of −$1.01 missed the −$0.19 estimate.
• HPC lease revenue increased from $7.2M to $9.7M quarter-over-quarter, and the company has signed over $12.8B of long-term, credit-enhanced contracts, contributing to a roughly 136.9% stock price gain over the last year.

Hut 8 HUT

Stephen Mandel bought $285.16B of Hut 8 in Q1 2026. Over the last two quarters, Hut 8 has shifted from deep losses to a one-off profitable quarter, and the stock has re-rated sharply higher, with the share price up 223.86% over the last year and trading at $102.47, near the top of its $14.74–$112.26 52-week range. In the most recent quarter, revenue came in at $41.75M versus estimates of $41.51M, net income improved to $139.77M from -$133.39M the prior quarter (a 204.78% swing), and Street forecasts call for revenue to accelerate to $66.11M next quarter, while the trailing P/E remains negative at -35.22x. Near term, the company appears to be gaining momentum as higher digital-asset prices and capacity additions drive earnings leverage, and recent Buy initiations from Jefferies and Arete with price targets of $156 and $136, respectively, highlight improving sentiment, though valuation dispersion (consensus targets $23.64–$74.29) and high volatility remain key risks.

• Share price up 223.86% over the last 12 months and 42.69% over the last month, now at $102.47 vs 52-week range of $14.74–$112.26.
• Revenue last quarter of $41.75M slightly beat the $41.51M estimate, with next-quarter revenue forecast at $66.11M (~58% sequential growth).
• Net income improved from -$133.39M to $139.77M quarter over quarter (a 204.78% swing), while the stock trades at a trailing P/E of -35.22x.

Argan AGX

Stephen Mandel bought $214.12B of Argan in Q1 2026. Over the last two quarters, reported profitability and cash generation have remained solid, with GuruFocus currently showing robust metrics such as ROIC around 24%, ROA about 13%, and an FCF margin near 20%, supporting the current share price and premium valuation multiples (P/E roughly 30x, price-to-free-cash-flow about 17x). Balance sheet quality remains a key support — cash-to-debt above 200x and FCF yield over 6% — but GuruFocus’s modeled Yacktman forward rate of return of roughly -8.6% signals that, without additional large project wins or upside surprises in the current quarter, much of the recent fundamental strength may already be embedded in the valuation.

• Trailing-twelve-month FCF margin approximately 19.6%, supporting a price-to-free-cash-flow multiple near 16–17x.
• Return metrics remain strong with ROIC around 24.3% and ROA roughly 13.4% over the last year.
• Valuation is elevated with P/E about 29.9x, FCF yield near 6.2%, and a modeled Yacktman forward rate of return of roughly -8.6%.

Alphabet GOOGL

Stephen Mandel bought $53.94B of Alphabet in Q1 2026. Alphabet has delivered strong operating momentum over the last two quarters, with trailing‑12‑month revenue up 17.5% to $422.5B and net income up 44.3% to $160.2B, driving EPS growth of 46.4% to $13.11. In the most recent quarter, the company appears to be gaining share and expanding margins as AI‑enhanced search, YouTube, and cloud continue to scale, helping push the stock toward the top of its 52‑week range at around $400 and supporting a still‑elevated but reasonable trailing P/E of about 30.7x. Recent catalysts—including the introduction of a $0.88 dividend (roughly 0.22% yield) and multiple analyst price target increases into the $390–$445 range—reinforce positive sentiment that recent earnings strength can sustain or modestly expand the current valuation.

• Trailing‑12‑month revenue is $422.5B, up 17.5% year over year, while net income is $160.2B, up 44.3%.
• EPS over the last year has grown 46.4% to $13.11, with the stock trading at a P/E of about 30.7x and a forward P/E of roughly 32.1x.
• Shares have climbed toward their 52‑week high of about $403, giving a market cap of roughly $4.81T, while Street 12‑month price targets cluster around $388–$439 (flat to high‑single‑digit implied return).

Added, Trimmed, and Exited

Added

Lone Pine added to 13 existing positions in Q1 2026, with the largest increases going to Nu Holdings (NU) (+8.4M shares), Vistra (VST) (+975K shares), AppLovin (APP) (+684K shares), Talen Energy (TLN) (+525K shares), Carpenter Technology (CRS) (+505K shares), and Tenet Healthcare (THC) (+471K shares), alongside more modest additions to Clean Harbors (CLH), Visa (V), Medline (MDLN), Entegris (ENTG), Spotify (SPOT), ASML (ASML), and Hilton (HLT).
What it means: The additions reveal a clear thematic conviction in AI-driven power infrastructure — doubling down on both Vistra (VST) and Talen Energy (TLN) signals that Stephen Mandel sees the electricity supply crunch as a durable, multi-year opportunity. The aggressive top-up in Nu Holdings (NU) reinforces a high-conviction bet on digital financial services in emerging markets. Paired with adds in AppLovin (APP) and ASML (ASML), the portfolio is leaning into compounders with pricing power and structural growth tailwinds. The additions to Carpenter Technology (CRS) and Clean Harbors (CLH) suggest a secondary theme around industrial companies benefiting from domestic manufacturing and infrastructure spending.

Trimmed

Lone Pine meaningfully reduced seven existing positions, with the most dramatic cuts in KKR (KKR) (down 96.4%, from 5.0M to 179K shares), Amphenol (APH) (down 92.1%, from 2.8M to 223K shares), and Vulcan Materials (VMC) (down 91.5%, from 1.7M to 144K shares) — effectively near-liquidations — alongside significant reductions in Brookfield (BN) (-4.7M shares), Taiwan Semiconductor (TSM) (-1.7M shares), Boston Scientific (BSX) (-97K shares), and Mastercard (MA) (-39K shares).
What it means: The near-complete exit from KKR (KKR), Amphenol (APH), and Vulcan Materials (VMC) — while retaining token positions — suggests Stephen Mandel is taking profits after strong runs while keeping optionality open. The deep cut in Taiwan Semiconductor (TSM) is notable given its central role in AI chip manufacturing, possibly reflecting geopolitical risk aversion or a preference to express the semiconductor theme through other holdings. Reducing Brookfield (BN) and Mastercard (MA) points to a broader rotation away from financial-adjacent compounders, reallocating that capital into more operationally focused growth and infrastructure plays.

Exited

Lone Pine fully liquidated seven positions in Q1 2026: Broadcom (AVGO), Microsoft (MSFT), Amazon (AMZN), DoorDash (DASH), Philip Morris (PM), Wingstop (WING), and Affirm (AFRM).
What it means: The simultaneous exit from three of the largest mega-cap tech and AI-infrastructure names — Broadcom (AVGO), Microsoft (MSFT), and Amazon (AMZN) — is the most striking signal in the entire filing. After a period of exceptional gains in these names, Stephen Mandel appears to be rotating out of the most crowded large-cap AI beneficiaries and into less-covered, higher-upside expressions of the same secular theme — evidenced by the new positions in names like TeraWulf (WULF), Hut 8 (HUT), Ciena (CIEN), and MasTec (MTZ). The exits from DoorDash (DASH), Wingstop (WING), and Affirm (AFRM) suggest a deliberate pullback from consumer discretionary and fintech names amid macro uncertainty, while the Philip Morris (PM) exit removes the portfolio's only traditional defensive/yield-oriented holding, reinforcing the fund's unmistakable pivot toward high-growth, infrastructure-linked themes.

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.