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, the Greenwich-based hedge fund founded by Tiger Management alumnus Stephen Mandel, maintained its concentrated, growth-oriented approach in Q1 2026, anchoring a roughly $12.5 billion portfolio around secular compounders led by Vistra, ASML, Carpenter Technology, LPL Financial and AppLovin. The fund rotated out of mega-cap technology names such as Microsoft, Amazon, Broadcom, DoorDash and Philip Morris in favor of new "picks-and-shovels" bets on AI infrastructure and grid modernization via Teradyne, Corning and MasTec, alongside fresh exposure to food distribution through US Foods and Performance Food Group.

New Investments

Teradyne

Stephen Mandel bought $555.23M of Teradyne in Q1 2026. Over the last year, Teradyne has emerged as a high-growth AI test leader, delivering back-to-back record quarters as revenue climbed from $1.28B in Q1 2026 (+87% YoY) to $1.33B in Q2 2026 (+104% YoY), a pace that significantly exceeds typical semiconductor equipment growth. In the current quarter, non-GAAP EPS reached $2.47 (up roughly 333% YoY) with gross margin expanding to 59.8% and operating margin to 33.7%, underscoring strong profitability, cash generation, and improving fundamentals that have supported valuation gains. Performance is being driven by AI-related semiconductor test demand, now over 60% of sales, and growing robotics revenue of $100M (+33% YoY), positioning the company as a key beneficiary of AI and automation spending and providing a clear catalyst for further appreciation if these trends persist.

• Q2 2026 revenue grew 104% year-over-year to $1.33B, up 4% sequentially and beating analyst estimates by about 9%..
• Non-GAAP EPS increased from $0.57 in Q2 2025 to $2.47 in Q2 2026 (+333% YoY), following Q1 2026 non-GAAP EPS of $2.56 (+241% YoY)..
• Q2 2026 gross margin reached 59.8% (up 2.6 points YoY) and operating margin 33.7%, with free cash flow of $378M and first-half revenue of $2.61B (+95% YoY)..

Corning

Stephen Mandel bought $505.56M of Corning in Q1 2026. Over the last two quarters, Corning has delivered robust acceleration, with Q1 core revenue up 18% year over year to $4.35B and EPS up 30% to $0.70, followed in Q2 by revenue up 17% to $4.74B, EPS up 30% to $0.78, and Optical Communications sales up 32% to $2.07B as AI‑driven data‑center demand ramps. Despite these strong fundamentals—margin expansion to a gross margin of 39.6%, operating margin of 20.9%, ROIC of 14.9% and free cash flow of $1.42B in Q2—shares have pulled back sharply on cautious near‑term guidance after more than 100% appreciation over roughly the past year, though they still vastly outperform the broader market and peers. Looking ahead, management’s new long‑term framework targeting about 19% annual sales growth through 2030, underpinned by multi‑year supply agreements for AI data centers and solar, suggests the company is structurally gaining rather than declining, with recent post‑earnings volatility potentially setting up further upside if execution on these growth drivers continues.

• Q2 2026 revenue $4.74B (+17% YoY), EPS $0.78 (+30% YoY), and Optical Communications sales $2.07B (+32% YoY)..
• Q1 2026 core revenue $4.35B (+18% YoY) and EPS $0.70 (+30% YoY), with Optical Communications up 36% and Solar up 80%..
• Share price has surged about 112.7% since November, vastly outperforming the S&P 500, even after a post‑Q2 earnings drop of roughly 13–18%..

Mastec

Stephen Mandel bought $492.6M of Mastec in Q1 2026. Over the last 12 months, the company has delivered revenue growth between 16% and 34% and accelerating profitability, with Q4 2025 revenue near $4.0B (+16% YoY) and Q1 2026 revenue of $3.83B (+34% YoY), driving full‑year 2025 revenue to a record $14.3B (+16% YoY) alongside Q4 adjusted EBITDA growth of 25% and Q1 adjusted EBITDA growth of 73%. In the current quarter, results continued to strengthen, with Q2 2026 revenue reaching a record $4.4B (up 23%–23.4% YoY), adjusted EBITDA of $384.2M (up 40% YoY) and adjusted EPS of $2.22 (up 49% YoY), supported by a record $21.4B 18‑month backlog that increased $1.1B sequentially and $4.9B year‑over‑year, and the company raising its full‑year 2026 outlook. Despite this strong fundamental trajectory—including segment revenue growth of 19%–43% in Clean Energy and Infrastructure, Pipeline Infrastructure and Power Delivery—the stock fell about 18.5% on the Q2 print as investors focused on near‑term communications‑segment timing and project deferrals into 2027, but record backlog growth, improved margins, the pricing of $650M of senior notes and elevated 20%+ growth metrics (which are materially above typical single‑digit industry norms based on broader sector data, an inference beyond the cited filings) suggest the company is still gaining relative to peers and is positioned for potential value creation as these projects convert to revenue.

• Q2 2026 revenue $4.4B, up 23% year-over-year; adjusted EPS $2.22, up 49% year-over-year..
• Q1 2026 revenue $3.83B, up 34% year-over-year; adjusted EBITDA $284M, up 73% year-over-year..
• 18‑month backlog $21.4B, up $1.1B sequentially and $4.9B year-over-year; full-year 2025 revenue $14.3B, up 16% year-over-year..

US Foods

Stephen Mandel bought $350.03M of US Foods in Q1 2026. Over the last two quarters, the company has moved from a modest Q1 earnings miss (EPS of $0.78 versus an expected $0.82, a roughly 4.9% negative surprise) to a record Q2, where net sales grew 4.5% year over year to $10.5 billion, adjusted EBITDA rose 10.2% to $604 million, and adjusted diluted EPS increased 21% to $1.44. The current quarter shows the company clearly gaining share and profitability versus the broader foodservice market, with total case volume up 1.9%, independent restaurant volume up 5.1%, healthcare and hospitality volumes up 3.5% and 4.4% respectively, adjusted EBITDA margin expanding 29 basis points to a record 5.7%, and a Q2 beat versus consensus (EPS $1.44 vs $1.36 expected, about a 5% upside) that drove roughly a 6.2% rally in the shares. Over the last 12 months, management has delivered consecutive quarters of double-digit adjusted EPS growth and more than 21 consecutive quarters of share gains with independent restaurants and 23 with healthcare customers, while maintaining net leverage at about 2.6x—among the strongest in the industry—and the combination of the Q2 beat, reaffirmed full-year 2026 outlook, ongoing Pronto growth plans (targeting around $1.3 billion of sales in 2026 and more than $1.7 billion in 2027), and a share price near Morningstar’s fair value estimate (roughly $80 vs about $84) provides a solid fundamental backdrop and potential catalysts for further value creation.

• Q2 2026 net sales grew 4.5% year over year to $10.5 billion, with total case volume up 1.9% and independent restaurant case volume up 5.1%..
• Q2 2026 adjusted EBITDA rose 10.2% to a record $604 million, with adjusted EBITDA margin expanding 29 basis points to a record 5.7%..
• Q2 2026 adjusted diluted EPS was $1.44, beating consensus by $0.08 (roughly 5%), and the stock gained approximately 6.2% on the earnings release..

Performance Food Group

Stephen Mandel bought $340.77M of Performance Food Group in Q1 2026. Over the last 12 months, Performance Food Group has delivered consistent top-line growth, with fiscal 2025 net sales surpassing $63 billion and adjusted EBITDA up roughly 20% year over year, while expanding gross profit per case and maintaining a competitive position versus broadline peers. In the most recent quarter, revenue increased 10.8% year over year to $17.08 billion and adjusted EBITDA reached roughly $480 million, but non‑GAAP EPS of $1.18 came in slightly below consensus as higher operating and interest costs offset operating leverage, indicating near‑term margin pressure even as volumes and pricing remain supportive. Management has reaffirmed full‑year guidance for net sales of $63–$63.5 billion and adjusted EBITDA of $1.725–$1.75 billion and approved a new $500 million share repurchase program, which underscores confidence in cash generation and provides a meaningful potential catalyst for valuation if current growth and margin trends are sustained.

• Latest quarter revenue up 10.8% year over year to $17.08 billion, modestly above consensus expectations..
• Non‑GAAP EPS in the latest quarter at $1.18, about 2.3% below the $1.21 Street forecast..
• Company guidance calls for fiscal 2025 net sales of $63–$63.5 billion and adjusted EBITDA of $1.725–$1.75 billion, supported by a new $500 million share repurchase authorization..

McKesson

Stephen Mandel bought $339.41M of McKesson in Q1 2026. The company continues to post strong top- and bottom-line growth, with revenue up 8% year over year to $105.4 billion and adjusted EPS up 20% to $9.93 in the latest reported quarter, driven by North American Pharmaceuticals and specialty distribution, and supported by a raised fiscal 2027 adjusted EPS outlook of $44.20–$45.00. Momentum has built sequentially, following Q4 FY26 results where revenue grew 6% to $96.3 billion and adjusted EPS rose 16% to $11.69, contributing to FY26 revenue of $403.4 billion (+12% YoY) and adjusted EPS of $39.11 (+18% YoY). With normalized P/E near 19x, significant capital returns of $4.8 billion in buybacks and $381 million in dividends funded by strong cash generation, and ongoing expansion in Oncology & Multispecialty via acquisitions, the earnings profile and shareholder return story remain attractive versus typical distributor peers (peer comparison is an inference based on these growth rates).

• Latest quarter revenue up 8% YoY to $105.4 billion; adjusted EPS up 20% to $9.93.
• Q4 FY26 revenue increased 6% YoY to $96.3 billion, with adjusted EPS up 16% to $11.69.
• FY26 revenue reached $403.4 billion (+12% YoY) and adjusted EPS $39.11 (+18% YoY), while capital returns totaled $5.1 billion.

Ciena

Stephen Mandel bought $314.28M of Ciena in Q1 2026. Over the last two fiscal quarters, Ciena has delivered sharply accelerating top-line and earnings momentum, with Q1 FY26 revenue up 33% year over year to $1.43B and adjusted EPS up 111% to $1.35, followed by a record Q2 FY26 where revenue rose 40% year over year to $1.57B and adjusted EPS jumped 290% to $1.64—a marked acceleration versus its roughly 7.4% historical annual revenue growth rate. Current-quarter performance is being driven primarily by AI-led network investments from hyperscalers and cloud providers, which now represent 46% of revenue and grew roughly 70% year over year, supporting adjusted gross margin expansion to 44.9% and adjusted operating margin of 19.5% and indicating that the business is clearly gaining scale and profitability rather than declining. Despite a short-term share price pullback of about 5.7% on the Q2 print, the combination of multi-quarter double-digit revenue growth, sharply higher free cash flow (Q2 FCF $219M, up 71% year over year and representing 13.9% of revenue) and a cash and investments balance of roughly $1.4B positions the company as a clear beneficiary of ongoing AI-driven bandwidth demand with improving fundamentals that can support further value creation.

• Q2 FY26 revenue grew 40% year over year to $1.57B, coming in about $71M above guidance and roughly $70M above consensus estimates.
• Q2 FY26 adjusted EPS was $1.64, up 290% year over year from $0.42 and beating the forecast of $1.46 by $0.18, a 12.33% positive surprise.
• Q2 FY26 free cash flow reached $219M, equal to 13.9% of revenue and up 71% year over year, while cash and investments ended the quarter at approximately $1.4B.

Terawulf

Stephen Mandel bought $287.47M of Terawulf in Q1 2026. Over the last two quarters, TeraWulf has accelerated its transition from bitcoin mining toward high‑performance computing leasing, with Q2 2026 revenue rising to $44.8M (about 32% quarter‑over‑quarter growth from Q1’s $34.0M) even as reported EPS dropped to -$1.94 on sizeable non‑cash warrant and financing charges. Operationally the current quarter shows clear top‑line momentum—HPC lease revenue climbed 52% QoQ to $31.9M and now contributes roughly 71% of total revenue, supported by two large customers—while losses remain elevated, with an operating loss of about $140M and first‑half operating cash outflow near $154M as the company funds rapid capacity build‑out. Despite weak earnings that have been shrinking at an average rate of about -64% annually versus software industry growth of roughly 25%, revenues have expanded around 56% per year and investors have driven the stock up roughly 220–260% over the past 12 months and 46–57% year‑to‑date, reflecting optimism that AI‑driven demand, a growing HPC customer base, and an estimated $3.0B cash balance can eventually translate into sustainable value creation.

• Q2 2026 revenue was $44.8M, up about 31.8–32% sequentially from Q1’s $34.0M but down roughly 6% year‑over‑year from Q2 2025 revenue of $47.6M..
• Q2 2026 EPS was -$1.94, missing consensus estimates of roughly -$0.24 to -$0.27 by about $1.70, primarily due to a non‑cash warrant liability loss of around $756M and interest expense of roughly $56M..
• Shares have appreciated approximately 220–260% over the last 12 months and about 46–57% year‑to‑date, while company earnings have declined at an average rate near -64% annually and revenues have grown around 56% per year..

Hut 8

Stephen Mandel bought $285.16M of Hut 8 in Q1 2026. Hut 8 has delivered 81% year-over-year revenue growth in Q2 2026 to $74.9 million, following Q1 revenue of $71.0 million, indicating that the core compute and AI infrastructure business is gaining momentum even as legacy power revenue declines. Over the last 12 months the stock has appreciated by roughly 330%, outpacing most digital infrastructure and crypto-adjacent peers, while gross margin expanded from about 47% to 64% and adjusted EBITDA more than doubled to $10.4 million, signaling improving underlying economics despite headline GAAP losses. In the current quarter, performance is mixed: operationally the company mined around 935 Bitcoin versus roughly 308 a year earlier and ramped its first AI data center campuses, but reported a GAAP net loss of $177.1 million driven largely by $138.6 million of unrealized digital asset mark-to-market losses and higher interest expense, suggesting substantial upside leverage to future crypto prices and demand for AI compute.

• Q1 2026 revenue was $71.0M versus $21.8M in the prior-year quarter, and Q2 2026 revenue rose further to $74.9M, representing approximately 240%+ year-over-year growth across the last two reported quarters..
• Compute revenue in Q2 2026 increased to $72.5M from $34.3M a year earlier, with gross margin expanding to about 64% and adjusted EBITDA rising to $10.4M from $4.2M..
• Despite a Q2 2026 GAAP net loss of $177.1M (including $138.6M in primarily unrealized digital asset losses), Hut 8’s share price is up roughly 330% over 12 months, with a market cap around $10–11B..

Argan

Stephen Mandel bought $214.12M of Argan in Q1 2026. Over the past 12 months, Argan has delivered accelerating top- and bottom-line growth, with FY2026 revenue up 8.1% to $944.6M and earnings growing at about 35.6% annually, ahead of the construction industry’s ~24.2% average earnings growth rate. In the most recent quarter (Q1 FY2027), revenue increased 50.2% year-over-year to $290.9M, EPS more than doubled to $3.24, and gross margin expanded to roughly 21%, driven by strong execution on large gas-fired power, solar, battery, and industrial projects and supported by a record backlog of about $2.8B. Together with a very strong Q4 FY2026 where revenue grew around 13% to $262.1M, EPS climbed 57% to $3.47, and gross margin reached 25%, the recent quarters show the company clearly gaining momentum, aided by repeated earnings beats versus consensus and improved project mix that should be supportive of valuation.

• Q1 FY2027 revenue up 50.2% YoY to $290.9M; net income more than doubled to $46.1M, with EPS at $3.24.
• Q4 FY2026 revenue grew about 13% YoY to $262.1M, EPS increased 57% to $3.47, and gross margin expanded to 25%.
• Trailing 12-month revenue reached roughly $944.6M (up 8.1% year-over-year) and backlog approximated $2.8B, supporting earnings growth of around 35.6% annually vs industry 24.2%.

Alphabet

Stephen Mandel bought $53.94M of Alphabet in Q1 2026. Over the last 12 months, the stock has appreciated about 69%, with a year‑to‑date gain of roughly 8% and an ~3% pullback over the past month, leaving it a strong performer among large‑cap Internet services companies. Current‑quarter (Q2 2026) results were very strong, with revenue up 24% year over year to about $120B, operating margin expanding 2 pts to 34%, Google Cloud revenue surging 82% to $25B with margins improving 15 pts to 36%, and EPS of $9.11 beating estimates by over $6. In the last quarter the company has consistently delivered earnings and revenue surprises while the stock has consolidated (roughly flat to down 1% over three months), and investors are now weighing exceptional AI‑ and cloud‑driven growth against near‑term uncertainty from a recent AI leadership shake‑up.

• Q2 2026 EPS was $9.11 versus a consensus estimate of $2.88, a surprise of about +216%, and revenue came in at $119.8B versus $116.4B expected, up roughly 24% year over year..
• Latest‑quarter revenue increased from $109.9B to $119.8B sequentially, while net income rose from $62.6B to $112.2B, implying roughly 9% quarter‑on‑quarter top‑line growth and an outsized profitability jump..
• The stock is up about 69.4% over the last 12 months, 11.2% over the past 6 months, but down roughly 3.3% over the last month and 9.9% over the past week..

Added, Trimmed, and Exited

Added

Lone Pine added to several existing positions, most notably Nu Holdings (+8.38M shares, +10.1%), Vistra (+975,700 shares, +10.6%), AppLovin (+684,393 shares, +10.9%), Talen Energy (+525,431 shares, +19.8%), Carpenter Technology (+505,002 shares, +73.3%), Tenet Healthcare (+471,391 shares, +20.0%), Clean Harbors (+376,825 shares, +55.7%), Visa (+77,558 shares, +425.4%), Entegris (+60,824 shares, +41.9%), Spotify (+51,082 shares, +223.7%), and Asml Hldg Nv (+50,131 shares, +33.7%).
What it means: The pattern of adds points to a deliberate build-out around power and grid infrastructure (Vistra, Talen Energy) alongside specialty materials and industrial services (Carpenter Technology, Clean Harbors) that support AI-driven electricity and datacenter demand, while continued buying in Entegris and Asml Hldg Nv reinforces a semiconductor-equipment tilt distinct from mega-cap chipmakers. The sizable percentage gain in Visa and continued conviction in Nu Holdings suggest Lone Pine is also staying committed to payments/fintech compounders even as it reshuffles elsewhere, indicating a barbell approach between physical AI infrastructure and durable financial-services franchises.

Trimmed

The firm made steep cuts to several holdings, effectively near-exiting KKR (-4.82M shares, -97.4%), Amphenol Corp (-2.59M shares, -92.6%), and Vulcan Materials (-1.54M shares, -91.8%), while meaningfully reducing Brookfield (-4.71M shares, -37.9%), TSMC (-1.66M shares, -49.4%), Boston Scientific (-97,048 shares, -65.9%), and Mastercard (-39,137 shares, -48.0%).
What it means: The near-total unwinds of KKR, Amphenol Corp, and Vulcan Materials look like decisive thesis changes rather than routine trimming, suggesting Lone Pine soured on alternative-asset managers, legacy connector/electronics exposure, and construction-materials cyclicality. The large TSMC reduction is particularly notable alongside fresh buying in Teradyne and Entegris, implying a rotation within the semiconductor value chain away from the foundry leader toward test-equipment and materials suppliers that may offer more attractive risk/reward as AI capex broadens.

Exited

Lone Pine fully liquidated seven positions: Broadcom ($598.8M), Microsoft ($596.8M), DoorDash ($572.97M), Amazon ($557.3M), Philip Morris ($424.0M), Wingstop ($380.5M), and Affirm ($284.1M).
What it means: Exiting three mega-cap tech/AI bellwethers—Broadcom, Microsoft, and Amazon—while simultaneously initiating new stakes in Teradyne, Ciena, and Corning suggests Lone Pine is rotating its AI exposure from hyperscaler/mega-cap platforms toward the underlying test, networking, and optical infrastructure enablers that benefit from the same secular buildout at potentially more attractive valuations. The simultaneous exits from consumer-discretionary names DoorDash, Wingstop, and Affirm, alongside defensive Philip Morris, further indicate a broader portfolio reallocation away from consumer and staples exposure and into industrial, energy, and AI-infrastructure 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.