Texas Stocks vs S&P 500: Sector Scorecard Through Sept. 25, 2026

The S&P 500 rose 13.1% this year through Sept. 25, 2026. Eight of 14 large Texas headquartered stocks beat it, led by Dell at 347.2%. Last week the index gained 1.2% while 11 of the 14 fell.

The S&P 500 is up 13.1% this year. Eight of 14 large Texas headquartered stocks have done better, led by Dell, Hewlett Packard Enterprise and Phillips 66, but last week ran the other way, with the index up 1.2% while 11 of the 14 fell, all six energy names among them.

The index closed Friday at 7,743.41, against 6,845.50 on Dec. 31, 2025 and 7,650.50 on Sept. 18, per Yahoo Finance. Our group of 14 posted an equal weighted average gain of 53.0% and a median of 33.6%, and Dell's 347.2% is a big part of why the average sits so far above the median. These are Lone Star Index calculations from the cited closes. They're price returns and don't include dividends.

Energy

Five of the six energy names beat the index, and the six averaged a 41.9% gain. Phillips 66 nearly doubled, though the Houston refiner also had the sector's worst week, down 6.4% from $273.13 on Sept. 18. The producers moved together this year, and for the week they fell between 1.8% and 3.4%, with Exxon holding up best. Kinder Morgan is the only energy name trailing the S&P 500. Energy averaged a 3.5% loss for the week.

Tech

Three of the four tech names beat the market, and Dell beat it by a lot, though the Round Rock company slipped 0.9% on the week. HPE rose 3.6% and Texas Instruments was the group's best performer last week, up 4.3% from $266.64. Oracle fell 7.1% for the week and is the second worst performer this year after NRG. It has called Nashville its future world headquarters, but Austin is still the address on its SEC filings, including its quarterly report for the period ended Aug. 31, 2026.

The rest

The other four sectors hold two of the three worst performers this year. NRG, the Houston power company, is last of the 14 and lost another 3.2% last week. Tesla is down for the year but was one of three names that beat the index last week, up 2.2%; the other two were TXN and HPE. Schwab is roughly flat for the year after a 5.9% drop last week, and McKesson slipped 0.9% on the week. Every sector's full list is on our sectors page.

The movers

Five of the 14 moved their headquarters from California since 2019, and as a group they haven't outperformed. McKesson left San Francisco for Las Colinas in 2019, the company said, and Schwab picked Westlake that year in a merger filing. Oracle and HPE followed in 2020 (Oracle's filing, HPE), and Tesla moved from Palo Alto to Austin in December 2021.

Those five averaged a 24.0% gain this year, ahead of the S&P 500, but HPE did most of that work. The median of the five was a 0.9% loss, and two of them, Oracle and Tesla, are down double digits. The other nine did better, and seven of them beat the index; Kinder Morgan and NRG didn't. Our relocation feed logs each move as it happens.

We picked the 14 from large companies headquartered in Texas across six sectors (energy, technology, consumer, financials, health care and power). Each one's Texas headquarters city is listed in Fortune's 2025 rankings, as compiled by YTexas, and matches the address in its latest SEC annual report. It's a defined sample, not an index.

Our read

Dell pulls the group's average way up, but it isn't the whole lead. Take it out and the other 13 still averaged about 30.4% this year, a Lone Star Index calculation from the table, well ahead of the index's 13.1%. Our read is that most of the gap comes from two stories that aren't really about Texas. Dell's is AI hardware. On Sept. 1 it reported a record $60.9 billion in AI server orders and a record $95 billion backlog, and it raised its full year revenue outlook by $25 billion to $192 billion, per its earnings release.

Energy's is an oil shock. The EIA's September outlook put Brent at an average of $91 a barrel in August and tied the climb to constrained Middle East exports, including a renewed U.S. blockade on Iran's oil exports and attacks on Saudi shipments through the Red Sea. It said prices are staying high as global inventories fall, and it expected U.S. diesel crack spreads above $2 a gallon from August through November. We think margins like that go some way toward explaining why Phillips 66, a refiner, nearly doubled while the four producers gained 33% to 38%.

The same report is where the risk sits. EIA expects Brent to slide to an average of $74 in 2027, and it said it'll take until the second quarter of 2027 for most production and trade flows to get back to where they were before the conflict. Energy supplied five of the eight names beating the index, so a big piece of the Texas lead rests on a disruption EIA thinks will ease. The relocation numbers don't change that picture much, since outside HPE the five California movers haven't carried this scorecard.

What to watch

• Oct. 5: The Texas Stock Exchange's first corporate primary listings are expected. None of these 14 has announced a primary listing move, and our Texas exchanges page tracks who has.
• Third quarter results from the six energy names, which supplied five of the eight that beat the index this year and all fell last week.

The rest of the Texas list, beyond these 14, is in our screener.

Lone Star Index publishes research, not investment advice.