Dodge & Cox holds 15.9% of Elanco (NYSE: ELAN)

Rhea-AI Filing Summary

Dodge & Cox filed an amended Schedule 13G reporting a large passive ownership stake in Elanco Animal Health Incorporated. The firm beneficially owns 79,084,305 Elanco common shares, representing 15.9% of the class, with sole voting power over 75,198,905 shares and sole dispositive power over the full 79,084,305 shares.

The filing notes that Dodge & Cox’s clients, including registered investment companies and other managed accounts, have the right to receive dividends and sale proceeds from these securities. The Dodge & Cox Stock Fund alone holds 53,122,900 Elanco shares, or 10.7% of the class. Dodge & Cox certifies the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Elanco.

Insights

Equity ownership & governance analyst

Dodge & Cox discloses a sizable, passive 15.9% stake in Elanco.

Dodge & Cox reports beneficial ownership of 79,084,305 Elanco shares, or 15.9% of the common stock, as of 12/31/2025. It holds sole voting power over 75,198,905 shares and sole dispositive power over the full position, signaling concentrated institutional ownership.

The disclosure emphasizes that the securities are held in the ordinary course of business and not to change or influence control, consistent with a passive Schedule 13G filing. Clients of Dodge & Cox receive the economic benefits, with Dodge & Cox Stock Fund alone owning 53,122,900 shares, or 10.7% of the class.

This level of institutional ownership can matter for shareholder voting outcomes and liquidity, but the passive certification indicates no stated intent to pursue control-related actions. Future ownership reports will show whether this stake grows, shrinks, or remains stable over subsequent reporting periods.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 02/13/2026 - 01:02 PM Learn about SEC filing dates

FAQ

How many Elanco (ELAN) shares does Dodge & Cox own according to this filing?

Dodge & Cox reports beneficial ownership of 79,084,305 Elanco common shares. This stake represents a significant holding in the company and reflects shares held across its clients, including investment companies and other managed accounts that receive dividends and sale proceeds.

What percentage of Elanco (ELAN) does Dodge & Cox’s stake represent?

Dodge & Cox’s reported stake represents 15.9% of Elanco’s common stock. This makes the firm a major institutional shareholder, with substantial voting and dispositive power concentrated in one investment adviser on behalf of its underlying clients.

How much of Elanco (ELAN) is held by the Dodge & Cox Stock Fund?

The Dodge & Cox Stock Fund holds 53,122,900 Elanco shares, equal to 10.7% of the common stock class. This fund is one of Dodge & Cox’s clients and accounts for a large portion of the overall 15.9% beneficial ownership position.

Is Dodge & Cox’s Elanco (ELAN) stake filed as a passive investment?

Yes. Dodge & Cox certifies the Elanco securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, consistent with a passive Schedule 13G ownership disclosure.

What voting and dispositive powers does Dodge & Cox report for Elanco (ELAN)?

Dodge & Cox reports sole voting power over 75,198,905 Elanco shares and sole dispositive power over 79,084,305 shares. It reports no shared voting or shared dispositive power, indicating centralized authority over how these securities are voted and managed.

Who ultimately benefits economically from Dodge & Cox’s Elanco (ELAN) holdings?

Dodge & Cox states its clients have the right to receive dividends and sale proceeds from the Elanco shares. These clients include registered investment companies, such as the Dodge & Cox Stock Fund, and other managed accounts for which Dodge & Cox acts as investment adviser.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Elanco Animal Health Incorporated

(Name of Issuer)

Common Stock

(Title of Class of Securities)

28414H103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 28414H103

1

Names of Reporting Persons

Dodge & Cox

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 75,198,905.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 79,084,305.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

79,084,305.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

15.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Elanco Animal Health Incorporated
(b)	Address of issuer's principal executive offices: 450 Elanco Circle, Indianapolis, Indiana 46222
Item 2.
(a)	Name of person filing: Dodge & Cox
(b)	Address or principal business office or, if none, residence: 555 California Street 40th Floor, San Francisco, CA 94104
(c)	Citizenship: California, USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 28414H103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 79,084,305
(b)	Percent of class: 15.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 75,198,905
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 79,084,305
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, Elanco Animal Health Incorporated. Dodge & Cox Stock Fund, an investment company registered under the Investment Company Act of 1940, has an interest of 53,122,900 or 10.7%, of the class of securities reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dodge & Cox

Signature:	/S/ Katherine M. Primas
Name/Title:	Chief Compliance Officer
Date:	02/13/2026