Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q2 2026 (30 Jun 2026), compared with Q2 2025.
The top 20 at Q2 2026
Q2 2026 vs Q2 2025: combined net profit $21.8B (+25%), median EPS +20% (18 of 20 up), market-cap-weighted price +40%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Space Exploration Technologies Corp. | 40.7% | −0.34 → −0.09 | loss, smaller | +2.3 pp | — |
| 2 | Caterpillar Inc. | 8.9% | 4.62 → 7.77 | +68% one source | +7.1 pp | +177% |
| 3 | GE Aerospace | 7.0% | 1.89 → 2.26 | +20% | +1.7 pp | +44% |
| 4 | GE Vernova Inc. | 5.7% | 1.86 → 2.47 | +33% | +0.8 pp | +124% |
| 5 | RTX Corporation | 4.6% | 1.22 → 1.57 | +29% | +2.4 pp | +30% |
| 6 | The Boeing Company | 3.2% | −0.92 → −0.67 | loss, smaller | +0.8 pp | +7% |
| 7 | Deere & Company | 3.1% | 4.75 → 5.10 | +7% | +0.5 pp | +25% |
| 8 | Eaton Corporation plc | 3.0% | 2.51 → 2.11 | −16% | −0.8 pp | +20% |
| 9 | Union Pacific Corporation | 2.9% | 3.15 → 3.36 | +7% | +0.6 pp | +18% |
| 10 | Vertiv Holdings Co | 2.3% | 0.83 → 1.27 | +53% | +0.9 pp | — |
| 11 | Parker-Hannifin Corporation | 2.2% | 7.15 → 8.54 | +19% | +0.8 pp | +41% |
| 12 | Lockheed Martin Corporation | 2.1% | 1.46 → 7.94 | +444% | +7.5 pp | +11% |
| 13 | Trane Technologies plc | 2.0% | 3.89 → 4.16 | +7% | +0.3 pp | +14% |
| 14 | Quanta Services, Inc. | 1.9% | 1.52 → 2.96 | +95% | +1.1 pp | +90% |
| 15 | Howmet Aerospace Inc. | 1.9% | 1.00 → 1.33 | +33% | +0.6 pp | +45% |
| 16 | Cummins Inc. | 1.8% | 6.42 → 6.73 | +5% one source | +0.2 pp | — |
| 17 | General Dynamics Corporation | 1.7% | 3.74 → 4.25 | +14% one source | +0.7 pp | +21% |
| 18 | United Parcel Service, Inc. | 1.6% | 1.51 → 0.71 | −53% | −3.4 pp | +6% |
| 19 | Waste Management, Inc. | 1.6% | 1.80 → 1.95 | +8% | +0.3 pp | −2% |
| 20 | CSX Corporation | 1.6% | 0.44 → 0.54 | +23% | +0.9 pp | +46% |
| Sector earnings growth | 100% | +25.3 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q1 2026, as market caps moved.
Joined the top 20 since Q1 2026
Left the top 20 since Q1 2026
- Northrop Grumman Corporation
- 3M Company
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth year on year, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SPCX | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | loss, smaller |
| CAT | +41% | +89% | +54% | −3% | −7% | +9% | −27% | −16% | −3% | −11% | +30% | +68% |
| GE | +200% | −24% | −79% | turned profitable | +604% | +21% | +31% | +64% | +20% | +36% | −1% | +20% |
| GEV | outside | outside | outside | outside | outside | sources disagree | turned profitable | −60% | turned profitable | +668% | +1,816% | +33% |
| RTX | to loss | +9% | +32% | −91% | turned profitable | +5% | −11% | +1,425% | +29% | +8% | +32% | +29% |
| BA | loss, smaller | loss, smaller | loss, smaller | loss, bigger | loss, bigger | loss, bigger | loss, smaller | loss, smaller | loss, smaller | turned profitable | loss, smaller | loss, smaller |
| DE | +11% | −5% | −12% | −38% | −45% | −49% | −22% | −24% | −14% | −24% | −1% | +7% |
| ETN | +46% | +31% | +28% | +33% | +14% | +4% | +20% | +1% | +2% | +19% | −9% | −16% |
| UNP | −18% | +1% | +1% | +7% | +10% | +7% | 0% | +15% | +9% | +7% | +6% | +7% |
| VRT | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +136% | +53% |
| PH | +67% | +72% | +22% | +10% | +7% | +39% | +33% | +19% | +18% | −9% | −4% | +19% |
| LMT | 0% | +2% | −3% | +3% | +1% | −71% | +14% | −79% | +2% | +161% | −12% | +444% |
| TT | outside | outside | +43% | +29% | +25% | +21% | +41% | +18% | +12% | −1% | −2% | +7% |
| PWR | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +51% | +95% |
| HWM | outside | outside | outside | outside | outside | outside | outside | +54% | +17% | +19% | +71% | +33% |
| CMI | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +5% |
| GD | −7% | +2% | +9% | +21% | +10% | +14% | +27% | +15% | +16% | 0% | +12% | +14% |
| UPS | −56% | −53% | −41% | −32% | +37% | +8% | +8% | −8% | outside | +4% | −27% | −53% |
| WM | +6% | +1% | +35% | +12% | +15% | +21% | −10% | +7% | −21% | +24% | +13% | +8% |
| CSX | −19% | −8% | −6% | 0% | outside | outside | outside | outside | outside | outside | +26% | +23% |