Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q1 2024 (31 Mar 2024), compared with Q4 2023.
The top 20 at Q1 2024
Q1 2024 vs Q4 2023: combined net profit $21.6B (+6%), median EPS +3% (10 of 20 up), market-cap-weighted price +9%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Caterpillar Inc. | 8.9% | 5.28 → 5.75 | +9% | +0.8 pp | +24% |
| 2 | GE Aerospace | 7.6% | 1.45 → 1.40 | −3% | −0.2 pp | +38% |
| 3 | Union Pacific Corporation | 7.4% | 2.71 → 2.69 | −1% | −0.1 pp | 0% |
| 4 | RTX Corporation | 6.4% | 1.05 → 1.28 | +22% | +1.3 pp | +16% |
| 5 | United Parcel Service, Inc. | 6.3% | 1.87 → 1.30 | −31% | −2.3 pp | −5% |
| 6 | Eaton Corporation plc | 6.2% | 2.35 → 2.04 | −13% | −0.6 pp | +30% |
| 7 | The Boeing Company | 5.8% | −0.04 → −0.56 | loss, bigger | −1.5 pp | −22% |
| 8 | Deere & Company | 5.6% | 6.23 → 8.53 | +37% | +2.9 pp | +3% |
| 9 | Lockheed Martin Corporation | 5.4% | 7.58 → 6.39 | −16% | −1.5 pp | 0% |
| 10 | Waste Management, Inc. | 4.2% | 1.22 → 1.75 | +43% | +1.0 pp | +19% |
| 11 | Canadian Pacific Kansas City Ltd. | 4.1% | 1.10 → 0.83 | −25% | −1.2 pp | +12% |
| 12 | Illinois Tool Works Inc. | 4.0% | 2.38 → 2.73 | +15% | +0.5 pp | +2% |
| 13 | General Dynamics Corporation | 3.8% | 3.64 → 2.88 | −21% | −1.0 pp | +9% |
| 14 | CSX Corporation | 3.6% | 0.45 → 0.45 | 0% | 0.0 pp | +7% |
| 15 | Parker-Hannifin Corporation | 3.5% | 5.23 → 5.56 | +6% | +0.2 pp | +21% |
| 16 | Northrop Grumman Corporation | 3.5% | −3.54 → 6.32 | turned profitable | +6.9 pp | +2% |
| 17 | TransDigm Group Incorporated | 3.5% | 4.87 → 6.97 | +43% | +0.1 pp | +22% |
| 18 | Cintas Corporation | 3.4% | 0.90 → 0.96 | +7% | +0.1 pp | +14% |
| 19 | Trane Technologies plc | 3.4% | 2.19 → 1.90 | −13% | −0.3 pp | +23% |
| 20 | Honeywell International Inc. | 3.3% | 3.82 → 4.46 | +17% | +0.9 pp | −2% |
| Sector earnings growth | 100% | +6.2 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q4 2023, as market caps moved.
Joined the top 20 since Q4 2023
Left the top 20 since Q4 2023
- Emerson Electric Co.
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth quarter on quarter, 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CAT | −4% | −3% | +9% | −5% | −8% | +14% | −27% | +10% | +6% | +5% | +7% | +42% |
| GE | turned profitable | +504% | −3% | −18% | +47% | +4% | +5% | +3% | +7% | +18% | −24% | +25% |
| UNP | −2% | +8% | −1% | +2% | 0% | +6% | −7% | +17% | −4% | +3% | −8% | +17% |
| RTX | to loss | turned profitable | +22% | −94% | +1,263% | +1% | +4% | +7% | +16% | −16% | +27% | +4% |
| UPS | −46% | +42% | −31% | +26% | +10% | +12% | −31% | +8% | outside | +35% | −51% | −30% |
| ETN | +19% | +6% | −13% | +22% | +2% | −3% | 0% | +2% | +3% | +12% | −24% | −5% |
| BA | loss, bigger | loss, smaller | loss, bigger | loss, bigger | loss, bigger | loss, smaller | loss, smaller | loss, bigger | loss, bigger | turned profitable | to loss | loss, bigger |
| DE | −19% | −25% | +37% | −26% | −28% | −30% | +108% | −28% | −17% | −38% | +171% | −22% |
| LMT | +2% | +13% | −16% | +7% | −1% | −67% | +228% | −80% | +376% | −17% | +11% | +23% |
| WM | +8% | −25% | +43% | −3% | +11% | −21% | +7% | +14% | −17% | +23% | −2% | +9% |
| CP | −41% | +31% | −25% | +17% | −8% | outside | outside | outside | outside | outside | outside | outside |
| ITW | +3% | −7% | +15% | −7% | +54% | −35% | −6% | outside | +9% | outside | outside | outside |
| GD | +13% | +20% | −21% | +13% | +3% | +24% | −12% | +2% | +4% | +7% | −2% | +4% |
| CSX | −14% | +7% | 0% | +9% | outside | outside | outside | outside | outside | outside | +10% | +26% |
| PH | −8% | +5% | +6% | +8% | −11% | +36% | +2% | −3% | −12% | +5% | +7% | +21% |
| NOC | +16% | to loss | turned profitable | +1% | +10% | outside | −62% | outside | −6% | +30% | −39% | outside |
| TDG | outside | −33% | +43% | +14% | −27% | +31% | +8% | +3% | −9% | −15% | outside | outside |
| CTAS | +12% | −3% | +7% | +4% | +10% | −1% | +4% | −4% | +10% | +1% | outside | outside |
| TT | outside | outside | −13% | +74% | +3% | −22% | 0% | +46% | −3% | −30% | −1% | +59% |
| HON | +2% | −16% | +17% | +6% | outside | −9% | outside | outside | outside | outside | outside | outside |