Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q3 2024 (30 Sep 2024), compared with Q2 2024.
The top 20 at Q3 2024
Q3 2024 vs Q2 2024: combined net profit $15.6B (−20%), median EPS +3% (12 of 20 up), market-cap-weighted price +11%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | GE Aerospace | 9.3% | 1.15 → 1.69 | +47% | +2.5 pp | +18% |
| 2 | Caterpillar Inc. | 8.6% | 5.48 → 5.06 | −8% | −0.9 pp | +17% |
| 3 | RTX Corporation | 7.4% | 0.08 → 1.09 | +1,263% | +5.9 pp | +21% |
| 4 | Union Pacific Corporation | 6.8% | 2.74 → 2.75 | 0% | 0.0 pp | +9% |
| 5 | Lockheed Martin Corporation | 6.3% | 6.85 → 6.80 | −1% | −0.1 pp | +24% |
| 6 | Eaton Corporation plc | 6.0% | 2.48 → 2.53 | +2% | +0.1 pp | +5% |
| 7 | United Parcel Service, Inc. | 5.3% | 1.64 → 1.80 | +10% | +0.6 pp | 0% |
| 8 | Deere & Company | 5.2% | 6.29 → 4.55 | −28% | −2.1 pp | +12% |
| 9 | The Boeing Company | 5.0% | −2.33 → −9.97 | loss, bigger | −20.5 pp | −3% |
| 10 | Trane Technologies plc | 4.0% | 3.30 → 3.39 | +3% | +0.1 pp | +17% |
| 11 | Cintas Corporation | 3.9% | 1.00 → 1.10 | +10% | +0.2 pp | +21% |
| 12 | Waste Management, Inc. | 3.8% | 1.69 → 1.88 | +11% | +0.3 pp | −3% |
| 13 | TransDigm Group Incorporated | 3.8% | 7.96 → 5.79 | −27% | 0.0 pp | +12% |
| 14 | General Dynamics Corporation | 3.8% | 3.26 → 3.35 | +3% | +0.1 pp | +4% |
| 15 | Parker-Hannifin Corporation | 3.7% | 6.01 → 5.34 | −11% | −0.4 pp | +25% |
| 16 | Canadian Pacific Kansas City Ltd. | 3.6% | 0.97 → 0.89 | −8% | −0.3 pp | +9% |
| 17 | Northrop Grumman Corporation | 3.5% | 6.36 → 7.00 | +10% | +0.4 pp | +22% |
| 18 | Illinois Tool Works Inc. | 3.5% | 2.54 → 3.91 | +54% | +1.7 pp | +10% |
| 19 | 3M Company | 3.4% | 2.06 → 2.48 | +20% | +1.0 pp | +32% |
| 20 | Carrier Global Corporation | 3.3% | 2.55 → 0.49 | −81% | −8.2 pp | +26% |
| Sector earnings growth | 100% | −19.7 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q2 2024, as market caps moved.
Joined the top 20 since Q2 2024
Left the top 20 since Q2 2024
- Honeywell International Inc.
- CSX Corporation
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE | turned profitable | +504% | −3% | −18% | +47% | +4% | +5% | +3% | +7% | +18% | −24% | +25% |
| CAT | −4% | −3% | +9% | −5% | −8% | +14% | −27% | +10% | +6% | +5% | +7% | +42% |
| RTX | to loss | turned profitable | +22% | −94% | +1,263% | +1% | +4% | +7% | +16% | −16% | +27% | +4% |
| UNP | −2% | +8% | −1% | +2% | 0% | +6% | −7% | +17% | −4% | +3% | −8% | +17% |
| LMT | +2% | +13% | −16% | +7% | −1% | −67% | +228% | −80% | +376% | −17% | +11% | +23% |
| ETN | +19% | +6% | −13% | +22% | +2% | −3% | 0% | +2% | +3% | +12% | −24% | −5% |
| UPS | −46% | +42% | −31% | +26% | +10% | +12% | −31% | +8% | outside | +35% | −51% | −30% |
| DE | −19% | −25% | +37% | −26% | −28% | −30% | +108% | −28% | −17% | −38% | +171% | −22% |
| 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 |
| TT | outside | outside | −13% | +74% | +3% | −22% | 0% | +46% | −3% | −30% | −1% | +59% |
| CTAS | +12% | −3% | +7% | +4% | +10% | −1% | +4% | −4% | +10% | +1% | outside | outside |
| WM | +8% | −25% | +43% | −3% | +11% | −21% | +7% | +14% | −17% | +23% | −2% | +9% |
| TDG | outside | −33% | +43% | +14% | −27% | +31% | +8% | +3% | −9% | −15% | outside | outside |
| GD | +13% | +20% | −21% | +13% | +3% | +24% | −12% | +2% | +4% | +7% | −2% | +4% |
| PH | −8% | +5% | +6% | +8% | −11% | +36% | +2% | −3% | −12% | +5% | +7% | +21% |
| CP | −41% | +31% | −25% | +17% | −8% | outside | outside | outside | outside | outside | outside | outside |
| NOC | +16% | to loss | turned profitable | +1% | +10% | outside | −62% | outside | −6% | +30% | −39% | outside |
| ITW | +3% | −7% | +15% | −7% | +54% | −35% | −6% | outside | +9% | outside | outside | outside |
| MMM | outside | outside | outside | outside | +20% | −46% | +53% | −34% | +16% | −31% | +15% | outside |
| CARR | outside | outside | outside | outside | −81% | outside | outside | outside | outside | outside | outside | outside |