Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q4 2024 (31 Dec 2024), compared with Q3 2024.
The top 20 at Q4 2024
Q4 2024 vs Q3 2024: combined net profit $16.2B (+2%), median EPS −2% (10 of 20 up), market-cap-weighted price −7%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | GE Aerospace | 8.6% | 1.69 → 1.75 | +4% | +0.2 pp | −11% |
| 2 | Caterpillar Inc. | 8.3% | 5.06 → 5.78 | +14% | +1.2 pp | −9% |
| 3 | RTX Corporation | 7.4% | 1.09 → 1.10 | +1% | 0.0 pp | −4% |
| 4 | Union Pacific Corporation | 6.6% | 2.75 → 2.91 | +6% | +0.3 pp | −7% |
| 5 | The Boeing Company | 6.4% | −9.97 → −5.45 | loss, smaller | +8.2 pp | +5% |
| 6 | Eaton Corporation plc | 6.2% | 2.53 → 2.45 | −3% | −0.1 pp | 0% |
| 7 | Deere & Company | 5.5% | 4.55 → 3.19 | −30% | −1.3 pp | +2% |
| 8 | Lockheed Martin Corporation | 5.5% | 6.80 → 2.22 | −67% | −3.9 pp | −17% |
| 9 | United Parcel Service, Inc. | 5.1% | 1.80 → 2.02 | +12% | +0.6 pp | −8% |
| 10 | GE Vernova Inc. | 4.3% | −0.35 → 1.73 | turned profitable | +2.1 pp | +28% |
| 11 | Trane Technologies plc | 4.0% | 3.39 → 2.66 | −22% | −0.6 pp | −5% |
| 12 | Parker-Hannifin Corporation | 3.9% | 5.34 → 7.25 | +36% | +0.9 pp | +1% |
| 13 | Waste Management, Inc. | 3.9% | 1.88 → 1.48 | −21% | −0.6 pp | −3% |
| 14 | Illinois Tool Works Inc. | 3.6% | 3.91 → 2.54 | −35% | −1.5 pp | −3% |
| 15 | Cintas Corporation | 3.5% | 1.10 → 1.09 | −1% | 0.0 pp | −13% |
| 16 | TransDigm Group Incorporated | 3.5% | 5.79 → 7.62 | +31% | +0.1 pp | −12% |
| 17 | Honeywell International Inc. | 3.5% | 4.32 → 3.92 | −9% | −0.5 pp | +9% |
| 18 | General Dynamics Corporation | 3.4% | 3.35 → 4.15 | +24% | +0.8 pp | −14% |
| 19 | 3M Company | 3.4% | 2.48 → 1.33 | −46% | −2.3 pp | −4% |
| 20 | Emerson Electric Co. | 3.3% | 1.73 → 1.02 | −41% | −1.5 pp | +13% |
| Sector earnings growth | 100% | +2.1 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q3 2024, as market caps moved.
Joined the top 20 since Q3 2024
Left the top 20 since Q3 2024
- Canadian Pacific Kansas City Ltd.
- Northrop Grumman Corporation
- Carrier Global 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% |
| 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 |
| ETN | +19% | +6% | −13% | +22% | +2% | −3% | 0% | +2% | +3% | +12% | −24% | −5% |
| 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% |
| UPS | −46% | +42% | −31% | +26% | +10% | +12% | −31% | +8% | outside | +35% | −51% | −30% |
| GEV | outside | outside | outside | outside | outside | turned profitable | −47% | +104% | −12% | +710% | +31% | −86% |
| TT | outside | outside | −13% | +74% | +3% | −22% | 0% | +46% | −3% | −30% | −1% | +59% |
| PH | −8% | +5% | +6% | +8% | −11% | +36% | +2% | −3% | −12% | +5% | +7% | +21% |
| WM | +8% | −25% | +43% | −3% | +11% | −21% | +7% | +14% | −17% | +23% | −2% | +9% |
| ITW | +3% | −7% | +15% | −7% | +54% | −35% | −6% | outside | +9% | outside | outside | outside |
| CTAS | +12% | −3% | +7% | +4% | +10% | −1% | +4% | −4% | +10% | +1% | outside | outside |
| TDG | outside | −33% | +43% | +14% | −27% | +31% | +8% | +3% | −9% | −15% | outside | outside |
| HON | +2% | −16% | +17% | +6% | outside | −9% | outside | outside | outside | outside | outside | outside |
| GD | +13% | +20% | −21% | +13% | +3% | +24% | −12% | +2% | +4% | +7% | −2% | +4% |
| MMM | outside | outside | outside | outside | +20% | −46% | +53% | −34% | +16% | −31% | +15% | outside |
| EMR | +9% | −80% | outside | outside | outside | −41% | outside | +21% | +8% | −4% | outside | outside |