Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q1 2025 (31 Mar 2025), compared with Q4 2024.
The top 20 at Q1 2025
Q1 2025 vs Q4 2024: combined net profit $20.0B (+16%), median EPS 0% (11 of 20 up), market-cap-weighted price +1%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | GE Aerospace | 10.1% | 1.75 → 1.83 | +5% | +0.3 pp | +20% |
| 2 | RTX Corporation | 8.4% | 1.10 → 1.14 | +4% | +0.2 pp | +15% |
| 3 | Caterpillar Inc. | 7.3% | 5.78 → 4.20 | −27% | −3.3 pp | −8% |
| 4 | Union Pacific Corporation | 6.6% | 2.91 → 2.70 | −7% | −0.6 pp | +2% |
| 5 | The Boeing Company | 6.1% | −5.45 → −0.16 | loss, smaller | +16.0 pp | −8% |
| 6 | Deere & Company | 6.0% | 3.19 → 6.64 | +108% | +3.9 pp | +11% |
| 7 | Eaton Corporation plc | 5.0% | 2.45 → 2.45 | 0% | 0.0 pp | −18% |
| 8 | Lockheed Martin Corporation | 4.9% | 2.22 → 7.28 | +228% | +5.0 pp | −8% |
| 9 | Waste Management, Inc. | 4.4% | 1.48 → 1.58 | +7% | +0.2 pp | +15% |
| 10 | United Parcel Service, Inc. | 4.4% | 2.02 → 1.40 | −31% | −2.2 pp | −12% |
| 11 | GE Vernova Inc. | 3.9% | 1.73 → 0.91 | −47% | −1.0 pp | −9% |
| 12 | Cintas Corporation | 3.9% | 1.09 → 1.13 | +4% | +0.1 pp | +12% |
| 13 | TransDigm Group Incorporated | 3.8% | 7.62 → 8.24 | +8% | −0.1 pp | +10% |
| 14 | 3M Company | 3.8% | 1.33 → 2.04 | +53% | +1.6 pp | +13% |
| 15 | Parker-Hannifin Corporation | 3.7% | 7.25 → 7.37 | +2% | +0.1 pp | −6% |
| 16 | Republic Services, Inc. | 3.6% | 1.63 → 1.58 | −3% | −0.1 pp | +21% |
| 17 | Trane Technologies plc | 3.6% | 2.66 → 2.67 | 0% | 0.0 pp | −8% |
| 18 | Northrop Grumman Corporation | 3.5% | 8.66 → 3.32 | −62% | −3.3 pp | +10% |
| 19 | General Dynamics Corporation | 3.5% | 4.15 → 3.66 | −12% | −0.6 pp | +5% |
| 20 | Illinois Tool Works Inc. | 3.4% | 2.54 → 2.38 | −6% | −0.2 pp | −2% |
| Sector earnings growth | 100% | +16.0 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 2024, as market caps moved.
Joined the top 20 since Q4 2024
Left the top 20 since Q4 2024
- Honeywell International Inc.
- 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE | turned profitable | +504% | −3% | −18% | +47% | +4% | +5% | +3% | +7% | +18% | −24% | +25% |
| RTX | to loss | turned profitable | +22% | −94% | +1,263% | +1% | +4% | +7% | +16% | −16% | +27% | +4% |
| CAT | −4% | −3% | +9% | −5% | −8% | +14% | −27% | +10% | +6% | +5% | +7% | +42% |
| 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 |
| DE | −19% | −25% | +37% | −26% | −28% | −30% | +108% | −28% | −17% | −38% | +171% | −22% |
| ETN | +19% | +6% | −13% | +22% | +2% | −3% | 0% | +2% | +3% | +12% | −24% | −5% |
| 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% |
| 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% |
| 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 |
| MMM | outside | outside | outside | outside | +20% | −46% | +53% | −34% | +16% | −31% | +15% | outside |
| PH | −8% | +5% | +6% | +8% | −11% | +36% | +2% | −3% | −12% | +5% | +7% | +21% |
| RSG | outside | outside | outside | outside | outside | outside | −3% | +11% | outside | outside | outside | outside |
| TT | outside | outside | −13% | +74% | +3% | −22% | 0% | +46% | −3% | −30% | −1% | +59% |
| NOC | +16% | to loss | turned profitable | +1% | +10% | outside | −62% | outside | −6% | +30% | −39% | outside |
| GD | +13% | +20% | −21% | +13% | +3% | +24% | −12% | +2% | +4% | +7% | −2% | +4% |
| ITW | +3% | −7% | +15% | −7% | +54% | −35% | −6% | outside | +9% | outside | outside | outside |