Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q4 2025 (31 Dec 2025), compared with Q3 2025.
The top 20 at Q4 2025
Q4 2025 vs Q3 2025: combined net profit $32.5B (+64%), median EPS +3% (12 of 20 up), market-cap-weighted price +2%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | GE Aerospace | 12.2% | 2.02 → 2.38 | +18% | +1.5 pp | 0% |
| 2 | Caterpillar Inc. | 10.1% | 4.89 → 5.12 | +5% | +0.4 pp | +20% |
| 3 | RTX Corporation | 9.4% | 1.41 → 1.19 | −16% | −1.1 pp | +10% |
| 4 | The Boeing Company | 6.8% | −7.14 → 10.23 | turned profitable | +51.5 pp | +2% |
| 5 | GE Vernova Inc. | 6.7% | 1.64 → 13.28 | +710% | +12.2 pp | +5% |
| 6 | Union Pacific Corporation | 5.2% | 3.01 → 3.11 | +3% | +0.2 pp | −2% |
| 7 | Deere & Company | 4.8% | 3.93 → 2.42 | −38% | −1.6 pp | +2% |
| 8 | Eaton Corporation plc | 4.7% | 2.59 → 2.91 | +12% | +0.5 pp | −15% |
| 9 | Lockheed Martin Corporation | 4.2% | 6.95 → 5.80 | −17% | −1.0 pp | −3% |
| 10 | Parker-Hannifin Corporation | 4.2% | 6.29 → 6.60 | +5% | +0.1 pp | +16% |
| 11 | General Dynamics Corporation | 3.5% | 3.89 → 4.17 | +7% | +0.3 pp | −2% |
| 12 | Waste Management, Inc. | 3.4% | 1.49 → 1.83 | +23% | +0.5 pp | −1% |
| 13 | Trane Technologies plc | 3.3% | 3.78 → 2.64 | −30% | −1.0 pp | −8% |
| 14 | 3M Company | 3.2% | 1.55 → 1.07 | −31% | −1.0 pp | +3% |
| 15 | United Parcel Service, Inc. | 3.2% | 1.55 → 2.10 | +35% | +1.8 pp | +18% |
| 16 | Howmet Aerospace Inc. | 3.1% | 0.95 → 0.92 | −3% | 0.0 pp | +4% |
| 17 | Northrop Grumman Corporation | 3.1% | 7.67 → 9.99 | +30% | +1.2 pp | −7% |
| 18 | TransDigm Group Incorporated | 3.0% | 7.75 → 6.62 | −15% | −0.6 pp | +1% |
| 19 | Cintas Corporation | 2.9% | 1.20 → 1.21 | +1% | 0.0 pp | −8% |
| 20 | Emerson Electric Co. | 2.8% | 1.12 → 1.07 | −4% | −0.1 pp | +1% |
| Sector earnings growth | 100% | +63.9 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 2025, as market caps moved.
Joined the top 20 since Q3 2025
Left the top 20 since Q3 2025
- Illinois Tool Works Inc.
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% |
| 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 |
| GEV | outside | outside | outside | outside | outside | turned profitable | −47% | +104% | −12% | +710% | +31% | −86% |
| UNP | −2% | +8% | −1% | +2% | 0% | +6% | −7% | +17% | −4% | +3% | −8% | +17% |
| 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% |
| PH | −8% | +5% | +6% | +8% | −11% | +36% | +2% | −3% | −12% | +5% | +7% | +21% |
| GD | +13% | +20% | −21% | +13% | +3% | +24% | −12% | +2% | +4% | +7% | −2% | +4% |
| WM | +8% | −25% | +43% | −3% | +11% | −21% | +7% | +14% | −17% | +23% | −2% | +9% |
| TT | outside | outside | −13% | +74% | +3% | −22% | 0% | +46% | −3% | −30% | −1% | +59% |
| MMM | outside | outside | outside | outside | +20% | −46% | +53% | −34% | +16% | −31% | +15% | outside |
| UPS | −46% | +42% | −31% | +26% | +10% | +12% | −31% | +8% | outside | +35% | −51% | −30% |
| HWM | outside | outside | outside | outside | outside | outside | outside | +19% | −5% | −3% | +57% | −8% |
| 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 |
| EMR | +9% | −80% | outside | outside | outside | −41% | outside | +21% | +8% | −4% | outside | outside |