Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q4 2023 (31 Dec 2023), compared with Q4 2022.
The top 20 at Q4 2023
Q4 2023 vs Q4 2022: combined net profit $19.9B (−20%), median EPS +1% (12 of 20 up), market-cap-weighted price +9%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | The Boeing Company | 8.0% | −0.91 → −0.04 | loss, smaller | +2.0 pp | +29% |
| 2 | Union Pacific Corporation | 8.0% | 2.67 → 2.71 | +1% | +0.1 pp | +19% |
| 3 | Caterpillar Inc. | 8.0% | 2.79 → 5.28 | +89% | +4.6 pp | +24% |
| 4 | United Parcel Service, Inc. | 7.2% | 3.96 → 1.87 | −53% | −7.0 pp | −9% |
| 5 | RTX Corporation | 6.1% | 0.96 → 1.05 | +9% | 0.0 pp | −16% |
| 6 | Deere & Company | 6.0% | 6.55 → 6.23 | −5% | −0.8 pp | −7% |
| 7 | Lockheed Martin Corporation | 6.0% | 7.40 → 7.58 | +2% | −0.2 pp | −7% |
| 8 | GE Aerospace | 5.9% | 1.91 → 1.45 | −24% | −2.4 pp | +94% |
| 9 | Eaton Corporation plc | 5.2% | 1.80 → 2.35 | +31% | +0.8 pp | +53% |
| 10 | Illinois Tool Works Inc. | 4.2% | 2.95 → 2.38 | −19% | −0.7 pp | +19% |
| 11 | Canadian Pacific Kansas City Ltd. | 4.0% | 1.36 → 1.10 | −19% | −0.9 pp | +6% |
| 12 | Waste Management, Inc. | 3.9% | 1.21 → 1.22 | +1% | 0.0 pp | +14% |
| 13 | General Dynamics Corporation | 3.8% | 3.58 → 3.64 | +2% | 0.0 pp | +5% |
| 14 | Northrop Grumman Corporation | 3.8% | 13.46 → −3.54 | to loss | −9.9 pp | −13% |
| 15 | CSX Corporation | 3.7% | 0.49 → 0.45 | −8% | −0.5 pp | +12% |
| 16 | Honeywell International Inc. | 3.7% | 3.02 → 3.82 | +26% | +0.9 pp | −2% |
| 17 | Cintas Corporation | 3.3% | 0.78 → 0.90 | +15% | +0.2 pp | +33% |
| 18 | Parker-Hannifin Corporation | 3.2% | 3.04 → 5.23 | +72% | +1.1 pp | +58% |
| 19 | TransDigm Group Incorporated | 3.1% | 3.33 → 4.87 | +46% | +0.6 pp | +61% |
| 20 | Emerson Electric Co. | 3.0% | 0.56 → 0.25 | −56% | −8.3 pp | +1% |
| Sector earnings growth | 100% | −20.4 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 2023, as market caps moved.
Joined the top 20 since Q3 2023
Left the top 20 since Q3 2023
- FedEx Corporation
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth year on year, 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BA | loss, smaller | loss, smaller | loss, smaller | loss, bigger | loss, bigger | loss, bigger | loss, smaller | loss, smaller | loss, smaller | turned profitable | loss, smaller | loss, smaller |
| UNP | −18% | +1% | +1% | +7% | +10% | +7% | 0% | +15% | +9% | +7% | +6% | +7% |
| CAT | +41% | +89% | +54% | −3% | −7% | +9% | −27% | −16% | −3% | −11% | +30% | +68% |
| UPS | −56% | −53% | −41% | −32% | +37% | +8% | +8% | −8% | outside | +4% | −27% | −53% |
| RTX | to loss | +9% | +32% | −91% | turned profitable | +5% | −11% | +1,425% | +29% | +8% | +32% | +29% |
| DE | +11% | −5% | −12% | −38% | −45% | −49% | −22% | −24% | −14% | −24% | −1% | +7% |
| LMT | 0% | +2% | −3% | +3% | +1% | −71% | +14% | −79% | +2% | +161% | −12% | +444% |
| GE | +200% | −24% | −79% | turned profitable | +604% | +21% | +31% | +64% | +20% | +36% | −1% | +20% |
| ETN | +46% | +31% | +28% | +33% | +14% | +4% | +20% | +1% | +2% | +19% | −9% | −16% |
| ITW | +9% | −19% | +17% | +2% | +53% | +7% | −13% | outside | −28% | outside | outside | outside |
| CP | −13% | −19% | −3% | −32% | +6% | outside | outside | outside | outside | outside | outside | outside |
| WM | +6% | +1% | +35% | +12% | +15% | +21% | −10% | +7% | −21% | +24% | +13% | +8% |
| GD | −7% | +2% | +9% | +21% | +10% | +14% | +27% | +15% | +16% | 0% | +12% | +14% |
| NOC | +5% | to loss | +15% | +19% | +13% | outside | −47% | outside | +10% | +15% | +85% | outside |
| CSX | −19% | −8% | −6% | 0% | outside | outside | outside | outside | outside | outside | +26% | +23% |
| HON | 0% | +26% | +8% | +6% | outside | +3% | outside | outside | outside | outside | outside | outside |
| CTAS | +9% | +15% | +23% | +20% | +18% | +21% | +18% | +9% | +9% | +11% | outside | outside |
| PH | +67% | +72% | +22% | +10% | +7% | +39% | +33% | +19% | +18% | −9% | −4% | +19% |
| TDG | outside | +46% | +31% | +30% | −20% | +56% | +18% | +6% | +34% | −13% | outside | outside |
| EMR | +50% | −56% | outside | outside | outside | +314% | outside | +82% | −35% | +4% | outside | outside |