Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q2 2025 (30 Jun 2025), compared with Q2 2024.
The top 20 at Q2 2025
Q2 2025 vs Q2 2024: combined net profit $18.3B (+3%), median EPS +8% (14 of 20 up), market-cap-weighted price +17%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | GE Aerospace | 11.4% | 1.15 → 1.89 | +64% | +3.7 pp | +64% |
| 2 | RTX Corporation | 8.1% | 0.08 → 1.22 | +1,425% | +7.5 pp | +45% |
| 3 | Caterpillar Inc. | 7.6% | 5.48 → 4.62 | −16% | −2.4 pp | +16% |
| 4 | The Boeing Company | 6.6% | −2.33 → −0.92 | loss, smaller | +4.0 pp | +15% |
| 5 | GE Vernova Inc. | 6.0% | 4.65 → 1.86 | −60% | −3.8 pp | +208% |
| 6 | Eaton Corporation plc | 5.8% | 2.48 → 2.51 | +1% | −0.1 pp | +13% |
| 7 | Deere & Company | 5.7% | 6.29 → 4.75 | −24% | −2.2 pp | +36% |
| 8 | Union Pacific Corporation | 5.7% | 2.74 → 3.15 | +15% | +1.0 pp | +1% |
| 9 | Lockheed Martin Corporation | 4.5% | 6.85 → 1.46 | −79% | −6.3 pp | −2% |
| 10 | Trane Technologies plc | 4.1% | 3.30 → 3.89 | +18% | +0.6 pp | +33% |
| 11 | Waste Management, Inc. | 3.8% | 1.69 → 1.80 | +7% | +0.2 pp | +7% |
| 12 | Cintas Corporation | 3.7% | 1.00 → 1.09 | +9% | +0.2 pp | +28% |
| 13 | Parker-Hannifin Corporation | 3.7% | 6.01 → 7.15 | +19% | +0.7 pp | +38% |
| 14 | TransDigm Group Incorporated | 3.7% | 7.96 → 8.47 | +6% | +0.2 pp | +19% |
| 15 | United Parcel Service, Inc. | 3.6% | 1.64 → 1.51 | −8% | −0.6 pp | −26% |
| 16 | 3M Company | 3.4% | 2.06 → 1.34 | −35% | −2.1 pp | +48% |
| 17 | General Dynamics Corporation | 3.3% | 3.26 → 3.74 | +15% | +0.5 pp | +1% |
| 18 | Republic Services, Inc. | 3.2% | 1.62 → 1.75 | +8% | +0.2 pp | +26% |
| 19 | Emerson Electric Co. | 3.1% | 0.57 → 1.04 | +82% | +1.3 pp | +21% |
| 20 | Howmet Aerospace Inc. | 3.1% | 0.65 → 1.00 | +54% | +0.7 pp | — |
| Sector earnings growth | 100% | +3.3 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q1 2025, as market caps moved.
Joined the top 20 since Q1 2025
Left the top 20 since Q1 2025
- Northrop Grumman Corporation
- Illinois Tool Works Inc.
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE | +200% | −24% | −79% | turned profitable | +604% | +21% | +31% | +64% | +20% | +36% | −1% | +20% |
| RTX | to loss | +9% | +32% | −91% | turned profitable | +5% | −11% | +1,425% | +29% | +8% | +32% | +29% |
| CAT | +41% | +89% | +54% | −3% | −7% | +9% | −27% | −16% | −3% | −11% | +30% | +68% |
| 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 |
| GEV | outside | outside | outside | outside | outside | sources disagree | turned profitable | −60% | turned profitable | +668% | +1,816% | +33% |
| ETN | +46% | +31% | +28% | +33% | +14% | +4% | +20% | +1% | +2% | +19% | −9% | −16% |
| DE | +11% | −5% | −12% | −38% | −45% | −49% | −22% | −24% | −14% | −24% | −1% | +7% |
| UNP | −18% | +1% | +1% | +7% | +10% | +7% | 0% | +15% | +9% | +7% | +6% | +7% |
| LMT | 0% | +2% | −3% | +3% | +1% | −71% | +14% | −79% | +2% | +161% | −12% | +444% |
| TT | outside | outside | +43% | +29% | +25% | +21% | +41% | +18% | +12% | −1% | −2% | +7% |
| WM | +6% | +1% | +35% | +12% | +15% | +21% | −10% | +7% | −21% | +24% | +13% | +8% |
| 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 |
| UPS | −56% | −53% | −41% | −32% | +37% | +8% | +8% | −8% | outside | +4% | −27% | −53% |
| MMM | outside | outside | outside | outside | turned profitable | −22% | +22% | −35% | −38% | −20% | −40% | outside |
| GD | −7% | +2% | +9% | +21% | +10% | +14% | +27% | +15% | +16% | 0% | +12% | +14% |
| RSG | outside | outside | outside | outside | outside | outside | +10% | +8% | outside | outside | outside | outside |
| EMR | +50% | −56% | outside | outside | outside | +314% | outside | +82% | −35% | +4% | outside | outside |
| HWM | outside | outside | outside | outside | outside | outside | outside | +54% | +17% | +19% | +71% | +33% |