Sector analysis · US
Industrials: which companies drove growth
The 20 largest Industrials companies by market cap at the end of Q1 2026 (31 Mar 2026), compared with Q1 2025.
The top 20 at Q1 2026
Q1 2026 vs Q1 2025: combined net profit $24.8B (+30%), median EPS +12% (12 of 20 up), market-cap-weighted price +33%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Caterpillar Inc. | 11.5% | 4.20 → 5.47 | +30% one source | +2.8 pp | +117% |
| 2 | GE Aerospace | 10.3% | 1.83 → 1.81 | −1% | −0.4 pp | +42% |
| 3 | RTX Corporation | 9.1% | 1.14 → 1.51 | +32% | +2.7 pp | +45% |
| 4 | GE Vernova Inc. | 8.2% | 0.91 → 17.44 | +1,816% | +23.4 pp | +190% |
| 5 | The Boeing Company | 5.7% | −0.16 → −0.11 | loss, smaller | +0.2 pp | +16% |
| 6 | Deere & Company | 5.3% | 6.64 → 6.55 | −1% | −0.2 pp | +20% |
| 7 | Union Pacific Corporation | 5.0% | 2.70 → 2.87 | +6% | +0.4 pp | +4% |
| 8 | Lockheed Martin Corporation | 4.9% | 7.28 → 6.44 | −12% | −1.2 pp | +36% |
| 9 | Eaton Corporation plc | 4.9% | 2.45 → 2.22 | −9% | −0.5 pp | +32% |
| 10 | Parker-Hannifin Corporation | 4.0% | 7.37 → 7.06 | −4% | −0.3 pp | +49% |
| 11 | Northrop Grumman Corporation | 3.4% | 3.32 → 6.14 | +85% | +2.1 pp | +34% |
| 12 | Vertiv Holdings Co | 3.4% | 0.42 → 0.99 | +136% | +1.2 pp | — |
| 13 | Trane Technologies plc | 3.3% | 2.67 → 2.62 | −2% | −0.1 pp | +25% |
| 14 | General Dynamics Corporation | 3.3% | 3.66 → 4.10 | +12% | +0.7 pp | +26% |
| 15 | Waste Management, Inc. | 3.3% | 1.58 → 1.79 | +13% | +0.4 pp | −1% |
| 16 | Howmet Aerospace Inc. | 3.2% | 0.84 → 1.44 | +71% | +1.2 pp | +77% |
| 17 | United Parcel Service, Inc. | 2.9% | 1.40 → 1.02 | −27% | −1.7 pp | −10% |
| 18 | Quanta Services, Inc. | 2.9% | 0.96 → 1.45 | +51% | +0.5 pp | — |
| 19 | 3M Company | 2.7% | 2.04 → 1.23 | −40% | −2.4 pp | −1% |
| 20 | CSX Corporation | 2.7% | 0.34 → 0.43 | +26% | +0.8 pp | +41% |
| Sector earnings growth | 100% | +29.7 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q4 2025, as market caps moved.
Joined the top 20 since Q4 2025
Left the top 20 since Q4 2025
- TransDigm Group Incorporated
- Cintas Corporation
- Emerson Electric Co.
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CAT | +41% | +89% | +54% | −3% | −7% | +9% | −27% | −16% | −3% | −11% | +30% | +68% |
| 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% |
| GEV | outside | outside | outside | outside | outside | sources disagree | turned profitable | −60% | turned profitable | +668% | +1,816% | +33% |
| 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 |
| 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% |
| ETN | +46% | +31% | +28% | +33% | +14% | +4% | +20% | +1% | +2% | +19% | −9% | −16% |
| PH | +67% | +72% | +22% | +10% | +7% | +39% | +33% | +19% | +18% | −9% | −4% | +19% |
| NOC | +5% | to loss | +15% | +19% | +13% | outside | −47% | outside | +10% | +15% | +85% | outside |
| VRT | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +136% | +53% |
| TT | outside | outside | +43% | +29% | +25% | +21% | +41% | +18% | +12% | −1% | −2% | +7% |
| GD | −7% | +2% | +9% | +21% | +10% | +14% | +27% | +15% | +16% | 0% | +12% | +14% |
| WM | +6% | +1% | +35% | +12% | +15% | +21% | −10% | +7% | −21% | +24% | +13% | +8% |
| HWM | outside | outside | outside | outside | outside | outside | outside | +54% | +17% | +19% | +71% | +33% |
| UPS | −56% | −53% | −41% | −32% | +37% | +8% | +8% | −8% | outside | +4% | −27% | −53% |
| PWR | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +51% | +95% |
| MMM | outside | outside | outside | outside | turned profitable | −22% | +22% | −35% | −38% | −20% | −40% | outside |
| CSX | −19% | −8% | −6% | 0% | outside | outside | outside | outside | outside | outside | +26% | +23% |