Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q2 2026 (30 Jun 2026), compared with Q2 2025.
The top 20 at Q2 2026
Q2 2026 vs Q2 2025: combined net profit $14.2B (+6%), median EPS +11% (14 of 20 up), market-cap-weighted price +20%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 18.1% | 3.73 → 4.15 | +11% | +1.1 pp | +12% |
| 2 | Southern Copper Corporation | 10.9% | 1.19 → 2.01 | +69% one source | +4.7 pp | +73% |
| 3 | Newmont Corporation | 7.6% | 1.85 → 2.06 | +11% | +0.9 pp | +65% |
| 4 | Freeport-McMoRan Inc. | 6.8% | 0.53 → 0.68 | +28% | +1.4 pp | +45% |
| 5 | Johnson Controls International plc | 6.7% | 1.07 → 1.22 | +14% one source | +0.3 pp | +43% |
| 6 | The Sherwin-Williams Company | 6.4% | 3.00 → 3.43 | +14% | +0.6 pp | +2% |
| 7 | Ecolab Inc. | 5.9% | 1.84 → 1.90 | +3% | +0.1 pp | +4% |
| 8 | CRH plc | 5.4% | 1.94 → 2.21 | +14% | +1.1 pp | +17% |
| 9 | Air Products and Chemicals, Inc. | 4.9% | 3.20 → −6.46 | to loss | −14.4 pp | +4% |
| 10 | Corteva, Inc. | 4.3% | 1.92 → 1.73 | −10% | −1.0 pp | +15% |
| 11 | Nucor Corporation | 3.8% | 2.60 → 5.04 | +94% | +3.7 pp | +72% |
| 12 | Vulcan Materials Company | 2.9% | 2.41 → 2.48 | +3% one source | 0.0 pp | +15% |
| 13 | Martin Marietta Materials, Inc. | 2.6% | 5.43 → 4.17 | −23% | −0.5 pp | +5% |
| 14 | Steel Dynamics, Inc. | 2.5% | 2.00 → 3.69 | +85% | +1.6 pp | +83% |
| 15 | Carpenter Technology Corporation | 2.3% | 2.21 → 3.23 | +46% | +0.3 pp | +124% |
| 16 | Amrize Ltd | 2.2% | 0.78 → 0.86 | +10% | +0.3 pp | +7% |
| 17 | PPG Industries, Inc. | 2.0% | 1.98 → 1.95 | −2% one source | −0.1 pp | +8% |
| 18 | International Paper Company | 1.6% | 0.14 → −0.02 | to loss | −0.6 pp | −15% |
| 19 | International Flavors & Fragrances Inc. | 1.5% | 2.38 → 0.19 | −92% | −3.8 pp | +8% |
| 20 | Dow Inc. | 1.5% | −1.18 → 0.99 | turned profitable one source | +10.4 pp | +4% |
| Sector earnings growth | 100% | +6.2 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q1 2026, as market caps moved.
Joined the top 20 since Q1 2026
Left the top 20 since Q1 2026
- DuPont de Nemours, Inc.
- LyondellBasell Industries N.V.
- Royal Gold, 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIN | +26% | +18% | +10% | +8% | +1% | +14% | +5% | +8% | +27% | −9% | +13% | +11% |
| SCCO | +19% | −50% | −10% | +70% | +44% | +74% | +25% | −2% | +17% | +54% | +61% | +69% |
| NEM | −26% | loss, bigger | −68% | +279% | +303% | turned profitable | +1,100% | +150% | +109% | −2% | +79% | +11% |
| FCX | +12% | −45% | −30% | +79% | +16% | −29% | −25% | +26% | +31% | +47% | +154% | +28% |
| JCI | −27% | +224% | to loss | −5% | +19% | +15% | turned profitable | −26% | +181% | +35% | +39% | +14% |
| SHW | +13% | −6% | +7% | +14% | +8% | +37% | +2% | −14% | +5% | +1% | +7% | +14% |
| ECL | +17% | +52% | +74% | +49% | +83% | +18% | −1% | +8% | −21% | +19% | +8% | +3% |
| CRH | — | — | — | sources disagree | +15% | — | to loss | +3% | +12% | +49% | loss, bigger | +14% |
| APD | +19% | +6% | +30% | +17% | +181% | +1% | to loss | +2% | −100% | +10% | turned profitable | to loss |
| CTVA | loss, smaller | loss, bigger | −28% | +51% | loss, bigger | loss, smaller | +58% | +27% | loss, smaller | loss, bigger | +13% | −10% |
| NUE | −30% | −36% | −22% | −54% | −77% | −61% | −81% | −3% | +150% | +34% | +382% | +94% |
| VMC | +56% | +91% | −14% | 0% | −25% | +30% | +26% | +4% | +81% | −14% | +30% | +3% |
| MLM | +42% | +54% | +765% | −15% | −12% | +5% | −89% | +14% | +16% | −4% | +1,219% | −23% |
| STLD | −31% | −28% | −1% | −43% | outside | −48% | −61% | outside | +34% | +34% | +93% | +85% |
| CRS | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +46% |
| AMRZ | outside | outside | outside | outside | outside | outside | outside | −9% | +3% | sources disagree | loss, bigger | +10% |
| PPG | +29% | −62% | +52% | +9% | +12% | to loss | −4% | −12% | 0% | turned profitable | +4% | −2% |
| IP | outside | outside | outside | outside | outside | loss, smaller | to loss | −90% | to loss | loss, bigger | outside | to loss |
| IFF | turned profitable | loss, bigger | turned profitable | +500% | +135% | loss, smaller | to loss | +261% | outside | turned profitable | outside | −92% |
| DOW | −59% | to loss | turned profitable | −9% | −29% | loss, smaller | to loss | to loss | −72% | outside | loss, bigger | turned profitable |