Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q2 2025 (30 Jun 2025), compared with Q1 2025.
The top 20 at Q2 2025
Q2 2025 vs Q1 2025: combined net profit $13.1B (+78%), median EPS +49% (17 of 20 up), market-cap-weighted price +4%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 20.0% | 3.51 → 3.73 | +6% | +0.8 pp | +1% |
| 2 | The Sherwin-Williams Company | 7.7% | 2.00 → 3.00 | +50% | +2.1 pp | −3% |
| 3 | Southern Copper Corporation | 7.4% | 1.19 → 1.19 | 0% | +0.2 pp | +9% |
| 4 | Ecolab Inc. | 7.0% | 1.41 → 1.84 | +30% | +1.0 pp | +6% |
| 5 | Johnson Controls International plc | 6.1% | 0.72 → 1.07 | +49% | +1.9 pp | +28% |
| 6 | Newmont Corporation | 5.8% | 1.68 → 1.85 | +10% | +1.4 pp | +19% |
| 7 | Air Products and Chemicals, Inc. | 5.7% | −7.77 → 3.20 | turned profitable | +20.8 pp | −4% |
| 8 | Freeport-McMoRan Inc. | 5.7% | 0.24 → 0.53 | +121% | +3.6 pp | +14% |
| 9 | CRH plc | 5.6% | −0.15 → 1.94 | turned profitable | +12.0 pp | +4% |
| 10 | Corteva, Inc. | 4.6% | 0.95 → 1.92 | +102% | +5.6 pp | +19% |
| 11 | DuPont de Nemours, Inc. | 3.3% | −4.23 → 0.42 | turned profitable | +5.5 pp | −8% |
| 12 | Vulcan Materials Company | 3.1% | 0.97 → 2.41 | +148% | +1.6 pp | +12% |
| 13 | Martin Marietta Materials, Inc. | 3.0% | 1.90 → 5.43 | +186% | +1.8 pp | +16% |
| 14 | Nucor Corporation | 2.7% | 0.67 → 2.60 | +288% | +3.8 pp | +8% |
| 15 | Amrize Ltd | 2.5% | −0.10 → 0.78 | turned profitable | +4.4 pp | — |
| 16 | PPG Industries, Inc. | 2.3% | 1.63 → 1.98 | +21% | +0.7 pp | +4% |
| 17 | International Paper Company | 2.3% | −0.24 → 0.14 | turned profitable | +1.5 pp | −28% |
| 18 | LyondellBasell Industries N.V. | 1.7% | 0.53 → 0.34 | −36% | −0.5 pp | −16% |
| 19 | Dow Inc. | 1.7% | −0.44 → −1.18 | loss, bigger | −4.5 pp | −23% |
| 20 | International Flavors & Fragrances Inc. | 1.7% | −3.98 → 2.38 | turned profitable | +13.8 pp | −6% |
| Sector earnings growth | 100% | +77.7 pp |
Who joined and who left
1 joined and 1 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
- Steel Dynamics, 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIN | 0% | −1% | +6% | +3% | −6% | +12% | −3% | +6% | +10% | −20% | +22% | +4% |
| SHW | −4% | −53% | +42% | +78% | −9% | −40% | +5% | +50% | +12% | −43% | +12% | +60% |
| SCCO | +13% | −28% | +64% | +27% | −5% | −12% | +18% | 0% | +13% | +16% | +23% | +5% |
| ECL | +23% | 0% | +1% | +20% | +51% | −36% | −15% | +30% | +11% | −3% | −23% | +25% |
| JCI | −48% | −31% | to loss | turned profitable | −34% | −34% | +14% | +49% | +150% | −68% | +18% | +22% |
| NEM | +2% | to loss | turned profitable | +429% | +8% | +55% | +35% | +10% | −10% | −28% | +148% | −31% |
| APD | +16% | −12% | −6% | +22% | +180% | −68% | to loss | turned profitable | −99% | +13,718% | +5% | to loss |
| FCX | +33% | −14% | +19% | +31% | −14% | −47% | +26% | +121% | −11% | −40% | +118% | +11% |
| CRH | sources disagree | — | — | +1,075% | +5% | −48% | to loss | turned profitable | +14% | −31% | to loss | turned profitable |
| CTVA | to loss | loss, smaller | turned profitable | +152% | to loss | loss, smaller | turned profitable | +102% | to loss | loss, bigger | turned profitable | +62% |
| DD | turned profitable | to loss | turned profitable | −7% | +157% | to loss | loss, bigger | turned profitable | to loss | loss, bigger | turned profitable | outside |
| VMC | −10% | −18% | −55% | +200% | −32% | +42% | −56% | +148% | +17% | −33% | −34% | +97% |
| MLM | +20% | −32% | +271% | −72% | +24% | −19% | −60% | +186% | +26% | −33% | +442% | −83% |
| NUE | −21% | −31% | +9% | −23% | −61% | +16% | −45% | +288% | +1% | −38% | +97% | +56% |
| AMRZ | outside | outside | outside | outside | outside | outside | outside | turned profitable | +27% | −45% | to loss | turned profitable |
| PPG | −13% | −79% | +345% | +33% | −11% | to loss | turned profitable | +21% | +1% | −34% | +28% | +15% |
| IP | outside | outside | outside | outside | outside | to loss | loss, smaller | turned profitable | to loss | loss, bigger | outside | to loss |
| LYB | +5% | −76% | +162% | +96% | −38% | to loss | turned profitable | −36% | outside | outside | turned profitable | outside |
| DOW | −38% | to loss | turned profitable | −15% | −52% | to loss | loss, bigger | loss, bigger | turned profitable | outside | loss, smaller | turned profitable |
| IFF | −11% | to loss | turned profitable | +187% | −65% | to loss | loss, bigger | turned profitable | outside | −56% | outside | −71% |