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 Q2 2024.
The top 20 at Q2 2025
Q2 2025 vs Q2 2024: combined net profit $13.1B (−6%), median EPS 0% (10 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% | 3.44 → 3.73 | +8% | +0.7 pp | +7% |
| 2 | The Sherwin-Williams Company | 7.7% | 3.50 → 3.00 | −14% | −1.0 pp | +14% |
| 3 | Southern Copper Corporation | 7.4% | 1.21 → 1.19 | −2% | +0.2 pp | −2% |
| 4 | Ecolab Inc. | 7.0% | 1.71 → 1.84 | +8% | +0.2 pp | +13% |
| 5 | Johnson Controls International plc | 6.1% | 1.45 → 1.07 | −26% | −2.0 pp | +52% |
| 6 | Newmont Corporation | 5.8% | 0.74 → 1.85 | +150% | +8.7 pp | +38% |
| 7 | Air Products and Chemicals, Inc. | 5.7% | 3.13 → 3.20 | +2% | +0.1 pp | +9% |
| 8 | Freeport-McMoRan Inc. | 5.7% | 0.42 → 0.53 | +26% | +1.2 pp | −10% |
| 9 | CRH plc | 5.6% | 1.88 → 1.94 | +3% | +0.2 pp | +22% |
| 10 | Corteva, Inc. | 4.6% | 1.51 → 1.92 | +27% | +1.9 pp | +38% |
| 11 | DuPont de Nemours, Inc. | 3.3% | 1.26 → 0.42 | −67% | −0.9 pp | −15% |
| 12 | Vulcan Materials Company | 3.1% | 2.31 → 2.41 | +4% | +0.1 pp | +5% |
| 13 | Martin Marietta Materials, Inc. | 3.0% | 4.76 → 5.43 | +14% | +0.2 pp | +1% |
| 14 | Nucor Corporation | 2.7% | 2.68 → 2.60 | −3% | −0.3 pp | −18% |
| 15 | Amrize Ltd | 2.5% | 0.86 → 0.78 | −9% | −0.3 pp | — |
| 16 | PPG Industries, Inc. | 2.3% | 2.24 → 1.98 | −12% | −0.6 pp | −10% |
| 17 | International Paper Company | 2.3% | 1.41 → 0.14 | −90% | −3.0 pp | +9% |
| 18 | LyondellBasell Industries N.V. | 1.7% | 2.82 → 0.34 | −88% | −5.8 pp | −39% |
| 19 | Dow Inc. | 1.7% | 0.62 → −1.18 | to loss | −9.1 pp | −50% |
| 20 | International Flavors & Fragrances Inc. | 1.7% | 0.66 → 2.38 | +261% | +3.2 pp | −23% |
| Sector earnings growth | 100% | −6.3 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 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% |
| SHW | +13% | −6% | +7% | +14% | +8% | +37% | +2% | −14% | +5% | +1% | +7% | +14% |
| SCCO | +19% | −50% | −10% | +70% | +44% | +74% | +25% | −2% | +17% | +54% | +61% | +69% |
| ECL | +17% | +52% | +74% | +49% | +83% | +18% | −1% | +8% | −21% | +19% | +8% | +3% |
| JCI | −27% | +224% | to loss | −5% | +19% | +15% | turned profitable | −26% | +181% | +35% | +39% | +14% |
| NEM | −26% | loss, bigger | −68% | +279% | +303% | turned profitable | +1,100% | +150% | +109% | −2% | +79% | +11% |
| APD | +19% | +6% | +30% | +17% | +181% | +1% | to loss | +2% | −100% | +10% | turned profitable | to loss |
| FCX | +12% | −45% | −30% | +79% | +16% | −29% | −25% | +26% | +31% | +47% | +154% | +28% |
| CRH | — | — | — | sources disagree | +15% | — | to loss | +3% | +12% | +49% | loss, bigger | +14% |
| CTVA | loss, smaller | loss, bigger | −28% | +51% | loss, bigger | loss, smaller | +58% | +27% | loss, smaller | loss, bigger | +13% | −10% |
| DD | −4% | to loss | −20% | turned profitable | +54% | loss, bigger | to loss | −67% | to loss | loss, bigger | turned profitable | outside |
| 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% |
| NUE | −30% | −36% | −22% | −54% | −77% | −61% | −81% | −3% | +150% | +34% | +382% | +94% |
| 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 |
| LYB | +32% | −49% | 0% | +29% | −24% | to loss | −63% | −88% | outside | outside | −26% | outside |
| DOW | −59% | to loss | turned profitable | −9% | −29% | loss, smaller | to loss | to loss | −72% | outside | loss, bigger | turned profitable |
| IFF | turned profitable | loss, bigger | turned profitable | +500% | +135% | loss, smaller | to loss | +261% | outside | turned profitable | outside | −92% |