Inve US β–Ύ

Sector analysis Β· 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.

Quarter
Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Compared with
YoYQoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#CompanyWeightEPS $, base β†’ nowEPS growthContributionPrice
1Linde plcLIN18.1%3.73 β†’ 4.15+11% +1.1 pp+12%
2Southern Copper CorporationSCCO10.9%1.19 β†’ 2.01+69% one source +4.7 pp+73%
3Newmont CorporationNEM7.6%1.85 β†’ 2.06+11% +0.9 pp+65%
4Freeport-McMoRan Inc.FCX6.8%0.53 β†’ 0.68+28% +1.4 pp+45%
5Johnson Controls International plcJCI6.7%1.07 β†’ 1.22+14% one source +0.3 pp+43%
6The Sherwin-Williams CompanySHW6.4%3.00 β†’ 3.43+14% +0.6 pp+2%
7Ecolab Inc.ECL5.9%1.84 β†’ 1.90+3% +0.1 pp+4%
8CRH plcCRH5.4%1.94 β†’ 2.21+14% +1.1 pp+17%
9Air Products and Chemicals, Inc.APD4.9%3.20 β†’ βˆ’6.46to loss βˆ’14.4 pp+4%
10Corteva, Inc.CTVA4.3%1.92 β†’ 1.73βˆ’10% βˆ’1.0 pp+15%
11Nucor CorporationNUE3.8%2.60 β†’ 5.04+94% +3.7 pp+72%
12Vulcan Materials CompanyVMC2.9%2.41 β†’ 2.48+3% one source 0.0 pp+15%
13Martin Marietta Materials, Inc.MLM2.6%5.43 β†’ 4.17βˆ’23% βˆ’0.5 pp+5%
14Steel Dynamics, Inc.STLD2.5%2.00 β†’ 3.69+85% +1.6 pp+83%
15Carpenter Technology CorporationCRS2.3%2.21 β†’ 3.23+46% +0.3 pp+124%
16Amrize LtdAMRZ2.2%0.78 β†’ 0.86+10% +0.3 pp+7%
17PPG Industries, Inc.PPG2.0%1.98 β†’ 1.95βˆ’2% one source βˆ’0.1 pp+8%
18International Paper CompanyIP1.6%0.14 β†’ βˆ’0.02to loss βˆ’0.6 ppβˆ’15%
19International Flavors & Fragrances Inc.IFF1.5%2.38 β†’ 0.19βˆ’92% βˆ’3.8 pp+8%
20Dow Inc.DOW1.5%βˆ’1.18 β†’ 0.99turned profitable one source +10.4 pp+4%
Sector earnings growth100%+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 3

Left the top 20 since Q1 2026 3

  • was #10 DuPont de Nemours, Inc. DD
  • was #18 LyondellBasell Industries N.V. LYB
  • was #20 Royal Gold, Inc. RGLD

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.

≀ βˆ’40%βˆ’20%0+20%β‰₯ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at Β±40%.
  • turned profitableto loss crossed zero, so there is no growth rate to print
  • loss, smallerloss, bigger a loss in both quarters
  • sources disagree our two sources disagree, so the figure is left out of the sector totals
  • β€” no data
  • outside not in the sector's top 20 that quarter
EPS growth of each company in the sector's top 20, by quarter
CompanyQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
LIN+26%+18%+10%+8%+1%+14%+5%+8%+27%βˆ’9%+13%+11%
SCCO+19%βˆ’50%βˆ’10%+70%+44%+74%+25%βˆ’2%+17%+54%+61%+69%
NEMβˆ’26%loss, biggerβˆ’68%+279%+303%turned profitable+1,100%+150%+109%βˆ’2%+79%+11%
FCX+12%βˆ’45%βˆ’30%+79%+16%βˆ’29%βˆ’25%+26%+31%+47%+154%+28%
JCIβˆ’27%+224%to lossβˆ’5%+19%+15%turned profitableβˆ’26%+181%+35%+39%+14%
SHW+13%βˆ’6%+7%+14%+8%+37%+2%βˆ’14%+5%+1%+7%+14%
ECL+17%+52%+74%+49%+83%+18%βˆ’1%+8%βˆ’21%+19%+8%+3%
CRHβ€”β€”β€”sources disagree+15%β€”to loss+3%+12%+49%loss, bigger+14%
APD+19%+6%+30%+17%+181%+1%to loss+2%βˆ’100%+10%turned profitableto loss
CTVAloss, smallerloss, biggerβˆ’28%+51%loss, biggerloss, smaller+58%+27%loss, smallerloss, bigger+13%βˆ’10%
NUEβˆ’30%βˆ’36%βˆ’22%βˆ’54%βˆ’77%βˆ’61%βˆ’81%βˆ’3%+150%+34%+382%+94%
VMC+56%+91%βˆ’14%0%βˆ’25%+30%+26%+4%+81%βˆ’14%+30%+3%
MLM+42%+54%+765%βˆ’15%βˆ’12%+5%βˆ’89%+14%+16%βˆ’4%+1,219%βˆ’23%
STLDβˆ’31%βˆ’28%βˆ’1%βˆ’43%outsideβˆ’48%βˆ’61%outside+34%+34%+93%+85%
CRSoutsideoutsideoutsideoutsideoutsideoutsideoutsideoutsideoutsideoutsideoutside+46%
AMRZoutsideoutsideoutsideoutsideoutsideoutsideoutsideβˆ’9%+3%sources disagreeloss, bigger+10%
PPG+29%βˆ’62%+52%+9%+12%to lossβˆ’4%βˆ’12%0%turned profitable+4%βˆ’2%
IPoutsideoutsideoutsideoutsideoutsideloss, smallerto lossβˆ’90%to lossloss, biggeroutsideto loss
IFFturned profitableloss, biggerturned profitable+500%+135%loss, smallerto loss+261%outsideturned profitableoutsideβˆ’92%
DOWβˆ’59%to lossturned profitableβˆ’9%βˆ’29%loss, smallerto lossto lossβˆ’72%outsideloss, biggerturned profitable