Biggest CapEx Industrials Stocks
Top industrials companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for Industrials Companies
Capital expenditures are a defining feature of industrials. Machinery, aerospace assembly, commercial vehicle production, and heavy equipment all require continuous investment in plants, tooling, and automation. The rhythm of capex in the sector is pronounced: spending typically ramps up mid-cycle as demand firms, peaks near the top, then contracts quickly when order intake softens, following a pattern that has historically repeated across industrial cycles.
Why Capital Expenditures Matter
Capex funds the productivity gains that lift operating leverage when volumes rise, and maintaining too little capex through a downturn risks losing share when demand returns. Still, industrial capex programs carry execution risk: a new factory commissioned just as a cycle turns, or a capacity expansion in a market where competitors are also adding, can depress returns for years. The quality of timing matters as much as the absolute spend.
What to Read Alongside
Pair capex with Free Cash Flow to see what remains after reinvestment, Net Income for profit the asset base produces, and Long-term Debt because large industrial investments are often partly debt-financed.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | UAL | United Airlines Holdings, Inc. | Industrials | $5.87B | $36.63B |
| 2 | DAL | Delta Air Lines, Inc. | Industrials | $4.50B | $57.37B |
| 3 | FDX | FedEx Corporation | Industrials | $3.81B | $72.17B |
| 4 | UNP | Union Pacific Corporation | Industrials | $3.79B | $172.38B |
| 5 | AAL | American Airlines Group Inc. | Industrials | $3.78B | $8.72B |
| 6 | UPS | United Parcel Service, Inc. | Industrials | $3.69B | $92.21B |
| 7 | WM | Waste Management, Inc. | Industrials | $3.23B | $93.95B |
| 8 | UHAL | U-Haul Holding Company | Industrials | $3.15B | $11.01B |
| 9 | BA | The Boeing Company | Industrials | $2.94B | $137.41B |
| 10 | CSX | CSX Corporation | Industrials | $2.90B | $90.99B |
| 11 | CAT | Caterpillar Inc. | Industrials | $2.82B | $255.63B |
| 12 | LUV | Southwest Airlines Co. | Industrials | $2.67B | $21.76B |
| 13 | CNI | Canadian National Railway Company | Industrials | $2.67B | $74.40B |
| 14 | RTX | RTX Corporation | Industrials | $2.63B | $255.76B |
| 15 | CP | Canadian Pacific Kansas City Limited | Industrials | $2.26B | $80.15B |
| 16 | NSC | Norfolk Southern Corporation | Industrials | $2.20B | $71.86B |
| 17 | RYAAY | Ryanair Holdings plc | Industrials | $2.18B | $30.71B |
| 18 | R | Ryder System, Inc. | Industrials | $2.13B | $10.18B |
| 19 | BBUC | Brookfield Business Corporation | Industrials | $2.06B | $6.09B |
| 20 | RSG | Republic Services, Inc. | Industrials | $1.89B | $75.20B |
| 21 | LTM | LATAM Airlines Group S.A. | Industrials | $1.78B | $13.60B |
| 22 | LMT | Lockheed Martin Corporation | Industrials | $1.65B | $131.00B |
| 23 | CDLR | Cadeler A/S | Industrials | $1.45B | $649.25M |
| 24 | NOC | Northrop Grumman Corporation | Industrials | $1.45B | $74.59B |
| 25 | DE | Deere & Company | Industrials | $1.36B | $181.09B |
| 26 | GEV | GE Vernova Inc. | Industrials | $1.28B | $204.89B |
| 27 | GE | GE Aerospace | Industrials | $1.27B | $335.38B |
| 28 | CMI | Cummins Inc. | Industrials | $1.24B | $62.02B |
| 29 | WCN | Waste Connections, Inc. | Industrials | $1.18B | $47.31B |
| 30 | GD | General Dynamics Corporation | Industrials | $1.16B | $95.68B |
| 31 | JBLU | JetBlue Airways Corporation | Industrials | $1.08B | $1.38B |
| 32 | PAM | Pampa Energía S.A. | Industrials | $993.00M | $3.41B |
| 33 | HON | Honeywell International Inc. | Industrials | $986.00M | $69.74B |
| 34 | ETN | Eaton Corporation plc | Industrials | $919.00M | $132.76B |
| 35 | MMM | 3M Company | Industrials | $910.00M | $95.49B |
| 36 | GFL | GFL Environmental Inc. | Industrials | $832.41M | $20.20B |
| 37 | OC | Owens Corning | Industrials | $824.00M | $9.36B |
| 38 | CPA | Copa Holdings, S.A. | Industrials | $815.73M | $5.83B |
| 39 | ZTO | ZTO Express (Cayman) Inc. | Industrials | $745.63M | $15.53B |
| 40 | PCAR | PACCAR Inc | Industrials | $743.00M | $53.69B |
| 41 | JBHT | J.B. Hunt Transport Services, Inc. | Industrials | $730.69M | $20.28B |
| 42 | GWW | W.W. Grainger, Inc. | Industrials | $684.00M | $67.45B |
| 43 | XPO | XPO, Inc. | Industrials | $657.00M | $20.62B |
| 44 | TRI | Thomson Reuters Corporation | Industrials | $634.00M | $48.78B |
| 45 | GPN | Global Payments Inc. | Industrials | $617.77M | $25.77B |
| 46 | PWR | Quanta Services, Inc. | Industrials | $609.15M | $81.50B |
| 47 | CMC | Commercial Metals Company | Industrials | $579.84M | $6.87B |
| 48 | SAIA | Saia, Inc. | Industrials | $567.64M | $8.86B |
| 49 | SEB | Seaboard Corporation | Industrials | $562.00M | $3.38B |
| 50 | ARMK | Aramark | Industrials | $489.24M | $13.85B |
| 51 | EFX | Equifax Inc. | Industrials | $481.40M | $22.27B |
| 52 | PH | Parker-Hannifin Corporation | Industrials | $459.00M | $115.74B |
| 53 | HWM | Howmet Aerospace Inc. | Industrials | $453.00M | $81.84B |
| 54 | JCI | Johnson Controls International plc | Industrials | $434.00M | $81.79B |
| 55 | EMR | Emerson Electric Co. | Industrials | $431.00M | $90.56B |
| 56 | CLH | Clean Harbors, Inc. | Industrials | $424.92M | $14.98B |
| 57 | LHX | L3Harris Technologies, Inc. | Industrials | $424.00M | $48.39B |
| 58 | ITW | Illinois Tool Works Inc. | Industrials | $419.00M | $79.85B |
| 59 | ODFL | Old Dominion Freight Line, Inc. | Industrials | $415.03M | $33.98B |
| 60 | HII | Huntington Ingalls Industries, Inc. | Industrials | $402.00M | $11.38B |
| 61 | RJET | Republic Airways Holdings Inc. | Industrials | $396.90M | $942.02M |
| 62 | CTAS | Cintas Corporation | Industrials | $395.11M | $88.29B |
| 63 | MATX | Matson, Inc. | Industrials | $393.40M | $6.34B |
| 64 | CARR | Carrier Global Corporation | Industrials | $392.00M | $42.86B |
| 65 | TT | Trane Technologies plc | Industrials | $383.00M | $87.94B |
| 66 | TXT | Textron Inc. | Industrials | $383.00M | $14.15B |
| 67 | FDXF | FedEx Freight Holding Company, Inc. | Industrials | $379.00M | $18.47B |
| 68 | BLDR | Builders FirstSource, Inc. | Industrials | $362.60M | $6.73B |
| 69 | SNDR | Schneider National, Inc. | Industrials | $352.00M | $4.88B |
| 70 | CPRT | Copart, Inc. | Industrials | $337.36M | $29.60B |
| 71 | AERO | Grupo Aeromexico, S.A.B. de C.V. | Industrials | $334.50M | $2.55B |
| 72 | XYL | Xylem Inc. | Industrials | $331.00M | $22.44B |
| 73 | GXO | GXO Logistics, Inc. | Industrials | $324.00M | $6.24B |
| 74 | CCEC | Capital Clean Energy Carriers Corp. | Industrials | $315.12M | $1.24B |
| 75 | ALGT | Allegiant Travel Company | Industrials | $314.66M | $2.51B |
| 76 | FERG | Ferguson Enterprises Inc. | Industrials | $305.00M | $45.21B |
| 77 | VLRS | Controladora Vuela Compañía de Aviación, S.A.B. de C.V. | Industrials | $291.59M | $911.56M |
| 78 | LPX | Louisiana-Pacific Corporation | Industrials | $291.00M | $5.27B |
| 79 | OTTR | Otter Tail Corporation | Industrials | $288.07M | $3.29B |
| 80 | SWK | Stanley Black & Decker, Inc. | Industrials | $283.30M | $17.08B |
| 81 | ATI | ATI Inc. | Industrials | $280.60M | $23.88B |
| 82 | GBX | The Greenbrier Companies, Inc. | Industrials | $279.30M | $1.29B |
| 83 | TFII | TFI International Inc. | Industrials | $273.22M | $7.80B |
| 84 | KEX | Kirby Corporation | Industrials | $264.47M | $6.39B |
| 85 | WAB | Westinghouse Air Brake Technologies Corporation | Industrials | $260.00M | $47.59B |
| 86 | MTZ | MasTec, Inc. | Industrials | $259.99M | $13.98B |
| 87 | RBA | RB Global, Inc. | Industrials | $259.00M | $17.32B |
| 88 | BV | BrightView Holdings, Inc. | Industrials | $254.20M | $1.08B |
| 89 | WERN | Werner Enterprises, Inc. | Industrials | $250.36M | $1.62B |
| 90 | WMS | Advanced Drainage Systems, Inc. | Industrials | $249.77M | $9.37B |
| 91 | AGCO | AGCO Corporation | Industrials | $247.90M | $7.61B |
| 92 | FAST | Fastenal Company | Industrials | $245.30M | $60.80B |
| 93 | CWST | Casella Waste Systems, Inc. | Industrials | $245.07M | $6.25B |
| 94 | VRSK | Verisk Analytics, Inc. | Industrials | $244.10M | $26.63B |
| 95 | CRS | Carpenter Technology Corporation | Industrials | $242.70M | $13.79B |
| 96 | DY | Dycom Industries, Inc. | Industrials | $240.79M | $6.26B |
| 97 | ESLT | Elbit Systems Ltd. | Industrials | $225.57M | $31.99B |
| 98 | ULH | Universal Logistics Holdings, Inc. | Industrials | $224.18M | $715.09M |
| 99 | NMM | Navios Maritime Partners L.P. | Industrials | $223.95M | $2.47B |
| 100 | TREX | Trex Company, Inc. | Industrials | $223.59M | $5.47B |
No companies match this search.
How this ranking is built
Companies are ranked by capital expenditures as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.
Frequently asked questions
Why is industrial capex so cyclical?
Industrial firms tend to add capacity in response to rising order intake, which means their investment cycles are synchronized with broader economic demand. Planning, permitting, and construction lead times mean that capacity commissioned during a boom often arrives just as demand begins to soften, creating excess capacity across the industry. This pattern has repeated across many industrial cycles and is why through-cycle capital discipline, rather than peak-year spending, is the real signal of management quality in the sector.
What is the difference between maintenance and growth capex in industrials?
Maintenance capex is the ongoing spend required to keep existing capacity operating at current output levels, replacing worn equipment and upgrading systems to maintain productivity. Growth capex funds new capacity, new product lines, or expansion into new geographies. The two have very different economic meanings: maintenance capex is a cost of doing business that ties up cash without expanding earning power, while growth capex is a bet on future demand. Firms that disclose this split give investors a clearer view of true reinvestment needs.
How do warranty provisions and capex interact in industrials?
Industrial firms selling long-lived equipment carry warranty obligations that accrue as products ship and unwind as repairs occur. While warranty is not a capex item, it is an often-overlooked form of reserved capital that can require cash outlay years after the original sale. Capex programs that include quality upgrades or automation designed to reduce warranty claims can therefore pay back twice, lowering future warranty cash outflows while improving competitive position, though the benefits typically appear gradually over product cycles.