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 | $37.13B |
| 2 | DAL | Delta Air Lines, Inc. | Industrials | $4.50B | $54.25B |
| 3 | FDX | FedEx Corporation | Industrials | $3.81B | $70.00B |
| 4 | UNP | Union Pacific Corporation | Industrials | $3.79B | $160.18B |
| 5 | AAL | American Airlines Group Inc. | Industrials | $3.78B | $8.98B |
| 6 | UPS | United Parcel Service, Inc. | Industrials | $3.69B | $80.61B |
| 7 | WM | Waste Management, Inc. | Industrials | $3.23B | $82.76B |
| 8 | UHAL | U-Haul Holding Company | Industrials | $3.15B | $12.33B |
| 9 | BA | The Boeing Company | Industrials | $2.94B | $158.98B |
| 10 | CSX | CSX Corporation | Industrials | $2.90B | $85.20B |
| 11 | CAT | Caterpillar Inc. | Industrials | $2.82B | $375.32B |
| 12 | LUV | Southwest Airlines Co. | Industrials | $2.67B | $20.43B |
| 13 | RTX | RTX Corporation | Industrials | $2.63B | $261.92B |
| 14 | NSC | Norfolk Southern Corporation | Industrials | $2.20B | $69.42B |
| 15 | R | Ryder System, Inc. | Industrials | $2.13B | $9.09B |
| 16 | RSG | Republic Services, Inc. | Industrials | $1.89B | $65.51B |
| 17 | LMT | Lockheed Martin Corporation | Industrials | $1.65B | $123.57B |
| 18 | NOC | Northrop Grumman Corporation | Industrials | $1.45B | $74.82B |
| 19 | DE | Deere & Company | Industrials | $1.36B | $184.62B |
| 20 | GEV | GE Vernova Inc. | Industrials | $1.28B | $252.01B |
| 21 | GE | GE Aerospace | Industrials | $1.27B | $330.99B |
| 22 | CMI | Cummins Inc. | Industrials | $1.24B | $73.62B |
| 23 | WCN | Waste Connections, Inc. | Industrials | $1.18B | $39.13B |
| 24 | GD | General Dynamics Corporation | Industrials | $1.16B | $95.75B |
| 25 | JBLU | JetBlue Airways Corporation | Industrials | $1.08B | $1.72B |
| 26 | PAM | Pampa Energía S.A. | Industrials | $0.99B | $4.36B |
| 27 | HON | Honeywell International Inc. | Industrials | $0.99B | $65.44B |
| 28 | ETN | Eaton Corporation plc | Industrials | $0.92B | $169.12B |
| 29 | MMM | 3M Company | Industrials | $0.91B | $85.08B |
| 30 | OC | Owens Corning | Industrials | $0.82B | $9.61B |
| 31 | ZTO | ZTO Express (Cayman) Inc. | Industrials | $0.75B | $14.64B |
| 32 | PCAR | PACCAR Inc | Industrials | $0.74B | $60.39B |
| 33 | JBHT | J.B. Hunt Transport Services, Inc. | Industrials | $0.73B | $22.18B |
| 34 | GWW | W.W. Grainger, Inc. | Industrials | $0.68B | $60.19B |
| 35 | XPO | XPO, Inc. | Industrials | $0.66B | $20.41B |
| 36 | TRI | Thomson Reuters Corporation | Industrials | $0.63B | $41.35B |
| 37 | GPN | Global Payments Inc. | Industrials | $0.62B | $22.57B |
| 38 | PWR | Quanta Services, Inc. | Industrials | $0.61B | $96.61B |
| 39 | CPRT | Copart, Inc. | Industrials | $0.57B | $26.77B |
| 40 | SAIA | Saia, Inc. | Industrials | $0.57B | $9.26B |
| 41 | SEB | Seaboard Corporation | Industrials | $0.56B | $3.99B |
| 42 | ARMK | Aramark | Industrials | $0.49B | $14.89B |
| 43 | EFX | Equifax Inc. | Industrials | $0.48B | $18.64B |
| 44 | PH | Parker-Hannifin Corporation | Industrials | $0.46B | $120.84B |
| 45 | HWM | Howmet Aerospace Inc. | Industrials | $0.45B | $90.68B |
| 46 | JCI | Johnson Controls International plc | Industrials | $0.43B | $87.94B |
| 47 | EMR | Emerson Electric Co. | Industrials | $0.43B | $83.63B |
| 48 | CLH | Clean Harbors, Inc. | Industrials | $0.42B | $16.44B |
| 49 | LHX | L3Harris Technologies, Inc. | Industrials | $0.42B | $45.98B |
| 50 | ITW | Illinois Tool Works Inc. | Industrials | $0.42B | $76.19B |
| 51 | ODFL | Old Dominion Freight Line, Inc. | Industrials | $0.42B | $36.36B |
| 52 | CMC | Commercial Metals Company | Industrials | $0.40B | $7.08B |
| 53 | HII | Huntington Ingalls Industries, Inc. | Industrials | $0.40B | $10.88B |
| 54 | RJET | Republic Airways Holdings Inc. | Industrials | $0.40B | $0.85B |
| 55 | CTAS | Cintas Corporation | Industrials | $0.40B | $78.79B |
| 56 | MATX | Matson, Inc. | Industrials | $0.39B | $7.02B |
| 57 | CARR | Carrier Global Corporation | Industrials | $0.39B | $45.02B |
| 58 | TT | Trane Technologies plc | Industrials | $0.38B | $95.34B |
| 59 | TXT | Textron Inc. | Industrials | $0.38B | $13.66B |
| 60 | FDXF | FedEx Freight Holding Company, Inc. | Industrials | $0.38B | $17.58B |
| 61 | BLDR | Builders FirstSource, Inc. | Industrials | $0.36B | $6.30B |
| 62 | SNDR | Schneider National, Inc. | Industrials | $0.35B | $5.67B |
| 63 | AERO | Grupo Aeromexico, S.A.B. de C.V. | Industrials | $0.33B | $2.33B |
| 64 | XYL | Xylem Inc. | Industrials | $0.33B | $25.04B |
| 65 | GXO | GXO Logistics, Inc. | Industrials | $0.32B | $5.21B |
| 66 | ALGT | Allegiant Travel Company | Industrials | $0.31B | $2.20B |
| 67 | FERG | Ferguson Enterprises Inc. | Industrials | $0.30B | $41.81B |
| 68 | VLRS | Controladora Vuela Compañía de Aviación, S.A.B. de C.V. | Industrials | $0.29B | $0.79B |
| 69 | LPX | Louisiana-Pacific Corporation | Industrials | $0.29B | $4.55B |
| 70 | OTTR | Otter Tail Corporation | Industrials | $0.29B | $3.70B |
| 71 | SWK | Stanley Black & Decker, Inc. | Industrials | $0.28B | $13.39B |
| 72 | ATI | ATI Inc. | Industrials | $0.28B | $25.76B |
| 73 | GBX | The Greenbrier Companies, Inc. | Industrials | $0.28B | $1.30B |
| 74 | TFII | TFI International Inc. | Industrials | $0.27B | $10.31B |
| 75 | KEX | Kirby Corporation | Industrials | $0.26B | $7.16B |
| 76 | WAB | Westinghouse Air Brake Technologies Corporation | Industrials | $0.26B | $47.87B |
| 77 | MTZ | MasTec, Inc. | Industrials | $0.26B | $17.90B |
| 78 | RBA | RB Global, Inc. | Industrials | $0.26B | $15.50B |
| 79 | BV | BrightView Holdings, Inc. | Industrials | $0.25B | $0.99B |
| 80 | WERN | Werner Enterprises, Inc. | Industrials | $0.25B | $2.10B |
| 81 | WMS | Advanced Drainage Systems, Inc. | Industrials | $0.25B | $9.57B |
| 82 | AGCO | AGCO Corporation | Industrials | $0.25B | $8.40B |
| 83 | FAST | Fastenal Company | Industrials | $0.25B | $56.97B |
| 84 | CWST | Casella Waste Systems, Inc. | Industrials | $0.25B | $5.54B |
| 85 | VRSK | Verisk Analytics, Inc. | Industrials | $0.24B | $22.39B |
| 86 | CRS | Carpenter Technology Corporation | Industrials | $0.24B | $19.97B |
| 87 | DY | Dycom Industries, Inc. | Industrials | $0.24B | $8.79B |
| 88 | AL | Air Lease Corp | Industrials | $0.24B | $7.28B |
| 89 | ESLT | Elbit Systems Ltd. | Industrials | $0.23B | $35.18B |
| 90 | TREX | Trex Company, Inc. | Industrials | $0.22B | $4.37B |
| 91 | TDG | TransDigm Group Incorporated | Industrials | $0.22B | $61.34B |
| 92 | DOV | Dover Corporation | Industrials | $0.22B | $25.06B |
| 93 | VRT | Vertiv Holdings Co | Industrials | $0.22B | $96.58B |
| 94 | RTO | Rentokil Initial plc | Industrials | $0.21B | $10.75B |
| 95 | BCO | The Brink's Company | Industrials | $0.20B | $4.41B |
| 96 | SPCE | Virgin Galactic Holdings, Inc. | Industrials | $0.20B | $0.50B |
| 97 | GEO | The GEO Group, Inc. | Industrials | $0.20B | $3.98B |
| 98 | ULS | UL Solutions Inc. | Industrials | $0.20B | $13.39B |
| 99 | EMBJ | Embraer S.A. | Industrials | $0.19B | $13.71B |
| 100 | ROK | Rockwell Automation, Inc. | Industrials | $0.19B | $47.18B |
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.
- 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.