Illinois Tool Works Inc. (ITW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.8	$2.84	+1.4%	—	—	—
Q4 26	$2.56	$2.66	+3.9%	—	—	—
Q3 26	$2.69	$2.72	+1.1%	—	—	—
Q2 26	$2.72	$2.81	+3.3%	—	—	—
Q1 26	$2.56	$2.58	+0.8%	—	—	—
Q4 25	$2.35	$2.38	+1.3%	—	—	—
Q3 25	$2.5	$2.54	+1.6%	—	—	—
Q2 25	$2.53	$2.65	+4.7%	—	—	—
Q1 25	$2.47	$2.54	+2.8%	—	—	—
Q4 24	$2.36	$2.73	+15.7%	—	—	—
Q3 24	$2.41	$2.42	+0.4%	—	—	—
Q2 24	$2.45	$2.55	+4.1%	—	—	—
Q1 24	$2.41	$2.41	0.0%	—	—	—
Q4 23	$2.23	$2.33	+4.5%	—	—	—
Q3 23	$2.57	$2.95	+14.8%	—	—	—
Q2 23	$2.25	$2.35	+4.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.5	—	—	$16B	—
FY24	—	$11.8	—	—	$15.9B	—
FY23	—	$9.77	—	—	$16.1B	—
FY22	—	$9.8	—	—	$15.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.6B	$14.3B	$14.8B	$14.1B	$12.6B	$14.5B	$15.9B	$16.1B	$15.9B	$16B
YoY change	+1.45%	+5.26%	+3.17%	-4.46%	-10.9%	+15%	+10.2%	+1.1%	-1.3%	+0.92%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.6B	14.3B	14.8B	14.1B	12.6B	14.5B	15.9B	16.1B	15.9B	16B
Cost of revenue	7.9B	8.3B	8.6B	8.2B	7.4B	8.5B	9.4B	9.3B	8.9B	9B
Gross profit	5.7B	6B	6.2B	5.9B	5.2B	6B	6.5B	6.8B	7B	7.1B
Gross margin	41.8%	42%	41.7%	42%	41.3%	41.3%	40.8%	42.2%	44.3%	44.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.4B	2.4B	2.4B	2.4B	2.2B	2.4B	2.6B	2.6B	2.7B	2.8B
Operating expenses	2.4B	2.4B	2.4B	2.4B	2.2B	2.4B	2.6B	2.6B	2.7B	2.8B
Operating income	3.1B	3.4B	3.6B	3.4B	2.9B	3.5B	3.8B	4B	4.3B	4.2B
Operating margin	22.5%	23.7%	24.3%	24.1%	22.9%	24.1%	23.8%	25.1%	26.8%	26.3%
Non-operating income, net	51M	95M	32M	78M	11M	39M	233M	-2M	397M	2M
Pretax income	2.9B	3.3B	3.4B	3.3B	2.7B	3.3B	3.8B	3.8B	4.4B	4B
Income tax	873M	1.6B	831M	767M	595M	632M	808M	866M	934M	900M
Net income	2B	1.7B	2.6B	2.5B	2.1B	2.7B	3B	3B	3.5B	3.1B
Net margin	15%	11.8%	17.4%	17.9%	16.8%	18.6%	19%	18.4%	21.9%	19.1%
EBITDA	3.6B	3.9B	4.1B	3.9B	3.3B	3.9B	4.3B	4.5B	4.7B	4.7B
EPS	5.73	4.9	7.65	7.78	6.66	8.55	9.8	9.77	11.8	10.5
Diluted EPS	5.7	4.86	7.6	7.74	6.63	8.51	9.77	9.74	11.7	10.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4B	4B	4B	4B	4B	3.9B	3.8B	4.1B	4.1B	4.1B	4B	4.3B
Cost of revenue	2.3B	2.3B	2.1B	2.3B	2.2B	2.2B	2.2B	2.3B	2.3B	2.3B	2.3B	2.4B
Gross profit	1.7B	1.7B	1.8B	1.8B	1.7B	1.7B	1.7B	1.8B	1.8B	1.8B	1.8B	1.9B
Gross margin	42.5%	42%	46%	43.8%	43.8%	43.5%	43.7%	44%	44.5%	44.2%	43.8%	44.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	615M	658M	676M	686M	658M	655M	706M	693M	676M	704M	722M	735M
Operating expenses	615M	658M	676M	686M	658M	655M	706M	693M	676M	704M	722M	735M
Operating income	1.1B	988M	1.1B	1.1B	1.1B	1B	951M	1.1B	1.1B	1.1B	1B	1.1B
Operating margin	26.5%	24.8%	28.4%	26.2%	26.5%	26.2%	24.8%	26.4%	27.4%	26.5%	25.4%	26.7%
Non-operating income, net	10M	-42M	16M	26M	379M	-24M	12M	4M	12M	-26M	20M	12M
Pretax income	1B	927M	1.1B	1B	1.4B	983M	895M	998M	1B	1B	967M	1.1B
Income tax	241M	210M	253M	246M	202M	233M	195M	243M	228M	234M	199M	265M
Net income	772M	717M	819M	759M	1.2B	750M	700M	755M	821M	790M	768M	815M
Net margin	19.2%	18%	20.6%	18.8%	29.2%	19.1%	18.2%	18.6%	20.2%	19.3%	19.1%	18.9%
EBITDA	1.2B	1.1B	1.2B	1.2B	1.5B	1.2B	1.1B	1.2B	1.2B	1.2B	1.1B	1.3B
EPS	2.55	2.39	2.74	2.55	3.92	2.55	2.39	2.58	2.82	2.73	2.66	2.85
Diluted EPS	2.55	2.38	2.73	2.54	3.91	2.54	2.38	2.58	2.81	2.72	2.66	2.84

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	43.5B	57.4B	42.4B	58.2B	64.6B	77.8B	68.2B	79.3B	75.3B	71.8B	78B
Enterprise value	48.8B	62.6B	48.3B	64.1B	70.4B	84.1B	75.4B	86.6B	82.4B	80.2B	87B
Shares outstanding	355M	344.1M	335M	323.9M	316.9M	315.1M	309.6M	302.6M	296.8M	291.5M	291.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.4	34	16.6	23.1	30.6	28.9	22.5	26.8	21.6	23.4	24.9
P/S	3.2	4.01	2.87	4.12	5.14	5.38	4.28	4.92	4.73	4.47	4.74
P/B	10.2	12.5	13	19.2	20.3	21.4	22.1	26.3	22.7	22.3	27
EV/EBITDA	13.4	16	11.8	16.5	21.1	21.5	17.7	19.2	17.4	17.1	18.1
EV/Sales	3.59	4.38	3.27	4.55	5.6	5.82	4.74	5.37	5.18	5	5.28
Earnings yield	4.68%	2.94%	6.04%	4.33%	3.26%	3.46%	4.45%	3.73%	4.63%	4.27%	4.02%
FCF yield	4.67%	3.67%	5.77%	4.59%	3.98%	2.91%	2.84%	3.89%	3.78%	3.77%	3.12%
PEG	—	—	—	—	—	—	—	—	—	—	2.38

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.8%	42%	41.7%	42%	41.3%	41.3%	40.8%	42.2%	44.3%	44.1%	44.1%
Operating margin	22.5%	23.7%	24.3%	24.1%	22.9%	24.1%	23.8%	25.1%	26.8%	26.3%	26.9%
Net margin	15%	11.8%	17.4%	17.9%	16.8%	18.6%	19%	18.4%	21.9%	19.1%	19.4%
ROE	47.8%	36.8%	78.7%	83.2%	66.3%	74.3%	98.2%	98.1%	105.2%	95%	104.6%
ROA	13.4%	10.1%	17.2%	16.7%	13.5%	16.8%	19.7%	19.1%	23.1%	19%	16.9%
ROIC	22.2%	17.8%	29.6%	29%	25.2%	28.2%	29%	30.3%	32.2%	28.1%	28.8%
Return on tangible assets	64.4%	35.7%	74.6%	57.5%	45.2%	64.1%	73%	67.4%	82.9%	64.3%	61.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.22	2.38	1.63	2.9	2.52	1.84	1.41	1.33	1.36	1.21	1.11
Quick ratio	1.83	1.98	1.26	2.36	2.06	1.35	0.95	0.97	0.99	0.89	0.81
Debt / equity	1.84	1.81	2.27	2.62	2.61	2.17	2.57	2.78	2.44	2.86	3.35
Debt / assets	0.52	0.5	0.5	0.53	0.53	0.49	0.52	0.54	0.54	0.57	0.59
Net debt / EBITDA	1.48	1.34	1.43	1.53	1.72	1.62	1.7	1.62	1.51	1.78	1.84
Interest coverage	13.3	13.6	14.2	15.9	14.1	17.5	19.9	15.4	16.6	14.6	14.6
Effective tax rate	30%	48.4%	24.5%	23.3%	22%	19%	21%	22.7%	21.1%	22.7%	22.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	38.3	41.6	44.1	43.6	39.7	45.9	51.5	53.2	53.6	55	57
EPS (basic)	5.73	4.9	7.65	7.78	6.66	8.55	9.8	9.77	11.8	10.5	10.5
EPS (diluted)	5.7	4.86	7.6	7.74	6.63	8.51	9.77	9.74	11.7	10.5	11
Book value per share	12	13.3	9.73	9.35	10	11.5	9.98	9.96	11.2	11.1	10.2
FCF per share	5.72	6.12	7.3	8.24	8.11	7.18	6.25	10.2	9.58	9.29	10.2
Cash per share	6.96	8.99	4.49	6.12	8.09	4.85	2.29	3.52	3.19	2.92	2.95
Capex per share	0.72	0.82	1.01	0.93	0.71	0.91	1.28	1.44	1.43	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.89%	1.98%	2.29%	2.13%	1.8%	1.99%	2.49%	2.7%	2.67%	—	—
Capex / operating cash flow	11%	11%	11.8%	9.58%	8.22%	11.9%	16.2%	11.9%	11.3%	—	—
Payout ratio	40.3%	55.8%	43.9%	52.4%	65.4%	54.3%	50.8%	54.6%	48.6%	58.2%	58.3%
Dividend yield	1.89%	1.64%	2.65%	2.27%	2.13%	1.88%	2.26%	2.04%	2.25%	2.49%	2.35%

Yield

2.35%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.61

ex-dividend Jun 30, 2026

Payout ratio

58%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$1.61
Mar 31, 2026	$1.61
Dec 31, 2025	$1.61

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4B	$4B	$4B	$4B	$4B	$3.9B	$3.8B	$4.1B	$4.1B	$4.1B	$4B	$4.3B
YoY change	+0.5%	+0.3%	-1.14%	-1.15%	-1.61%	-1.28%	-3.37%	+0.65%	+2.34%	+4.09%	+4.61%	+6.12%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.5B	3.1B	1.5B	2B	2.6B	1.5B	708M	1.1B	948M	851M
Receivables	2.4B	2.6B	2.6B	2.5B	2.5B	2.8B	3.2B	3.1B	3B	3.2B
Inventory	1.1B	1.2B	1.3B	1.2B	1.2B	1.7B	2.1B	1.7B	1.6B	1.7B
Total current assets	6.1B	7.3B	5.8B	6.3B	6.5B	6.4B	6.3B	6.2B	5.9B	6.2B
Property, plant & equipment	355M	408M	588M	578M	561M	569M	646M	734M	740M	819M
Goodwill & intangibles	12B	12B	11.4B	10.7B	10.9B	11.9B	11.3B	11.1B	10.9B	11.4B
Total assets	15.2B	16.8B	14.9B	15.1B	15.6B	16.1B	15.4B	15.5B	15.1B	16.1B
Accounts payable	511M	590M	524M	472M	534M	585M	594M	581M	519M	522M
Short-term debt	652M	850M	1.4B	55M	405M	839M	1.6B	1.9B	1.6B	2.3B
Total current liabilities	2.8B	3.1B	3.5B	2.2B	2.6B	3.5B	4.5B	4.7B	4.3B	5.1B
Long-term debt	7.2B	7.5B	6B	7.9B	7.9B	7B	6.3B	6.5B	6.5B	6.9B
Total liabilities	10.9B	12.2B	11.6B	12B	12.4B	12.5B	12.3B	12.5B	11.8B	12.9B
Shareholders' equity	4.3B	4.6B	3.3B	3B	3.2B	3.6B	3.1B	3B	3.3B	3.2B
Total debt	7.8B	8.3B	7.4B	7.9B	8.3B	7.9B	7.9B	8.4B	8.1B	9.2B
Net debt	5.4B	5.2B	5.9B	6B	5.7B	6.4B	7.2B	7.3B	7.1B	8.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	990M	1.1B	959M	862M	947M	948M	873M	788M	924M	851M	827M	839M
Receivables	3.2B	3.1B	3.2B	3.3B	3.2B	3B	3.2B	3.3B	3.3B	3.2B	3.4B	3.6B
Inventory	1.8B	1.7B	1.8B	1.8B	1.8B	1.6B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B
Total current assets	6.3B	6.2B	6.4B	6.3B	6.3B	5.9B	6B	6.2B	6.3B	6.2B	6.3B	6.6B
Property, plant & equipment	—	734M	—	—	—	740M	—	—	—	819M	—	—
Goodwill & intangibles	11B	11.1B	11.1B	11.1B	11.2B	10.9B	10.9B	11.2B	11.1B	11.4B	11.3B	11.3B
Total assets	15.4B	15.5B	15.7B	15.6B	15.8B	15.1B	15.5B	16B	16.1B	16.1B	16.3B	16.5B
Accounts payable	580M	581M	597M	576M	556M	519M	594M	613M	608M	522M	609M	636M
Short-term debt	1.2B	1.9B	2.1B	2B	1.8B	1.6B	981M	1.2B	1.3B	2.3B	2.5B	3.1B
Total current liabilities	4B	4.7B	4.8B	4.8B	4.6B	4.3B	3.8B	3.9B	4.1B	5.1B	5.3B	6B
Long-term debt	6.8B	6.5B	6.3B	6.4B	6.6B	6.5B	7.3B	7.7B	7.7B	6.9B	6.6B	6.5B
Total liabilities	12.4B	12.5B	12.6B	12.6B	12.4B	11.8B	12.2B	12.8B	12.9B	12.9B	13B	13.6B
Shareholders' equity	3B	3B	3B	3B	3.4B	3.3B	3.2B	3.2B	3.2B	3.2B	3.2B	2.9B
Total debt	8.1B	8.4B	8.3B	8.5B	8.3B	8.1B	8.3B	8.9B	8.9B	9.2B	9.1B	9.7B
Net debt	7.1B	7.3B	7.4B	7.6B	7.4B	7.1B	7.4B	8.1B	8B	8.4B	8.3B	8.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2B	1.7B	2.6B	2.5B	2.1B	2.7B	3B	3B	3.5B	3.1B
Depreciation & amortization	470M	462M	461M	426M	427M	410M	410M	395M	402M	397M
Stock-based compensation	39M	36M	40M	41M	42M	53M	63M	69M	61M	69M
Change in working capital	61M	321M	-255M	115M	191M	-604M	-916M	338M	97M	-222M
Operating cash flow	2.3B	2.6B	2.9B	3.1B	2.7B	2.4B	2.4B	3.7B	3.8B	3.1B
Capital expenditure	-257M	-283M	-338M	-301M	-226M	-288M	-397M	-435M	-425M	—
Investing cash flow	-699M	-251M	-325M	-183M	-214M	-984M	-110M	-403M	-144M	-113M
Dividends paid	-821M	-941M	-1.1B	-1.3B	-1.4B	-1.5B	-1.5B	-1.6B	-1.7B	-1.8B
Share repurchases	-2B	-1B	-2B	-1.5B	-706M	-1B	-1.8B	-1.5B	-1.5B	-1.5B
Financing cash flow	-2.3B	-1.7B	-4B	-2.3B	-2B	-2.6B	-3B	-2.8B	-3.2B	-2.7B
Net change in cash	-608M	655M	-1.4B	632M	485M	-1.1B	-666M	480M	427M	269M
Free cash flow	2B	2.1B	2.4B	2.7B	2.6B	2.3B	1.9B	3.1B	2.8B	2.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	772M	717M	819M	759M	1.2B	750M	700M	755M	821M	790M	768M	815M
Depreciation & amortization	97M	99M	97M	99M	104M	102M	95M	99M	100M	103M	99M	98M
Stock-based compensation	17M	17M	15M	19M	14M	13M	16M	19M	17M	17M	18M	22M
Change in working capital	90M	285M	-72M	-285M	163M	291M	-21M	-332M	74M	57M	-155M	-295M
Operating cash flow	986M	1B	793M	589M	1.2B	1.1B	778M	527M	1B	963M	623M	723M
Capital expenditure	-120M	-122M	-93M	-113M	-103M	-116M	-93M	-97M	—	—	—	—
Investing cash flow	-103M	-120M	-152M	-169M	294M	-117M	-92M	-92M	1M	-120M	-6M	5M
Dividends paid	-396M	-421M	-419M	-418M	-415M	-443M	-441M	-439M	-438M	-467M	-465M	-463M
Share repurchases	-375M	-375M	-375M	-375M	-375M	-375M	-375M	-375M	-375M	-375M	-375M	-750M
Financing cash flow	-788M	-877M	-524M	-2.2B	-1.1B	-943M	-588M	-563M	-775M	-818M	-547M	-632M
Net change in cash	95M	28M	117M	-1.8B	404M	87M	98M	-128M	247M	25M	70M	96M
Free cash flow	856M	908M	494M	571M	783M	996M	496M	449M	904M	858M	528M	631M

Date	Ratio
May 26, 2006	2:1
May 28, 1997	2:1
Jun 21, 1993	2:1
May 27, 1987	2:1
May 23, 1984	2:1

Illinois Tool Works Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history