Illinois Tool Works (ITW)

NYSE Industrials Industrial Machinery & Supplies & Components S&P 500

$280.95

-4.46 (-1.56%)

Close of Nov 06, 2026 · end-of-day data

Source: Illinois Tool Works's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$13.60B	$14.31B	$14.77B	$14.11B	$12.57B	$14.46B	$15.93B	$16.11B	$15.90B	$16.04B
Cost of revenue	$7.91B	$8.31B	$8.60B	$8.19B	$7.38B	$8.49B	$8.14B	$7.94B	$7.60B	$7.56B
Gross profit	$5.69B	$6.01B	$6.16B	$5.92B	$5.20B	$5.97B	$7.80B	$8.16B	$8.29B	$8.49B
Research & development	$223.00M	$225.00M	$233.00M	$221.00M	$214.00M	$239.00M	$269.00M	$284.00M	$292.00M	$302.00M
Operating income	$3.06B	$3.48B	$3.58B	$3.40B	$2.88B	$3.48B	$3.79B	$4.04B	$4.26B	$4.22B
Interest expense	$237.00M	$260.00M	$257.00M	$221.00M	$206.00M	$202.00M	$203.00M	$266.00M	$283.00M	$292.00M
Pre-tax income	$2.91B	$3.27B	$3.39B	$3.29B	$2.70B	$3.33B	$3.84B	$3.82B	—	—
Income tax	$873.00M	$1.58B	$831.00M	$767.00M	$595.00M	$632.00M	$808.00M	$866.00M	$934.00M	$900.00M
Net income	$2.04B	$1.69B	$2.56B	$2.52B	$2.11B	$2.69B	$3.03B	$2.96B	$3.49B	$3.07B
EBITDA	$3.30B	$3.74B	$3.86B	$3.67B	$3.15B	$3.75B	$4.07B	$4.32B	$4.57B	$4.53B
EPS (basic)	$5.73	$4.90	$7.65	$7.78	$6.66	$8.55	$9.80	$9.77	$11.75	$10.52
EPS (diluted)	$5.70	$4.86	$7.60	$7.74	$6.63	$8.51	$9.77	$9.74	$11.71	$10.49
Diluted shares	357.10M	346.80M	337.10M	325.60M	318.30M	316.40M	310.70M	303.60M	297.80M	292.30M
Gross margin	41.8%	42.0%	41.7%	42.0%	41.3%	41.3%	48.9%	50.7%	52.2%	52.9%
Operating margin	22.5%	24.3%	24.3%	24.1%	22.9%	24.1%	23.8%	25.1%	26.8%	26.3%
Net margin	15.0%	11.8%	17.4%	17.9%	16.8%	18.6%	19.0%	18.4%	21.9%	19.1%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$2.47B	$3.09B	$1.50B	$1.98B	$2.56B	$1.53B	$708.00M	$1.06B	$948.00M	$851.00M
Receivables	$2.36B	$2.63B	$2.62B	$2.46B	$2.51B	$2.84B	$3.17B	$3.12B	$2.99B	$3.23B
Inventory	$1.08B	$1.22B	$1.32B	$1.16B	$1.19B	$1.69B	$2.05B	$1.71B	$1.60B	$1.66B
Total current assets	$6.12B	$7.28B	$5.78B	$6.25B	$6.52B	$6.37B	$6.27B	$6.24B	$5.86B	$6.20B
Goodwill	$4.56B	$4.75B	$4.63B	$4.49B	$4.69B	$4.96B	$4.86B	$4.91B	$4.84B	$5.10B
Total assets	$15.20B	$16.78B	$14.87B	$15.07B	$15.61B	$16.08B	$15.42B	$15.52B	$15.07B	$16.15B
Total current liabilities	$2.76B	$3.05B	$3.54B	$2.15B	$2.59B	$3.47B	$4.46B	$4.67B	$4.31B	$5.13B
Short-term debt	$652.00M	$850.00M	$1.35B	$4.00M	$350.00M	$778.00M	$1.59B	$1.82B	$1.55B	$2.29B
Long-term debt	$7.18B	$7.48B	$6.03B	$7.75B	$7.77B	$6.91B	$6.17B	$6.34B	$6.31B	$6.68B
Total debt	$7.83B	$8.33B	$7.38B	$7.76B	$8.12B	$7.69B	$7.76B	$8.16B	$7.86B	$8.97B
Total liabilities	$10.94B	$12.19B	$11.61B	$12.04B	$12.43B	$12.45B	$12.33B	$12.51B	$11.75B	$12.92B
Shareholders' equity	$4.26B	$4.59B	$3.26B	$3.03B	$3.18B	$3.63B	$3.09B	$3.01B	$3.32B	$3.23B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$2.30B	$2.40B	$2.81B	$3.00B	$2.81B	$2.56B	$2.35B	$3.54B	$3.28B	$3.13B
Capital expenditures	$273.00M	$297.00M	$364.00M	$326.00M	$236.00M	$296.00M	$412.00M	$455.00M	$437.00M	$419.00M
Free cash flow	$2.03B	$2.10B	$2.45B	$2.67B	$2.57B	$2.26B	$1.94B	$3.08B	$2.84B	$2.71B
Investing cash flow	-$532.00M	-$251.00M	-$325.00M	-$183.00M	-$214.00M	-$984.00M	-$110.00M	-$403.00M	-$144.00M	-$521.00M
Financing cash flow	-$2.25B	-$1.67B	-$3.96B	-$2.33B	-$2.05B	-$2.56B	-$3.00B	-$2.78B	-$3.19B	-$2.74B
Dividends paid	$821.00M	$941.00M	$1.12B	$1.32B	$1.38B	$1.46B	$1.54B	$1.61B	$1.70B	$1.78B
Share buybacks	$2.00B	$1.00B	$2.00B	$1.50B	$706.00M	$1.00B	$1.75B	$1.50B	$1.50B	$1.50B
Stock-based compensation	$39.00M	$36.00M	$40.00M	$41.00M	$42.00M	$53.00M	$63.00M	$69.00M	$61.00M	$69.00M
Depreciation & amortization	$246.00M	$256.00M	$272.00M	$267.00M	$273.00M	$277.00M	$276.00M	$282.00M	$301.00M	$317.00M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$3.98B	$3.97B	$4.03B	$3.97B	$3.93B	$3.84B	$4.05B	$4.06B	$4.09B	$4.02B	$4.30B	$4.24B
Cost of revenue	$2.31B	$1.92B	$1.92B	$1.88B	$1.88B	$1.82B	$1.91B	$1.90B	$1.92B	$1.89B	$2.03B	$1.96B
Gross profit	$1.67B	$2.06B	$2.11B	$2.08B	$2.05B	$2.02B	$2.14B	$2.16B	$2.17B	$2.13B	$2.27B	$2.27B
Operating income	$988.00M	$1.13B	$1.05B	$1.05B	$1.03B	$951.00M	$1.07B	$1.11B	$1.08B	$1.02B	$1.15B	$1.18B
Interest expense	$70.00M	$71.00M	$75.00M	$69.00M	$68.00M	$68.00M	$74.00M	$75.00M	$75.00M	$73.00M	$79.00M	$83.00M
Income tax	$210.00M	$253.00M	$246.00M	$202.00M	$233.00M	$195.00M	$243.00M	$228.00M	$234.00M	$199.00M	$265.00M	$276.00M
Net income	$717.00M	$819.00M	$759.00M	$1.16B	$750.00M	$700.00M	$755.00M	$821.00M	$790.00M	$768.00M	$815.00M	$855.00M
EBITDA	$1.06B	$1.20B	$1.13B	$1.13B	$1.11B	$1.02B	$1.15B	$1.19B	$1.17B	$1.10B	$1.23B	$1.26B
EPS (basic)	$2.39	$2.74	$2.55	$3.92	$2.55	$2.39	$2.58	$2.82	$2.73	$2.66	$2.85	$3.00
EPS (diluted)	$2.38	$2.73	$2.54	$3.91	$2.54	$2.38	$2.58	$2.81	$2.72	$2.66	$2.84	$3.00
Diluted shares	-900.00K	300.00M	298.50M	297.00M	-700.00K	294.50M	292.90M	291.70M	-700.00K	289.10M	287.00M	285.30M
Gross margin	42.0%	51.7%	52.3%	52.5%	52.1%	52.6%	52.8%	53.2%	53.0%	53.0%	52.7%	53.6%
Operating margin	24.8%	28.4%	26.2%	26.5%	26.2%	24.8%	26.4%	27.4%	26.5%	25.4%	26.7%	27.8%
Net margin	18.0%	20.6%	18.8%	29.2%	19.1%	18.2%	18.6%	20.2%	19.3%	19.1%	18.9%	20.2%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$1.06B	$959.00M	$862.00M	$947.00M	$948.00M	$873.00M	$788.00M	$924.00M	$851.00M	$827.00M	$839.00M	$809.00M
Receivables	$3.12B	$3.24B	$3.25B	$3.23B	$2.99B	$3.15B	$3.32B	$3.25B	$3.23B	$3.38B	$3.56B	$3.52B
Inventory	$1.71B	$1.82B	$1.82B	$1.82B	$1.60B	$1.66B	$1.71B	$1.73B	$1.66B	$1.73B	$1.76B	$1.82B
Total current assets	$6.24B	$6.37B	$6.26B	$6.30B	$5.86B	$6.04B	$6.23B	$6.32B	$6.20B	$6.33B	$6.60B	$6.60B
Goodwill	$4.91B	$4.90B	$4.91B	$4.98B	$4.84B	$4.90B	$5.04B	$5.03B	$5.10B	$5.08B	$5.07B	$5.07B
Total assets	$15.52B	$15.07B	$15.58B	$15.82B	$15.07B	$15.47B	$16.05B	$16.14B	$16.15B	$16.26B	$16.49B	$16.50B
Total current liabilities	$4.67B	$4.84B	$4.80B	$4.63B	$4.31B	$3.78B	$3.93B	$4.13B	$5.13B	$5.33B	$5.95B	$5.10B
Short-term debt	$1.82B	$2.07B	$2.04B	$1.77B	$1.55B	$981.00M	$1.24B	$1.27B	$2.29B	$2.54B	$3.15B	$2.22B
Long-term debt	$6.34B	$6.26B	$6.43B	$6.58B	$6.31B	$7.28B	$7.70B	$7.67B	$6.68B	$6.60B	$6.55B	$7.15B
Total debt	$8.16B	$8.32B	$8.47B	$8.35B	$7.86B	$8.26B	$8.94B	$8.94B	$8.97B	$9.15B	$9.69B	$9.37B
Total liabilities	$12.51B	$12.63B	$12.62B	$12.43B	$11.75B	$12.23B	$12.84B	$12.93B	$12.92B	$13.03B	$13.60B	$13.36B
Shareholders' equity	$3.01B	$3.02B	$2.96B	$3.39B	$3.32B	$3.24B	$3.21B	$3.21B	$3.23B	$3.23B	$2.90B	$3.14B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$1.04B	$589.00M	$687.00M	$891.00M	$1.11B	$592.00M	$550.00M	$1.02B	$963.00M	$623.00M	$723.00M	$953.00M
Capital expenditures	$131.00M	$95.00M	$116.00M	$108.00M	$118.00M	$96.00M	$101.00M	$117.00M	$105.00M	$95.00M	$92.00M	$102.00M
Free cash flow	$908.00M	$494.00M	$571.00M	$783.00M	$996.00M	$496.00M	$449.00M	$904.00M	$858.00M	$528.00M	$631.00M	$851.00M
Investing cash flow	-$120.00M	-$152.00M	-$169.00M	$294.00M	-$117.00M	-$92.00M	-$92.00M	-$116.00M	-$221.00M	-$99.00M	-$85.00M	-$74.00M
Financing cash flow	-$877.00M	-$524.00M	-$601.00M	-$1.12B	-$943.00M	-$588.00M	-$563.00M	-$775.00M	-$818.00M	-$547.00M	-$632.00M	-$916.00M
Dividends paid	$421.00M	$419.00M	$418.00M	$415.00M	$443.00M	$441.00M	$439.00M	$438.00M	$467.00M	$465.00M	$463.00M	$458.00M
Share buybacks	$375.00M	$375.00M	$375.00M	$375.00M	$375.00M	$375.00M	$375.00M	$375.00M	$375.00M	$375.00M	$750.00M	$187.00M
Stock-based compensation	$17.00M	$15.00M	$19.00M	$14.00M	$13.00M	$16.00M	$19.00M	$17.00M	$17.00M	$18.00M	$22.00M	$20.00M
Depreciation & amortization	$74.00M	$72.00M	$74.00M	$78.00M	$77.00M	$74.00M	$78.00M	$82.00M	$83.00M	$81.00M	$82.00M	$84.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.