greeksoup/ stock research
Stock research / United States / ITW · General Industrial Machinery & Equipment · NYSE

Illinois Tool Works Inc. (ITW)

Illinois Tool Works manufactures a diversified range of industrial products and equipment through 88 divisions in 49 countries. It was founded in 1912 and incorporated in 1915, and employed approximately 43,000 people at 31 December 2025. Operations are organised by product offering and end market and reported as seven segments.

Illinois Tool Works Inc.

Illinois Tool Works manufactures a diversified range of industrial products and equipment through 88 divisions in 49 countries. It was founded in 1912 and incorporated in 1915, and employed approximately 43,000 people at 31 December 2025. Operations are organised by product offering and end market and reported as seven segments.

What the seven segments make

Automotive OEM supplies plastic and metal components, fasteners and assemblies to vehicle manufacturers and their tiers. Food Equipment makes warewashing, cooking, refrigeration and food processing equipment, kitchen exhaust, ventilation and pollution control systems, and the service, maintenance and repair around them, for food service, food retail and institutional customers. Test & Measurement and Electronics makes equipment, consumables and software for testing materials, structures, gases and fluids, electronic assembly equipment, electronic components and packaging, static control for clean rooms, and pressure sensitive adhesives. Welding makes arc welding equipment, consumables and accessories for fabrication, shipbuilding, construction, energy and general industry. Polymers & Fluids makes adhesives, sealants, lubrication and cutting fluids, epoxy and resin coatings, hand wipes and cleaners, and fluids, fillers and putties for vehicle aftermarket maintenance and body repair. Construction Products makes fasteners and fastening tools for wood, metal and concrete, metal plate truss components with their equipment and software, and packaged hardware for retail. Specialty Products makes conveyor systems and line automation for food and beverage, plastic consumables that multi-pack cans and bottles, decorative foil and film, product coding and marking equipment and consumables, plastic and metal closures for appliances, airport ground support equipment and components for medical devices.

The business model

The filing describes three elements. The first is 80/20 Front-to-Back, an operating system introduced as a manufacturing efficiency tool in the 1980s and since widened into a business management process: the company concentrates on its largest opportunities, the 80, and strips out cost and complexity attached to the less profitable 20. The second is what the company calls customer-back innovation, working from the insight the 80/20 process produces to solve problems for those largest customers, which the company connects to a portfolio of approximately 21,800 granted and pending patents. The third is a decentralised, entrepreneurial culture, in which divisions have latitude to adapt their approach inside the model's framework.

The strategy since 2012

In late 2012 the company began a strategic framework built around that model, with four initiatives. Portfolio management meant exiting businesses in commoditised markets and exiting commoditised product lines and customers inside divisions that were otherwise kept. Business structure simplification scaled the operating structure up into the present 88 divisions, with more engineering, marketing and sales resource behind each. Strategic sourcing was built as a core capability and the filing states it has delivered an average of one percent reduction in spend each year since 2013. The last step was reapplying 80/20 to the scaled-up divisions to prepare them for organic growth. The company notes that these initiatives can also lead to restructuring that reduces costs.

The next phase

The company frames 2024 to 2030 as a next phase in which the focus is to build organic growth into a core strength alongside its financial performance, arguing that a decentralised culture lets it read, react and adapt quickly as volatility and the pace of change increase. Separately, on 5 August 2024 it agreed to sell its noncontrolling equity interest in Wilsonart International Holdings LLC to affiliates of Clayton, Dubilier & Rice for $398 million, a transaction that closed immediately on signing.

From Illinois Tool Works' annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Illinois Tool Works became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 28 October 2026
Revenue
$4.2 billion
+4.4% on the year · -1.5% on the quarter
Q4 FY2024Q3 FY2026
Net income
$855 million
+4.1% on the year · +4.9% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$3.00
+6.8% on the year · +5.6% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 13 February 2026
Revenue
$16.0 billion
+0.9% on the year
FY2018FY2025
Net income
$3.1 billion
-12.1% on the year
FY2018FY2025
Diluted EPS
$10.49
-10.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsIllinois Tool Works (ITW) reported revenue of $16.0 billion for fiscal 2025, the year ended 31 December 2025, up 0.9% on the year before. Net income was $3.1 billion and diluted earnings per share $10.49. Revenue was $15.9 billion in fiscal 2024, $16.1 billion in fiscal 2023, $15.9 billion in fiscal 2022 and $14.5 billion in fiscal 2021. Net income in the same years was $3.5 billion, $3.0 billion, $3.0 billion and $2.7 billion. Over the twelve months to 30 September 2026, Illinois Tool Works reported revenue of $16.6 billion and net income of $3.2 billion. Revenue grew 5.0% a year, compounded, over the five years to fiscal 2025. Illinois Tool Works declared $6.55 a share in dividends over the last four quarters and had 284 million shares outstanding at the latest filed count. At 30 September 2026 it carried $9.4 billion of debt and $809 million of cash. At the close of 6 November 2026 the market cap of Illinois Tool Works was $79.9 billion, 25.0 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE102.7%
ROCE35.4%
Operating margin26.6%
Net margin19.4%
FCF margin17.2%
Interest cover14.3x
Debt to equity2.98x
Cash conversion1.01x
Share count, last 12 months-2.0%
Sales CAGR, 3 years0.2%
Profit CAGR, 3 years0.4%
EPS, TTM$11.22

At the close of 6 November 2026

Price$280.99
Market cap$79.9 billion
Stock P/E25.0x
Price to book25.4x
EV / EBITDAn/a
Dividend yield2.3%
Market cap / sales4.8x
52-week high$299.60
52-week low$241.07
Price, 1 year15.0%
Price CAGR, 3 years6.9%
Price CAGR, 5 years3.7%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt Illinois Tool Works Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
ITWgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue3,6793,9394,0114,0113,9714,0194,0744,0313,9833,9734,0273,9663,9323,8394,0534,0594,0934,0164,3014,236
Cost of revenue2,1912,3572,3922,3712,3092,3412,3442,3192,3121,9171,9191,8841,8841,8211,9141,8981,9231,8872,0331,964
Gross profit1,4881,5821,6191,6401,6621,6781,7301,7121,6712,0562,1082,0822,0482,0182,1392,1612,1702,1292,2682,272
Gross margin40%40%40%41%42%42%42%42%42%52%52%52%52%53%53%53%53%53%53%54%
Operating income8348959269839869721,0101,0709881,1271,0541,0521,0319511,0681,1121,0851,0201,1471,177
Operating margin23%23%23%25%25%24%25%27%25%28%26%27%26%25%26%27%27%25%27%28%
Interest expense49.048.047.052.056.060.069.067.070.071.075.069.068.068.074.075.075.073.079.083.0
Pre-tax income7928619039571,121n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Tax rate23%23%18%24%19%n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Net income6096627387279077147547727178197591,160750700755821790768815855
Net margin17%17%18%18%23%18%19%19%18%21%19%29%19%18%19%20%19%19%19%20%
Diluted EPS$1.93$2.11$2.37$2.35$2.95$2.33$2.48$2.55$2.38$2.73$2.54$3.91$2.54$2.38$2.58$2.81$2.72$2.66$2.84$3.00
Operating cash flow7743235017138117287909821,0395896878911,1145925501,021963623723953
Capital expenditure79.074.081.010115611385.012613195.011610811896.010111710595.092.0102
Free cash flow695249420612655615705856908494571783996496449904858528631851
Buybacks250375375500500375375375375375375375375375375375375375750187
Dividends paid383382380377403400398396421419418415443441439438467465463458
Shares outstanding313m311m310m307m305m304m302m301m299m298m297m295m294m293m292m290m289m288m285m284m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue16,11017,10013,57315,41614,51514,79114,13514,48413,40513,59914,31414,76814,10912,57414,45515,93216,10715,89816,04416,646
Cost of revenue10,43111,1878,9539,9979,0899,1348,5548,6737,8887,8968,3098,6048,1877,3758,4898,1367,9447,6047,5567,807
Gross profit5,6795,9134,6205,4195,4265,6575,5815,8115,5175,7036,0056,1645,9225,1995,9667,7968,1638,2948,4888,839
Gross margin35.3%34.6%34.0%35.2%37.4%38.2%39.5%40.1%41.2%41.9%42.0%41.7%42.0%41.3%41.3%48.9%50.7%52.2%52.9%53.1%
Research and developmentn/a213192213221240240227218223225233221214239269284292302n/a
Operating income2,6282,5011,3832,2542,3612,4752,5142,8882,8673,0563,4853,5843,4022,8823,4773,7904,0404,2644,2164,429
Operating margin16.3%14.6%10.2%14.6%16.3%16.7%17.8%19.9%21.4%22.5%24.3%24.3%24.1%22.9%24.1%23.8%25.1%26.8%26.3%26.6%
Interest expense102154165175191213239250226237260257221206202203266283292310
Pre-tax income2,5842,3521,2142,0892,2233,2062,3472,6992,7192,9083,2703,3943,2882,7043,3263,8423,823n/an/an/a
Income tax7566602456374489737178098208731,583831767595632808866934900974
Effective tax rate29.3%28.1%20.2%30.5%20.2%30.3%30.5%30.0%30.2%30.0%48.4%24.5%23.3%22.0%19.0%21.0%22.7%n/an/an/a
Net income1,8701,5199731,5032,0712,8701,6792,9461,8992,0351,6872,5632,5212,1092,6943,0342,9573,4883,0663,228
Net margin11.6%8.9%7.2%9.7%14.3%19.4%11.9%20.3%14.2%15.0%11.8%17.4%17.9%16.8%18.6%19.0%18.4%21.9%19.1%19.4%
Diluted EPS$3.36$2.91$1.94$2.99$4.19$6.06$3.74$7.28$5.13$5.70$4.86$7.60$7.74$6.63$8.51$9.77$9.74$11.71$10.49$11.22
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Automotive OEMn/an/a2,0922,1712,3962,5902,5292,8643,2713,3383,0632,5712,8002,9693,2353,1883,28820.5%
Test & Measurement and Electronicsn/an/a2,0112,2992,1762,2041,9691,9742,0692,1712,1211,9632,3462,8282,8322,8182,82517.6%
Food Equipment1,8631,8571,9851,9392,0472,1772,0962,1102,1232,2142,1881,7392,0782,4442,6222,6472,69916.8%
Weldingn/an/a1,7241,8471,8371,8501,6501,4861,5381,6911,6381,3841,6501,8941,9021,8511,89011.8%
Construction Products1,5471,7531,7521,7241,7171,7071,5871,6091,6721,7001,6251,6521,9452,1132,0331,9091,82011.3%
Specialty Productsn/an/a1,8561,8712,0072,0551,8851,8851,9381,9511,8251,6601,8541,7991,6971,7431,77511.1%
Polymers and Fluids9801,1062,0592,0631,9931,9271,7121,6911,7241,7241,6691,6221,8041,9051,8041,7641,76511.0%
All Other2,2392,598n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Decorative Surfaces9729881,084n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Industrial Packaging1,9412,272n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Power Systems and Electronics2,0042,409n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Transportation2,0922,522n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Intersegment Revenues-65.7-90.5n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Not assigned to a part in the filingn/an/an/a877n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Automotive OEM FY2011 to FY2025Test & Measurement and Electronics FY2011 to FY2025Food EquipmentWelding FY2011 to FY2025Construction ProductsSpecialty Products FY2011 to FY2025Polymers and FluidsDecorative Surfaces FY2009 to FY2011All Other FY2009 to FY2010Transportation FY2009 to FY2010Power Systems and Electronics FY2009 to FY2010Industrial Packaging FY2009 to FY2010
15.5FY201014.2FY201313.6FY201614.1FY201916.0FY202216.1FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Intersegment Revenues and Not assigned to a part in the filing are the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2009 to FY2025

The operating profit each segment reports. Costs Illinois Tool Works does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Automotive OEMn/an/a38642149060061369074775165945754549956162569321.1%
Test & Measurement and Electronicsn/an/a30034232134032237246452354250764368468670369424.6%
Food Equipment25625531133238545349853755657257834246961871371975327.9%
Weldingn/an/a44047046447941537041547445337649058360559762132.9%
Construction Products10519221820123828931636139941438342153054857855955030.2%
Specialty Productsn/an/a38336540844043948252752247243250448144952855331.2%
Polymers and Fluids15016732832733535733534335736938140245747948248449327.9%
All Other310395n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Decorative Surfaces113117154n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Industrial Packaging95.1208n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Power Systems and Electronics199493n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Transportation155427n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Automotive OEM FY2011 to FY2025All Other FY2009 to FY2010Test & Measurement and Electronics FY2011 to FY2025Transportation FY2009 to FY2010Food EquipmentWelding FY2011 to FY2025Power Systems and Electronics FY2009 to FY2010Construction ProductsSpecialty Products FY2011 to FY2025Industrial Packaging FY2009 to FY2010Polymers and FluidsDecorative Surfaces FY2009 to FY2011
2,254FY20102,641FY20133,155FY20163,468FY20193,892FY20224,357FY2025

$ million; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Automotive OEM20%16%
Test & Measurement and Electronics18%16%
Food Equipment17%17%
Welding12%14%
Construction Products11%13%
Specialty Products11%13%
Polymers and Fluids11%11%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by region FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
United States5,7086,4625,9886,3396,0306,1916,1676,1766,2436,5626,5075,8346,5787,6097,5767,3747,39546.1%
EMEAn/an/an/an/an/a4,3193,7253,7874,1024,2413,9203,4473,8703,9134,1474,1014,16225.9%
Asia Pacificn/an/an/an/an/a2,4272,1972,3612,5772,5732,4002,2912,8022,9912,9352,9613,07919.2%
Canada And Mexicon/an/an/an/an/an/an/an/a9961,0509727789401,0951,1461,1561,0856.8%
South American/an/an/an/an/a5543883523963423102242653243033063232.0%
Asia1,2411,6981,6951,7831,673n/an/an/an/an/an/an/an/an/an/an/an/an/a
Australia and New Zealand700781719709694n/an/an/an/an/an/an/an/an/an/an/an/an/a
Europe4,5084,8064,3914,1103,902993928923n/an/an/an/an/an/an/an/an/an/a
Other Geographic Region594651755836863n/an/an/an/an/an/an/an/an/an/an/an/an/a
Other North America8211,0189671,014973n/an/an/an/an/an/an/an/an/an/an/an/an/a
United StatesEMEA FY2014 to FY2025Asia Pacific FY2014 to FY2025Canada And Mexico FY2017 to FY2025South America FY2014 to FY2025Europe FY2009 to FY2016Asia FY2009 to FY2013Other North America FY2009 to FY2013Other Geographic Region FY2009 to FY2013Australia and New Zealand FY2009 to FY2013
15.4FY201014.1FY201313.6FY201614.1FY201915.9FY202216.0FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow2,4842,2222,1681,4881,9562,0722,5281,6162,2992,3022,4022,8112,9952,8072,5572,3483,5393,2813,1263,262
Capital expenditure353362256288353382368361284273297364326236296412455437419394
Free cash flow2,1311,8601,9121,2001,6031,6902,1601,2552,0152,0292,1052,4472,6692,5712,2611,9363,0842,8442,7072,868
Free cash flow margin13.2%10.9%14.1%7.8%11.0%11.4%15.3%8.7%15.0%14.9%14.7%16.6%18.9%20.4%15.6%12.2%19.1%17.9%16.9%17.2%
Cash from investing-924-1,763-514-672-1,5791,047-4562,842-210-532-251-325-183-214-984-110-403-144-521-479
Cash from financing-1,390-461-1,256-1,053-321-1,571-1,140-3,551-2,526-2,255-1,674-3,964-2,326-2,049-2,564-3,000-2,782-3,189-2,744-2,913
Depreciation and amortisation509552574542555575549504475n/an/an/an/an/an/an/an/an/an/an/a
Share-based compensation30.541.751.956.056.054.037.039.041.039.036.040.041.042.053.063.069.061.069.077.0
Buybacks1,7581,3910.03509502,0202,1064,3462,0022,0001,0002,0001,5007061,0001,7501,5001,5001,5001,687
Dividends paid5025996206366808655287117428219411,1241,3211,3791,4631,5421,6151,6951,7851,853
Dividend per sharen/a$1.18$1.24$1.30$1.40$1.48$1.18$1.81$2.07$2.40$2.86$3.56$4.14$4.42$4.72$5.06$5.42$5.80$6.22n/a
Diluted shares, weightedn/a521m502m501m495m473m449m405m370m357m347m337m326m318m316m311m304m298m292m285m
Shares outstanding at period endn/an/an/an/an/an/an/a383m364m347m342m328m320m317m313m305m299m294m289m284m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equityn/a7,6758,8189,57210,03410,5709,7096,8245,2284,2594,5893,2583,0303,1823,6263,0893,0133,3173,2263,142
Non-controlling interestn/a11.6n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Debtn/a1,2482,9232,8683,9905,0484,6277,4197,4227,8278,3287,3797,7588,1227,6877,7638,1647,8638,9699,372
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/a128133133131148158180n/a
Other liabilitiesn/a6,2694,3413,9723,9593,6915,2633,2223,0793,1153,8634,2334,1524,1754,6314,4394,1933,7293,7733,983
Total liabilities and equityn/a15,20416,08216,41217,98419,30919,59917,46515,72915,20116,78014,87015,06815,61216,07715,42215,51815,06716,14816,497
Owned
Fixed assetsn/a2,1092,1372,0662,0251,9941,7091,6861,5771,6521,7781,7911,7291,7771,8091,8481,9762,0362,2302,254
Goodwilln/a4,5184,7774,9725,1985,5304,8864,6674,4394,5584,7524,6334,4924,6904,9654,8644,9094,8395,0985,073
Intangible assetsn/a1,7801,7231,7312,2332,2581,9991,7991,5601,4631,2721,084851781972768657592591543
Investmentsn/a466451442409146n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Cash and equivalents8288611,3461,1861,1782,7793,6183,9903,0902,4723,0941,5041,9812,5641,5277081,065948851809
Receivablesn/a2,5722,4912,5822,8192,7422,3652,2932,2032,3572,6282,6222,4612,5062,8403,1713,1232,9913,2273,516
Inventoryn/a1,7751,3561,6351,7161,5851,2471,1801,0861,0761,2201,3181,1641,1891,6942,0541,7071,6051,6591,823
Other assetsn/a1,1231,8001,7992,4062,2753,7751,8501,7741,6232,0361,9182,3902,1052,2702,0092,0812,0562,4922,479
Total assetsn/a15,20416,08216,41217,98419,30919,59917,46515,72915,20116,78014,87015,06815,61216,07715,42215,51815,06716,14816,497
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded1.8%5.0%0.2%4.8%
Profit growth, compounded4.9%7.8%0.4%6.7%
Return on equity, average78.4%94.2%99.4%95.0%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Illinois Tool Works' revenue in fiscal 2025?

Illinois Tool Works (ITW) reported revenue of $16.0 billion for fiscal 2025, the year ended 31 December 2025, up 0.9% on the year before.

How much did Illinois Tool Works earn in fiscal 2025?

Net income was $3.1 billion for fiscal 2025, and diluted earnings per share $10.49.

What is Illinois Tool Works' P/E ratio?

At the close of 6 November 2026, Illinois Tool Works traded at 25.0 times its earnings over the twelve months to 30 September 2026.

What is Illinois Tool Works' market cap?

The market cap of Illinois Tool Works was $79.9 billion at the close of 6 November 2026.

Does Illinois Tool Works pay a dividend?

Yes. Illinois Tool Works declared $6.55 a share in dividends over the four quarters to 30 September 2026.

Peers: Machinery

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Eaton Corp. plc ETN$132.8 billion34.1418.6%n/a20.1%0.961.3%
Johnson Controls International plc JCI$81.8 billion23.4726.5%n/a6.8%0.701.2%
Illinois Tool Works Inc. ITW$79.9 billion25.04102.7%26.6%4.8%2.982.3%
Cummins Inc. CMI$61.7 billion18.7924.9%12.5%6.7%0.561.8%
Baker Hughes Co. BKR$47.5 billion16.5014.4%n/a3.7%0.91n/a
Carrier Global Corp. CARR$42.8 billionn/a-17.3%-4.8%3.3%1.101.3%
Ingersoll Rand Inc. IR$31.9 billion23.3713.2%22.9%8.0%0.45n/a
Zebra Technologies Corp. ZBRA$15.2 billion25.9816.9%14.9%16.9%0.72n/a
Zurn Elkay Water Solutions Corp. ZWS$7.2 billion25.4217.2%22.1%10.1%0.301.0%
Gates Industrial Corp. Ltd. GTES$6.1 billion16.7410.4%13.5%4.0%0.62n/a
Graham Corp. GHM$915 million67.776.7%6.0%16.2%0.00n/a
Twin Disc Inc. TWIN$331 million10.5914.1%5.2%12.1%0.180.7%
All 85 in Machinery
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
ASML Holding N.V. ASML *$549.0 billion51.6449.0%34.6%15.6%0.220.5%
Caterpillar Inc. CAT$255.6 billion21.9255.1%18.3%20.3%2.101.1%
Lam Research Corp. LRCX$250.2 billion29.8660.8%37.0%33.4%0.270.6%
Deere & Co. DE$181.2 billion37.3317.4%13.4%8.0%2.281.0%
Eaton Corp. plc ETN$132.8 billion34.1418.6%n/a20.1%0.961.3%
Johnson Controls International plc JCI$81.8 billion23.4726.5%n/a6.8%0.701.2%
Illinois Tool Works Inc. ITW$79.9 billion25.04102.7%26.6%4.8%2.982.3%
Cummins Inc. CMI$61.7 billion18.7924.9%12.5%6.7%0.561.8%
Baker Hughes Co. BKR$47.5 billion16.5014.4%n/a3.7%0.91n/a
Carrier Global Corp. CARR$42.8 billionn/a-17.3%-4.8%3.3%1.101.3%
Ingersoll Rand Inc. IR$31.9 billion23.3713.2%22.9%8.0%0.45n/a
Dover Corp. DOV$27.1 billion23.8915.3%17.0%8.2%0.431.0%
TechnipFMC plc FTI$24.8 billion19.9838.6%16.8%9.1%0.120.3%
Xylem Inc. XYL$22.4 billion21.6510.5%15.1%1.9%0.281.7%
Symbotic Inc. SYM$22.2 billion409.171.8%0.9%20.6%0.00n/a
ITT Inc. ITT$18.3 billion42.308.8%14.0%35.8%0.740.7%
Nordson Corp. NDSN$17.3 billion31.3417.0%26.9%7.0%0.531.1%
nVent Electric plc NVT$17.2 billion25.6016.5%17.8%48.0%0.530.8%
Curtiss Wright Corp. CW$16.9 billion30.9021.7%18.9%10.7%0.370.2%
Idex Corp. IEX$16.7 billion31.5413.3%20.9%6.9%0.441.3%
RBC Bearings Inc. RBC$15.6 billion42.4610.0%24.4%17.4%0.20n/a
Zebra Technologies Corp. ZBRA$15.2 billion25.9816.9%14.9%16.9%0.72n/a
Lincoln Electric Holdings Inc. LECO$14.9 billion26.4137.0%17.3%11.1%0.741.1%
CNH Industrial N.V. CNH$14.3 billion46.224.0%n/a0.6%3.332.2%
Lennox International Inc. LII$11.7 billion15.8756.9%18.8%1.9%1.231.5%
Regal Rexnord Corp. RRX$11.3 billion48.883.4%10.0%4.7%0.650.8%
BWX Technologies, Inc. BWXT$11.0 billion29.3026.4%12.4%17.7%1.430.9%
Graco Inc. GGG$10.9 billion21.8221.0%26.8%5.4%0.051.7%
Pentair plc PNR$10.9 billion18.0715.9%19.6%-3.9%0.381.6%
Moog Inc. MOG.A$10.3 billion27.5517.0%13.3%15.6%0.410.4%
Flowserve Corp. FLS$10.2 billion40.3811.0%10.0%0.2%0.891.1%
Toro Co. TTC$9.9 billion28.0327.2%10.3%5.2%0.721.5%
Donaldson Co. Inc. DCI$9.8 billion21.9025.7%15.4%5.3%0.751.4%
Agco Corp. AGCO$7.6 billion28.416.9%5.6%0.9%0.661.1%
Zurn Elkay Water Solutions Corp. ZWS$7.2 billion25.4217.2%22.1%10.1%0.301.0%
SPX Technologies, Inc. SPXC$7.1 billion24.1812.2%16.1%20.2%0.55n/a
Timken Co. TKR$7.0 billion25.258.9%11.0%5.9%0.611.4%
JBT Marel Corp. JBTM$6.6 billion34.224.4%7.3%20.3%0.380.3%
NOV Inc. NOV$6.3 billion43.912.3%5.5%-1.0%0.272.0%
Middleby Corp. MIDD$6.2 billionn/a-21.3%16.5%8.4%0.90n/a
Weatherford International plc WFRD$6.1 billion15.0620.7%12.4%-5.7%0.761.3%
Gates Industrial Corp. Ltd. GTES$6.1 billion16.7410.4%13.5%4.0%0.62n/a
Esab Corp. ESAB$5.1 billion33.536.1%11.2%11.0%0.910.5%
Brunswick Corp. BC$5.0 billion23.6312.5%5.7%10.4%1.182.3%
Aaon, Inc. AAON$4.7 billion29.7915.8%11.0%53.5%0.430.7%
Cactus, Inc. WHD$4.7 billion40.3714.1%18.8%40.4%0.001.0%
Solaris Energy Infrastructure, Inc. SEI$4.6 billion60.165.9%22.8%73.8%2.040.8%
Alliance Laundry Holdings Inc. ALH$4.5 billion24.8535.6%19.1%n/an/a0.0%
Kadant Inc. KAI$3.5 billion31.5210.7%15.0%12.5%0.500.5%
Hayward Holdings, Inc. HAYW$3.4 billion20.8310.7%21.6%7.6%0.600.0%
ACM Research, Inc. ACMR$3.3 billion27.876.1%14.5%29.1%0.18n/a
Axcelis Technologies Inc. ACLS$3.1 billion29.549.4%10.3%4.3%0.00n/a
Standex International Corp. SXI$2.8 billion24.3414.6%22.5%8.3%0.670.6%
Ouster, Inc. OUST$2.5 billionn/a-8.2%-25.6%63.7%0.00n/a
Dnow Inc. DNOW$2.4 billionn/a-8.8%-3.9%96.8%0.18n/a
Veeco Instruments Inc. VECO$2.3 billion92.962.8%3.0%6.6%0.25n/a
Enerpac Tool Group Corp. EPAC$2.0 billion22.5819.8%19.8%5.7%0.400.1%
Cricut, Inc. CRCT$1.8 billion19.0723.8%16.7%-0.9%0.002.3%
Flowco Holdings Inc. FLOC$1.8 billion18.2210.5%18.6%20.4%0.670.4%
Gorman Rupp Co. GRC$1.8 billion24.1216.0%16.1%6.5%0.54n/a
Kennametal Inc. KMT$1.8 billion3.0332.4%31.0%32.5%0.623.5%
Innovex International, Inc. INVX$1.8 billion36.394.4%6.9%7.0%0.02n/a
Azenta, Inc. AZTA$1.7 billionn/a-8.1%-28.6%4.8%0.00n/a
Alamo Group Inc. ALG$1.6 billion20.876.5%6.9%1.8%0.201.0%
Tennant Co. TNC$1.2 billion53.354.2%3.9%-0.4%0.651.7%
Lindsay Corp. LNN$1.1 billion19.9511.0%10.5%-6.0%0.231.4%
Graham Corp. GHM$915 million67.776.7%6.0%16.2%0.00n/a
Power Solutions International, Inc. PSIX$903 million12.8330.1%14.9%-0.2%0.16n/a
Aebi Schmidt Holding AG AEBI$864 million35.062.6%4.5%79.4%0.751.5%
Douglas Dynamics, Inc. PLOW$839 million13.1720.8%12.7%22.8%0.333.3%
Astec Industries Inc. ASTE$824 million71.501.7%3.1%13.8%0.551.5%
Manitowoc Co. Inc. MTW$807 million31.493.7%3.6%10.2%0.67n/a
Forum Energy Technologies, Inc. FET$800 million27.469.5%7.4%10.6%0.40n/a
Columbus McKinnon Corp. CMCO$510 millionn/a-25.9%-6.8%80.7%1.801.6%
Oil States International, Inc. OIS$499 millionn/a-18.4%-14.0%-0.7%0.03n/a
Energy Recovery, Inc. ERII$364 million79.333.1%0.8%-26.2%0.00n/a
Twin Disc Inc. TWIN$331 million10.5914.1%5.2%12.1%0.180.7%
Gencor Industries Inc. GENC$250 million16.886.6%11.7%-6.4%0.00n/a
Taylor Devices, Inc. TAYD$244 millionn/a9.3%13.2%-12.5%0.00n/a
Perma-Pipe International Holdings, Inc. PPIH$234 million15.0016.7%12.1%24.8%0.39n/a
NN Inc. NNBR$225 millionn/a-25.3%-3.1%13.9%1.63n/a
Serve Robotics Inc. SERV$203 millionn/a-67.7%-2,207.0%410.9%0.00n/a
Amtech Systems Inc. ASYS$200 million43.963.5%8.1%-2.4%0.00n/a
Ampco Pittsburgh Corp. AP$122 millionn/a-190.4%-11.1%3.3%4.42n/a
Sono TEK Corp. SOTK$68 million35.929.5%10.2%4.4%0.00n/a
6 companies share its SEC industry code (General Industrial Machinery & Equipment); the rest are the names nearest in size in its wider industry, Machinery, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on ITW

Dividends$6.55 a share over the four quarters to 30 September 2026, a 2.33% yield
Filings19 in twelve months: 8 current reports (8-K), about 4 results of operations; 1 other events; 1 officer or director change; 1 shareholder vote; 1 material agreement
Planned insider sales6 Form 144 notices in twelve months, $82.9 million; latest 4 November 2026
Options tapeput/call 0.64 by open interest at the 6 November 2026 close; the straddle prices a 4.3% move to 20 November 2026
13F holders1,984 funds reported a position for the quarter to 30 June 2026; largest Briar Hall Management LLC
Insider trading20 sales and 2 purchases on Form 4 in twelve months
Congress5 House trades disclosed in six months
Short interest8.3 million shares short, 6.58 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202628 October 2026EDGAR
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202513 February 2026EDGAR
10-Q30 September 202524 October 2025EDGAR
10-Q30 June 20251 August 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202414 February 2025EDGAR
10-Q30 September 202430 October 2024EDGAR
10-Q30 June 20242 August 2024EDGAR

Reading about a stock somewhere else? Our free Chrome extension, GreekSoup Stock Ticker Lookup: Earnings, Insider Trades, 13F Holders, shows the latest quarter against a year ago, insider trades and 13F holders when you hover a $ticker such as $AAPL.