Illinois Tool Works (ITW) FY2015 results: revenue $13.4 billion, down 7.4% on the year
Illinois Tool Works Inc. (ITW) reported revenue of $13.4 billion for fiscal 2015, the year ended 31 December 2015, down 7.4% on the year before. Net income was $1.9 billion, down 35.5%, and diluted earnings per share $5.13. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2016.
Revenue
$13.4 billion
-7.4% on the year
FY2008FY2015
Operating margin
21.4%
19.9% a year earlier
FY2008FY2015
Net income
$1.9 billion
-35.5% on the year
FY2008FY2015
Diluted EPS
$5.13
-29.5% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
13,405
14,484
14,135
-7.4%
Cost of revenue
7,888
8,673
8,554
-9.1%
Gross profit
5,517
5,811
5,581
-5.1%
Gross margin
41.2%
40.1%
39.5%
Research and development
218
227
240
-4.0%
Operating income
2,867
2,888
2,514
-0.7%
Operating margin
21.4%
19.9%
17.8%
Interest expense
226
250
239
-9.6%
Pre-tax income
2,719
2,699
2,347
+0.7%
Income tax
820
809
717
+1.4%
Effective tax rate
30.2%
30.0%
30.5%
Net income
1,899
2,946
1,679
-35.5%
Net margin
14.2%
20.3%
11.9%
Diluted EPS
$5.13
$7.28
$3.74
-29.5%
$ million except per share. 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.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,299
1,616
2,528
+42.3%
Capital expenditure
284
361
368
-21.3%
Free cash flow
2,015
1,255
2,160
+60.6%
Free cash flow margin
15.0%
8.7%
15.3%
Cash from investing
-210
2,842
-456
Cash from financing
-2,526
-3,551
-1,140
Depreciation and amortisation
475
504
549
-5.8%
Share-based compensation
41.0
39.0
37.0
+5.1%
Buybacks
2,002
4,346
2,106
-53.9%
Dividends paid
742
711
528
+4.4%
Dividend per share
$2.07
$1.81
$1.18
+14.4%
Diluted shares, weighted
370m
405m
449m
-8.5%
Shares outstanding at period end
364m
383m
n/a
-5.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
5,228
6,824
9,709
-23.4%
Debt
7,422
7,419
4,627
+0.0%
Other liabilities
3,079
3,222
5,263
-4.4%
Total liabilities and equity
15,729
17,465
19,599
-9.9%
Fixed assets
1,577
1,686
1,709
-6.5%
Goodwill
4,439
4,667
4,886
-4.9%
Intangible assets
1,560
1,799
1,999
-13.3%
Cash and equivalents
3,090
3,990
3,618
-22.6%
Receivables
2,203
2,293
2,365
-3.9%
Inventory
1,086
1,180
1,247
-8.0%
Other assets
1,774
1,850
3,775
-4.1%
Total assets
15,729
17,465
19,599
-9.9%
10-K for the year ended 31 December 2015, filed 12 February 2016: the filing.