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Illinois Tool Works (ITW) FY2022 results: revenue $15.9 billion, up 10.2% on the year

Illinois Tool Works Inc. (ITW) reported revenue of $15.9 billion for fiscal 2022, the year ended 31 December 2022, up 10.2% on the year before. Net income was $3.0 billion, up 12.6%, and diluted earnings per share $9.77. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue
$15.9 billion
+10.2% on the year
FY2015FY2022
Operating margin
23.8%
24.1% a year earlier
FY2015FY2022
Net income
$3.0 billion
+12.6% on the year
FY2015FY2022
Diluted EPS
$9.77
+14.8% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue15,93214,45512,574+10.2%
Cost of revenue8,1368,4897,375-4.2%
Gross profit7,7965,9665,199+30.7%
Gross margin48.9%41.3%41.3%
Research and development269239214+12.6%
Operating income3,7903,4772,882+9.0%
Operating margin23.8%24.1%22.9%
Interest expense203202206+0.5%
Pre-tax income3,8423,3262,704+15.5%
Income tax808632595+27.8%
Effective tax rate21.0%19.0%22.0%
Net income3,0342,6942,109+12.6%
Net margin19.0%18.6%16.8%
Diluted EPS$9.77$8.51$6.63+14.8%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow2,3482,5572,807-8.2%
Capital expenditure412296236+39.2%
Free cash flow1,9362,2612,571-14.4%
Free cash flow margin12.2%15.6%20.4%
Cash from investing-110-984-214
Cash from financing-3,000-2,564-2,049
Share-based compensation63.053.042.0+18.9%
Buybacks1,7501,000706+75.0%
Dividends paid1,5421,4631,379+5.4%
Dividend per share$5.06$4.72$4.42+7.2%
Diluted shares, weighted311m316m318m-1.8%
Shares outstanding at period end305m313m317m-2.5%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity3,0893,6263,182-14.8%
Debt7,7637,6878,122+1.0%
Operating lease liabilities131133133-1.5%
Other liabilities4,4394,6314,175-4.1%
Total liabilities and equity15,42216,07715,612-4.1%
Fixed assets1,8481,8091,777+2.2%
Goodwill4,8644,9654,690-2.0%
Intangible assets768972781-21.0%
Cash and equivalents7081,5272,564-53.6%
Receivables3,1712,8402,506+11.7%
Inventory2,0541,6941,189+21.3%
Other assets2,0092,2702,105-11.5%
Total assets15,42216,07715,612-4.1%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.