Illinois Tool Works (ITW) FY2023 results: revenue $16.1 billion, up 1.1% on the year
Illinois Tool Works Inc. (ITW) reported revenue of $16.1 billion for fiscal 2023, the year ended 31 December 2023, up 1.1% on the year before. Net income was $3.0 billion, down 2.5%, and diluted earnings per share $9.74. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.
Revenue
$16.1 billion
+1.1% on the year
FY2016FY2023
Operating margin
25.1%
23.8% a year earlier
FY2016FY2023
Net income
$3.0 billion
-2.5% on the year
FY2016FY2023
Diluted EPS
$9.74
-0.3% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,539
2,348
2,557
+50.7%
Capital expenditure
455
412
296
+10.4%
Free cash flow
3,084
1,936
2,261
+59.3%
Free cash flow margin
19.1%
12.2%
15.6%
Cash from investing
-403
-110
-984
Cash from financing
-2,782
-3,000
-2,564
Share-based compensation
69.0
63.0
53.0
+9.5%
Buybacks
1,500
1,750
1,000
-14.3%
Dividends paid
1,615
1,542
1,463
+4.7%
Dividend per share
$5.42
$5.06
$4.72
+7.1%
Diluted shares, weighted
304m
311m
316m
-2.3%
Shares outstanding at period end
299m
305m
313m
-1.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
3,013
3,089
3,626
-2.5%
Debt
8,164
7,763
7,687
+5.2%
Operating lease liabilities
148
131
133
+13.0%
Other liabilities
4,193
4,439
4,631
-5.5%
Total liabilities and equity
15,518
15,422
16,077
+0.6%
Fixed assets
1,976
1,848
1,809
+6.9%
Goodwill
4,909
4,864
4,965
+0.9%
Intangible assets
657
768
972
-14.5%
Cash and equivalents
1,065
708
1,527
+50.4%
Receivables
3,123
3,171
2,840
-1.5%
Inventory
1,707
2,054
1,694
-16.9%
Other assets
2,081
2,009
2,270
+3.6%
Total assets
15,518
15,422
16,077
+0.6%
10-K for the year ended 31 December 2023, filed 9 February 2024: the filing.