ITW · Illinois Tool Works Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $16.04B | $15.90B | $16.11B | $15.93B | $14.46B | $12.57B |
| Cost of Revenue | $7.56B | $7.60B | $9.32B | $9.43B | $8.49B | $7.38B |
| Gross Profit | $8.49B | $8.29B | $6.79B | $6.50B | $5.97B | $5.20B |
| R&D | $302.00M | $292.00M | $284.00M | $269.00M | $239.00M | $214.00M |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $317.00M | $301.00M | $282.00M | $276.00M | $277.00M | $273.00M |
| Operating Income | $4.22B | $4.26B | $4.04B | $3.79B | $3.48B | $2.88B |
| Interest Expense | $292.00M | $283.00M | $266.00M | $203.00M | $202.00M | $206.00M |
| Income Tax | $900.00M | $934.00M | $866.00M | $808.00M | $632.00M | $595.00M |
| Net Income | $3.07B | $3.49B | $2.96B | $3.03B | $2.69B | $2.11B |
| EPS - Basic | $10.52 | $11.75 | $9.77 | $9.80 | $8.55 | $6.66 |
| EPS - Diluted | $10.49 | $11.71 | $9.74 | $9.77 | $8.51 | $6.63 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $851.00M | $948.00M | $1.06B | $708.00M | $1.53B | $2.56B |
| Accounts Receivable | $3.23B | $2.99B | $3.12B | $3.17B | $2.84B | $2.51B |
| Inventory | $1.66B | $1.60B | $1.71B | $2.05B | $1.69B | $1.19B |
| Accounts Payable | $522.00M | $519.00M | $581.00M | $594.00M | $585.00M | $534.00M |
| Current Assets | $6.20B | $5.86B | $6.24B | $6.27B | $6.37B | $6.52B |
| Total Assets | $16.15B | $15.07B | $15.52B | $15.42B | $16.08B | $15.61B |
| Current Liabilities | $5.13B | $4.31B | $4.67B | $4.46B | $3.47B | $2.59B |
| Long-term Debt | $6.68B | $6.31B | $6.34B | $6.17B | $6.91B | $7.77B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $3.23B | $3.32B | $3.01B | $3.09B | $3.63B | $3.18B |
| Retained Earnings | $30.15B | $28.89B | $27.12B | $25.80B | $24.32B | $23.11B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.13B | $3.28B | $3.54B | $2.35B | $2.56B | $2.81B |
| Investing Cash Flow | ($521.00M) | ($144.00M) | ($403.00M) | ($110.00M) | ($984.00M) | ($214.00M) |
| Financing Cash Flow | ($2.74B) | ($3.19B) | ($2.78B) | ($3.00B) | ($2.56B) | ($2.05B) |
| CapEx | $419.00M | $437.00M | $455.00M | $412.00M | $296.00M | $236.00M |
| Free Cash Flow | $2.71B | $2.84B | $3.08B | $1.94B | $2.26B | $2.57B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 52.9% | 52.2% | 42.2% | 40.8% | 41.3% | 41.3% |
| Operating margin | 26.3% | 26.8% | 25.1% | 23.8% | 24.1% | 22.9% |
| EBITDA margin | 28.3% | 28.7% | 26.8% | 25.5% | 26.0% | 25.1% |
| Net margin | 19.1% | 21.9% | 18.4% | 19.0% | 18.6% | 16.8% |
| Free cash flow margin | 16.9% | 17.9% | 19.1% | 12.2% | 15.6% | 20.4% |
| FCF / Net income | 0.88 | 0.82 | 1.04 | 0.64 | 0.84 | 1.22 |
| R&D / Revenue | 1.9% | 1.8% | 1.8% | 1.7% | 1.7% | 1.7% |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 22.7% | 21.1% | 22.7% | 21.0% | 19.0% | 22.0% |
| Return on assets | 19.0% | 23.1% | 19.1% | 19.7% | 16.8% | 13.5% |
| Return on equity | 95.0% | 105.2% | 98.1% | 98.2% | 74.3% | 66.3% |
| Return on invested capital | 32.9% | 34.9% | 33.4% | 32.3% | 26.7% | 20.5% |
| Liquidity | ||||||
| Current ratio | 1.21 | 1.36 | 1.33 | 1.41 | 1.84 | 2.52 |
| Quick ratio | 0.89 | 0.99 | 0.97 | 0.95 | 1.35 | 2.06 |
| Cash ratio | 0.17 | 0.22 | 0.23 | 0.16 | 0.44 | 0.99 |
| Leverage | ||||||
| Debt / Equity | 2.07 | 1.90 | 2.10 | 2.00 | 1.91 | 2.44 |
| Debt / Assets | 0.41 | 0.42 | 0.41 | 0.40 | 0.43 | 0.50 |
| Debt / EBITDA | 1.47 | 1.38 | 1.47 | 1.52 | 1.84 | 2.46 |
| Interest coverage | 14.4x | 15.1x | 15.2x | 18.7x | 17.2x | 14.0x |
| Equity multiplier | 5.01 | 4.54 | 5.15 | 4.99 | 4.43 | 4.91 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.99 | 1.06 | 1.04 | 1.03 | 0.90 | 0.81 |
| Inventory turnover | 4.55 | 4.74 | 5.46 | 4.59 | 5.01 | 6.20 |
| Days sales outstanding | 73d | 69d | 71d | 73d | 72d | 73d |
| Days inventory outstanding | 80d | 77d | 67d | 80d | 73d | 59d |
| Days payable outstanding | 25d | 25d | 23d | 23d | 25d | 26d |
| Cash conversion cycle | 128d | 121d | 115d | 129d | 119d | 105d |
| Valuation | ||||||
| P / E | 23.5x | 21.7x | 26.9x | 22.5x | 29.0x | 30.8x |
| P / B | 22.3x | 22.8x | 26.4x | 22.2x | 21.5x | 20.4x |
| P / S | 4.5x | 4.7x | 4.9x | 4.3x | 5.4x | 5.2x |
| EV / EBITDA | 17.2x | 17.7x | 19.6x | 18.2x | 22.2x | 22.2x |
| Growth | ||||||
| Revenue growth (YoY) | 0.9% | -1.3% | 1.1% | 10.2% | 15.0% | -10.9% |
| Revenue CAGR (3y) | 0.2% | 3.2% | 8.6% | 4.1% | 2.1% | -4.2% |
| Revenue CAGR (5y) | 5.0% | 2.4% | 3.4% | 2.2% | 1.2% | -1.3% |
| Gross profit growth (YoY) | 2.3% | 22.1% | 4.4% | 9.0% | 14.8% | -12.2% |
| Operating income growth (YoY) | -1.1% | 5.5% | 6.6% | 9.0% | 20.6% | -15.3% |
| Net income growth (YoY) | -12.1% | 18.0% | -2.5% | 12.6% | 27.7% | -16.3% |
| EPS growth (YoY) | -10.4% | 20.2% | -0.3% | 14.8% | 28.4% | -14.3% |
| EPS CAGR (3y) | 2.4% | 11.2% | 13.7% | 8.1% | 3.8% | 10.9% |
| EPS CAGR (5y) | 9.6% | 8.6% | 5.1% | 15.0% | 8.3% | 5.3% |
| FCF growth (YoY) | -4.8% | -7.8% | 59.3% | -14.4% | -12.1% | -3.7% |
| FCF CAGR (5y) | 1.0% | 1.3% | 4.7% | -1.7% | 2.2% | 5.0% |
| Book value growth (YoY) | -2.7% | 10.1% | -2.5% | -14.8% | 14.0% | 5.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$17.83B totalAutomotive OEMSegment$3.29B · 18.4%
Testand Measurementand Electronics Segment$2.83B · 15.8%
Food Equipment Segment$2.70B · 15.1%
Welding Segment$1.89B · 10.6%
Construction Products Segment$1.82B · 10.2%
Specialty Products Segment$1.77B · 10.0%
Polymers And Fluids$1.76B · 9.9%
Polymers And Fluids Segment$1.76B · 9.9%
Geographic
$24.52B totalNorth America$8.48B · 34.6%
US$7.39B · 30.2%
EMEA$4.16B · 17.0%
Asia Pacific$3.08B · 12.6%
Canada And Mexico$1.08B · 4.4%
South America$323.00M · 1.3%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: General Industrial Machinery & Equipment
Comparing ILLINOIS TOOL WORKS INC against the 5 most active filers in the same SIC group.
Dividends
$6.33/share trailing 12 months · +7.3% YoY
| Ex-date | Per share |
|---|---|
| Mar 31, 2026 | $1.6100 |
| Dec 31, 2025 | $1.6100 |
| Sep 30, 2025 | $1.6100 |
| Jun 30, 2025 | $1.5000 |
| Mar 31, 2025 | $1.5000 |
| Dec 31, 2024 | $1.5000 |
| Sep 30, 2024 | $1.5000 |
| Jun 28, 2024 | $1.4000 |
| Mar 27, 2024 | $1.4000 |
| Dec 28, 2023 | $1.4000 |
| Sep 28, 2023 | $1.4000 |
| Jun 29, 2023 | $1.3100 |
| Mar 30, 2023 | $1.3100 |
| Dec 29, 2022 | $1.3100 |
| Sep 29, 2022 | $1.3100 |
| Jun 29, 2022 | $1.2200 |
| Mar 30, 2022 | $1.2200 |
| Dec 30, 2021 | $1.2200 |
| Sep 29, 2021 | $1.2200 |
| Jun 29, 2021 | $1.1400 |
| Mar 30, 2021 | $1.1400 |
| Dec 30, 2020 | $1.1400 |
| Sep 29, 2020 | $1.1400 |
| Jun 29, 2020 | $1.0700 |