Illinois Tool Works Inc.

ITW · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$71,452	$74,876	$78,814	$67,673	$77,466	$63,994	$56,382	$39,766	$52,371	$38,438	$29,090	$38,041	$37,516	$28,569	$22,953	$26,743	$24,003	$18,177	$29,530	$26,100	$25,285	$28,288	$25,798	$19,836	$20,588	$17,943	$20,295	$14,507	$15,006	$9,907	$6,984	$4,962	$4,418	$3,661	$3,553	$2,644	$2,524	$1,835	$1,712	$1,329	$883
Enterprise value	$79,571	$82,007	$86,120	$74,915	$83,821	$69,741	$62,342	$45,646	$57,609	$43,800	$33,426	$41,513	$40,248	$30,847	$25,783	$28,398	$25,796	$21,005	$31,002	$26,928	$26,126	$28,745	$25,090	$20,361	$21,887	$19,766	$21,976	$15,768	$15,973	$10,978	$7,659	$5,225	$4,866	$3,965	$3,949	$3,093	$2,864	$2,066	$2,037	$1,805	$847
P/E (TTM) at period end	23.30×	21.47×	26.65×	22.30×	28.75×	30.34×	22.37×	15.52×	31.04×	18.89×	15.32×	12.91×	22.34×	9.95×	11.08×	17.79×	24.68×	11.97×	15.79×	15.19×	16.91×	21.13×	25.20×	27.84×	25.55×	18.73×	24.13×	21.56×	25.56×	20.37×	18.02×	17.86×	21.39×	19.06×	19.67×	14.49×	15.41×	13.11×	16.12×	16.69×	28.04×
P/S (TTM) at period end	4.45×	4.71×	4.89×	4.25×	5.36×	5.09×	4.00×	2.69×	3.66×	2.83×	2.17×	2.63×	2.65×	1.93×	1.58×	1.73×	1.77×	1.06×	1.83×	1.86×	1.96×	2.41×	2.57×	2.10×	2.22×	1.80×	2.17×	2.57×	2.87×	1.98×	1.68×	1.43×	1.40×	1.30×	1.35×	1.04×	1.16×	0.95×	1.01×	1.38×	1.48×
P/B at period end	22.16×	22.58×	26.17×	21.91×	21.37×	20.12×	18.63×	12.22×	11.42×	9.04×	5.57×	5.58×	3.87×	2.71×	2.29×	2.80×	2.73×	2.37×	3.16×	2.89×	3.35×	3.71×	3.28×	2.98×	3.41×	3.32×	4.21×	4.35×	5.35×	4.13×	3.63×	3.22×	3.51×	2.73×	2.93×	2.42×	2.90×	2.46×	2.81×	2.79×	2.19×
EV / EBITDA (TTM)	17.55×	17.96×	19.93×	18.42×	22.33×	22.10×	16.99×	11.84×	15.40×	13.26×	10.74×	13.18×	14.31×	11.02×	9.56×	10.97×	14.66×	7.32×	10.36×	9.40×	9.89×	11.77×	12.93×	11.24×	12.93×	10.00×	12.01×	12.21×	14.36×	11.22×	9.84×	8.37×	9.54×	8.13×	9.01×	6.92×	7.39×	–	–	–	–
EV / Sales (TTM)	4.96×	5.16×	5.35×	4.70×	5.80×	5.55×	4.42×	3.09×	4.02×	3.22×	2.49×	2.87×	2.85×	2.09×	1.78×	1.84×	1.90×	1.23×	1.92×	1.92×	2.02×	2.45×	2.50×	2.15×	2.36×	1.98×	2.35×	2.79×	3.06×	2.20×	1.84×	1.51×	1.54×	1.41×	1.50×	1.22×	1.32×	1.07×	1.20×	1.88×	1.42×
Returns
Return on equity	95.1%	105.2%	98.2%	98.3%	74.3%	66.3%	83.3%	78.8%	36.8%	47.8%	36.4%	43.2%	17.3%	27.2%	20.7%	15.7%	11.0%	19.8%	20.0%	19.0%	19.8%	17.6%	13.0%	10.7%	13.3%	17.7%	17.5%	20.2%	20.9%	20.3%	20.1%	18.0%	16.4%	14.3%	14.9%	16.7%	18.8%	18.8%	17.5%	16.7%	7.8%
Return on invested capital	28.7%	32.2%	30.3%	29.0%	28.2%	25.2%	29.0%	29.6%	18.3%	22.2%	20.9%	19.7%	14.0%	13.4%	14.7%	14.0%	10.4%	17.1%	17.2%	17.3%	18.5%	17.0%	15.0%	13.6%	11.6%	14.0%	14.2%	14.9%	15.6%	14.6%	15.0%	16.8%	13.6%	13.7%	12.6%	13.6%	15.2%	16.8%	13.6%	6.4%	10.1%
Dividend yield	2.5%	2.3%	2.0%	2.3%	1.9%	2.2%	2.3%	2.8%	1.8%	2.1%	2.6%	1.9%	1.4%	3.0%	3.0%	2.4%	2.6%	3.3%	1.7%	1.5%	1.3%	1.1%	1.1%	1.4%	1.2%	1.2%	0.9%	1.0%	0.7%	0.9%	1.0%	1.2%	1.2%	1.4%	1.2%	1.4%	1.1%	–	–	–	–
Financial health
Current ratio	1.21×	1.36×	1.33×	1.41×	1.84×	2.52×	2.90×	1.63×	2.38×	2.22×	2.84×	2.23×	1.63×	3.00×	2.30×	1.98×	2.00×	1.19×	2.08×	1.97×	2.06×	2.34×	3.21×	2.48×	2.08×	1.83×	1.60×	1.50×	1.61×	1.40×	1.80×	2.01×	2.00×	1.96×	1.68×	2.16×	2.15×	2.22×	1.97×	1.97×	2.91×
Debt / equity	2.78×	2.37×	2.71×	2.51×	2.12×	2.55×	2.56×	2.27×	1.82×	1.84×	1.42×	1.09×	0.65×	0.48×	0.40×	0.30×	0.36×	0.48×	0.25×	0.16×	0.16×	0.15×	0.12×	0.24×	0.26×	0.37×	0.40×	0.41×	0.41×	0.50×	0.41×	0.22×	0.38×	0.25×	0.40×	0.45×	0.43×	0.35×	0.59×	1.06×	0.04×
Effective tax rate	22.7%	21.1%	22.7%	21.0%	19.0%	22.0%	23.3%	24.5%	48.4%	30.0%	30.2%	30.0%	30.5%	30.3%	20.2%	30.5%	20.2%	28.1%	29.3%	29.8%	31.5%	33.0%	34.0%	35.0%	34.8%	35.2%	37.8%	36.5%	36.5%	36.9%	37.9%	38.3%	38.5%	38.0%	37.2%	39.2%	39.1%	39.9%	46.9%	46.3%	54.9%
Share count
Diluted shares outstanding	292	298	304	311	316	318	326	337	347	357	370	405	449	473	495	503	502	521	556	571	579	615	617	617	613	608	609	609	499	496	473	454	453	449	446	438	429	423	415	410	403

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$16,469	$16,044	$15,898	$16,107	$15,932	$14,455	$12,574	$14,109	$14,768	$14,314	$13,599	$13,405	$14,484	$14,135	$14,791	$14,515	$15,416	$13,573	$17,100	$16,110	$14,055	$12,922	$11,731	$10,036	$9,468	$9,293	$9,984	$9,333	$5,648	$5,220	$4,997	$4,152	$3,461	$3,159	$2,812	$2,640	$2,544	$2,173	$1,930	$1,698	$961	$596
Cost of revenue	($9,196)	($8,969)	($8,858)	($9,316)	($9,429)	($8,489)	($7,375)	($8,187)	($8,604)	($8,306)	($7,908)	($7,888)	($8,673)	($8,554)	($9,134)	($9,089)	($9,997)	($8,953)	($11,187)	($10,431)	($9,184)	($8,433)	($7,629)	($6,528)	($6,214)	($6,191)	($6,193)	($5,773)	($3,466)	($3,238)	($3,142)	($2,597)	($2,187)	($1,991)	($1,737)	($1,648)	($1,587)	($1,367)	($1,213)	($1,062)	($586)	($364)
Gross profit	$7,273	$7,075	$7,040	$6,791	$6,503	$5,966	$5,199	$5,922	$6,164	$6,008	$5,691	$5,517	$5,811	$5,581	$5,657	$5,426	$5,419	$4,620	$5,913	$5,679	$4,871	$4,489	$4,103	$3,508	$3,254	$3,102	$3,790	$3,560	$2,182	$1,983	$1,854	$1,555	$1,274	$1,169	$1,074	$991	$957	$806	$717	$637	$375	$233
Operating expenses
Research and development	–	($302)	($292)	($284)	($269)	($239)	($214)	($221)	($233)	($225)	($223)	($218)	($227)	($240)	($240)	($221)	($213)	($192)	($213)	($203)	($145)	($128)	($123)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,837)	($2,779)	($2,675)	($2,638)	($2,579)	($2,356)	($2,163)	($2,361)	($2,391)	($2,412)	($2,411)	($2,417)	($2,678)	($2,815)	($2,928)	($2,846)	($2,957)	($2,839)	($2,862)	($2,727)	($2,287)	($2,087)	($1,901)	($1,850)	($1,720)	($1,691)	($1,813)	($1,730)	($891)	($870)	($875)	($777)	($650)	($658)	($587)	($553)	($510)	($418)	($369)	($339)	($224)	($123)
Total operating expenses	($2,909)	($2,859)	($2,776)	($2,751)	($2,713)	($2,489)	($2,317)	($2,520)	($2,580)	($2,523)	($2,635)	($2,650)	($2,923)	($3,067)	($3,182)	($3,065)	($3,165)	($3,237)	($3,412)	($3,052)	($2,450)	($2,230)	($2,046)	($1,874)	($1,748)	($1,795)	($2,227)	($2,073)	($1,102)	($1,056)	($1,054)	($928)	($782)	($790)	($712)	($668)	($612)	($503)	($444)	($397)	($261)	($151)
Total costs and expenses	($12,105)	($11,828)	($11,634)	($12,067)	($12,142)	($10,978)	($9,692)	($10,707)	($11,184)	($10,829)	($10,543)	($10,538)	($11,596)	($11,621)	($12,316)	($12,154)	($13,162)	($12,190)	($14,599)	($13,483)	($11,634)	($10,663)	($9,675)	($8,402)	($7,962)	($7,987)	($8,420)	($7,847)	($4,569)	($4,293)	($4,196)	($3,526)	($2,970)	($2,781)	($2,449)	($2,317)	($2,200)	($1,870)	($1,657)	($1,459)	($847)	($514)
Operating income	$4,364	$4,216	$4,264	$4,040	$3,790	$3,477	$2,882	$3,402	$3,584	$3,485	$3,056	$2,867	$2,888	$2,514	$2,475	$2,361	$2,254	$1,383	$2,501	$2,628	$2,421	$2,259	$2,057	$1,633	$1,506	$1,306	$1,563	$1,486	$1,079	$927	$801	$626	$492	$378	$362	$323	$345	$303	$273	$240	$114	$82
Earnings
EBITDA	$4,692	$4,533	$4,565	$4,322	$4,066	$3,754	$3,155	$3,669	$3,856	$3,741	$3,302	$3,111	$3,150	$2,813	$2,798	$2,697	$2,589	$1,759	$2,869	$2,991	$2,865	$2,642	$2,442	$1,940	$1,812	$1,692	$1,977	$1,830	$1,291	$1,112	$979	$778	$624	$510	$488	$438	$447	$388	–	–	–	–
Interest income	–	$40	$44	$51	$22	$12	$17	$29	$35	$45	$38	$52	$65	$50	$38	$38	$24	$17	$29	$43	$110	$28	$26	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($302)	($292)	($283)	($266)	($203)	($202)	($206)	($221)	($257)	($260)	($237)	($226)	($250)	($239)	($213)	($191)	($175)	($165)	($154)	($102)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,120	$3,966	$4,422	$3,823	$3,842	$3,326	$2,704	$3,288	$3,394	$3,270	$2,908	$2,719	$2,699	$2,347	$3,206	$2,223	$2,089	$1,214	$2,352	$2,584	$2,445	$2,182	$1,999	$1,576	$1,434	$1,231	$1,478	$1,353	$1,060	$924	$770	$624	$450	$336	$310	$288	$300	$269	$233	$200	$148	$70
Income tax expense	($926)	($900)	($934)	($866)	($808)	($632)	($595)	($767)	($831)	($1,583)	($873)	($820)	($809)	($717)	($973)	($448)	($637)	($245)	($660)	($756)	($728)	($687)	($660)	($536)	($502)	($428)	($520)	($512)	($387)	($337)	($284)	($236)	($172)	($129)	($118)	($107)	($118)	($105)	($93)	($94)	($68)	($38)
Net income	$3,194	$3,066	$3,488	$2,957	$3,034	$2,694	$2,109	$2,521	$2,563	$1,687	$2,035	$1,899	$2,946	$1,679	$2,870	$2,071	$1,503	$973	$1,519	$1,870	$1,718	$1,495	$1,339	$1,024	$713	$806	$958	$841	$673	$587	$486	$388	$278	$207	$192	$181	$182	$164	$140	$106	$80	$32
Per share
Diluted EPS (GAAP)	$11.03	$10.49	$11.71	$9.74	$9.77	$8.51	$6.63	$7.74	$7.60	$4.86	$5.70	$5.13	$7.28	$3.74	$6.06	$4.19	$2.99	$1.94	$2.91	$3.36	$3.01	$1.30	$1.10	$1.66	$1.16	$1.32	$1.58	$1.38	$1.33	$0.57	$0.24	$0.20	$0.61	$0.11	$0.0531	$0.0506	$0.0519	$0.0475	$0.0406	$0.0325	$0.0122	$0.005
Basic EPS (GAAP)	$11.05	$10.52	$11.75	$9.77	$9.80	$8.55	$6.66	$7.78	$7.65	$4.90	$5.73	$5.16	$7.33	$3.76	$6.11	$4.21	$3.00	$1.94	$2.93	$3.39	$3.04	$1.31	$1.11	$1.67	$1.17	$1.33	$1.59	$1.40	$1.62	$0.58	$0.25	$0.21	$0.61	$0.11	$0.0538	$0.0506	$0.0525	$0.0481	$0.0413	$0.0325	$0.0122	$0.005
Basic shares outstanding	289	292	297	303	310	315	317	324	335	344	355	368	402	446	470	491	501	500	519	552	565	575	610	615	612	608	603	601	500	499	496	473	454	453	449	446	438	429	423	415	410	403
Margins
Gross margin	44.2%	44.1%	44.3%	42.2%	40.8%	41.3%	41.3%	42.0%	41.7%	42.0%	41.8%	41.2%	40.1%	39.5%	38.2%	37.4%	35.2%	34.0%	34.6%	35.3%	34.7%	34.7%	35.0%	35.0%	34.4%	33.4%	38.0%	38.1%	38.6%	38.0%	37.1%	37.5%	36.8%	37.0%	38.2%	37.5%	37.6%	37.1%	37.1%	37.5%	39.0%	39.0%
Operating margin	26.5%	26.3%	26.8%	25.1%	23.8%	24.1%	22.9%	24.1%	24.3%	24.3%	22.5%	21.4%	19.9%	17.8%	16.7%	16.3%	14.6%	10.2%	14.6%	16.3%	17.2%	17.5%	17.5%	16.3%	15.9%	14.1%	15.7%	15.9%	19.1%	17.8%	16.0%	15.1%	14.2%	12.0%	12.9%	12.2%	13.5%	14.0%	14.1%	14.1%	11.9%	13.8%
Net margin	19.4%	19.1%	21.9%	18.4%	19.0%	18.6%	16.8%	17.9%	17.4%	11.8%	15.0%	14.2%	20.3%	11.9%	19.4%	14.3%	9.7%	7.2%	8.9%	11.6%	12.2%	11.6%	11.4%	10.2%	7.5%	8.7%	9.6%	9.0%	11.9%	11.2%	9.7%	9.3%	8.0%	6.5%	6.8%	6.8%	7.2%	7.5%	7.3%	6.3%	8.3%	5.3%

Analyst consensus

Hold28 analysts

Bearish · 9 · Hold · 14 · Bullish · 5

Earnings history

	EPS	Estimate
Q3 2024	$3.91	$2.52	Beat
Q4 2024	$2.54	$2.49	Beat
Q1 2025	$2.38	$2.34	Beat
Q2 2025	$2.58	$2.56	Beat
Q3 2025	$2.81	$2.75	Beat
Q4 2025	$2.72	$2.69	Beat
Q1 2026	$2.66	$2.57	Beat
Q2 2026	$2.84	$2.79	Beat

Peers

Company overview

IPO dateMar 13, 1973

CEOChristopher A. O'Herlihy

Employees43,000

SectorIndustrials

IndustryIndustrial - Machinery

CountryUS

ExchangeNew York Stock Exchange

Websitewww.itw.com

Illinois Tool Works Inc. is a global enterprise specializing in the production and distribution of a wide array of industrial goods and specialized equipment. The company operates through seven distinct divisions: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM division supplies plastic and metal components, various fastening solutions, and integrated assemblies for automobiles, light-duty trucks, and other industrial applications. Its Food Equipment segment delivers commercial kitchen appliances for washing, refrigeration, cooking, and food processing, alongside comprehensive kitchen exhaust, ventilation, and pollution control systems, and offers related maintenance and repair services. The Test & Measurement and Electronics unit manufactures and sells machinery, expendable supplies, and accompanying software designed for assessing materials and structural integrity, in addition to equipment and consumables critical for the creation of electronic subassemblies and microelectronic components. The Welding division focuses on arc welding apparatus, coupled with metal arc welding consumables and associated accessories. The Polymers & Fluids segment produces adhesives, sealing compounds, lubrication and cutting fluids, and various fluids and polymers intended for automotive aftermarket upkeep and cosmetic purposes. The Construction Products segment provides purpose-engineered fastening systems and comprehensive solutions for new housing, renovation projects, and commercial building industries. Lastly, the Specialty Products segment delivers machinery and supplies for beverage packaging, equipment and expendables for product identification and marking, and specialized components and fasteners for appliances. ITW's broad clientele encompasses sectors such as automotive original equipment manufacturers (OEMs) and their suppliers, the commercial food service industry, construction companies, general industrial enterprises, and the automotive aftermarket. The corporation distributes its offerings directly to industrial manufacturers and via an extensive network of independent distributors. Established in 1912, Illinois Tool Works Inc. is headquartered in Glenview, Illinois.

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