Illinois Tool Works (ITW) Financials

$243.80 -2.89 (-1.17%)

Closing price 05/28/2025 03:59 PM Eastern

Extended Trading

$245.48 +1.68 (+0.69%)

As of 07:58 AM Eastern

Annual Income Statements for Illinois Tool Works

This table shows Illinois Tool Works' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,488	2,957	3,034	2,694	2,109	2,521	2,563	1,687	2,035	1,899
Consolidated Net Income / (Loss)	3,488	2,957	3,034	2,694	2,109	2,521	2,563	1,687	2,035	1,899
Net Income / (Loss) Continuing Operations	3,488	2,957	3,034	2,694	2,109	2,521	2,563	1,687	2,035	1,899
Total Pre-Tax Income	4,422	3,823	3,842	3,326	2,704	3,288	3,394	3,270	2,908	2,719
Total Operating Income	4,264	4,040	3,790	3,477	2,882	3,402	3,584	3,485	3,056	2,867
Total Gross Profit	7,040	6,791	6,503	5,966	5,199	5,922	6,164	6,008	5,691	5,517
Total Revenue	15,898	16,107	15,932	14,455	12,574	14,109	14,768	14,314	13,599	13,405
Operating Revenue	15,898	16,107	15,932	14,455	12,574	14,109	14,768	14,314	13,599	13,405
Total Cost of Revenue	8,858	9,316	9,429	8,489	7,375	8,187	8,604	8,306	7,908	7,888
Operating Cost of Revenue	8,858	9,316	9,429	8,489	7,375	8,187	8,604	8,306	7,908	7,888
Total Operating Expenses	2,776	2,751	2,713	2,489	2,317	2,520	2,580	2,523	2,635	2,650
Research & Development Expense	2,675	2,638	2,579	2,356	2,163	2,361	2,391	2,412	2,411	2,417
Amortization Expense	101	113	134	133	154	159	189	206	224	233
Total Other Income / (Expense), net	158	-217	52	-151	-178	-114	-190	-215	-148	-148
Interest Expense	283	266	203	202	206	221	257	260	237	226
Other Income / (Expense), net	441	49	255	51	28	107	67	45	89	78
Income Tax Expense	934	866	808	632	595	767	831	1,583	873	820
Basic Earnings per Share	$11.75	$9.77	$9.80	$8.55	$6.66	$7.78	$7.65	$4.90	$5.73	$5.16
Weighted Average Basic Shares Outstanding	293.50M	298.80M	305.07M	312.93M	316.66M	318.86M	328.11M	344.10M	355M	367.90M
Diluted Earnings per Share	$11.71	$9.74	$9.77	$8.51	$6.63	$7.74	$7.60	$4.86	$5.70	$5.13
Weighted Average Diluted Shares Outstanding	293.50M	298.80M	305.07M	312.93M	316.66M	318.86M	328.11M	344.10M	355M	367.90M
Weighted Average Basic & Diluted Shares Outstanding	293.50M	298.80M	305.07M	312.93M	316.66M	318.86M	328.11M	344.10M	355M	367.90M
Cash Dividends to Common per Share	$5.70	$5.33	$4.97	$4.64	$4.35	$4.07	$3.34	$2.73	$2.30	$2.01

This table shows Illinois Tool Works' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	700	750	1,160	759	819	717	772	754	714	907	727
Consolidated Net Income / (Loss)	700	750	1,160	759	819	717	772	754	714	907	727
Net Income / (Loss) Continuing Operations	700	750	1,160	759	819	717	772	754	714	907	727
Total Pre-Tax Income	895	983	1,362	1,005	1,072	927	1,013	961	922	1,121	957
Total Operating Income	951	1,031	1,052	1,054	1,127	988	1,070	1,010	972	986	983
Total Gross Profit	1,678	1,711	1,736	1,765	1,828	1,671	1,712	1,730	1,678	1,662	1,640
Total Revenue	3,839	3,932	3,966	4,027	3,973	3,983	4,031	4,074	4,019	3,971	4,011
Operating Revenue	3,839	3,932	3,966	4,027	3,973	3,983	4,031	4,074	4,019	3,971	4,011
Total Cost of Revenue	2,161	2,221	2,230	2,262	2,145	2,312	2,319	2,344	2,341	2,309	2,371
Operating Cost of Revenue	2,161	2,221	2,230	2,262	2,145	2,312	2,319	2,344	2,341	2,309	2,371
Total Operating Expenses	727	680	684	711	701	683	642	720	706	676	657
Research & Development Expense	706	655	658	686	676	658	615	690	675	644	624
Amortization Expense	21	25	26	25	25	25	27	30	31	32	33
Total Other Income / (Expense), net	-56	-48	310	-49	-55	-61	-57	-49	-50	135	-26
Interest Expense	68	68	69	75	71	70	67	69	60	56	52
Other Income / (Expense), net	12	20	379	26	16	9.00	10	20	10	191	26
Income Tax Expense	195	233	202	246	253	210	241	207	208	214	230
Basic Earnings per Share	$2.39	$2.54	$3.92	$2.55	$2.74	$2.39	$2.55	$2.49	$2.34	$2.95	$2.36
Weighted Average Basic Shares Outstanding	293.60M	293.50M	296.10M	297.60M	298.90M	298.80M	301.90M	303.30M	305M	305.07M	308.80M
Diluted Earnings per Share	$2.38	$2.53	$3.91	$2.54	$2.73	$2.38	$2.55	$2.48	$2.33	$2.94	$2.35
Weighted Average Diluted Shares Outstanding	294.50M	293.50M	297M	298.50M	300M	298.80M	303M	304.20M	306.10M	305.07M	309.70M
Weighted Average Basic & Diluted Shares Outstanding	293M	293.50M	295.30M	296.90M	298.40M	298.80M	300.89M	302.39M	303.90M	305.07M	307.19M
Cash Dividends to Common per Share	$1.50	-	$1.50	$1.40	$1.40	-	$1.40	$1.31	$1.31	-	$1.31

This table details how cash moves in and out of Illinois Tool Works' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-117	357	-819	-1,037	583	477	-1,478	622	-618	-900
Net Cash From Operating Activities	3,281	3,539	2,348	2,557	2,807	2,995	2,811	2,402	2,302	2,299
Net Cash From Continuing Operating Activities	3,281	3,539	2,348	2,557	2,807	2,995	2,811	2,402	2,302	2,299
Net Income / (Loss) Continuing Operations	3,488	2,957	3,034	2,694	2,109	2,521	2,563	1,687	2,035	1,899
Consolidated Net Income / (Loss)	3,488	2,957	3,034	2,694	2,109	2,521	2,563	1,687	2,035	1,899
Depreciation Expense	301	282	276	277	273	267	272	256	246	244
Amortization Expense	101	113	134	133	154	159	189	206	224	233
Non-Cash Adjustments To Reconcile Net Income	-420	71	-133	27	43	-21	31	21	18	29
Changes in Operating Assets and Liabilities, net	-189	116	-963	-574	228	69	-244	232	-221	-106
Net Cash From Investing Activities	-144	-403	-110	-984	-214	-183	-325	-251	-532	-210
Net Cash From Continuing Investing Activities	-144	-403	-110	-984	-214	-183	-325	-251	-532	-210
Purchase of Property, Plant & Equipment	-437	-455	-412	-296	-236	-326	-364	-297	-273	-284
Acquisitions	-115	0.00	-2.00	-731	0.00	-4.00	0.00	-3.00	-453	-6.00
Sale of Property, Plant & Equipment	12	20	15	8.00	10	25	26	14	16	30
Divestitures	395	0.00	0.00	0.00	1.00	120	1.00	2.00	3.00	29
Sale and/or Maturity of Investments	11	27	12	38	14	20	16	43	188	22
Other Investing Activities, net	-10	5.00	277	-3.00	-3.00	-18	-4.00	-10	-13	-1.00
Net Cash From Financing Activities	-3,189	-2,782	-3,000	-2,564	-2,049	-2,326	-3,964	-1,674	-2,255	-2,526
Net Cash From Continuing Financing Activities	-3,189	-2,782	-3,000	-2,564	-2,049	-2,326	-3,964	-1,674	-2,255	-2,526
Repayment of Debt	-1,652	-1,145	-330	-241	-30	-1,363	-862	-666	-539	-960
Repurchase of Common Equity	-1,500	-1,500	-1,750	-1,000	-706	-1,500	-2,000	-1,000	-2,000	-2,002
Payment of Dividends	-1,695	-1,615	-1,542	-1,463	-1,379	-1,321	-1,124	-941	-821	-742
Issuance of Debt	1,606	1,425	593	90	0.00	1,773	0.00	849	992	1,099
Issuance of Common Equity	52	53	29	50	66	85	22	84	84	59
Effect of Exchange Rate Changes	-65	3.00	-57	-46	39	-9.00	-	145	-133	-463
Cash Interest Paid	248	260	199	197	194	223	247	240	212	200
Cash Income Taxes Paid	1,180	1,026	993	731	591	742	838	1,018	920	775

This table details how cash moves in and out of Illinois Tool Works' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-75	1.00	85	-97	-106	75	68	-221	435	-66	-105
Net Cash From Operating Activities	592	1,114	891	687	589	1,039	982	790	728	811	713
Net Cash From Continuing Operating Activities	591	1,114	891	687	589	1,039	982	790	728	811	713
Net Income / (Loss) Continuing Operations	700	750	1,160	759	819	717	772	754	714	907	727
Consolidated Net Income / (Loss)	700	750	1,160	759	819	717	772	754	714	907	727
Depreciation Expense	74	77	78	74	72	74	70	70	68	67	69
Amortization Expense	21	25	26	25	25	25	27	30	31	32	33
Non-Cash Adjustments To Reconcile Net Income	18	15	-350	17	-102	13	28	13	17	-175	12
Changes in Operating Assets and Liabilities, net	-222	247	-23	-188	-225	210	85	-77	-102	-20	-128
Net Cash From Investing Activities	-92	-117	294	-169	-152	-120	-103	-69	-111	127	-91
Net Cash From Continuing Investing Activities	-92	-117	294	-169	-152	-120	-103	-69	-111	127	-91
Purchase of Property, Plant & Equipment	-96	-118	-108	-116	-95	-131	-126	-85	-113	-156	-101
Acquisitions	2.00	-	-	-58	-57	-	-	-	0.00	-	-
Sale of Property, Plant & Equipment	3.00	2.00	5.00	3.00	2.00	9.00	6.00	2.00	3.00	7.00	3.00
Sale and/or Maturity of Investments	0.00	1.00	-	4.00	6.00	2.00	18	5.00	2.00	-	5.00
Other Investing Activities, net	-1.00	-2.00	2.00	-2.00	-8.00	-	-1.00	9.00	-3.00	279	-1.00
Net Cash From Financing Activities	-588	-943	-1,121	-601	-524	-877	-788	-932	-185	-1,035	-681
Net Cash From Continuing Financing Activities	-588	-943	-1,121	-601	-524	-877	-788	-932	-185	-1,035	-681
Repayment of Debt	-18	-134	-333	-1,414	229	-85	-26	-1,591	557	-283	196
Repurchase of Common Equity	-375	-375	-375	-375	-375	-375	-375	-375	-375	-500	-500
Payment of Dividends	-441	-443	-415	-418	-419	-421	-396	-398	-400	-403	-377
Issuance of Debt	202	-	-	-	-	-	-	-	-	139	-
Issuance of Common Equity	44	9.00	2.00	-	41	4.00	9.00	7.00	33	12	-
Other Net Changes in Cash	13	-	-	-	-	-	-	-	-	-	-
Cash Interest Paid	53	32	57	83	76	44	75	79	62	29	57
Cash Income Taxes Paid	139	220	323	485	152	235	241	422	128	225	262

This table presents Illinois Tool Works' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	15,067	15,518	15,422	16,077	15,612	15,068	14,870	16,780	15,201	15,729
Total Current Assets	5,856	6,235	6,270	6,374	6,523	6,253	5,778	7,278	6,123	6,720
Cash & Equivalents	948	1,065	708	1,527	2,564	1,981	1,504	3,094	2,472	3,090
Accounts Receivable	2,991	3,123	3,171	2,840	2,506	2,461	2,622	2,628	2,357	2,203
Inventories, net	1,605	1,707	2,054	1,694	1,189	1,164	1,318	1,220	1,076	1,086
Prepaid Expenses	312	340	329	313	264	296	334	336	218	341
Plant, Property, & Equipment, net	2,036	1,976	1,848	1,809	1,777	1,729	1,791	1,778	1,652	1,577
Total Noncurrent Assets	7,175	7,307	7,304	7,894	7,312	7,086	7,301	7,724	7,426	7,432
Goodwill	4,839	4,909	4,864	4,965	4,690	4,492	4,633	4,752	4,558	4,439
Intangible Assets	592	657	768	972	781	851	1,084	1,272	1,463	1,560
Noncurrent Deferred & Refundable Income Taxes	369	479	494	552	533	516	554	505	449	346
Other Noncurrent Operating Assets	1,375	1,262	1,178	1,405	1,308	1,227	1,030	1,195	956	1,087
Total Liabilities & Shareholders' Equity	15,067	15,518	15,422	16,077	15,612	15,068	14,870	16,780	15,201	15,729
Total Liabilities	11,750	12,505	12,333	12,451	12,430	12,038	11,612	12,191	10,942	10,501
Total Current Liabilities	4,308	4,675	4,460	3,470	2,589	2,154	3,542	3,053	2,760	2,368
Short-Term Debt	1,555	1,825	1,590	778	350	4.00	1,351	850	652	526
Accounts Payable	519	581	594	585	534	472	524	590	511	449
Accrued Expenses	1,576	1,663	1,728	1,648	1,284	1,217	1,271	1,258	1,202	1,136
Dividends Payable	441	419	400	382	361	342	328	266	226	200
Current Deferred & Payable Income Tax Liabilities	217	187	147	77	60	48	68	89	169	57
Total Noncurrent Liabilities	7,442	7,830	7,873	8,981	9,841	9,884	8,070	9,138	8,182	8,133
Long-Term Debt	6,308	6,339	6,173	6,909	7,772	7,754	6,029	7,478	7,177	6,896
Noncurrent Deferred Revenue	0.00	151	273	365	413	462	495	614	0.00	-
Noncurrent Deferred & Payable Income Tax Liabilities	119	326	484	654	588	668	707	164	134	256
Other Noncurrent Operating Liabilities	1,015	1,014	943	1,053	1,068	1,000	839	882	871	981
Total Equity & Noncontrolling Interests	3,317	3,013	3,089	3,626	3,182	3,030	3,258	4,589	4,259	5,228
Total Preferred & Common Equity	3,316	3,012	3,088	3,625	3,181	3,026	3,254	4,585	4,254	5,224
Total Common Equity	3,316	3,012	3,088	3,625	3,181	3,026	3,254	4,585	4,254	5,224
Common Stock	1,675	1,594	1,507	1,438	1,368	1,310	1,259	1,224	1,194	1,141
Retained Earnings	28,893	27,122	25,799	24,325	23,114	22,403	21,217	20,210	19,505	18,316
Treasury Stock	-25,375	-23,870	-	-	-19,659	-18,982	-17,545	-15,562	-14,638	-12,729
Accumulated Other Comprehensive Income / (Loss)	-1,877	-1,834	-1,841	-1,502	-1,642	-1,705	-1,677	-1,287	-1,807	-1,504
Noncontrolling Interest	1.00	1.00	1.00	1.00	1.00	4.00	4.00	4.00	5.00	4.00

This table presents Illinois Tool Works' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	15,468	15,067	15,824	15,577	15,653	15,518	15,395	15,652	15,921	15,422	15,226
Total Current Assets	6,037	5,856	6,304	6,256	6,371	6,235	6,288	6,404	6,688	6,270	6,196
Cash & Equivalents	873	948	947	862	959	1,065	990	922	1,143	708	774
Accounts Receivable	3,153	2,991	3,226	3,250	3,238	3,123	3,163	3,216	3,201	3,171	3,031
Inventories, net	1,663	1,605	1,817	1,819	1,825	1,707	1,799	1,921	2,000	2,054	2,007
Prepaid Expenses	348	312	314	325	349	340	336	345	334	329	281
Plant, Property, & Equipment, net	2,085	2,036	2,071	2,011	1,973	1,976	1,904	1,901	1,885	1,848	1,705
Total Noncurrent Assets	7,346	7,175	7,449	7,310	7,309	7,307	7,203	7,347	7,348	7,304	7,325
Goodwill	4,903	4,839	4,980	4,910	4,904	4,909	4,828	4,887	4,884	4,864	4,759
Intangible Assets	572	592	617	641	653	657	682	708	738	768	798
Noncurrent Deferred & Refundable Income Taxes	440	369	468	448	462	479	455	500	503	494	448
Other Noncurrent Operating Assets	1,431	1,375	1,384	1,311	1,290	1,262	1,238	1,252	1,223	1,178	1,320
Total Liabilities & Shareholders' Equity	15,468	15,067	15,824	15,577	15,653	15,518	15,395	15,652	15,921	15,422	15,226
Total Liabilities	12,226	11,750	12,432	12,615	12,632	12,505	12,391	12,558	12,820	12,333	12,212
Total Current Liabilities	3,780	4,308	4,627	4,804	4,844	4,675	3,982	4,040	5,596	4,460	4,392
Short-Term Debt	981	1,555	1,768	2,044	2,066	1,825	1,248	1,275	2,870	1,590	1,688
Accounts Payable	594	519	556	576	597	581	580	590	599	594	618
Accrued Expenses	1,477	1,576	1,655	1,615	1,512	1,663	1,588	1,625	1,504	1,728	1,559
Dividends Payable	439	441	443	416	418	419	421	396	398	400	402
Current Deferred & Payable Income Tax Liabilities	289	217	205	153	251	187	145	154	224	147	97
Total Noncurrent Liabilities	8,446	7,442	7,805	7,811	7,788	7,830	8,409	8,518	7,224	7,873	7,820
Long-Term Debt	7,282	6,308	6,578	6,429	6,259	6,339	6,818	6,947	5,510	6,173	5,940
Noncurrent Deferred & Payable Income Tax Liabilities	127	119	129	381	380	326	464	451	477	484	655
Other Noncurrent Operating Liabilities	1,037	1,015	1,098	1,001	998	1,014	976	969	964	943	952
Total Equity & Noncontrolling Interests	3,242	3,317	3,392	2,962	3,021	3,013	3,004	3,094	3,101	3,089	3,014
Total Preferred & Common Equity	3,241	3,316	3,391	2,961	3,020	3,012	3,003	3,093	3,100	3,088	3,013
Total Common Equity	3,241	3,316	3,391	2,961	3,020	3,012	3,003	3,093	3,100	3,088	3,013
Common Stock	1,711	1,675	1,657	1,642	1,624	1,594	1,575	1,556	1,532	1,507	1,485
Retained Earnings	29,154	28,893	28,583	27,866	27,523	27,122	26,823	26,473	26,115	25,799	25,292
Treasury Stock	-25,746	-25,375	-25,000	-24,622	-24,243	-23,870	-23,493	-	-	-	-
Accumulated Other Comprehensive Income / (Loss)	-1,878	-1,877	-1,849	-1,925	-1,884	-1,834	-1,902	-1,820	-1,804	-1,841	-1,882
Noncontrolling Interest	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

This table displays calculated financial ratios and metrics derived from Illinois Tool Works' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.30%	1.10%	10.22%	14.96%	-10.88%	-4.46%	3.17%	5.26%	1.45%	-7.45%
EBITDA Growth	13.89%	0.65%	13.13%	18.01%	-15.20%	-4.30%	3.01%	10.43%	5.64%	-0.98%
EBIT Growth	15.06%	1.09%	14.65%	21.24%	-17.07%	-3.89%	3.43%	12.24%	6.79%	-0.14%
NOPAT Growth	7.63%	4.41%	6.27%	25.29%	-13.82%	-3.62%	50.53%	-15.93%	6.80%	-0.99%
Net Income Growth	17.96%	-2.54%	12.62%	27.74%	-16.34%	-1.64%	51.93%	-17.10%	7.16%	-35.54%
EPS Growth	20.23%	-0.31%	14.81%	28.36%	-14.34%	1.84%	56.38%	-14.74%	11.11%	-29.53%
Operating Cash Flow Growth	-7.29%	50.72%	-8.17%	-8.91%	-6.28%	6.55%	17.03%	4.34%	0.13%	42.26%
Free Cash Flow Firm Growth	2.89%	19.32%	50.00%	-13.22%	-37.03%	-3.96%	114.94%	-24.59%	-23.30%	0.04%
Invested Capital Growth	1.35%	-0.06%	3.63%	11.72%	2.62%	-6.27%	-6.21%	2.51%	0.84%	-6.50%
Revenue Q/Q Growth	-0.32%	0.07%	1.87%	1.43%	0.05%	-0.78%	-0.33%	1.63%	0.92%	-1.68%
EBITDA Q/Q Growth	1.13%	-3.86%	8.03%	-0.91%	-0.18%	-0.18%	0.34%	1.86%	2.67%	-0.52%
EBIT Q/Q Growth	1.16%	-4.22%	9.06%	-0.98%	-0.21%	0.09%	0.47%	2.11%	3.18%	-0.64%
NOPAT Q/Q Growth	0.69%	-1.22%	5.63%	-1.65%	2.40%	-0.15%	36.06%	-24.86%	1.45%	0.02%
Net Income Q/Q Growth	0.96%	-6.04%	10.89%	-1.21%	0.05%	1.37%	36.33%	-25.68%	2.88%	0.00%
EPS Q/Q Growth	1.30%	-5.44%	11.53%	-1.05%	0.61%	1.98%	36.94%	-25.57%	4.01%	1.18%
Operating Cash Flow Q/Q Growth	2.34%	6.89%	1.60%	0.04%	-0.04%	-1.16%	4.23%	1.31%	-1.67%	11.93%
Free Cash Flow Firm Q/Q Growth	23.55%	9.57%	26.25%	-22.51%	-9.61%	53.44%	-7.23%	3.62%	-34.88%	3.05%
Invested Capital Q/Q Growth	-4.99%	0.29%	3.35%	7.71%	3.02%	0.00%	13.41%	1.43%	8.74%	-3.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.28%	42.16%	40.82%	41.27%	41.35%	41.97%	41.74%	41.97%	41.85%	41.16%
EBITDA Margin	32.12%	27.84%	27.96%	27.24%	26.54%	27.89%	27.84%	27.89%	26.58%	25.53%
Operating Margin	26.82%	25.08%	23.79%	24.05%	22.92%	24.11%	24.27%	24.35%	22.47%	21.39%
EBIT Margin	29.59%	25.39%	25.39%	24.41%	23.14%	24.87%	24.72%	24.66%	23.13%	21.97%
Profit (Net Income) Margin	21.94%	18.36%	19.04%	18.64%	16.77%	17.87%	17.36%	11.79%	14.96%	14.17%
Tax Burden Percent	78.88%	77.35%	78.97%	81.00%	78.00%	76.67%	75.52%	51.59%	69.98%	69.84%
Interest Burden Percent	93.99%	93.49%	94.98%	94.27%	92.92%	93.70%	92.96%	92.63%	92.46%	92.33%
Effective Tax Rate	21.12%	22.65%	21.03%	19.00%	22.00%	23.33%	24.48%	48.41%	30.02%	30.16%
Return on Invested Capital (ROIC)	31.72%	29.66%	28.91%	29.23%	25.02%	28.46%	27.69%	18.04%	21.82%	19.83%
ROIC Less NNEP Spread (ROIC-NNEP)	33.40%	27.42%	29.50%	27.27%	22.66%	27.01%	25.23%	16.04%	19.77%	17.29%
Return on Net Nonoperating Assets (RNNOA)	78.48%	67.25%	61.45%	49.91%	42.88%	51.73%	37.64%	20.09%	21.08%	11.69%
Return on Equity (ROE)	110.21%	96.92%	90.36%	79.14%	67.90%	80.18%	65.32%	38.13%	42.90%	31.51%
Cash Return on Invested Capital (CROIC)	30.38%	29.72%	25.35%	18.16%	22.44%	34.93%	34.10%	15.56%	20.98%	26.55%
Operating Return on Assets (OROA)	30.77%	26.43%	25.68%	22.27%	18.97%	23.44%	23.07%	22.08%	20.34%	17.74%
Return on Assets (ROA)	22.81%	19.11%	19.26%	17.00%	13.75%	16.84%	16.20%	10.55%	13.16%	11.44%
Return on Common Equity (ROCE)	110.17%	96.89%	90.34%	79.12%	67.85%	80.08%	65.26%	38.09%	42.86%	31.49%
Return on Equity Simple (ROE_SIMPLE)	105.19%	98.17%	98.25%	74.32%	66.30%	83.31%	78.76%	36.79%	47.84%	36.35%
Net Operating Profit after Tax (NOPAT)	3,363	3,125	2,993	2,816	2,248	2,608	2,706	1,798	2,139	2,002
NOPAT Margin	21.16%	19.40%	18.79%	19.48%	17.88%	18.49%	18.33%	12.56%	15.73%	14.94%
Net Nonoperating Expense Percent (NNEP)	-1.68%	2.24%	-0.59%	1.96%	2.36%	1.45%	2.45%	2.00%	2.05%	2.54%
Return On Investment Capital (ROIC_SIMPLE)	30.08%	27.96%	27.58%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	55.72%	57.84%	59.18%	58.73%	58.65%	58.03%	58.26%	58.03%	58.15%	58.84%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	16.83%	16.38%	16.19%	16.30%	17.20%	16.73%	16.19%	16.85%	17.73%	18.03%
Operating Expenses to Revenue	17.46%	17.08%	17.03%	17.22%	18.43%	17.86%	17.47%	17.63%	19.38%	19.77%
Earnings before Interest and Taxes (EBIT)	4,705	4,089	4,045	3,528	2,910	3,509	3,651	3,530	3,145	2,945
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,107	4,484	4,455	3,938	3,337	3,935	4,112	3,992	3,615	3,422
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	22.58	25.58	21.06	20.38	18.95	17.38	11.46	10.78	8.57	5.35
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.71	4.78	4.08	5.11	4.79	3.73	2.52	3.45	2.68	2.08
Price to Earnings (P/E)	21.47	26.05	21.44	27.43	28.58	20.86	14.54	29.29	17.91	14.72
Dividend Yield	2.29%	2.08%	2.39%	2.01%	2.32%	2.53%	3.17%	1.98%	2.31%	2.69%
Earnings Yield	4.66%	3.84%	4.66%	3.65%	3.50%	4.79%	6.88%	3.41%	5.58%	6.80%
Enterprise Value to Invested Capital (EV/IC)	7.66	7.99	6.84	7.87	7.23	6.58	4.56	5.42	4.25	3.31
Enterprise Value to Revenue (EV/Rev)	5.14	5.22	4.53	5.54	5.24	4.14	2.92	3.82	3.07	2.41
Enterprise Value to EBITDA (EV/EBITDA)	16.02	18.76	16.18	20.33	19.73	14.83	10.50	13.69	11.56	9.43
Enterprise Value to EBIT (EV/EBIT)	17.38	20.58	17.82	22.69	22.63	16.63	11.82	15.48	13.29	10.96
Enterprise Value to NOPAT (EV/NOPAT)	24.32	26.93	24.09	28.42	29.29	22.37	15.95	30.40	19.55	16.12
Enterprise Value to Operating Cash Flow (EV/OCF)	24.93	23.77	30.71	31.30	23.46	19.49	15.35	22.75	18.16	14.04
Enterprise Value to Free Cash Flow (EV/FCFF)	25.39	26.87	27.48	45.76	32.66	18.23	12.95	35.24	20.33	12.04
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.37	2.71	2.51	2.12	2.55	2.56	2.27	1.81	1.84	1.42
Long-Term Debt to Equity	1.90	2.10	2.00	1.91	2.44	2.56	1.85	1.63	1.69	1.32
Financial Leverage	2.35	2.45	2.08	1.83	1.89	1.92	1.49	1.25	1.07	0.68
Leverage Ratio	4.83	5.07	4.69	4.65	4.94	4.76	4.03	3.61	3.26	2.75
Compound Leverage Factor	4.54	4.74	4.46	4.39	4.59	4.46	3.75	3.35	3.01	2.54
Debt to Total Capital	70.33%	73.04%	71.54%	67.95%	71.85%	71.91%	69.37%	64.47%	64.77%	58.67%
Short-Term Debt to Total Capital	13.91%	16.33%	14.65%	6.88%	3.10%	0.04%	12.70%	6.58%	5.39%	4.16%
Long-Term Debt to Total Capital	56.42%	56.71%	56.88%	61.07%	68.75%	71.88%	56.67%	57.89%	59.37%	54.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.04%	0.04%	0.03%	0.04%	0.03%
Common Equity to Total Capital	29.66%	26.95%	28.46%	32.04%	28.14%	28.05%	30.59%	35.50%	35.19%	41.30%
Debt to EBITDA	1.54	1.82	1.74	1.95	2.43	1.97	1.79	2.09	2.17	2.17
Net Debt to EBITDA	1.35	1.58	1.58	1.56	1.67	1.47	1.43	1.31	1.48	1.27
Long-Term Debt to EBITDA	1.24	1.41	1.39	1.75	2.33	1.97	1.47	1.87	1.99	2.02
Debt to NOPAT	2.34	2.61	2.59	2.73	3.61	2.97	2.73	4.63	3.66	3.71
Net Debt to NOPAT	2.06	2.27	2.36	2.19	2.47	2.21	2.17	2.91	2.50	2.16
Long-Term Debt to NOPAT	1.88	2.03	2.06	2.45	3.46	2.97	2.23	4.16	3.36	3.44
Altman Z-Score	8.72	8.17	7.55	7.52	6.71	6.73	5.91	5.97	5.64	5.03
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.03%	0.08%	0.13%	0.10%	0.10%	0.09%	0.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.36	1.33	1.41	1.84	2.52	2.90	1.63	2.38	2.22	2.84
Quick Ratio	0.91	0.90	0.87	1.26	1.96	2.06	1.16	1.87	1.75	2.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,221	3,131	2,624	1,749	2,016	3,201	3,333	1,551	2,057	2,681
Operating Cash Flow to CapEx	772.00%	813.56%	591.44%	887.85%	1,242.04%	995.02%	831.66%	848.76%	895.72%	905.12%
Free Cash Flow to Firm to Interest Expense	11.38	11.77	12.93	8.66	9.79	14.49	12.97	5.97	8.68	11.86
Operating Cash Flow to Interest Expense	11.59	13.30	11.57	12.66	13.63	13.55	10.94	9.24	9.71	10.17
Operating Cash Flow Less CapEx to Interest Expense	10.09	11.67	9.61	11.23	12.53	12.19	9.62	8.15	8.63	9.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.04	1.01	0.91	0.82	0.94	0.93	0.90	0.88	0.81
Accounts Receivable Turnover	5.20	5.12	5.30	5.41	5.06	5.55	5.63	5.74	5.96	5.96
Inventory Turnover	5.35	4.95	5.03	5.89	6.27	6.60	6.78	7.24	7.32	6.96
Fixed Asset Turnover	7.93	8.42	8.71	8.06	7.17	8.02	8.28	8.35	8.42	8.22
Accounts Payable Turnover	16.11	15.86	15.99	15.17	14.66	16.44	15.45	15.09	16.48	16.42
Days Sales Outstanding (DSO)	70.19	71.31	68.86	67.50	72.09	65.75	64.88	63.56	61.20	61.21
Days Inventory Outstanding (DIO)	68.24	73.68	72.54	61.98	58.23	55.33	53.83	50.45	49.89	52.43
Days Payable Outstanding (DPO)	22.66	23.02	22.82	24.06	24.89	22.20	23.63	24.19	22.15	22.23
Cash Conversion Cycle (CCC)	115.76	121.97	118.58	105.42	105.42	98.87	95.08	89.81	88.94	91.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,673	10,531	10,537	10,168	9,101	8,869	9,462	10,089	9,842	9,760
Invested Capital Turnover	1.50	1.53	1.54	1.50	1.40	1.54	1.51	1.44	1.39	1.33
Increase / (Decrease) in Invested Capital	142	-6.00	369	1,067	232	-593	-627	247	82	-679
Enterprise Value (EV)	81,792	84,137	72,100	80,046	65,841	58,358	43,158	54,651	41,803	32,283
Market Capitalization	74,876	77,037	65,044	73,885	60,282	52,577	37,278	49,413	36,441	27,947
Book Value per Share	$11.23	$10.01	$10.05	$11.55	$10.05	$9.41	$9.81	$13.38	$12.12	$14.37
Tangible Book Value per Share	($7.16)	($8.49)	($8.28)	($7.37)	($7.23)	($7.21)	($7.42)	($4.20)	($5.03)	($2.13)
Total Capital	11,180	11,177	10,852	11,313	11,304	10,788	10,638	12,917	12,088	12,650
Total Debt	7,863	8,164	7,763	7,687	8,122	7,758	7,380	8,328	7,829	7,422
Total Long-Term Debt	6,308	6,339	6,173	6,909	7,772	7,754	6,029	7,478	7,177	6,896
Net Debt	6,915	7,099	7,055	6,160	5,558	5,777	5,876	5,234	5,357	4,332
Capital Expenditures (CapEx)	425	435	397	288	226	301	338	283	257	254
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,155	2,320	2,692	2,155	1,720	2,122	2,083	1,981	1,543	1,788
Debt-free Net Working Capital (DFNWC)	3,103	3,385	3,400	3,682	4,284	4,103	3,587	5,075	4,015	4,878
Net Working Capital (NWC)	1,548	1,560	1,810	2,904	3,934	4,099	2,236	4,225	3,363	4,352
Net Nonoperating Expense (NNE)	-125	168	-41	122	139	87	143	111	104	103
Net Nonoperating Obligations (NNO)	7,356	7,518	7,448	6,542	5,919	5,839	6,204	5,500	5,583	4,532
Total Depreciation and Amortization (D&A)	402	395	410	410	427	426	461	462	470	477
Debt-free, Cash-free Net Working Capital to Revenue	13.56%	14.40%	16.90%	14.91%	13.68%	15.04%	14.10%	13.84%	11.35%	13.34%
Debt-free Net Working Capital to Revenue	19.52%	21.02%	21.34%	25.47%	34.07%	29.08%	24.29%	35.45%	29.52%	36.39%
Net Working Capital to Revenue	9.74%	9.69%	11.36%	20.09%	31.29%	29.05%	15.14%	29.52%	24.73%	32.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.75	$9.77	$9.80	$8.55	$6.66	$7.78	$0.00	$0.00	$5.73	$0.00
Adjusted Weighted Average Basic Shares Outstanding	293.50M	298.80M	305.07M	312.93M	316.66M	318.86M	0.00	0.00	346.55M	0.00
Adjusted Diluted Earnings per Share	$11.71	$9.74	$9.77	$8.51	$6.63	$7.74	$0.00	$0.00	$5.70	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	293.50M	298.80M	305.07M	312.93M	316.66M	318.86M	0.00	0.00	346.55M	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	293.50M	298.80M	305.07M	312.93M	316.66M	318.86M	0.00	0.00	346.55M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	3,363	3,125	2,993	2,816	2,248	2,608	2,706	1,749	2,139	2,002
Normalized NOPAT Margin	21.16%	19.40%	18.79%	19.48%	17.88%	18.49%	18.33%	12.22%	15.73%	14.94%
Pre Tax Income Margin	27.81%	23.74%	24.12%	23.01%	21.50%	23.30%	22.98%	22.84%	21.38%	20.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.63	15.37	19.93	17.47	14.13	15.88	14.21	13.58	13.27	13.03
NOPAT to Interest Expense	11.88	11.75	14.74	13.94	10.91	11.80	10.53	6.92	9.02	8.86
EBIT Less CapEx to Interest Expense	15.12	13.74	17.97	16.04	13.03	14.52	12.89	12.49	12.19	11.91
NOPAT Less CapEx to Interest Expense	10.38	10.11	12.79	12.52	9.81	10.44	9.22	5.83	7.94	7.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.60%	54.62%	50.82%	54.31%	65.39%	52.40%	43.85%	55.78%	40.34%	39.07%
Augmented Payout Ratio	91.60%	105.34%	108.50%	91.43%	98.86%	111.90%	121.89%	115.06%	138.62%	144.50%

This table displays calculated financial ratios and metrics derived from Illinois Tool Works' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.37%	-1.28%	-1.61%	-1.15%	-1.14%	0.30%	0.50%	1.57%	2.03%	7.94%	12.80%
EBITDA Growth	-14.68%	5.20%	30.42%	4.34%	14.71%	-14.11%	5.94%	7.31%	6.50%	35.03%	15.85%
EBIT Growth	-15.75%	5.42%	32.50%	4.85%	16.40%	-15.29%	7.04%	8.42%	8.03%	39.95%	18.01%
NOPAT Growth	-13.61%	2.94%	9.88%	0.45%	14.39%	-4.21%	9.20%	4.71%	9.38%	24.40%	11.47%
Net Income Growth	-14.53%	4.60%	50.26%	0.66%	14.71%	-20.95%	6.19%	2.17%	7.86%	48.93%	13.77%
EPS Growth	-12.82%	6.30%	53.33%	2.42%	17.17%	-19.05%	8.51%	4.64%	10.43%	52.33%	16.34%
Operating Cash Flow Growth	0.51%	7.22%	-9.27%	-13.04%	-19.09%	28.11%	37.73%	57.68%	125.39%	4.78%	15.19%
Free Cash Flow Firm Growth	-38.98%	-16.30%	-68.01%	33.43%	42.44%	79.63%	6,276.00%	304.12%	174.81%	200.72%	-112.90%
Invested Capital Growth	2.46%	1.35%	6.98%	1.84%	0.73%	-0.06%	3.00%	3.30%	1.93%	3.63%	8.00%
Revenue Q/Q Growth	-2.37%	-0.86%	-1.51%	1.36%	-0.25%	-1.19%	-1.06%	1.37%	1.21%	-1.00%	0.00%
EBITDA Q/Q Growth	-8.24%	-24.89%	30.20%	-4.92%	13.14%	-6.88%	4.16%	4.53%	-15.28%	14.85%	5.51%
EBIT Q/Q Growth	-8.37%	-26.55%	32.50%	-5.51%	14.64%	-7.69%	4.85%	4.89%	-16.57%	16.65%	6.21%
NOPAT Q/Q Growth	-5.44%	-12.21%	12.56%	-7.55%	12.67%	-6.29%	2.90%	5.28%	-5.65%	6.83%	-1.33%
Net Income Q/Q Growth	-6.67%	-35.34%	52.83%	-7.33%	14.23%	-7.12%	2.39%	5.60%	-21.28%	24.76%	-1.49%
EPS Q/Q Growth	-5.93%	-35.29%	53.94%	-6.96%	14.71%	-6.67%	2.82%	6.44%	-20.75%	25.11%	-0.84%
Operating Cash Flow Q/Q Growth	-46.86%	25.03%	29.69%	16.64%	-43.31%	5.80%	24.30%	8.52%	-10.23%	13.74%	42.32%
Free Cash Flow Firm Q/Q Growth	-25.88%	295.53%	-72.70%	-23.76%	1.67%	51.18%	13.86%	-18.60%	28.21%	5,298.05%	96.24%
Invested Capital Q/Q Growth	3.73%	-4.99%	2.23%	1.70%	2.60%	0.29%	-2.68%	0.59%	1.80%	3.35%	-2.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.71%	43.51%	43.77%	43.83%	46.01%	41.95%	42.47%	42.46%	41.75%	41.85%	40.89%
EBITDA Margin	27.56%	29.32%	38.70%	29.28%	31.21%	27.52%	29.20%	27.74%	26.90%	32.13%	27.70%
Operating Margin	24.77%	26.22%	26.53%	26.17%	28.37%	24.81%	26.54%	24.79%	24.19%	24.83%	24.51%
EBIT Margin	25.08%	26.73%	36.08%	26.82%	28.77%	25.03%	26.79%	25.28%	24.43%	29.64%	25.16%
Profit (Net Income) Margin	18.23%	19.07%	29.25%	18.85%	20.61%	18.00%	19.15%	18.51%	17.77%	22.84%	18.13%
Tax Burden Percent	78.21%	76.30%	85.17%	75.52%	76.40%	77.35%	76.21%	78.46%	77.44%	80.91%	75.97%
Interest Burden Percent	92.94%	93.53%	95.18%	93.06%	93.79%	92.98%	93.80%	93.30%	93.89%	95.24%	94.85%
Effective Tax Rate	21.79%	23.70%	14.83%	24.48%	23.60%	22.65%	23.79%	21.54%	22.56%	19.09%	24.03%
Return on Invested Capital (ROIC)	27.92%	30.00%	33.15%	29.07%	32.33%	29.34%	31.46%	29.45%	28.22%	30.92%	29.66%
ROIC Less NNEP Spread (ROIC-NNEP)	27.36%	29.51%	36.60%	28.60%	31.79%	28.71%	30.87%	28.93%	27.69%	32.48%	29.36%
Return on Net Nonoperating Assets (RNNOA)	68.21%	69.33%	87.77%	74.25%	80.01%	70.41%	75.30%	65.97%	60.36%	67.67%	59.23%
Return on Equity (ROE)	96.13%	99.33%	120.92%	103.32%	112.34%	99.74%	106.76%	95.42%	88.59%	98.58%	88.89%
Cash Return on Invested Capital (CROIC)	27.23%	30.38%	23.99%	27.89%	29.31%	29.72%	27.61%	25.89%	26.87%	25.35%	21.17%
Operating Return on Assets (OROA)	25.41%	27.79%	36.87%	27.51%	29.27%	26.06%	28.17%	25.95%	24.30%	29.98%	25.60%
Return on Assets (ROA)	18.47%	19.83%	29.88%	19.33%	20.97%	18.74%	20.13%	19.00%	17.66%	23.11%	18.44%
Return on Common Equity (ROCE)	96.10%	99.30%	120.89%	103.28%	112.30%	99.71%	106.73%	95.39%	88.56%	98.55%	88.86%
Return on Equity Simple (ROE_SIMPLE)	103.95%	0.00%	101.89%	103.58%	101.39%	0.00%	104.80%	100.29%	99.55%	0.00%	90.81%
Net Operating Profit after Tax (NOPAT)	744	787	896	796	861	764	815	792	753	798	747
NOPAT Margin	19.37%	20.01%	22.59%	19.77%	21.67%	19.19%	20.23%	19.45%	18.73%	20.09%	18.62%
Net Nonoperating Expense Percent (NNEP)	0.56%	0.49%	-3.44%	0.47%	0.55%	0.63%	0.59%	0.52%	0.53%	-1.56%	0.30%
Return On Investment Capital (ROIC_SIMPLE)	6.47%	7.04%	-	-	-	6.84%	-	-	-	7.35%	-
Cost of Revenue to Revenue	56.29%	56.49%	56.23%	56.17%	53.99%	58.05%	57.53%	57.54%	58.25%	58.15%	59.11%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	18.39%	16.66%	16.59%	17.04%	17.01%	16.52%	15.26%	16.94%	16.80%	16.22%	15.56%
Operating Expenses to Revenue	18.94%	17.29%	17.25%	17.66%	17.64%	17.15%	15.93%	17.67%	17.57%	17.02%	16.38%
Earnings before Interest and Taxes (EBIT)	963	1,051	1,431	1,080	1,143	997	1,080	1,030	982	1,177	1,009
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,058	1,153	1,535	1,179	1,240	1,096	1,177	1,130	1,081	1,276	1,111
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	22.46	22.58	22.95	23.88	26.73	25.58	22.80	24.16	23.56	21.06	18.05
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.62	4.71	4.88	4.42	5.03	4.78	4.25	4.65	4.56	4.08	3.48
Price to Earnings (P/E)	21.61	21.47	22.52	23.05	26.37	26.05	21.76	24.09	23.67	21.44	19.88
Dividend Yield	2.38%	2.29%	1.64%	1.77%	1.53%	2.08%	2.35%	2.13%	2.15%	2.39%	2.83%
Earnings Yield	4.63%	4.66%	4.44%	4.34%	3.79%	3.84%	4.60%	4.15%	4.22%	4.66%	5.03%
Enterprise Value to Invested Capital (EV/IC)	7.24	7.66	7.58	7.13	8.15	7.99	7.19	7.60	7.48	6.84	6.01
Enterprise Value to Revenue (EV/Rev)	5.09	5.14	5.34	4.89	5.49	5.22	4.69	5.10	5.01	4.53	3.92
Enterprise Value to EBITDA (EV/EBITDA)	16.28	16.02	16.87	16.69	18.98	18.76	16.20	17.84	17.76	16.18	14.85
Enterprise Value to EBIT (EV/EBIT)	17.72	17.38	18.32	18.21	20.73	20.58	17.70	19.54	19.50	17.82	16.51
Enterprise Value to NOPAT (EV/NOPAT)	24.71	24.32	25.51	24.20	27.25	26.93	23.88	26.51	26.26	24.09	21.61
Enterprise Value to Operating Cash Flow (EV/OCF)	24.42	24.93	26.58	23.76	25.91	23.77	22.82	26.96	29.16	30.71	26.50
Enterprise Value to Free Cash Flow (EV/FCFF)	26.92	25.39	32.68	25.78	27.92	26.87	26.44	29.84	28.12	27.48	29.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.55	2.37	2.46	2.86	2.76	2.71	2.69	2.66	2.70	2.51	2.53
Long-Term Debt to Equity	2.25	1.90	1.94	2.17	2.07	2.10	2.27	2.25	1.78	2.00	1.97
Financial Leverage	2.49	2.35	2.40	2.60	2.52	2.45	2.44	2.28	2.18	2.08	2.02
Leverage Ratio	4.97	4.83	4.88	5.16	5.16	5.07	5.09	4.84	4.82	4.69	4.72
Compound Leverage Factor	4.62	4.52	4.65	4.80	4.84	4.71	4.77	4.51	4.52	4.47	4.48
Debt to Total Capital	71.82%	70.33%	71.10%	74.10%	73.37%	73.04%	72.86%	72.66%	72.99%	71.54%	71.68%
Short-Term Debt to Total Capital	8.53%	13.91%	15.06%	17.87%	18.21%	16.33%	11.27%	11.27%	25.00%	14.65%	15.86%
Long-Term Debt to Total Capital	63.29%	56.42%	56.04%	56.22%	55.16%	56.71%	61.59%	61.39%	47.99%	56.88%	55.82%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	28.17%	29.66%	28.89%	25.89%	26.62%	26.95%	27.13%	27.33%	27.00%	28.46%	28.31%
Debt to EBITDA	1.68	1.54	1.65	1.81	1.79	1.82	1.73	1.79	1.85	1.74	1.85
Net Debt to EBITDA	1.50	1.35	1.47	1.62	1.59	1.58	1.52	1.59	1.60	1.58	1.66
Long-Term Debt to EBITDA	1.48	1.24	1.30	1.37	1.35	1.41	1.46	1.51	1.22	1.39	1.44
Debt to NOPAT	2.55	2.34	2.50	2.62	2.57	2.61	2.55	2.66	2.74	2.59	2.69
Net Debt to NOPAT	2.28	2.06	2.22	2.35	2.28	2.27	2.24	2.36	2.37	2.36	2.42
Long-Term Debt to NOPAT	2.24	1.88	1.97	1.99	1.94	2.03	2.16	2.25	1.80	2.06	2.10
Altman Z-Score	7.61	7.92	7.72	7.24	7.68	7.51	7.21	7.36	7.01	6.93	6.39
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.60	1.36	1.36	1.30	1.32	1.33	1.58	1.59	1.20	1.41	1.41
Quick Ratio	1.07	0.91	0.90	0.86	0.87	0.90	1.04	1.02	0.78	0.87	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	478	645	163	597	783	770	509	447	550	429	-8.25
Operating Cash Flow to CapEx	636.56%	960.34%	865.05%	607.96%	633.33%	851.64%	818.33%	951.81%	661.82%	544.30%	727.55%
Free Cash Flow to Firm to Interest Expense	7.03	9.48	2.36	7.96	11.03	11.00	7.60	6.48	9.16	7.66	-0.16
Operating Cash Flow to Interest Expense	8.71	16.38	12.91	9.16	8.30	14.84	14.66	11.45	12.13	14.48	13.71
Operating Cash Flow Less CapEx to Interest Expense	7.34	14.68	11.42	7.65	6.99	13.10	12.87	10.25	10.30	11.82	11.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.01	1.04	1.02	1.03	1.02	1.04	1.05	1.03	0.99	1.01	1.02
Accounts Receivable Turnover	4.93	5.20	4.99	4.95	4.99	5.12	5.20	5.08	5.06	5.30	5.43
Inventory Turnover	5.09	5.35	4.95	4.83	4.77	4.95	4.89	4.81	4.85	5.03	5.27
Fixed Asset Turnover	7.77	7.93	8.02	8.19	8.33	8.42	8.92	8.84	8.70	8.71	9.07
Accounts Payable Turnover	14.90	16.11	15.76	15.50	15.25	15.86	15.55	14.76	14.54	15.99	15.74
Days Sales Outstanding (DSO)	73.99	70.19	73.11	73.69	73.17	71.31	70.23	71.81	72.11	68.86	67.21
Days Inventory Outstanding (DIO)	71.73	68.24	73.74	75.52	76.54	73.68	74.58	75.92	75.28	72.54	69.21
Days Payable Outstanding (DPO)	24.49	22.66	23.17	23.54	23.93	23.02	23.48	24.73	25.11	22.82	23.19
Cash Conversion Cycle (CCC)	121.23	115.76	123.68	125.66	125.77	121.97	121.34	123.00	122.29	118.58	113.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,071	10,673	11,234	10,989	10,805	10,531	10,501	10,790	10,727	10,537	10,195
Invested Capital Turnover	1.44	1.50	1.47	1.47	1.49	1.53	1.56	1.51	1.51	1.54	1.59
Increase / (Decrease) in Invested Capital	266	142	733	199	78	-6.00	306	345	203	369	755
Enterprise Value (EV)	80,182	81,792	85,209	78,321	88,104	84,137	75,553	82,026	80,282	72,100	61,240
Market Capitalization	72,791	74,876	77,809	70,709	80,737	77,037	68,476	74,725	73,044	65,044	54,385
Book Value per Share	$11.04	$11.23	$11.42	$9.92	$10.10	$10.01	$9.93	$10.18	$10.16	$10.05	$9.73
Tangible Book Value per Share	($7.61)	($7.16)	($7.43)	($8.68)	($8.49)	($8.49)	($8.29)	($8.23)	($8.27)	($8.28)	($8.22)
Total Capital	11,505	11,180	11,738	11,435	11,346	11,177	11,070	11,316	11,481	10,852	10,642
Total Debt	8,263	7,863	8,346	8,473	8,325	8,164	8,066	8,222	8,380	7,763	7,628
Total Long-Term Debt	7,282	6,308	6,578	6,429	6,259	6,339	6,818	6,947	5,510	6,173	5,940
Net Debt	7,390	6,915	7,399	7,611	7,366	7,099	7,076	7,300	7,237	7,055	6,854
Capital Expenditures (CapEx)	93	116	103	113	93	122	120	83	110	149	98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,365	2,155	2,498	2,634	2,634	2,320	2,564	2,717	2,819	2,692	2,718
Debt-free Net Working Capital (DFNWC)	3,238	3,103	3,445	3,496	3,593	3,385	3,554	3,639	3,962	3,400	3,492
Net Working Capital (NWC)	2,257	1,548	1,677	1,452	1,527	1,560	2,306	2,364	1,092	1,810	1,804
Net Nonoperating Expense (NNE)	44	37	-264	37	42	47	43	38	39	-109	20
Net Nonoperating Obligations (NNO)	7,829	7,356	7,842	8,027	7,784	7,518	7,497	7,696	7,626	7,448	7,181
Total Depreciation and Amortization (D&A)	95	102	104	99	97	99	97	100	99	99	102
Debt-free, Cash-free Net Working Capital to Revenue	15.00%	13.56%	15.66%	16.45%	16.40%	14.40%	15.93%	16.90%	17.61%	16.90%	17.38%
Debt-free Net Working Capital to Revenue	20.54%	19.52%	21.60%	21.83%	22.37%	21.02%	22.08%	22.64%	24.74%	21.34%	22.33%
Net Working Capital to Revenue	14.32%	9.74%	10.51%	9.07%	9.51%	9.69%	14.33%	14.71%	6.82%	11.36%	11.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.39	$2.54	$3.92	$2.55	$2.74	$2.39	$2.55	$2.49	$2.34	$2.95	$2.36
Adjusted Weighted Average Basic Shares Outstanding	293.60M	293.50M	296.10M	297.60M	298.90M	298.80M	301.90M	303.30M	305M	305.07M	308.80M
Adjusted Diluted Earnings per Share	$2.38	$2.53	$3.91	$2.54	$2.73	$2.38	$2.55	$2.48	$2.33	$2.94	$2.35
Adjusted Weighted Average Diluted Shares Outstanding	294.50M	293.50M	297M	298.50M	300M	298.80M	303M	304.20M	306.10M	305.07M	309.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	293M	293.50M	295.30M	296.90M	298.40M	298.80M	300.89M	302.39M	303.90M	305.07M	307.19M
Normalized Net Operating Profit after Tax (NOPAT)	744	787	896	796	861	764	815	792	753	798	747
Normalized NOPAT Margin	19.37%	20.01%	22.59%	19.77%	21.67%	19.19%	20.23%	19.45%	18.73%	20.09%	18.62%
Pre Tax Income Margin	23.31%	25.00%	34.34%	24.96%	26.98%	23.27%	25.13%	23.59%	22.94%	28.23%	23.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.16	15.46	20.74	14.40	16.10	14.24	16.12	14.93	16.37	21.02	19.40
NOPAT to Interest Expense	10.94	11.57	12.99	10.61	12.13	10.92	12.17	11.48	12.55	14.25	14.36
EBIT Less CapEx to Interest Expense	12.79	13.75	19.25	12.89	14.79	12.50	14.33	13.72	14.53	18.36	17.52
NOPAT Less CapEx to Interest Expense	9.57	9.86	11.49	9.11	10.82	9.17	10.38	10.28	10.71	11.59	12.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	50.96%	48.60%	48.42%	53.93%	53.36%	54.62%	50.75%	50.87%	50.55%	50.82%	55.63%
Augmented Payout Ratio	95.49%	91.60%	91.84%	102.84%	102.35%	105.34%	102.38%	107.29%	107.26%	108.50%	110.45%

Frequently Asked Questions About Illinois Tool Works' Financials

When does Illinois Tool Works's financial year end?

According to the most recent income statement we have on file, Illinois Tool Works' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Illinois Tool Works' net income changed over the last 9 years?

Illinois Tool Works' net income appears to be on an upward trend, with a most recent value of $3.49 billion in 2024, rising from $1.90 billion in 2015. The previous period was $2.96 billion in 2023. Check out Illinois Tool Works' forecast to explore projected trends and price targets.

What is Illinois Tool Works's operating income?

Illinois Tool Works's total operating income in 2024 was $4.26 billion, based on the following breakdown:

Total Gross Profit: $7.04 billion
Total Operating Expenses: $2.78 billion

How has Illinois Tool Works revenue changed over the last 9 years?

Over the last 9 years, Illinois Tool Works' total revenue changed from $13.41 billion in 2015 to $15.90 billion in 2024, a change of 18.6%.

How much debt does Illinois Tool Works have?

Illinois Tool Works' total liabilities were at $11.75 billion at the end of 2024, a 6.0% decrease from 2023, and a 11.9% increase since 2015.

How much cash does Illinois Tool Works have?

In the past 9 years, Illinois Tool Works' cash and equivalents has ranged from $708 million in 2022 to $3.09 billion in 2017, and is currently $948 million as of their latest financial filing in 2024.

How has Illinois Tool Works' book value per share changed over the last 9 years?

Over the last 9 years, Illinois Tool Works' book value per share changed from 14.37 in 2015 to 11.23 in 2024, a change of -21.9%.

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This page (NYSE:ITW) was last updated on 5/29/2025 by MarketBeat.com Staff

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Illinois Tool Works (ITW) Financials

Frequently Asked Questions About Illinois Tool Works' Financials

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Illinois Tool Works (ITW) Financials

Annual Income Statements for Illinois Tool Works

Quarterly Income Statements for Illinois Tool Works

Annual Cash Flow Statements for Illinois Tool Works

Quarterly Cash Flow Statements for Illinois Tool Works

Annual Balance Sheets for Illinois Tool Works

Quarterly Balance Sheets for Illinois Tool Works

Annual Metrics And Ratios for Illinois Tool Works

Quarterly Metrics And Ratios for Illinois Tool Works

Frequently Asked Questions About Illinois Tool Works' Financials

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