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Illinois Tool Works (ITW) Financials

Illinois Tool Works logo
$253.12 -1.64 (-0.64%)
As of 01:10 PM Eastern
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Annual Income Statements for Illinois Tool Works

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,899 2,035 1,687 2,563 2,521 2,109 2,694 3,034 2,957 3,488 3,066
Consolidated Net Income / (Loss)		 1,899 2,035 1,687 2,563 2,521 2,109 2,694 3,034 2,957 3,488 3,066
Net Income / (Loss) Continuing Operations		 1,899 2,035 1,687 2,563 2,521 2,109 2,694 3,034 2,957 3,488 3,066
Total Pre-Tax Income 		2,719 2,908 3,270 3,394 3,288 2,704 3,326 3,842 3,823 4,422 3,966
Total Operating Income		 2,867 3,056 3,485 3,584 3,402 2,882 3,477 3,790 4,040 4,264 4,216
Total Gross Profit		 5,517 5,691 6,008 6,164 5,922 5,199 5,966 6,503 6,791 7,040 7,075
Total Revenue		 13,405 13,599 14,314 14,768 14,109 12,574 14,455 15,932 16,107 15,898 16,044
Operating Revenue		 13,405 13,599 14,314 14,768 14,109 12,574 14,455 15,932 16,107 15,898 16,044
Total Cost of Revenue		 7,888 7,908 8,306 8,604 8,187 7,375 8,489 9,429 9,316 8,858 8,969
Operating Cost of Revenue		 7,888 7,908 8,306 8,604 8,187 7,375 8,489 9,429 9,316 8,858 8,969
Total Operating Expenses		 2,650 2,635 2,523 2,580 2,520 2,317 2,489 2,713 2,751 2,776 2,859
Research & Development Expense		 2,417 2,411 2,412 2,391 2,361 2,163 2,356 2,579 2,638 2,675 2,779
Amortization Expense		 233 224 206 189 159 154 133 134 113 101 80
Total Other Income / (Expense), net		 -148 -148 -215 -190 -114 -178 -151 52 -217 158 -250
Interest Expense		 226 237 260 257 221 206 202 203 266 283 292
Other Income / (Expense), net		 78 89 45 67 107 28 51 255 49 441 42
Income Tax Expense		 820 873 1,583 831 767 595 632 808 866 934 900
Basic Earnings per Share		 $5.16 $5.73 $4.90 $7.65 $7.78 $6.66 $8.55 $9.80 $9.77 $11.75 $10.52
Weighted Average Basic Shares Outstanding		 367.90M 346.55M 344.10M 328.11M 318.86M 316.66M 312.93M 305.07M 298.80M 293.50M 288.20M
Diluted Earnings per Share		 $5.13 $5.70 $4.86 $7.60 $7.74 $6.63 $8.51 $9.77 $9.74 $11.71 $10.49
Weighted Average Diluted Shares Outstanding		 367.90M 346.55M 344.10M 328.11M 318.86M 316.66M 312.93M 305.07M 298.80M 293.50M 288.20M
Weighted Average Basic & Diluted Shares Outstanding		 367.90M 346.55M 344.10M 328.11M 318.86M 316.66M 312.93M 305.07M 298.80M 293.50M 288.20M
Cash Dividends to Common per Share		 - - - $3.34 $4.07 $4.35 $4.64 $4.97 $5.33 $5.70 $6.11

Quarterly Income Statements for Illinois Tool Works

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 772 717 819 759 1,160 750 700 755 821 790 768
Consolidated Net Income / (Loss)		 772 717 819 759 1,160 750 700 755 821 790 768
Net Income / (Loss) Continuing Operations		 772 717 819 759 1,160 750 700 755 821 790 768
Total Pre-Tax Income 		1,013 927 1,072 1,005 1,362 983 895 998 1,049 1,024 967
Total Operating Income		 1,070 988 1,127 1,054 1,052 1,031 951 1,068 1,112 1,085 1,020
Total Gross Profit		 1,712 1,671 1,828 1,765 1,736 1,711 1,678 1,782 1,806 1,809 1,760
Total Revenue		 4,031 3,983 3,973 4,027 3,966 3,932 3,839 4,053 4,059 4,093 4,016
Operating Revenue		 4,031 3,983 3,973 4,027 3,966 3,932 3,839 4,053 4,059 4,093 4,016
Total Cost of Revenue		 2,319 2,312 2,145 2,262 2,230 2,221 2,161 2,271 2,253 2,284 2,256
Operating Cost of Revenue		 2,319 2,312 2,145 2,262 2,230 2,221 2,161 2,271 2,253 2,284 2,256
Total Operating Expenses		 642 683 701 711 684 680 727 714 694 724 740
Research & Development Expense		 615 658 676 686 658 655 706 693 676 704 722
Amortization Expense		 27 25 25 25 26 25 21 21 18 20 18
Total Other Income / (Expense), net		 -57 -61 -55 -49 310 -48 -56 -70 -63 -61 -53
Interest Expense		 67 70 71 75 69 68 68 74 75 75 73
Other Income / (Expense), net		 10 9.00 16 26 379 20 12 4.00 12 14 20
Income Tax Expense		 241 210 253 246 202 233 195 243 228 234 199
Basic Earnings per Share		 $2.55 $2.39 $2.74 $2.55 $3.92 $2.54 $2.39 $2.58 $2.82 $2.73 $2.66
Weighted Average Basic Shares Outstanding		 301.90M 298.80M 298.90M 297.60M 296.10M 293.50M 293.60M 292.30M 290.80M 288.20M 288.30M
Diluted Earnings per Share		 $2.55 $2.38 $2.73 $2.54 $3.91 $2.53 $2.38 $2.58 $2.81 $2.72 $2.66
Weighted Average Diluted Shares Outstanding		 303M 298.80M 300M 298.50M 297M 293.50M 294.50M 292.90M 291.70M 288.20M 289.10M
Weighted Average Basic & Diluted Shares Outstanding		 300.89M 298.80M 298.40M 296.90M 295.30M 293.50M 293M 291.50M 290.10M 288.20M 287.70M
Cash Dividends to Common per Share		 $1.40 - $1.40 $1.40 - - $1.50 $1.50 - - $1.61

Annual Cash Flow Statements for Illinois Tool Works

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -900 -618 622 -1,478 477 583 -1,037 -819 357 -117 -97
Net Cash From Operating Activities		 2,299 2,302 2,402 2,811 2,995 2,807 2,557 2,348 3,539 3,281 3,126
Net Cash From Continuing Operating Activities		 2,299 2,302 2,402 2,811 2,995 2,807 2,557 2,348 3,539 3,281 3,126
Net Income / (Loss) Continuing Operations		 1,899 2,035 1,687 2,563 2,521 2,109 2,694 3,034 2,957 3,488 3,066
Consolidated Net Income / (Loss)		 1,899 2,035 1,687 2,563 2,521 2,109 2,694 3,034 2,957 3,488 3,066
Depreciation Expense		 244 246 256 272 267 273 277 276 282 301 317
Amortization Expense		 233 224 206 189 159 154 133 134 113 101 80
Non-Cash Adjustments To Reconcile Net Income		 29 18 21 31 -21 43 27 -133 71 -420 77
Changes in Operating Assets and Liabilities, net		 -106 -221 232 -244 69 228 -574 -963 116 -189 -414
Net Cash From Investing Activities		 -210 -532 -251 -325 -183 -214 -984 -110 -403 -144 -521
Net Cash From Continuing Investing Activities		 -210 -532 -251 -325 -183 -214 -984 -110 -403 -144 -521
Purchase of Property, Plant & Equipment		 -284 -273 -297 -364 -326 -236 -296 -412 -455 -437 -419
Acquisitions		 -6.00 -453 -3.00 0.00 -4.00 0.00 -731 -2.00 0.00 -115 -119
Sale of Property, Plant & Equipment		 30 16 14 26 25 10 8.00 15 20 12 11
Divestitures		 29 3.00 2.00 1.00 120 1.00 0.00 0.00 0.00 395 0.00
Sale and/or Maturity of Investments		 22 188 43 16 20 14 38 12 27 11 7.00
Other Investing Activities, net		 -1.00 -13 -10 -4.00 -18 -3.00 -3.00 277 5.00 -10 -1.00
Net Cash From Financing Activities		 -2,526 -2,255 -1,674 -3,964 -2,326 -2,049 -2,564 -3,000 -2,782 -3,189 -2,744
Net Cash From Continuing Financing Activities		 -2,526 -2,255 -1,674 -3,964 -2,326 -2,049 -2,564 -3,000 -2,782 -3,189 -2,744
Repayment of Debt		 -960 -539 183 -862 -1,363 -30 -241 -330 -1,145 -1,652 476
Repurchase of Common Equity		 -2,002 -2,000 -1,000 -2,000 -1,500 -706 -1,000 -1,750 -1,500 -1,500 -1,500
Payment of Dividends		 -742 -821 -941 -1,124 -1,321 -1,379 -1,463 -1,542 -1,615 -1,695 -1,785
Issuance of Debt		 1,099 992 0.00 0.00 1,773 0.00 90 593 1,425 1,606 0.00
Issuance of Common Equity		 59 84 84 22 85 66 50 29 53 52 65
Effect of Exchange Rate Changes		 -463 -133 145 - -9.00 39 -46 -57 3.00 -65 42
Cash Interest Paid		 200 212 240 247 223 194 197 199 260 248 279
Cash Income Taxes Paid		 775 920 1,018 838 742 591 731 993 1,026 1,180 1,052

Quarterly Cash Flow Statements for Illinois Tool Works

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 68 75 -106 -97 85 1.00 -75 -85 136 -73 -24
Net Cash From Operating Activities		 982 1,039 589 687 891 1,114 592 550 1,021 963 623
Net Cash From Continuing Operating Activities		 982 1,039 589 687 891 1,114 591 551 1,021 963 622
Net Income / (Loss) Continuing Operations		 772 717 819 759 1,160 750 700 755 821 790 768
Consolidated Net Income / (Loss)		 772 717 819 759 1,160 750 700 755 821 790 768
Depreciation Expense		 70 74 72 74 78 77 74 78 82 83 81
Amortization Expense		 27 25 25 25 26 25 21 21 18 20 18
Non-Cash Adjustments To Reconcile Net Income		 28 13 -102 17 -350 15 18 22 17 20 19
Changes in Operating Assets and Liabilities, net		 85 210 -225 -188 -23 247 -222 -325 83 50 -264
Net Cash From Investing Activities		 -103 -120 -152 -169 294 -117 -92 -92 -116 -221 -99
Net Cash From Continuing Investing Activities		 -103 -120 -152 -169 294 -117 -92 -92 -116 -221 -99
Purchase of Property, Plant & Equipment		 -126 -131 -95 -116 -108 -118 -96 -101 -117 -105 -95
Acquisitions		 - - -57 -58 - - 2.00 -1.00 - -120 0.00
Sale of Property, Plant & Equipment		 6.00 9.00 2.00 3.00 5.00 2.00 3.00 4.00 - 4.00 2.00
Sale and/or Maturity of Investments		 18 2.00 6.00 4.00 - 1.00 0.00 5.00 1.00 1.00 0.00
Other Investing Activities, net		 -1.00 - -8.00 -2.00 2.00 -2.00 -1.00 1.00 - -1.00 -6.00
Net Cash From Financing Activities		 -788 -877 -524 -601 -1,121 -943 -588 -563 -775 -818 -547
Net Cash From Continuing Financing Activities		 -788 -877 -524 -601 -1,121 -943 -588 -563 -775 -818 -547
Repayment of Debt		 -26 -85 229 -1,414 -333 -134 -18 450 25 19 -18
Repurchase of Common Equity		 -375 -375 -375 -375 -375 -375 -375 -375 -375 -375 -375
Payment of Dividends		 -396 -421 -419 -418 -415 -443 -441 -439 -438 -467 -465
Issuance of Debt		 - - - - - - 202 -202 - - 259
Issuance of Common Equity		 9.00 4.00 41 - 2.00 9.00 44 3.00 13 5.00 52
Other Net Changes in Cash		 - - - - - - 13 - - - -1.00
Cash Interest Paid		 75 44 76 83 57 32 53 128 62 36 59
Cash Income Taxes Paid		 241 235 152 485 323 220 139 523 200 190 205

Annual Balance Sheets for Illinois Tool Works

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 15,729 15,201 16,780 14,870 15,068 15,612 16,077 15,422 15,518 15,067 16,148
Total Current Assets		 6,720 6,123 7,278 5,778 6,253 6,523 6,374 6,270 6,235 5,856 6,200
Cash & Equivalents		 3,090 2,472 3,094 1,504 1,981 2,564 1,527 708 1,065 948 851
Accounts Receivable		 2,203 2,357 2,628 2,622 2,461 2,506 2,840 3,171 3,123 2,991 3,227
Inventories, net		 1,086 1,076 1,220 1,318 1,164 1,189 1,694 2,054 1,707 1,605 1,659
Prepaid Expenses		 341 218 336 334 296 264 313 329 340 312 463
Plant, Property, & Equipment, net		 1,577 1,652 1,778 1,791 1,729 1,777 1,809 1,848 1,976 2,036 2,230
Total Noncurrent Assets		 7,432 7,426 7,724 7,301 7,086 7,312 7,894 7,304 7,307 7,175 7,718
Goodwill		 4,439 4,558 4,752 4,633 4,492 4,690 4,965 4,864 4,909 4,839 5,098
Intangible Assets		 1,560 1,463 1,272 1,084 851 781 972 768 657 592 591
Noncurrent Deferred & Refundable Income Taxes		 346 449 505 554 516 533 552 494 479 369 519
Other Noncurrent Operating Assets		 1,087 956 1,195 1,030 1,227 1,308 1,405 1,178 1,262 1,375 1,510
Total Liabilities & Shareholders' Equity		 15,729 15,201 16,780 14,870 15,068 15,612 16,077 15,422 15,518 15,067 16,148
Total Liabilities		 10,501 10,942 12,191 11,612 12,038 12,430 12,451 12,333 12,505 11,750 12,922
Total Current Liabilities		 2,368 2,760 3,053 3,542 2,154 2,589 3,470 4,460 4,675 4,308 5,126
Short-Term Debt		 526 652 850 1,351 4.00 350 778 1,590 1,825 1,555 2,286
Accounts Payable		 449 511 590 524 472 534 585 594 581 519 522
Accrued Expenses		 1,136 1,202 1,258 1,271 1,217 1,284 1,648 1,728 1,663 1,576 1,636
Dividends Payable		 200 226 266 328 342 361 382 400 419 441 465
Current Deferred & Payable Income Tax Liabilities		 57 169 89 68 48 60 77 147 187 217 217
Total Noncurrent Liabilities		 8,133 8,182 9,138 8,070 9,884 9,841 8,981 7,873 7,830 7,442 7,796
Long-Term Debt		 6,896 7,177 7,478 6,029 7,754 7,772 6,909 6,173 6,339 6,308 6,683
Noncurrent Deferred & Payable Income Tax Liabilities		 256 134 164 707 668 588 654 484 326 119 154
Other Noncurrent Operating Liabilities		 981 871 882 839 1,000 1,068 1,053 943 1,014 1,015 959
Total Equity & Noncontrolling Interests		 5,228 4,259 4,589 3,258 3,030 3,182 3,626 3,089 3,013 3,317 3,226
Total Preferred & Common Equity		 5,224 4,254 4,585 3,254 3,026 3,181 3,625 3,088 3,012 3,316 3,225
Total Common Equity		 5,224 4,254 4,585 3,254 3,026 3,181 3,625 3,088 3,012 3,316 3,225
Common Stock		 1,141 1,194 1,224 1,259 1,310 1,368 1,438 1,507 1,594 1,675 1,777
Retained Earnings		 18,316 19,505 20,210 21,217 22,403 23,114 24,325 25,799 27,122 28,893 30,150
Treasury Stock		 -12,729 -14,638 -15,562 -17,545 -18,982 -19,659 - - -23,870 -25,375 -26,875
Accumulated Other Comprehensive Income / (Loss)		 -1,504 -1,807 -1,287 -1,677 -1,705 -1,642 -1,502 -1,841 -1,834 -1,877 -1,827
Noncontrolling Interest		 4.00 5.00 4.00 4.00 4.00 1.00 1.00 1.00 1.00 1.00 1.00

Quarterly Balance Sheets for Illinois Tool Works

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 15,652 15,395 15,518 15,653 15,577 15,824 15,067 15,468 16,048 16,135 16,264
Total Current Assets		 6,404 6,288 6,235 6,371 6,256 6,304 5,856 6,037 6,234 6,320 6,335
Cash & Equivalents		 922 990 1,065 959 862 947 948 873 788 924 827
Accounts Receivable		 3,216 3,163 3,123 3,238 3,250 3,226 2,991 3,153 3,320 3,255 3,380
Inventories, net		 1,921 1,799 1,707 1,825 1,819 1,817 1,605 1,663 1,710 1,725 1,726
Prepaid Expenses		 345 336 340 349 325 314 312 348 416 416 402
Plant, Property, & Equipment, net		 1,901 1,904 1,976 1,973 2,011 2,071 2,036 2,085 2,177 2,203 2,230
Total Noncurrent Assets		 7,347 7,203 7,307 7,309 7,310 7,449 7,175 7,346 7,637 7,612 7,699
Goodwill		 4,887 4,828 4,909 4,904 4,910 4,980 4,839 4,903 5,038 5,028 5,083
Intangible Assets		 708 682 657 653 641 617 592 572 558 540 574
Noncurrent Deferred & Refundable Income Taxes		 500 455 479 462 448 468 369 440 564 573 505
Other Noncurrent Operating Assets		 1,252 1,238 1,262 1,290 1,311 1,384 1,375 1,431 1,477 1,471 1,537
Total Liabilities & Shareholders' Equity		 15,652 15,395 15,518 15,653 15,577 15,824 15,067 15,468 16,048 16,135 16,264
Total Liabilities		 12,558 12,391 12,505 12,632 12,615 12,432 11,750 12,226 12,837 12,926 13,034
Total Current Liabilities		 4,040 3,982 4,675 4,844 4,804 4,627 4,308 3,780 3,932 4,132 5,331
Short-Term Debt		 1,275 1,248 1,825 2,066 2,044 1,768 1,555 981 1,242 1,267 2,545
Accounts Payable		 590 580 581 597 576 556 519 594 613 608 609
Accrued Expenses		 1,625 1,588 1,663 1,512 1,615 1,655 1,576 1,477 1,544 1,567 1,534
Dividends Payable		 396 421 419 418 416 443 441 439 437 467 463
Current Deferred & Payable Income Tax Liabilities		 154 145 187 251 153 205 217 289 96 223 180
Total Noncurrent Liabilities		 8,518 8,409 7,830 7,788 7,811 7,805 7,442 8,446 8,905 8,794 7,703
Long-Term Debt		 6,947 6,818 6,339 6,259 6,429 6,578 6,308 7,282 7,695 7,675 6,603
Noncurrent Deferred & Payable Income Tax Liabilities		 451 464 326 380 381 129 119 127 144 149 158
Other Noncurrent Operating Liabilities		 969 976 1,014 998 1,001 1,098 1,015 1,037 1,066 970 942
Total Equity & Noncontrolling Interests		 3,094 3,004 3,013 3,021 2,962 3,392 3,317 3,242 3,211 3,209 3,230
Total Preferred & Common Equity		 3,093 3,003 3,012 3,020 2,961 3,391 3,316 3,241 3,210 3,208 3,229
Total Common Equity		 3,093 3,003 3,012 3,020 2,961 3,391 3,316 3,241 3,210 3,208 3,229
Common Stock		 1,556 1,575 1,594 1,624 1,642 1,657 1,675 1,711 1,731 1,757 1,823
Retained Earnings		 26,473 26,823 27,122 27,523 27,866 28,583 28,893 29,154 29,471 29,825 30,454
Treasury Stock		 - -23,493 -23,870 -24,243 -24,622 -25,000 -25,375 -25,746 -26,124 -26,498 -27,246
Accumulated Other Comprehensive Income / (Loss)		 -1,820 -1,902 -1,834 -1,884 -1,925 -1,849 -1,877 -1,878 -1,868 -1,876 -1,802
Noncontrolling Interest		 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Annual Metrics And Ratios for Illinois Tool Works

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.45% 1.45% 5.26% 3.17% -4.46% -10.88% 14.96% 10.22% 1.10% -1.30% 0.92%
EBITDA Growth		 -0.98% 5.64% 10.43% 3.01% -4.30% -15.20% 18.01% 13.13% 0.65% 13.89% -8.85%
EBIT Growth		 -0.14% 6.79% 12.24% 3.43% -3.89% -17.07% 21.24% 14.65% 1.09% 15.06% -9.50%
NOPAT Growth		 -0.99% 6.80% -15.93% 50.53% -3.62% -13.82% 25.29% 6.27% 4.41% 7.63% -3.10%
Net Income Growth		 -35.54% 7.16% -17.10% 51.93% -1.64% -16.34% 27.74% 12.62% -2.54% 17.96% -12.10%
EPS Growth		 -29.53% 11.11% -14.74% 56.38% 1.84% -14.34% 28.36% 14.81% -0.31% 20.23% -10.42%
Operating Cash Flow Growth		 42.26% 0.13% 4.34% 17.03% 6.55% -6.28% -8.91% -8.17% 50.72% -7.29% -4.72%
Free Cash Flow Firm Growth		 0.04% -23.30% -24.59% 114.94% -3.96% -37.03% -13.22% 50.00% 19.32% 2.89% -34.09%
Invested Capital Growth		 -6.50% 0.84% 2.51% -6.21% -6.27% 2.62% 11.72% 3.63% -0.06% 1.35% 10.64%
Revenue Q/Q Growth		 -1.68% 0.92% 1.63% -0.33% -0.78% 0.05% 1.43% 1.87% 0.07% -0.32% 1.01%
EBITDA Q/Q Growth		 -0.52% 2.67% 1.86% 0.34% -0.18% -0.18% -0.91% 8.03% -3.86% 1.13% 1.06%
EBIT Q/Q Growth		 -0.64% 3.18% 2.11% 0.47% 0.09% -0.21% -0.98% 9.06% -4.22% 1.16% 1.14%
NOPAT Q/Q Growth		 0.02% 1.45% -24.86% 36.06% -0.15% 2.40% -1.65% 5.63% -1.22% 0.69% 1.58%
Net Income Q/Q Growth		 0.00% 2.88% -25.68% 36.33% 1.37% 0.05% -1.21% 10.89% -6.04% 0.96% 1.32%
EPS Q/Q Growth		 1.18% 4.01% -25.57% 36.94% 1.98% 0.61% -1.05% 11.53% -5.44% 1.30% 1.84%
Operating Cash Flow Q/Q Growth		 11.93% -1.67% 1.31% 4.23% -1.16% -0.04% 0.04% 1.60% 6.89% 2.34% -4.61%
Free Cash Flow Firm Q/Q Growth		 3.05% -34.88% 3.62% -7.23% 53.44% -9.61% -22.51% 26.25% 9.57% 23.55% -22.75%
Invested Capital Q/Q Growth		 -3.38% 8.74% 1.43% 13.41% 0.00% 3.02% 7.71% 3.35% 0.29% -4.99% 0.98%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 41.16% 41.85% 41.97% 41.74% 41.97% 41.35% 41.27% 40.82% 42.16% 44.28% 44.10%
EBITDA Margin		 25.53% 26.58% 27.89% 27.84% 27.89% 26.54% 27.24% 27.96% 27.84% 32.12% 29.01%
Operating Margin		 21.39% 22.47% 24.35% 24.27% 24.11% 22.92% 24.05% 23.79% 25.08% 26.82% 26.28%
EBIT Margin		 21.97% 23.13% 24.66% 24.72% 24.87% 23.14% 24.41% 25.39% 25.39% 29.59% 26.54%
Profit (Net Income) Margin		 14.17% 14.96% 11.79% 17.36% 17.87% 16.77% 18.64% 19.04% 18.36% 21.94% 19.11%
Tax Burden Percent		 69.84% 69.98% 51.59% 75.52% 76.67% 78.00% 81.00% 78.97% 77.35% 78.88% 77.31%
Interest Burden Percent		 92.33% 92.46% 92.63% 92.96% 93.70% 92.92% 94.27% 94.98% 93.49% 93.99% 93.14%
Effective Tax Rate		 30.16% 30.02% 48.41% 24.48% 23.33% 22.00% 19.00% 21.03% 22.65% 21.12% 22.69%
Return on Invested Capital (ROIC)		 19.83% 21.82% 18.04% 27.69% 28.46% 25.02% 29.23% 28.91% 29.66% 31.72% 28.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 17.29% 19.77% 16.04% 25.23% 27.01% 22.66% 27.27% 29.50% 27.42% 33.40% 26.57%
Return on Net Nonoperating Assets (RNNOA)		 11.69% 21.08% 20.09% 37.64% 51.73% 42.88% 49.91% 61.45% 67.25% 78.48% 64.72%
Return on Equity (ROE)		 31.51% 42.90% 38.13% 65.32% 80.18% 67.90% 79.14% 90.36% 96.92% 110.21% 93.72%
Cash Return on Invested Capital (CROIC)		 26.55% 20.98% 15.56% 34.10% 34.93% 22.44% 18.16% 25.35% 29.72% 30.38% 18.89%
Operating Return on Assets (OROA)		 17.74% 20.34% 22.08% 23.07% 23.44% 18.97% 22.27% 25.68% 26.43% 30.77% 27.28%
Return on Assets (ROA)		 11.44% 13.16% 10.55% 16.20% 16.84% 13.75% 17.00% 19.26% 19.11% 22.81% 19.64%
Return on Common Equity (ROCE)		 31.49% 42.86% 38.09% 65.26% 80.08% 67.85% 79.12% 90.34% 96.89% 110.17% 93.69%
Return on Equity Simple (ROE_SIMPLE)		 36.35% 47.84% 36.79% 78.76% 83.31% 66.30% 74.32% 98.25% 98.17% 105.19% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,002 2,139 1,798 2,706 2,608 2,248 2,816 2,993 3,125 3,363 3,259
NOPAT Margin		 14.94% 15.73% 12.56% 18.33% 18.49% 17.88% 19.48% 18.79% 19.40% 21.16% 20.31%
Net Nonoperating Expense Percent (NNEP)		 2.54% 2.05% 2.00% 2.45% 1.45% 2.36% 1.96% -0.59% 2.24% -1.68% 2.43%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 27.58% 27.96% 30.08% 26.73%
Cost of Revenue to Revenue		 58.84% 58.15% 58.03% 58.26% 58.03% 58.65% 58.73% 59.18% 57.84% 55.72% 55.90%
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		 18.03% 17.73% 16.85% 16.19% 16.73% 17.20% 16.30% 16.19% 16.38% 16.83% 17.32%
Operating Expenses to Revenue		 19.77% 19.38% 17.63% 17.47% 17.86% 18.43% 17.22% 17.03% 17.08% 17.46% 17.82%
Earnings before Interest and Taxes (EBIT)		 2,945 3,145 3,530 3,651 3,509 2,910 3,528 4,045 4,089 4,705 4,258
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,422 3,615 3,992 4,112 3,935 3,337 3,938 4,455 4,484 5,107 4,655
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.35 8.57 10.78 11.46 17.38 18.95 20.38 21.06 25.58 22.58 22.16
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)		 2.08 2.68 3.45 2.52 3.73 4.79 5.11 4.08 4.78 4.71 4.45
Price to Earnings (P/E)		 14.72 17.91 29.29 14.54 20.86 28.58 27.43 21.44 26.05 21.47 23.30
Dividend Yield		 2.69% 2.31% 1.98% 3.17% 2.53% 2.32% 2.01% 2.39% 2.08% 2.29% 2.53%
Earnings Yield		 6.80% 5.58% 3.41% 6.88% 4.79% 3.50% 3.65% 4.66% 3.84% 4.66% 4.29%
Enterprise Value to Invested Capital (EV/IC)		 3.31 4.25 5.42 4.56 6.58 7.23 7.87 6.84 7.99 7.66 6.74
Enterprise Value to Revenue (EV/Rev)		 2.41 3.07 3.82 2.92 4.14 5.24 5.54 4.53 5.22 5.14 4.96
Enterprise Value to EBITDA (EV/EBITDA)		 9.43 11.56 13.69 10.50 14.83 19.73 20.33 16.18 18.76 16.02 17.09
Enterprise Value to EBIT (EV/EBIT)		 10.96 13.29 15.48 11.82 16.63 22.63 22.69 17.82 20.58 17.38 18.69
Enterprise Value to NOPAT (EV/NOPAT)		 16.12 19.55 30.40 15.95 22.37 29.29 28.42 24.09 26.93 24.32 24.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.04 18.16 22.75 15.35 19.49 23.46 31.30 30.71 23.77 24.93 25.45
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.04 20.33 35.24 12.95 18.23 32.66 45.76 27.48 26.87 25.39 37.48
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.42 1.84 1.81 2.27 2.56 2.55 2.12 2.51 2.71 2.37 2.78
Long-Term Debt to Equity		 1.32 1.69 1.63 1.85 2.56 2.44 1.91 2.00 2.10 1.90 2.07
Financial Leverage		 0.68 1.07 1.25 1.49 1.92 1.89 1.83 2.08 2.45 2.35 2.44
Leverage Ratio		 2.75 3.26 3.61 4.03 4.76 4.94 4.65 4.69 5.07 4.83 4.77
Compound Leverage Factor		 2.54 3.01 3.35 3.75 4.46 4.59 4.39 4.46 4.74 4.54 4.44
Debt to Total Capital		 58.67% 64.77% 64.47% 69.37% 71.91% 71.85% 67.95% 71.54% 73.04% 70.33% 73.55%
Short-Term Debt to Total Capital		 4.16% 5.39% 6.58% 12.70% 0.04% 3.10% 6.88% 14.65% 16.33% 13.91% 18.75%
Long-Term Debt to Total Capital		 54.51% 59.37% 57.89% 56.67% 71.88% 68.75% 61.07% 56.88% 56.71% 56.42% 54.80%
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		 0.03% 0.04% 0.03% 0.04% 0.04% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
Common Equity to Total Capital		 41.30% 35.19% 35.50% 30.59% 28.05% 28.14% 32.04% 28.46% 26.95% 29.66% 26.45%
Debt to EBITDA		 2.17 2.17 2.09 1.79 1.97 2.43 1.95 1.74 1.82 1.54 1.93
Net Debt to EBITDA		 1.27 1.48 1.31 1.43 1.47 1.67 1.56 1.58 1.58 1.35 1.74
Long-Term Debt to EBITDA		 2.02 1.99 1.87 1.47 1.97 2.33 1.75 1.39 1.41 1.24 1.44
Debt to NOPAT		 3.71 3.66 4.63 2.73 2.97 3.61 2.73 2.59 2.61 2.34 2.75
Net Debt to NOPAT		 2.16 2.50 2.91 2.17 2.21 2.47 2.19 2.36 2.27 2.06 2.49
Long-Term Debt to NOPAT		 3.44 3.36 4.16 2.23 2.97 3.46 2.45 2.06 2.03 1.88 2.05
Altman Z-Score		 5.03 5.64 5.97 5.91 6.73 6.71 7.52 7.55 8.17 8.72 7.88
Noncontrolling Interest Sharing Ratio		 0.07% 0.09% 0.10% 0.10% 0.13% 0.08% 0.03% 0.03% 0.03% 0.03% 0.03%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.84 2.22 2.38 1.63 2.90 2.52 1.84 1.41 1.33 1.36 1.21
Quick Ratio		 2.24 1.75 1.87 1.16 2.06 1.96 1.26 0.87 0.90 0.91 0.80
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,681 2,057 1,551 3,333 3,201 2,016 1,749 2,624 3,131 3,221 2,123
Operating Cash Flow to CapEx		 905.12% 895.72% 848.76% 831.66% 995.02% 1,242.04% 887.85% 591.44% 813.56% 772.00% 766.18%
Free Cash Flow to Firm to Interest Expense		 11.86 8.68 5.97 12.97 14.49 9.79 8.66 12.93 11.77 11.38 7.27
Operating Cash Flow to Interest Expense		 10.17 9.71 9.24 10.94 13.55 13.63 12.66 11.57 13.30 11.59 10.71
Operating Cash Flow Less CapEx to Interest Expense		 9.05 8.63 8.15 9.62 12.19 12.53 11.23 9.61 11.67 10.09 9.31
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.81 0.88 0.90 0.93 0.94 0.82 0.91 1.01 1.04 1.04 1.03
Accounts Receivable Turnover		 5.96 5.96 5.74 5.63 5.55 5.06 5.41 5.30 5.12 5.20 5.16
Inventory Turnover		 6.96 7.32 7.24 6.78 6.60 6.27 5.89 5.03 4.95 5.35 5.50
Fixed Asset Turnover		 8.22 8.42 8.35 8.28 8.02 7.17 8.06 8.71 8.42 7.93 7.52
Accounts Payable Turnover		 16.42 16.48 15.09 15.45 16.44 14.66 15.17 15.99 15.86 16.11 17.23
Days Sales Outstanding (DSO)		 61.21 61.20 63.56 64.88 65.75 72.09 67.50 68.86 71.31 70.19 70.73
Days Inventory Outstanding (DIO)		 52.43 49.89 50.45 53.83 55.33 58.23 61.98 72.54 73.68 68.24 66.42
Days Payable Outstanding (DPO)		 22.23 22.15 24.19 23.63 22.20 24.89 24.06 22.82 23.02 22.66 21.18
Cash Conversion Cycle (CCC)		 91.40 88.94 89.81 95.08 98.87 105.42 105.42 118.58 121.97 115.76 115.96
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,760 9,842 10,089 9,462 8,869 9,101 10,168 10,537 10,531 10,673 11,809
Invested Capital Turnover		 1.33 1.39 1.44 1.51 1.54 1.40 1.50 1.54 1.53 1.50 1.43
Increase / (Decrease) in Invested Capital		 -679 82 247 -627 -593 232 1,067 369 -6.00 142 1,136
Enterprise Value (EV)		 32,283 41,803 54,651 43,158 58,358 65,841 80,046 72,100 84,137 81,792 79,571
Market Capitalization		 27,947 36,441 49,413 37,278 52,577 60,282 73,885 65,044 77,037 74,876 71,452
Book Value per Share		 $14.37 $12.12 $13.38 $9.81 $9.41 $10.05 $11.55 $10.05 $10.01 $11.23 $11.12
Tangible Book Value per Share		 ($2.13) ($5.03) ($4.20) ($7.42) ($7.21) ($7.23) ($7.37) ($8.28) ($8.49) ($7.16) ($8.49)
Total Capital		 12,650 12,088 12,917 10,638 10,788 11,304 11,313 10,852 11,177 11,180 12,195
Total Debt		 7,422 7,829 8,328 7,380 7,758 8,122 7,687 7,763 8,164 7,863 8,969
Total Long-Term Debt		 6,896 7,177 7,478 6,029 7,754 7,772 6,909 6,173 6,339 6,308 6,683
Net Debt		 4,332 5,357 5,234 5,876 5,777 5,558 6,160 7,055 7,099 6,915 8,118
Capital Expenditures (CapEx)		 254 257 283 338 301 226 288 397 435 425 408
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,788 1,543 1,981 2,083 2,122 1,720 2,155 2,692 2,320 2,155 2,509
Debt-free Net Working Capital (DFNWC)		 4,878 4,015 5,075 3,587 4,103 4,284 3,682 3,400 3,385 3,103 3,360
Net Working Capital (NWC)		 4,352 3,363 4,225 2,236 4,099 3,934 2,904 1,810 1,560 1,548 1,074
Net Nonoperating Expense (NNE)		 103 104 111 143 87 139 122 -41 168 -125 193
Net Nonoperating Obligations (NNO)		 4,532 5,583 5,500 6,204 5,839 5,919 6,542 7,448 7,518 7,356 8,583
Total Depreciation and Amortization (D&A)		 477 470 462 461 426 427 410 410 395 402 397
Debt-free, Cash-free Net Working Capital to Revenue		 13.34% 11.35% 13.84% 14.10% 15.04% 13.68% 14.91% 16.90% 14.40% 13.56% 15.64%
Debt-free Net Working Capital to Revenue		 36.39% 29.52% 35.45% 24.29% 29.08% 34.07% 25.47% 21.34% 21.02% 19.52% 20.94%
Net Working Capital to Revenue		 32.47% 24.73% 29.52% 15.14% 29.05% 31.29% 20.09% 11.36% 9.69% 9.74% 6.69%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $5.73 $0.00 $0.00 $7.78 $6.66 $8.55 $9.80 $9.77 $11.75 $10.52
Adjusted Weighted Average Basic Shares Outstanding		 0.00 346.55M 0.00 0.00 318.86M 316.66M 312.93M 305.07M 298.80M 293.50M 288.20M
Adjusted Diluted Earnings per Share		 $0.00 $5.70 $0.00 $0.00 $7.74 $6.63 $8.51 $9.77 $9.74 $11.71 $10.49
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 346.55M 0.00 0.00 318.86M 316.66M 312.93M 305.07M 298.80M 293.50M 288.20M
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		 0.00 346.55M 0.00 0.00 318.86M 316.66M 312.93M 305.07M 298.80M 293.50M 288.20M
Normalized Net Operating Profit after Tax (NOPAT)		 2,002 2,139 1,749 2,706 2,608 2,248 2,816 2,993 3,125 3,363 3,259
Normalized NOPAT Margin		 14.94% 15.73% 12.22% 18.33% 18.49% 17.88% 19.48% 18.79% 19.40% 21.16% 20.31%
Pre Tax Income Margin		 20.28% 21.38% 22.84% 22.98% 23.30% 21.50% 23.01% 24.12% 23.74% 27.81% 24.72%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 13.03 13.27 13.58 14.21 15.88 14.13 17.47 19.93 15.37 16.63 14.58
NOPAT to Interest Expense		 8.86 9.02 6.92 10.53 11.80 10.91 13.94 14.74 11.75 11.88 11.16
EBIT Less CapEx to Interest Expense		 11.91 12.19 12.49 12.89 14.52 13.03 16.04 17.97 13.74 15.12 13.18
NOPAT Less CapEx to Interest Expense		 7.74 7.94 5.83 9.22 10.44 9.81 12.52 12.79 10.11 10.38 9.76
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 39.07% 40.34% 55.78% 43.85% 52.40% 65.39% 54.31% 50.82% 54.62% 48.60% 58.22%
Augmented Payout Ratio		 144.50% 138.62% 115.06% 121.89% 111.90% 98.86% 91.43% 108.50% 105.34% 91.60% 107.14%

Quarterly Metrics And Ratios for Illinois Tool Works

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 287,700,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 287,700,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.67
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.50% 0.30% -1.14% -1.15% -1.61% -1.28% -3.37% 0.65% 2.34% 4.09% 4.61%
EBITDA Growth		 5.94% -14.11% 14.71% 4.34% 30.42% 5.20% -14.68% -0.68% -20.26% 4.25% 7.66%
EBIT Growth		 7.04% -15.29% 16.40% 4.85% 32.50% 5.42% -15.75% -0.74% -21.45% 4.57% 8.00%
NOPAT Growth		 9.20% -4.21% 14.39% 0.45% 9.88% 2.94% -13.61% 1.50% -2.87% 6.41% 8.91%
Net Income Growth		 6.19% -20.95% 14.71% 0.66% 50.26% 4.60% -14.53% -0.53% -29.22% 5.33% 9.71%
EPS Growth		 8.51% -19.05% 17.17% 2.42% 53.33% 6.30% -12.82% 1.57% -28.13% 7.51% 11.76%
Operating Cash Flow Growth		 37.73% 28.11% -19.09% -13.04% -9.27% 7.22% 0.51% -19.94% 14.59% -13.55% 5.24%
Free Cash Flow Firm Growth		 6,276.00% 79.63% 42.44% 33.43% -68.01% -16.30% -38.98% -100.01% 151.76% -146.37% -127.82%
Invested Capital Growth		 3.00% -0.06% 0.73% 1.84% 6.98% 1.35% 2.46% 7.35% 4.09% 10.64% 8.52%
Revenue Q/Q Growth		 -1.06% -1.19% -0.25% 1.36% -1.51% -0.86% -2.37% 5.57% 0.15% 0.84% -1.88%
EBITDA Q/Q Growth		 4.16% -6.88% 13.14% -4.92% 30.20% -24.89% -8.24% 10.68% 4.53% -1.80% -5.24%
EBIT Q/Q Growth		 4.85% -7.69% 14.64% -5.51% 32.50% -26.55% -8.37% 11.32% 4.85% -2.22% -5.37%
NOPAT Q/Q Growth		 2.90% -6.29% 12.67% -7.55% 12.56% -12.21% -5.44% 8.63% 7.72% -3.82% -3.22%
Net Income Q/Q Growth		 2.39% -7.12% 14.23% -7.33% 52.83% -35.34% -6.67% 7.86% 8.74% -3.78% -2.78%
EPS Q/Q Growth		 2.82% -6.67% 14.71% -6.96% 53.94% -35.29% -5.93% 8.40% 8.91% -3.20% -2.21%
Operating Cash Flow Q/Q Growth		 24.30% 5.80% -43.31% 16.64% 29.69% 25.03% -46.86% -7.09% 85.64% -5.68% -35.31%
Free Cash Flow Firm Q/Q Growth		 13.86% 51.18% 1.67% -23.76% -72.70% 295.53% -25.88% -100.01% 930,750.29% -172.86% 55.54%
Invested Capital Q/Q Growth		 -2.68% 0.29% 2.60% 1.70% 2.23% -4.99% 3.73% 6.56% -0.87% 0.98% 1.74%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 42.47% 41.95% 46.01% 43.83% 43.77% 43.51% 43.71% 43.97% 44.49% 44.20% 43.82%
EBITDA Margin		 29.20% 27.52% 31.21% 29.28% 38.70% 29.32% 27.56% 28.89% 30.16% 29.37% 28.36%
Operating Margin		 26.54% 24.81% 28.37% 26.17% 26.53% 26.22% 24.77% 26.35% 27.40% 26.51% 25.40%
EBIT Margin		 26.79% 25.03% 28.77% 26.82% 36.08% 26.73% 25.08% 26.45% 27.69% 26.85% 25.90%
Profit (Net Income) Margin		 19.15% 18.00% 20.61% 18.85% 29.25% 19.07% 18.23% 18.63% 20.23% 19.30% 19.12%
Tax Burden Percent		 76.21% 77.35% 76.40% 75.52% 85.17% 76.30% 78.21% 75.65% 78.27% 77.15% 79.42%
Interest Burden Percent		 93.80% 92.98% 93.79% 93.06% 95.18% 93.53% 92.94% 93.10% 93.33% 93.18% 92.98%
Effective Tax Rate		 23.79% 22.65% 23.60% 24.48% 14.83% 23.70% 21.79% 24.35% 21.74% 22.85% 20.58%
Return on Invested Capital (ROIC)		 31.46% 29.34% 32.33% 29.07% 33.15% 30.00% 27.92% 27.63% 29.71% 29.19% 28.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 30.87% 28.71% 31.79% 28.60% 36.60% 29.51% 27.36% 26.99% 29.10% 28.60% 27.84%
Return on Net Nonoperating Assets (RNNOA)		 75.30% 70.41% 80.01% 74.25% 87.77% 69.33% 68.21% 72.64% 71.98% 69.67% 71.47%
Return on Equity (ROE)		 106.76% 99.74% 112.34% 103.32% 120.92% 99.33% 96.13% 100.27% 101.69% 98.86% 99.81%
Cash Return on Invested Capital (CROIC)		 27.61% 29.72% 29.31% 27.89% 23.99% 30.38% 27.23% 21.50% 23.98% 18.89% 20.64%
Operating Return on Assets (OROA)		 28.17% 26.06% 29.27% 27.51% 36.87% 27.79% 25.41% 26.41% 27.52% 27.60% 26.48%
Return on Assets (ROA)		 20.13% 18.74% 20.97% 19.33% 29.88% 19.83% 18.47% 18.60% 20.10% 19.84% 19.55%
Return on Common Equity (ROCE)		 106.73% 99.71% 112.30% 103.28% 120.89% 99.30% 96.10% 100.23% 101.66% 98.83% 99.78%
Return on Equity Simple (ROE_SIMPLE)		 104.80% 0.00% 101.39% 103.58% 101.89% 0.00% 103.95% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 815 764 861 796 896 787 744 808 870 837 810
NOPAT Margin		 20.23% 19.19% 21.67% 19.77% 22.59% 20.01% 19.37% 19.93% 21.44% 20.45% 20.17%
Net Nonoperating Expense Percent (NNEP)		 0.59% 0.63% 0.55% 0.47% -3.44% 0.49% 0.56% 0.64% 0.60% 0.59% 0.51%
Return On Investment Capital (ROIC_SIMPLE)		 - 6.84% - - - 7.04% 6.47% 6.65% 7.16% 6.86% 6.54%
Cost of Revenue to Revenue		 57.53% 58.05% 53.99% 56.17% 56.23% 56.49% 56.29% 56.03% 55.51% 55.80% 56.18%
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		 15.26% 16.52% 17.01% 17.04% 16.59% 16.66% 18.39% 17.10% 16.65% 17.20% 17.98%
Operating Expenses to Revenue		 15.93% 17.15% 17.64% 17.66% 17.25% 17.29% 18.94% 17.62% 17.10% 17.69% 18.43%
Earnings before Interest and Taxes (EBIT)		 1,080 997 1,143 1,080 1,431 1,051 963 1,072 1,124 1,099 1,040
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,177 1,096 1,240 1,179 1,535 1,153 1,058 1,171 1,224 1,202 1,139
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 22.80 25.58 26.73 23.88 22.95 22.58 22.46 22.57 23.69 22.16 23.23
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)		 4.25 4.78 5.03 4.42 4.88 4.71 4.62 4.59 4.79 4.45 4.62
Price to Earnings (P/E)		 21.76 26.05 26.37 23.05 22.52 21.47 21.61 21.53 25.12 23.30 23.94
Dividend Yield		 2.35% 2.08% 1.53% 1.77% 1.64% 2.29% 2.38% 2.43% 2.34% 2.53% 2.43%
Earnings Yield		 4.60% 3.84% 3.79% 4.34% 4.44% 4.66% 4.63% 4.65% 3.98% 4.29% 4.18%
Enterprise Value to Invested Capital (EV/IC)		 7.19 7.99 8.15 7.13 7.58 7.66 7.24 6.83 7.19 6.74 6.94
Enterprise Value to Revenue (EV/Rev)		 4.69 5.22 5.49 4.89 5.34 5.14 5.09 5.10 5.29 4.96 5.14
Enterprise Value to EBITDA (EV/EBITDA)		 16.20 18.76 18.98 16.69 16.87 16.02 16.28 16.39 18.24 17.09 17.60
Enterprise Value to EBIT (EV/EBIT)		 17.70 20.58 20.73 18.21 18.32 17.38 17.72 17.84 19.96 18.69 19.22
Enterprise Value to NOPAT (EV/NOPAT)		 23.88 26.93 27.25 24.20 25.51 24.32 24.71 24.74 26.19 24.41 25.06
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.82 23.77 25.91 23.76 26.58 24.93 24.42 25.61 25.64 25.45 26.40
Enterprise Value to Free Cash Flow (EV/FCFF)		 26.44 26.87 27.92 25.78 32.68 25.39 26.92 32.91 30.57 37.48 34.98
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.69 2.71 2.76 2.86 2.46 2.37 2.55 2.78 2.79 2.78 2.83
Long-Term Debt to Equity		 2.27 2.10 2.07 2.17 1.94 1.90 2.25 2.40 2.39 2.07 2.04
Financial Leverage		 2.44 2.45 2.52 2.60 2.40 2.35 2.49 2.69 2.47 2.44 2.57
Leverage Ratio		 5.09 5.07 5.16 5.16 4.88 4.83 4.97 5.12 4.84 4.77 4.90
Compound Leverage Factor		 4.77 4.71 4.84 4.80 4.65 4.52 4.62 4.77 4.52 4.45 4.56
Debt to Total Capital		 72.86% 73.04% 73.37% 74.10% 71.10% 70.33% 71.82% 73.57% 73.59% 73.55% 73.91%
Short-Term Debt to Total Capital		 11.27% 16.33% 18.21% 17.87% 15.06% 13.91% 8.53% 10.22% 10.43% 18.75% 20.56%
Long-Term Debt to Total Capital		 61.59% 56.71% 55.16% 56.22% 56.04% 56.42% 63.29% 63.34% 63.16% 54.80% 53.34%
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		 27.13% 26.95% 26.62% 25.89% 28.89% 29.66% 28.17% 26.42% 26.40% 26.45% 26.09%
Debt to EBITDA		 1.73 1.82 1.79 1.81 1.65 1.54 1.68 1.82 1.94 1.93 1.93
Net Debt to EBITDA		 1.52 1.58 1.59 1.62 1.47 1.35 1.50 1.66 1.74 1.74 1.76
Long-Term Debt to EBITDA		 1.46 1.41 1.35 1.37 1.30 1.24 1.48 1.57 1.67 1.44 1.39
Debt to NOPAT		 2.55 2.61 2.57 2.62 2.50 2.34 2.55 2.74 2.79 2.75 2.75
Net Debt to NOPAT		 2.24 2.27 2.28 2.35 2.22 2.06 2.28 2.50 2.50 2.49 2.50
Long-Term Debt to NOPAT		 2.16 2.03 1.94 1.99 1.97 1.88 2.24 2.36 2.39 2.05 1.99
Altman Z-Score		 7.21 7.51 7.68 7.24 7.72 7.92 7.61 7.33 7.49 7.23 7.36
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		 1.58 1.33 1.32 1.30 1.36 1.36 1.60 1.59 1.53 1.21 1.19
Quick Ratio		 1.04 0.90 0.87 0.86 0.90 0.91 1.07 1.04 1.01 0.80 0.79
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 509 770 783 597 163 645 478 -0.04 410 -299 -133
Operating Cash Flow to CapEx		 818.33% 851.64% 633.33% 607.96% 865.05% 960.34% 636.56% 567.01% 872.65% 953.47% 669.89%
Free Cash Flow to Firm to Interest Expense		 7.60 11.00 11.03 7.96 2.36 9.48 7.03 0.00 5.47 -3.99 -1.82
Operating Cash Flow to Interest Expense		 14.66 14.84 8.30 9.16 12.91 16.38 8.71 7.43 13.61 12.84 8.53
Operating Cash Flow Less CapEx to Interest Expense		 12.87 13.10 6.99 7.65 11.42 14.68 7.34 6.12 12.05 11.49 7.26
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.05 1.04 1.02 1.03 1.02 1.04 1.01 1.00 0.99 1.03 1.02
Accounts Receivable Turnover		 5.20 5.12 4.99 4.95 4.99 5.20 4.93 4.81 4.90 5.16 4.97
Inventory Turnover		 4.89 4.95 4.77 4.83 4.95 5.35 5.09 5.03 5.03 5.50 5.35
Fixed Asset Turnover		 8.92 8.42 8.33 8.19 8.02 7.93 7.77 7.54 7.43 7.52 7.52
Accounts Payable Turnover		 15.55 15.86 15.25 15.50 15.76 16.11 14.90 14.94 15.30 17.23 15.07
Days Sales Outstanding (DSO)		 70.23 71.31 73.17 73.69 73.11 70.19 73.99 75.94 74.47 70.73 73.50
Days Inventory Outstanding (DIO)		 74.58 73.68 76.54 75.52 73.74 68.24 71.73 72.50 72.58 66.42 68.24
Days Payable Outstanding (DPO)		 23.48 23.02 23.93 23.54 23.17 22.66 24.49 24.43 23.85 21.18 24.22
Cash Conversion Cycle (CCC)		 121.34 121.97 125.77 125.66 123.68 115.76 121.23 124.01 123.20 115.96 117.52
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,501 10,531 10,805 10,989 11,234 10,673 11,071 11,797 11,694 11,809 12,014
Invested Capital Turnover		 1.56 1.53 1.49 1.47 1.47 1.50 1.44 1.39 1.39 1.43 1.41
Increase / (Decrease) in Invested Capital		 306 -6.00 78 199 733 142 266 808 460 1,136 943
Enterprise Value (EV)		 75,553 84,137 88,104 78,321 85,209 81,792 80,182 80,594 84,031 79,571 83,338
Market Capitalization		 68,476 77,037 80,737 70,709 77,809 74,876 72,791 72,444 76,012 71,452 75,016
Book Value per Share		 $9.93 $10.01 $10.10 $9.92 $11.42 $11.23 $11.04 $10.96 $11.01 $11.12 $11.20
Tangible Book Value per Share		 ($8.29) ($8.49) ($8.49) ($8.68) ($7.43) ($7.16) ($7.61) ($8.14) ($8.10) ($8.49) ($8.42)
Total Capital		 11,070 11,177 11,346 11,435 11,738 11,180 11,505 12,148 12,151 12,195 12,378
Total Debt		 8,066 8,164 8,325 8,473 8,346 7,863 8,263 8,937 8,942 8,969 9,148
Total Long-Term Debt		 6,818 6,339 6,259 6,429 6,578 6,308 7,282 7,695 7,675 6,683 6,603
Net Debt		 7,076 7,099 7,366 7,611 7,399 6,915 7,390 8,149 8,018 8,118 8,321
Capital Expenditures (CapEx)		 120 122 93 113 103 116 93 97 117 101 93
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,564 2,320 2,634 2,634 2,498 2,155 2,365 2,756 2,531 2,509 2,722
Debt-free Net Working Capital (DFNWC)		 3,554 3,385 3,593 3,496 3,445 3,103 3,238 3,544 3,455 3,360 3,549
Net Working Capital (NWC)		 2,306 1,560 1,527 1,452 1,677 1,548 2,257 2,302 2,188 1,074 1,004
Net Nonoperating Expense (NNE)		 43 47 42 37 -264 37 44 53 49 47 42
Net Nonoperating Obligations (NNO)		 7,497 7,518 7,784 8,027 7,842 7,356 7,829 8,586 8,485 8,583 8,784
Total Depreciation and Amortization (D&A)		 97 99 97 99 104 102 95 99 100 103 99
Debt-free, Cash-free Net Working Capital to Revenue		 15.93% 14.40% 16.40% 16.45% 15.66% 13.56% 15.00% 17.45% 15.94% 15.64% 16.78%
Debt-free Net Working Capital to Revenue		 22.08% 21.02% 22.37% 21.83% 21.60% 19.52% 20.54% 22.44% 21.75% 20.94% 21.88%
Net Working Capital to Revenue		 14.33% 9.69% 9.51% 9.07% 10.51% 9.74% 14.32% 14.58% 13.78% 6.69% 6.19%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.55 $2.39 $2.74 $2.55 $3.92 $2.54 $2.39 $2.58 $2.82 $2.73 $2.66
Adjusted Weighted Average Basic Shares Outstanding		 301.90M 298.80M 298.90M 297.60M 296.10M 293.50M 293.60M 292.30M 290.80M 288.20M 288.30M
Adjusted Diluted Earnings per Share		 $2.55 $2.38 $2.73 $2.54 $3.91 $2.53 $2.38 $2.58 $2.81 $2.72 $2.66
Adjusted Weighted Average Diluted Shares Outstanding		 303M 298.80M 300M 298.50M 297M 293.50M 294.50M 292.90M 291.70M 288.20M 289.10M
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		 300.89M 298.80M 298.40M 296.90M 295.30M 293.50M 293M 291.50M 290.10M 288.20M 287.70M
Normalized Net Operating Profit after Tax (NOPAT)		 815 764 861 796 896 787 744 808 870 837 810
Normalized NOPAT Margin		 20.23% 19.19% 21.67% 19.77% 22.59% 20.01% 19.37% 19.93% 21.44% 20.45% 20.17%
Pre Tax Income Margin		 25.13% 23.27% 26.98% 24.96% 34.34% 25.00% 23.31% 24.62% 25.84% 25.02% 24.08%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 16.12 14.24 16.10 14.40 20.74 15.46 14.16 14.49 14.99 14.65 14.25
NOPAT to Interest Expense		 12.17 10.92 12.13 10.61 12.99 11.57 10.94 10.92 11.60 11.16 11.10
EBIT Less CapEx to Interest Expense		 14.33 12.50 14.79 12.89 19.25 13.75 12.79 13.18 13.43 13.31 12.97
NOPAT Less CapEx to Interest Expense		 10.38 9.17 10.82 9.11 11.49 9.86 9.57 9.61 10.04 9.81 9.82
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 50.75% 54.62% 53.36% 53.93% 48.42% 48.60% 50.96% 51.65% 58.20% 58.22% 57.72%
Augmented Payout Ratio		 102.38% 105.34% 102.35% 102.84% 91.84% 91.60% 95.49% 96.23% 107.77% 107.14% 105.58%

Financials Breakdown Chart

Key Financial Trends

Illinois Tool Works (ITW) latest quarterly results show a generally constructive trend in revenue, profitability, and cash flow, with ongoing capital returns to shareholders.

  • Revenue around $4.093B in Q4 2025, up from about $3.932B in Q4 2024, signaling a tangible top-line uptick.
  • Gross margin remains solid, with gross profit about $1.809B on $4.093B revenue (roughly 44% margin).
  • Net income attributable to common shareholders about $0.790B in Q4 2025, showing earnings resilience versus prior-year quarters.
  • Operating cash flow remains robust, with net cash from continuing operating activities around $0.963B in Q4 2025.
  • Free cash flow (roughly CFO minus capex) around $0.858B in Q4 2025, underscoring strong cash generation after investment needs.
  • Shareholder returns ongoing: quarterly dividends around $1.50 per share and meaningful buybacks (about $375M in Q4 2025).
  • Earnings per share around $2.72–$2.73 (diluted/basic) in latest quarters, supported by steady earnings and share repurchases.
  • Debt and leverage: long-term debt typically in the $6.0B–$7.7B range and total liabilities around $12B–$13B, consistent with ITW’s capital structure.
  • Cash balance around $0.9B, with working capital movements contributing to short-term CFO variability.
  • Net financing outflows due to shareholder returns: in Q4 2025, net cash from financing activities was about -$0.818B, reducing cash reserves in the quarter.
05/11/26 10:44 AM ETAI Generated. May Contain Errors.

Illinois Tool Works Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Illinois Tool Works' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Illinois Tool Works' net income appears to be on an upward trend, with a most recent value of $3.07 billion in 2025, rising from $1.90 billion in 2015. The previous period was $3.49 billion in 2024. Check out Illinois Tool Works' forecast to explore projected trends and price targets.

Illinois Tool Works' total operating income in 2025 was $4.22 billion, based on the following breakdown:
  • Total Gross Profit: $7.08 billion
  • Total Operating Expenses: $2.86 billion

Over the last 10 years, Illinois Tool Works' total revenue changed from $13.41 billion in 2015 to $16.04 billion in 2025, a change of 19.7%.

Illinois Tool Works' total liabilities were at $12.92 billion at the end of 2025, a 10.0% increase from 2024, and a 23.1% increase since 2015.

In the past 10 years, Illinois Tool Works' cash and equivalents has ranged from $708 million in 2022 to $3.09 billion in 2017, and is currently $851 million as of their latest financial filing in 2025.

Over the last 10 years, Illinois Tool Works' book value per share changed from 14.37 in 2015 to 11.12 in 2025, a change of -22.6%.


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Financial statements for NYSE:ITW last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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