NYSE : ITW
Illinois Tool Works Inc. — Financial statements
Industrials · Specialty Industrial Machinery · United States
Last price 278.55 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 79.16B
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Financial statements
Illinois Tool Works Inc. (ITW) reported revenue of 16.65B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 16.65B | 16.04B | 15.90B | 16.11B | 15.93B | 14.46B |
| Cost of Revenue | 9.27B | 8.97B | 8.86B | 9.32B | 9.43B | 8.49B |
| Gross Profit | 7.38B | 7.08B | 7.04B | 6.79B | 6.50B | 5.97B |
| Selling, General & Admin | 2.84B | 2.74B | 2.65B | 2.60B | 2.54B | 2.33B |
| Amortization of Goodwill & Intangibles | 70.00M | 80.00M | 101.00M | 113.00M | 134.00M | 133.00M |
| Operating Expenses | 2.91B | 2.82B | 2.75B | 2.72B | 2.67B | 2.47B |
| Operating Income | 4.47B | 4.26B | 4.29B | 4.07B | 3.83B | 3.50B |
| Interest Expense | -310.00M | -292.00M | -283.00M | -266.00M | -203.00M | -202.00M |
| Interest & Investment Income | 40.00M | 40.00M | 44.00M | 51.00M | 22.00M | 12.00M |
| Currency Exchange Gain (Loss) | -35.00M | -35.00M | 7.00M | -39.00M | -7.00M | -9.00M |
| Other Non Operating Income (Expenses) | 36.00M | -5.00M | -1.00M | 1.00M | -1.00M | -4.00M |
| EBT Excluding Unusual Items | 4.20B | 3.97B | 4.06B | 3.82B | 3.64B | 3.30B |
| Gain (Loss) on Sale of Investments | 363.00M | 2.00M | 9.00M | 29.00M | ||
| Gain (Loss) on Sale of Assets | 1.00M | 191.00M | ||||
| Pretax Income | 4.20B | 3.97B | 4.42B | 3.82B | 3.84B | 3.33B |
| Income Tax Expense | 974.00M | 900.00M | 934.00M | 866.00M | 808.00M | 632.00M |
| Net Income | 3.23B | 3.07B | 3.49B | 2.96B | 3.03B | 2.69B |
| Net Income to Common | 3.23B | 3.07B | 3.49B | 2.96B | 3.03B | 2.69B |
| Shares Outstanding (Basic) | 287.15M | 291.50M | 296.80M | 302.60M | 309.60M | 315.10M |
| Shares Outstanding (Diluted) | 287.88M | 292.30M | 297.80M | 303.60M | 310.70M | 316.40M |
| EPS (Basic) | 11.24 | 10.52 | 11.75 | 9.77 | 9.80 | 8.55 |
| EPS (Diluted) | 11.21 | 10.49 | 11.71 | 9.74 | 9.77 | 8.51 |
| Free Cash Flow | 2.87B | 2.71B | 2.84B | 3.08B | 1.94B | 2.26B |
| Free Cash Flow Per Share | 9.96 | 9.26 | 9.55 | 10.16 | 6.23 | 7.15 |
| Dividend Per Share | 6.55 | 6.22 | 5.80 | 5.42 | 5.06 | 4.72 |
| Gross Margin | 44.32% | 44.10% | 44.28% | 42.16% | 40.82% | 41.27% |
| Operating Margin | 26.86% | 26.54% | 27.00% | 25.29% | 24.05% | 24.21% |
| Profit Margin | 19.39% | 19.11% | 21.94% | 18.36% | 19.04% | 18.64% |
| Free Cash Flow Margin | 17.23% | 16.87% | 17.89% | 19.15% | 12.15% | 15.64% |
| EBITDA | 4.87B | 4.66B | 4.69B | 4.47B | 4.24B | 3.91B |
| EBITDA Margin | 29.26% | 29.01% | 29.53% | 27.74% | 26.62% | 27.05% |
| D&A For EBITDA | 400.00M | 397.00M | 402.00M | 395.00M | 410.00M | 410.00M |
| EBIT | 4.47B | 4.26B | 4.29B | 4.07B | 3.83B | 3.50B |
| EBIT Margin | 26.86% | 26.54% | 27.00% | 25.29% | 24.05% | 24.21% |
| Effective Tax Rate | 23.18% | 22.69% | 21.12% | 22.65% | 21.03% | 19.00% |
| Advertising Expenses | 62.00M | 58.00M | 60.00M | 57.00M | 50.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 809.00M | 851.00M | 948.00M | 1.06B | 708.00M | 1.53B |
| Cash & Short-Term Investments | 809.00M | 851.00M | 948.00M | 1.06B | 708.00M | 1.53B |
| Accounts Receivable | 3.52B | 3.23B | 2.99B | 3.12B | 3.17B | 2.84B |
| Other Receivables | 177.00M | 105.00M | 128.00M | 102.00M | 102.00M | |
| Receivables | 3.52B | 3.40B | 3.10B | 3.25B | 3.27B | 2.94B |
| Inventory | 1.82B | 1.66B | 1.60B | 1.71B | 2.05B | 1.69B |
| Other Current Assets | 286.00M | 207.00M | 212.00M | 235.00M | 211.00M | |
| Total Current Assets | 6.60B | 6.20B | 5.86B | 6.24B | 6.27B | 6.37B |
| Property, Plant & Equipment | 2.25B | 2.52B | 2.30B | 2.22B | 2.06B | 2.03B |
| Goodwill | 5.07B | 5.10B | 4.84B | 4.91B | 4.86B | 4.96B |
| Other Intangible Assets | 543.00M | 591.00M | 592.00M | 657.00M | 768.00M | 972.00M |
| Long-Term Deferred Tax Assets | 492.00M | 519.00M | 369.00M | 479.00M | 494.00M | 552.00M |
| Other Long-Term Assets | 1.54B | 1.22B | 1.11B | 1.01B | 966.00M | 1.18B |
| Total Assets | 16.50B | 16.15B | 15.07B | 15.52B | 15.42B | 16.08B |
| Accounts Payable | 623.00M | 522.00M | 519.00M | 581.00M | 594.00M | 585.00M |
| Accrued Expenses | 1.64B | 1.18B | 1.11B | 1.16B | 1.20B | 1.15B |
| Short-Term Debt | 369.00M | 1.29B | 778.00M | 464.00M | 1.05B | 210.00M |
| Current Portion of Long-Term Debt | 1.85B | 999.00M | 777.00M | 1.36B | 535.00M | 568.00M |
| Current Portion of Leases | 62.00M | 57.00M | 58.00M | 55.00M | 61.00M | |
| Current Income Taxes Payable | 133.00M | 217.00M | 217.00M | 187.00M | 147.00M | 77.00M |
| Current Unearned Revenue | 340.00M | 360.00M | 395.00M | 427.00M | 394.00M | |
| Other Current Liabilities | 490.00M | 522.00M | 493.00M | 467.00M | 443.00M | 428.00M |
| Total Current Liabilities | 5.10B | 5.13B | 4.31B | 4.67B | 4.46B | 3.47B |
| Long-Term Debt | 7.15B | 6.68B | 6.31B | 6.34B | 6.17B | 6.91B |
| Long-Term Leases | 180.00M | 158.00M | 148.00M | 131.00M | 133.00M | |
| Pension & Post-Retirement Benefits | 205.00M | 224.00M | 312.00M | 306.00M | 383.00M | |
| Long-Term Deferred Tax Liabilities | 168.00M | 154.00M | 119.00M | 326.00M | 484.00M | 654.00M |
| Other Long-Term Liabilities | 934.00M | 574.00M | 633.00M | 705.00M | 779.00M | 902.00M |
| Total Liabilities | 13.36B | 12.92B | 11.75B | 12.51B | 12.33B | 12.45B |
| Common Stock | 6.00M | 6.00M | 6.00M | 6.00M | 6.00M | 6.00M |
| Additional Paid-In Capital | 1.87B | 1.77B | 1.67B | 1.59B | 1.50B | 1.43B |
| Retained Earnings | 31.18B | 30.15B | 28.89B | 27.12B | 25.80B | 24.32B |
| Treasury Stock | -28.19B | -26.88B | -25.38B | -23.87B | -22.38B | -20.64B |
| Comprehensive Income & Other | -1.72B | -1.83B | -1.88B | -1.83B | -1.84B | -1.50B |
| Total Common Equity | 3.14B | 3.23B | 3.32B | 3.01B | 3.09B | 3.62B |
| Minority Interest | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Shareholders' Equity | 3.14B | 3.23B | 3.32B | 3.01B | 3.09B | 3.63B |
| Total Liabilities & Equity | 16.50B | 16.15B | 15.07B | 15.52B | 15.42B | 16.08B |
| Total Debt | 9.37B | 9.21B | 8.08B | 8.37B | 7.95B | 7.88B |
| Net Cash (Debt) | -8.56B | -8.36B | -7.13B | -7.30B | -7.24B | -6.35B |
| Net Cash Per Share | -29.75 | -28.60 | -23.94 | -24.06 | -23.31 | -20.08 |
| Filing Date Shares Outstanding | 284.20M | 288.20M | 293.50M | 298.80M | 305.07M | 312.93M |
| Total Common Shares Outstanding | 284.20M | 288.60M | 294.00M | 299.30M | 305.00M | 312.90M |
| Working Capital | 1.50B | 1.07B | 1.55B | 1.56B | 1.81B | 2.90B |
| Book Value Per Share | 11.05 | 11.17 | 11.28 | 10.06 | 10.12 | 11.59 |
| Tangible Book Value | -2.48B | -2.46B | -2.12B | -2.55B | -2.54B | -2.31B |
| Tangible Book Value Per Share | -8.71 | -8.54 | -7.19 | -8.53 | -8.34 | -7.39 |
| Land | 199.00M | 188.00M | 197.00M | 188.00M | 198.00M | |
| Buildings | 1.71B | 1.56B | 1.49B | 1.41B | 1.46B | |
| Machinery | 4.39B | 4.04B | 4.07B | 3.89B | 3.90B | |
| Construction In Progress | 299.00M | 270.00M | 294.00M | 259.00M | 142.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.23B | 3.07B | 3.49B | 2.96B | 3.03B | 2.69B |
| Depreciation & Amortization | 400.00M | 397.00M | 402.00M | 395.00M | 410.00M | 410.00M |
| Loss (Gain) From Sale of Assets | 3.00M | 3.00M | -2.00M | -192.00M | ||
| Loss (Gain) From Sale of Investments | -363.00M | -2.00M | -9.00M | -29.00M | ||
| Stock-Based Compensation | 77.00M | 69.00M | 61.00M | 69.00M | 63.00M | 53.00M |
| Provision & Write-off of Bad Debts | 6.00M | 5.00M | -1.00M | 6.00M | 5.00M | 3.00M |
| Other Operating Activities | 11.00M | -8.00M | -288.00M | -94.00M | -147.00M | -136.00M |
| Change in Accounts Receivable | -257.00M | -92.00M | 34.00M | 64.00M | -461.00M | -240.00M |
| Change in Inventory | -92.00M | 34.00M | 176.00M | 360.00M | -455.00M | -450.00M |
| Change in Accounts Payable | 14.00M | -29.00M | -43.00M | -14.00M | 35.00M | 37.00M |
| Change in Income Taxes | -75.00M | -135.00M | -70.00M | -72.00M | -35.00M | 49.00M |
| Change in Other Net Operating Assets | -53.00M | -184.00M | -115.00M | -128.00M | 100.00M | 166.00M |
| Operating Cash Flow | 3.26B | 3.13B | 3.28B | 3.54B | 2.35B | 2.56B |
| Capital Expenditures | -394.00M | -419.00M | -437.00M | -455.00M | -412.00M | -296.00M |
| Sale of Property, Plant & Equipment | 11.00M | 11.00M | 12.00M | 20.00M | 15.00M | 8.00M |
| Cash Acquisitions | -120.00M | -119.00M | -115.00M | -2.00M | -731.00M | |
| Divestitures | 1.00M | 7.00M | 278.00M | |||
| Investment in Securities | 7.00M | 7.00M | 406.00M | 27.00M | 12.00M | 38.00M |
| Other Investing Activities | 17.00M | -2.00M | -10.00M | -2.00M | -1.00M | -3.00M |
| Investing Cash Flow | -479.00M | -521.00M | -144.00M | -403.00M | -110.00M | -984.00M |
| Short-Term Debt Issued | 508.00M | 312.00M | 796.00M | 120.00M | ||
| Long-Term Debt Issued | 1.61B | 1.43B | 593.00M | 90.00M | ||
| Total Debt Issued | 1.51B | 508.00M | 1.92B | 1.43B | 1.39B | 210.00M |
| Short-Term Debt Repaid | -452.00M | |||||
| Long-Term Debt Repaid | -1.93B | -679.00M | -1.11B | -351.00M | ||
| Total Debt Repaid | -915.00M | -1.93B | -1.13B | -1.11B | -351.00M | |
| Net Debt Issued (Repaid) | 600.00M | 508.00M | -8.00M | 294.00M | 276.00M | -141.00M |
| Issuance of Common Stock | 68.00M | 65.00M | 52.00M | 53.00M | 29.00M | 50.00M |
| Repurchase of Common Stock | -1.69B | -1.50B | -1.50B | -1.50B | -1.75B | -1.00B |
| Common Dividends Paid | -1.85B | -1.78B | -1.70B | -1.61B | -1.54B | -1.46B |
| Other Financing Activities | -41.00M | -32.00M | -38.00M | -14.00M | -13.00M | -10.00M |
| Financing Cash Flow | -2.91B | -2.74B | -3.19B | -2.78B | -3.00B | -2.56B |
| Foreign Exchange Rate Adjustments | 15.00M | 42.00M | -65.00M | 3.00M | -57.00M | -46.00M |
| Net Cash Flow | -115.00M | -97.00M | -117.00M | 357.00M | -819.00M | -1.04B |
| Free Cash Flow | 2.87B | 2.71B | 2.84B | 3.08B | 1.94B | 2.26B |
| Free Cash Flow Margin | 17.23% | 16.87% | 17.89% | 19.15% | 12.15% | 15.64% |
| Free Cash Flow Per Share | 9.96 | 9.26 | 9.55 | 10.16 | 6.23 | 7.15 |
| Levered Free Cash Flow | 2.31B | 2.17B | 2.70B | 2.76B | 1.80B | 1.79B |
| Unlevered Free Cash Flow | 2.50B | 2.35B | 2.87B | 2.92B | 1.92B | 1.91B |
| Cash Interest Paid | 290.00M | 279.00M | 248.00M | 260.00M | 199.00M | 197.00M |
| Cash Income Tax Paid | 1.02B | 1.05B | 1.18B | 1.03B | 993.00M | 731.00M |
| Change in Working Capital | -463.00M | -406.00M | -18.00M | 210.00M | -816.00M | -438.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 80.57B | 71.45B | 74.88B | 78.81B | 67.67B | 77.47B |
| Enterprise Value | 89.14B | 79.47B | 82.28B | 85.89B | 74.53B | 83.03B |
| Last Close Price | 278.55 | 241.71 | 242.74 | 245.11 | 201.63 | 220.26 |
| PE Ratio | 25.29 | 23.30 | 21.47 | 26.65 | 22.30 | 28.75 |
| Forward PE | 23.36 | 22.38 | 24.21 | 26.30 | 23.78 | 28.12 |
| PS Ratio | 4.76 | 4.45 | 4.71 | 4.89 | 4.25 | 5.36 |
| PB Ratio | 25.20 | 22.15 | 22.57 | 26.16 | 21.91 | 21.36 |
| P/FCF Ratio | 27.60 | 26.39 | 26.33 | 25.56 | 34.95 | 34.26 |
| P/OCF Ratio | 24.27 | 22.86 | 22.82 | 22.27 | 28.82 | 30.30 |
| PEG Ratio | 3.13 | 15.22 | 4.45 | 5.72 | 3.80 | 2.22 |
| EV/Sales Ratio | 5.27 | 4.95 | 5.17 | 5.33 | 4.68 | 5.74 |
| EV/EBITDA Ratio | 18.01 | 17.07 | 17.53 | 19.22 | 17.57 | 21.23 |
| EV/EBIT Ratio | 19.62 | 18.66 | 19.17 | 21.09 | 19.45 | 23.72 |
| EV/FCF Ratio | 30.59 | 29.36 | 28.93 | 27.85 | 38.50 | 36.72 |
| Debt / Equity Ratio | 2.98 | 2.85 | 2.44 | 2.78 | 2.57 | 2.17 |
| Debt / EBITDA Ratio | 1.89 | 1.95 | 1.70 | 1.85 | 1.85 | 1.99 |
| Debt / FCF Ratio | 3.27 | 3.40 | 2.84 | 2.71 | 4.11 | 3.49 |
| Net Debt / Equity Ratio | 2.73 | 2.59 | 2.15 | 2.42 | 2.34 | 1.75 |
| Net Debt / EBITDA Ratio | 1.76 | 1.80 | 1.52 | 1.64 | 1.71 | 1.62 |
| Net Debt / FCF Ratio | 2.99 | 3.09 | 2.51 | 2.37 | 3.74 | 2.81 |
| Asset Turnover | 1.02 | 1.03 | 1.04 | 1.04 | 1.01 | 0.91 |
| Inventory Turnover | 5.22 | 5.50 | 5.35 | 4.95 | 5.03 | 5.89 |
| Quick Ratio | 0.85 | 0.83 | 0.94 | 0.92 | 0.89 | 1.29 |
| Current Ratio | 1.29 | 1.21 | 1.36 | 1.33 | 1.41 | 1.84 |
| Return on Equity (ROE) | 101.65% | 93.72% | 110.20% | 96.92% | 90.36% | 79.14% |
| Return on Assets (ROA) | 17.13% | 17.05% | 17.54% | 16.46% | 15.20% | 13.81% |
| Return on Invested Capital (ROIC) | 29.29% | 29.88% | 32.61% | 30.51% | 29.79% | 29.99% |
| Return on Capital Employed (ROCE) | 39.20% | 38.60% | 39.90% | 37.60% | 34.90% | 27.80% |
| Earnings Yield | 3.95% | 4.29% | 4.66% | 3.75% | 4.48% | 3.48% |
| FCF Yield | 3.62% | 3.79% | 3.80% | 3.91% | 2.86% | 2.92% |
| Dividend Yield | 2.44% | 2.51% | 2.28% | 2.06% | 2.28% | 1.91% |
| Payout Ratio | 61.37% | 58.22% | 48.59% | 54.62% | 50.82% | 54.31% |
| Buyback Yield / Dilution | 1.98% | 1.85% | 1.91% | 2.28% | 1.80% | 0.60% |
| Total Shareholder Return | 4.45% | 4.36% | 4.19% | 4.34% | 4.08% | 2.50% |