Screener / SEC EDGAR /CIK 0000049826 /Numbers from the XBRL of the 10-Ks
NYSE Industrials · Industrial Machinery

Illinois Tool Works ITW

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The 10-K against last year's

52 changes: 3 added, 1 removed, 48 reworded

10-K Feb 13, 2026 vs Feb 14, 2025

10-K 0000049826-26-000008 (Feb 13, 2026) vs 10-K 0000049826-25-000007 (Feb 14, 2025) Not compared: Legal Proceedings, Accounting Policies.

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

MD&A158 words changed in this paragraph; it is 53% similar to last year's version.
Cost of revenue was $8.9 $8.97 billion in 2024, $9.3 2025, $8.86 billion in 2023 2024 and $9.4 $9.32 billion in 2022. 2023. Cost of revenue increased 1.2% in 2025 compared to 2024. Excluding the first quarter 2024 LIFO accounting method change of $117 million, Cost of revenue decreased 0.1% in 2025 compared to 2024 primarily due to benefits from the Company's enterprise initiatives, partially offset by higher employee-related expenses. Cost of revenue, excluding the first quarter 2024 LIFO accounting method change, as a percent of operating revenue improved in 2025 compared to 2024 primarily due to benefits from the Company's enterprise initiatives, partially offset by higher employee-related expenses. Cost of revenue was 4.9% lower in 2024 compared to 2023 primarily due to lower revenue and the first quarter 2024 LIFO accounting method change, which reduced cost of revenue by 3.1% and 1.3%, respectively. Cost of revenue as a percent of operating revenue improved in 2024 compared to 2023 primarily due to the LIFO accounting method change and benefits from the Company's enterprise initiatives, partially offset by higher employee-related expenses. Cost of revenue was 1.2% lower in 2023 compared to 2022 primarily due to the impact of divestiture activity in the second quarter of 2023 and the fourth quarter of 2022, which reduced cost of revenue by 1.0%. Cost of revenue as a percent of operating revenue improved in 2023 compared to 2022 primarily due to benefits from the Company's enterprise initiatives and positive operating leverage, partially offset by higher employee-related expenses.

Source: Item 7, 10-K 0000049826-26-000008 vs Item 7, 10-K 0000049826-25-000007

Risk Factors35 words changed in this paragraph; it is 95% similar to last year's version.
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "believe," "expect," "plans," "intend," "may," "strategy," "prospects," "estimate," "will," "should," "could," "project," "target," "anticipate," "guidance," "forecast," and other similar words, and may include, without limitation, statements regarding the duration and potential effects of global supply chain challenges, the current and expected impact of U.S. trade policy, including tariffs and related government actions and retaliatory countermeasures, the Company's strategy in response thereto on expected impact of the Company's business, One Big Beautiful Bill Act, future financial and operating performance, free cash flow, economic and regulatory conditions in various geographic regions, the impact of foreign currency fluctuations, the timing and amount of benefits from the Company's enterprise strategy initiatives, the timing and amount of dividends and share repurchases, the protection of the Company's intellectual property, the likelihood of future goodwill or intangible asset impairment charges, the impact of adopting new accounting pronouncements, the adequacy of internally generated funds and credit facilities to service debt and finance the Company's capital allocation priorities, the sufficiency of U.S. generated cash to fund cash requirements in the U.S., the cost and availability of additional financing, the availability of raw materials and energy and the impact of raw material cost inflation, the Company's enterprise initiatives, the Company's portion of future benefit payments related to pension and postretirement benefits, the Company's information technology infrastructure, potential acquisitions and divestitures and the expected performance of acquired businesses and impact of divested businesses, the impact of U.S. and global tax legislation and the estimated timing and amount related to the resolution of tax matters, the cost of compliance with environmental regulations, the impact of interest rate changes, the impact of failure of the Company's employees to comply with applicable laws and regulations, and the outcome of outstanding legal proceedings. These statements are subject to certain risks, uncertainties, and other factors, which could cause actual results to differ materially from those anticipated. Important risks that may influence future results include those risks described above. These risks are not all inclusive and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Source: Item 1A, 10-K 0000049826-26-000008 vs Item 1A, 10-K 0000049826-25-000007

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of ITW's Risk Factors and MD&A, 10-K Feb 13, 2026 against 10-K Feb 14, 2025. Each links to the text at sec.gov.

AddedMD&A
On April 2, 2025, the United States government announced additional tariffs on goods imported to the U.S. from numerous countries. In response, certain countries retaliated with additional counter-tariffs or are working to negotiate with the U.S government regarding tariffs. Tariffs on goods from many countries became effective on August 1, 2025. The Company believes it is well positioned to minimize the impact of these tariffs because its businesses generally manufacture products in the markets where they are sold and the Company expects to recover the increased cost of tariffs through price increases. However, current tariff policies have introduced additional uncertainty and may negatively impact overall demand from the Company's customers. The Company continues to assess the impact of the tariffs and actions that can be taken to moderate and/or minimize their effects on the Company.
Read it in 10-K Feb 13, 2026 at sec.gov
AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the United States, which extended and modified certain provisions of the 2017 Tax Cuts and Jobs Act (the "TCJA"). The provisions of the OBBBA did not have any impact on the Company's operating results, financial position or cash flows for the twelve months ended December 31, 2025, and is not expected to have a material impact on future periods.
Read it in 10-K Feb 13, 2026 at sec.gov
AddedMD&A
In millions 2025 2024 Increase (Decrease) Current Assets: Cash and equivalents $ 851 $ 948 $ (97) Trade receivables 3,227 2,991 236 Inventories 1,659 1,605 54 Prepaid expenses and other current assets 463 312 151 Total current assets 6,200 5,856 344 Current Liabilities: Short-term debt 2,286 1,555 731 Accounts payable and accrued expenses 2,158 2,095 63 Other 682 658 24 Total current liabilities 5,126 4,308 818 Net Working Capital $ 1,074 $ 1,548 $ (474)
Read it in 10-K Feb 13, 2026 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

Also

New risk factors: paragraphs with nothing like them last year, quoted in full.

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