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ITWIllinois Tool Works

Industrials · Industrial Machinery · NYSE
ITW quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 0.9%, free cash flow down to $2.7B

XBRL, from each 10-K
RevenueStatements ↓
$16.0B
from $15.9B in FY2024
FY2016FY2025
Net incomeStatements ↓
$3.1B
from $3.5B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.7B
from $2.8B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$10.49
from $11.71 in FY2024
FY2016FY2025
Operating marginStatements ↓
26.3%
from 26.8% in FY2024
FY2016FY2025
Total debtStatements ↓
$9.0B
from $7.9B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)11.21Sales (ttm)16.6BNet income (ttm)3.2BSales growth+0.9%EPS growth-10.4%Sales Q/Q+4.4%
Free cash flow2.9BGross margin44.3%Oper. margin26.6%Net margin19.4%FCF margin17.2%ROE102.7%
ROA19.6%R&D / sales1.9%Dividend6.22Debt/Eq2.39Curr. ratio1.29Cash809.0M
Op. cash flow (ttm)3.3BEBITDA4.5BEBITDA margin28.3%Net debt6.7BQuick ratio0.97Interest cover14.44
ROIC24.6%Payout ratio59.3%Tax rate37.8%Stock pay / sales0.4%Shares out.284.2MShares Y/Y-1.8%
Book / share11.06Cash / share2.85Sales / share58.57Asset turnover1.01Inventory turns4.55Days sales out.73
Sales 3Y CAGR+0.2%Sales 5Y CAGR+5.0%EPS 3Y CAGR+2.4%EPS 5Y CAGR+9.6%Employees43,000Sales / employee387K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

ITW against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
ITWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+0.9%65th of 82 · median +4.8%
Net margin
19.4%13th of 82 · median 13.0%
Return on equity
102.7%2nd of 77 · median 24.9%
Free cash flow margin
17.2%22nd of 79 · median 13.0%
Debt / equity (less is better)
2.3970th of 72 · median 0.72
ITW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ITW Illinois Tool Works$16.6B +0.9%44.3%19.4%102.7%17.2%2.39
LDOS Leidos$17.8B +3.1%17.3%8.0%27.4%11.0%1.17
URI United Rentals$17.5B +4.9%39.1%16.3%29.5%-1.51
TXT Textron$15.4B +8.0%-6.3%12.0%5.2%-
SWK Stanley Black & Decker$15.2B -1.5%33.8%5.5%9.5%11.3%0.53
OTIS Otis Worldwide$15.1B +1.2%-10.3%-11.1%-
Where each dollar goes

From $14.5B of sales to $2.7B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $6.0BRevenue to Cost of revenue: $8.5BGross profit to Operating profit: $3.5BGross profit to Operating expenses: $2.5BOperating profit to Net profit: $2.7BOperating profit to Tax & other: $783.0MOperating expenses to R&D: $239.0MOperating expenses to Sales, admin & other: $2.2B Revenue: $14.5B Revenue$14.5B +15% Y/Y Gross profit: $6.0B · 41% margin Gross profit$6.0B41% margin Cost of revenue: $8.5B · 59% of revenue Cost of revenue$8.5B59% of revenue Operating profit: $3.5B · 24% margin Operating profit$3.5B24% margin +21% Y/Y Operating expenses: $2.5B · 17% of revenue Operating expenses$2.5B17% of revenue Net profit: $2.7B · 19% margin Net profit$2.7B19% margin +28% Y/Y Tax & other: $783.0M · 5% of revenue Tax & other$783.0M5% of revenue R&D: $239.0M · 2% of revenue R&D$239.0M2% of revenue Sales, admin & other: $2.2B · 16% of revenue Sales, admin & other$2.2B16% of revenue

Swipe sideways for the whole flow →

From $15.9B of sales to $3.0B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $7.8BRevenue to Cost of revenue: $8.1BGross profit to Operating profit: $3.8BGross profit to Operating expenses: $4.0BOperating profit to Net profit: $3.0BOperating profit to Tax & other: $756.0MOperating expenses to R&D: $269.0MOperating expenses to Sales, admin & other: $3.7B Revenue: $15.9B Revenue$15.9B +10% Y/Y Gross profit: $7.8B · 49% margin Gross profit$7.8B49% margin Cost of revenue: $8.1B · 51% of revenue Cost of revenue$8.1B51% of revenue Operating profit: $3.8B · 24% margin Operating profit$3.8B24% margin +9% Y/Y Operating expenses: $4.0B · 25% of revenue Operating expenses$4.0B25% of revenue Net profit: $3.0B · 19% margin Net profit$3.0B19% margin +13% Y/Y Tax & other: $756.0M · 5% of revenue Tax & other$756.0M5% of revenue R&D: $269.0M · 2% of revenue R&D$269.0M2% of revenue Sales, admin & other: $3.7B · 23% of revenue Sales, admin & other$3.7B23% of revenue

Swipe sideways for the whole flow →

From $16.1B of sales to $3.0B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $8.2BRevenue to Cost of revenue: $7.9BGross profit to Operating profit: $4.0BGross profit to Operating expenses: $4.1BOperating profit to Net profit: $3.0BOperating profit to Tax & other: $1.1BOperating expenses to R&D: $284.0MOperating expenses to Sales, admin & other: $3.8B Revenue: $16.1B Revenue$16.1B +1% Y/Y Gross profit: $8.2B · 51% margin Gross profit$8.2B51% margin Cost of revenue: $7.9B · 49% of revenue Cost of revenue$7.9B49% of revenue Operating profit: $4.0B · 25% margin Operating profit$4.0B25% margin +7% Y/Y Operating expenses: $4.1B · 26% of revenue Operating expenses$4.1B26% of revenue Net profit: $3.0B · 18% margin Net profit$3.0B18% margin −3% Y/Y Tax & other: $1.1B · 7% of revenue Tax & other$1.1B7% of revenue R&D: $284.0M · 2% of revenue R&D$284.0M2% of revenue Sales, admin & other: $3.8B · 24% of revenue Sales, admin & other$3.8B24% of revenue

Swipe sideways for the whole flow →

From $15.9B of sales to $3.5B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $8.3BRevenue to Cost of revenue: $7.6BGross profit to Operating profit: $4.3BGross profit to Operating expenses: $4.0BOperating profit to Net profit: $3.5BOperating profit to Tax & other: $776.0MOperating expenses to R&D: $292.0MOperating expenses to Sales, admin & other: $3.7B Revenue: $15.9B Revenue$15.9B −1% Y/Y Gross profit: $8.3B · 52% margin Gross profit$8.3B52% margin Cost of revenue: $7.6B · 48% of revenue Cost of revenue$7.6B48% of revenue Operating profit: $4.3B · 27% margin Operating profit$4.3B27% margin +6% Y/Y Operating expenses: $4.0B · 25% of revenue Operating expenses$4.0B25% of revenue Net profit: $3.5B · 22% margin Net profit$3.5B22% margin +18% Y/Y Tax & other: $776.0M · 5% of revenue Tax & other$776.0M5% of revenue R&D: $292.0M · 2% of revenue R&D$292.0M2% of revenue Sales, admin & other: $3.7B · 24% of revenue Sales, admin & other$3.7B24% of revenue

Swipe sideways for the whole flow →

From $16.0B of sales to $3.1B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $8.5BRevenue to Cost of revenue: $7.6BGross profit to Operating profit: $4.2BGross profit to Operating expenses: $4.3BOperating profit to Net profit: $3.1BOperating profit to Tax & other: $1.1BOperating expenses to R&D: $302.0MOperating expenses to Sales, admin & other: $4.0B Revenue: $16.0B Revenue$16.0B +1% Y/Y Gross profit: $8.5B · 53% margin Gross profit$8.5B53% margin Cost of revenue: $7.6B · 47% of revenue Cost of revenue$7.6B47% of revenue Operating profit: $4.2B · 26% margin Operating profit$4.2B26% margin −1% Y/Y Operating expenses: $4.3B · 27% of revenue Operating expenses$4.3B27% of revenue Net profit: $3.1B · 19% margin Net profit$3.1B19% margin −12% Y/Y Tax & other: $1.1B · 7% of revenue Tax & other$1.1B7% of revenue R&D: $302.0M · 2% of revenue R&D$302.0M2% of revenue Sales, admin & other: $4.0B · 25% of revenue Sales, admin & other$4.0B25% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3
  • ✓
    Net margin above the peer median19.4% vs 13.0%
  • ✓
    Return on equity above 15%102.7%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 15.0% → 19.1%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 14.4× interest expense
  • !
    Debt larger than equityDebt / equity 2.39 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.29
  • ✓
    Net debt under 3 years of free cash flow$6.7B net debt, 2.3 years
Debt / equity at each year end, FY2016 to FY2025: 1.84 → 2.78
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$2.7B last year
  • ✓
    Share count down over 5 years−8.2%
  • ✓
    Dividend per share up over 5 years$4.42 → $6.22
  • ✓
    Cash from operations above net income$3.1B vs $3.1B
Free cash flow, FY2016 to FY2025: 2.0B → 2.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$7.7B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 16.0B Net income 3.1B
FY2016 revenue 13.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-19-000021 FY2016 net income 2.0B · ProfitLoss, 0000049826-19-000021 13.6B FY2016 FY2017 revenue 14.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-20-000020 FY2017 net income 1.7B · ProfitLoss, 0000049826-20-000020 14.3B FY2017 FY2018 revenue 14.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-21-000007 FY2018 net income 2.6B · ProfitLoss, 0000049826-21-000007 14.8B FY2018 FY2019 revenue 14.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-22-000006 FY2019 net income 2.5B · ProfitLoss, 0000049826-22-000006 14.1B FY2019 FY2020 revenue 12.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-23-000008 FY2020 net income 2.1B · ProfitLoss, 0000049826-23-000008 12.6B FY2020 FY2021 revenue 14.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-24-000008 FY2021 net income 2.7B · ProfitLoss, 0000049826-24-000008 14.5B FY2021 FY2022 revenue 15.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-25-000007 FY2022 net income 3.0B · ProfitLoss, 0000049826-25-000007 15.9B FY2022 FY2023 revenue 16.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-26-000008 FY2023 net income 3.0B · ProfitLoss, 0000049826-26-000008 16.1B FY2023 FY2024 revenue 15.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-26-000008 FY2024 net income 3.5B · ProfitLoss, 0000049826-26-000008 15.9B FY2024 FY2025 revenue 16.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000049826-26-000008 FY2025 net income 3.1B · ProfitLoss, 0000049826-26-000008 16.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ITW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue16.0B
FY2016: 13.6BFY2017: 14.3BFY2018: 14.8BFY2019: 14.1BFY2020: 12.6BFY2021: 14.5BFY2022: 15.9BFY2023: 16.1BFY2024: 15.9BFY2025: 16.0B FY2017FY2019FY2021FY2023FY2025
Net income3.1B
FY2016: 2.0BFY2017: 1.7BFY2018: 2.6BFY2019: 2.5BFY2020: 2.1BFY2021: 2.7BFY2022: 3.0BFY2023: 3.0BFY2024: 3.5BFY2025: 3.1B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.7B
FY2016: 2.0BFY2017: 2.1BFY2018: 2.4BFY2019: 2.7BFY2020: 2.6BFY2021: 2.3BFY2022: 1.9BFY2023: 3.1BFY2024: 2.8BFY2025: 2.7B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)10.49
FY2016: 5.70FY2017: 4.86FY2018: 7.60FY2019: 7.74FY2020: 6.63FY2021: 8.51FY2022: 9.77FY2023: 9.74FY2024: 11.71FY2025: 10.49 FY2017FY2019FY2021FY2023FY2025
Dividend per share6.22
FY2016: 2.40FY2017: 2.86FY2018: 3.56FY2019: 4.14FY2020: 4.42FY2021: 4.72FY2022: 5.06FY2023: 5.42FY2024: 5.80FY2025: 6.22 FY2017FY2019FY2021FY2023FY2025
Diluted shares292.3M
FY2016: 357.1MFY2017: 346.8MFY2018: 337.1MFY2019: 325.6MFY2020: 318.3MFY2021: 316.4MFY2022: 310.7MFY2023: 303.6MFY2024: 297.8MFY2025: 292.3M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Automotive OEM 3.3B20.5% +3.1%
Testand Measurementand Electronics 2.8B17.6% +0.2%
Food Equipment 2.7B16.8% +2.0%
Welding 1.9B11.8% +2.1%
Construction Products 1.8B11.3% -4.7%
Specialty Products 1.8B11.1% +1.8%
Polymers And Fluids 1.8B11.0% +0.1%
Polymers And Fluids 1.8B11.0% +0.1%

10-K 0000049826-26-000008, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Total North America 8.5B52.9% -0.6%
United States – Federal 7.4B46.1% +0.3%
Europe, Middle East and Africa 4.2B25.9% +1.5%
Asia Pacific 3.1B19.2% +4.0%
Canada/Mexico 1.1B6.8% -6.1%
South America 323.0M2.0% +5.6%

10-K 0000049826-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue13.6B14.3B14.8B14.1B12.6B14.5B15.9B16.1B15.9B16.0B
Cost of revenue7.9B8.3B8.6B8.2B7.4B8.5B8.1B7.9B7.6B7.6B
R&D223.0M225.0M233.0M221.0M214.0M239.0M269.0M284.0M292.0M302.0M
Operating income3.1B3.5B3.6B3.4B2.9B3.5B3.8B4.0B4.3B4.2B
Interest expense237.0M260.0M257.0M221.0M206.0M202.0M203.0M266.0M283.0M292.0M
Pretax income2.9B3.3B3.4B3.3B2.7B3.3B3.8B3.8B2.6B2.4B
Income tax873.0M1.6B831.0M767.0M595.0M632.0M808.0M866.0M934.0M900.0M
Net income2.0B1.7B2.6B2.5B2.1B2.7B3.0B3.0B3.5B3.1B
EPS (diluted)5.704.867.607.746.638.519.779.7411.7110.49
Diluted shares357.1M346.8M337.1M325.6M318.3M316.4M310.7M303.6M297.8M292.3M
Depreciation & amortization246.0M256.0M272.0M267.0M273.0M277.0M276.0M282.0M301.0M317.0M
EBITDA3.3B3.7B3.9B3.7B3.2B3.8B4.1B4.3B4.6B4.5B
Operating margin22.5%24.3%24.3%24.1%22.9%24.1%23.8%25.1%26.8%26.3%
Net margin15.0%11.8%17.4%17.9%16.8%18.6%19.0%18.4%21.9%19.1%
Revenue growth-+5.3%+3.2%-4.5%-10.9%+15.0%+10.2%+1.1%-1.3%+0.9%
EPS growth--14.7%+56.4%+1.8%-14.3%+28.4%+14.8%-0.3%+20.2%-10.4%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash2.5B3.1B1.5B2.0B2.6B1.5B708.0M1.1B948.0M851.0M
Receivables2.4B2.6B2.6B2.5B2.5B2.8B3.2B3.1B3.0B3.2B
Inventory1.1B1.2B1.3B1.2B1.2B1.7B2.1B1.7B1.6B1.7B
Current assets6.1B7.3B5.8B6.3B6.5B6.4B6.3B6.2B5.9B6.2B
Property & equipment1.7B1.8B1.8B1.7B1.8B1.8B1.8B2.0B2.0B2.2B
Goodwill4.6B4.8B4.6B4.5B4.7B5.0B4.9B4.9B4.8B5.1B
Total assets15.2B16.8B14.9B15.1B15.6B16.1B15.4B15.5B15.1B16.1B
Accounts payable511.0M590.0M524.0M472.0M534.0M585.0M594.0M581.0M519.0M522.0M
Current liabilities2.8B3.1B3.5B2.2B2.6B3.5B4.5B4.7B4.3B5.1B
Total debt7.8B8.3B7.4B7.8B8.1B7.7B7.8B8.2B7.9B9.0B
Shareholders' equity4.3B4.6B3.3B3.0B3.2B3.6B3.1B3.0B3.3B3.2B
Retained earnings19.5B20.2B21.2B22.4B23.1B24.3B25.8B27.1B28.9B30.1B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow2.3B2.4B2.8B3.0B2.8B2.6B2.3B3.5B3.3B3.1B
Capital spending273.0M297.0M364.0M326.0M236.0M296.0M412.0M455.0M437.0M419.0M
Free cash flow2.0B2.1B2.4B2.7B2.6B2.3B1.9B3.1B2.8B2.7B
Stock-based pay (added back)39.0M36.0M40.0M41.0M42.0M53.0M63.0M69.0M61.0M69.0M
Dividends paid821.0M941.0M1.1B1.3B1.4B1.5B1.5B1.6B1.7B1.8B
Buybacks2.0B1.0B2.0B1.5B706.0M1.0B1.8B1.5B1.5B1.5B
Acquisitions453.0M3.0M04.0M0731.0M2.0M0115.0M119.0M
Investing cash flow-532.0M-251.0M-325.0M-183.0M-214.0M-984.0M-110.0M-403.0M-144.0M-521.0M
Financing cash flow-2.3B-1.7B-4.0B-2.3B-2.0B-2.6B-3.0B-2.8B-3.2B-2.7B
Dividend per share2.402.863.564.144.424.725.065.425.806.22

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)39.0M36.0M40.0M41.0M42.0M53.0M63.0M69.0M61.0M69.0M
Stock-based pay / revenue0.3%0.3%0.3%0.3%0.3%0.4%0.4%0.4%0.4%0.4%
Operating lease cost---69.0M65.0M71.0M66.0M72.0M78.0M74.0M
Operating lease cash paid---70.0M64.0M70.0M67.0M70.0M77.0M70.0M
Right-of-use assets---206.0M216.0M222.0M212.0M248.0M266.0M294.0M
Operating lease liabilities---179.0M188.0M194.0M186.0M206.0M215.0M242.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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