I 
Illinois Tool Works ITW · USD
Industrials · Machinery · US listing · 🇺🇸 United States
S&P 500
286.73
+2.06%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$16.04bn
FY2016FY2025
Net income
$3.07bn
FY2016FY2025
Free cash flow
$2.71bn
FY2016FY2025
Shareholders' equity
$3.23bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.04bn | $15.90bn | $16.11bn | $15.93bn | $14.46bn | $12.57bn | $14.11bn | $14.77bn | $14.31bn | $13.60bn |
| Gross profit | $7.08bn | $6.94bn | $6.79bn | $6.50bn | $5.97bn | $5.20bn | $5.76bn | $5.97bn | $5.80bn | $5.48bn |
| Research and development | — | $292.0m | $2.64bn | $269.0m | $239.0m | $214.0m | $221.0m | $233.0m | $225.0m | $223.0m |
| Operating income | $4.22bn | $4.50bn | $4.04bn | $3.79bn | $3.48bn | $2.88bn | $3.40bn | $3.58bn | $3.49bn | $3.06bn |
| Net income | $3.07bn | $3.49bn | $2.96bn | $3.03bn | $2.69bn | $2.11bn | $2.52bn | $2.56bn | $1.69bn | $2.04bn |
| Diluted earnings per share | 10.57 | 11.79 | 9.82 | 9.85 | 8.55 | 6.63 | 7.81 | 7.73 | 4.93 | 5.81 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $16.15bn | $15.07bn | $15.52bn | $15.42bn | $16.08bn | $15.61bn | $15.07bn | $14.87bn | $16.78bn | $15.20bn |
| Cash and short-term investments | $851.0m | $948.0m | $1.06bn | $708.0m | $1.53bn | $2.56bn | $1.98bn | $1.50bn | $3.09bn | $2.47bn |
| Total liabilities | $12.92bn | $11.75bn | $12.51bn | $12.33bn | $12.45bn | $12.43bn | $12.04bn | $11.61bn | $12.19bn | $10.94bn |
| Debt | $8.97bn | $7.86bn | $8.16bn | $7.76bn | $7.69bn | $8.12bn | $7.76bn | $7.38bn | $8.33bn | $7.83bn |
| Shareholders' equity | $3.23bn | $3.32bn | $3.01bn | $3.09bn | $3.63bn | $3.18bn | $3.03bn | $3.25bn | $4.58bn | $4.25bn |
| Shares outstanding | 290m | 296m | 301m | 308m | 315m | 318m | 323m | 332m | 342m | 350m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $3.13bn | $3.28bn | $3.54bn | $2.35bn | $2.56bn | $2.81bn | $3.00bn | $2.81bn | $2.40bn | $2.30bn |
| Capital spending | −$419.0m | −$437.0m | −$455.0m | −$412.0m | −$296.0m | −$236.0m | −$326.0m | −$364.0m | −$297.0m | −$273.0m |
| Free cash flow | $2.71bn | $2.84bn | $3.08bn | $1.94bn | $2.26bn | $2.57bn | $2.67bn | $2.45bn | $2.10bn | $2.03bn |
| Dividends paid | −$1.78bn | −$1.70bn | −$1.61bn | −$1.54bn | −$1.46bn | −$1.38bn | −$1.32bn | −$1.12bn | −$941.0m | −$821.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.30bn | $4.02bn | $4.09bn | $4.06bn | $4.05bn | $3.84bn | $3.93bn | $3.97bn |
| Gross profit | $1.90bn | $1.76bn | $1.81bn | $1.81bn | $1.78bn | $1.66bn | $1.69bn | $1.71bn |
| Operating income | $1.15bn | $1.04bn | $1.08bn | $1.11bn | $1.07bn | $951.0m | $1.05bn | $1.12bn |
| Net income | $815.0m | $768.0m | $790.0m | $821.0m | $755.0m | $700.0m | $750.0m | $1.16bn |
| Diluted earnings per share | 2.84 | 2.68 | 2.72 | 2.83 | 2.60 | 2.41 | 2.54 | 3.92 |
| Cash from operations | $723.0m | $623.0m | $963.0m | $1.02bn | $550.0m | $592.0m | $1.11bn | $891.0m |
| Capital spending | −$92.0m | −$95.0m | −$105.0m | −$117.0m | −$101.0m | −$96.0m | −$118.0m | −$108.0m |
| Free cash flow | $631.0m | $528.0m | $858.0m | $904.0m | $449.0m | $496.0m | $996.0m | $783.0m |
| Total assets | $16.50bn | $16.26bn | $16.15bn | $16.14bn | $16.05bn | $15.47bn | $15.07bn | $15.82bn |
| Cash and short-term investments | $839.0m | $827.0m | $851.0m | $924.0m | $788.0m | $873.0m | $948.0m | $947.0m |
| Debt | $9.69bn | $9.15bn | $8.97bn | $8.94bn | $8.94bn | $8.26bn | $7.92bn | $8.35bn |
| Shareholders' equity | $2.89bn | $3.23bn | $3.23bn | $3.21bn | $3.21bn | $3.24bn | $3.32bn | $3.39bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 44.1% | 43.6% | 42.2% | 40.8% | 41.3% | 41.3% | — |
| Operating margin | 26.3% | 28.3% | 25.1% | 23.8% | 24.1% | 22.9% | — |
| Net margin | 19.1% | 21.9% | 18.4% | 19.0% | 18.6% | 16.8% | — |
| Return on equity | 95.1% | 105.2% | 98.2% | 98.3% | 74.3% | 66.3% | — |
| Return on assets | 19.0% | 23.1% | 19.1% | 19.7% | 16.8% | 13.5% | — |
| Free cash flow yield | 4.6% | 4.8% | 5.0% | 3.4% | 3.4% | 3.6% | — |
| Revenue growth | 0.9% | -1.3% | 1.1% | 10.2% | 15.0% | -10.9% | — |
| Earnings growth | -12.1% | 18.0% | -2.5% | 12.6% | 27.7% | -16.3% | — |
| Current ratio | 1.21x | 1.36x | 1.33x | 1.41x | 1.84x | 2.52x | — |
| Debt to equity | 2.78x | 2.39x | 2.73x | 2.53x | 2.14x | 2.57x | — |
| Equity ratio | 20.0% | 22.0% | 19.4% | 20.0% | 22.5% | 20.4% | — |
| Interest coverage | 14.44x | 15.91x | 15.19x | 18.67x | 17.21x | 13.99x | — |
| R&D as a share of sales | — | 1.8% | 16.4% | 1.7% | 1.7% | 1.7% | 1.6% |
| Buybacks as a share of market value | 1.9% | 1.8% | 2.2% | 2.3% | 1.0% | 1.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.2% | 5.0% | 1.8% |
| Operating income | 3.6% | 7.9% | 3.9% |
| Net income | 0.4% | 7.8% | 4.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.9% | 42.7% | 42.3% | 41.4% |
| Operating margin | 27.3% | 25.9% | 25.2% | 24.4% |
| Net margin | 20.5% | 19.6% | 19.1% | 17.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.3 | 21.5 | 26.7 | 22.4 | 28.9 | 30.8 | 23.0 | 16.4 | 33.8 | 21.1 |
| Price to sales | 4.5 | 4.7 | 4.9 | 4.3 | 5.4 | 5.2 | 4.1 | 2.8 | 4.0 | 3.2 |
Market value over time
31 Oct 2016 to 9 Sept 2026, in USD
$40.43bn$75.77bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -4% | 1% | 19% | -8% | 16% | 13% | 44% | -26% | 34% | 38% |
Dividends and splits
Per share, in the currency the company pays
Paid for 60 years. Last went ex-dividend on 30 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.94 | 6.22 | 5.80 | 5.42 | 5.06 | 4.72 | 4.42 | 4.14 |
- 2-for-1 split · 26 May 2006
- 2-for-1 split · 28 May 1997
- 2-for-1 split · 21 Jun 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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