FirmAtlas
Company handbook · ITW · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ITW · CIK 49826 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
ILLINOIS TOOL WORKS INC
$272.28
+1.09 (+0.40%)
Close, Oct 16, 2026 · 52-week $239–303
Last fiscal year
ILLINOIS TOOL WORKS INC reported revenue of $16.0B for the year ended Dec 31, 2025 (FY25), up 0.9% from FY24. Net income was $3.1B, operating cash flow $3.1B and free cash flow $2.7B. Source: 10-K filed Feb 13, 2026.
Market cap
$78.6B
P/E
24.6
EV/EBITDA
19.1x
P/B
27.1
Div yield
2.41%
ROIC
30.9%
Revenue 1Y
0.9%/yr
EPS 1Y
−10.4%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOChristopher A. O’Herlihy
HQGlenview, IL
AuditorDeloitte & Touche LLP
Employees43,000
Year endsDecember
Revenue by segment · FY25
Automotive OEM20%
Testand Measurementand Electronics18%
Food Equipment17%
Welding12%
Construction Products11%
Specialty Products11%
Polymers And Fluids11%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.9%
4.0%
5.2%
10.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.6B deployed
Capex
$856M
11.3%
Acquisitions
$234M
3.1%
Dividends
$3.5B
46.0%
Buybacks
$3.0B
39.6%
Operating cash flow over the period: $6.4B. Total debt changed by +$1.1B. R&D of $594M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
15,898
16,044+0.9%
16,469
YoY
+0.9%
Gross profit
8,294
8,488+2.3%
8,728
Gross margin
52.2%
52.9%+0.7 pp
—
Operating income
4,264
4,216−1.1%
4,364
Operating margin
26.8%
26.3%−0.5 pp
—
EBITDA
4,565
4,533−0.7%
—
EBITDA margin
28.7%
28.3%−0.5 pp
—
Interest expense
283
292+3.2%
—
Interest coverage
16.13x
15.52x−0.61x
—
Net income
3,488
3,066−12.1%
3,194
YoY
−12.1%
Net margin
21.9%
19.1%−2.8 pp
—
EPS (diluted, $)
11.71
10.49−10.4%
11.05
YoY
−10.4%
Balance sheet
Total assets
15,067
16,148+7.2%
16,494
Cash & short-term investments
948
851−10.2%
—
Accounts receivable
2,991
3,227+7.9%
—
Inventory
1,605
1,659+3.4%
—
Net PP&E
2,036
2,230+9.5%
—
Other assets
7,487
8,181+9.3%
—
Total liabilities
11,750
12,922+10.0%
13,599
Accounts payable
519
522+0.6%
—
Total debt
7,863
8,969+14.1%
8,649
Other liabilities
3,368
3,431+1.9%
—
Shareholders’ equity
3,317
3,226−2.7%
2,895
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,281
3,126−4.7%
3,330
Net income
3,488
3,066−12.1%
—
Depreciation & amortization
301
317+5.3%
—
Stock-based compensation
61
69+13.1%
—
Working capital & other
(569)
(326)n/m
—
Cash from investing
(144)
(521)n/m
—
Capex
(437)
(419)n/m
—
PP&E sold
12
11−8.3%
—
Acquisitions
(115)
(119)n/m
—
Investments sold / matured
11
7−36.4%
—
Other investing
385
(1)−100.3%
—
Cash from financing
(3,189)
(2,744)n/m
—
Dividends
(1,695)
(1,785)n/m
—
Buybacks
(1,500)
(1,500)n/m
—
Shares issued
52
65+25.0%
—
Other financing
(46)
476n/m
—
Net change in cash
(117)
(97)n/m
—
Free cash flow (OCF − capex)
2,844
2,707−4.8%
2,921
Where the cash went
Operating cash flow
3,281
3,126−4.7%
3,330
Reinvested in the business
552
538−2.5%
—
% of operating cash flow
16.8%
17.2%
Capex
437
419−4.1%
409
Acquisitions
115
119+3.5%
—
R&D (memo, already in costs)
292
302+3.4%
—
Free cash flow
2,844
2,707−4.8%
2,921
YoY
−4.8%
Returned to shareholders
3,195
3,285+2.8%
—
% of free cash flow
112.3%
121.4%
Dividends
1,695
1,785+5.3%
—
Buybacks
1,500
1,500+0.0%
—
Change in total debt
—
1,106
—
Cash left over
—
409
—
FCF conversion (FCF ÷ net income)
81.5%
88.3%+6.8 pp
—
Owner earnings
—
2,677
—
Owner earnings margin
—
16.7%
—
Buyback yield
2.0%
2.1%+0.1 pp
—
Returns & ratios
ROIC (all capital)
32.9%
30.9%−2.0 pp
—
ROIC (operating)
55.1%
52.4%−2.7 pp
—
Net debt / EBITDA
1.51x
1.79x+0.28x
—
Debt / equity
2.37x
2.78x+0.41x
—
Cash conversion cycle (days)
121
128+8 d
—
ROE
105.2%
95.0%−10.1 pp
—
ROA
23.1%
19.0%−4.2 pp
—
ROCE
39.6%
38.3%−1.4 pp
—
NOPAT
3,369
3,331−1.1%
—
Invested capital (operating)
6,113
6,594+7.9%
—
Invested capital (all)
10,232
11,344+10.9%
—
Reinvestment rate
—
14.4%
—
Debtor days
69
73+5 d
—
Inventory days
77
80+3 d
—
Days payable
25
25+0 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,059
4,093
4,016
4,301
vs year-ago quarter
Gross profit
2,161
2,170
2,129
2,268
Gross margin
53.2%
53.0%
53.0%
52.7%
Operating income
1,112
1,085
1,020
1,147
Net income
821
790
768
815
vs year-ago quarter
Net margin
20.2%
19.3%
19.1%
18.9%
EPS (diluted, $)
2.81
2.74
2.66
2.84
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
16,135
16,148
16,264
16,494
Cash & equivalents
924
851
827
839
Total debt
8,975
8,969
8,103
8,649
Shareholders’ equity
3,209
3,226
3,230
2,895
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,021
963
623
723
Capex
117
105
95
92
Free cash flow
904
858
528
631
vs year-ago quarter