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Illinois Tool Works

ITW NYSE Industrial Machinery & Supplies & Components Financials FY2016–FY2025

Illinois Tool Works' revenue rose 0.9% to $16.0 billion in fiscal 2025. Its operating margin was 26.3%, down from 26.8% a year earlier. Free cash flow was $2.7 billion, down 4.8%. It paid out $3.3 billion in dividends and buybacks, 121% of free cash flow. The diluted share count fell 1.9%.

Last close · Oct 23, 2026

$275.75

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$16.0B
0.9% vs prior year
Operating margin Operating income as a share of revenue.
26.3%
0.5 pts
Net income Profit after all expenses, interest and tax.
$3.1B
12.1%
Free cash flow Cash from operations minus capital spending.
$2.7B
4.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
30.2%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$79.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.0x
On $11.03 EPS (TTM)

What Illinois Tool Works does

No business description yet.

Legal name
ILLINOIS TOOL WORKS INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000049826-26-000008
0000049826

Revenue and margins

Illinois Tool Works had $16.0B of revenue in fiscal 2025, up 0.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.7B in fiscal 2025, 16.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Illinois Tool Works returned $3.3B to shareholders in fiscal 2025, 121% of free cash flow. The diluted share count fell 1.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Illinois Tool Works yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$8.1B and divides by 292.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.0x · peers 27.6x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Illinois Tool Works can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$708M$1.1B$948M$851M
Debt incl. finance leases $8.3B$8.3B$9.5B$7.9B$9.0B
Net debt / EBITDA 1.8x1.9x2.0x1.5x1.8x
Debt / equity 2.3x2.7x3.2x2.4x2.8x
Interest coverage 17.2x18.7x15.2x15.1x14.4x
Current ratio 1.8x1.4x1.3x1.4x1.2x
Quick ratio 1.4x1.0x1.0x1.0x0.9x
Total assets $16.1B$15.4B$15.5B$15.1B$16.1B
Total liabilities $12.5B$12.3B$12.5B$11.8B$12.9B
Shareholders' equity $3.6B$3.1B$3.0B$3.3B$3.2B
Net debt (− = net cash) $6.7B$7.6B$8.5B$6.9B$8.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.9M

2 insiders

Sold, 12 months

$67.3M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 19, 2026 Ernest Scott SantiDirector Sold 41,431 $287.09 $11.9M Form 4
Aug 13, 2026 Matteo C. PigozzoVP & Chief Accounting Officer Sold 277 $289.22 $0.1M Form 4
Jun 2, 2026 Jennifer F. ScanlonDirector Bought 806 $247.99 $0.2M Form 4
Feb 6, 2026 Mary Katherine LawlerSVP & Chief HR Officer Sold 17,279 $291.90 $5.0M Form 4
Feb 5, 2026 Axel BeckExecutive Vice President Sold 4,223 $290.22 $1.2M Form 4
Feb 4, 2026 Ernest Scott SantiDirector Sold 167,345 $290.93 $48.7M Form 4
Dec 10, 2025 David Byron Smith JrDirector Bought 6,709 $250.13 $1.7M Form 4
Nov 5, 2025 Pamela B StrobelDirector Sold 1,521 $245.25 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 97 / 96 / 9
Accruals ratio −3.8%1.4%−0.4%
Altman Z'' 8.369.128.54

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Illinois Tool Works ITW $79.1B 0.9% 26.3% 16.9% 30.2% 25.0x 6
Stanley Black & Decker SWK $14.9B −1.5% — 4.6% 6.2% 24.2x 6 Compare →
Otis Worldwide OTIS $28.8B 1.2% 14.8% 10.0% 116.6% 19.3x 5 Compare →
W. W. Grainger GWW $63.7B 4.5% 13.9% 7.4% 32.3% 34.4x 6 Compare →
Parker Hannifin PH $112.8B 8.3% 23.6% 18.2% 17.6% 30.9x 9 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.6B $14.3B $14.8B $14.1B $12.6B $14.5B $15.9B $16.1B $15.9B $16.0B
Gross profit $5.7B $6.0B $6.2B $5.9B $5.2B $6.0B $7.8B $8.2B $8.3B $8.5B
Research and development $223M $225M $233M $221M $214M $239M $269M $284M $292M $302M
Operating income $3.1B $3.5B $3.6B $3.4B $2.9B $3.5B $3.8B $4.0B $4.3B $4.2B
Interest expense $237M $260M $257M $221M $206M $202M $203M $266M $283M $292M
Pretax income $2.9B $3.3B $3.4B $3.3B $2.7B $3.3B $3.8B $3.8B $4.4B $4.0B
Income tax $873M $1.6B $831M $767M $595M $632M $808M $866M $934M $900M
Net income $2.0B $1.7B $2.6B $2.5B $2.1B $2.7B $3.0B $3.0B $3.5B $3.1B
Diluted EPS $5.70 $4.86 $7.60 $7.74 $6.63 $8.51 $9.77 $9.74 $11.71 $10.49
Diluted shares 0.36B 0.35B 0.34B 0.33B 0.32B 0.32B 0.31B 0.30B 0.30B 0.29B
Cash flow
Cash from operations $2.3B $2.4B $2.8B $3.0B $2.8B $2.6B $2.3B $3.5B $3.3B $3.1B
Capital expenditure $273M $297M $364M $326M $236M $296M $412M $455M $437M $419M
Free cash flow $2.0B $2.1B $2.4B $2.7B $2.6B $2.3B $1.9B $3.1B $2.8B $2.7B
Depreciation and amortization $246M $256M $272M $267M $273M $277M $276M $282M $301M $317M
Stock-based compensation $39.0M $36.0M $40.0M $41.0M $42.0M $53.0M $63.0M $69.0M $61.0M $69.0M
Acquisitions $453M $3.0M $0.0M $4.0M $0.0M $731M $2.0M $0.0M $115M $119M
Share buybacks $2.0B $1.0B $2.0B $1.5B $706M $1.0B $1.8B $1.5B $1.5B $1.5B
Dividends paid $821M $941M $1.1B $1.3B $1.4B $1.5B $1.5B $1.6B $1.7B $1.8B
Dividends and buybacks $2.8B $1.9B $3.1B $2.8B $2.1B $2.5B $3.3B $3.1B $3.2B $3.3B
Balance sheet
Cash and short-term investments $2.5B $3.1B $1.5B $2.0B $2.6B $1.5B $708M $1.1B $948M $851M
Total debt $7.8B $8.3B $7.4B $7.8B $8.5B $8.3B $8.3B $9.5B $7.9B $9.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $6.1B $7.3B $5.8B $6.3B $6.5B $6.4B $6.3B $6.2B $5.9B $6.2B
Current liabilities $2.8B $3.1B $3.5B $2.2B $2.6B $3.5B $4.5B $4.7B $4.3B $5.1B
Inventory $1.1B $1.2B $1.3B $1.2B $1.2B $1.7B $2.1B $1.7B $1.6B $1.7B
Property and equipment, net $1.7B $1.8B $1.8B $1.7B $1.8B $1.8B $1.8B $2.0B $2.0B $2.2B
Total assets $15.2B $16.8B $14.9B $15.1B $15.6B $16.1B $15.4B $15.5B $15.1B $16.1B
Total liabilities $10.9B $12.2B $11.6B $12.0B $12.4B $12.5B $12.3B $12.5B $11.8B $12.9B
Shareholders' equity $4.3B $4.6B $3.3B $3.0B $3.2B $3.6B $3.1B $3.0B $3.3B $3.2B
Margins
Gross margin 41.9% 42.0% 41.7% 42.0% 41.4% 41.3% 48.9% 50.7% 52.2% 52.9%
Operating margin 22.5% 24.4% 24.3% 24.1% 22.9% 24.1% 23.8% 25.1% 26.8% 26.3%
EBITDA margin 24.3% 26.1% 26.1% 26.0% 25.1% 26.0% 25.5% 26.8% 28.7% 28.3%
Net margin 15.0% 11.8% 17.4% 17.9% 16.8% 18.6% 19.0% 18.4% 21.9% 19.1%
FCF margin 14.9% 14.7% 16.6% 18.9% 20.5% 15.6% 12.2% 19.2% 17.9% 16.9%
Returns
Return on capital 22.3% 18.5% 28.6% 29.1% 25.1% 29.0% 28.5% 28.2% 31.0% 30.2%
Return on capital employed 23.7% 26.6% 28.6% 28.1% 22.2% 27.1% 32.2% 37.1% 39.5% 38.7%
Return on equity 42.9% 38.1% 65.3% 80.2% 67.9% 79.1% 90.4% 96.9% 110.2% 93.7%
Return on assets 13.2% 10.6% 16.2% 16.8% 13.8% 17.0% 19.3% 19.1% 22.8% 19.6%
Growth
Revenue growth 1.5% 5.3% 3.2% −4.5% −10.9% 15.0% 10.2% 1.1% −1.3% 0.9%
Net income growth 7.2% −17.1% 51.9% −1.6% −16.3% 27.7% 12.6% −2.5% 18.0% −12.1%
EPS growth 11.1% −14.7% 56.4% 1.8% −14.3% 28.4% 14.8% −0.3% 20.2% −10.4%
FCF growth 0.7% 3.8% 16.3% 9.1% −3.7% −12.1% −14.4% 59.3% −7.8% −4.8%
Share count change −3.5% −2.9% −2.8% −3.4% −2.2% −0.6% −1.8% −2.3% −1.9% −1.9%
Financial health
Net debt / EBITDA 1.6x 1.4x 1.5x 1.6x 1.9x 1.8x 1.9x 2.0x 1.5x 1.8x
Debt / equity 1.8x 1.8x 2.3x 2.6x 2.7x 2.3x 2.7x 3.2x 2.4x 2.8x
Interest coverage 12.9x 13.4x 14.0x 15.4x 14.0x 17.2x 18.7x 15.2x 15.1x 14.4x
Current ratio 2.2x 2.4x 1.6x 2.9x 2.5x 1.8x 1.4x 1.3x 1.4x 1.2x
Quick ratio 1.8x 2.0x 1.3x 2.4x 2.1x 1.4x 1.0x 1.0x 1.0x 0.9x
Capital allocation
Capex / revenue 2.0% 2.1% 2.5% 2.3% 1.9% 2.1% 2.6% 2.8% 2.8% 2.6%
Stock comp / revenue 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4%
Payouts / FCF 139.0% 92.2% 127.7% 105.7% 81.1% 108.9% 170.0% 101.0% 112.3% 121.4%
Quality scores
Piotroski F-score 7.0 7.0 6.0 8.0 4.0 6.0 6.0 7.0 7.0 6.0
Altman Z'' 7.4 7.4 7.6 8.4 8.0 7.9 8.1 8.4 9.1 8.5
Accruals ratio −1.7% −4.5% −1.6% −3.2% −4.6% 0.9% 4.4% −3.8% 1.4% −0.4%

Source: SEC EDGAR XBRL filings (CIK 0000049826). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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