What is Illinois Tool Works Inc.'s earnings per share (EPS)?

Illinois Tool Works Inc. (ITW) reported diluted earnings per share of $10.49 for fiscal year 2025. This represents a -10.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Illinois Tool Works Inc. (ITW) Financials

ITW

Trailing 12 months to June 30, 2026

Revenue $16.5B +4.3% YoY

Net Income $3.2B -5.1% YoY

EPS (Diluted) $11.03 -3.3% YoY

Free Cash Flow $2.9B +7.2% YoY

Market Cap $75.2B as of Oct 5, 2026

Price / Sales 4.6x on $16.5B revenue, trailing 12 months to June 30, 2026

Price / Earnings 23.6x on $3.2B net income, trailing 12 months to June 30, 2026

Price / Book 26.0x on $2.9B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ITW SEC filings page.

Illinois Tool Works Inc. (ITW) reported $16.5B in revenue over the twelve months to Jun 30, 2026, up 4.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ITW FY2025 2026-10-03

Illinois Tool Works remains a high-margin cash generator, but FY2025 shows weaker earnings and tighter short-term liquidity despite nearly flat sales.

Operating cash flow exceeded net income in both FY2023 and FY2025, so reported earnings were generally backed by cash rather than accruals. Yet free-cash-flow margin fell from 19.2% in FY2023 to 16.9% in FY2025, indicating that reinvestment and other cash demands absorbed more of the earnings stream.

FY2025 revenue reached $16.0B, only modestly above FY2024, while operating margin eased from 26.8% to 26.3%. The combination means the year's lower net income was primarily a profitability squeeze, not a collapse in demand, with net margin falling to 19.1% from 21.9%.

Balance-sheet flexibility narrowed: debt-to-equity rose to 2.1x while the current ratio fell to 1.2x in FY2025. Dividends and buybacks totaled $3.3B, exceeding free cash flow of $2.7B, so shareholder distributions were not fully funded by that year's internally generated free cash.

Financial Health Signals

Financial Health Score 63/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Illinois Tool Works Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Illinois Tool Works Inc. has an operating margin of 26.3%, meaning the company retains $26 of operating profit per $100 of revenue. This strong profitability earns a score of 95/100, reflecting efficient cost management and pricing power. This is down from 26.8% the prior year.

Growth

Illinois Tool Works Inc.'s revenue grew a modest 0.9% year-over-year to $16.0B. This slow but positive growth earns a score of 30/100.

Leverage

Illinois Tool Works Inc. has a moderate D/E ratio of 2.07. This balance of debt and equity financing earns a leverage score of 42/100.

Liquidity

Illinois Tool Works Inc.'s current ratio of 1.21 is below the typical benchmark, resulting in a score of 29/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Illinois Tool Works Inc. converts 16.9% of revenue into free cash flow ($2.7B). This strong cash generation earns a score of 83/100.

Returns

Illinois Tool Works Inc. earns a strong 95.0% return on equity (ROE), meaning it generates $95 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 96/100. This is down from 105.2% the prior year.

Altman Z-Score Safe

8.04

Illinois Tool Works Inc. scores 8.04, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

Illinois Tool Works Inc. passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.02x

For every $1 of reported earnings, Illinois Tool Works Inc. generates $1.02 in operating cash flow ($3.1B OCF vs $3.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

14.44x

Illinois Tool Works Inc. earns $14.44 in operating income for every $1 of interest expense ($4.2B vs $292.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$4.3B

YoY+6.1%

QoQ+7.1%

5Y CAGR+3.2%

10Y CAGR+2.3%

Illinois Tool Works Inc. generated $4.3B in revenue in Q2 2026. This represents an increase of 6.1% from the same quarter a year earlier. Against the prior quarter it is up 7.1%.

EBITDA

$1.2B

YoY+7.2%

QoQ+11.6%

5Y CAGR+5.0%

10Y CAGR+3.7%

Illinois Tool Works Inc.'s EBITDA was $1.2B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.2% from the same quarter a year earlier. Against the prior quarter it is up 11.6%.

Net Income

$815.0M

YoY+7.9%

QoQ+6.1%

5Y CAGR+1.0%

10Y CAGR+4.5%

Illinois Tool Works Inc. reported $815.0M in net income in Q2 2026. This represents an increase of 7.9% from the same quarter a year earlier. Against the prior quarter it is up 6.1%.

EPS (Diluted)

$2.84

YoY+10.1%

QoQ+6.8%

5Y CAGR+3.0%

10Y CAGR+6.9%

Illinois Tool Works Inc. earned $2.84 per diluted share (EPS) in Q2 2026. This represents an increase of 10.1% from the same quarter a year earlier. Against the prior quarter it is up 6.8%.

Cash & Balance Sheet

Free Cash Flow

$631.0M

YoY+40.5%

QoQ+19.5%

5Y CAGR+5.8%

10Y CAGR+3.0%

Illinois Tool Works Inc. generated $631.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 40.5% from the same quarter a year earlier. Against the prior quarter it is up 19.5%.

Cash & Debt

$839.0M

YoY+6.5%

QoQ+1.5%

5Y CAGR-16.4%

10Y CAGR-9.8%

Illinois Tool Works Inc. held $839.0M in cash against $6.5B in long-term debt as of Q2 2026.

Dividends Per Share

$1.61

YoY+7.3%

QoQ0.0%

5Y CAGR+7.1%

10Y CAGR+11.3%

Illinois Tool Works Inc. paid $1.61 per share in dividends in Q2 2026. This represents an increase of 7.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

285M

YoY-2.3%

QoQ-1.0%

5Y CAGR-2.0%

10Y CAGR-2.2%

Illinois Tool Works Inc. had 285M shares outstanding in Q2 2026. This represents a decrease of 2.3% from the same quarter a year earlier. Against the prior quarter it is down 1.0%.

Margins & Returns

Gross Margin

44.1%

YoY+0.2pp

QoQ+0.3pp

5Y change+3.0pp

10Y change+1.5pp

Illinois Tool Works Inc.'s gross margin was 44.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.

Operating Margin

26.7%

YoY+0.3pp

QoQ+1.3pp

5Y change+2.4pp

10Y change+3.6pp

Illinois Tool Works Inc.'s operating margin was 26.7% in Q2 2026, reflecting core business profitability. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Net Margin

18.9%

YoY+0.3pp

QoQ-0.2pp

5Y change-2.1pp

10Y change+3.7pp

Illinois Tool Works Inc.'s net profit margin was 18.9% in Q2 2026, showing the share of revenue converted to profit. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Return on Equity

28.1%

YoY+4.6pp

QoQ+4.4pp

5Y change+6.1pp

10Y change+17.5pp

Illinois Tool Works Inc.'s ROE was 28.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 4.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.4 percentage points.

Capital Allocation

Share Buybacks

$750.0M

YoY+100.0%

QoQ+100.0%

5Y CAGR+24.6%

10Y CAGR+3.7%

Illinois Tool Works Inc. spent $750.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is up 100.0%.

Capital Expenditures

$92.0M

YoY-8.9%

QoQ-3.2%

5Y CAGR+3.4%

10Y CAGR+3.7%

Illinois Tool Works Inc. invested $92.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 8.9% from the same quarter a year earlier. Against the prior quarter it is down 3.2%.

R&D Spending

Not reported for Q2 2026.

ITW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ITW quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$16.5B	$16.0B+0.9%	$15.9B-1.3%	$16.1B+1.1%	$15.9B+10.2%	$14.5B+15.0%	$12.6B-10.9%	$14.1B-4.5%	$14.8B+3.2%	$14.3B+5.3%	$13.6B+1.4%	$13.4B-7.4%	$14.5B+2.5%	$14.1B-4.4%	$14.8B+1.9%	$14.5B
Cost of Revenue	$9.2B	$9.0B+1.3%	$8.9B-4.9%	$9.3B-1.2%	$9.4B+11.1%	$8.5B+15.1%	$7.4B-9.9%	$8.2B-4.8%	$8.6B+3.6%	$8.3B+5.0%	$7.9B+0.3%	$7.9B-9.1%	$8.7B+1.4%	$8.6B-6.3%	$9.1B+0.5%	$9.1B
Gross Profit	$7.3B	$7.1B+0.5%	$7.0B+3.7%	$6.8B+4.4%	$6.5B+9.0%	$6.0B+14.8%	$5.2B-12.2%	$5.9B-3.9%	$6.2B+2.6%	$6.0B+5.6%	$5.7B+3.2%	$5.5B-5.1%	$5.8B+4.1%	$5.6B-1.3%	$5.7B+4.3%	$5.4B
R&D Expenses	N/A	$302.0M+3.4%	$292.0M+2.8%	$284.0M+5.6%	$269.0M+12.6%	$239.0M+11.7%	$214.0M-3.2%	$221.0M-5.2%	$233.0M+3.6%	$225.0M+0.9%	$223.0M+2.3%	$218.0M-4.0%	$227.0M-5.4%	$240.0M0.0%	$240.0M+8.6%	$221.0M
Operating Income	$4.4B	$4.2B-1.1%	$4.3B+5.5%	$4.0B+6.6%	$3.8B+9.0%	$3.5B+20.6%	$2.9B-15.3%	$3.4B-5.1%	$3.6B+2.8%	$3.5B+14.0%	$3.1B+6.6%	$2.9B-0.7%	$2.9B+14.9%	$2.5B+1.6%	$2.5B+4.8%	$2.4B
EBITDA	N/A	$4.5B-0.7%	$4.6B+5.6%	$4.3B+6.3%	$4.1B+8.3%	$3.8B+19.0%	$3.2B-14.0%	$3.7B-4.8%	$3.9B+3.1%	$3.7B+13.3%	$3.3B-1.2%	$3.3B-1.5%	$3.4B+10.7%	$3.1B+0.4%	$3.0B+4.6%	$2.9B
Interest Expense	$302.0M	$292.0M+3.2%	$283.0M+6.4%	$266.0M+31.0%	$203.0M+0.5%	$202.0M-1.9%	$206.0M-6.8%	$221.0M-14.0%	$257.0M-1.2%	$260.0M+9.7%	$237.0M+4.9%	$226.0M-9.6%	$250.0M+4.6%	$239.0M+12.2%	$213.0M+11.5%	$191.0M
Income Tax	$926.0M	$900.0M-3.6%	$934.0M+7.9%	$866.0M+7.2%	$808.0M+27.8%	$632.0M+6.2%	$595.0M-22.4%	$767.0M-7.7%	$831.0M-47.5%	$1.6B+81.3%	$873.0M+6.5%	$820.0M+1.4%	$809.0M+12.8%	$717.0M-26.3%	$973.0M+117.2%	$448.0M
Net Income	$3.2B	$3.1B-12.1%	$3.5B+18.0%	$3.0B-2.5%	$3.0B+12.6%	$2.7B+27.7%	$2.1B-16.3%	$2.5B-1.6%	$2.6B+51.9%	$1.7B-17.1%	$2.0B+7.2%	$1.9B-35.5%	$2.9B+75.5%	$1.7B-41.5%	$2.9B+38.6%	$2.1B
EPS (Basic)	N/A	$10.52-10.5%	$11.75+20.3%	$9.77-0.3%	$9.80+14.6%	$8.55+28.4%	$6.66-14.4%	$7.78+1.7%	$7.65+56.1%	$4.90-14.5%	$5.73+11.0%	$5.16-29.6%	$7.33+94.9%	$3.76-38.5%	$6.11+45.1%	$4.21
EPS (Diluted)	$11.03	$10.49-10.4%	$11.71+20.2%	$9.74-0.3%	$9.77+14.8%	$8.51+28.4%	$6.63-14.3%	$7.74+1.8%	$7.60+56.4%	$4.86-14.7%	$5.70+11.1%	$5.13-29.5%	$7.28+94.7%	$3.74-38.3%	$6.06+44.6%	$4.19
Diluted Shares (Avg)	N/A	292M-1.8%	298M-1.9%	304M-2.3%	311M-1.8%	316M-0.6%	318M-2.2%	326M-3.4%	337M-2.8%	347M-2.9%	357M-3.5%	370M-8.5%	405M-9.9%	449M-5.1%	473M-4.3%	495M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$4.3B+6.1%	$4.0B+4.6%	$4.1B+4.1%	$4.1B+2.3%	$4.1B+0.6%	$3.8B-3.4%	$3.9B-1.3%	$4.0B-1.6%
Cost of Revenue	$2.4B+5.8%	$2.3B+4.4%	$2.3B+2.8%	$2.3B+1.0%	$2.3B+0.4%	$2.2B+0.7%	$2.2B-3.9%	$2.2B-3.8%
Gross Profit	$1.9B+6.5%	$1.8B+4.9%	$1.8B+5.7%	$1.8B+4.0%	$1.8B+1.0%	$1.7B-8.2%	$1.7B+2.4%	$1.7B+1.4%
Operating Income	$1.1B+7.4%	$1.0B+7.3%	$1.1B+5.2%	$1.1B+5.7%	$1.1B+1.3%	$951.0M-15.6%	$1.0B+4.4%	$1.1B-1.7%
EBITDA	$1.2B+7.2%	$1.1B+7.4%	$1.2B+5.4%	$1.2B+5.7%	$1.1B+1.6%	$1.0B-14.5%	$1.1B+4.3%	$1.1B-0.9%
Interest Expense	$79.0M+6.8%	$73.0M+7.4%	$75.0M+10.3%	$75.0M+8.7%	$74.0M-1.3%	$68.0M-4.2%	$68.0M-2.9%	$69.0M+3.0%
Income Tax	$265.0M+9.1%	$199.0M+2.1%	$234.0M+0.4%	$228.0M+12.9%	$243.0M-1.2%	$195.0M-22.9%	$233.0M+11.0%	$202.0M-16.2%
Net Income	$815.0M+7.9%	$768.0M+9.7%	$790.0M+5.3%	$821.0M-29.2%	$755.0M-0.5%	$700.0M-14.5%	$750.0M+4.6%	$1.2B+50.3%
EPS (Basic)	$2.85+10.5%	$2.66+11.3%	$2.73+7.1%	$2.82-28.1%	$2.58+1.2%	$2.39-12.8%	$2.55+6.7%	$3.92+53.7%
EPS (Diluted)	$2.84+10.1%	$2.66+11.8%	$2.72+7.1%	$2.81-28.1%	$2.58+1.6%	$2.38-12.8%	$2.54+6.7%	$3.91+53.3%
Diluted Shares (Avg)	287M-2.0%	289M-1.8%	N/A	292M-1.8%	293M-1.9%	295M-1.8%	N/A	297M-2.0%

Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.

ITW Balance Sheet

ITW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$16.1B+7.2%	$15.1B-2.9%	$15.5B+0.6%	$15.4B-4.1%	$16.1B+3.0%	$15.6B+3.6%	$15.1B+1.3%	$14.9B-11.4%	$16.8B+10.4%	$15.2B-3.4%	$15.7B-9.9%	$17.5B-10.9%	$19.6B+1.5%	$19.3B+7.4%	$18.0B
Current Assets	$6.2B+5.9%	$5.9B-6.1%	$6.2B-0.6%	$6.3B-1.6%	$6.4B-2.3%	$6.5B+4.3%	$6.3B+8.2%	$5.8B-20.6%	$7.3B+18.9%	$6.1B-8.9%	$6.7B-14.5%	$7.9B-19.9%	$9.8B+23.3%	$8.0B+16.2%	$6.8B
Cash & Equivalents	$851.0M-10.2%	$948.0M-11.0%	$1.1B+50.4%	$708.0M-53.6%	$1.5B-40.4%	$2.6B+29.4%	$2.0B+31.7%	$1.5B-51.4%	$3.1B+25.2%	$2.5B-20.0%	$3.1B-22.6%	$4.0B+10.3%	$3.6B+30.2%	$2.8B+135.9%	$1.2B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$1.7B+3.4%	$1.6B-6.0%	$1.7B-16.9%	$2.1B+21.3%	$1.7B+42.5%	$1.2B+2.1%	$1.2B-11.7%	$1.3B+8.0%	$1.2B+13.4%	$1.1B-0.9%	$1.1B-8.0%	$1.2B-5.4%	$1.2B-21.3%	$1.6B-7.6%	$1.7B
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$146.0M-64.3%	$409.0M
Goodwill	$5.1B+5.4%	$4.8B-1.4%	$4.9B+0.9%	$4.9B-2.0%	$5.0B+5.9%	$4.7B+4.4%	$4.5B-3.0%	$4.6B-2.5%	$4.8B+4.3%	$4.6B+2.7%	$4.4B-4.9%	$4.7B-4.5%	$4.9B-11.6%	$5.5B+6.4%	$5.2B
Total Liabilities	$12.9B+10.0%	$11.8B-6.0%	$12.5B+1.4%	$12.3B-0.9%	$12.5B+0.2%	$12.4B+3.3%	$12.0B+3.7%	$11.6B-4.7%	$12.2B+11.4%	$10.9B+4.2%	$10.5B-1.3%	$10.6B+7.6%	$9.9B+13.2%	$8.7B+9.9%	$8.0B
Current Liabilities	$5.1B+19.0%	$4.3B-7.9%	$4.7B+4.8%	$4.5B+28.5%	$3.5B+34.0%	$2.6B+20.2%	$2.2B-39.2%	$3.5B+16.0%	$3.1B+10.6%	$2.8B+16.6%	$2.4B-32.8%	$3.5B-41.6%	$6.0B+127.6%	$2.7B-11.0%	$3.0B
Non-Current Liabilities	$7.8B+4.8%	$7.4B-5.0%	$7.8B-0.5%	$7.9B-12.3%	$9.0B-8.7%	$9.8B-0.4%	$9.9B+22.5%	$8.1B-11.7%	$9.1B+11.7%	$8.2B+0.6%	$8.1B+14.3%	$7.1B+68.5%	$4.2B-30.6%	$6.1B+22.4%	$5.0B
Long-Term Debt	$6.7B+5.9%	$6.3B-0.5%	$6.3B+2.7%	$6.2B-10.7%	$6.9B-11.1%	$7.8B+0.2%	$7.8B+28.6%	$6.0B-19.4%	$7.5B+4.2%	$7.2B+4.1%	$6.9B+16.0%	$5.9B+112.8%	$2.8B-39.1%	$4.6B+31.6%	$3.5B
Total Equity	$3.2B-2.7%	$3.3B+10.1%	$3.0B-2.5%	$3.1B-14.8%	$3.6B+14.0%	$3.2B+5.0%	$3.0B-7.0%	$3.3B-29.0%	$4.6B+7.7%	$4.3B-18.5%	$5.2B-23.4%	$6.8B-29.7%	$9.7B-8.1%	$10.6B+5.3%	$10.0B
Retained Earnings	$30.1B+4.4%	$28.9B+6.5%	$27.1B+5.1%	$25.8B+6.1%	$24.3B+5.2%	$23.1B+3.2%	$22.4B+5.6%	$21.2B+5.0%	$20.2B+3.6%	$19.5B+6.5%	$18.3B+6.7%	$17.2B+14.9%	$14.9B+6.9%	$14.0B+18.5%	$11.8B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$16.5B+2.8%	$16.3B+5.1%	$16.1B+7.2%	$16.1B+2.0%	$16.0B+3.0%	$15.5B+2.7%	$15.1B-2.9%	$15.8B+2.8%
Current Assets	$6.6B+5.9%	$6.3B+4.9%	$6.2B+5.9%	$6.3B+0.3%	$6.2B-0.4%	$6.0B-5.2%	$5.9B-6.1%	$6.3B+0.3%
Cash & Equivalents	$839.0M+6.5%	$827.0M-5.3%	$851.0M-10.2%	$924.0M-2.4%	$788.0M-8.6%	$873.0M-9.0%	$948.0M-11.0%	$947.0M-4.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$1.8B+2.7%	$1.7B+3.8%	$1.7B+3.4%	$1.7B-5.1%	$1.7B-6.0%	$1.7B-8.9%	$1.6B-6.0%	$1.8B+1.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.1B+0.7%	$5.1B+3.7%	$5.1B+5.4%	$5.0B+1.0%	$5.0B+2.6%	$4.9B0.0%	$4.8B-1.4%	$5.0B+3.1%
Total Liabilities	$13.6B+5.9%	$13.0B+6.6%	$12.9B+10.0%	$12.9B+4.0%	$12.8B+1.8%	$12.2B+1.5%	$11.8B-6.0%	$12.4B+0.3%
Current Liabilities	$6.0B+51.4%	$5.3B+41.0%	$5.1B+19.0%	$4.1B-10.7%	$3.9B-18.2%	$3.8B-22.0%	$4.3B-7.9%	$4.6B+16.2%
Non-Current Liabilities	$7.6B-14.1%	$7.7B-8.8%	$7.8B+4.8%	$8.8B+12.7%	$8.9B+14.0%	$8.4B+8.4%	$7.4B-5.0%	$7.8B-7.2%
Long-Term Debt	$6.5B-14.9%	$6.6B-9.3%	$6.7B+5.9%	$7.7B+16.7%	$7.7B+19.7%	$7.3B+16.3%	$6.3B-0.5%	$6.6B-3.5%
Total Equity	$2.9B-9.8%	$3.2B-0.4%	$3.2B-2.7%	$3.2B-5.4%	$3.2B+8.4%	$3.2B+7.3%	$3.3B+10.1%	$3.4B+12.9%
Retained Earnings	$30.8B+4.6%	$30.5B+4.5%	$30.1B+4.4%	$29.8B+4.3%	$29.5B+5.8%	$29.2B+5.9%	$28.9B+6.5%	$28.6B+6.6%

Not reported in any period shown, so not listed: Accounts Receivable.

ITW Cash Flow Statement

ITW quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$3.3B	$3.1B-4.7%	$3.3B-7.3%	$3.5B+50.7%	$2.3B-8.2%	$2.6B-8.9%	$2.8B-6.3%	$3.0B+6.5%	$2.8B+17.0%	$2.4B+4.3%	$2.3B+0.1%	$2.3B+42.3%	$1.6B-36.1%	$2.5B+22.0%	$2.1B+5.9%	$2.0B
Depreciation & Amortization	N/A	$317.0M+5.3%	$301.0M+6.7%	$282.0M+2.2%	$276.0M-0.4%	$277.0M+1.5%	$273.0M+2.2%	$267.0M-1.8%	$272.0M+6.3%	$256.0M+4.1%	$246.0M-48.2%	$475.0M-5.8%	$504.0M-8.2%	$549.0M-4.5%	$575.0M+3.6%	$555.0M
Stock-Based Compensation	N/A	$69.0M+13.1%	$61.0M-11.6%	$69.0M+9.5%	$63.0M+18.9%	$53.0M+26.2%	$42.0M+2.4%	$41.0M+2.5%	$40.0M+11.1%	$36.0M-7.7%	$39.0M-4.9%	$41.0M+5.1%	$39.0M+5.4%	$37.0M-31.5%	$54.0M-3.6%	$56.0M
Capital Expenditures	$409.0M	$419.0M-4.1%	$437.0M-4.0%	$455.0M+10.4%	$412.0M+39.2%	$296.0M+25.4%	$236.0M-27.6%	$326.0M-10.4%	$364.0M+22.6%	$297.0M+8.8%	$273.0M-3.9%	$284.0M-21.3%	$361.0M-1.9%	$368.0M-3.7%	$382.0M+8.2%	$353.0M
Free Cash Flow	$2.9B	$2.7B-4.8%	$2.8B-7.8%	$3.1B+59.3%	$1.9B-14.4%	$2.3B-12.1%	$2.6B-3.7%	$2.7B+9.1%	$2.4B+16.2%	$2.1B+3.7%	$2.0B+0.7%	$2.0B+60.6%	$1.3B-41.9%	$2.2B+27.8%	$1.7B+5.4%	$1.6B
Investing Cash Flow	-$521.0M	-$521.0M-261.8%	-$144.0M+64.3%	-$403.0M-266.4%	-$110.0M+88.8%	-$984.0M-359.8%	-$214.0M-16.9%	-$183.0M+43.7%	-$325.0M-29.5%	-$251.0M+52.8%	-$532.0M-153.3%	-$210.0M-107.4%	$2.8B+723.2%	-$456.0M-143.6%	$1.0B+166.3%	-$1.6B
Financing Cash Flow	-$2.8B	-$2.7B+14.0%	-$3.2B-14.6%	-$2.8B+7.3%	-$3.0B-17.0%	-$2.6B-25.1%	-$2.0B+11.9%	-$2.3B+41.3%	-$4.0B-136.8%	-$1.7B+25.8%	-$2.3B+10.7%	-$2.5B+28.9%	-$3.6B-211.5%	-$1.1B+27.4%	-$1.6B-389.4%	-$321.0M
Dividends Paid	$1.8B	$1.8B+5.3%	$1.7B+5.0%	$1.6B+4.7%	$1.5B+5.4%	$1.5B+6.1%	$1.4B+4.4%	$1.3B+17.5%	$1.1B+19.4%	$941.0M+14.6%	$821.0M+10.6%	$742.0M+4.4%	$711.0M+34.7%	$528.0M-39.0%	$865.0M+27.2%	$680.0M
Share Buybacks	$1.9B	$1.5B0.0%	$1.5B0.0%	$1.5B-14.3%	$1.8B+75.0%	$1.0B+41.6%	$706.0M-52.9%	$1.5B-25.0%	$2.0B+100.0%	$1.0B-50.0%	$2.0B-0.1%	$2.0B-53.9%	$4.3B+106.4%	$2.1B+4.3%	$2.0B+112.6%	$950.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$723.0M+31.5%	$623.0M+5.2%	$963.0M-13.6%	$1.0B+14.6%	$550.0M-19.9%	$592.0M+0.5%	$1.1B+7.2%	$891.0M-9.3%
Depreciation & Amortization	$82.0M+5.1%	$81.0M+9.5%	$83.0M+7.8%	$82.0M+5.1%	$78.0M+5.4%	$74.0M+2.8%	$77.0M+4.1%	$78.0M+11.4%
Stock-Based Compensation	N/A	$18.0M+12.5%	N/A	N/A	N/A	$16.0M+6.7%	N/A	N/A
Capital Expenditures	$92.0M-8.9%	$95.0M-1.0%	$105.0M-11.0%	$117.0M+8.3%	$101.0M-12.9%	$96.0M+1.1%	$118.0M-9.9%	$108.0M-14.3%
Free Cash Flow	$631.0M+40.5%	$528.0M+6.5%	$858.0M-13.9%	$904.0M+15.5%	$449.0M-21.4%	$496.0M+0.4%	$996.0M+9.7%	$783.0M-8.5%
Investing Cash Flow	-$85.0M+7.6%	-$99.0M-7.6%	-$221.0M-88.9%	-$116.0M-139.5%	-$92.0M+45.6%	-$92.0M+39.5%	-$117.0M+2.5%	$294.0M+385.4%
Financing Cash Flow	-$632.0M-12.3%	-$547.0M+7.0%	-$818.0M+13.3%	-$775.0M+30.9%	-$563.0M+6.3%	-$588.0M-12.2%	-$943.0M-7.5%	-$1.1B-42.3%
Dividends Paid	$463.0M+5.5%	$465.0M+5.4%	$467.0M+5.4%	$438.0M+5.5%	$439.0M+5.0%	$441.0M+5.3%	$443.0M+5.2%	$415.0M+4.8%
Share Buybacks	$750.0M+100.0%	$375.0M0.0%	$375.0M0.0%	$375.0M0.0%	$375.0M0.0%	$375.0M0.0%	$375.0M0.0%	$375.0M0.0%

ITW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ITW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	44.1%-0.2pp	44.3%+2.1pp	42.2%+1.3pp	40.8%-0.5pp	41.3%-0.1pp	41.3%-0.6pp	42.0%+0.2pp	41.7%-0.2pp	42.0%+0.1pp	41.9%+0.7pp	41.2%+1.0pp	40.1%+0.6pp	39.5%+1.2pp	38.3%+0.9pp	37.4%
Operating Margin	26.3%-0.5pp	26.8%+1.7pp	25.1%+1.3pp	23.8%-0.3pp	24.1%+1.1pp	22.9%-1.2pp	24.1%-0.2pp	24.3%-0.1pp	24.3%+1.9pp	22.5%+1.1pp	21.4%+1.5pp	19.9%+2.1pp	17.8%+1.1pp	16.7%+0.5pp	16.3%
Net Margin	19.1%-2.8pp	21.9%+3.6pp	18.4%-0.7pp	19.0%+0.4pp	18.6%+1.9pp	16.8%-1.1pp	17.9%+0.5pp	17.4%+5.6pp	11.8%-3.2pp	15.0%+0.8pp	14.2%-6.2pp	20.3%+8.5pp	11.9%-7.5pp	19.4%+5.1pp	14.3%
Return on Equity	95.0%-10.1pp	105.2%+7.0pp	98.1%-0.1pp	98.2%+23.9pp	74.3%+8.0pp	66.3%-16.9pp	83.2%+4.5pp	78.7%+41.9pp	36.8%-11.0pp	47.8%+11.5pp	36.3%-6.8pp	43.2%+25.9pp	17.3%-9.9pp	27.2%+6.5pp	20.6%
Return on Assets	19.0%-4.2pp	23.2%+4.1pp	19.1%-0.6pp	19.7%+2.9pp	16.8%+3.3pp	13.5%-3.2pp	16.7%-0.5pp	17.2%+7.2pp	10.1%-3.3pp	13.4%+1.3pp	12.1%-4.8pp	16.9%+8.3pp	8.6%-6.3pp	14.9%+3.3pp	11.5%
Current Ratio	1.21-0.1x	1.360.0x	1.33-0.1x	1.41-0.4x	1.84-0.7x	2.52-0.4x	2.90+1.3x	1.63-0.8x	2.38+0.2x	2.22-0.6x	2.84+0.6x	2.23+0.6x	1.63-1.4x	3.00+0.7x	2.30
Debt-to-Equity	2.07+0.2x	1.90-0.2x	2.10+0.1x	2.00+0.1x	1.91-0.5x	2.44-0.1x	2.56+0.7x	1.85+0.2x	1.63-0.1x	1.69+0.4x	1.32+0.4x	0.87+0.6x	0.29-0.1x	0.43+0.1x	0.35
Asset Turnover	0.99-0.1x	1.060.0x	1.040.0x	1.03+0.1x	0.90+0.1x	0.81-0.1x	0.94-0.1x	0.99+0.1x	0.850.0x	0.890.0x	0.850.0x	0.83+0.1x	0.720.0x	0.770.0x	0.81
FCF Margin	16.9%-1.0pp	17.9%-1.3pp	19.1%+7.0pp	12.2%-3.5pp	15.6%-4.8pp	20.4%+1.5pp	18.9%+2.4pp	16.6%+1.9pp	14.7%-0.2pp	14.9%-0.1pp	15.0%+6.4pp	8.7%-6.6pp	15.3%+3.8pp	11.4%+0.4pp	11.0%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	44.1%+0.2pp	43.8%+0.1pp	44.2%+0.7pp	44.5%+0.7pp	44.0%+0.1pp	43.7%-2.3pp	43.5%+1.6pp	43.8%+1.3pp
Operating Margin	26.7%+0.3pp	25.4%+0.6pp	26.5%+0.3pp	27.4%+0.9pp	26.4%+0.2pp	24.8%-3.6pp	26.2%+1.4pp	26.5%0.0pp
Net Margin	18.9%+0.3pp	19.1%+0.9pp	19.3%+0.2pp	20.2%-9.0pp	18.6%-0.2pp	18.2%-2.4pp	19.1%+1.1pp	29.3%+10.1pp
Return on Equity	28.1%+4.6pp	23.8%+2.2pp	24.5%+1.9pp	25.6%-8.6pp	23.5%-2.1pp	21.6%-5.5pp	22.6%-1.2pp	34.2%+8.5pp
Return on Assets	4.9%+0.2pp	4.7%+0.2pp	4.9%-0.1pp	5.1%-2.2pp	4.7%-0.2pp	4.5%-0.9pp	5.0%+0.4pp	7.3%+2.3pp
Current Ratio	1.11-0.5x	1.19-0.4x	1.21-0.1x	1.53+0.2x	1.59+0.3x	1.60+0.3x	1.360.0x	1.36-0.2x
Debt-to-Equity	2.26-0.1x	2.04-0.2x	2.07+0.2x	2.39+0.5x	2.40+0.2x	2.25+0.2x	1.90-0.2x	1.94-0.3x
Asset Turnover	0.260.0x	0.250.0x	0.250.0x	0.250.0x	0.250.0x	0.250.0x	0.260.0x	0.250.0x
FCF Margin	14.7%+3.6pp	13.2%+0.2pp	21.0%-4.4pp	22.3%+2.5pp	11.1%-3.1pp	12.9%+0.5pp	25.3%+2.5pp	19.7%-1.5pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Illinois Tool Works Inc. ITW	FY2025	$16.0B	$3.1B	19.1%	$75.2B	63/100
Emerson Electric Co. EMR	FY2025	$18.0B	$2.3B	12.7%	$90.1B	36/100
Parker-Hannifin Corporation PH	FY2026	$21.5B	$3.6B	17.0%	$122.7B	64/100
Ametek, Inc. AME	FY2025	$7.4B	$1.5B	20.0%	$57.8B	69/100
Eaton Corporation plc ETN	FY2025	$27.4B	$4.1B	14.9%	$169.4B	39/100
Cummins Inc. CMI	FY2025	$33.7B	$3.0B	8.8%	$72.7B	55/100

Where Illinois Tool Works Inc. Ranks

Frequently Asked Questions

What is Illinois Tool Works Inc.'s annual revenue?

Illinois Tool Works Inc. (ITW) reported $16.0B in total revenue for fiscal year 2025. This represents a 0.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Illinois Tool Works Inc.'s revenue growing?

Illinois Tool Works Inc. (ITW) revenue grew by 0.9% year-over-year, from $15.9B to $16.0B in fiscal year 2025.

Is Illinois Tool Works Inc. profitable?

Yes, Illinois Tool Works Inc. (ITW) reported a net income of $3.1B in fiscal year 2025, with a net profit margin of 19.1%.

What is Illinois Tool Works Inc.'s EBITDA?

Illinois Tool Works Inc. (ITW) had EBITDA of $4.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Illinois Tool Works Inc. have?

As of fiscal year 2025, Illinois Tool Works Inc. (ITW) had $851.0M in cash and equivalents against $6.7B in long-term debt.

What is Illinois Tool Works Inc.'s gross margin?

Illinois Tool Works Inc. (ITW) had a gross margin of 44.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Illinois Tool Works Inc.'s operating margin?

Illinois Tool Works Inc. (ITW) had an operating margin of 26.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Illinois Tool Works Inc.'s net profit margin?

Illinois Tool Works Inc. (ITW) had a net profit margin of 19.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Illinois Tool Works Inc. pay dividends?

Yes, Illinois Tool Works Inc. (ITW) paid $6.22 per share in dividends during fiscal year 2025.

What is Illinois Tool Works Inc.'s return on equity (ROE)?

Illinois Tool Works Inc. (ITW) has a return on equity of 95.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Illinois Tool Works Inc.'s free cash flow?

Illinois Tool Works Inc. (ITW) generated $2.7B in free cash flow during fiscal year 2025. This represents a -4.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Illinois Tool Works Inc.'s operating cash flow?

Illinois Tool Works Inc. (ITW) generated $3.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Illinois Tool Works Inc.'s total assets?

Illinois Tool Works Inc. (ITW) had $16.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Illinois Tool Works Inc.'s capital expenditures?

Illinois Tool Works Inc. (ITW) invested $419.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Illinois Tool Works Inc. spend on research and development?

Illinois Tool Works Inc. (ITW) invested $302.0M in research and development during fiscal year 2025.

Does Illinois Tool Works Inc. buy back shares?

Yes, Illinois Tool Works Inc. (ITW) spent $1.5B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Illinois Tool Works Inc. have outstanding?

Illinois Tool Works Inc. (ITW) had 288M shares outstanding as of fiscal year 2025.

What is Illinois Tool Works Inc.'s current ratio?

Illinois Tool Works Inc. (ITW) had a current ratio of 1.21 as of fiscal year 2025, which is considered adequate.

What is Illinois Tool Works Inc.'s debt-to-equity ratio?

Illinois Tool Works Inc. (ITW) had a debt-to-equity ratio of 2.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Illinois Tool Works Inc.'s return on assets (ROA)?

Illinois Tool Works Inc. (ITW) had a return on assets of 19.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Illinois Tool Works Inc.'s P/E ratio?

Illinois Tool Works Inc. (ITW) trades at 23.6x earnings, its market capitalization divided by net income of $3.2B net income, trailing 12 months to June 30, 2026. The market capitalization is $75.2B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Illinois Tool Works Inc.'s price-to-sales ratio?

Illinois Tool Works Inc. (ITW) trades at 4.6x sales, its market capitalization divided by revenue of $16.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $75.2B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Illinois Tool Works Inc.'s Altman Z-Score?

Illinois Tool Works Inc. (ITW) has an Altman Z-Score of 8.04, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Illinois Tool Works Inc.'s Piotroski F-Score?

Illinois Tool Works Inc. (ITW) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Illinois Tool Works Inc.'s earnings high quality?

Illinois Tool Works Inc. (ITW) has an earnings quality ratio of 1.02x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Illinois Tool Works Inc. cover its interest payments?

Illinois Tool Works Inc. (ITW) has an interest coverage ratio of 14.44x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Illinois Tool Works Inc.?

Illinois Tool Works Inc. (ITW) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.