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Stocks · Industrials · General Industrial Machinery & Equipment

Illinois Tool Works

ITW Clue Score61
United States Fiscal year ends December CIK 0000049826
$264.13 -0.22% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $264.13 +23.50% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue13.60Operating income3.06Net income2.04EPS, diluted5.70Fiscal year 2017Revenue14.31 +5.3%Operating income3.49Net income1.69 −17.1%EPS, diluted4.86 −14.7%Fiscal year 2018Revenue14.77 +3.2%Operating income3.58Net income2.56 +51.9%EPS, diluted7.60 +56.4%Fiscal year 2019Revenue14.11 −4.5%Operating income3.40Net income2.52 −1.6%EPS, diluted7.74 +1.8%Fiscal year 2020Revenue12.57 −10.9%Operating income2.88Net income2.11 −16.3%EPS, diluted6.63 −14.3%Fiscal year 2021Revenue14.46 +15.0%Operating income3.48Net income2.69 +27.7%EPS, diluted8.51 +28.4%Fiscal year 2022Revenue15.93 +10.2%Operating income3.79Net income3.03 +12.6%EPS, diluted9.77 +14.8%Fiscal year 2023Revenue16.11 +1.1%Operating income4.04Net income2.96 −2.5%EPS, diluted9.74 −0.3%Fiscal year 2024Revenue15.90 −1.3%Operating income4.26Net income3.49 +18.0%EPS, diluted11.71 +20.2%Fiscal year 2025Revenue16.04 +0.9%Operating income4.22Net income3.07 −12.1%EPS, diluted10.49 −10.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 13.60 14.31 14.77 14.11 12.57 14.46 15.93 16.11 15.90 16.04
Growth +5.3% +3.2% −4.5% −10.9% +15.0% +10.2% +1.1% −1.3% +0.9%
Operating income 3.06 3.49 3.58 3.40 2.88 3.48 3.79 4.04 4.26 4.22
Net income 2.04 1.69 2.56 2.52 2.11 2.69 3.03 2.96 3.49 3.07
Growth −17.1% +51.9% −1.6% −16.3% +27.7% +12.6% −2.5% +18.0% −12.1%
EPS, diluted 5.70 4.86 7.60 7.74 6.63 8.51 9.77 9.74 11.71 10.49
Growth −14.7% +56.4% +1.8% −14.3% +28.4% +14.8% −0.3% +20.2% −10.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin22.5%Net margin15.0%Free cash flow margin14.9%Fiscal year 2017Operating margin24.3%Net margin11.8%Free cash flow margin14.7%Fiscal year 2018Operating margin24.3%Net margin17.4%Free cash flow margin16.6%Fiscal year 2019Operating margin24.1%Net margin17.9%Free cash flow margin18.9%Fiscal year 2020Operating margin22.9%Net margin16.8%Free cash flow margin20.4%Fiscal year 2021Operating margin24.1%Net margin18.6%Free cash flow margin15.6%Fiscal year 2022Operating margin23.8%Net margin19.0%Free cash flow margin12.2%Fiscal year 2023Operating margin25.1%Net margin18.4%Free cash flow margin19.1%Fiscal year 2024Operating margin26.8%Net margin21.9%Free cash flow margin17.9%Fiscal year 2025Operating margin26.3%Net margin19.1%Free cash flow margin16.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 22.5% 24.3% 24.3% 24.1% 22.9% 24.1% 23.8% 25.1% 26.8% 26.3%
Net margin 15.0% 11.8% 17.4% 17.9% 16.8% 18.6% 19.0% 18.4% 21.9% 19.1%
Free cash flow margin 14.9% 14.7% 16.6% 18.9% 20.4% 15.6% 12.2% 19.1% 17.9% 16.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.30Capital expenditure−0.27Free cash flow2.03Buybacks−2.00Dividends paid−0.82Fiscal year 2017Operating cash flow2.40Capital expenditure−0.30Free cash flow2.11 +3.7%Buybacks−1.00Dividends paid−0.94Fiscal year 2018Operating cash flow2.81Capital expenditure−0.36Free cash flow2.45 +16.2%Buybacks−2.00Dividends paid−1.12Fiscal year 2019Operating cash flow3.00Capital expenditure−0.33Free cash flow2.67 +9.1%Buybacks−1.50Dividends paid−1.32Fiscal year 2020Operating cash flow2.81Capital expenditure−0.24Free cash flow2.57 −3.7%Buybacks−0.71Dividends paid−1.38Fiscal year 2021Operating cash flow2.56Capital expenditure−0.30Free cash flow2.26 −12.1%Buybacks−1.00Dividends paid−1.46Fiscal year 2022Operating cash flow2.35Capital expenditure−0.41Free cash flow1.94 −14.4%Buybacks−1.75Dividends paid−1.54Fiscal year 2023Operating cash flow3.54Capital expenditure−0.46Free cash flow3.08 +59.3%Buybacks−1.50Dividends paid−1.62Fiscal year 2024Operating cash flow3.28Capital expenditure−0.44Free cash flow2.84 −7.8%Buybacks−1.50Dividends paid−1.70Fiscal year 2025Operating cash flow3.13Capital expenditure−0.42Free cash flow2.71 −4.8%Buybacks−1.50Dividends paid−1.79
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.30 2.40 2.81 3.00 2.81 2.56 2.35 3.54 3.28 3.13
Capital expenditure −0.27 −0.30 −0.36 −0.33 −0.24 −0.30 −0.41 −0.46 −0.44 −0.42
Free cash flow 2.03 2.11 2.45 2.67 2.57 2.26 1.94 3.08 2.84 2.71
Growth +3.7% +16.2% +9.1% −3.7% −12.1% −14.4% +59.3% −7.8% −4.8%
Buybacks −2.00 −1.00 −2.00 −1.50 −0.71 −1.00 −1.75 −1.50 −1.50 −1.50
Dividends paid −0.82 −0.94 −1.12 −1.32 −1.38 −1.46 −1.54 −1.62 −1.70 −1.79

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.47Total debt7.83Net cash (debt)−5.36Shareholders’ equity4.26Debt to equity1.84Fiscal year 2017Cash3.09Total debt7.48Net cash (debt)−4.39Shareholders’ equity4.59Debt to equity1.63Fiscal year 2018Cash1.50Total debt7.38Net cash (debt)−5.88Shareholders’ equity3.26Debt to equity2.26Fiscal year 2019Cash1.98Total debt7.76Net cash (debt)−5.78Shareholders’ equity3.03Debt to equity2.56Fiscal year 2020Cash2.56Total debt8.12Net cash (debt)−5.56Shareholders’ equity3.18Debt to equity2.55Fiscal year 2021Cash1.53Total debt7.48Net cash (debt)−5.95Shareholders’ equity3.63Debt to equity2.06Fiscal year 2022Cash0.71Total debt6.71Net cash (debt)−6.00Shareholders’ equity3.09Debt to equity2.17Fiscal year 2023Cash1.07Total debt7.70Net cash (debt)−6.64Shareholders’ equity3.01Debt to equity2.56Fiscal year 2024Cash0.95Total debt7.09Net cash (debt)−6.14Shareholders’ equity3.32Debt to equity2.14Fiscal year 2025Cash0.85Total debt7.68Net cash (debt)−6.83Shareholders’ equity3.23Debt to equity2.38
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.47 3.09 1.50 1.98 2.56 1.53 0.71 1.07 0.95 0.85
Total debt 7.83 7.48 7.38 7.76 8.12 7.48 6.71 7.70 7.09 7.68
Net cash (debt) −5.36 −4.39 −5.88 −5.78 −5.56 −5.95 −6.00 −6.64 −6.14 −6.83
Shareholders’ equity 4.26 4.59 3.26 3.03 3.18 3.63 3.09 3.01 3.32 3.23
Debt to equity 1.84 1.63 2.26 2.56 2.55 2.06 2.17 2.56 2.14 2.38

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
13.60 14.31 14.77 14.11 12.57 14.46 15.93 16.11 15.90 16.04
Growth +5.3% +3.2% −4.5% −10.9% +15.0% +10.2% +1.1% −1.3% +0.9%
7.91 8.31 8.60 8.19 7.38 8.49 8.14 7.94 7.60 7.56
0.22 0.23 0.23 0.22 0.21 0.24 0.27 0.28 0.29 0.30
3.06 3.49 3.58 3.40 2.88 3.48 3.79 4.04 4.26 4.22
Growth +14.0% +2.8% −5.1% −15.3% +20.6% +9.0% +6.6% +5.5% −1.1%
2.91 3.27 3.39 3.29 2.70 3.33 3.84 3.82 n/a n/a
0.87 1.58 0.83 0.77 0.60 0.63 0.81 0.87 0.93 0.90
2.04 1.69 2.56 2.52 2.11 2.69 3.03 2.96 3.49 3.07
Growth −17.1% +51.9% −1.6% −16.3% +27.7% +12.6% −2.5% +18.0% −12.1%
Per share
5.73 4.90 7.65 7.78 6.66 8.55 9.80 9.77 11.75 10.52
5.70 4.86 7.60 7.74 6.63 8.51 9.77 9.74 11.71 10.49
Growth −14.7% +56.4% +1.8% −14.3% +28.4% +14.8% −0.3% +20.2% −10.4%
355.0 344.1 335.0 323.9 316.9 315.1 309.6 302.6 296.8 291.5
357.1 346.8 337.1 325.6 318.3 316.4 310.7 303.6 297.8 292.3
Growth −2.9% −2.8% −3.4% −2.2% −0.6% −1.8% −2.3% −1.9% −1.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 5.0% a year over five years, and earnings per share grew 9.6% a year.
  • The diluted share count fell 8.2% in five years, so buybacks did some of the work per share.
  • Operating margin is up 3.4 points on five years ago, at 26.3%.
  • Profitable in every one of the 10 years on file.