Illinois Tool Works

Industrials Industrial Machinery & Supplies & Components Glenview, Illinois Last filing Feb 13, 2026 · FY2025

                    Revenue
                    FY2025
                
$16.0B
                    3y CAGR +0.2%
                    
                    P24
                    
                    +0.9%
                    
                    Net income
                    FY2025
                
$3.1B
                    Net margin +19.1%
                    
                    P84
                    
                    -12.1%
                    
                    Total assets
                    FY2025
                
$16.1B
                    ROA +19.0%
                    
                    P96
                    
                    +7.2%
                    
                    Operating cash flow
                    FY2025
                
$3.1B
                    FCF margin +16.9%
                    
                    P71
                    
                    -4.7%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $16.1B

Total liabilities $5.1B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and 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
Accounts Receivable	$3.2B 7.9%	$3.0B -4.2%	$3.1B -1.5%	$3.2B 11.7%	$2.8B 13.3%	$2.5B 1.8%	$2.5B -6.1%	$2.6B -0.2%	$2.6B 11.5%	$2.4B
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
Prepaid Expenses	$463.0M 48.4%	$312.0M -8.2%	$340.0M 3.3%	$329.0M 5.1%	$313.0M 18.6%	$264.0M -10.8%	$296.0M -11.4%	$334.0M -0.6%	$336.0M 54.1%	$218.0M
Total 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
Property,Plant and Equipment	$2.2B 9.5%	$2.0B 3.0%	$2.0B 6.9%	$1.8B 2.2%	$1.8B 1.8%	$1.8B 2.8%	$1.7B -3.5%	$1.8B 0.7%	$1.8B 7.6%	$1.7B
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
Intangible Assets	$591.0M -0.2%	$592.0M -9.9%	$657.0M -14.5%	$768.0M -21.0%	$972.0M 24.5%	$781.0M -8.2%	$851.0M -21.5%	$1.1B -14.8%	$1.3B -13.1%	$1.5B
Deferred Tax Assets	$519.0M 40.7%	$369.0M -23.0%	$479.0M -3.0%	$494.0M -10.5%	$552.0M 3.6%	$533.0M 3.3%	$516.0M -21.1%	$654.0M -43.3%	$1.2B -21.9%	$1.5B
Other Noncurrent Assets	$1.5B 9.8%	$1.4B 9.0%	$1.3B 7.1%	$1.2B -16.2%	$1.4B 7.4%	$1.3B 6.6%	$1.2B 19.1%	$1.0B -13.8%	$1.2B 25.0%	$956.0M
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
Liabilities
Accounts Payable	$522.0M 0.6%	$519.0M -10.7%	$581.0M -2.2%	$594.0M 1.5%	$585.0M 9.6%	$534.0M 13.1%	$472.0M -9.9%	$524.0M -11.2%	$590.0M 15.5%	$511.0M
Accrued Liabilities	$1.6B 3.8%	$1.6B -5.2%	$1.7B -3.8%	$1.7B 4.9%	$1.6B 28.3%	$1.3B 5.5%	$1.2B -4.2%	$1.3B 1.0%	$1.3B 4.7%	$1.2B
Current Portion of Long Term Debt	$2.3B 194.2%	$777.0M -42.9%	$1.4B 154.4%	$535.0M -5.8%	$568.0M 62.3%	$350.0M 8650.0%	$4.0M -99.7%	$1.4B 134900.0%	$1.0M -99.8%	$650.0M
Other Current Liabilities	$959.0M -5.5%	$1.0B 0.1%	$1.0B 7.5%	$943.0M -10.4%	$1.1B -1.4%	$1.1B 6.8%	$1.0B 19.2%	$839.0M -4.9%	$882.0M 1.3%	$871.0M
Total 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
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
Deferred Tax Liabilities	$154.0M -82.6%	$887.0M 1.5%	$874.0M -5.2%	$922.0M -6.5%	$986.0M 20.4%	$819.0M 0.1%	$818.0M 1.4%	$807.0M -0.6%	$812.0M -30.1%	$1.2B
Other Noncurrent Liabilities	$959.0M -5.5%	$1.0B 0.1%	$1.0B 7.5%	$943.0M -10.4%	$1.1B -1.4%	$1.1B 6.8%	$1.0B 19.2%	$839.0M -4.9%	$882.0M 1.3%	$871.0M
Total 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
Equity
Common Stock	$6.0M 0.0%	$6.0M 0.0%	$6.0M 0.0%	$6.0M 0.0%	$6.0M 0.0%	$6.0M 0.0%	$6.0M 0.0%	$6.0M 0.0%	$6.0M 0.0%	$6.0M
Additional Paid In Capital	$1.8B 6.1%	$1.7B 5.1%	$1.6B 5.8%	$1.5B 4.8%	$1.4B 5.1%	$1.4B 4.4%	$1.3B 4.1%	$1.3B 2.9%	$1.2B 2.5%	$1.2B
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
Treasury Stock	$1.5B 0.0%	$1.5B 0.0%	$1.5B -14.3%	$1.8B -91.5%	$20.6B 5.0%	$19.7B 3.6%	$19.0B 8.2%	$17.5B 12.7%	$15.6B 6.3%	$14.6B
Accumulated Other Comprehensive Income	$-1.8B 2.7%	$-1.9B -2.3%	$-1.8B 0.4%	$-1.8B -22.6%	$-1.5B 8.5%	$-1.6B 3.7%	$-1.7B -1.7%	$-1.7B -30.3%	$-1.3B 28.8%	$-1.8B
Noncontrolling Interest	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M -75.0%	$4.0M 0.0%	$4.0M 0.0%	$4.0M -20.0%	$5.0M
Total Stockholders 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
Total Liabilitiesand Equity	$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

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $16.0B

Operating income $4.2B

Net income $3.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$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
Expenses Cost of Revenue	$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
Expenses Research and Development	$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
Expenses Depreciation and Amortization	$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
Expenses Share Based Compensation	$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
Other Income Expense Operating Income	$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
Other Income Expense Interest Income	$40.0M -9.1%	$44.0M -13.7%	$51.0M 131.8%	$22.0M 83.3%	$12.0M -29.4%	$17.0M -41.4%	$29.0M -17.1%	$35.0M -22.2%	$45.0M 18.4%	$38.0M
Other Income Expense Other Income/expense	$-5.0M -400.0%	$-1.0M -200.0%	$1.0M 200.0%	$-1.0M 75.0%	$-4.0M 20.0%	$-5.0M -200.0%	$5.0M -16.7%	$6.0M 700.0%	$-1.0M 50.0%	$-2.0M
Other Income Expense Income Before Tax	$2.4B -8.4%	$2.6B -31.9%	$3.8B -0.5%	$3.8B 15.5%	$3.3B 23.0%	$2.7B -17.8%	$3.3B -3.1%	$3.4B 3.8%	$3.3B 12.4%	$2.9B
Income Tax Income Tax Expense	$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
net Income net Income	$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
net Income Comprehensive Income	$50.0M 216.3%	$-43.0M -714.3%	$7.0M 102.1%	$-339.0M -342.1%	$140.0M 122.2%	$63.0M 325.0%	$-28.0M 91.9%	$-345.0M -218.2%	$292.0M 216.3%	$-251.0M
Earnings Per Share Basic Eps	$11 -10.5%	$12 20.3%	$10 -0.3%	$10 14.6%	$9 28.4%	$7 -14.4%	$8 1.7%	$8 56.1%	$5 -14.5%	$6
Earnings Per Share Diluted Eps	$10 -10.4%	$12 20.2%	$10 -0.3%	$10 14.8%	$9 28.4%	$7 -14.3%	$8 1.8%	$8 56.4%	$5 -14.7%	$6
Earnings Per Share Weighted Average Shares Basic	$291.5M -1.8%	$296.8M -1.9%	$302.6M -2.3%	$309.6M -1.7%	$315.1M -0.6%	$316.9M -2.2%	$323.9M -3.3%	$335.0M -2.6%	$344.1M -3.1%	$355.0M
Earnings Per Share Weighted Average Shares Diluted	$292.3M -1.8%	$297.8M -1.9%	$303.6M -2.3%	$310.7M -1.8%	$316.4M -0.6%	$318.3M -2.2%	$325.6M -3.4%	$337.1M -2.8%	$346.8M -2.9%	$357.1M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $3.1B

Investing cash flow $-521.0M

Financing cash flow $-2.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$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
Operating Activities Depreciation and Amortization	$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
Operating Activities Stock Based Compensation	$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
Operating Activities Deferred Income Taxes	$17.0M -90.3%	$176.0M 100.0%	$88.0M -41.3%	$150.0M 1.4%	$148.0M 393.3%	$30.0M 193.8%	$-32.0M 5.9%	$-34.0M 46.9%	$-64.0M -124.3%	$263.0M
Operating Activities Changes In Operating Assets and Liabilities	$102.0M 175.6%	$-135.0M 59.6%	$-334.0M -170.5%	$474.0M -2.5%	$486.0M 678.6%	$-84.0M 22.9%	$-109.0M -203.8%	$105.0M -48.0%	$202.0M 274.1%	$54.0M
Operating Activities Other Non Cash Items	$9.0M 50.0%	$6.0M 250.0%	$-4.0M -180.0%	$5.0M -61.5%	$13.0M 62.5%	$8.0M -11.1%	$9.0M -10.0%	$10.0M 0.0%	$10.0M 100.0%	$5.0M
Operating Activities net Cash From Operating Activities	$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
Investing Activities Capital Expenditures	$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
Investing Activities Business Acquisitions	$119.0M 3.5%	$115.0M	$0 -100.0%	$2.0M -99.7%	$731.0M	$0 -100.0%	$4.0M	$0 -100.0%	$3.0M -99.3%	$453.0M
Investing Activities Other Investing Activities	$2.0M -80.0%	$10.0M 400.0%	$2.0M 100.0%	$1.0M -66.7%	$3.0M 0.0%	$3.0M -83.3%	$18.0M 350.0%	$4.0M -60.0%	$10.0M -23.1%	$13.0M
Investing Activities net Cash From Investing Activities	$-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
Financing Activities Repurchase of Common Stock	$1.5B 0.0%	$1.5B 0.0%	$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
Financing Activities Dividends Paid	$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
Financing Activities Proceeds From Stock Issuance	$65.0M 25.0%	$52.0M -1.9%	$53.0M 82.8%	$29.0M -42.0%	$50.0M -24.2%	$66.0M -22.4%	$85.0M 286.4%	$22.0M -73.8%	$84.0M 0.0%	$84.0M
Financing Activities Other Financing Activities	$-32.0M 15.8%	$-38.0M -171.4%	$-14.0M -7.7%	$-13.0M -30.0%	$-10.0M 61.5%	$-26.0M -116.7%	$-12.0M -9.1%	$-11.0M 21.4%	$-14.0M -16.7%	$-12.0M
Financing Activities net Cash From Financing Activities	$-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
Cash Reconciliation Effect of Exchange Rate On Cash	$42.0M 164.6%	$-65.0M -2266.7%	$3.0M 105.3%	$-57.0M -23.9%	$-46.0M -217.9%	$39.0M 533.3%	$-9.0M 92.0%	$-112.0M -177.2%	$145.0M 209.0%	$-133.0M
Cash Reconciliation net Change In Cash	$-97.0M 17.1%	$-117.0M -132.8%	$357.0M 143.6%	$-819.0M 21.0%	$-1.0B -277.9%	$583.0M 22.2%	$477.0M 130.0%	$-1.6B -355.6%	$622.0M 200.6%	$-618.0M
Cash Reconciliation Cash At Beginning of Period	$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
Cash Reconciliation Cash At End of Period	$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

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+44.1%	+44.3%	+42.2%	+40.8%	+41.3%	+41.3%	+42.0%	+41.7%	+42.0%	+41.8%
Operating margin	+26.3%	+26.8%	+25.1%	+23.8%	+24.1%	+22.9%	+24.1%	+24.3%	+24.3%	+22.5%
Net margin	+19.1%	+21.9%	+18.4%	+19.0%	+18.6%	+16.8%	+17.9%	+17.4%	+11.8%	+15.0%
FCF margin	+16.9%	+17.9%	+19.1%	+12.2%	+15.6%	+20.4%	+18.9%	+16.6%	+14.7%	+14.9%
Growth
Revenue CAGR (3y)	+0.2%	+3.2%	+8.6%	+4.1%	-0.7%	-4.2%	+1.2%	+3.3%	-0.4%	-1.3%
Returns
ROE	+95.0%	+105.2%	+98.1%	+98.2%	+74.3%	+66.3%	+83.2%	+78.7%	+36.8%	+47.8%
ROA	+19.0%	+23.1%	+19.1%	+19.7%	+16.8%	+13.5%	+16.7%	+17.2%	+10.1%	+13.4%
ROIC	+23.1%	+28.9%	+32.4%	+32.9%	+29.4%	+25.7%	+29.6%	+29.6%	+20.0%	+22.2%
Liquidity
Current ratio	1.21x	1.36x	1.33x	1.41x	1.84x	2.52x	2.90x	1.63x	2.38x	2.22x
Quick ratio	0.80x	0.91x	0.90x	0.87x	1.26x	1.96x	2.06x	1.16x	1.87x	1.75x
Leverage
D/E	1.59x	1.30x	1.55x	1.44x	0.96x	0.81x	0.71x	1.09x	0.67x	0.65x
Interest coverage	—	—	15.19x	18.67x	17.21x	13.99x	15.39x	13.95x	13.40x	12.89x
Efficiency
Asset turnover	0.99x	1.06x	1.04x	1.03x	0.90x	0.81x	0.94x	0.99x	0.85x	0.89x
Cash conversion cycle	+120d	+113d	+115d	+129d	+119d	+105d	+95d	+98d	+95d	+89d

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Illinois Tool Works

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