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%
                    
                    P86
                    
                    -12.1%
                    
                    Total assets
                    FY2025
                
$16.1B
                    ROA +19.0%
                    
                    P96
                    
                    +7.2%
                    
                    Operating cash flow
                    FY2025
                
$3.1B
                    FCF margin +16.9%
                    
                    P73
                    
                    -4.7%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

26 accounts · 5 years

Total assets $16.1B

Total liabilities ~$12.9B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$851.0M -10.2%	$948.0M -11.0%	$1.1B 50.4%	$708.0M -53.6%	$1.5B
Accounts Receivable	$3.2B 7.9%	$3.0B -4.2%	$3.1B -1.5%	$3.2B 11.7%	$2.8B
Inventory	$1.7B 3.4%	$1.6B -6.0%	$1.7B -16.9%	$2.1B 21.3%	$1.7B
Prepaid Expenses	$463.0M 48.4%	$312.0M -8.2%	$340.0M 3.3%	$329.0M 5.1%	$313.0M
Total Current Assets	$6.2B 5.9%	$5.9B -6.1%	$6.2B -0.6%	$6.3B -1.6%	$6.4B
Property,Plant and Equipment	$2.2B 9.5%	$2.0B 3.0%	$2.0B 6.9%	$1.8B 2.2%	$1.8B
Goodwill	$5.1B 5.4%	$4.8B -1.4%	$4.9B 0.9%	$4.9B -2.0%	$5.0B
Intangible Assets	$591.0M -0.2%	$592.0M -9.9%	$657.0M -14.5%	$768.0M -21.0%	$972.0M
Deferred Tax Assets	$519.0M 40.7%	$369.0M -23.0%	$479.0M -3.0%	$494.0M -10.5%	$552.0M
Other Noncurrent Assets	$1.5B 9.8%	$1.4B 9.0%	$1.3B 7.1%	$1.2B -16.2%	$1.4B
Total Assets	$16.1B 7.2%	$15.1B -2.9%	$15.5B 0.6%	$15.4B -4.1%	$16.1B
Liabilities
Accounts Payable	$522.0M 0.6%	$519.0M -10.7%	$581.0M -2.2%	$594.0M 1.5%	$585.0M
Accrued Liabilities	$2.3B 3.8%	$2.2B -1.5%	$2.3B -0.3%	$2.3B 8.0%	$2.1B
Current Portion of Long Term Debt	$2.3B 47.0%	$1.6B -14.8%	$1.8B 14.8%	$1.6B 104.4%	$778.0M
Total Current Liabilities	$5.1B 19.0%	$4.3B -7.9%	$4.7B 4.8%	$4.5B 28.5%	$3.5B
Long Term Debt	$6.7B 5.9%	$6.3B -0.5%	$6.3B 2.7%	$6.2B -10.7%	$6.9B
Deferred Tax Liabilities	$154.0M 29.4%	$119.0M -63.5%	$326.0M -32.6%	$484.0M -26.0%	$654.0M
Other Noncurrent Liabilities	$959.0M -5.5%	$1.0B -12.9%	$1.2B -4.2%	$1.2B -14.2%	$1.4B
Equity
Common Stock	$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
Retained Earnings	$30.1B 4.4%	$28.9B 6.5%	$27.1B 5.1%	$25.8B 6.1%	$24.3B
Treasury Stock	$26.9B 5.9%	$25.4B 6.3%	$23.9B 6.7%	$22.4B 8.4%	$20.6B
Accumulated Other Comprehensive Income	$-1.8B 2.7%	$-1.9B -2.3%	$-1.8B 0.4%	$-1.8B -22.6%	$-1.5B
Total Stockholders Equity	$3.2B -2.7%	$3.3B 10.1%	$3.0B -2.5%	$3.1B -14.8%	$3.6B
Noncontrolling Interest	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M
Total Liabilitiesand Equity	$16.1B 7.2%	$15.1B -2.9%	$15.5B 0.6%	$15.4B -4.1%	$16.1B

Income Statement

Revenue, expense, and profitability

10 accounts · 5 years

Revenue $16.0B

Operating income $4.2B

Net income $3.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$16.0B 0.9%	$15.9B -1.3%	$16.1B 1.1%	$15.9B 10.2%	$14.5B
Expenses Cost of Revenue	$9.0B 1.3%	$8.9B -4.9%	$9.3B -1.2%	$9.4B 11.1%	$8.5B
Expenses Other Operating Expenses	$2.9B 3.0%	$2.8B 0.9%	$2.8B 1.4%	$2.7B 9.0%	$2.5B
Other Income Expense Operating Income	$4.2B -1.1%	$4.3B 5.5%	$4.0B 6.6%	$3.8B 9.0%	$3.5B
Other Income Expense Interest Expense	$292.0M 3.2%	$283.0M 6.4%	$266.0M 31.0%	$203.0M 0.5%	$202.0M
Income Tax Income Tax Expense	$900.0M -3.6%	$934.0M 7.9%	$866.0M 7.2%	$808.0M 27.8%	$632.0M
net Income Other Items Below Tax	$42.0M -90.5%	$441.0M 800.0%	$49.0M -80.8%	$255.0M 400.0%	$51.0M
net Income net Income	$3.1B -12.1%	$3.5B 18.0%	$3.0B -2.5%	$3.0B 12.6%	$2.7B
Earnings Per Share Basic Eps	$11 -10.5%	$12 20.3%	$10 -0.3%	$10 14.6%	$9
Earnings Per Share Diluted Eps	$10 -10.4%	$12 20.2%	$10 -0.3%	$10 14.8%	$9

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $3.1B

Investing cash flow $-521.0M

Financing cash flow $-2.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$3.1B -12.1%	$3.5B 18.0%	$3.0B -2.5%	$3.0B 12.6%	$2.7B
Operating Activities Depreciation and Amortization	$397.0M -1.2%	$402.0M 1.8%	$395.0M -3.7%	$410.0M 0.0%	$410.0M
Operating Activities Stock Based Compensation	$69.0M 13.1%	$61.0M -11.6%	$69.0M 9.5%	$63.0M 18.9%	$53.0M
Operating Activities Deferred Income Taxes	$-17.0M 90.3%	$-176.0M -100.0%	$-88.0M 41.3%	$-150.0M -1.4%	$-148.0M
Operating Activities Changes In Operating Assets and Liabilities	$-406.0M -2036.8%	$-19.0M -109.1%	$208.0M 125.4%	$-818.0M -86.3%	$-439.0M
Operating Activities Other Non Cash Items	$17.0M 103.6%	$-475.0M -23650.0%	$-2.0M 99.0%	$-191.0M -1369.2%	$-13.0M
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
Investing Activities Capital Expenditures	$-419.0M 4.1%	$-437.0M 4.0%	$-455.0M -10.4%	$-412.0M -39.2%	$-296.0M
Investing Activities Business Acquisitions	$-119.0M -3.5%	$-115.0M	$0 100.0%	$-2.0M 99.7%	$-731.0M
Investing Activities Proceeds From Sale of Investments	$7.0M -98.3%	$406.0M 1403.7%	$27.0M 125.0%	$12.0M -68.4%	$38.0M
Investing Activities Other Investing Activities	$10.0M 400.0%	$2.0M -92.0%	$25.0M -91.4%	$292.0M 5740.0%	$5.0M
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
Financing Activities Proceeds From Debt	$0 -100.0%	$1.6B 12.7%	$1.4B 140.3%	$593.0M 558.9%	$90.0M
Financing Activities Repayment of Debt	$0 100.0%	$-1.9B -183.7%	$-679.0M 39.0%	$-1.1B -217.1%	$-351.0M
Financing Activities Repurchase of Common Stock	$-1.5B 0.0%	$-1.5B 0.0%	$-1.5B 14.3%	$-1.8B -75.0%	$-1.0B
Financing Activities Dividends Paid	$-1.8B -5.3%	$-1.7B -5.0%	$-1.6B -4.7%	$-1.5B -5.4%	$-1.5B
Financing Activities Proceeds From Stock Issuance	$65.0M 25.0%	$52.0M -1.9%	$53.0M 82.8%	$29.0M -42.0%	$50.0M
Financing Activities Other Financing Activities	$476.0M 73.7%	$274.0M 158.8%	$-466.0M -159.5%	$783.0M 611.8%	$110.0M
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
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
Cash Reconciliation net Change In Cash	$-97.0M 17.1%	$-117.0M -132.8%	$357.0M 143.6%	$-819.0M 21.0%	$-1.0B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+44.1%	+44.3%	+42.2%	+40.8%	+41.3%
Operating margin	+26.3%	+26.8%	+25.1%	+23.8%	+24.1%
Net margin	+19.1%	+21.9%	+18.4%	+19.0%	+18.6%
FCF margin	+16.9%	+17.9%	+19.1%	+12.2%	+15.6%
Growth
Revenue CAGR (3y)	+0.2%	+3.2%	+8.6%	+4.1%	-0.7%
Returns
ROE	+95.0%	+105.2%	+98.1%	+98.2%	+74.3%
ROA	+19.0%	+23.1%	+19.1%	+19.7%	+16.8%
ROIC	+37.2%	+41.7%	+40.0%	+37.4%	+35.5%
Liquidity
Current ratio	1.21x	1.36x	1.33x	1.41x	1.84x
Quick ratio	0.80x	0.91x	0.90x	0.87x	1.26x
Leverage
D/E	4.01x	3.54x	4.15x	3.99x	3.43x
Interest coverage	14.44x	15.07x	15.19x	18.67x	17.21x
Efficiency
Asset turnover	0.99x	1.06x	1.04x	1.03x	0.90x
Cash conversion cycle	+120d	+113d	+115d	+129d	+119d

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Illinois Tool Works

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