NYSE · Financial Statements

Illinois Tool Works Inc. (ITW) Financial Statements

$275.75 NYSE: ITW Market Cap $78.53B

Illinois Tool Works Inc. most recently reported annual revenue of $16.0B, net profit of $3.1B. Revenue grew at an average annual rate of 5.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Illinois Tool Works Inc.: Revenue rose from $13.6B in 2016 to $16.0B in 2025, a change of +18.0% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 22.5% to 26.3%, a shift of +3.8 percentage points; the most recent year shows net profit of $3.1B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$13.6B$14.3B$14.8B$14.1B$12.6B$14.5B$15.9B$16.1B$15.9B$16.0B
Operating Expenses$10.5B$10.8B$11.2B$10.7B$9.7B$11.0B$12.1B$12.1B$11.6B$11.8B
Operating Profit$3.1B$3.5B$3.6B$3.4B$2.9B$3.5B$3.8B$4.0B$4.3B$4.2B
Operating Margin22.5%24.4%24.3%24.1%22.9%24.1%23.8%25.1%26.8%26.3%
Other Income$-156.0M$-215.0M$-190.0M$-114.0M$-178.0M$-151.0M$52.0M$-217.0M$158.0M$-250.0M
Interest$237.0M$260.0M$257.0M$221.0M$206.0M$202.0M$203.0M$266.0M$283.0M$292.0M
Depreciation$470.0M$462.0M$461.0M$426.0M$427.0M$410.0M$410.0M$395.0M$402.0M$392.0M
Profit Before Tax$2.9B$3.3B$3.4B$3.3B$2.7B$3.3B$3.8B$3.8B$4.4B$4.0B
Tax$30.0M$48.4M$24.5M$23.3M$22.0M$19.0M$21.0M$22.6M$21.1M$22.7M
Net Profit$2.0B$1.7B$2.6B$2.5B$2.1B$2.7B$3.0B$3.0B$3.5B$3.1B
EPS$5.70$4.86$7.60$7.74$6.63$8.51$9.77$9.74$11.71$10.49
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$4.0B$4.0B$4.0B$4.0B$4.0B$3.9B$3.8B$4.1B$4.1B$4.1B$4.0B$4.3B
Operating Expenses$3.0B$3.0B$2.8B$3.0B$2.9B$2.9B$2.9B$3.0B$2.9B$3.0B$3.0B$3.2B
Operating Profit$1.1B$988.0M$1.1B$1.1B$1.1B$1.0B$951.0M$1.1B$1.1B$1.1B$1.0B$1.1B
Operating Margin26.5%24.8%28.4%26.2%26.5%26.2%24.8%26.4%27.4%26.5%25.4%26.7%
Interest$67.0M$70.0M$71.0M$75.0M$69.0M$68.0M$68.0M$74.0M$75.0M$75.0M$73.0M$79.0M
Profit Before Tax$1.0B$927.0M$1.1B$1.0B$1.4B$983.0M$895.0M$998.0M$1.0B$1.0B$967.0M$1.1B
Tax$23.8M$22.6M$23.6M$24.5M$14.8M$23.7M$21.8M$24.4M$21.7M$22.9M$20.6M$24.5M
Net Profit$772.0M$717.0M$819.0M$759.0M$1.2B$750.0M$700.0M$755.0M$821.0M$790.0M$768.0M$815.0M
EPS$2.55$2.38$2.73$2.54$3.91$2.54$2.38$2.58$2.81$2.72$2.66$2.84

Over the 10 years reported for Illinois Tool Works Inc., borrowings increased from $7.8B in 2016 to $9.0B in 2025, cash stood at $851.0M in the latest year, shareholders' equity was $6.0M, current assets covered current liabilities 1.21 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$15.2B$16.8B$14.9B$15.1B$15.6B$16.1B$15.4B$15.5B$15.1B$16.1B
Current Assets$6.1B$7.3B$5.8B$6.3B$6.5B$6.4B$6.3B$6.2B$5.9B$6.2B
Cash$2.5B$3.1B$1.5B$2.0B$2.6B$1.5B$708.0M$1.1B$948.0M$851.0M
Inventory$1.1B$1.2B$1.3B$1.2B$1.2B$1.7B$2.1B$1.7B$1.6B$1.7B
Receivables$2.4B$2.6B$2.6B$2.6B$2.6B$2.9B$3.3B$3.3B$3.1B$3.4B
Fixed Assets$1.7B$1.8B$1.8B$1.7B$1.8B$1.8B$1.8B$2.2B$2.3B$2.5B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$73.0M$53.0M$51.0M$51.0M$0$0$0$0$0$0
Other Assets$4.6B$4.8B$4.6B$4.5B$4.7B$5.0B$4.9B$4.9B$4.8B$5.1B
Total Liabilities$10.9B$12.2B$11.6B$12.0B$12.4B$12.5B$12.3B$12.5B$11.8B$12.9B
Current Liabilities$2.8B$3.1B$3.5B$2.2B$2.6B$3.5B$4.5B$4.7B$4.3B$5.1B
Borrowings$7.8B$8.3B$7.4B$7.9B$8.3B$7.9B$7.9B$8.4B$8.1B$9.0B
Other Liabilities$3.1B$3.9B$4.2B$4.1B$4.1B$4.6B$4.4B$4.1B$3.7B$4.0B
Equity$6.0M$6.0M$6.0M$6.0M$6.0M$6.0M$6.0M$6.0M$6.0M$6.0M
Reserves$4.3B$4.6B$3.3B$3.0B$3.2B$3.6B$3.1B$3.0B$3.3B$3.2B

For Illinois Tool Works Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $2.7B; free cash flow was positive in 10 of 10 years; financing activities used $1.5B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$2.3B$2.4B$2.8B$3.0B$2.8B$2.6B$2.3B$3.5B$3.3B$3.1B
Investing Cash Flow$-622.0M$-534.0M$-689.0M$-509.0M$-450.0M$-1.3B$-522.0M$-858.0M$-581.0M$-940.0M
Financing Cash Flow$-2.0B$-1.0B$-2.0B$-1.4B$-732.0M$-960.0M$-1.8B$-1.5B$-1.5B$-1.5B
Net Cash Flow$-618.0M$622.0M$-1.6B$477.0M$583.0M$-1.0B$-819.0M$357.0M$-117.0M$-97.0M
Free Cash Flow$2.0B$2.1B$2.4B$2.7B$2.6B$2.3B$1.9B$3.1B$2.8B$2.7B

Valuation & Return Ratios

MetricValue
PEG Ratio-7.47
EV / EBITDA18.92
FCF Yield3.70%
Quick Ratio0.81
Interest Coverage14.45
Return 1Y9.85%
Return 3Y32.81%
Return 5Y37.90%

Illinois Tool Works Inc. (ITW) financials — frequently asked questions

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

Illinois Tool Works Inc. (ITW) reported annual revenue of $16.0B in its most recent fiscal year.

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

Illinois Tool Works Inc. (ITW) reported net profit of $3.1B in its most recent fiscal year.

What is ITW EV/EBITDA?

Illinois Tool Works Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 18.92.

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