Overview
ILLINOIS TOOL WORKS INC
Latest 10-K: FY2025, filed Feb 13, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $16.04B
- 0.9%YoYup from FY2024
- TotalRevenue
- Gross profit
- $7.08B
- 0.5%YoYup from FY2024
- GrossProfit
- Operating income
- $4.22B
- 1.1%YoYdown from FY2024
- OperatingIncome
- Diluted EPS
- $10.49
- 10.4%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 292.3M
- 1.8%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- ILLINOIS TOOL WORKS INC reported revenue of $16.04B for fiscal 2025, up 0.9% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 1 of the last 5 fiscal years.
Profitability
- Operating margin was 26.3%.
Per share
- Diluted EPS was $10.49, down 10.4% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $16.04B0.9%up Benchmark median 6.4% | $15.90B1.3%down Benchmark median 4.5% | $16.11B1.1%up Benchmark median 4.8% | $15.93B10.2%up Benchmark median 10.3% | $14.46B15.0%up Benchmark median 13.8% | 2.6% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $7.08B0.5%up Benchmark median 6.8% | $7.04B3.7%up Benchmark median 5.5% | $6.79B4.4%up Benchmark median 5.2% | $6.50B9.0%up Benchmark median 8.3% | $5.97B14.8%up Benchmark median 15.7% | 4.4% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $4.22B1.1%down Benchmark median 7.3% | $4.26B5.5%up Benchmark median 7.4% | $4.04B6.6%up Benchmark median 4.9% | $3.79B9.0%up Benchmark median 7.5% | $3.48B20.6%up Benchmark median 23.5% | 4.9% Benchmark median 7.2% |
| Net Income | — | — | — | — | — | — Benchmark median 4.1% |
| EPS (Diluted) | $10.4910.4%down Benchmark median 6.2% | $11.7120.2%up Benchmark median 7.9% | $9.740.3%down Benchmark median 1.9% | $9.7714.8%up Benchmark median 1.5% | $8.5128.4%up Benchmark median 34.8% | 5.4% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $16.15B7.2%up Benchmark median 5.6% | $15.07B2.9%down Benchmark median 3.4% | $15.52B0.6%up Benchmark median 4.1% | $15.42B4.1%down Benchmark median 2.2% | $16.08B3.0%up Benchmark median 6.7% | 0.1% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $3.23B2.7%down Benchmark median 6.8% | $3.32B10.1%up Benchmark median 5.4% | $3.01B2.5%down Benchmark median 7.3% | $3.09B14.8%down Benchmark median 2.5% | $3.63B14.0%up Benchmark median 9.0% | -2.9% Benchmark median 6.1% |
| Cash & Equivalents | $0.85B10.2%down Benchmark median 5.2% | $0.95B11.0%down Benchmark median 1.9% | $1.06B50.4%up Benchmark median 6.7% | $0.71B53.6%down Benchmark median -8.6% | $1.53B40.4%down Benchmark median -2.9% | -13.6% Benchmark median 2.0% |
| Total Debt | $8.97B14.1%up Benchmark median 2.1% | $7.86B3.7%down Benchmark median 0.2% | $8.16B5.2%up Benchmark median 0.3% | $7.76B1.0%up Benchmark median 0.1% | $7.69B5.4%down Benchmark median -0.1% | 3.9% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.13B4.7%down Benchmark median 6.3% | $3.28B7.3%down Benchmark median 4.8% | $3.54B50.7%up Benchmark median 9.9% | $2.35B8.2%down Benchmark median -0.7% | $2.56B8.9%down Benchmark median 10.7% | 5.2% Benchmark median 7.0% |
| Capital Expenditures | $419.00M4.1%down Benchmark median 5.4% | $437.00M4.0%down Benchmark median 2.8% | $455.00M10.4%up Benchmark median 11.3% | $412.00M39.2%up Benchmark median 14.0% | $296.00M25.4%up Benchmark median 8.1% | 9.1% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $2.71B4.8%down Benchmark median 7.3% | $2.84B7.8%down Benchmark median 6.1% | $3.08B59.3%up Benchmark median 8.8% | $1.94B14.4%down Benchmark median -11.3% | $2.26B12.1%down Benchmark median 10.2% | 4.6% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.3%
Wall Street
on net earnings
FY2024 4.6%
3.8%
Value investor
on free cash flow
FY2024 3.8%
Gap −0.5 pts: Value-investor figure 0.5 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 23.5×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
5.7%
Wall Street
on EBITDA
FY2024 5.5%
5.3%
Value investor
on EBIT
FY2024 5.2%
Gap −0.4 pts: Value-investor figure 0.4 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 17.7×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
4.5%
Wall Street
on book equity
FY2024 4.4%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 22.3×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
— Not reported
Wall Street
ROE: net income ÷ equity
FY2024 — Not reported
29.1%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 32.3%
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
28.3%
Wall Street
EBITDA margin
FY2024 28.7%
16.9%
Value investor
Free-cash-flow margin
FY2024 17.9%
Gap −11.4 pts: Value-investor figure 11.4 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.21×
Wall Street
Current ratio
FY2024 1.36×
0.89×
Value investor
Quick ratio, inventory excluded
FY2024 0.99×
Gap −0.32×: Value-investor figure 0.32 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.51×
Wall Street
EBITDA ÷ total debt
FY2024 0.58×
0.30×
Value investor
FCF ÷ total debt
FY2024 0.36×
Gap −0.21×: Value-investor figure 0.21 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.79×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
15.5×
Wall Street
EBITDA ÷ interest
FY2024 16.1×
14.4×
Value investor
EBIT ÷ interest
FY2024 15.1×
Gap −1.1×: Value-investor figure 1.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on ITW yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on ITW and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/ITW
Valuein. (2026, October 30). ILLINOIS TOOL WORKS INC (ITW) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/ITW
@misc{valuein_itw_2026,
author = {{Valuein}},
title = {ILLINOIS TOOL WORKS INC (ITW) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/ITW}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 13, 2026 · accession 0000049826-26-000008
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point-in-time · survivorship-free · every number traceable to its SEC filing
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