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ILLINOIS TOOL WORKS INCITW

Sector
Industrial
Industry
General Industrial Machinery & Equipment
Exchange
NYSE

Stock Price $ITW

Latest filings

You are here#25 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K86

ITW filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 86 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Feb ’18Feb ’18
  2. Leadership change8-K · Feb ’21Feb ’21
  3. Leadership change8-K · Feb ’23Feb ’23
  4. Material agreement8-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $16.04B
YoY changeLargest recent move+15.0%in FY21Latest +0.9%

1 older move runs past ±20% (largest −20.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ITW Financial Metrics59 metrics

Income Statement14

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

ILLINOIS TOOL WORKS INC Financial Overview 2021–2025

Updated Jul 10, 2026

Illinois Tool Works (ITW) managed to defend a massive 26.3% operating margin in FY2025, even as global industrial demand wavered and its top-line revenue faced currency headwinds. This highlights the central investment thesis for the diversified manufacturer: ITW’s decentralized "80/20" business model systematically prioritizes high-margin profitability and heavy capital returns over low-yield revenue volume, effectively insulating its bottom line from macroeconomic cyclicality.

This structural focus on operational leverage is evident over the long term, as the company's operating margin expanded from 24.1% in FY2021 to a robust 26.3% in FY2025. While operating revenue saw a much flatter trajectory—growing from $14.5 billiona in FY2021 to plateau near $15.9 billion by FY2024 before dipping slightly in FY2025—underlying profitability consistently surged. This margin expansion was driven by aggressive price/cost management and targeted product line simplification, with standout segments like Welding routinely posting operating margins above 30.0%.

By shedding lower-margin operations—such as its non-controlling stake in Wilsonart for a $363 million pre-tax gainb in FY2024—ITW generates excess liquidity to fund aggressive shareholder returns, including $1.5 billion in stock buybacks during FY2025. The market has placed a premium on this cash-generating consistency; at the close of FY2025, the $71.1 billion company traded at 23.5x earnings with a stock price of $246.30.

Recent Developments (Q4 2025 and Q1 2026)

ITW kicked off Q1 2026 by posting a 4.6% increase in operating revenue to $4.02 billionc. Operating income grew 7.2% to $1.02 billion, pushing diluted EPS up 11.8% to $2.66. The Test & Measurement and Electronics segment posted a 9.6% revenue jump, while Automotive OEM defied industry auto build declines to expand margins by 170 basis points. Additionally, ITW secured a new $3.0 billion credit facility expiring in February 2031 and appointed Matteo C. Pigozzo as Chief Accounting Officer, effective July 1, 2026.

Bulls will point to the $528 milliond in Q1 2026 free cash flow supporting $375 million in quarterly stock buybacks. Conversely, bears may argue the stock is richly valued at 24.4x earnings as of May 7, 2026, leaving little room for error if employee-related expenses continue to climb.

What to watch: margin resilience in Automotive OEM amid volatile auto builds; organic growth momentum in the Test & Measurement and Electronics division.

03—Filings

Recent SEC Filings

  1. 8-KILLINOIS TOOL WORKS INC 8-K Report, Corporate Update (Aug 13, 2026)Illinois Tool Works Inc. (ITW) filed an 8-K on August 13, 2026, to report the issuance of $1.5 billion in aggregate principal amount of 4.650% notes due 2029. This debt offering was conducted under the company's existing shelf registration statement. The primary use of the net proceeds from this issuance is to repay a portion of the indebtedness incurred under ITW's commercial paper program. Any remaining funds will be allocated to general corporate purposes, potentially including further debt repayment. This move signals a strategic shift in ITW's short-term funding structure, replacing more variable commercial paper obligations with fixed-rate, longer-term debt. Investors should note the relatively modest interest rate of 4.650% on these new notes, which mature in August 2029. The company's ability to access capital markets efficiently, as demonstrated by this offering, remains a positive indicator of financial health and operational stability.
  2. 8-KILLINOIS TOOL WORKS INC 8-K Report, Financial Results (Jul 28, 2026)Illinois Tool Works (ITW) reported second quarter 2026 results that beat on several fronts and led management to raise full-year 2026 guidance. Revenue rose 6.1% to $4.30 billion, with organic growth accelerating to 4.5% (from a lower base in prior periods) and led by North America at 6.4%. Operating income grew 7.4% to $1.15 billion, and operating margin expanded 40 basis points to 26.7%, with enterprise initiatives contributing 120 basis points. GAAP diluted EPS increased 10.1% to $2.84. Management described the quarter as the most profitable in company history. Cash generation was strong. Operating cash flow was $723 million and free cash flow was $631 million, up 41% year over year, equal to 77% of net income. The company returned over $1.2 billion to shareholders in the quarter, including $750 million of share repurchases and dividends of $1.61 per share. Balance sheet items to monitor include short-term debt, which rose to $3.15 billion from $2.29 billion at year-end 2025, and stockholders' equity, which fell to $2.9 billion because buybacks exceeded earnings retention. Full-year 2026 guidance was raised. GAAP EPS is now expected at $11.35 to $11.55 (midpoint $11.45, up $0.15), organic revenue growth at 3% to 4%, total revenue growth at 4% to 5%, and operating margin at 26.5% to 27.5%. Management expects free cash flow above 100% of net income and about $1.5 billion of share repurchases. The Welding and Test & Measurement and Electronics segments posted double-digit organic growth, while Automotive OEM was roughly flat organically.
  3. 8-KILLINOIS TOOL WORKS INC 8-K Report, Executive Changes (May 22, 2026)Illinois Tool Works Inc. (ITW) has announced a significant leadership transition within its accounting and finance department. Randall J. Scheuneman, the current Vice President & Chief Accounting Officer and Principal Accounting Officer, will retire effective March 1, 2027. He will step down from his current role on June 30, 2026, but will continue to serve as an advisor until his retirement, ensuring a smooth handover. Notably, Mr. Scheuneman's departure is amicable and not related to any disagreements regarding the company's financial reporting or operations. Matteo C. Pigozzo, a seasoned executive with 20 years of experience at ITW, will succeed Mr. Scheuneman as Vice President & Chief Accounting Officer and Principal Accounting Officer, effective July 1, 2026. Mr. Pigozzo has held various senior accounting and finance positions, most recently as Vice President & Corporate Controller. His appointment is part of the company's established succession planning and comes with no changes to his current compensation, indicating stability in the executive leadership team.
  4. 8-KILLINOIS TOOL WORKS INC 8-K Report, Shareholder Vote Results (May 12, 2026)Illinois Tool Works Inc. (ITW) filed an 8-K on May 12, 2026, detailing the results of its 2026 Annual Meeting of Stockholders held on May 8, 2026. The primary outcomes indicate strong shareholder support for the company's leadership and strategic direction. All 13 director nominees were overwhelmingly elected, demonstrating confidence in the current board's governance. Furthermore, shareholders provided advisory approval for the executive compensation packages. The meeting also saw the ratification of Deloitte & Touche LLP as the company's independent registered public accounting firm for 2026, ensuring continued oversight of financial reporting. Notably, a non-binding stockholder proposal aimed at requiring directors to achieve a majority vote did not pass, reflecting a preference by the majority of shareholders for the existing directorial election process.
  5. 8-KILLINOIS TOOL WORKS INC 8-K Report, Financial Results (Apr 30, 2026)ITW reported first quarter 2026 revenue of $4.02 billion, up 4.6%, but organic growth was only 0.4%. Foreign currency translation contributed 3.9 points and a small acquisition added 0.3 points, so the headline top-line gain was mostly currency-driven. Profitability was the bright spot: operating margin expanded 60 basis points to 25.4%, with enterprise initiatives contributing 120 basis points, and operating income rose 7% to $1.02 billion. GAAP diluted EPS grew 12% to $2.66. The quality of the EPS beat needs context. Q1 2026 included a $34 million discrete tax benefit, primarily from the resolution of a U.S. tax audit, which is worth roughly $0.12 per share. Excluding it, the effective tax rate would have been 24.1% rather than 20.6%, and EPS growth would be closer to 7 to 10% by our estimate. Free cash flow rose 6% to $528 million, but its conversion of net income slipped to 69% from 71%. The company also returned $375 million through buybacks. Full-year 2026 GAAP EPS guidance was raised by $0.10 to $11.10 to $11.50, implying about 8% growth at the midpoint. Guidance calls for organic growth of 1 to 3% and total revenue growth of 2 to 4%, with operating margin of 26.5 to 27.5%, about 100 basis points of expansion. Management expects free cash flow above 100% of net income and roughly $1.5 billion of share repurchases. Because the raise is smaller than the Q1 discrete tax benefit, much of the guidance improvement may reflect that one-time item rather than a broader upgrade to underlying operations.
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04—See also

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