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Illinois Tool Works Inc. provides industrial products and equipment in North America, Europe, the Middle East, Africa, the Asia Pacific, and South America. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses. The Food Equipment segment provides warewashing, cooking, refrigeration, and food processing equipment; kitchen exhaust, ventilation, and pollution control systems; and food equipment maintenance and repair services. The Test & Measurement and Electronics segment produce and sells test and measurement; and electronic manufacturing and maintenance, repair, and operations solutions. The Welding segment produces arc welding equipment, and metal arc welding consumables and related accessories. The Polymers & Fluids segment produces adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. The Construction Products segment offers engineered fastening systems and solutions for the residential construction, renovation/remodel, and commercial construction markets. The Specialty Products segment provides beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. The company serves automotive OEM and aftermarket, commercial food equipment, construction, general industrial, industrial capital goods, consumer durables, and other markets, as well as MRO markets. It distributes its products directly to industrial manufacturers, as well as through independent distributors. Illinois Tool Works Inc. was founded in 1912 and is based in Glenview, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $16.0B | $4.7B | $3.1B | $2.7B | 95.1% | 0.9% | -12.1% |
| 2024 | $15.9B | $5.1B | $3.5B | $2.8B | 105.2% | -1.3% | 18.0% |
| 2023 | $16.1B | $4.5B | $3.0B | $3.1B | 98.2% | 1.1% | -2.5% |
| 2022 | $15.9B | $4.5B | $3.0B | $1.9B | 98.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 15,932 | 16,107 | 15,898 | 16,044 |
| Operating Revenue | - | 15,932 | 16,107 | 15,898 | 16,044 |
| Cost Of Revenue | - | 9,429 | 9,316 | 8,858 | 8,969 |
| Gross Profit | - | 6,503 | 6,791 | 7,040 | 7,075 |
| Operating Expense | - | 2,713 | 2,751 | 2,776 | 2,859 |
| Selling General And Administration | - | 2,579 | 2,638 | 2,675 | 2,779 |
| Total Expenses | - | 12,142 | 12,067 | 11,634 | 11,828 |
| Operating Income | - | 3,790 | 4,040 | 4,264 | 4,216 |
| Total Operating Income As Reported | - | 3,790 | 4,040 | 4,264 | 4,216 |
| EBITDA | - | 4,455 | 4,484 | 5,107 | 4,655 |
| Normalized EBITDA | - | 4,262 | 4,520 | 4,737 | 4,690 |
| EBIT | - | 4,045 | 4,089 | 4,705 | 4,258 |
| Interest Income | - | 22 | 51 | 44 | 40 |
| Interest Expense | - | 203 | 266 | 283 | 292 |
| Net Interest Income | - | -181 | -215 | -239 | -252 |
| Other Non Operating Income Expenses | - | 40 | 34 | 27 | 37 |
| Other Income Expense | - | 233 | -2 | 397 | 2 |
| Interest Income Non Operating | - | 22 | 51 | 44 | 40 |
| Interest Expense Non Operating | - | 203 | 266 | 283 | 292 |
| Net Non Operating Interest Income Expense | - | -181 | -215 | -239 | -252 |
| Pretax Income | - | 3,842 | 3,823 | 4,422 | 3,966 |
| Tax Provision | - | 808 | 866 | 934 | 900 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 40.53 | -8.14 | 78.15 | -7.94 |
| Net Income Continuous Operations | - | 3,034 | 2,957 | 3,488 | 3,066 |
| Net Income From Continuing And Discontinued Operation | - | 3,034 | 2,957 | 3,488 | 3,066 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,034 | 2,957 | 3,488 | 3,066 |
| Net Income | - | 3,034 | 2,957 | 3,488 | 3,066 |
| Net Income Common Stockholders | - | 3,034 | 2,957 | 3,488 | 3,066 |
| Net Income Including Noncontrolling Interests | - | 3,034 | 2,957 | 3,488 | 3,066 |
| Normalized Income | - | 2,881.53 | 2,984.86 | 3,196.15 | 3,093.06 |
| Diluted NI Availto Com Stockholders | - | 3,034 | 2,957 | 3,488 | 3,066 |
| Basic Average Shares | - | 309.60 | 302.60 | 296.80 | 291.50 |
| Diluted Average Shares | - | 310.70 | 303.60 | 297.80 | 292.30 |
| Reconciled Depreciation | - | 410 | 395 | 402 | 397 |
| Reconciled Cost Of Revenue | - | 9,153 | 9,034 | 8,557 | 8,652 |
| Total Unusual Items | - | 193 | -36 | 370 | -35 |
| Total Unusual Items Excluding Goodwill | - | 193 | -36 | 370 | -35 |
| Special Income Charges | - | 191 | 1 | 363 | 0 |
| Gain On Sale Of Business | - | 191 | 1 | 363 | 0 |
| Gain On Sale Of Security | - | 2 | -37 | 7 | -35 |
| Depreciation Amortization Depletion Income Statement | - | 134 | 113 | 101 | 80 |
| Depreciation And Amortization In Income Statement | - | 134 | 113 | 101 | 80 |
| Earnings From Equity Interest | - | 0 | 0 | 0 | 0 |
| Amortization | - | 134 | 113 | 101 | 80 |
| Amortization Of Intangibles Income Statement | - | 134 | 113 | 101 | 80 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Illinois Tool Works Inc.this co. | ITW | $72.2B | 23.56↓ discount | 22.40 | 95.1% | 17.32 |
| Emerson Electric Co. | EMR | $79.6B | 34.70 | 3.92 | 11.3% | 18.97 |
| FedEx Corporation | FDX | $78.3B | 19.13 | 2.79 | 14.6% | 10.50 |
| Northrop Grumman Corporation | NOC | $77.4B | 18.52 | 4.64 | 25.1% | 12.50 |
| Cintas Corporation | CTAS | $72.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 39.73 |
| 15.37 |
| 38.7% |
| 26.02 |
| Norfolk Southern Corporation | NSC | $69.0B | 24.01 | 4.44 | 18.5% | 14.49 |
| TransDigm Group Incorporated | TDG | $68.7B | 33.12 | -7.09 | -21.4% | 21.00 |
| United Rentals, Inc. | URI | $67.9B | 27.24 | 7.58 | 27.8% | 11.61 |
| Comfort Systems USA, Inc. | FIX | $67.4B | 65.88 | 27.51 | 41.8% | 46.36 |
| Peer Median | - | 30.18 | 4.54 | 21.8% | 16.73 | |