Company research
ILLINOIS TOOL WORKS INC
CIK 49826Updated Nov 9, 2026
SecurityITW · NYSE · equity
ITW price & chart
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Seeking Alpha
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Illinois Tool Works: Shares Don't Justify An Upgrade Even With Continued Growth ↗
Illinois Tool Works Inc. (ITW) Q3 2026 Earnings Call Transcript ↗
SEC disclosures
ILLINOIS TOOL WORKS INC files 8-K: Material Event ↗
Recent filings
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
144 filing
Other Events
Items 8.01, 9.01
144 filing
Financials
FY 2025 · USDSource
Source
Source
Source
Source
balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | Q1 2024 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 16,135,000,000Source | 15,824,000,000Source | 16,494,000,000Source | 16,048,000,000Source | 15,577,000,000Source | 16,264,000,000Source | 15,468,000,000Source | 15,067,000,000Source | 16,148,000,000Source | 15,067,000,000Source | 15,518,000,000Source | 15,422,000,000Source |
| Property, Plant and Equipment, NetUSD | 2,203,000,000Source | 2,071,000,000Source | 2,235,000,000Source | 2,177,000,000Source | 2,011,000,000Source | 2,230,000,000Source | 2,085,000,000Source | 1,973,000,000Source | 2,230,000,000Source | 2,036,000,000Source | 1,976,000,000Source | 1,848,000,000Source |
| GoodwillUSD | 5,028,000,000Source | 4,980,000,000Source | 5,074,000,000Source | 5,038,000,000Source | 4,910,000,000Source | 5,083,000,000Source | 4,903,000,000Source | 4,904,000,000Source | 5,098,000,000Source | 4,839,000,000Source | 4,909,000,000Source | 4,864,000,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | 540,000,000Source | 617,000,000Source | 558,000,000Source | 558,000,000Source | 641,000,000Source | 574,000,000Source | 572,000,000Source | 653,000,000Source | 591,000,000Source | 592,000,000Source | 657,000,000Source | 768,000,000Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 924,000,000Source | 947,000,000Source | 839,000,000Source | 788,000,000Source | 862,000,000Source | 827,000,000Source | 873,000,000Source | 959,000,000Source | 851,000,000Source | 948,000,000Source | 1,065,000,000Source | 708,000,000Source |
| Inventory, NetUSD | 1,725,000,000Source | 1,817,000,000Source | 1,756,000,000Source | 1,710,000,000Source | 1,819,000,000Source | 1,726,000,000Source | 1,663,000,000Source | 1,825,000,000Source | 1,659,000,000Source | 1,605,000,000Source | 1,707,000,000Source | 2,054,000,000Source |
| Assets, CurrentUSD | 6,320,000,000Source | 6,304,000,000Source | 6,600,000,000Source | 6,234,000,000Source | 6,256,000,000Source | 6,335,000,000Source | 6,037,000,000Source | 6,371,000,000Source | 6,200,000,000Source | 5,856,000,000Source | 6,235,000,000Source | 6,270,000,000Source |
| Prepaid Expense and Other Assets, CurrentUSD | 416,000,000Source | 314,000,000Source | 441,000,000Source | 416,000,000Source | 325,000,000Source | 402,000,000Source | 348,000,000Source | 349,000,000Source | 463,000,000Source | 312,000,000Source | 340,000,000Source | 329,000,000Source |
| Operating Lease, Right-of-Use AssetUSD | — | — | — | — | — | — | — | — | 294,000,000Source | 266,000,000Source | 248,000,000Source | 212,000,000Source |
| Other Assets, NoncurrentUSD | 1,471,000,000Source | 1,384,000,000Source | 1,538,000,000Source | 1,477,000,000Source | 1,311,000,000Source | 1,537,000,000Source | 1,431,000,000Source | 1,290,000,000Source | 1,510,000,000Source | 1,375,000,000Source | 1,262,000,000Source | 1,178,000,000Source |
| LIABILITIES AND EQUITY | ||||||||||||
| Stockholders’ equity: | ||||||||||||
| Common Stock, Value, IssuedUSD | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source | 6,000,000Source |
| Retained Earnings (Accumulated Deficit)USD | 29,825,000,000Source | 28,583,000,000Source | 30,812,000,000Source | 29,471,000,000Source | 27,866,000,000Source | 30,454,000,000Source | 29,154,000,000Source | 27,523,000,000Source | 30,150,000,000Source | 28,893,000,000Source | 27,122,000,000Source | 25,799,000,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -1,876,000,000Source | -1,849,000,000Source | -1,758,000,000Source | -1,868,000,000Source | -1,925,000,000Source | -1,802,000,000Source | -1,878,000,000Source | -1,884,000,000Source | -1,827,000,000Source | -1,877,000,000Source | -1,834,000,000Source | -1,841,000,000Source |
| Additional Paid in Capital, Common StockUSD | 1,751,000,000Source | 1,651,000,000Source | 1,838,000,000Source | 1,725,000,000Source | 1,636,000,000Source | 1,817,000,000Source | 1,705,000,000Source | 1,618,000,000Source | 1,771,000,000Source | 1,669,000,000Source | 1,588,000,000Source | 1,501,000,000Source |
| Liabilities and EquityUSD | 16,135,000,000Source | 15,824,000,000Source | 16,494,000,000Source | 16,048,000,000Source | 15,577,000,000Source | 16,264,000,000Source | 15,468,000,000Source | 15,653,000,000Source | 16,148,000,000Source | 15,067,000,000Source | 15,518,000,000Source | 15,422,000,000Source |
| Current liabilities: | ||||||||||||
| Liabilities, CurrentUSD | 4,132,000,000Source | 4,627,000,000Source | 5,953,000,000Source | 3,932,000,000Source | 4,804,000,000Source | 5,331,000,000Source | 3,780,000,000Source | 4,844,000,000Source | 5,126,000,000Source | 4,308,000,000Source | 4,675,000,000Source | 4,460,000,000Source |
| Operating Lease, Liability, CurrentUSD | — | — | — | — | — | — | — | — | 62,000,000Source | 57,000,000Source | 58,000,000Source | 55,000,000Source |
| Accounts Payable, CurrentUSD | 608,000,000Source | 556,000,000Source | 636,000,000Source | 613,000,000Source | 576,000,000Source | 609,000,000Source | 594,000,000Source | 597,000,000Source | 522,000,000Source | 519,000,000Source | 581,000,000Source | 594,000,000Source |
| Operating Lease, Liability, NoncurrentUSD | — | — | — | — | — | — | — | — | 180,000,000Source | 158,000,000Source | 148,000,000Source | 131,000,000Source |
| Deferred Income Tax Liabilities, NetUSD | 149,000,000Source | 129,000,000Source | 162,000,000Source | 144,000,000Source | 381,000,000Source | 158,000,000Source | 127,000,000Source | 380,000,000Source | 154,000,000Source | 119,000,000Source | 326,000,000Source | 484,000,000Source |
| Other Liabilities, NoncurrentUSD | 970,000,000Source | 1,098,000,000Source | 935,000,000Source | 1,066,000,000Source | 1,001,000,000Source | 942,000,000Source | 1,037,000,000Source | 998,000,000Source | 959,000,000Source | 1,015,000,000Source | 1,014,000,000Source | 943,000,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source | 1,000,000Source |
| Additional Financial Items | ||||||||||||
| Accrued Liabilities, CurrentUSD | 1,567,000,000Source | 1,655,000,000Source | 1,592,000,000Source | 1,544,000,000Source | 1,615,000,000Source | 1,534,000,000Source | 1,477,000,000Source | 1,512,000,000Source | 1,636,000,000Source | 1,576,000,000Source | 1,663,000,000Source | 1,728,000,000Source |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after TaxUSD | 267,000,000Source | 322,000,000Source | 235,000,000Source | 267,000,000Source | 325,000,000Source | 236,000,000Source | 267,000,000Source | 326,000,000Source | 237,000,000Source | 266,000,000Source | 327,000,000Source | 293,000,000Source |
| Dividends Payable, CurrentUSD | 467,000,000Source | — | 457,000,000Source | 437,000,000Source | — | 463,000,000Source | 439,000,000Source | — | 465,000,000Source | 441,000,000Source | — | — |
| Long-term Debt, Excluding Current Maturities | — | — | — | — | — | — | — | — | —Source | —Source | —Source | —Source |
| Long-term Debt, Current MaturitiesUSD | — | — | — | — | — | — | — | — | 999,000,000Source | 777,000,000Source | 1,361,000,000Source | 535,000,000Source |
| Long-term Debt, Excluding Current MaturitiesUSD | 7,675,000,000Source | 6,578,000,000Source | 6,549,000,000Source | 7,695,000,000Source | 6,429,000,000Source | 6,603,000,000Source | 7,282,000,000Source | 6,259,000,000Source | 6,683,000,000Source | 6,308,000,000Source | 6,339,000,000Source | 6,173,000,000Source |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | — | — | 821,000,000Source | 1,160,000,000Source | 815,000,000Source | 755,000,000Source | 768,000,000Source | 700,000,000Source | 3,066,000,000Source | 3,488,000,000Source | 2,957,000,000Source | 3,034,000,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | — | — | — | — | 18,000,000Source | 16,000,000Source | 69,000,000Source | 61,000,000Source | 69,000,000Source | 63,000,000Source |
| Changes in operating assets and liabilities: | ||||||||||||
| Increase (Decrease) in InventoriesUSD | — | — | — | — | — | — | 75,000,000Source | 37,000,000Source | -34,000,000Source | -176,000,000Source | -360,000,000Source | 455,000,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | 623,000,000Source | 592,000,000Source | 3,126,000,000Source | 3,281,000,000Source | 3,539,000,000Source | 2,348,000,000Source |
| Cash flows from investing activities: | ||||||||||||
| Payments to Acquire Businesses, Net of Cash AcquiredUSD | — | — | — | — | — | — | 0Source | -2,000,000Source | 119,000,000Source | 115,000,000Source | 0Source | 2,000,000Source |
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | -99,000,000Source | -92,000,000Source | -521,000,000Source | -144,000,000Source | -403,000,000Source | -110,000,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | — | — | — | — | — | — | 6,000,000Source | 1,000,000Source | 2,000,000Source | 10,000,000Source | 2,000,000Source | 1,000,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | — | — | — | — | — | 95,000,000Source | 96,000,000Source | 419,000,000Source | 437,000,000Source | 455,000,000Source | 412,000,000Source |
| Cash flows from financing activities: | ||||||||||||
| Payments for Repurchase of Common StockUSD | — | — | — | — | — | — | 375,000,000Source | 375,000,000Source | 1,500,000,000Source | 1,500,000,000Source | 1,500,000,000Source | 1,750,000,000Source |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | -547,000,000Source | -588,000,000Source | -2,744,000,000Source | -3,189,000,000Source | -2,782,000,000Source | -3,000,000,000Source |
| Payments of Ordinary Dividends, Common StockUSD | — | — | — | — | — | — | 465,000,000Source | 441,000,000Source | 1,785,000,000Source | 1,695,000,000Source | 1,615,000,000Source | 1,542,000,000Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | — | — | — | — | — | — | -18,000,000Source | -18,000,000Source | -32,000,000Source | -38,000,000Source | -14,000,000Source | -13,000,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | -24,000,000Source | -75,000,000Source | -97,000,000Source | -117,000,000Source | 357,000,000Source | -819,000,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 924,000,000Source | 947,000,000Source | 839,000,000Source | 788,000,000Source | 827,000,000Source | 873,000,000Source | 851,000,000Source | 948,000,000Source | 1,065,000,000Source | 708,000,000Source |
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | 59,000,000Source | 53,000,000Source | 279,000,000Source | 248,000,000Source | 260,000,000Source | 199,000,000Source |
| Income Taxes Paid, NetUSD | — | — | — | — | — | — | 205,000,000Source | 139,000,000Source | 1,052,000,000Source | 1,180,000,000Source | 1,026,000,000Source | 993,000,000Source |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | — | — | — | — | -1,000,000Source | 13,000,000Source | 42,000,000Source | -65,000,000Source | 3,000,000Source | -57,000,000Source |
| Additional Financial Items | ||||||||||||
| Share-based Payment Arrangement, ExpenseUSD | — | — | — | — | — | — | — | — | 69,000,000Source | 61,000,000Source | 69,000,000Source | 63,000,000Source |
| DepreciationUSD | — | — | — | — | — | — | 81,000,000Source | 74,000,000Source | 317,000,000Source | 301,000,000Source | 282,000,000Source | 276,000,000Source |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on DisposalUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | 1,000,000Source | 191,000,000Source |
| Dividends Payable, CurrentUSD | — | — | 467,000,000Source | — | 457,000,000Source | 437,000,000Source | 463,000,000Source | 439,000,000Source | 465,000,000Source | 441,000,000Source | — | — |
| Equity Method Investment, Realized Gain (Loss) on DisposalUSD | — | — | — | — | — | — | — | — | 0Source | 363,000,000Source | — | — |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | — | — | — | — | — | — | — | — | -35,000,000Source | 7,000,000Source | -39,000,000Source | -7,000,000Source |
| Gain (Loss) on InvestmentsUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | 2,000,000Source | 9,000,000Source |
| Gain (Loss) on Disposition of Property Plant EquipmentUSD | — | — | — | — | — | — | 0Source | 0Source | -3,000,000Source | 0Source | 1,000,000Source | 1,000,000Source |
| GoodwillUSD | — | — | 5,028,000,000Source | 4,980,000,000Source | 5,074,000,000Source | 5,038,000,000Source | 5,083,000,000Source | 4,903,000,000Source | 5,098,000,000Source | 4,839,000,000Source | 4,909,000,000Source | 4,864,000,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | 0Source | 0Source |
| Income Tax Expense (Benefit)USD | — | — | 228,000,000Source | 202,000,000Source | 265,000,000Source | 243,000,000Source | 199,000,000Source | 195,000,000Source | 900,000,000Source | 934,000,000Source | 866,000,000Source | 808,000,000Source |
| InterestExpenseNonoperatingUSD | — | — | 75,000,000Source | 69,000,000Source | 79,000,000Source | 74,000,000Source | 73,000,000Source | 68,000,000Source | 292,000,000Source | 283,000,000Source | — | — |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | 40,000,000Source | 44,000,000Source | 51,000,000Source | 22,000,000Source |
| Nonoperating Income (Expense)USD | — | — | 12,000,000Source | 379,000,000Source | 12,000,000Source | 4,000,000Source | 20,000,000Source | 12,000,000Source | 42,000,000Source | 441,000,000Source | 49,000,000Source | 255,000,000Source |
| Other Nonoperating Income (Expense)USD | — | — | — | — | — | — | — | — | -5,000,000Source | -1,000,000Source | 1,000,000Source | -1,000,000Source |
| Proceeds from Issuance of Common StockUSD | — | — | — | — | — | — | 52,000,000Source | 44,000,000Source | 65,000,000Source | 52,000,000Source | 53,000,000Source | 29,000,000Source |
| Proceeds from Stock Options ExercisedUSD | — | — | — | — | — | — | — | — | 65,000,000Source | 52,000,000Source | 53,000,000Source | 29,000,000Source |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total RevenueUSD | — | — | 4,059,000,000Source | 3,966,000,000Source | 4,301,000,000Source | 4,053,000,000Source | 4,016,000,000Source | 3,839,000,000Source | 16,044,000,000Source | 15,898,000,000Source | 16,107,000,000Source | 15,932,000,000Source |
| Cost of RevenueUSD | — | — | 2,253,000,000Source | 2,230,000,000Source | 2,403,000,000Source | 2,271,000,000Source | 2,256,000,000Source | 2,161,000,000Source | 8,969,000,000Source | 8,858,000,000Source | 9,316,000,000Source | 9,429,000,000Source |
| Gross Profit (Calculated) · Derived | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating Income (Loss)USD | — | — | 1,112,000,000Source | 1,052,000,000Source | 1,147,000,000Source | 1,068,000,000Source | 1,020,000,000Source | 951,000,000Source | 4,216,000,000Source | 4,264,000,000Source | 4,040,000,000Source | 3,790,000,000Source |
| Other Nonoperating Income (Expense)USD | — | — | — | — | — | — | — | — | -5,000,000Source | -1,000,000Source | 1,000,000Source | -1,000,000Source |
| Income Tax Expense (Benefit)USD | — | — | 228,000,000Source | 202,000,000Source | 265,000,000Source | 243,000,000Source | 199,000,000Source | 195,000,000Source | 900,000,000Source | 934,000,000Source | 866,000,000Source | 808,000,000Source |
| Earnings Per Share, BasicUSD per share | — | — | 2.82Source | 3.92Source | 2.85Source | 2.58Source | 2.66Source | 2.39Source | 10.52Source | 11.75Source | 9.77Source | 9.8Source |
| Earnings Per Share, DilutedUSD per share | — | — | 2.81Source | 3.91Source | 2.84Source | 2.58Source | 2.66Source | 2.38Source | 10.49Source | 11.71Source | 9.74Source | 9.77Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 290,800,000Source | 296,100,000Source | 286,400,000Source | 292,300,000Source | 288,300,000Source | 293,600,000Source | 291,500,000Source | 296,800,000Source | 302,600,000Source | 309,600,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 291,700,000Source | 297,000,000Source | 287,000,000Source | 292,900,000Source | 289,100,000Source | 294,500,000Source | 292,300,000Source | 297,800,000Source | 303,600,000Source | 310,700,000Source |
| Interest Expense (non-operating)USD | — | — | 75,000,000Source | 69,000,000Source | 79,000,000Source | 74,000,000Source | 73,000,000Source | 68,000,000Source | 292,000,000Source | 283,000,000Source | — | — |
| Additional Financial Items | ||||||||||||
| Common Stock, Dividends, Per Share, DeclaredUSD per share | — | — | 1.61Source | 1.5Source | 1.61Source | 1.5Source | 1.61Source | 1.5Source | 6.22Source | 5.8Source | 5.42Source | 5.06Source |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | — | — | — | — | — | — | — | — | -35,000,000Source | 7,000,000Source | -39,000,000Source | -7,000,000Source |
| Gain (Loss) on InvestmentsUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | 2,000,000Source | 9,000,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, DomesticUSD | — | — | — | — | — | — | — | — | 2,384,000,000Source | 2,603,000,000Source | 1,953,000,000Source | 2,128,000,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | 0Source | 0Source |
| Interest ExpenseUSD | — | — | — | — | — | — | — | — | — | — | 266,000,000Source | 203,000,000Source |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | 40,000,000Source | 44,000,000Source | 51,000,000Source | 22,000,000Source |
| Nonoperating Income (Expense)USD | — | — | 12,000,000Source | 379,000,000Source | 12,000,000Source | 4,000,000Source | 20,000,000Source | 12,000,000Source | 42,000,000Source | 441,000,000Source | 49,000,000Source | 255,000,000Source |
| Research and Development ExpenseUSD | — | — | — | — | — | — | — | — | 302,000,000Source | 292,000,000Source | 284,000,000Source | 269,000,000Source |
Offerings
Registration 333-297334
Filing attachments
d23818dex43.htm · 8-K · 2026-08-13
EX-4.3 3 d23818dex43.htm EX-4.3 EX-4.3 Exhibit 4.3 ILLINOIS TOOL WORKS INC. Officers’ Certificate Pursuant to Sections 2.01, 2.04 and 14.05 of the Indenture Michael M. Larsen, Senior Vice President & Chief Financial Officer, and Matteo C. Pigozzo, Vice President & Chief Accounting Officer, of Illinois Tool Works Inc., a Delaware corporation (the “Company”), each certify, pursuant to Sections 2.01, 2.04 and 14.05 of the Indenture dated as of November 1, 1986, as supplemented by the First…
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