Illinois Tool Works (ITW) financial statements
Illinois Tool Works reported revenue of $16.0B in fiscal 2025, up 1.9% a year over 9 years.
Net income was $3.1B and the operating margin 26.3%, against 22.5% in 2016.
Free cash flow was $2.7B, and the company returned $1.8B in dividends and $1.5B in net buybacks.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Illinois Tool Works's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.6B | $14.3B | $14.8B | $14.1B | $12.6B | $14.5B | $15.9B | $16.1B | $15.9B | $16.0B |
| Cost of revenue | $7.9B | $8.3B | $8.6B | $8.2B | $7.4B | $8.5B | $9.4B | $9.3B | $8.9B | $9.0B |
| Gross profit | $5.7B | $6.0B | $6.2B | $5.9B | $5.2B | $6.0B | $6.5B | $6.8B | $7.0B | $7.1B |
| Research and development | $223M | $225M | $233M | $221M | $214M | $239M | $269M | $284M | $292M | $302M |
| Operating income | $3.1B | $3.5B | $3.6B | $3.4B | $2.9B | $3.5B | $3.8B | $4.0B | $4.3B | $4.2B |
| Interest expense | $237M | $260M | $257M | $221M | $206M | $202M | $203M | $266M | $283M | $292M |
| Pre-tax income | $2.9B | $3.3B | $3.4B | $3.3B | $2.7B | $3.3B | $3.8B | $3.8B | $2.6B | $2.4B |
| Income tax | $873M | $1.6B | $831M | $767M | $595M | $632M | $808M | $866M | $934M | $900M |
| Net income | $2.0B | $1.7B | $2.6B | $2.5B | $2.1B | $2.7B | $3.0B | $3.0B | $3.5B | $3.1B |
| EPS (diluted) | $5.70 | $4.86 | $7.60 | $7.74 | $6.63 | $8.51 | $9.77 | $9.74 | $11.71 | $10.49 |
| Diluted shares | 357M | 347M | 337M | 326M | 318M | 316M | 311M | 304M | 298M | 292M |
| Gross margin | 41.8% | 42.0% | 41.7% | 42.0% | 41.3% | 41.3% | 40.8% | 42.2% | 44.3% | 44.1% |
| Operating margin | 22.5% | 24.3% | 24.3% | 24.1% | 22.9% | 24.1% | 23.8% | 25.1% | 26.8% | 26.3% |
| Net margin | 15.0% | 11.8% | 17.4% | 17.9% | 16.8% | 18.6% | 19.0% | 18.4% | 21.9% | 19.1% |
Balance sheet
Fiscal years, from Illinois Tool Works's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $3.1B | $1.5B | $2.0B | $2.6B | $1.5B | $708M | $1.1B | $948M | $851M |
| Receivables | $2.4B | $2.6B | $2.6B | $2.5B | $2.5B | $2.8B | $3.2B | $3.1B | $3.0B | $3.2B |
| Inventory | $1.1B | $1.2B | $1.3B | $1.2B | $1.2B | $1.7B | $2.1B | $1.7B | $1.6B | $1.7B |
| Total current assets | $6.1B | $7.3B | $5.8B | $6.3B | $6.5B | $6.4B | $6.3B | $6.2B | $5.9B | $6.2B |
| Property, plant and equipment | $1.7B | $1.8B | $1.8B | $1.7B | $1.8B | $1.8B | $1.8B | $2.0B | $2.0B | $2.2B |
| Goodwill | $4.6B | $4.8B | $4.6B | $4.5B | $4.7B | $5.0B | $4.9B | $4.9B | $4.8B | $5.1B |
| Total assets | $15.2B | $16.8B | $14.9B | $15.1B | $15.6B | $16.1B | $15.4B | $15.5B | $15.1B | $16.1B |
| Total current liabilities | $2.8B | $3.1B | $3.5B | $2.2B | $2.6B | $3.5B | $4.5B | $4.7B | $4.3B | $5.1B |
| Long-term debt | $7.2B | $7.5B | $6.0B | $7.8B | $7.8B | $6.9B | $6.2B | $6.3B | $6.3B | $6.7B |
| Total liabilities | $10.9B | $12.2B | $11.6B | $12.0B | $12.4B | $12.5B | $12.3B | $12.5B | $11.8B | $12.9B |
| Shareholders' equity | $4.3B | $4.6B | $3.3B | $3.0B | $3.2B | $3.6B | $3.1B | $3.0B | $3.3B | $3.2B |
| Net debt | $5.4B | $5.2B | $5.9B | $5.8B | $5.6B | $6.2B | $7.1B | $7.1B | $6.9B | $8.1B |
Cash flow
Fiscal years, from Illinois Tool Works's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $2.4B | $2.8B | $3.0B | $2.8B | $2.6B | $2.3B | $3.5B | $3.3B | $3.1B |
| Capital spending | $273M | $297M | $364M | $326M | $236M | $296M | $412M | $455M | $437M | $419M |
| Free cash flow | $2.0B | $2.1B | $2.4B | $2.7B | $2.6B | $2.3B | $1.9B | $3.1B | $2.8B | $2.7B |
| Stock-based compensation | $39M | $36M | $40M | $41M | $42M | $53M | $63M | $69M | $61M | $69M |
| Dividends paid | $821M | $941M | $1.1B | $1.3B | $1.4B | $1.5B | $1.5B | $1.6B | $1.7B | $1.8B |
| Share buybacks (net) | -$2.0B | -$1.0B | -$2.0B | -$1.5B | -$706M | -$1.0B | -$1.8B | -$1.5B | -$1.5B | -$1.5B |
| Free cash flow margin | 14.9% | 14.7% | 16.6% | 18.9% | 20.4% | 15.6% | 12.2% | 19.1% | 17.9% | 16.9% |
| Dividends per share | $2.30 | $2.71 | $3.33 | $4.06 | $4.33 | $4.62 | $4.96 | $5.32 | $5.69 | $6.11 |
Questions
What was Illinois Tool Works's revenue in 2025?
$16.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Illinois Tool Works generate?
$2.7B in fiscal 2025 (operating cash flow minus capital spending).
From Illinois Tool Works's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.