Friday 6 November 2026 Export ITW’s income statement to Excel — free account

Illinois Tool Works Inc.

ITW Industrials Specialty Industrial Machinery

Illinois Tool Works Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.0 billion, up 0.92% from fiscal 2024.

Revenue: +4.36%
EPS: +6.53%
Free cash flow: −5.57%
Total debt: +4.81%

Quarter to September 2026, against a year earlier

285.33 8.12 −2.77%

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Market cap: $81.1B
P/E: 25.4×
Fwd P/E: 24.3×
Dividend yield: 2.30%
F-score: 4/9
Altman Z: 7.88
Beneish M: −2.43
Dividend safety: 76/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Illinois Tool Works Inc. (ITW) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Automotive OEM	3,288	20.49%
Test & Measurement and Electronics	2,825	17.61%
Food Equipment	2,699	16.82%
Welding	1,890	11.78%
Construction Products	1,820	11.34%
Specialty Products	1,775	11.06%
Polymers and Fluids	1,765	11.00%
Polymers & Fluids	1,765	11.00%
Gross margin		44.10%
Operating margin		26.28%
Pre-tax margin		24.72%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Automotive OEM	3,288 20.49%	3,188 20.05%	3,235 20.08%	2,969 18.64%	2,800 19.37%	2,571 20.45%	3,063 21.71%	3,338 22.60%	3,271 22.85%	2,864 21.06%	2,529 18.87%	2,590 17.88%	2,396 16.95%	2,171 14.68%	2,092 14.41%	—	—	—
Test & Measurement and Electronics	2,825 17.61%	2,818 17.73%	2,832 17.58%	2,828 17.75%	2,346 16.23%	1,963 15.61%	2,121 15.03%	2,171 14.70%	2,069 14.45%	1,974 14.52%	1,969 14.69%	2,204 15.22%	2,176 15.39%	2,299 15.54%	2,011 13.85%	—	—	—
Food Equipment	2,699 16.82%	2,647 16.65%	2,622 16.28%	2,444 15.34%	2,078 14.38%	1,739 13.83%	2,188 15.51%	2,214 14.99%	2,123 14.83%	2,110 15.52%	2,096 15.64%	2,177 15.03%	2,047 14.48%	1,939 13.11%	1,985 13.68%	1,860 12.07%	1,863 13.73%	2,133 12.47%
Welding	1,890 11.78%	1,851 11.64%	1,902 11.81%	1,894 11.89%	1,650 11.41%	1,384 11.01%	1,638 11.61%	1,691 11.45%	1,538 10.74%	1,486 10.93%	1,650 12.31%	1,850 12.77%	1,837 13.00%	1,847 12.49%	1,724 11.88%	—	—	—
Construction Products	1,820 11.34%	1,909 12.01%	2,033 12.62%	2,113 13.26%	1,945 13.46%	1,652 13.14%	1,625 11.52%	1,700 11.51%	1,672 11.68%	1,609 11.83%	1,587 11.84%	1,707 11.79%	1,717 12.15%	1,724 11.66%	1,752 12.07%	1,753 11.37%	1,547 11.40%	1,991 11.64%
Specialty Products	1,775 11.06%	1,743 10.96%	1,697 10.54%	1,799 11.29%	1,854 12.83%	1,660 13.20%	1,825 12.94%	1,951 13.21%	1,938 13.54%	1,885 13.86%	1,885 14.06%	2,055 14.19%	2,007 14.20%	1,871 12.65%	1,856 12.79%	—	—	—
Polymers and Fluids	1,765 11.00%	1,764 11.10%	1,804 11.20%	1,905 11.96%	1,804 12.48%	1,622 12.90%	1,669 11.83%	1,724 11.67%	1,724 12.04%	1,691 12.43%	1,712 12.77%	1,927 13.30%	1,993 14.10%	2,063 13.95%	2,059 14.19%	1,001 6.49%	980 7.22%	1,296 7.58%
Polymers & Fluids	1,765 11.00%	1,764 11.10%	1,804 11.20%	1,905 11.96%	1,804 12.48%	1,622 12.90%	1,669 11.83%	1,724 11.67%	1,724 12.04%	1,691 12.43%	—	—	—	—	—	—	—	—
Decorative Surfaces	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,084 7.47%	992 6.43%	972 7.16%	1,231 7.20%
Transportation	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2,839 18.42%	2,092 15.41%	2,352 13.76%
Power Systems and Electronics	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2,518 16.33%	2,004 14.77%	2,334 13.65%
All Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2,407 15.61%	2,239 16.49%	3,198 18.70%
Industrial Packaging	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2,123 13.77%	1,941 14.30%	2,619 15.32%
Intersegment Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(77) (0.50%)	(66) (0.48%)	(54) (0.32%)
Other, not broken out	—	—	—	—	—	—	—	—	—	—	—	—	—	877 5.93%	—	—	—	—
Eliminations	(1,783) (11.11%)	(1,786) (11.23%)	(1,822) (11.31%)	(1,925) (12.08%)	(1,826) (12.63%)	(1,639) (13.03%)	(1,689) (11.97%)	(1,745) (11.82%)	(1,745) (12.19%)	(1,711) (12.58%)	—	—	—	—	—	—	—	—
All Segments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	14,424	—	—
Revenue	16,044	15,898	16,107	15,932	14,455	12,574	14,109	14,768	14,314	13,599	13,405	14,484	14,135	14,791	14,515	15,416	13,573	17,100

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Food Equipment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Test & Measurement and Electronics	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Automotive OEM	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Welding	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Construction Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Polymers and Fluids	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Decorative Surfaces	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Power Systems and Electronics	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transportation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
All Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Industrial Packaging	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
United States	7,395 46.09%	7,374 46.38%	7,576 47.04%	7,609 47.76%	6,578 45.51%	5,834 46.40%	6,507 46.12%	6,562 44.43%	6,243 43.61%	6,176 45.42%	6,167 46.01%	6,191 42.74%	6,030 42.66%	6,339 42.86%	5,988 41.25%	6,462 41.92%	5,708 42.05%	7,135 41.73%
EMEA	4,162 25.94%	4,101 25.80%	4,147 25.75%	3,913 24.56%	3,870 26.77%	3,447 27.41%	3,920 27.78%	4,241 28.72%	4,102 28.66%	3,787 27.85%	3,725 27.79%	4,319 29.82%	4,162 29.44%	4,356 29.45%	967 6.66%	1,018 6.60%	821 6.05%	1,026 6.00%
Asia Pacific	3,079 19.19%	2,961 18.62%	2,935 18.22%	2,991 18.77%	2,802 19.38%	2,291 18.22%	2,400 17.01%	2,573 17.42%	2,577 18.00%	2,361 17.36%	2,197 16.39%	2,427 16.76%	2,366 16.74%	2,493 16.85%	719 4.95%	781 5.07%	700 5.16%	770 4.50%
Canada And Mexico	1,085 6.76%	1,156 7.27%	1,146 7.11%	1,095 6.87%	940 6.50%	778 6.19%	972 6.89%	1,050 7.11%	996 6.96%	923 6.79%	928 6.92%	993 6.86%	973 6.88%	1,014 6.86%	4,391 30.25%	4,806 31.18%	4,508 33.21%	5,878 34.37%
South America	323 2.01%	306 1.92%	303 1.88%	324 2.03%	265 1.83%	224 1.78%	310 2.20%	342 2.32%	396 2.77%	352 2.59%	388 2.89%	554 3.82%	604 4.27%	589 3.98%	755 5.20%	651 4.22%	594 4.38%	645 3.77%
North America	8,480	8,530	8,722	8,704	7,518	6,612	7,479	7,612	7,239	7,099	7,095	7,184	7,003	7,353	—	—	—	—
Revenue	16,044	15,898	16,107	15,932	14,455	12,574	14,109	14,768	14,314	13,599	13,405	14,484	14,135	14,791	14,515	15,416	13,573	17,100

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.