ITW Financials Illinois Tool Works

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 41 d ago Overview →

Growth & profitability

Revenue has grown 5.0% per year over the past 5 years.
Net income has grown faster than revenue (7.8% vs 5.0% per year).
Operating margin has expanded, at 26.3% in the latest year.
Free cash flow has grown 1.0% per year over the past 5 years.

Financial health

Total debt ($9.0B) exceeds cash ($851M); net debt is $8.1B.
Total debt has grown in line with revenue (2.0% vs 5.0% per year).
Operating income covered interest expense 14× in the latest year.
Total debt is 2.1× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 58.2% of earnings and 65.9% of free cash flow.
The dividend has grown 5.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$16.0B	$3.1B	44.1%	26.3%	95.0%	19.0%	$2.7B	$9.0B	$851M
2024	$15.9B	$3.5B	44.3%	26.8%	105.2%	23.1%	$2.8B	$7.9B	$948M
2023	$16.1B	$3.0B	42.2%	25.1%	98.1%	19.1%	$3.1B	$8.2B	$1.1B
2022	$15.9B	$3.0B	40.8%	23.8%	98.2%	19.7%	$1.9B	$7.8B	$708M
2021	$14.5B	$2.7B	41.3%	24.1%	74.3%	16.8%	$2.3B	$7.7B	$1.5B
2020	$12.6B	$2.1B	41.3%	22.9%	66.3%	13.5%	$2.6B	$8.1B	$2.6B
2019	$14.1B	$2.5B	42.0%	24.1%	83.2%	16.7%	$2.7B	$7.8B	$2.0B
2018	$14.8B	$2.6B	41.7%	24.3%	78.7%	17.2%	$2.4B	$7.4B	$1.5B
2017	$14.3B	$1.7B	42.0%	24.3%	36.8%	10.1%	$2.1B	$8.3B	$3.1B
2016	$13.6B	$2.0B	41.8%	22.5%	47.8%	13.4%	$2.0B	$7.8B	$2.5B
2015	—	$1.9B	—	—	36.3%	12.1%	$2.0B	$7.4B	$3.1B
2014	—	$2.9B	—	—	43.2%	16.9%	$1.3B	$7.4B	$4.0B
2013	—	$1.7B	—	—	17.3%	8.6%	$2.2B	$6.3B	$3.6B
2012	—	$2.9B	—	—	27.2%	14.9%	$1.7B	$5.0B	$2.8B
2011	—	$2.1B	—	—	20.6%	11.5%	$1.6B	$3.9B	$1.2B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$4.3B	$815M	44.1%	26.7%	28.2%	4.9%	$631M	$9.7B	$839M
Mar '26	$4.0B	$768M	43.8%	25.4%	23.8%	4.7%	$528M	$9.1B	$827M
Dec '25	$4.1B	$790M	44.2%	26.5%	24.5%	4.9%	$858M	$9.0B	$851M
Sep '25	$4.1B	$821M	44.5%	27.4%	25.6%	5.1%	$904M	$8.9B	$924M
Jun '25	$4.1B	$755M	44.0%	26.4%	23.5%	4.7%	$449M	$8.9B	$788M
Mar '25	$3.8B	$700M	43.7%	24.8%	21.6%	4.5%	$496M	$8.3B	$873M
Dec '24	$3.9B	$750M	43.5%	26.2%	22.6%	5.0%	$996M	$7.9B	$948M
Sep '24	$4.0B	$1.2B	43.8%	26.5%	34.2%	7.3%	$783M	$8.3B	$947M
Jun '24	$4.0B	$759M	43.8%	26.2%	25.6%	4.9%	$571M	$8.5B	$862M
Mar '24	$4.0B	$819M	46.0%	28.4%	27.1%	5.4%	$494M	$8.3B	$959M
Dec '23	$4.0B	$717M	42.0%	24.8%	23.8%	4.6%	$908M	$8.2B	$1.1B
Sep '23	$4.0B	$772M	42.5%	26.5%	25.7%	5.0%	$856M	$8.1B	$990M
Jun '23	$4.1B	$754M	42.5%	24.8%	24.4%	4.8%	$705M	$8.2B	$922M
Mar '23	$4.0B	$714M	41.8%	24.2%	23.0%	4.5%	$615M	$8.4B	$1.1B
Dec '22	—	$907M	—	—	29.4%	5.9%	$655M	$7.8B	$708M
Sep '22	—	$727M	—	—	24.1%	4.8%	$612M	$7.6B	$774M
Jun '22	—	$738M	—	—	21.8%	4.7%	$420M	$7.6B	$879M
Mar '22	—	$662M	—	—	18.5%	4.1%	$249M	$7.9B	$1.3B
Dec '21	—	$609M	—	—	16.8%	3.8%	$695M	$7.7B	$1.5B
Sep '21	—	$639M	—	—	18.3%	4.1%	$548M	—	$2.0B

Valuation over time

How the market has priced ITW against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 22.9× (Mar '23) to 25.2× (Sep '26).
The price-to-sales ratio has risen from 4.4× (Mar '23) to 4.8× (Sep '26).
The dividend yield has risen from 2.2% (Mar '23) to 2.3% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is ITW growing its revenue and profit?

Over the past 5 years, Illinois Tool Works's revenue has grown 5.0% per year, and net income grown 7.8% per year. These are computed facts, not advice.

How much debt does ITW have?

As of FY2025, Illinois Tool Works reported $9.0B of total debt against $851M of cash; operating income covered interest expense 14×.

What is ITW's profit margin?

In FY2025, gross margin was 44.1%, operating margin 26.3%, and net margin 19.1%.

What is ITW's P/E ratio?

As of Sep '26, Illinois Tool Works traded at a price-to-earnings ratio of about 25.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.