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 Oct 31, 2026, 11:18 UTC 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
Sep '26	$4.2B	$855M	45.1%	27.8%	27.2%	5.2%	$851M	$9.4B	$809M
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

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 22.8× (Mar '23) to 26.9× (Nov '26).
The price-to-sales ratio has risen from 4.3× (Mar '23) to 5.1× (Nov '26).
The dividend yield has fallen from 2.2% (Mar '23) to 2.2% (Nov '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?

Illinois Tool Works's P/E (TTM) is 25.54 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the ITW stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 26.9× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.