Illinois Tool Works Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	16,044	15,898	16,107	15,932	14,455
Revenue Growth (YoY)	0.92%	-1.30%	1.10%	10.22%	14.96%
Cost of Revenue	8,969	8,858	9,316	9,429	8,489
Gross Profit	7,075	7,040	6,791	6,503	5,966
Selling, General & Admin	2,779	2,647	2,605	2,538	2,333
Amortization of Goodwill & Intangibles	80	101	113	134	133
Operating Expenses	2,859	2,748	2,718	2,672	2,466
Operating Income	4,216	4,292	4,073	3,831	3,500
Interest Expense	-292	-283	-266	-203	-202
Interest & Investment Income	-	44	51	22	12
Currency Exchange Gain (Loss)	-	7	-39	-7	-9
Other Non Operating Income (Expenses)	42	-1	1	-1	-4
EBT Excluding Unusual Items	3,966	4,059	3,820	3,642	3,297
Gain (Loss) on Sale of Investments	-	363	2	9	29
Gain (Loss) on Sale of Assets	-	-	1	191	-
Pretax Income	3,966	4,422	3,823	3,842	3,326
Income Tax Expense	900	934	866	808	632
Net Income	3,066	3,488	2,957	3,034	2,694
Net Income to Common	3,066	3,488	2,957	3,034	2,694
Net Income Growth	-12.10%	17.96%	-2.54%	12.62%	27.74%
Shares Outstanding (Basic)	292	297	303	310	315
Shares Outstanding (Diluted)	292	298	304	311	316
Shares Change (YoY)	-1.85%	-1.91%	-2.28%	-1.80%	-0.60%
EPS (Basic)	10.52	11.75	9.77	9.80	8.55
EPS (Diluted)	10.49	11.71	9.74	9.77	8.51
EPS Growth	-10.42%	20.23%	-0.31%	14.81%	28.36%
Free Cash Flow	-	2,844	3,084	1,936	2,261
Free Cash Flow Per Share	-	9.55	10.16	6.23	7.15
Dividend Per Share	6.220	5.800	5.420	5.060	4.720
Dividend Growth	7.24%	7.01%	7.12%	7.20%	6.79%
Gross Margin	44.10%	44.28%	42.16%	40.82%	41.27%
Operating Margin	26.28%	27.00%	25.29%	24.05%	24.21%
Profit Margin	19.11%	21.94%	18.36%	19.04%	18.64%
Free Cash Flow Margin	-	17.89%	19.15%	12.15%	15.64%
EBITDA	4,608	4,694	4,468	4,241	3,910
EBITDA Margin	28.72%	29.53%	27.74%	26.62%	27.05%
D&A For EBITDA	392	402	395	410	410
EBIT	4,216	4,292	4,073	3,831	3,500
EBIT Margin	26.28%	27.00%	25.29%	24.05%	24.21%
Effective Tax Rate	22.69%	21.12%	22.65%	21.03%	19.00%
Advertising Expenses	-	58	60	57	50

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.