Illinois Tool Works Cash Flow 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
Net Income	3,066	3,488	2,957	3,034	2,694
Depreciation & Amortization	397	402	395	410	410
Loss (Gain) From Sale of Assets	3	-	-2	-192	-
Loss (Gain) From Sale of Investments	-	-363	-2	-9	-29
Stock-Based Compensation	69	61	69	63	53
Provision & Write-off of Bad Debts	5	-1	6	5	3
Other Operating Activities	-8	-288	-94	-147	-136
Change in Accounts Receivable	-92	34	64	-461	-240
Change in Inventory	34	176	360	-455	-450
Change in Accounts Payable	-29	-43	-14	35	37
Change in Income Taxes	-135	-70	-72	-35	49
Change in Other Net Operating Assets	-184	-115	-128	100	166
Operating Cash Flow	3,126	3,281	3,539	2,348	2,557
Operating Cash Flow Growth	-4.72%	-7.29%	50.72%	-8.17%	-8.91%
Capital Expenditures	-419	-437	-455	-412	-296
Sale of Property, Plant & Equipment	11	12	20	15	8
Cash Acquisitions	-119	-115	-	-2	-731
Divestitures	1	-	7	278	-
Investment in Securities	7	406	27	12	38
Other Investing Activities	-2	-10	-2	-1	-3
Investing Cash Flow	-521	-144	-403	-110	-984
Short-Term Debt Issued	508	312	-	796	120
Long-Term Debt Issued	-	1,606	1,425	593	90
Total Debt Issued	508	1,918	1,425	1,389	210
Short-Term Debt Repaid	-	-	-452	-	-
Long-Term Debt Repaid	-	-1,926	-679	-1,113	-351
Total Debt Repaid	-	-1,926	-1,131	-1,113	-351
Net Debt Issued (Repaid)	508	-8	294	276	-141
Issuance of Common Stock	65	52	53	29	50
Repurchase of Common Stock	-1,500	-1,500	-1,500	-1,750	-1,000
Common Dividends Paid	-1,785	-1,695	-1,615	-1,542	-1,463
Other Financing Activities	-32	-38	-14	-13	-10
Financing Cash Flow	-2,744	-3,189	-2,782	-3,000	-2,564
Foreign Exchange Rate Adjustments	42	-65	3	-57	-46
Net Cash Flow	-97	-117	357	-819	-1,037
Free Cash Flow	2,707	2,844	3,084	1,936	2,261
Free Cash Flow Growth	-4.82%	-7.78%	59.30%	-14.37%	-12.06%
Free Cash Flow Margin	16.87%	17.89%	19.15%	12.15%	15.64%
Free Cash Flow Per Share	9.26	9.55	10.16	6.23	7.15
Cash Interest Paid	279	248	260	199	197
Cash Income Tax Paid	1,052	1,180	1,026	993	731
Levered Free Cash Flow	2,167	2,698	2,757	1,798	1,787
Unlevered Free Cash Flow	2,349	2,875	2,924	1,924	1,914
Change in Working Capital	-406	-18	210	-816	-438

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