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
Stock-Based Compensation	69	61	69	63	53
Other Adjustments	0	-291	-450	-341	-161
Change in Receivables	-92	34	64	-461	-240
Changes in Inventories	34	176	360	-455	-450
Changes in Accounts Payable	-29	-43	-14	35	37
Changes in Accrued Expenses	-48	-74	-102	119	202
Changes in Income Taxes Payable	-135	-70	-72	-35	49
Changes in Other Operating Activities	-136	-42	-28	-21	-37
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
Proceeds from Sale of Investments	7	11	27	12	38
Payments for Business Acquisitions	-119	-115	-	-2	-731
Proceeds from Business Divestments	1	402	-	278	-
Other Investing Activities	-2	-10	-2	-1	-3
Investing Cash Flow	-521	-144	-403	-110	-984
Long-Term Debt Issued	-	1,606	1,425	593	90
Long-Term Debt Repaid	-	-1,926	-679	-1,113	-351
Net Long-Term Debt Issued (Repaid)	-	-320	746	-520	-261
Issuance of Common Stock	65	52	53	29	50
Repurchase of Common Stock	-1,500	-1,500	-1,500	-1,750	-1,000
Net Common Stock Issued (Repurchased)	-1,435	-1,448	-1,447	-1,721	-950
Common Dividends Paid	-1,785	-1,695	-1,615	-1,542	-1,463
Other Financing Activities	476	274	-466	783	110
Financing Cash Flow	-2,744	-3,189	-2,782	-3,000	-2,564
Effect of Exchange Rate Changes on Cash and Cash Equivalents	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%
FCF 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
Levered Free Cash Flow	2,730	3,080	3,787	2,155	2,348
Unlevered Free Cash Flow	2,923	3,275	3,209	2,634	2,731

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.