ITW on NYSE

Illinois Tool Works

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons⁵

American company

$271.08 up 1.61 (0.60%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

1912Founded¹

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TickerITW on NYSE¹
Industryindustrial manufacturing¹
HeadquartersGlenview¹
Websitewww.itw.com
Legal formDelaware corporation¹
Incorporated inDE⁶
Business address155 Harlem Avenue, Glenview, Il 60025⁶
Filer categoryLarge accelerated filer⁶

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Illinois Tool Works Inc. (ITW) is an American Fortune 500 company that produces engineered fasteners and components, equipment and consumable systems, and specialty products. It was founded in 1912 by Byron L. Smith and has built its growth on a "small-wins strategy" based on decentralization, simplicity, customer-focused innovation, and acquisitions.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

26.3%Operating margin⁸

19.1%Net margin⁸

0.9%Revenue growth, 2025⁸

95.0%Return on equity⁸

2.07×Debt to equity⁸

$2.7BFree cash flow⁸

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Automotive OEM brought in 18% of the revenue Illinois Tool Works broke down this way in fiscal 2025.

Automotive OEM$3.3B⁸18%up 3% from 2024
Test and Measurement and Electronics$2.8B⁸16%up 0% from 2024
Food Equipment$2.7B⁸15%up 2% from 2024
Welding$1.9B⁸11%up 2% from 2024
Construction Products$1.8B⁸10%down 5% from 2024
Specialty Products$1.8B⁸10%up 2% from 2024
Polymers and Fluids$1.8B⁸10%up 0% from 2024
Polymers and Fluids$1.8B⁸10%up 0% from 2024

Business segments by year

Business segments	2023	2024	2025
Automotive OEM	$3.2B	$3.2B	$3.3B
Test and Measurement and Electronics	$2.8B	$2.8B	$2.8B
Food Equipment	$2.6B	$2.6B	$2.7B
Welding	$1.9B	$1.9B	$1.9B
Construction Products	$2.0B	$1.9B	$1.8B
Specialty Products	$1.7B	$1.7B	$1.8B
Polymers and Fluids	$1.8B	$1.8B	$1.8B
Polymers and Fluids	$1.8B	$1.8B	$1.8B

Regions

United States brought in 46% of the revenue Illinois Tool Works broke down this way in fiscal 2025.

United States$7.4B⁸46%up 0% from 2024
EMEA$4.2B⁸26%up 1% from 2024
Asia Pacific$3.1B⁸19%up 4% from 2024
Canada And Mexico$1.1B⁸7%down 6% from 2024
South America$323.0M⁸2%up 6% from 2024

Regions by year

Regions	2023	2024	2025
United States	$7.6B	$7.4B	$7.4B
EMEA	$4.1B	$4.1B	$4.2B
Asia Pacific	$2.9B	$3.0B	$3.1B
Canada And Mexico	$1.1B	$1.2B	$1.1B
South America	$303.0M	$306.0M	$323.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costsProfit

Cost of revenue47¢$7.6B
Research and development2¢$302.0M
Other costs26¢$4.2B
Income tax6¢$900.0M
Profit19¢$3.1B

Out of $16.0B in revenue.⁸

Where each dollar of operating cash went, fiscal 2025

Capital spendingDividends paidShare buybacks

Capital spending11¢$419.0M
Dividends paid48¢$1.8B
Share buybacks40¢$1.5B

Out of $3.1B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁸

Financial statements

Revenue⁹¹⁰¹¹¹²⁸$16.0B in 2025+14% since 2019

Operating income⁹¹⁰¹¹¹²⁸$4.2B in 2025+24% since 2019

Net income⁹¹⁰¹¹¹²⁸$3.1B in 2025+22% since 2019

Every line of the income statement in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Operating Revenue	$16.0B	$15.9B	$16.1B
Cost of revenue	$9.0B	$8.9B	$9.3B
Selling, administrative, and research and development expenses	$2.8B	$2.7B	$2.6B
Amortization and impairment of intangible assets	$80.0M	$101.0M	$113.0M
Operating Income	$4.2B	$4.3B	$4.0B
Interest expense	-$292.0M	-$283.0M	-$266.0M
Other income (expense)	$42.0M	$441.0M	$49.0M
Income Before Taxes	$4.0B	$4.4B	$3.8B
Income taxes	$900.0M	$934.0M	$866.0M
Net Income	$3.1B	$3.5B	$3.0B
Basic (in dollars per share)	$10.52	$11.75	$9.77
Diluted (in dollars per share)	$10.49	$11.71	$9.74

Total assets⁹¹⁰¹¹¹²⁸$16.1B in 2025+7% since 2019

Shareholders’ equity¹⁰¹¹¹²⁸$3.2B in 2025+6% since 2019

Cash¹⁶⁹¹⁰¹¹¹²⁸$851.0M in 2025−57% since 2019

Long-term debt¹⁶⁹¹⁰¹¹¹²⁸$6.7B in 2025−14% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and equivalents	$851.0M	$948.0M
Trade receivables	$3.2B	$3.0B
Inventories	$1.7B	$1.6B
Prepaid expenses and other current assets	$463.0M	$312.0M
Total current assets	$6.2B	$5.9B
Net plant and equipment	$2.2B	$2.0B
Goodwill	$5.1B	$4.8B	$4.9B
Intangible assets	$591.0M	$592.0M
Deferred income taxes	$519.0M	$369.0M
Other assets	$1.5B	$1.4B
Total assets	$16.1B	$15.1B
Short-term debt	$2.3B	$1.6B
Accounts payable	$522.0M	$519.0M
Accrued expenses	$1.6B	$1.6B
Cash dividends payable	$465.0M	$441.0M
Income taxes payable	$217.0M	$217.0M
Total current liabilities	$5.1B	$4.3B
Long-term debt	$6.7B	$6.3B
Deferred income taxes	$154.0M	$119.0M
Other liabilities	$959.0M	$1.0B
Total noncurrent liabilities	$7.8B	$7.4B
Common stock (Authorized- 700.0 shares; par value of $0.01 per share): Issued- 550.0 shares in 2025 and 2024 Outstanding- 288.6 shares in 2025 and 294.0 shares in 2024	$6.0M	$6.0M
Additional paid-in-capital	$1.8B	$1.7B
Retained earnings	$30.1B	$28.9B
Common stock held in treasury	-$26.9B	-$25.4B
Accumulated other comprehensive income (loss)	-$1.8B	-$1.9B
Noncontrolling interest	$1.0M	$1.0M
Total stockholders' equity	$3.2B	$3.3B	$3.0B
Total liabilities and stockholders' equity	$16.1B	$15.1B
Common stock authorized (in shares)	700.0M shares	700.0M shares
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, issued (in shares)	550.0M shares	550.0M shares
Common stock, outstanding (in shares)	288.6M shares	294.0M shares

Cash from operations⁹¹⁰¹¹¹²⁸$3.1B in 2025+4% since 2019

Capital spending⁹¹⁰¹¹¹²⁸$419.0M in 2025+29% since 2019

Free cash flow⁹¹⁰¹¹¹²⁸$2.7B in 2025+1% since 2019

Dividends paid⁹¹⁰¹¹¹²⁸$1.8B in 2025+35% since 2019

Share buybacks⁹¹⁰¹¹¹²⁸$1.5B in 2025+0% since 2019

Every line of the cash flow in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$3.1B	$3.5B	$3.0B
Depreciation	$317.0M	$301.0M	$282.0M
Amortization and impairment of intangible assets	$80.0M	$101.0M	$113.0M
Change in deferred income taxes	-$17.0M	-$176.0M	-$88.0M
Provision for uncollectible accounts	$5.0M	-$1.0M	$6.0M
(Income) loss from investments	$0	$0	-$2.0M
(Gain) loss on sale of plant and equipment	$3.0M	$0	-$1.0M
(Gain) loss on sale of operations and affiliates	$0	$0	-$1.0M
Gain on sale of noncontrolling interest in Wilsonart International Holdings LLC	$0	-$363.0M	$0
Stock-based compensation expense	$69.0M	$61.0M	$69.0M
Cumulative effect of change in inventory accounting method	$0	-$117.0M	$0
Other non-cash items, net	$9.0M	$6.0M	-$4.0M
Trade receivables	-$92.0M	$34.0M	$64.0M
Inventories	$34.0M	$176.0M	$360.0M
Prepaid expenses and other assets	-$136.0M	-$41.0M	-$26.0M
Accounts payable	-$29.0M	-$43.0M	-$14.0M
Accrued expenses and other liabilities	-$48.0M	-$74.0M	-$102.0M
Income taxes	-$135.0M	-$70.0M	-$72.0M
Other, net	$0	-$1.0M	-$2.0M
Net cash provided by operating activities	$3.1B	$3.3B	$3.5B
Acquisition of businesses (excluding cash and equivalents)	-$119.0M	-$115.0M	$0
Additions to plant and equipment	-$419.0M	-$437.0M	-$455.0M
Proceeds from investments	$7.0M	$11.0M	$27.0M
Proceeds from sale of plant and equipment	$11.0M	$12.0M	$20.0M
Proceeds from sale of operations and affiliates	$1.0M	$0	$7.0M
Proceeds from sale of noncontrolling interest in Wilsonart International Holdings LLC	$0	$395.0M	$0
Other, net	-$2.0M	-$10.0M	-$2.0M
Net cash provided by (used for) investing activities	-$521.0M	-$144.0M	-$403.0M
Cash dividends paid	-$1.8B	-$1.7B	-$1.6B
Issuance of common stock	$65.0M	$52.0M	$53.0M
Repurchases of common stock	-$1.5B	-$1.5B	-$1.5B
Net proceeds from (repayments of) debt with original maturities of three months or less	$508.0M	$312.0M	-$452.0M
Proceeds from debt with original maturities of more than three months	$0	$1.6B	$1.4B
Repayments of debt with original maturities of more than three months	$0	-$1.9B	-$679.0M
Other, net	-$32.0M	-$38.0M	-$14.0M
Net cash provided by (used for) financing activities	-$2.7B	-$3.2B	-$2.8B
Effect of Exchange Rate Changes on Cash and Equivalents	$42.0M	-$65.0M	$3.0M
Increase (decrease) during the year	-$97.0M	-$117.0M	$357.0M
Cash Paid During the Year for Interest	$279.0M	$248.0M	$260.0M
Cash Paid During the Year for Income Taxes, Net of Refunds	$1.1B	$1.2B	$1.0B

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Leadership

Who has led Illinois Tool Works, and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

President

Chief financial officer

197019801990200020102020

Chief executive officerChristopher A. O'Herlihy Feb 13, 2024 to now¹⁸
Chief executive officerErnest Scott Santi Dec 5, 2012 to Sep 12, 2023¹⁹
Chief executive officerDavid B. Speer Dec 20, 2005 to Aug 27, 2012²⁰
Chief executive officerW. James Farrell Jul 9, 2003 to Mar 21, 2005²¹
ChairErnest Scott Santi Nov 5, 2015 to Nov 5, 2024²²
ChairDavid B. Speer Jun 26, 2006 to Aug 27, 2012²³
ChairW. James Farrell Jul 9, 2003 to Apr 25, 2006²¹
PresidentChristopher A. O'Herlihy Feb 13, 2024 to now¹⁸
PresidentErnest Scott Santi Dec 5, 2012 to Mar 11, 2015¹⁹
PresidentDavid B. Speer Dec 20, 2005 to Feb 2, 2006²⁰
Chief financial officerMichael M. Larsen Sep 16, 2013 to now²⁴
Chief financial officerRonald D. Kropp Dec 21, 2006 to Apr 26, 2013²⁵
Chief financial officerJon C. Kinney Aug 19, 2003 to Sep 8, 2005²⁶

Board members and other officers (67)

VP & Chief Accounting OfficerMatteo C. Pigozzo Jul 1, 2026 to now²⁷
Executive Vice PresidentMark A. Thibeault Jan 7, 2025 to now²⁸
Executive Vice PresidentGuilherme De Figueiredo Silva Jan 8, 2024 to now²⁹
Executive Vice PresidentJavier Gracia Carbonell Jan 10, 2022 to now³⁰
Executive Vice PresidentPatricia A. Hartzell Jan 10, 2022 to now³¹
Executive Vice PresidentAxel Beck Jan 9, 2020 to now³²
Executive Vice PresidentSharon Szafranski Jan 9, 2020 to now³³
Executive Vice PresidentT. Kenneth Escoe Jan 9, 2020 to now³⁴
Executive Vice PresidentAndrew Mines Feb 20, 2018 to Nov 4, 2019³⁵
Executive Vice PresidentMichael R. Zimmerman Jan 15, 2015 to Feb 14, 2024³⁶
Executive Vice PresidentLei Zhang Schlitz Sep 10, 2015 to May 13, 2022³⁷
SVP & Chief HR OfficerMary Katherine Lawler Oct 21, 2014 to now³⁸
Executive Vice PresidentJohn R. Hartnett May 17, 2012 to Feb 17, 2022³⁹
Executive Vice PresidentSundaram Nagarajan Aug 12, 2010 to Feb 20, 2019⁴⁰
Executive Vice PresidentChristopher A. O'Herlihy Nov 4, 2010 to Feb 16, 2023⁴¹
Executive Vice PresidentTimothy J. Gardner Jun 23, 2009 to May 5, 2014⁴²
VP & Chief Accounting OfficerRandall J. Scheuneman Aug 12, 2009 to now⁴³
Executive Vice PresidentSteven L. Martindale Dec 11, 2008 to Feb 17, 2021⁴⁴
SR VP Human ResourcesSharon M. Brady Feb 1, 2007 to Apr 25, 2014⁴⁵
Executive Vice PresidentJane L. Warner Aug 9, 2007 to Feb 20, 2013⁴⁶
Executive Vice PresidentJuan Valls Oct 30, 2007 to Sep 16, 2019⁴⁷
Executive Vice PresidentDavid C. Parry Nov 9, 2006 to Feb 16, 2017⁴⁸
Executive Vice PresidentRobert E. Brunner Nov 9, 2006 to Oct 13, 2011⁴⁹
Executive Vice PresidentRoland M. Martel Nov 9, 2006 to Feb 20, 2018⁵⁰
VP & Controller OperationsEugene A. Osterkorn Jul 28, 2005 to May 24, 2011⁵¹
VP & ControllerRonald D. Kropp Jul 28, 2005 to Feb 2, 2006⁵²
V.P., Gen. Counsel & SecretaryJames H. Wooten Aug 9, 2005 to Mar 24, 2006⁵³
Executive V.P.John R. Campbell Sep 20, 2004 to Feb 2, 2006⁵⁴
Executive V.P.Craig Hindman Nov 2, 2004 to Mar 25, 2014⁵⁵
Executive V.P.Ernest Scott Santi Nov 2, 2004 to Sep 4, 2012⁵⁶
Executive V.P.Philip M. Gresh Jr. Jul 24, 2003 to Feb 14, 2011⁵⁷
Executive Vice PresidentRussell M. Flaum Jul 24, 2003 to Sep 22, 2009⁵⁸
Sr. V.P., Gen. Counsel & Sec.Stewart S. Hudnut Jul 24, 2003 to Oct 4, 2005⁵⁹
Executive Vice PresidentDavid T. Flood Aug 19, 2003 to Apr 25, 2006⁶⁰
Sr. V.P. Leasing&InvestmentsAllan C. Sutherland Oct 24, 2003 to Oct 13, 2011⁶¹
Vice chairJames M. Ringler Nov 19, 2003 to Dec 17, 2004⁶²
Executive Vice PresidentDavid B. Speer Dec 17, 2003 to Dec 17, 2004⁶³
Vice chairFrank S. Ptak Dec 17, 2003 to Dec 29, 2005⁶⁴
Executive Vice PresidentHugh J. Zentmyer Dec 17, 2003 to Feb 11, 2008⁶⁵
Sr. V. P. Human ResourcesRobert T. Callahan Dec 17, 2003 to Dec 21, 2006⁶⁶
Executive Vice PresidentThomas J. Hansen Dec 17, 2003 to Feb 14, 2011⁶⁷
Board memberJennifer F. Scanlon May 12, 2026 to now⁶⁸
Board memberJaime A. Irick Feb 6, 2024 to now⁶⁹
Board memberChristopher A. O'Herlihy Feb 13, 2024 to now¹⁸
Board memberKelly J. Grier Sep 13, 2022 to now⁷⁰
Board memberDarrell L. Ford May 11, 2021 to now⁷¹
Board memberJay L. Henderson Aug 9, 2016 to now⁷²
Board memberRichard H. Lenny Aug 13, 2014 to now⁷³
Board memberJames W. Griffith Mar 2, 2012 to now⁷⁴
Board memberErnest Scott Santi Dec 5, 2012 to now¹⁹
Board memberAnre D. Williams Aug 9, 2010 to Nov 14, 2022⁷⁵
Board memberKevin M. Warren Aug 9, 2010 to May 11, 2021⁷⁶
Board memberPamela B. Strobel Feb 12, 2008 to now⁷⁷
Board memberDavid B. Speer Dec 20, 2005 to Feb 2, 2006²⁰
Board memberRobert S. Morrison Feb 5, 2004 to May 9, 2017⁷⁸
Board memberMarvin D. Brailsford Feb 12, 2004 to Apr 29, 2011⁷⁹
Board memberSusan Crown Feb 13, 2004 to now⁸⁰
Board memberRobert C. McCormack Feb 25, 2004 to May 30, 2014⁸¹
Board memberHarold B. Smith Jul 29, 2003 to Dec 21, 2010⁸²
Board memberDon H. Davis Jr. Sep 22, 2003 to Feb 10, 2015⁸³
Board memberMichael J. Birck Sep 22, 2003 to Apr 21, 2008⁸⁴
Board memberWilliam F. Aldinger Iii. Sep 22, 2003 to Feb 16, 2010⁸⁵
General counselChristopher P. Rauch Jun 12, 2025 to now⁸⁶
General counselJennifer Kaplan Schott Aug 10, 2021 to Feb 18, 2025⁸⁷
General counselNorman D. Finch Jr. Feb 3, 2017 to May 5, 2021⁸⁸
General counselMaria C. Green Aug 8, 2011 to Feb 18, 2015⁸⁹
General counselJames H. Wooten Jan 3, 2007 to Feb 21, 2012⁹⁰

Products and brands

ITW comprises a number of subsidiaries. Notable brands include Hobart, Miller Electric, Paslode, Foster Refrigerator, Brooks Instrument, and Permatex adhesives. In August 2018, U.S. Tax Court Judge Albert G. Lauber determined that ITW owed no tax on over $356 million in repatriated funds from its foreign subsidiaries because the transactions had been sufficiently structured as debt.

From Wikipedia’s article on Illinois Tool Works, shared under CC BY-SA 4.0.⁷

Subsidiaries and ownership

Subsidiaries

Illinois Tool Works (Australia)
Illinois Tool Works (France)
Illinois Tool Works (Germany)
Illinois Tool Works (United Kingdom)
Miller Electric

From Wikidata.¹

Controversies and legal

Illegal exports

The United States Department of Commerce imposed a $142,000 civil penalty on Illinois Tool Works in 2000, to settle allegations that the company illegally exported chemicals to Brazil on seven occasions between March 1994 and October 1997 without the required licenses and making false or misleading statements on Shipper's Export Declarations. Illinois Tool Works agreed to pay the penalty. $37,000 was suspended as part of the settlement. The chemicals exported can be used for commercial purposes and in the making of chemical weapons as well.