Illinois Tool Works Inc. (ITW) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 4.02B | 4.09B | 4.06B | 4.05B | 3.84B | 3.93B | 3.97B | 4.03B | 3.97B | 3.98B | 4.03B | 4.07B | 4.02B | 3.97B | 4.01B | 4.01B | 3.94B | 3.68B | 3.56B | 3.68B |
| Revenue Growth % | 4.61% | 4.09% | 2.34% | 0.65% | -3.37% | -1.28% | -1.61% | -1.15% | -1.14% | 0.3% | 0.5% | 1.57% | 2.03% | 7.94% | 12.8% | 9.11% | 11.15% | 5.87% | 7.53% | 43.37% |
| Cost of Goods Sold | 2.26B | 2.28B | 2.25B | 2.27B | 2.18B | 2.25B | 2.26B | 2.29B | 2.17B | 2.34B | 2.35B | 2.37B | 2.37B | 2.34B | 2.4B | 2.43B | 2.39B | 2.22B | 2.13B | 2.19B |
| COGS % of Revenue | 56.18% | 55.8% | 55.51% | 56.03% | 56.84% | 57.12% | 56.88% | 56.79% | 54.62% | 58.67% | 58.2% | 58.27% | 59.02% | 58.95% | 59.94% | 60.48% | 60.73% | 60.45% | 59.9% | 59.71% |
| Gross Profit | 1.76B | 1.81B | 1.81B | 1.78B | 1.66B | 1.69B | 1.71B | 1.74B | 1.8B | 1.65B | 1.69B | 1.7B | 1.65B | 1.63B | 1.61B | 1.58B | 1.55B | 1.46B | 1.43B | 1.48B |
| Gross Margin % | 43.82% | 44.2% | 44.49% | 43.97% | 43.16% | 42.88% | 43.12% | 43.21% | 45.38% | 41.33% | 41.8% | 41.73% | 40.98% | 41.05% | 40.06% | 39.52% | 39.27% | 39.55% | 40.1% | 40.29% |
| Gross Profit Growth % | 6.22% | 7.3% | 5.61% | 2.41% | -8.1% | 2.43% | 1.48% | 2.35% | 9.47% | 0.98% | 4.85% | 7.26% | 6.46% | 12.03% | 12.69% | 7.02% | 5.17% | 1.04% | 5.71% | 58.4% |
| Operating Expenses | 740M | 724M | 694M | 714M | 706M | 655M | 658M | 686M | 676M | 658M | 615M | 690M | 675M | 644M | 624M | 659M | 652M | 621M | 581M | 588M |
| OpEx % of Revenue | 18.43% | 17.69% | 17.1% | 17.62% | 18.39% | 16.66% | 16.59% | 17.04% | 17.01% | 16.52% | 15.26% | 16.94% | 16.8% | 16.22% | 15.56% | 16.43% | 16.55% | 16.88% | 16.34% | 16% |
| Selling, General & Admin | 722M | 704M | 676M | 693M | 706M | 655M | 658M | 686M | 676M | 658M | 615M | 690M | 675M | 644M | 624M | 659M | 652M | 621M | 581M | 588M |
| SG&A % of Revenue | 17.98% | 17.2% | 16.65% | 17.1% | 18.39% | 16.66% | 16.59% | 17.04% | 17.01% | 16.52% | 15.26% | 16.94% | 16.8% | 16.22% | 15.56% | 16.43% | 16.55% | 16.88% | 16.34% | 16% |
| Research & Development | 0 | 0 | 676M | 693M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 16.65% | 17.1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.02B | 1.08B | 1.11B | 1.07B | 951M | 1.03B | 1.05B | 1.05B | 1.13B | 988M | 1.07B | 1.01B | 972M | 986M | 983M | 926M | 895M | 834M | 845M | 893M |
| Operating Margin % | 25.4% | 26.51% | 27.4% | 26.35% | 24.77% | 26.22% | 26.53% | 26.17% | 28.37% | 24.81% | 26.54% | 24.79% | 24.19% | 24.83% | 24.51% | 23.09% | 22.72% | 22.67% | 23.76% | 24.29% |
| Operating Income Growth % | 7.26% | 5.24% | 5.7% | 1.33% | -15.62% | 4.35% | -1.68% | 4.36% | 15.95% | 0.2% | 8.85% | 9.07% | 8.6% | 18.23% | 16.33% | 3.7% | -1.1% | -5.55% | 7.1% | 98.89% |
| EBITDA | 1.04B | 1.19B | 1.21B | 1.17B | 1.05B | 1.13B | 1.16B | 1.15B | 1.22B | 1.09B | 1.17B | 1.11B | 1.07B | 1.08B | 1.08B | 1.03B | 1B | 938M | 949M | 995M |
| EBITDA Margin % | 25.85% | 28.95% | 29.86% | 28.79% | 27.25% | 28.81% | 29.15% | 28.63% | 30.81% | 27.29% | 28.95% | 27.25% | 26.65% | 27.32% | 27.05% | 25.65% | 25.41% | 25.5% | 26.69% | 27.07% |
| EBITDA Growth % | -0.76% | 4.59% | 4.84% | 1.21% | -14.54% | 4.23% | -0.94% | 3.87% | 14.29% | 0.18% | 7.56% | 7.87% | 6.99% | 15.67% | 14.33% | 3.42% | -0.4% | -5.06% | 4.63% | 81.24% |
| D&A (Non-Cash Add-back) | 18M | 100M | 100M | 99M | 95M | 102M | 104M | 99M | 97M | 99M | 97M | 100M | 99M | 99M | 102M | 103M | 106M | 104M | 104M | 102M |
| EBIT | 1.02B | 1.1B | 1.12B | 1.07B | 963M | 1.05B | 1.43B | 1.08B | 1.14B | 997M | 1.08B | 1.03B | 982M | 1.18B | 1.01B | 950M | 909M | 841M | 855M | 915M |
| Net Interest Income | -73M | -75M | -75M | -74M | -68M | -68M | -69M | -75M | -71M | -70M | -67M | -69M | -60M | -56M | -52M | -47M | -48M | -49M | -49M | -52M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 73M | 75M | 75M | 74M | 68M | 68M | 69M | 75M | 71M | 70M | 67M | 69M | 60M | 56M | 52M | 47M | 48M | 49M | 49M | 52M |
| Other Income/Expense | -53M | -61M | -63M | -70M | -56M | -48M | 310M | -49M | -55M | -61M | -57M | -49M | -50M | 135M | -26M | -23M | -34M | -42M | -39M | -30M |
| Pretax Income | 967M | 1.02B | 1.05B | 998M | 895M | 983M | 1.36B | 1B | 1.07B | 927M | 1.01B | 961M | 922M | 1.12B | 957M | 903M | 861M | 792M | 806M | 863M |
| Pretax Margin % | 24.08% | 25.02% | 25.84% | 24.62% | 23.31% | 25% | 34.34% | 24.96% | 26.98% | 23.27% | 25.13% | 23.59% | 22.94% | 28.23% | 23.86% | 22.51% | 21.86% | 21.53% | 22.67% | 23.48% |
| Income Tax | 199M | 234M | 228M | 243M | 195M | 233M | 202M | 246M | 253M | 210M | 241M | 207M | 208M | 214M | 230M | 165M | 199M | 183M | 167M | 88M |
| Effective Tax Rate % | 20.58% | 22.85% | 21.73% | 24.35% | 21.79% | 23.7% | 14.83% | 24.48% | 23.6% | 22.65% | 23.79% | 21.54% | 22.56% | 19.09% | 24.03% | 18.27% | 23.11% | 23.11% | 20.72% | 10.2% |
| Net Income | 768M | 790M | 821M | 755M | 700M | 750M | 1.16B | 759M | 819M | 717M | 772M | 754M | 714M | 907M | 727M | 738M | 662M | 609M | 639M | 775M |
| Net Margin % | 19.12% | 19.3% | 20.23% | 18.63% | 18.23% | 19.07% | 29.25% | 18.85% | 20.61% | 18% | 19.15% | 18.51% | 17.77% | 22.84% | 18.13% | 18.4% | 16.81% | 16.55% | 17.97% | 21.08% |
| Net Income Growth % | 9.71% | 5.33% | -29.22% | -0.53% | -14.53% | 4.6% | 50.26% | 0.66% | 14.71% | -20.95% | 6.19% | 2.17% | 7.85% | 48.93% | 13.77% | -4.77% | -1.34% | -5.14% | 9.79% | 142.95% |
| Net Income (Continuing) | 768M | 790M | 821M | 755M | 700M | 750M | 1.16B | 759M | 819M | 717M | 772M | 754M | 714M | 907M | 727M | 738M | 662M | 609M | 639M | 775M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M |
| EPS (Diluted) | 2.66 | 2.72 | 2.81 | 2.58 | 2.38 | 2.54 | 3.91 | 2.54 | 2.73 | 2.38 | 2.55 | 2.48 | 2.33 | 2.95 | 2.35 | 2.37 | 2.11 | 1.93 | 2.02 | 2.45 |
| EPS Growth % | 11.76% | 7.09% | -28.13% | 1.57% | -12.82% | 6.72% | 53.33% | 2.42% | 17.17% | -19.32% | 8.51% | 4.64% | 10.43% | 52.85% | 16.34% | -3.27% | 0% | -4.46% | 10.38% | 142.57% |
| EPS (Basic) | 2.66 | 2.73 | 2.82 | 2.58 | 2.38 | 2.55 | 3.92 | 2.55 | 2.74 | 2.39 | 2.56 | 2.49 | 2.34 | 2.96 | 2.35 | 2.38 | 2.12 | 1.94 | 2.03 | 2.46 |
| Diluted Shares Outstanding | 289.1M | 290.2M | 291.7M | 292.9M | 294.5M | 295.8M | 297M | 298.5M | 300M | 301.1M | 303M | 304.2M | 306.1M | 307.9M | 309.7M | 311.5M | 313.7M | 315M | 315.9M | 316.9M |
| Basic Shares Outstanding | 288.3M | 290.44M | 290.8M | 292.3M | 293.6M | 294.7M | 296.1M | 297.6M | 298.9M | 300.1M | 301.9M | 303.3M | 305M | 306.8M | 308.8M | 310.6M | 312.5M | 313.6M | 314.6M | 315.6M |
| Dividend Payout Ratio | - | 59.11% | 53.35% | 58.15% | 63% | 59.07% | 35.78% | 55.07% | 51.16% | 58.72% | 51.3% | 52.79% | 56.02% | 44.43% | 51.86% | 51.49% | 57.7% | 62.89% | 56.18% | 46.45% |