Illinois Tool Works
Makes industrial equipment for automotive, food-service, testing, welding, construction, and specialty markets.
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Profile
Manufactures automotive components, food equipment, test systems, welding products, polymers and fluids, construction fasteners, and specialty packaging equipment. Products reach industrial customers through direct sales and independent distributors, while decentralized divisions apply a common 80/20 operating system.
Manufactures through seven segments: Automotive OEM, Food Equipment, Test & Measurement and Electronics, Welding, Polymers & Fluids, Construction Products, and Specialty Products. Offerings range from vehicle fasteners and commercial kitchen equipment to materials-testing systems, welders, adhesives, construction fasteners, and packaging machinery.
Runs decentralized divisions across North America, Europe, the Middle East and Africa, and Asia-Pacific, with roughly half of revenue generated in North America. A common 80/20 Front-to-Back process directs resources toward core customer and product opportunities, while customer-back innovation starts with customer-defined problems.
Sells primarily to industrial manufacturers directly and through independent distributors. Demand spans automotive production, food service, electronics, capital equipment, construction, and maintenance. Results depend on industrial activity, foreign currencies, trade policy, and steel, resin, and chemical input costs; no single customer generates more than a small share of revenue.
Company facts
Key statistics
Year to date +12.3% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 29, 2026 | UBS | Reiterate | Neutral | $285 | $300 |
| Jul 29, 2026 | Robert W. Baird | Target | $278 | $297 | |
| Jul 9, 2026 | Wolfe Research | Reiterate | Underperform | $250 | $286 |
| Jul 2, 2026 | Truist Financial | Target | $280 | $301 | |
| May 11, 2026 | Evercore ISI | Target | $265 | $272 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $2.79 | $2.84 | +1.8% | $4.19B | $4.30B | +2.7% | −0.92% |
| Apr 30, 2026Q1 FY26 | $2.57 | $2.66 | +3.5% | $4.01B | $4.02B | +0.2% | −0.98% |
| Feb 3, 2026Q4 FY25 | $2.69 | $2.72 | +1.1% | $4.06B | $4.09B | +0.7% | +3.55% |
| Oct 24, 2025Q3 FY25 | $2.75 | $2.81 | +2.2% | $4.08B | $4.06B | −0.5% | +0.84% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.84B | $4.05B | $4.06B | $4.09B | $4.02B | $4.30B | |
| Gross profit | $1.66B | $1.78B | $1.81B | $1.81B | $1.76B | $1.90B | |
| Operating income | $951.0M | $1.07B | $1.11B | $1.09B | $1.02B | $1.15B | |
| Net income | $700.0M | $755.0M | $821.0M | $790.0M | $768.0M | $815.0M | |
| Diluted EPS | $2.38 | $2.58 | $2.81 | $2.72 | $2.66 | $2.84 | |
| Gross margin | 43.2% | 44.0% | 44.5% | 44.2% | 43.8% | 44.1% | |
| Operating margin | 24.8% | 26.4% | 27.4% | 26.5% | 25.4% | 26.7% |
Fiscal years (4-quarter sums)FY21 $14.46B · FY22 $15.93B · FY23 $16.11B · FY24 $15.90B · FY25 $16.04B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $839.0M · Total debt $9.69B · Total assets $16.50B · Shareholders' equity $2.89B
Dividends
Raised for 38 straight years — most recently to $1.61 from $1.50 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 10 | $1.61 | |
| Mar 31, 2026 | Mar 31 | Apr 9 | $1.61 | |
| Dec 31, 2025 | Dec 31 | Jan 9 | $1.61 | |
| Sep 30, 2025 | Sep 30 | Oct 10 | $1.61 | raised from $1.50 |
| Jun 30, 2025 | Jun 30 | Jul 11 | $1.50 | |
| Mar 31, 2025 | Mar 31 | Apr 10 | $1.50 | |
| Dec 31, 2024 | Dec 31 | Jan 10 | $1.50 | |
| Sep 30, 2024 | Sep 30 | Oct 11 | $1.50 | raised from $1.40 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 287.70M · Float 259.43M · 90.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Briar Hall Management LLC | 25.81M | 8.97% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 23.28M | 8.09% | 13F | Aug 7, 2026 |
| State Farm Mutual Automobile Insurance Co | 21.03M | 7.31% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 17.48M | 6.08% | 13F | Aug 13, 2026 |
| State Street Corp | 12.79M | 4.45% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Ernest Scott Santi | director | −41,431 | $287.09 |
| Aug 13, 2026 | Matteo C. Pigozzo | officer: VP & Chief Accounting Officer | −277 | $289.22 |
| Jun 2, 2026 | Jennifer F. Scanlon | director | +806 | $247.99 |
| Feb 6, 2026 | Mary Katherine Lawler | officer: SVP & Chief HR Officer | −17,279 | $291.90 |
| Feb 5, 2026 | Axel Beck | officer: Executive Vice President | −4,223 | $290.22 |
Peers
- Middleby
Direct food equipment rival; names ITW Hobart/Vulcan as top competitor.
- Lincoln Electric
Head-to-head in arc welding equipment and consumables globally.
- ESAB
Named in ITW's 10-K as global welding segment competitor alongside Lincoln.
- Ralliant
Precision test instruments; Tektronix competes with ITW MTS and Instron.
- Stanley Black & Decker
Overlaps ITW Construction Products via engineered fastening systems.
- Parker-Hannifin
Diversified industrial peer; polymers, fluids, and motion control overlap.
- Dover
Conglomerate peer; food retail refrigeration and fluid handling overlap.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Illinois Tool Works | $279.80 | −0.11% | $80.58B | 25.4 | 23.8 | 4.9 | +6.1% |
| Middleby | $112.75 | −0.03% | $5.10B | — | 15.5 | 1.4 | −10.5% |
| Lincoln Electric | $284.90 | −0.01% | $15.53B | 28.5 | 23.8 | 3.5 | +12.0% |
| ESAB | $76.43 | +0.03% | $4.65B | 28.0 | 12.9 | 1.6 | +12.9% |
| Ralliant | $61.41 | −0.45% | $6.83B | — | 20.0 | 3.1 | +12.8% |
| Stanley Black & Decker | $97.80 | +0.01% | $14.77B | 24.0 | 16.8 | 1.0 | +0.4% |
| Parker-Hannifin | $996.00 | +0.11% | $125.46B | 34.9 | 28.3 | 5.8 | +9.8% |
| Dover | $199.49 | +0.43% | $26.76B | 24.0 | 17.6 | 3.2 | +6.9% |
| Median | 28.0 | 17.6 | 3.1 | +9.8% |