Illinois Tool Works Inc. (ITW) Balance Sheet
ITW balance sheet, 2025
December 31, 2025 · U.S. dollars$16.15B assets = $12.92B liabilities + $3.23B equity
Both columns are drawn to the same scale: what ITW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ITW financial health
Descriptive bands, not a rating. Fiscal 2025.
ITW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $15.20B2016 | $16.15B2025 | +0.7%/yr | |
| Total liabilities | $10.94B2016 | $12.92B2025 | +1.9%/yr | |
| Shareholders’ equity | $4.25B2016 | $3.23B2025 | −3.0%/yr | |
| Cash & short-term investments | $2.47B2016 | $851.0M2025 | −11.2%/yr | |
| Total debt | $7.83B2016 | $8.97B2025 | +1.5%/yr | |
| Net cash (debt) | −$5.36B2016 | −$8.12B2025 | −$2.8B | |
| Working capital | $3.36B2016 | $1.07B2025 | −$2.3B | |
| Book value per share | $11.912016 | $11.032025 | −0.8%/yr | |
| Current ratio | 2.222016 | 1.212025 | −1.01 | |
| Debt / equity | 1.842016 | 2.782025 | +0.94 | |
| Shares outstanding | 357.1M2016 | 292.3M2025 | −2.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ITW assets
ITW liabilities and equity
ITW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ITW balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $851.0M | $948.0M | $1.06B | $708.0M | $1.53B | $2.56B | $1.98B | $1.50B | $3.09B | $2.47B |
| Cash & equivalents | $851.0M | $948.0M | $1.06B | $708.0M | $1.53B | $2.56B | $1.98B | $1.50B | $3.09B | $2.47B |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $3.40B | $3.10B | $3.25B | $3.27B | $2.94B | $2.62B | $2.61B | $2.62B | $2.63B | $2.36B |
| Inventory | $1.66B | $1.60B | $1.71B | $2.05B | $1.69B | $1.19B | $1.16B | $1.32B | $1.22B | $1.08B |
| Other current assets | $286.0M | $207.0M | $212.0M | $235.0M | $211.0M | $149.0M | $497.0M | $334.0M | $336.0M | $218.0M |
| Total current assets | $6.20B | $5.86B | $6.24B | $6.27B | $6.37B | $6.52B | $6.25B | $5.78B | $7.28B | $6.12B |
| Property, plant & equipment (net) | $2.52B | $2.30B | $2.22B | $1.85B | $1.81B | $1.78B | $1.73B | $1.79B | $1.78B | $1.65B |
| Goodwill & intangible assets | $5.69B | $5.43B | $5.57B | $5.63B | $5.94B | $5.47B | $5.34B | $5.72B | $6.02B | $6.02B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $51.0M | $51.0M | $53.0M | $73.0M |
| Other non-current assets | $1.74B | $1.48B | $1.49B | $1.67B | $1.96B | $1.84B | $1.69B | $1.53B | $1.65B | $1.33B |
| Total assets | $16.15B | $15.07B | $15.52B | $15.42B | $16.08B | $15.61B | $15.07B | $14.87B | $16.78B | $15.20B |
| Liabilities | ||||||||||
| Accounts payable | $522.0M | $519.0M | $581.0M | $594.0M | $585.0M | $534.0M | $472.0M | $524.0M | $590.0M | $511.0M |
| Short-term debt | $2.29B | $1.61B | $1.88B | $1.65B | $839.0M | $405.0M | $55.0M | $1.35B | $850.0M | $652.0M |
| Deferred revenue | — | $360.0M | $395.0M | $427.0M | $394.0M | $222.0M | $188.0M | $215.0M | $205.0M | $180.0M |
| Total current liabilities | $5.13B | $4.31B | $4.67B | $4.46B | $3.47B | $2.59B | $2.15B | $3.54B | $3.05B | $2.76B |
| Long-term debt | $6.68B | $6.31B | $6.34B | $6.17B | $6.91B | $7.77B | $7.75B | $6.03B | $7.48B | $7.18B |
| Lease obligations | $242.0M | $215.0M | $206.0M | $186.0M | $194.0M | $188.0M | $179.0M | — | — | — |
| Other long-term liabilities | $1.11B | $1.13B | $1.49B | $1.70B | $2.07B | $2.07B | $2.13B | $2.04B | $1.66B | $1.00B |
| Total liabilities | $12.92B | $11.75B | $12.51B | $12.33B | $12.45B | $12.43B | $12.04B | $11.61B | $12.19B | $10.94B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $1.22B | $1.19B |
| Retained earnings (deficit) | $30.15B | $28.89B | $27.12B | $25.80B | $24.32B | $23.11B | $22.40B | $21.22B | $20.21B | $19.50B |
| Treasury stock | — | — | — | — | −$20.64B | −$19.66B | −$18.98B | −$17.55B | −$15.56B | −$14.64B |
| Accumulated other comprehensive income | −$1.83B | −$1.88B | −$1.83B | −$1.84B | −$1.50B | −$1.64B | −$1.71B | −$1.68B | −$1.29B | −$1.81B |
| Minority interest | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $4.0M | $4.0M | $4.0M | $5.0M |
| Total shareholders' equity | $3.23B | $3.32B | $3.01B | $3.09B | $3.62B | $3.18B | $3.03B | $3.25B | $4.58B | $4.25B |
| Key figures | ||||||||||
| Total debt | $8.97B | $8.08B | $8.37B | $7.95B | $7.88B | $8.31B | $7.94B | $7.38B | $8.33B | $7.83B |
| Net cash (debt) | −$8.12B | −$7.13B | −$7.30B | −$7.24B | −$6.35B | −$5.75B | −$5.96B | −$5.88B | −$5.23B | −$5.36B |
| Working capital | $1.07B | $1.55B | $1.56B | $1.81B | $2.90B | $3.93B | $4.10B | $2.24B | $4.22B | $3.36B |
| Tangible book value | −$2.46B | −$2.12B | −$2.55B | −$2.54B | −$2.31B | −$2.29B | −$2.32B | −$2.46B | −$1.44B | −$1.77B |
| Book value per share | $11.03 | $11.13 | $9.92 | $9.94 | $11.46 | $9.99 | $9.29 | $9.65 | $13.22 | $11.91 |
| Shares outstanding | 292.3M | 297.8M | 303.6M | 310.7M | 316.4M | 318.3M | 325.6M | 337.1M | 346.8M | 357.1M |
| Current ratio | 1.21 | 1.36 | 1.33 | 1.41 | 1.84 | 2.52 | 2.90 | 1.63 | 2.38 | 2.22 |
| Quick ratio | 0.83 | 0.94 | 0.92 | 0.89 | 1.29 | 2.00 | 2.13 | 1.16 | 1.87 | 1.75 |
| Debt / equity | 2.78 | 2.44 | 2.78 | 2.57 | 2.17 | 2.61 | 2.62 | 2.27 | 1.82 | 1.84 |
| Equity / assets | 20.0% | 22.0% | 19.4% | 20.0% | 22.5% | 20.4% | 20.1% | 21.9% | 27.3% | 28.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $839.0M | $827.0M | $851.0M | $924.0M | $788.0M | $873.0M | $948.0M | $947.0M | $862.0M | $959.0M | $1.06B | $990.0M |
| Cash & equivalents | $839.0M | $827.0M | $851.0M | $924.0M | $788.0M | $873.0M | $948.0M | $947.0M | $862.0M | $959.0M | $1.06B | $990.0M |
| Receivables | $3.56B | $3.38B | $3.40B | $3.25B | $3.32B | $3.15B | $3.10B | $3.23B | $3.25B | $3.24B | $3.25B | $3.16B |
| Inventory | $1.76B | $1.73B | $1.66B | $1.73B | $1.71B | $1.66B | $1.60B | $1.82B | $1.82B | $1.82B | $1.71B | $1.80B |
| Other current assets | $441.0M | $402.0M | $286.0M | $416.0M | $416.0M | $348.0M | $207.0M | $314.0M | $325.0M | $349.0M | $212.0M | $336.0M |
| Total current assets | $6.60B | $6.33B | $6.20B | $6.32B | $6.23B | $6.04B | $5.86B | $6.30B | $6.26B | $6.37B | $6.24B | $6.29B |
| Property, plant & equipment (net) | $2.23B | $2.23B | $2.52B | $2.20B | $2.18B | $2.08B | $2.30B | $2.07B | $2.01B | $1.97B | $2.22B | $1.90B |
| Goodwill & intangible assets | $5.63B | $5.66B | $5.69B | $5.57B | $5.60B | $5.47B | $5.43B | $5.60B | $5.55B | $5.56B | $5.57B | $5.51B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.03B | $2.04B | $1.74B | $2.04B | $2.04B | $1.87B | $1.48B | $1.85B | $1.76B | $1.75B | $1.49B | $1.69B |
| Total assets | $16.50B | $16.26B | $16.15B | $16.14B | $16.05B | $15.47B | $15.07B | $15.82B | $15.58B | $15.65B | $15.52B | $15.39B |
| Liabilities | ||||||||||||
| Accounts payable | $636.0M | $609.0M | $522.0M | $608.0M | $613.0M | $594.0M | $519.0M | $556.0M | $576.0M | $597.0M | $581.0M | $580.0M |
| Short-term debt | $3.15B | $2.54B | $2.29B | $1.27B | $1.24B | $981.0M | $1.61B | $1.77B | $2.04B | $2.07B | $1.88B | $1.25B |
| Deferred revenue | — | — | — | — | — | — | $360.0M | $205.0M | $569.0M | $669.0M | $395.0M | $145.0M |
| Total current liabilities | $5.95B | $5.33B | $5.13B | $4.13B | $3.93B | $3.78B | $4.31B | $4.63B | $4.80B | $4.84B | $4.67B | $3.98B |
| Long-term debt | $6.55B | $6.60B | $6.68B | $7.67B | $7.70B | $7.28B | $6.31B | $6.58B | $6.43B | $6.26B | $6.34B | $6.82B |
| Lease obligations | — | — | $242.0M | — | — | — | $215.0M | — | — | — | $206.0M | — |
| Other long-term liabilities | $1.10B | $1.10B | $1.11B | $1.12B | $1.21B | $1.16B | $1.13B | $1.23B | $1.38B | $1.53B | $1.49B | $1.59B |
| Total liabilities | $13.60B | $13.03B | $12.92B | $12.93B | $12.84B | $12.23B | $11.75B | $12.43B | $12.62B | $12.63B | $12.51B | $12.39B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M | $6.0M |
| Retained earnings (deficit) | $30.81B | $30.45B | $30.15B | $29.82B | $29.47B | $29.15B | $28.89B | $28.58B | $27.87B | $27.52B | $27.12B | $26.82B |
| Accumulated other comprehensive income | −$1.76B | −$1.80B | −$1.83B | −$1.88B | −$1.87B | −$1.88B | −$1.88B | −$1.85B | −$1.93B | −$1.88B | −$1.83B | −$1.90B |
| Minority interest | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.89B | $3.23B | $3.23B | $3.21B | $3.21B | $3.24B | $3.32B | $3.39B | $2.96B | $3.02B | $3.01B | $3.00B |
| Key figures | ||||||||||||
| Total debt | $9.69B | $9.15B | $8.97B | $8.94B | $8.94B | $8.26B | $8.08B | $8.35B | $8.47B | $8.32B | $8.37B | $8.07B |
| Net cash (debt) | −$8.86B | −$8.32B | −$8.12B | −$8.02B | −$8.15B | −$7.39B | −$7.13B | −$7.40B | −$7.61B | −$7.37B | −$7.30B | −$7.08B |
| Working capital | $647.0M | $1.00B | $1.07B | $2.19B | $2.30B | $2.26B | $1.55B | $1.68B | $1.45B | $1.53B | $1.56B | $2.31B |
| Tangible book value | −$2.74B | −$2.43B | −$2.46B | −$2.36B | −$2.39B | −$2.23B | −$2.12B | −$2.21B | −$2.59B | −$2.54B | −$2.55B | −$2.51B |
| Book value per share | $10.08 | $11.17 | $11.11 | $11.00 | $10.96 | $11.01 | $11.21 | $11.42 | $9.92 | $10.07 | $10.00 | $9.91 |
| Shares outstanding | 287.0M | 289.1M | 290.2M | 291.7M | 292.9M | 294.5M | 295.8M | 297.0M | 298.5M | 300.0M | 301.1M | 303.0M |
| Current ratio | 1.11 | 1.19 | 1.21 | 1.53 | 1.59 | 1.60 | 1.36 | 1.36 | 1.30 | 1.32 | 1.33 | 1.58 |
| Quick ratio | 0.74 | 0.79 | 0.83 | 1.01 | 1.04 | 1.07 | 0.94 | 0.90 | 0.86 | 0.87 | 0.92 | 1.04 |
| Debt / equity | 3.35 | 2.83 | 2.78 | 2.79 | 2.78 | 2.55 | 2.44 | 2.46 | 2.86 | 2.76 | 2.78 | 2.69 |
| Equity / assets | 17.5% | 19.9% | 20.0% | 19.9% | 20.0% | 21.0% | 22.0% | 21.4% | 19.0% | 19.3% | 19.4% | 19.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
ITW financial position
At the end of fiscal 2025 (December 31, 2025), Illinois Tool Works had total assets of $16.1 billion (up 7.2% from a year earlier), total liabilities of $12.9 billion and shareholders' equity of $3.2 billion. It held $851.0 million in cash and short-term investments against $9.0 billion of debt, net debt of $8.1 billion. Its current ratio was 1.21. In the latest quarter (ended June 30, 2026) total assets were $16.5 billion and equity $2.9 billion.
Related: ITW income statement, ITW cash flow statement, ITW key metrics. See the ITW stock overview for the latest quote and news.
ITW balance sheet FAQ
What are Illinois Tool Works's total assets?
Illinois Tool Works reported total assets of $16.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $15.1 billion a year earlier.
How much debt does Illinois Tool Works have?
Illinois Tool Works had $9.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.78.
How much cash does Illinois Tool Works have?
Illinois Tool Works held $851.0 million in cash and short-term investments at the end of fiscal 2025; with $9.0 billion of debt that is net debt of $8.1 billion.
What is Illinois Tool Works's book value?
Illinois Tool Works's shareholders' equity (book value) was $3.2 billion at the end of fiscal 2025, or $11.03 per share.
What is Illinois Tool Works's current ratio?
Illinois Tool Works had current assets of $6.2 billion and current liabilities of $5.1 billion, a current ratio of 1.21 (it can cover its short-term obligations).
How much goodwill does Illinois Tool Works have?
Illinois Tool Works carried $5.7 billion of goodwill and intangible assets, 35.2% of total assets, at the end of fiscal 2025.