Illinois Tool Works Inc. (ITW) Income Statement
ITW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsITW revenue and net income
Where ITW's revenue goes
2025Each bar shows an amount and its share of revenue. ITW kept 19.1% of revenue as net income.
ITW profit margins
ITW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.9% | +0.2% | +5.0% | +1.8% |
| Gross profit | +2.0% | +2.8% | +6.4% | +3.0% |
| Operating income | −1.1% | +3.6% | +7.9% | +3.9% |
| Net income | −12.1% | +0.4% | +7.8% | +4.9% |
| EPS (diluted) | +0.3% | +2.4% | +9.6% | +7.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ITW quarterly EPS vs estimates
Illinois Tool Works beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $2.99).
ITW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.04B | $15.90B | $16.11B | $15.93B | $14.46B | $12.57B | $14.11B | $14.77B | $14.31B | $13.60B |
| Cost of revenue | $8.97B | $8.96B | $9.32B | $9.43B | $8.49B | $7.38B | $8.35B | $8.79B | $8.52B | $8.12B |
| Gross profit | $7.08B | $6.94B | $6.79B | $6.50B | $5.97B | $5.20B | $5.76B | $5.97B | $5.80B | $5.48B |
| Research & development | — | $292.0M | $2.64B | $269.0M | $239.0M | $214.0M | $221.0M | $233.0M | $225.0M | $223.0M |
| Sales, general & admin | $2.78B | $2.67B | $2.62B | $2.58B | $2.36B | $2.16B | $2.36B | $2.39B | $2.40B | $2.42B |
| Total operating expenses | $2.86B | $2.67B | $2.64B | $2.71B | $2.49B | $2.32B | $2.36B | $2.39B | $2.40B | $2.42B |
| Operating income | $4.22B | $4.26B | $4.04B | $3.79B | $3.48B | $2.88B | $3.40B | $3.58B | $3.49B | $3.06B |
| Interest income | $292.0M | $44.0M | $51.0M | $203.0M | $202.0M | $206.0M | $29.0M | $35.0M | $45.0M | $38.0M |
| Interest expense | $292.0M | $283.0M | $266.0M | $203.0M | $202.0M | $206.0M | $221.0M | $257.0M | $260.0M | $237.0M |
| Income before taxes | $3.97B | $4.42B | $3.82B | $3.84B | $3.33B | $2.70B | $3.29B | $3.39B | $3.27B | $2.91B |
| Income taxes | $900.0M | $934.0M | $866.0M | $808.0M | $632.0M | $595.0M | $767.0M | $831.0M | $1.58B | $873.0M |
| Net income | $3.07B | $3.49B | $2.96B | $3.03B | $2.69B | $2.11B | $2.52B | $2.56B | $1.69B | $2.04B |
| EBITDA | $4.66B | $5.11B | $4.04B | $4.18B | $3.66B | $3.06B | $3.94B | $4.11B | $3.99B | $3.62B |
| EPS (diluted) | $10.49 | $10.46 | $9.71 | $9.78 | $8.51 | $6.63 | $7.97 | $7.60 | $4.86 | $5.64 |
| Gross margin | 44.1% | 43.6% | 42.2% | 40.8% | 41.3% | 41.3% | 40.8% | 40.5% | 40.5% | 40.3% |
| Operating margin | 26.3% | 26.8% | 25.1% | 23.8% | 24.1% | 22.9% | 24.1% | 24.3% | 24.4% | 22.5% |
| Net margin | 19.1% | 21.9% | 18.4% | 19.0% | 18.6% | 16.8% | 17.9% | 17.4% | 11.8% | 15.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.30B | $4.02B | $4.09B | $4.06B | $4.05B | $3.84B | $3.93B | $3.97B | $4.03B | $3.97B | $3.98B | $4.03B |
| Cost of revenue | $2.40B | $2.26B | $2.28B | $2.25B | $2.27B | $2.18B | $2.25B | $2.26B | $2.29B | $2.17B | $2.34B | $2.35B |
| Gross profit | $1.90B | $1.76B | $1.81B | $1.81B | $1.78B | $1.66B | $1.69B | $1.71B | $1.74B | $1.80B | $1.65B | $1.69B |
| Research & development | — | — | — | $676.0M | $693.0M | $706.0M | $292.0M | $658.0M | $686.0M | $676.0M | $284.0M | $615.0M |
| Sales, general & admin | $735.0M | $722.0M | $704.0M | $676.0M | $693.0M | $706.0M | $655.0M | $658.0M | $686.0M | $676.0M | $658.0M | $615.0M |
| Total operating expenses | $751.0M | $740.0M | $724.0M | $694.0M | $714.0M | $706.0M | $655.0M | $658.0M | $686.0M | $676.0M | $658.0M | $615.0M |
| Operating income | $1.15B | $1.02B | $1.08B | $1.11B | $1.07B | $951.0M | $1.03B | $1.05B | $1.05B | $1.13B | $988.0M | $1.07B |
| Interest income | — | — | $75.0M | $75.0M | $74.0M | $68.0M | $68.0M | $69.0M | — | — | — | $67.0M |
| Interest expense | $79.0M | $73.0M | $75.0M | $75.0M | $74.0M | $68.0M | $68.0M | $69.0M | $75.0M | $71.0M | $70.0M | $67.0M |
| Income before taxes | $1.08B | $967.0M | $1.02B | $1.05B | $998.0M | $895.0M | $983.0M | $1.36B | $1.00B | $1.07B | $927.0M | $1.01B |
| Income taxes | $265.0M | $199.0M | $234.0M | $228.0M | $243.0M | $195.0M | $233.0M | $202.0M | $246.0M | $253.0M | $210.0M | $241.0M |
| Net income | $815.0M | $768.0M | $790.0M | $821.0M | $755.0M | $700.0M | $750.0M | $1.16B | $759.0M | $819.0M | $717.0M | $772.0M |
| EBITDA | $1.26B | $1.14B | $1.20B | $1.22B | $1.17B | $1.06B | $1.15B | $1.53B | $1.18B | $1.24B | $1.10B | $1.18B |
| EPS (diluted) | $2.84 | $2.66 | $2.72 | $2.81 | $2.58 | $2.38 | $2.54 | $2.65 | $2.54 | $2.73 | $2.42 | $2.55 |
| Gross margin | 44.1% | 43.8% | 44.2% | 44.5% | 44.0% | 43.2% | 42.9% | 43.1% | 43.2% | 45.4% | 41.3% | 41.8% |
| Operating margin | 26.7% | 25.4% | 26.5% | 27.4% | 26.4% | 24.8% | 26.2% | 26.5% | 26.2% | 28.4% | 24.8% | 26.5% |
| Net margin | 18.9% | 19.1% | 19.3% | 20.2% | 18.6% | 18.2% | 19.1% | 29.2% | 18.8% | 20.6% | 18.0% | 19.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ITW's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ITW financial results
In fiscal year 2025 (ended December 31, 2025), Illinois Tool Works reported revenue of $16.0 billion, up 0.9% from the year before. It had net income of $3.1 billion (down 12.1%), a net profit margin of 19.1%. Diluted earnings per share came to $10.49. Over five years revenue grew at an average rate of 5.0% a year.
See the ITW stock overview for the latest quote and news, or the ITW chart for price history and technical indicators.
ITW income statement FAQ
What is Illinois Tool Works's annual revenue?
Illinois Tool Works reported total revenue of $16.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.9% from $15.9 billion the previous year.
Is Illinois Tool Works profitable?
Yes. Illinois Tool Works reported net income of $3.1 billion in fiscal 2025, a net profit margin of 19.1%; its operating margin was 26.3%.
What is Illinois Tool Works's gross margin?
Illinois Tool Works's gross margin was 44.1% in fiscal 2025: for every $100 of revenue, Illinois Tool Works kept $44 after the direct cost of its products and services.
How fast is Illinois Tool Works growing?
Revenue grew 5.0% a year on average over the last five fiscal years, from $12.6 billion to $16.0 billion.
What are Illinois Tool Works's earnings per share?
Illinois Tool Works earned $10.49 per diluted share in fiscal 2025, compared with $10.46 a year earlier.
When will Illinois Tool Works report its next earnings?
Illinois Tool Works is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Illinois Tool Works's fiscal year end?
Illinois Tool Works's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.