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Illinois Tool Works

South America was Illinois Tool Works' fastest-growing region in FY2025, up 5.6%

Revenue rose 0.9% to $16.0B in FY2025, from $15.9B in FY2024. Net income fell 12.1% to $3.1B. North America was the largest region, at 53% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026) · Data pulled Oct 30, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Illinois Tool Works (NYSE: ITW) took in $16.0B of revenue (up 0.9% on fiscal 2024); net income was $3.1B (down 12.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $4.2B, up 4.4% year over year, with net income of $855M. North America was the biggest single line by region: 53% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).

Revenue$16.0BFY2025 · +0.9% vs FY2024
Net income$3.1BFY2025 · −12.1% vs FY2024
Operating cash flow$3.1BFY2025 · −4.7% vs FY2024
Cash & equivalents$809Mat Sep 30, 2026 · −4.9% vs FY2025 end
Total debt$9.4Bat Sep 30, 2026 · +4.5% vs FY2025 end
Diluted shares292MFY2025 avg · −1.8% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $16.1B16.1Net income FY2023: $3.0B3.0FY2023Revenue FY2024: $15.9B15.9Net income FY2024: $3.5B3.5FY2024Revenue FY2025: $16.0B16.0Net income FY2025: $3.1B3.1FY2025

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $3.8B3.8FY2026 Q1: $4.0B4.0Q1FY2025 Q2: $4.1B4.1FY2026 Q2: $4.3B4.3Q2FY2025 Q3: $4.1B4.1FY2026 Q3: $4.2B4.2Q3

Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Oct 28, 2026

How it makes money

FY2025 total by categoryNorth America: $8.5B (53%)EMEA: $4.2B (26%)Asia Pacific: $3.1B (19%)South America: $323M (2%)$16.0BFY2025 total

By region, FY2025

  • LineAmountSharevs FY2024
  • North America$8.5B53%−0.6%
  • EMEA$4.2B26%+1.5%
  • Asia Pacific$3.1B19%+4.0%
  • South America$323M2%+5.6%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: North America (53%), EMEA (26%), Asia Pacific (19%) and South America (2%), as shares of total revenue. Total revenue was $16.0B.

By region: three-year mixShare of the total each fiscal year
North AmericaEMEAAsia PacificSouth America

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$4.2B Q3 2026
$4.1B Q3 2025
4.4% increase
Net income
$855M Q3 2026
$821M Q3 2025
4.1% increase

Source: Illinois Tool Works 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

  • Cash & equivalents $809M at Sep 30, 2026, vs $851M at FY2025 end.
  • Total debt $9.4B at Sep 30, 2026, vs $9.0B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $2.3B vs $2.2B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 12.1% in FY2025 to $3.1B, from $3.5B. 10-K, FY2025
  • Operating cash flow fell 4.7% in FY2025 to $3.1B. 10-K, FY2025
  • Total debt rose 14.1% in FY2025 to $9.0B. 10-K, FY2025
  • North America revenue fell 0.6% in FY2025 to $8.5B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Illinois Tool Works is in the industrial machinery & supplies & components industry, part of the industrials sector. The SEC files it under General Industrial Machinery & Equipment.

The full description of Illinois Tool Works' business is in Item 1 of its 10-K, linked below. This page shows its revenue by region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the industrial machinery & supplies & components industry. They are not a summary of Illinois Tool Works’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Economic cyclesDemand for equipment and services rises and falls with business investment.
  2. Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
  3. Trade and tariffsTariffs and trade policy affect costs and sales.
  4. Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
  5. Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$16.1B$15.9B$16.0B
Net income$3.0B$3.5B$3.1B
Operating cash flow$3.5B$3.3B$3.1B
Cash & equivalents (year end)$1.1B$948M$851M
Total debt (year end)$8.2B$7.9B$9.0B
Diluted shares304M298M292M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income including the share that belongs to minority owners of subsidiaries.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Debt due within one year plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

  • Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.

Recent filings

FormFiledPeriod
10-QOct 28, 2026Sep 30, 2026
10-QAug 6, 2026Jun 30, 2026
10-QMay 7, 2026Mar 31, 2026
DEF 14AMar 27, 2026May 8, 2026
10-KFeb 13, 2026Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Illinois Tool Works

How does Illinois Tool Works make money?

In fiscal 2025, revenue totaled $16.0B. By region in FY2025: North America (53%), EMEA (26%), Asia Pacific (19%) and South America (2%), as shares of total revenue. Total revenue was $16.0B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was Illinois Tool Works's revenue in fiscal 2025?

Revenue came to $16.0B in the year ended Dec 31, 2025. Going back two years, it was $16.1B in fiscal 2023 and $15.9B in fiscal 2024, so the latest year was up 0.9%. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is Illinois Tool Works profitable?

Yes, by US accounting rules (GAAP): net income was $3.1B in fiscal 2025, down 12.1% from $3.5B a year earlier. For the quarter ended Sep 30, 2026, net income was $855M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did Illinois Tool Works report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $4.2B, against $4.1B in the same quarter a year before (up 4.4%), and net income of $855M, against $821M (up 4.1%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.

How much cash and debt does Illinois Tool Works have?

On Sep 30, 2026, cash and cash equivalents stood at $809M and total debt at $9.4B. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.

What are the main risks Illinois Tool Works faces?

Illinois Tool Works's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the industrial machinery & supplies & components industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Illinois Tool Works numbers come from?

Two filings Illinois Tool Works made with the SEC: its fiscal 2025 10-K, filed Feb 13, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ITW
The editor holds no position in Illinois Tool Works (ITW). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell ITW from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ITW, and it doesn't consider your situation.

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