financial statements
The full income statement, balance sheet, and cash-flow statement for Illinois Tool Works Inc. (ITW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 16.0B YoY+0.9% | 15.9B YoY-1.3% | 16.1B YoY+1.1% | 15.9B YoY+10.2% | 14.5B YoY+15.0% | |
| Cost of revenue | 7.56B YoY-0.6% | 7.60B YoY-4.3% | 7.94B YoY-2.4% | 8.14B YoY-4.2% | 8.49B YoY+15.1% | |
| Research & development | 302M YoY+3.4% | 292M YoY+2.8% | 284M YoY+5.6% | 269M YoY+12.6% | 239M YoY+11.7% | |
| Provision for credit losses | 5.00M YoY+600.0% | -1.00M YoY-116.7% | 6.00M YoY+20.0% | 5.00M YoY+66.7% | 3.00M YoY-57.1% | |
| Operating income | 4.22B YoY-1.1% | 4.26B YoY+5.5% | 4.04B YoY+6.6% | 3.79B YoY+9.0% | 3.48B YoY+20.6% | |
| Interest expense | 292M YoY+3.2% | 283M YoY+6.4% | 266M YoY+31.0% | 203M YoY+0.5% | 202M YoY-1.9% | |
| Interest & investment income | 40.0M YoY-9.1% | 44.0M YoY-13.7% | 51.0M YoY+131.8% | 22.0M YoY+83.3% | 12.0M YoY-29.4% | |
| Other non-operating income | -5.00M YoY-400.0% | -1.00M YoY-200.0% | 1.00M YoY+200.0% | -1.00M YoY+75.0% | -4.00M YoY+20.0% | |
| Equity-method income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Pre-tax income | — | — | 3.82B YoY-0.5% | 3.84B YoY+15.5% | 3.33B YoY+23.0% | |
| Income tax | 900M YoY-3.6% | 934M YoY+7.9% | 866M YoY+7.2% | 808M YoY+27.8% | 632M YoY+6.2% | |
| Net income | 3.07B YoY-12.1% | 3.49B YoY+18.0% | 2.96B YoY-2.5% | 3.03B YoY+12.6% | 2.69B YoY+27.7% | |
$10.49 YoY-10.4% | $11.71 YoY+20.2% | $9.74 YoY-0.3% | $9.77 YoY+14.8% | $8.51 YoY+28.4% | ||
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
6.20B YoY+5.9% | 5.86B YoY-6.1% | 6.24B YoY-0.6% | 6.27B YoY-1.6% | 6.37B YoY-2.3% | ||
16.1B YoY+7.2% | 15.1B YoY-2.9% | 15.5B YoY+0.6% | 15.4B YoY-4.1% | 16.1B YoY+3.0% | ||
5.13B YoY+19.0% | 4.31B YoY-7.9% | 4.67B YoY+4.8% | 4.46B YoY+28.5% | 3.47B YoY+34.0% | ||
| Long-term debt | 6.68B YoY+5.9% | 6.31B YoY-0.5% | 6.34B YoY+2.7% | 6.17B YoY-10.7% | 6.91B YoY-11.1% | |
| Non-current lease liability | 180M YoY+13.9% | 158M YoY+6.8% | 148M YoY+13.0% | 131M YoY-1.5% | 133M YoY+0.0% | |
| Deferred tax liabilities | 154M YoY+29.4% | 119M YoY-63.5% | 326M YoY-32.6% | 484M YoY-26.0% | 654M YoY+11.2% | |
| Other non-current liabilities | 959M YoY-5.5% | 1.01B YoY+0.1% | 1.01B YoY+7.5% | 943M YoY-10.4% | 1.05B YoY-1.4% | |
| Total non-current liabilities | 7.80B YoY+4.8% | 7.44B YoY-5.0% | 7.83B YoY-0.5% | 7.87B YoY-12.3% | 8.98B YoY-8.7% | |
3.23B YoY-2.7% | 3.32B YoY+10.1% | 3.01B YoY-2.5% | 3.09B YoY-14.8% | 3.63B YoY+14.0% | ||
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
3.13B YoY-4.7% | 3.28B YoY-7.3% | 3.54B YoY+50.7% | 2.35B YoY-8.2% | 2.56B YoY-8.9% | ||
-521M YoY-261.8% | -144M YoY+64.3% | -403M YoY-266.4% | -110M YoY+88.8% | -984M YoY-359.8% | ||
-2.74B YoY+14.0% | -3.19B YoY-14.6% | -2.78B YoY+7.3% | -3.00B YoY-17.0% | -2.56B YoY-25.1% | ||
| FX effect on cash | 42.0M YoY+164.6% | -65.0M YoY-2266.7% | 3.00M YoY+105.3% | -57.0M YoY-23.9% | -46.0M YoY-217.9% | |
| Net change in cash | -97.0M YoY+17.1% | -117M YoY-132.8% | 357M YoY+143.6% | -819M YoY+21.0% | -1.04B YoY-277.9% | |
| Interest paid | 279M YoY+12.5% | 248M YoY-4.6% | 260M YoY+30.7% | 199M YoY+1.0% | 197M YoY+1.5% | |
| Income taxes paid | 1.05B YoY-10.8% | 1.18B YoY+15.0% | 1.03B YoY+3.3% | 993M YoY+35.8% | 731M YoY+23.7% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 71.5B YoY-4.6% | 74.9B YoY-5.0% | 78.8B YoY+16.5% | 67.7B YoY-12.6% | 77.5B YoY+20.0% | |
| P/E | 23.3× YoY+8.6% | 21.5× YoY-14.3% | 25.0× YoY+1.3% | 24.7× YoY-14.0% | 28.8× YoY-6.0% | |
| P/S | 4.5× YoY-5.4% | 4.7× YoY-3.8% | 4.9× YoY+13.2% | 4.3× YoY-19.3% | 5.4× YoY+4.4% | |
| P/B | 22.1× YoY-1.9% | 22.6× YoY-14.0% | 26.2× YoY+16.9% | 22.5× YoY+5.1% | 21.4× YoY+5.3% | |
| P/FCF | 26.4× YoY+0.3% | 26.3× YoY-5.4% | 27.8× YoY-18.7% | 34.2× YoY-0.0% | 34.3× YoY+36.5% | |
| Earnings yield | 4.3% YoY-7.9% | 4.7% YoY+16.7% | 4.0% YoY-1.2% | 4.0% YoY+16.3% | 3.5% YoY+6.4% | |
| FCF yield | 3.8% YoY-0.3% | 3.8% YoY+5.7% | 3.6% YoY+23.0% | 2.9% YoY+0.0% | 2.9% YoY-26.7% | |
| Dividend yield | 2.5% YoY+10.4% | 2.3% YoY+10.5% | 2.1% YoY-9.9% | 2.3% YoY+20.1% | 1.9% YoY-11.8% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: ITW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ITW filings on SEC EDGAR → Not investment advice.