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Illinois Tool Works cash flow statement

In fiscal 2025, Illinois Tool Works's operations generated $3.13bn of cash; it spent $419m on capital projects, leaving free cash flow of $2.71bn. It returned $1.78bn in dividends and $1.50bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations2,1681,4881,9562,0722,5281,6162,2992,3022,4022,8112,9952,8072,5572,3483,5393,2813,1263,262
Depreciation and amortisation376335336323299262244246256272267273277276282301317330
Stock-based pay525656543739413936404142536369616977
Capital spending256288353382368361284273297364326236296412455437419394
Free cash flow1,9121,2001,6031,6902,1601,2552,0152,0292,1052,4472,6692,5712,2611,9363,0842,8442,7072,868
Free cash flow after stock pay1,8601,1441,5471,6362,1231,2161,9741,9902,0692,4072,6282,5292,2081,8733,0152,7832,6382,791
Dividends paid6206366808655287117428219411,1241,3211,3791,4631,5421,6151,6951,7851,853
Share buybacks03509502,0202,1064,3462,0022,0001,0002,0001,5007061,0001,7501,5001,5001,5001,687
Shares issued102115153283206148598484228566502953526568

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Illinois Tool Works's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Illinois Tool Works.