Illinois Tool Works income statement

In fiscal 2025, Illinois Tool Works reported revenue of $16.04bn, up 0.9% on the year before, operating income of $4.22bn (a 26.3% margin) and net income of $3.07bn, or $10.49 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Illinois Tool Works: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	13.6	15.4	14.5	14.8	14.1	14.5	13.4	13.6	14.3	14.8	14.1	12.6	14.5	15.9	16.1	15.9	16.0	16.6
Cost of revenue	9.0	10.0	9.1	9.1	8.6	8.7	7.9	7.9	8.3	8.6	8.2	7.4	8.5	8.1	7.9	7.6	7.6	7.8
Gross profit	4.6	5.4	5.4	5.7	5.6	5.8	5.5	5.7	6.0	6.2	5.9	5.2	6.0	7.8	8.2	8.3	8.5	8.8
Research and development	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	—
Operating income	1.4	2.3	2.4	2.5	2.5	2.9	2.9	3.1	3.5	3.6	3.4	2.9	3.5	3.8	4.0	4.3	4.2	4.4
Interest expense	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3
Income before tax	1.2	2.1	2.2	3.2	2.3	2.7	2.7	2.9	3.3	3.4	3.3	2.7	3.3	3.8	3.8	—	—	—
Income tax	0.2	0.6	0.4	1.0	0.7	0.8	0.8	0.9	1.6	0.8	0.8	0.6	0.6	0.8	0.9	0.9	0.9	1.0
Net income	1.0	1.5	2.1	2.9	1.7	2.9	1.9	2.0	1.7	2.6	2.5	2.1	2.7	3.0	3.0	3.5	3.1	3.2
Diluted EPS	$1.94	$2.99	$4.19	$6.06	$3.74	$7.28	$5.13	$5.70	$4.86	$7.60	$7.74	$6.63	$8.51	$9.77	$9.74	$11.71	$10.49	$11.21
Diluted shares (average)	502m	503m	495m	473m	449m	405m	370m	357m	347m	337m	326m	318m	316m	311m	304m	298m	292m	288m
EBITDA	1.8	2.6	2.7	2.8	2.8	3.2	3.1	3.3	3.7	3.9	3.7	3.2	3.8	4.1	4.3	4.6	4.5	4.8

US$ millions unless shown otherwise. Fiscal quarters.

Illinois Tool Works: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	3,932	3,839	4,053	4,059	4,093	4,016	4,301	4,236
Cost of revenue	1,884	1,821	1,914	1,898	1,923	1,887	2,033	1,964
Gross profit	2,048	2,018	2,139	2,161	2,170	2,129	2,268	2,272
Operating income	1,031	951	1,068	1,112	1,085	1,020	1,147	1,177
Interest expense	68	68	74	75	75	73	79	83
Income tax	233	195	243	228	234	199	265	276
Net income	750	700	755	821	790	768	815	855
Diluted EPS	$2.54	$2.38	$2.58	$2.81	$2.72	$2.66	$2.84	$3.00
EBITDA	1,108	1,025	1,146	1,194	1,168	1,101	1,229	1,261

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.