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How Illinois Tool Works (ITW) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/28/2026
Illinois Tool Works Inc. (ITW) is an American Fortune 500 company that produces engineered fasteners and components, equipment and consumable systems, and specialty products. · Wikipedia
More about the company
It was founded in 1912 by Byron L. Smith and has built its growth on a "small-wins strategy" based on decentralization, simplicity, customer-focused innovation, and acquisitions.
Key growth driver: Test & Measurement / Electronics — the fastest-growing revenue line: $769, +12% y/y. · by the Q2 2026 report
How does Illinois Tool Works make money?
Illinois Tool Works brought in $4.30 billion of revenue in Q2 2026, up 6.1% year over year. The largest source was Automotive OEM: $857 million, or 20% of the total, followed by Test & Measurement / Electronics ($769M, 18%) and Food Equipment ($692M, 16%); other lines add the remaining 46%. Net income for the quarter was $815 million, up 8.0% year over year.
Revenue by source, Q2 2026
- Automotive OEM$857M · 20% · +1.3%
- Test & Measurement / Electronics$769M · 18% · +12.1%
- Food Equipment$692M · 16% · +1.6%
- Welding$549M · 13% · +14.7%
- Construction Products$494M · 11% · +4.3%
- Polymers & Fluids$476M · 11% · +8.8%
- Specialty Products$468M · 11% · +3.0%
Shares of $4.30B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is ITW’s next earnings date?
Friday, October 23, 2026estimated
Illinois Tool Works (ITW) has not confirmed the date yet; Oct 23, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $2.99 (6 analysts), vs $2.81 in the same quarter last year.
Last report: Jul 28, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$4,301
+6.1%
organic +4.5%
Gross profit
$1,898
+6.5%
44.1% margin
Operating income
$1,147
+7.4%
26.7% margin
Net income
$815
+8.0%
GAAP EPS $2.84 · +10.1%
Verdict: a record-profitable quarter with broad-based strength — 6.1% revenue growth and 40bps margin expansion to 26.7% driven by double-digit organic growth in Welding and Test & Measurement/Electronics, offset only modestly by soft Automotive OEM and price/cost timing lag drag.
OCF $723M (+31%), FCF $631M (+41%, 77% NI conversion), $750M buybacks + dividends totaling $1.2B+ returned to shareholders, FY26 guidance raised: organic growth to 3-4%, GAAP EPS midpoint $11.45
Source and notation
* marks non-cash / ≈ estimated. Source: Illinois Tool Works press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
ITW earnings history: past report dates
| Jul 28, 2026 Tue | 9:21 ambefore market open | Jun 30, 2026 | $4.3B+6% y/y | $2.84+10% y/y |
| Apr 30, 2026 Thu | 9:14 ambefore market open | Mar 31, 2026 | $4.0B+5% y/y | $2.66+12% y/y |
| Feb 3, 2026 Tue | 9:48 amduring market hours | Dec 31, 2025 | ≈$4.1B+4% y/y | ≈$2.72+8% y/y |
| Oct 24, 2025 Fri | 9:43 amduring market hours | Sep 30, 2025 | $4.1B+2% y/y | $2.81−28% y/y |
| Jul 30, 2025 Wed | 9:33 amduring market hours | Jun 30, 2025 | $4.1B+1% y/y | $2.58+2% y/y |
| Apr 30, 2025 Wed | 9:29 ambefore market open | Mar 31, 2025 | $3.8B−3% y/y | $2.38−13% y/y |
| Feb 5, 2025 Wed | 9:31 amduring market hours | Dec 31, 2024 | ≈$3.9B−1% y/y | ≈$2.53+6% y/y |
| Oct 30, 2024 Wed | 9:27 ambefore market open | Sep 30, 2024 | $4.0B−2% y/y | $3.91+53% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Illinois Tool Works: 5-year financials
| 2025 | 16,044 | 4,216 | 3,066 | 2,707 | 1,785 |
| 2024 | 15,898 | 4,264 | 3,488 | 2,844 | 1,695 |
| 2023 | 16,107 | 4,040 | 2,957 | 3,084 | 1,615 |
| 2022 | 15,932 | 3,790 | 3,034 | 1,936 | 1,542 |
| 2021 | 14,455 | 3,477 | 2,694 | 2,261 | 1,463 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 2026The 2025 10-K's Legal Proceedings section reads “None”; one class of shares; 6.0M shares repurchased for $1.5B in 2025, quarterly dividend raised from $1.50 to $1.61. sec.gov ↗
- Dec 2025Dividend per share: $4.42 (2020), $5.42 (2023), $6.22 (2025) (XBRL 10-K). data.sec.gov ↗
- Dec 2025Diluted share count 2020→2025 −8.2% (XBRL 10-K). data.sec.gov ↗
Scoring: 2.0, no deductions = 2.0
- Share classes
- Single class of common stock (10-K cover).
- Dilution
- Diluted share count 2020→2025 −8.2%; SBC 0.4%; buybacks of $1.5B a year.
- Disclosure
- 10-Ks and 10-Qs filed on time, audited US GAAP financials; no deduction.
- Dividends
- Dividend raised every year: $4.42 (2020) → $6.22 (2025); quarterly dividend raised to $1.61.
- Lawsuits & regulators
- Item 3 Legal Proceedings in the 2025 10-K: “None”; no shareholder suits or SEC cases.
- Related parties
- No non-arm's-length related-party transactions.
How the score works · checked as of Sep 2026
Illinois Tool Works (ITW) earnings: FAQ
How does Illinois Tool Works make money?
Illinois Tool Works brought in $4.30 billion of revenue in Q2 2026, up 6.1% year over year. The largest source was Automotive OEM: $857 million, or 20% of the total, followed by Test & Measurement / Electronics ($769M, 18%) and Food Equipment ($692M, 16%); other lines add the remaining 46%. Net income for the quarter was $815 million, up 8.0% year over year.
When is ITW's next earnings date?
Illinois Tool Works (ITW) has not confirmed the date yet; Oct 23, 2026 is an estimate based on its past reporting schedule.
When did ITW last report earnings?
Illinois Tool Works reported Q2 2026 results on Jul 28, 2026.
What is the EPS estimate for ITW's next earnings?
The consensus EPS forecast is $2.99 (6 analysts), vs $2.81 in the same quarter last year.
Where can I find Illinois Tool Works's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to ITW's filings; this page breaks the latest report down in a Sankey chart.
What was ITW's net income in Q2 2026?
Illinois Tool Works reported net income of $815M for Q2 2026 (+8.0% year over year), under US GAAP.
Does Illinois Tool Works pay dividends?
Yes. In 2025, Illinois Tool Works paid $1,785M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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