ITW · Q2 2026

Archived report (Q2 2026). Latest deep dive →

US GAAP, Q2 2026 · released Jul 28

The quarter in brief

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.

Net Income

$815M

up 8.0% y/y

Operating Revenue

$4,301M

up 6.1% y/y

Operating Income

$1,147M

up 7.4% y/y

Gross Profit

$1,898M

up 6.5% y/y

All figures in $M.

Sankey diagram of ITW earnings report for Q2 2026: revenue, costs and profit
Line item	Amount and change
Automotive OEM	$857 · +1.3% · 21.6% op margin
Food Equipment	$692 · +1.6% · 27.1% op margin
Test & Measurement / Electronics	$769 · +12.1% · 25.2% op margin
Welding	$549 · +14.7% · 32.4% op margin
Polymers & Fluids	$476 · +8.8% · 29.3% op margin
Construction Products	$494 · +4.3% · 30.6% op margin
Specialty Products	$468 · +3.0% · 31.5% op margin
Operating Revenue	$4,301 · +6.1% · organic +4.5%
Cost of Revenue	$2,403 · +5.8%
Gross Profit	$1,898 · +6.5% · 44.1% margin
SG&A + R&D	$735 · +6.1%
Amortization & Impairment*	$16 · -23.8%
Operating Income	$1,147 · +7.4% · 26.7% margin
Interest Expense	$79 · +6.8%
Other Income	$12 · +200%
Income Before Taxes	$1,080 · +8.2%
Income Taxes	$265 · +9.1%
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).

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ITW — Illinois Tool Works manufactures industrial products and equipment across segments such as automotive, construction, and electronics.

Based in Glenview, Illinois, it operates in multiple countries with a diversified portfolio of engineered components.

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ITW · Q2 2026

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