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Illinois Tool Works (ITW) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Illinois Tool Works (ITW) Q3 2026 earnings results →

Q3 2026 Revenue up 4% year over year to $4.2B · 20¢ of every $1 of revenue kept as net profit · operating margin 27.8%

Illinois Tool Works made $4.2B in Q3 2026 (+4% Y/Y). Operating margin 27.8%, net earnings $855M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$4.2B
Year over year+4%
Operating margin27.8%
Net earnings$855M
Operating cash flow$953M

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Illinois Tool Works Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $4.2B in Q3 2026, up 4% year over year and down 2% from the previous quarter.

Operating profit was $1.2B, a 27.8% margin (up 0.4 points year over year). Of the extra revenue versus Q3 2025, 37% reached operating profit, above the 27% margin then. Total costs grew 4% against revenue growth of 4%. Net earnings were $0.85B, up 4% year over year. The effective tax rate was 24.4%.

Operating cash flow was $1.0B (down 7% year over year), 111% of net earnings. Non-cash charges added back $0.08B of depreciation and $0.02B of share-based compensation. After additions to plant and equipment ($0.10B), free cash flow as the company reports it was $0.85B.

Quarterly history

Illinois Tool Works revenue by quarterIllinois Tool Works revenue by quarter$3.8BQ1 2025$4.1BQ2 2025$4.1BQ3 2025$4.1BQ4 2025$4.0BQ1 2026$4.3BQ2 2026$4.2BQ3 2026
Illinois Tool Works net earnings by quarterIllinois Tool Works net earnings by quarter$700MQ1 2025$755MQ2 2025$821MQ3 2025$790MQ4 2025$768MQ1 2026$815MQ2 2026$855MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$4.2B+4%27.8%$855M$953M
Q2 202610-QAug 6, 2026$4.3B+6%26.7%$815M$723M
Q1 202610-QMay 7, 2026$4.0B+5%25.4%$768M$623M
Q4 202510-KFeb 13, 2026$4.1B+4%26.5%$790M$963M
Q3 202510-QOct 24, 2025$4.1B+2%27.4%$821M$1.0B
Q2 202510-QAug 1, 2025$4.1B+0.6%26.4%$755M$550M
Q1 202510-QMay 1, 2025$3.8B-3%24.8%$700M$592M

Charts

Illinois Tool Works: revenue growth, year over year and quarter over quarterIllinois Tool Works: revenue growth, year over year and quarter over quarterY/YQ/Q-3%Q1 2025+1%+6%Q2 2025+2%+0%Q3 2025+4%+1%Q4 2025+5%-2%Q1 2026+6%+7%Q2 2026+4%-2%Q3 2026
Latest (Q3 2026): Y/Y +4%, Q/Q -2%.
Illinois Tool Works: where the cash came from (+) and went (−), TTM to Q3 2026Illinois Tool Works: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$3.3BDividends−$1.9BBuybacks−$1.7BNet borrowing (+) / repaid (−)$600MCapital spending−$394MAcquisitions−$120MCash drawn (+) / kept (−)$115MShares issued$68.0MOther financing−$41.0MOther investing$35.0MExchange rates$15.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Illinois Tool Works: profit against cash, quarter by quarterIllinois Tool Works: profit against cash, quarter by quarterNet incomeOperating cash flow$750M$1.1BQ4 2024$700M$592MQ1 2025$755M$550MQ2 2025$821M$1.0BQ3 2025$790M$963MQ4 2025$768M$623MQ1 2026$815M$723MQ2 2026$855M$953MQ3 2026
Latest (Q3 2026): Net income $855M, Operating cash flow $953M.
Illinois Tool Works: diluted shares by fiscal yearIllinois Tool Works: diluted shares by fiscal year318MFY2020316MFY2021311MFY2022304MFY2023298MFY2024292MFY2025
-8.2% since FY2020: buybacks shrank the count.
Illinois Tool Works: long-term debt falling due (FY2025)Illinois Tool Works: long-term debt falling due (FY2025)$999M2026$1.5B2027$759M2028$585M2030$3.9BLater
Cash $851M, short-term investments —, long-term debt $7.7B at 2025-12-31.
Illinois Tool Works in its industry: growth against margin (8 companies, SIC 3560)Illinois Tool Works in its industry: growth against margin (8 companies, SIC 3560)revenue growth, year over year →↑ operating marginmedian +9%median 20%IRZBRAGTESZWSTWINGHMGTECITW (+4%, 28%)
General Industrial Machinery & Equipment; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Illinois Tool Works

Illinois Tool Works Inc. (the "Company" or "ITW") was founded in 1912 and incorporated in 1915. The Company's ticker symbol is ITW. The Company is a global manufacturer of a diversified range of industrial products and equipment with 88 divisions in 49 countries. As of December 31, 2025, the Company employed approximately 43,000 people. The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments:

In its own words, from its 10-K, filed Feb 13, 2026.

Illinois Tool Works against its General Industrial Machinery & Equipment peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +9%. Operating margin: 27.8% against the peers' median 20.0%.

CompanyQuarterRevenueY/YOp. margin
ITW Illinois Tool WorksQ3 2026$4.2B+4%27.8%
IR Ingersoll RandQ3 2026$2.1B+6%37.9%
ZBRA Zebra TechnologiesQ3 2026$1.6B+22%14.7%
GTES Gates IndustrialQ3 2026$904M+6%14.5%
ZWS Zurn Elkay Water SolutionsQ3 2026$495M+9%21.9%
TWIN Twin DiscQ1 FY27$88.7M+11%5.2%
GHM GrahamQ2 FY27$69.8M+6%8.4%
GTEC Greenland Technologies HoldingQ2 2026$29.9M+38%20.0%

Source: Illinois Tool Works 10-Q on SEC EDGAR · CIK 49826 · General Industrial Machinery & Equipment

Guidance and outlook

Illinois Tool Works Tax rate: guidance against what was reportedIllinois Tool Works Tax rate: guidance against what was reportedguided rangereported (above / within / below)FY202421.1%FY202522.7%FY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns ITW and who is buying

Largest holders of ITW (13F)Largest holders of ITW (13F)Briar Hall Management LLC$7.0BVanguard Group$6.6BBlackRock$6.3BState Farm Mutual Automobile Insu…$5.7BVanguard Capital Management LLC$4.7BState Street$3.5BNorthern Trust$3.0BGeode Capital Management, LLC$1.9BVanguard Portfolio Management LLC$1.9BMorgan Stanley$1.3B
Funds' net buying of ITW by quarter (13F)Funds' net buying of ITW by quarter (13F)−$308M2024-09$110M2024-12−$322M2025-03−$5.3M2025-06−$137M2025-09$762M2025-12−$190M2026-03−$398M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ITW

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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