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Illinois Tool Works vs Zebra Technologies: ITW and ZBRA compared
Illinois Tool Works is the larger company: $4.2B of revenue in its latest quarter (Q3 2026) against $1.6B for Zebra Technologies (Q3 2026). Zebra Technologies is growing faster (+22% against +4% a year earlier). Illinois Tool Works is more profitable, with an operating margin of 27.8% against 14.7%.
Where the money goes: ITW and ZBRA
Illinois Tool Works (ITW) · Q3 2026
Illinois Tool Works, Q3 2026: revenue $4.2B (+4% year over year), operating margin 27.8%, net earnings $855M, operating cash flow $953M. The chart follows the revenue to costs, profit and cash.
Zebra Technologies (ZBRA) · Q3 2026
Zebra Technologies, Q3 2026: revenue $1.6B (+22% year over year), operating margin 14.7%, net earnings $164M, operating cash flow $324M. The chart follows the revenue to costs, profit and cash.
| Illinois Tool Works (ITW) | Zebra Technologies (ZBRA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $4.2B | $1.6B |
| Revenue growth, Y/Y | +4% | +22% |
| Gross margin | — | 45.7% |
| Operating margin | 27.8% | 14.7% |
| Net earnings | $855M | $164M |
| Net margin | 20.2% | 10.2% |
| Operating cash flow | $953M | $324M |
| Free cash flow | $851M | $300M |
| Market value | $81.4B | $15.5B |
| P/E | 25.4× | 26.1× |
| Analysts’ mean target | $294.14 | $415.25 |
Where the revenue comes from
Zebra Technologies
- Tangible Products: $1.4B (85%)
- Services and Software: $244M (15%)
Questions
Which is bigger, Illinois Tool Works or Zebra Technologies?
Illinois Tool Works is the larger company: $4.2B of revenue in its latest quarter (Q3 2026) against $1.6B for Zebra Technologies (Q3 2026).
Is Illinois Tool Works or Zebra Technologies growing faster?
Zebra Technologies is growing faster (+22% against +4% a year earlier).
Which is more profitable, Illinois Tool Works or Zebra Technologies?
Illinois Tool Works is more profitable, with an operating margin of 27.8% against 14.7%.
More: Illinois Tool Works earnings · how Illinois Tool Works makes money · Zebra Technologies earnings · how Zebra Technologies makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.