Jun 2026 (Q2 FY26) — Jul 28, 2026
Illinois Tool Works Q2 FY26 — Record Profitability and Raised Full-Year Guidance
Read the full callIllinois Tool Works (ITW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Illinois Tool Works earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,301 | +6.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 26.7 | +0.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
19 of 22 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year GAAP EPS | $11.00 to $11.40 ($11.20 midpoint, 7% growth) | Dec 2025 | raising our GAAP EPS guidance by $0.15 to a range of $11.35 to $11.55 | Revised Up |
| Automotive OEM operating margin (Investor Day goal) | low to mid-20s by 2026 | Sep 2024 | approaching kind of the target we laid out in 2023 at Investor Day | On Track |
3 of ILLINOIS TOOL WORKS INC's 37 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 35 more targets are in the full ledger.
Claimed
- Achieved 4.5% organic growth, driven by strong CapEx-related businesses.
- Expanded operating margin to 26.7%, a 40 basis point increase year-over-year, with enterprise initiatives contributing 120 basis points.
- Delivered a record $1.15 billion in operating income, up 7.4% year-over-year, marking the most profitable quarter in company history.
- Increased GAAP EPS by 10% to $2.84, and raised full-year EPS guidance by $0.15 to a new midpoint of $11.45.
- Customer-Back Innovation (CBI) contributed 3% to first-half revenue growth, exceeding prior year's full-year contribution.
Qualified
- Operating margin was temporarily diluted by 40 basis points due to timing lags between inflation and price adjustments, particularly in crude oil derivatives.
- Specialty Products segment experienced a 110 basis point margin decline due to price-cost timing lags.
- Automotive OEM in Europe saw a 5% organic revenue decline.
Price
$270.17 −0.77% · −$2.11
Performance +8.4% 1Y
1Y: $249.26 on 17 Oct 2025 → $270.17. High $299.6 (13 Feb 2026), low $241.07 (19 Nov 2025).
- Previous close
- $272.28
- 52-week range
- $241.07 – $299.6
- One year
- +7.05%
Overview
- Symbol
- ITW
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
19 of 22 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year GAAP EPS | $11.00 to $11.40 ($11.20 midpoint, 7% growth) | Dec 2025 | raising our GAAP EPS guidance by $0.15 to a range of $11.35 to $11.55 | Revised Up |
| Automotive OEM operating margin (Investor Day goal) | low to mid-20s by 2026 | Sep 2024 | approaching kind of the target we laid out in 2023 at Investor Day | On Track |
Claimed
- Achieved 4.5% organic growth, driven by strong CapEx-related businesses.
- Expanded operating margin to 26.7%, a 40 basis point increase year-over-year, with enterprise initiatives contributing 120 basis points.
- Delivered a record $1.15 billion in operating income, up 7.4% year-over-year, marking the most profitable quarter in company history.
- Increased GAAP EPS by 10% to $2.84, and raised full-year EPS guidance by $0.15 to a new midpoint of $11.45.
- Customer-Back Innovation (CBI) contributed 3% to first-half revenue growth, exceeding prior year's full-year contribution.
Qualified
- Operating margin was temporarily diluted by 40 basis points due to timing lags between inflation and price adjustments, particularly in crude oil derivatives.
- Specialty Products segment experienced a 110 basis point margin decline due to price-cost timing lags.
- Automotive OEM in Europe saw a 5% organic revenue decline.
The full ledger
Open ILLINOIS TOOL WORKS INC’s full ledger
A free account opens 5 company ledgers a month. All 37 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Illinois Tool Works Q1 FY26 — Solid Start with Strong CapEx Segment Performance
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Illinois Tool Works Q4 FY25 — Solid Finish with Strong Margin Expansion and Positive 2026 Outlook
Read the full callEvery analysed call
Illinois Tool Works earnings calls (ITW)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,966 | 3,932 | 3,839 | 4,053 | 4,059 | 4,093 | 4,016 | 4,301 |
| Operating profit | 1,052 | 1,031 | 951 | 1,068 | 1,112 | 1,085 | 1,020 | 1,147 |
| Operating margin | 26.5% | 26.2% | 24.8% | 26.4% | 27.4% | 26.5% | 25.4% | 26.7% |
| Other income | 379 | 20 | 12 | 4 | 12 | 14 | 20 | 12 |
| Interest | 69 | 68 | 68 | 74 | 75 | 75 | 73 | 79 |
| EPS ($ per share) | 3.92 | — | 2.39 | 2.58 | 2.82 | — | 2.66 | 2.85 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 21,217 | 22,403 | 23,114 | 24,325 | 25,799 | 27,122 | 28,893 | 30,150 |
| Total liabilities | 11,612 | 12,038 | 12,430 | 12,451 | 12,333 | 12,505 | 11,750 | 12,922 |
| Fixed assets | 1,791 | 1,729 | 1,777 | 1,809 | 1,848 | 1,976 | 2,036 | 2,230 |
| Total assets | 14,870 | 15,068 | 15,612 | 16,077 | 15,422 | 15,518 | 15,067 | 16,148 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,811 | 2,995 | 2,807 | 2,557 | 2,348 | 3,539 | 3,281 | 3,126 |
| Cash from investing | -325 | -183 | -214 | -984 | -110 | -403 | -144 | -521 |
| Cash from financing | -3,964 | -2,326 | -2,049 | -2,564 | -3,000 | -2,782 | -3,189 | -2,744 |
| Net cash flow | -1,590 | 477 | 583 | -1,037 | -819 | 357 | -117 | -97 |
| Capital expenditure | -364 | -326 | -236 | -296 | -412 | -455 | -437 | -419 |
| Free cash flow | 2,447 | 2,669 | 2,571 | 2,261 | 1,936 | 3,084 | 2,844 | 2,707 |
ITW revenue by segment
Welding grew from 12% to 13% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Automotive OEM | 19% | 20% | 20% | 21% | 20% | 20% | 20% | 20% | +1.4% |
| Test and Measurement and Electronics | 18% | 19% | 17% | 17% | 17% | 19% | 18% | 18% | +12.1% |
| Food Equipment | 17% | 17% | 16% | 17% | 17% | 17% | 16% | 16% | +1.8% |
| Welding | 12% | 11% | 12% | 12% | 12% | 11% | 13% | 13% | +14.6% |
| Construction Products | 12% | 11% | 12% | 12% | 12% | 11% | 11% | 11% | +4.4% |
| Polymers and Fluids | 11% | 11% | 11% | 11% | 11% | 11% | 11% | 11% | +8.7% |
| Specialty Products | 11% | 11% | 11% | 11% | 11% | 11% | 11% | 11% | +2.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
74 filings between Nov 5, 2025 and Aug 19, 2026.
Open market
decisions to buy or sellPurchases
$1.88M
2 purchases by 2 insiders
Sales
$67.30M
14 sales by 5 insiders
Compensation
not trading decisions- 22
- Award — granted as compensation
- 18
- Option exercise — converted options into shares
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 other filings, 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| SANTI ERNEST SCOTT | — | $60.58M | Aug 19, 2026 |
| Lawler Mary Katherine | — | $5.04M | Feb 6, 2026 |
| SMITH DAVID BYRON JR | $1.68M | — | Dec 10, 2025 |
| Beck Axel | — | $1.23M | Feb 5, 2026 |
| STROBEL PAMELA B | — | $373.0K | Nov 5, 2025 |
| Scanlon Jennifer F. | $199.9K | — | Jun 2, 2026 |
| Pigozzo Matteo C. | — | $80.1K | Aug 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 19, 2026 | SANTI ERNEST SCOTT Director | Sale | 1,890 | $546.6K |
| Aug 19, 2026 | SANTI ERNEST SCOTT Director | Option exercise | 41,431 | $7.78M |
| Aug 19, 2026 | SANTI ERNEST SCOTT Director | Sale | 22,471 | $6.44M |
| Aug 19, 2026 | SANTI ERNEST SCOTT Director | Sale | 8,142 | $2.34M |
| Aug 19, 2026 | SANTI ERNEST SCOTT Director | Sale | 8,928 | $2.57M |
| Aug 13, 2026 | Pigozzo Matteo C. VP & Chief Accounting Officer | Sale | 277 | $80.1K |
| Aug 7, 2026 | SMITH DAVID BYRON JR Director | Award | 130 | $38.6K |
| Aug 7, 2026 | Scanlon Jennifer F. Director | Award | 118 | $35.0K |
| Aug 7, 2026 | CROWN SUSAN Director | Award | 58 | $17.2K |
| Aug 7, 2026 | SANTI ERNEST SCOTT Director | Award | 118 | $35.0K |
| Jun 2, 2026 | Scanlon Jennifer F. Director | Purchase | 806 | $199.9K |
| May 8, 2026 | Grier Kelly J Director | Award | 765 | $194.9K |
| May 8, 2026 | LENNY RICHARD H Director | Award | 765 | $194.9K |
| May 8, 2026 | Henderson Jay L Director | Award | 765 | $194.9K |
| May 8, 2026 | CROWN SUSAN Director | Award | 833 | $212.2K |
| May 8, 2026 | SANTI ERNEST SCOTT Director | Award | 1,883 | $479.7K |
| May 8, 2026 | Scanlon Jennifer F. Director | Award | 846 | $215.5K |
| May 8, 2026 | Brutto Daniel J Director | Award | 765 | $194.9K |
| May 8, 2026 | Ford Darrell L Director | Award | 765 | $194.9K |
| May 8, 2026 | SMITH DAVID BYRON JR Director | Award | 917 | $233.6K |
| May 8, 2026 | GRIFFITH JAMES W Director | Award | 765 | $194.9K |
| May 8, 2026 | STROBEL PAMELA B Director | Award | 765 | $194.9K |
| May 8, 2026 | IRICK JAIME A Director | Award | 765 | $194.9K |
| Feb 12, 2026 | Larsen Michael M SVP & CFO | Option exercise | 6,424 | $0 |
| Feb 12, 2026 | Silva Guilherme de Figueiredo Executive Vice President | Tax withheld | 193 | $57.6K |
| Feb 12, 2026 | Silva Guilherme de Figueiredo Executive Vice President | Option exercise | 598 | $0 |
| Feb 12, 2026 | O'HERLIHY CHRISTOPHER A President & CEO | Tax withheld | 2,610 | $779.1K |
| Feb 12, 2026 | Escoe T. Kenneth Executive Vice President | Tax withheld | 568 | $169.6K |
| Feb 12, 2026 | O'HERLIHY CHRISTOPHER A President & CEO | Option exercise | 7,024 | $0 |
| Feb 12, 2026 | Larsen Michael M SVP & CFO | Tax withheld | 2,348 | $700.9K |
| Feb 12, 2026 | Escoe T. Kenneth Executive Vice President | Option exercise | 1,883 | $0 |
| Feb 12, 2026 | Carbonell Javier Gracia Executive Vice President | Option exercise | 1,883 | $0 |
| Feb 12, 2026 | Szafranski Sharon Executive Vice President | Tax withheld | 631 | $188.4K |
| Feb 12, 2026 | Szafranski Sharon Executive Vice President | Option exercise | 2,098 | $0 |
| Feb 12, 2026 | SCHEUNEMAN RANDALL J VP & Chief Accounting Officer | Option exercise | 803 | $0 |
| Feb 12, 2026 | Thibeault Mark A. Executive Vice President | Tax withheld | 157 | $46.9K |
| Feb 12, 2026 | Thibeault Mark A. Executive Vice President | Option exercise | 469 | $0 |
| Feb 12, 2026 | SANTI ERNEST SCOTT Director | Tax withheld | 4,241 | $1.27M |
| Feb 12, 2026 | SANTI ERNEST SCOTT Director | Option exercise | 9,572 | $0 |
| Feb 12, 2026 | Beck Axel Executive Vice President | Tax withheld | 1,063 | $317.3K |
| Feb 12, 2026 | Beck Axel Executive Vice President | Option exercise | 2,398 | $0 |
| Feb 12, 2026 | SCHEUNEMAN RANDALL J VP & Chief Accounting Officer | Tax withheld | 253 | $75.5K |
| Feb 12, 2026 | Hartzell Patricia A. Executive Vice President | Tax withheld | 569 | $169.9K |
| Feb 12, 2026 | Hartzell Patricia A. Executive Vice President | Option exercise | 1,883 | $0 |
| Feb 12, 2026 | Lawler Mary Katherine SVP & Chief HR Officer | Tax withheld | 1,214 | $362.4K |
| Feb 12, 2026 | Carbonell Javier Gracia Executive Vice President | Tax withheld | 923 | $275.5K |
| Feb 12, 2026 | Lawler Mary Katherine SVP & Chief HR Officer | Option exercise | 2,740 | $0 |
| Feb 10, 2026 | Rauch Christopher P. SVP, General Counsel & Secy. | Tax withheld | 129 | $38.0K |
| Feb 10, 2026 | Rauch Christopher P. SVP, General Counsel & Secy. | Option exercise | 477 | $0 |
| Feb 6, 2026 | CROWN SUSAN Director | Award | 61 | $17.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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