What is the primary revenue source for Illinois Tool Works (ITW)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze ITW's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Illinois Tool Works's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Illinois Tool Works Makes Money: ITW Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Revenue: USD 8.32B
Largest revenue segment share (Automotive OEM): 20.16%
Cost of revenue: USD 4.66B
Income tax expense: USD 464.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Income tax expenseIncome tax expense (benefit) · IncomeTaxExpenseBenefit
Largest revenue segment share (Automotive OEM)Automotive OEM · segment_value / revenue * 100
RevenueOperating revenue · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of product and service sold · CostOfGoodsAndServicesSold

Assets

Where is the money tied up, and how is the company financed?

Watch

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Goodwill accounts for 30.76% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 5.07B
Accounts receivable: USD 3.56B
Property, plant and equipment: USD 2.23B
Shareholder equity: USD 2.90B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal stockholders' equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
GoodwillGoodwill · Goodwill
Accounts receivableReceivables, net, current · ReceivablesNetCurrent
Property, plant and equipmentProperty, plant, and equipment, after accumulated depreciation, depletion, and amortization · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 85.03% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 1.58B
Operating cash flow: USD 1.35B
Cash conversion: 85.03%
Free cash flow: USD 1.16B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · ProfitLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 928.00M
Share repurchases: USD 1.13B
Stock issuance proceeds: USD 52.00M
Net shareholder return: USD 2.00B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from issuance of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?