Companies · ITW
Illinois Tool Works
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Latest analysis
Updated Aug 6, 2026
ITW Q2 2026: Test & Measurement and Welding lead 4.5% organic growth as enterprise initiatives drive 40 bps margin expansion to 26.7%
ITW delivered its strongest quarterly organic growth performance in recent periods, with Test & Measurement and Electronics (+10.0% organic) and Welding (+13.9% organic) offsetting continued softness in Food Equipment (-2.4% equipment organic in North America) and Automotive OEM (-0.4% organic). Enterprise initiative benefits of 120 basis points drove operating margin to 26.7% in Q2 2026 despite unfavorable price/cost of 40 basis points and rising employee-related costs — demonstrating that structural 80/20 improvements are outpacing input cost headwinds. The semiconductor and electronics end markets are the primary demand engine this cycle, with electronics assembly businesses growing 49.2% organically in Q2, signaling that ITW's Test & Measurement segment is the clearest beneficiary of the AI and semiconductor capex buildout.
Tone: bullishRevenue
$16B
ITW 10-K · FY 2025
Employees
43,000
Revenue FY2024
$15.9B
Founded
1912
Profile
ITW 10-K Item 1 · Feb 13, 2026Illinois Tool Works (ITW) is a global diversified industrial manufacturer operating 88 divisions across 49 countries, organized into seven segments spanning automotive, food equipment, welding, construction, and specialty products. The company's competitive differentiation is anchored in its proprietary 80/20 Front-to-Back operating system, customer-back innovation, and a decentralized entrepreneurial culture. ITW serves a broad range of industrial and commercial end markets with a portfolio of niche, differentiated products and equipment.
Read filing description ↓ Collapse description ↑
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 powerful and highly differentiated ITW Business Model is the Company's core source of value creation. It is the Company's competitive advantage and defines how ITW creates value for its shareholders. The ITW Business Model is comprised of three unique elements: ITW's 80/20 Front-to-Back process is the operating system that is applied in every ITW business; Customer-back Innovation has fueled decades of profitable growth at ITW; and ITW's Decentralized, Entrepreneurial Culture enables ITW businesses to be fast, focused, and responsive. The Company focuses on high-quality businesses, ensuring it operates in markets with positive long-term macro fundamentals and with customers that have critical needs and value ITW's differentiated products, services and solutions. ITW's portfolio operates in highly diverse end markets and geographies which makes the Company more resilient in the face of uncertain or volatile market environments.
Primary products
- plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses
- warewashing equipment
- cooking equipment, including ovens, ranges and broilers
- refrigeration equipment, including refrigerators, freezers and prep tables
- food processing equipment, including slicers, mixers and scales
- kitchen exhaust, ventilation and pollution control systems
Business segments
End markets
Geographies
Named competitors
“In virtually all segments, the Company differentiates its businesses from its competitors based on product innovation, product quality, brand preference and service delivery.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Operating revenue increased from $15,898 million in 2024 to $16,044 million in 2025, reflecting modest top-line growth despite ongoing end-market headwinds.
The rest of ITW is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.