Income StatementBalance SheetCash FlowSegments
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Illinois Tool Works Business Segments

Business, geographic, and product segment breakdowns

Illinois Tool Works generates $16.2B in annual revenue across 4 key segments: Automotive OEM ($3.3B), Construction Products ($1.8B), Food Equipment ($2.7B), and Polymers and Fluids ($1.8B). The company-wide operating margin is 26.42%. Based on the Q1 2026 filing.

Automotive OEM (TTM)$3.3BConstruction Products (TTM)$1.8BFood Equipment (TTM)$2.7BPolymers and Fluids (TTM)$1.8BPolymers & Fluids (TTM)$1.8BSpecialty Products (TTM)$1.8BTest & Measurement and Electronics (TTM)$2.9BWelding (TTM)$1.9B
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$72.6B
P/E Ratio23.15

Geographic

Operating Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia Pacific$740.3M$769.8M$769.8M$769.8M$769.8M—
Canada And Mexico$289.0M$271.3M$271.3M$271.3M$271.3M—
EMEA$1.0B$1.0B$1.0B$1.0B$1.0B—
North America$2.1B$2.1B$2.1B$2.1B$2.1B—
South America$76.5M$80.8M$80.8M$80.8M$80.8M—

Business Segments

Acquisitions / divestitures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM$0.0$0.0$0.0$0.0$0.0—
Construction Products$0.0$0.0$0.0$0.0$0.0—
Food Equipment$0.0$0.0$0.0$0.0$0.0—
Polymers And Fluids$0.0$0.0$0.0$0.0$0.0—
Specialty Products$0.0$0.0$0.0$0.0$0.0—
Testand Measurementand Electronics$17.8M$16.0M$16.0M$16.0M$16.0M—
Welding$0.0$0.0$0.0$0.0$0.0—

Cumulative goodwill impairment charges, December 31, 2025

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM$24.0M———$24.0M—
Construction Products$7.0M———$7.0M—
Food Equipment$60.0M———$60.0M—
Specialty Products$46.0M———$46.0M—
Testand Measurementand Electronics$83.0M———$83.0M—
Welding$5.0M———$5.0M—

Depreciation and Amortization and Impairment of Goodwill and Intangible Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM$32.0M$32.0M$34.0M$35.0M$35.0M$35.0M
Test & Measurement and Electronics$20.0M$18.0M$18.0M$17.0M$20.0M$18.0M
Food Equipment$12.0M$10.0M$10.0M$11.0M$10.0M$10.0M
Specialty Products$9.0M$9.0M$9.0M$10.0M$10.0M$10.0M
Polymers and Fluids$11.0M$10.0M$11.0M$10.0M$10.0M$9.0M
Welding$9.0M$8.0M$9.0M$9.0M$10.0M$9.0M
Construction Products$9.0M$8.0M$8.0M$8.0M$8.0M$8.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM$445.0M———$480.0M—
Construction Products$488.0M———$507.0M—
Food Equipment$242.0M———$259.0M—
Specialty Products$841.0M———$875.0M—
Testand Measurementand Electronics$1.8B———$1.9B—
Welding$240.0M———$254.0M—

Goodwill, Foreign Currency Translation and Measurement Period Adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM-$5.3M$8.8M$8.8M$8.8M$8.8M—
Construction Products-$4.5M$4.8M$4.8M$4.8M$4.8M—
Food Equipment-$2.3M$4.3M$4.3M$4.3M$4.3M—
Specialty Products-$6.3M$8.5M$8.5M$8.5M$8.5M—
Testand Measurementand Electronics-$6.5M$9.8M$9.8M$9.8M$9.8M—
Welding-$2.8M$3.5M$3.5M$3.5M$3.5M—

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM$156.0M$151.0M$180.0M$182.0M$180.0M$173.0M
Test & Measurement and Electronics$202.0M$139.0M$157.0M$177.0M$221.0M$164.0M
Welding$139.0M$153.0M$159.0M$156.0M$153.0M$163.0M
Food Equipment$182.0M$166.0M$189.0M$202.0M$196.0M$157.0M
Construction Products$123.0M$130.0M$145.0M$149.0M$126.0M$135.0M
Specialty Products$118.0M$135.0M$148.0M$146.0M$124.0M$135.0M
Polymers and Fluids$120.0M$114.0M$121.0M$126.0M$132.0M$126.0M

Operating Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM$785.0M$786.0M$845.0M$830.0M$827.0M$820.0M
Test & Measurement and Electronics$747.0M$652.0M$686.0M$698.0M$789.0M$715.0M
Food Equipment$672.0M$627.0M$680.0M$694.0M$698.0M$637.0M
Welding$447.0M$472.0M$479.0M$477.0M$462.0M$507.0M
Construction Products$438.0M$443.0M$473.0M$473.0M$431.0M$458.0M
Polymers and Fluids$430.0M$429.0M$438.0M$441.0M$457.0M$452.0M
Polymers & Fluids$430.0M$429.0M$438.0M$441.0M$457.0M$452.0M
Specialty Products$416.0M$435.0M$455.0M$452.0M$433.0M$431.0M

Overhead expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Test & Measurement and Electronics$224.0M$231.0M$227.0M$224.0M$233.0M$242.0M
Automotive OEM$191.0M$200.0M$206.0M$198.0M$201.0M$205.0M
Food Equipment$174.0M$177.0M$178.0M$175.0M$175.0M$182.0M
Construction Products$111.0M$113.0M$118.0M$114.0M$111.0M$117.0M
Welding$105.0M$105.0M$105.0M$110.0M$110.0M$117.0M
Polymers and Fluids$104.0M$110.0M$109.0M$107.0M$111.0M$116.0M
Specialty Products$102.0M$99.0M$100.0M$101.0M$101.0M$101.0M

Variable cost of revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Automotive OEM$438.0M$435.0M$459.0M$450.0M$446.0M$442.0M
Test & Measurement and Electronics$321.0M$282.0M$302.0M$297.0M$335.0M$309.0M
Food Equipment$316.0M$284.0M$313.0M$317.0M$327.0M$298.0M
Welding$203.0M$214.0M$215.0M$211.0M$199.0M$227.0M
Polymers and Fluids$206.0M$205.0M$208.0M$208.0M$214.0M$210.0M
Construction Products$204.0M$200.0M$210.0M$210.0M$194.0M$206.0M
Specialty Products$196.0M$201.0M$207.0M$205.0M$208.0M$195.0M