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Illinois Tool Works ITW Test & Measurement and Electronics — Variable cost of revenue

Other segment segments

Automotive OEM
$461M+0.4%
Food Equipment
$322M+2.9%
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$254M+18.1%
Polymers & Fluids
$223M+7.2%
Construction Products
$221M+5.2%
Specialty Products
$217M+4.8%

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Other financials

Income statement

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Revenue$4.3B+6.1%
Gross profit$1.9B+6.5%
Operating income$1.1B+7.4%
Net income$815.0M+7.9%
EPS (diluted)$2.84+10.1%

Balance sheet

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Cash & equivalents$839.0M+6.5%
Total debt$9.7B+26.0%
Total assets$16.5B+2.8%

Cash flow

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Operating cash flow$723.0M+31.5%
CapEx$92.0M-8.9%
Free cash flow$631.0M+40.5%

Valuation

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Market cap$84.79B+13.0%
Enterprise value$93.64B+14.2%
P/E26.6×+4.2×
P/S5.2×+0.4×

Profitability

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Gross margin44.2%+0.4pp
Operating margin26.5%+0.5pp
Net margin19.4%-1.9pp
FCF margin17.7%+0.5pp

Returns & leverage

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Current ratio1.1×-0.5×

Where this comes from

Reported directly by Illinois Tool Works in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

The source filing: Illinois Tool Works’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 3:34 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000049826-26-000049
In millionsThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Variable cost of revenue:
Automotive OEM$461$459$903$894
Food Equipment322313620597
Test & Measurement and Electronics335302644584
Welding254215481429
Polymers & Fluids223208433413
Construction Products221210427410
Specialty Products217207412408

ITEM 1. Financial Statements

FAQ

What is Illinois Tool Works's test & measurement and electronics — variable cost of revenue?
Illinois Tool Works (ITW) reported test & measurement and electronics — variable cost of revenue of $335M in Q2 2026.
How has Illinois Tool Works's test & measurement and electronics — variable cost of revenue changed year-over-year?
Illinois Tool Works's test & measurement and electronics — variable cost of revenue increased by 10.9% year-over-year, from $302M to $335M.
What is the long-term trend for Illinois Tool Works's test & measurement and electronics — variable cost of revenue?
Over 3 years (2022 to 2025), Illinois Tool Works's test & measurement and electronics — variable cost of revenue has grown at a -2.3% compound annual growth rate (CAGR), from $1.31B to $1.22B.
What does test & measurement and electronics — variable cost of revenue mean?
This measures the direct costs associated with producing the goods and services sold by the Test and Measurement and Electronics segment, which fluctuate in direct proportion to production volume. It includes raw materials, direct labor, and variable manufacturing overheads.

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