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Illinois Tool Works ITW Welding — Operating Income

Other segment segments

Test & Measurement and Electronics
$193M+22.9%
Food Equipment
$188M-0.5%
Automotive OEM
$185M+2.8%
Construction Products
$151M+4.1%
Specialty Products
$148M0.0%
Polymers & Fluids
$140M+15.7%

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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$85.54B+14.0%
Enterprise value$94.39B+15.2%
P/E26.8×+4.5×
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:OperatingIncomeLoss.

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
Automotive OEM$185$180$358$331
Food Equipment188189345355
Test & Measurement and Electronics193157357296
Welding178159341312
Polymers & Fluids140121266235
Construction Products151145286275
Specialty Products148148283283
Total segments1,1831,0992,2362,087

ITEM 1. Financial Statements

FAQ

What is Illinois Tool Works's welding — operating income?
Illinois Tool Works (ITW) reported welding — operating income of $178M in Q2 2026.
How has Illinois Tool Works's welding — operating income changed year-over-year?
Illinois Tool Works's welding — operating income increased by 11.9% year-over-year, from $159M to $178M.
What is the long-term trend for Illinois Tool Works's welding — operating income?
Over 4 years (2021 to 2025), Illinois Tool Works's welding — operating income has grown at a 6.1% compound annual growth rate (CAGR), from $490M to $621M.
What does welding — operating income mean?
This is the profit earned from the welding segment's core business operations after deducting both variable and overhead costs from revenue. It is the primary measure of the segment's operational profitability and management effectiveness.

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