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Illinois Tool Works ITW Welding — Variable cost of revenue

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$322M+2.9%
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

See full
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
Automotive OEM$461$459$903$894
Food Equipment322313620597
Test & Measurement and Electronics335302644584
Welding254215481429
Polymers & Fluids223208433413
Construction Products221210427410
Specialty Products217207412408
Total segments$2,033$1,914$3,920$3,735

ITEM 1. Financial Statements

FAQ

What is Illinois Tool Works's welding — variable cost of revenue?
Illinois Tool Works (ITW) reported welding — variable cost of revenue of $254M in Q2 2026.
How has Illinois Tool Works's welding — variable cost of revenue changed year-over-year?
Illinois Tool Works's welding — variable cost of revenue increased by 18.1% year-over-year, from $215M to $254M.
What is the long-term trend for Illinois Tool Works's welding — variable cost of revenue?
Over 3 years (2022 to 2025), Illinois Tool Works's welding — variable cost of revenue has grown at a -3.6% compound annual growth rate (CAGR), from $936M to $839M.
What does welding — variable cost of revenue mean?
This measures the direct costs associated with producing welding goods, including raw materials, direct labor, and variable manufacturing overhead. It is a key indicator of the segment's production efficiency and sensitivity to commodity price fluctuations.

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