Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.6B | $14.3B | $14.8B | $14.1B | $12.6B | $14.5B | $15.9B | $16.1B | $15.9B | $16.0B |
| Revenue growth | — | 5.3% | 3.2% | -4.5% | -10.9% | 15.0% | 10.2% | 1.1% | -1.3% | 0.9% |
| Operating income | $3.06B | $3.48B | $3.58B | $3.40B | $2.88B | $3.48B | $3.79B | $4.04B | $4.26B | $4.22B |
| Operating margin | 22.5% | 24.3% | 24.3% | 24.1% | 22.9% | 24.1% | 23.8% | 25.1% | 26.8% | 26.3% |
| Net income | $2.04B | $1.69B | $2.56B | $2.52B | $2.11B | $2.69B | $3.03B | $2.96B | $3.49B | $3.07B |
| Net margin | 15.0% | 11.8% | 17.4% | 17.9% | 16.8% | 18.6% | 19.0% | 18.4% | 21.9% | 19.1% |
| EPS (diluted) | $5.70 | $4.86 | $7.60 | $7.74 | $6.63 | $8.51 | $9.77 | $9.74 | $11.71 | $10.49 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.30B | $2.40B | $2.81B | $3.00B | $2.81B | $2.56B | $2.35B | $3.54B | $3.28B | $3.13B |
| Capital expenditures | $273M | $297M | $364M | $326M | $236M | $296M | $412M | $455M | $437M | $419M |
| Free cash flow | $2.03B | $2.10B | $2.45B | $2.67B | $2.57B | $2.26B | $1.94B | $3.08B | $2.84B | $2.71B |
| Share buybacks | $2.00B | $1.00B | $2.00B | $1.50B | $706M | $1.00B | $1.75B | $1.50B | $1.50B | $1.50B |
| Dividends paid | $821M | $941M | $1.12B | $1.32B | $1.38B | $1.46B | $1.54B | $1.61B | $1.70B | $1.78B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.47B | $3.09B | $1.50B | $1.98B | $2.56B | $1.53B | $708M | $1.06B | $948M | $851M |
| Total assets | $15.2B | $16.8B | $14.9B | $15.1B | $15.6B | $16.1B | $15.4B | $15.5B | $15.1B | $16.1B |
| Long-term debt | $7.18B | $7.48B | $6.03B | $7.75B | $7.77B | $6.91B | $6.17B | $6.34B | $6.31B | $6.68B |
| Shareholders' equity | $4.26B | $4.59B | $3.26B | $3.03B | $3.18B | $3.63B | $3.09B | $3.01B | $3.32B | $3.23B |
| Retained earnings | $19.5B | $20.2B | $21.2B | $22.4B | $23.1B | $24.3B | $25.8B | $27.1B | $28.9B | $30.1B |
| Shares (wtd avg diluted) | 357M | 347M | 337M | 326M | 318M | 316M | 311M | 304M | 298M | 292M |
Every figure is extracted from ILLINOIS TOOL WORKS INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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