ITW · Full Picture

ILLINOIS TOOL WORKS INC — the full picture

Earnings window · 2026-07-16 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Capital Return Program · Buybacks & dividendsPriority 79
    -4.5% cash; 2 sources (news, sec_filing); 2 forward row(s); structured_verified
    On August 4, 2023 the Company announced a stock repurchase program authorizing up to $5.0 billion of common stock repurchases over an open-ended period (the "2023 Program").
  2. Guidance and Outlook · Guidance & outlookPriority 69
    2 sources (news, sec_filing); 2 forward row(s); quote_verified
    Company upgraded its full-year 2026 guidance, projecting higher GAAP EPS and improved operating margins.
  3. Revenue Performance and Mix · Revenue growth & mixPriority 65
    +9.2% revenue (realized); 2 sources (news, sec_filing); quote_verified
    Operating revenue for the Test & Measurement and Electronics segment was $1,484 million in the second quarter of 2026 and $1,338 million in the second quarter of 2025, a 12.1% increase.
  4. Liquidity and Cash Position · Liquidity & cash positionPriority 59
    +7.0% cash (realized); structured_verified
    Current liabilities total as of June 30, 2026: $5,953 million and as of December 31, 2025: $5,126 million.
  5. Liquidity and Debt Position · Debt, leverage & refinancingPriority 56
    -3.6% liability (realized); 1 forward row(s); quote_verified
    Short-term debt included commercial paper of $2.1 billion as of June 30, 2026 and $1.3 billion as of December 31, 2025.
  6. Operating Margin Drivers · Operating income & profitabilityPriority 54
    +5.3% operating_income (realized); structured_verified
    Operating income was $1,147 million in the second quarter of 2026 and $1,068 million in the second quarter of 2025, an increase of 7.4%.
  7. Operating Expense Trends · Operating expenses (SG&A)Priority 49
    -4.0% operating_income (realized); quote_verified
    Cost of revenue was $2,403 million and $2,271 million in the second quarter of 2026 and 2025, respectively.
  8. End-Market Demand Trends · Demand, orders & backlogPriority 48
    +2.4% revenue (realized); 2 sources (news, sec_filing); structured_verified
    Operating revenue for the Welding segment increased 14.7% in the second quarter and operating revenue was $1,056 million in the six months ended June 30, 2026 with an 11.0% increase year-to-date.
  9. Revolving Credit Facility · Debt, leverage & refinancingPriority 46
    quote_verified
    On February 20, 2026 the Company entered into a $3.0 billion, five-year revolving credit facility with a termination date of February 20, 2031, replacing the existing $3.0 billion, five-year facility with termination date October 21, 2027.
  10. Semiconductor Electronics Demand · Demand, orders & backlogPriority 42
    quote_verified
    Electronics assembly businesses grew 49.2% in the second quarter and increased 36.9% in the year-to-date period.
  11. Automotive OEM Market Trends · UnclassifiedPriority 41
    quote_verified
    Automotive OEM organic revenue decreased 0.4% in the second quarter and 0.6% in the year-to-date period, while worldwide auto builds were flat in the second quarter and decreased 1% in the year-to-date period.
  12. Trade Policy and Tariffs · Tariffs & trade policyPriority 39
    2 sources (news, sec_filing); 1 forward row(s); quote_verified
    On April 2, 2025, the United States government announced additional tariffs on goods imported to the U.S. from numerous countries.

Threads by pillar

Revenue & Demand Priority 72 · 4 threads

Costs & Margins Priority 62 · 2 threads

Capital & Balance Sheet Priority 88 · 5 threads

Strategy & Portfolio Priority 36 · 1 thread

Legal, Regulatory & Policy Priority 39 · 1 thread

Guidance & Outlook Priority 70 · 2 threads

Unclassified Priority 43 · 2 threads

Expected impact by metric

metricforward netforward grossrealized
cash-4.5%+4.5%-3.3%
assets——+3.2%
operating_income——+1.2%
revenue——+12.1%
liability——-8.6%