Illinois Tool Works
Sector unknown·ITW · USA (SEC 10-K)·Fiscal year to 31/12/2025
Products in this segment include: •warewashing equipment; •cooking equipment, including ovens, ranges and broilers; •refrigeration equipment, including refrigerators, freezers and prep tables; •food processing equipment, including slicers, mixers and scales; •kitchen exhaust, ventilation and pollution control systems; and •food equipment service, maintenance and repair.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Steel
Raw materials and inputs
DriverNegative impact: weakens
“The global geopolitical and trade environment has resulted in raw material inflation and potential for increased escalation of domestic and international tariffs and retaliatory trade policies.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Raw material price increases and supply shortages could adversely affect results. The supply of raw materials to the Company and to its component parts suppliers could be interrupted for a variety of reasons, including availability and pricing.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Raw Materials The Company uses raw materials of various types, primarily steel, resins and chemicals, that are available from numerous commercial sources.”
Annual report 2025A · The company itself
Market
“Products in this segment include: •arc welding equipment; and •metal arc welding consumables and related accessories.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Chemicals and specialty chemicals
Raw materials and inputs
DriverNegative impact: weakens
“Raw material price increases and supply shortages could adversely affect results. The supply of raw materials to the Company and to its component parts suppliers could be interrupted for a variety of reasons, including availability and pricing.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Raw Materials The Company uses raw materials of various types, primarily steel, resins and chemicals, that are available from numerous commercial sources.”
Annual report 2025A · The company itself
Market
“Products in this segment include: •adhesives for industrial, construction and consumer purposes; •chemical fluids which clean or add lubrication to machines; •epoxy and resin-based coating products for industrial applications; •hand wipes and cleaners for industrial applications; •fluids, polymers and other supplies for auto aftermarket maintenance and appearance; •fillers and putties for auto body repair; and •polyester coatings and patch and repair products for the marine industry.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
Market
“Products in this segment include: •warewashing equipment; •cooking equipment, including ovens, ranges and broilers; •refrigeration equipment, including refrigerators, freezers and prep tables; •food processing equipment, including slicers, mixers and scales; •kitchen exhaust, ventilation and pollution control systems; and •food equipment service, maintenance and repair.”
Annual report 2025A · The company itself
Market
“Products in this segment include: •fasteners and related fastening tools for wood and metal applications; •anchors, fasteners and related tools for concrete applications; •metal plate truss components and related equipment and software; and •packaged hardware, fasteners, anchors and other products for retail.”
Annual report 2025A · The company itself
Market
“Products in this segment include: •conveyor systems and line automation for the food and beverage industries; •plastic consumables that multi-pack cans and bottles and related equipment; •foil, film and related equipment used to decorate consumer products; •product coding and marking equipment and related consumables; •plastic and metal closures and components for appliances; •airport ground support equipment; and •components for medical devices.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Automotive
End markets
Market
“Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. This segment primarily serves the automotive aftermarket, general industrial and MRO markets.”
Annual report 2025A · The company itself
Market
“This segment primarily serves the automotive original equipment manufacturers and tiers market.”
Annual report 2025A · The company itself
Construction
End markets
Market
“This segment primarily serves the residential construction, renovation/remodel and commercial construction markets.”
Annual report 2025A · The company itself
Market
“Construction Products— This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include: •fasteners and related fastening tools for wood and metal applications; •anchors, fasteners and related tools for concrete applications; •metal plate truss components and related equipment and software; and 57 •packaged hardware, fasteners, anchors and other products for retail.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Agriculture and food production
End markets
Market
“This segment primarily serves the food service, food retail and food institutional/restaurant markets.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“If the Company is unable to successfully introduce new products, its future growth may be adversely affected. The Company's ability to develop new products based on innovation can affect its competitive position and sometimes requires the investment of significant time and resources.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Hospitality and leisure
End markets
Market
“This segment primarily serves the food service, food retail and food institutional/restaurant markets.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“Strategic Transaction Risks The Company's acquisition of businesses could negatively impact its profitability and returns. The Company has engaged in various acquisitions in the past and could choose to acquire additional businesses in the future. Acquisitions involve a number of risks and financial, accounting, managerial and operational challenges, including the following, any of which could adversely affect the Company's profitability and returns: •The acquired business' inability to adapt to the ITW Business Model or otherwise perform in accordance with the Company's anticipated results or timetable, could cause it to under perform relative to the Company's expectations and the price paid for it. •The acquired business could cause the Company's financial results to differ from expectations in any given fiscal period, or over the long term.”
Annual report 2025A · The company itself
Real estate
End markets
Market
“Construction Products— This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include: •fasteners and related fastening tools for wood and metal applications; •anchors, fasteners and related tools for concrete applications; •metal plate truss components and related equipment and software; and 57 •packaged hardware, fasteners, anchors and other products for retail.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Residential construction
End markets
Market
“This segment primarily serves the residential construction, renovation/remodel and commercial construction markets.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens
Retail
End markets
Market
“This segment primarily serves the food service, food retail and food institutional/restaurant markets.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Semiconductors and electronic components
Raw materials and inputs
Market
“Products in this segment include: •equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids; •electronic assembly equipment; •electronic components and component packaging; •static control equipment and consumables used for contamination control in clean room environments; and •pressure sensitive adhesives and components for electronics, medical, transportation and telecommunications applications.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Currency exposure
Macro
DriverNegative impact: weakens
“The risks inherent in the Company's global operations include: •fluctuation in currency exchange rates; •limitations on ownership or participation in local enterprises; •price controls, exchange controls and limitations on repatriation of earnings; •supply chain disruptions, including transportation delays and disruptions; •political, social and economic instability and disruptions, including political unrest and armed conflicts; •acts of terrorism; •the impact of widespread public health crises and pandemics; •government embargoes, sanctions or foreign trade restrictions; •the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures; •government actions impacting international trade agreements, including the EU-UK Trade and Cooperation Agreement; •import and export controls; •social and labor unrest and current and changing regulatory environments; •the potential for expropriation or nationalization of enterprises; •difficulties in staffing and managing multi-national operations; •multiple and potentially conflicting laws, regulations and policies that are subject to change; •limitations on its ability to enforce legal rights and remedies; and •potentially adverse tax consequences.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Quantitative and Qualitative Disclosures About Market Risk MARKET RISK The Company is exposed to certain market risks that exist as part of its ongoing business operations, including fluctuations in currency exchange rates, price volatility for certain commodities and changes in interest rates.”
Annual report 2025A · The company itself
Plastics and polymers
Raw materials and inputs
DriverNegative impact: weakens
“Raw material price increases and supply shortages could adversely affect results. The supply of raw materials to the Company and to its component parts suppliers could be interrupted for a variety of reasons, including availability and pricing.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Raw Materials The Company uses raw materials of various types, primarily steel, resins and chemicals, that are available from numerous commercial sources.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“The risks inherent in the Company's global operations include: •fluctuation in currency exchange rates; •limitations on ownership or participation in local enterprises; •price controls, exchange controls and limitations on repatriation of earnings; •supply chain disruptions, including transportation delays and disruptions; •political, social and economic instability and disruptions, including political unrest and armed conflicts; •acts of terrorism; •the impact of widespread public health crises and pandemics; •government embargoes, sanctions or foreign trade restrictions; •the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures; •government actions impacting international trade agreements, including the EU-UK Trade and Cooperation Agreement; •import and export controls; •social and labor unrest and current and changing regulatory environments; •the potential for expropriation or nationalization of enterprises; •difficulties in staffing and managing multi-national operations; •multiple and potentially conflicting laws, regulations and policies that are subject to change; •limitations on its ability to enforce legal rights and remedies; and •potentially adverse tax consequences.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The global geopolitical and trade environment has resulted in raw material inflation and potential for increased escalation of domestic and international tariffs and retaliatory trade policies.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“The risks inherent in the Company's global operations include: •fluctuation in currency exchange rates; •limitations on ownership or participation in local enterprises; •price controls, exchange controls and limitations on repatriation of earnings; •supply chain disruptions, including transportation delays and disruptions; •political, social and economic instability and disruptions, including political unrest and armed conflicts; •acts of terrorism; •the impact of widespread public health crises and pandemics; •government embargoes, sanctions or foreign trade restrictions; •the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures; •government actions impacting international trade agreements, including the EU-UK Trade and Cooperation Agreement; •import and export controls; •social and labor unrest and current and changing regulatory environments; •the potential for expropriation or nationalization of enterprises; •difficulties in staffing and managing multi-national operations; •multiple and potentially conflicting laws, regulations and policies that are subject to change; •limitations on its ability to enforce legal rights and remedies; and •potentially adverse tax consequences.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“The global geopolitical and trade environment has resulted in raw material inflation and potential for increased escalation of domestic and international tariffs and retaliatory trade policies.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“A significant fluctuation between the U.S. Dollar and other currencies could adversely impact the Company's operating income.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Interest rates
Macro
DriverNegative impact: weakens
“Rising interest rates could have a dampening effect on overall economic activity and/or the financial condition of the Company's customers, either or both of which could negatively affect customer demand for the Company's products and customers' ability to repay obligations to the Company. Rising interest rates could have an impact on the Company and its customers' cost of capital.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Quantitative and Qualitative Disclosures About Market Risk MARKET RISK The Company is exposed to certain market risks that exist as part of its ongoing business operations, including fluctuations in currency exchange rates, price volatility for certain commodities and changes in interest rates.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Additionally, rising interest rates would negatively impact the amount of interest expense related to new issuances of commercial paper and the outstanding Euro term loans borrowed under the Euro Credit Agreement.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“These technology networks and systems may be susceptible to damage, disruptions or shutdowns due to failures during the process of upgrading or replacing software, databases or components; power outages; hardware failures; computer viruses; employee error or malfeasance; and attacks by computer hackers, which have continued to increase on a global scale in both magnitude and frequency, taken on novel and unprecedented forms and become more difficult to detect. The risk and severity of cybersecurity attacks could increase as artificial intelligence is used by threat actors to identify vulnerabilities and conduct increasingly sophisticated attacks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Although the cyber-attacks experienced to date have not had a material impact, future security breaches of our technology networks and systems or those of our vendors and third-party service providers could result in unauthorized disclosure of confidential information or personal data belonging to our employees, partners, customers or suppliers, which could cause reputational and legal harm as we are subject to data privacy laws, including the EU General Data Protection Regulation, in the various countries in which we operate.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Increased public awareness and concern regarding environmental risks, including global climate change, may result in more international, regional and/or federal requirements or industry standards to reduce or mitigate global warming and other environmental risks. These regulations or standards could mandate even more restrictive requirements, such as stricter limits on greenhouse gas emissions and production of single use plastics, than the voluntary commitments that the Company has made or require such changes on a more accelerated time frame. There continues to be a lack of consistent climate legislation, which creates economic and regulatory uncertainty. In addition, the physical risks of climate change may impact the availability and cost of materials and natural resources, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs, including, potentially, to repair damage incurred as a result of extreme weather events or to renovate or retrofit facilities to better withstand extreme weather events.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Increased public awareness and concern regarding environmental risks, including global climate change, may result in more international, regional and/or federal requirements or industry standards to reduce or mitigate global warming and other environmental risks. These regulations or standards could mandate even more restrictive requirements, such as stricter limits on greenhouse gas emissions and production of single use plastics, than the voluntary commitments that the Company has made or require such changes on a more accelerated time frame. There continues to be a lack of consistent climate legislation, which creates economic and regulatory uncertainty. In addition, the physical risks of climate change may impact the availability and cost of materials and natural resources, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs, including, potentially, to repair damage incurred as a result of extreme weather events or to renovate or retrofit facilities to better withstand extreme weather events.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Europe
Geography
Geography
“Dollars, a significant portion of its sales and operating costs are realized in other currencies, with the largest concentration of foreign sales occurring in Europe.”
Annual report 2025A · The company itself
Geography
“Enterprise-wide information for the twelve months ended December 31, 2025, 2024 and 2023 was as follows: In millions 2025 2024 2023 Operating Revenue by Geographic Region: United States $ 7,395 $ 7,374 $ 7,576 Canada/Mexico 1,085 1,156 1,146 Total North America 8,480 8,530 8,722 Europe, Middle East and Africa 4,162 4,101 4,147 Asia Pacific 3,079 2,961 2,935 South America 323 306 303 Total operating revenue $ 16,044 $ 15,898 $ 16,107 Operating revenue by geographic region is based on the customers' locations.”
Annual report 2025A · The company itself
United States
Geography
Geography
“Over 50% of the Company's net sales are derived from customers outside the United States, and the Company currently operates in 49 countries.”
Annual report 2025A · The company itself
Geography
“Enterprise-wide information for the twelve months ended December 31, 2025, 2024 and 2023 was as follows: In millions 2025 2024 2023 Operating Revenue by Geographic Region: United States $ 7,395 $ 7,374 $ 7,576 Canada/Mexico 1,085 1,156 1,146 Total North America 8,480 8,530 8,722 Europe, Middle East and Africa 4,162 4,101 4,147 Asia Pacific 3,079 2,961 2,935 South America 323 306 303 Total operating revenue $ 16,044 $ 15,898 $ 16,107 Operating revenue by geographic region is based on the customers' locations.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
AI regulation
Regulation
DriverNegative impact: weakens
“The Company is subject to complex U.S., foreign and other local laws and regulations that are applicable to its operations, such as anti-bribery and anti-corruption, competition, export and import, trade sanctions, data privacy, environmental, the use of artificial intelligence in our business and in our products and services, and human rights laws.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“Enterprise-wide information for the twelve months ended December 31, 2025, 2024 and 2023 was as follows: In millions 2025 2024 2023 Operating Revenue by Geographic Region: United States $ 7,395 $ 7,374 $ 7,576 Canada/Mexico 1,085 1,156 1,146 Total North America 8,480 8,530 8,722 Europe, Middle East and Africa 4,162 4,101 4,147 Asia Pacific 3,079 2,961 2,935 South America 323 306 303 Total operating revenue $ 16,044 $ 15,898 $ 16,107 Operating revenue by geographic region is based on the customers' locations.”
Annual report 2025A · The company itself
Export controls and China relations
Regulation
DriverNegative impact: weakens
“The Company is subject to complex U.S., foreign and other local laws and regulations that are applicable to its operations, such as anti-bribery and anti-corruption, competition, export and import, trade sanctions, data privacy, environmental, the use of artificial intelligence in our business and in our products and services, and human rights laws.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 16.04 bn USD |
| Revenue growth vs. the year before, same method | 0.9 % |
| EBITDA reported by the company | 4.53 bn USD |
| Net debt debt incl. leasing minus cash | 7.07 bn USD |
| Diluted EPS per share | 10.49 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.