Cash Flow Statement

Operating Cash Flow

+33%

+11%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	600	634	681	713	931	940	963	1 024	1 119	1 203	1 264	1 339	1 361	1 374	1 452	1 495	1 549	1 641	1 679	1 718	1 754	1 793	1 838	1 870	1 771	1 794	1 756	1 519	1 176	825	673	973	1 346	1 581	1 700	1 503	1 792	1 879	1 965	2 071	1 934	2 316	2 333	2 870	2 738	2 322	2 250	1 679	1 798	2 825	2 904	2 946	2 931	1 919	1 899	1 899	1 909	1 954	1 978	2 035	2 103	2 165	2 270	1 687	1 803	1 882	1 880	2 563	2 508	2 465	2 487	2 521	2 490	2 186	2 108	2 109	2 214	2 670	2 727	2 694	2 685	2 648	2 736	3 034	3 086	3 102	3 147	2 957	3 062	3 067	3 455	3 488	3 369	3 365	3 026	3 066
Depreciation & Amortization	365	340	320	306	307	308	305	307	329	335	343	353	352	360	372	383	394	406	419	444	459	487	509	525	631	645	699	692	682	692	661	685	599	582	568	549	552	563	581	594	608	616	614	611	604	591	631	613	599	585	521	507	495	484	476	477	476	473	473	470	467	466	462	462	463	465	464	461	456	447	436	426	420	413	427	427	423	425	411	410	416	417	415	410	403	400	395	395	393	392	399	402	400	400	396	397
Change in Deffered Taxes	26	25	41	(61)	(54)	(18)	(39)	204	195	189	137	143	245	208	320	70	(16)	55	47	167	132	95	74	(6)	19	(2)	19	(98)	(131)	(84)	(212)	(482)	(434)	(485)	(413)	(143)	(226)	(180)	(169)	(176)	(80)	(136)	(173)	243	227	304	386	6	14	8	(87)	55	54	(3)	11	(11)	(235)	(207)	(204)	(263)	(30)	(37)	20	64	39	51	(11)	34	61	63	101	32	27	15	4	(30)	(26)	(139)	(128)	(148)	(206)	(121)	(141)	(150)	(110)	(95)	(73)	(88)	(47)	(37)	(259)	(176)	(237)	(252)	(49)	(17)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	64	0	0	0	35	7	15	23	30	34	37	40	42	42	44	45	52	53	55	59	56	58	57	56	56	54	52	50	54	51	48	44	37	37	40	41	39	44	42	42	41	36	37	39	39	39	38	35	36	36	37	40	40	41	42	41	41	40	36	40	42	44	52	52	53	58	59	60	63	64	65	67	69	67	68	65	61	62	62	65	69
Other Non-Cash Items	199	192	185	143	(77)	(101)	(82)	(28)	(54)	(51)	(65)	(94)	(70)	(24)	(41)	(53)	(35)	(56)	(43)	(33)	(74)	(96)	(82)	(14)	(26)	5	2	47	138	164	186	65	57	49	31	23	21	10	23	38	52	(410)	(445)	(1 355)	(1 334)	(850)	(800)	110	82	(1 643)	(1 656)	(1 662)	(1 667)	37	37	41	41	53	51	23	17	7	9	31	32	38	40	41	42	46	37	(12)	(14)	(20)	(4)	51	55	43	36	40	43	60	62	(128)	(123)	(134)	(118)	67	(50)	(40)	(417)	(414)	(296)	(288)	79	86
Cash Taxes Paid	393	392	373	475	433	419	476	351	350	240	222	339	347	491	534	623	695	811	886	647	505	370	365	448	515	586	590	620	651	495	396	355	430	550	697	960	1 029	1 148	1 126	978	912	572	1 026	1 134	1 089	1 206	707	602	609	713	1 299	1 502	1 430	1 549	994	775	803	779	838	920	962	962	1 004	1 018	1 019	1 004	904	838	809	789	773	742	764	522	588	591	571	793	750	731	747	882	941	993	1 019	1 037	1 016	1 026	1 050	1 113	1 195	1 180	1 167	1 205	1 082	1 052
Cash Interest Paid	77	81	69	73	70	76	75	73	72	72	74	73	76	84	84	99	99	89	90	75	118	119	133	133	92	92	83	157	159	143	132	156	138	194	180	175	172	169	178	168	202	591	212	211	223	(176)	239	240	237	238	266	236	255	256	248	200	200	220	220	212	212	225	222	240	240	243	243	247	245	249	243	223	216	191	191	194	194	203	197	197	199	182	189	199	203	227	245	260	274	278	260	248	225	270	275	279
Change in Working Capital	210	207	147	188	115	90	86	(137)	(118)	(104)	(50)	(204)	(369)	(276)	(353)	(44)	48	(243)	(291)	(229)	(174)	(11)	95	109	160	32	(51)	62	309	754	922	927	428	(23)	(227)	(444)	(782)	(935)	(799)	(571)	(380)	(55)	(150)	(297)	(120)	(118)	(42)	120	(17)	631	184	(230)	(69)	(818)	(369)	(107)	145	150	43	37	(271)	(386)	(390)	158	140	197	324	(288)	(178)	(67)	(31)	28	70	451	273	250	136	(379)	(490)	(439)	(667)	(787)	(761)	(818)	(503)	(231)	(40)	208	42	(85)	28	(19)	48	(78)	(175)	(406)
Cash from Operating Activities	1 399 N/A	1 397 0%	1 374 -2%	1 289 -6%	1 223 -5%	1 218 0%	1 233 +1%	1 369 +11%	1 471 +7%	1 572 +7%	1 629 +4%	1 537 -6%	1 520 -1%	1 642 +8%	1 751 +7%	1 852 +6%	1 940 +5%	1 803 -7%	1 811 +0%	2 066 +14%	2 097 +2%	2 268 +8%	2 434 +7%	2 484 +2%	2 555 +3%	2 474 -3%	2 426 -2%	2 222 -8%	2 175 -2%	2 349 +8%	2 230 -5%	2 168 -3%	1 995 -8%	1 705 -15%	1 659 -3%	1 488 -10%	1 358 -9%	1 337 -2%	1 600 +20%	1 956 +22%	2 134 +9%	2 331 +9%	2 179 -7%	2 072 -5%	2 115 +2%	2 249 +6%	2 425 +8%	2 528 +4%	2 476 -2%	2 406 -3%	1 866 -22%	1 616 -13%	1 744 +8%	1 619 -7%	2 054 +27%	2 299 +12%	2 336 +2%	2 423 +4%	2 341 -3%	2 302 -2%	2 286 -1%	2 215 -3%	2 371 +7%	2 402 +1%	2 477 +3%	2 633 +6%	2 697 +2%	2 811 +4%	2 889 +3%	2 954 +2%	3 030 +3%	2 995 -1%	2 993 0%	3 045 +2%	2 808 -8%	2 807 0%	2 802 0%	2 620 -6%	2 556 -2%	2 557 +0%	2 271 -11%	2 217 -2%	2 311 +4%	2 348 +2%	2 753 +17%	3 042 +10%	3 311 +9%	3 539 +7%	3 400 -4%	3 297 -3%	3 206 -3%	3 281 +2%	3 284 +0%	3 147 -4%	3 277 +4%	3 126 -5%
Investing Cash Flow
Capital Expenditures	(251)	(254)	(256)	(271)	(264)	(261)	(262)	(258)	(263)	(266)	(273)	(283)	(286)	(298)	(301)	(293)	(297)	(293)	(300)	(301)	(318)	(330)	(333)	(353)	(357)	(364)	(373)	(362)	(337)	(299)	(262)	(256)	(251)	(258)	(281)	(288)	(317)	(341)	(347)	(353)	(349)	(361)	(368)	(382)	(387)	(376)	(365)	(368)	(347)	(336)	(383)	(361)	(376)	(362)	(298)	(284)	(258)	(258)	(277)	(273)	(280)	(293)	(290)	(297)	(327)	(337)	(360)	(364)	(347)	(337)	(326)	(326)	(309)	(288)	(250)	(236)	(244)	(266)	(285)	(296)	(302)	(305)	(335)	(412)	(451)	(455)	(480)	(455)	(437)	(468)	(450)	(437)	(438)	(423)	(432)	(419)
Other Items	(509)	(368)	(106)	(62)	42	79	(27)	(226)	(360)	(489)	(424)	(534)	(598)	(410)	(488)	(496)	(437)	(511)	(836)	(973)	(974)	(984)	(707)	(571)	(636)	(976)	(1 350)	(1 401)	(1 242)	(858)	(319)	(258)	(195)	(326)	(339)	(384)	(899)	(928)	(1 347)	(1 226)	(1 055)	(310)	289	1 429	1 737	1 236	924	(88)	(41)	3 130	3 272	3 203	3 226	(31)	39	74	56	94	(417)	(259)	(259)	(246)	201	46	44	43	45	39	39	26	39	143	145	153	136	22	18	41	46	(688)	(690)	(711)	(710)	302	303	311	324	52	(7)	(76)	303	293	354	416	15	(102)
Cash from Investing Activities	(760) N/A	(622) +18%	(362) +42%	(333) +8%	(222) +34%	(182) +18%	(289) -59%	(484) -67%	(623) -29%	(755) -21%	(697) +8%	(816) -17%	(884) -8%	(708) +20%	(788) -11%	(789) 0%	(734) +7%	(804) -10%	(1 135) -41%	(1 274) -12%	(1 292) -1%	(1 315) -2%	(1 039) +21%	(924) +11%	(993) -8%	(1 340) -35%	(1 723) -29%	(1 763) -2%	(1 579) +10%	(1 157) +27%	(581) +50%	(514) +12%	(446) +13%	(583) -31%	(620) -6%	(672) -8%	(1 216) -81%	(1 268) -4%	(1 694) -34%	(1 579) +7%	(1 403) +11%	(671) +52%	(79) +88%	1 047 N/A	1 350 +29%	860 -36%	559 -35%	(456) N/A	(388) +15%	2 794 N/A	2 889 +3%	2 842 -2%	2 850 +0%	(393) N/A	(259) +34%	(210) +19%	(202) +4%	(164) +19%	(694) -323%	(532) +23%	(539) -1%	(539) N/A	(89) +83%	(251) -182%	(283) -13%	(294) -4%	(315) -7%	(325) -3%	(308) +5%	(311) -1%	(287) +8%	(183) +36%	(164) +10%	(135) +18%	(114) +16%	(214) -88%	(226) -6%	(225) +0%	(239) -6%	(984) -312%	(992) -1%	(1 016) -2%	(1 045) -3%	(110) +89%	(148) -35%	(144) +3%	(156) -8%	(403) -158%	(444) -10%	(544) -23%	(147) +73%	(144) +2%	(84) +42%	(7) +92%	(417) -5 857%	(521) -25%
Financing Cash Flow
Net Issuance of Common Stock	59	49	49	44	16	14	26	40	52	(177)	(1 115)	(1 651)	(1 843)	(2 000)	(1 541)	(1 037)	(818)	(417)	(195)	(368)	(579)	(874)	(1 085)	(1 681)	(1 880)	(1 789)	(1 728)	(1 334)	(961)	(768)	(333)	102	101	129	(245)	(235)	(160)	(696)	(753)	(797)	(1 250)	(1 266)	(1 168)	(1 737)	(1 673)	(1 399)	(1 404)	(1 900)	(3 005)	(4 175)	(4 475)	(4 198)	(4 233)	(3 113)	(2 729)	(1 943)	(936)	(1 147)	(1 397)	(1 916)	(1 707)	(1 428)	(1 200)	(916)	(1 174)	(1 451)	(1 713)	(1 978)	(1 852)	(1 714)	(1 564)	(1 415)	(1 740)	(1 367)	(986)	(640)	(175)	(420)	(702)	(950)	(1 085)	(1 225)	(1 475)	(1 721)	(1 704)	(1 698)	(1 564)	(1 447)	(1 439)	(1 446)	(1 453)	(1 448)	(1 445)	(1 442)	(1 431)	(1 435)
Net Issuance of Debt	(295)	(275)	(347)	(4)	5	(118)	(82)	(96)	(80)	(68)	(7)	128	775	682	325	93	(562)	(614)	136	178	292	345	96	777	1 113	1 310	1 864	1 468	1 239	162	(679)	(742)	(825)	100	472	(190)	115	851	1 161	1 148	1 465	961	441	1 015	276	131	99	1 264	2 534	2 070	2 552	1 339	306	933	418	151	(607)	(602)	(96)	465	1 009	815	322	197	(662)	(692)	(699)	(851)	397	421	423	422	14	0	(1)	(4)	0	(354)	(353)	(141)	124	435	630	276	582	455	234	294	(25)	334	26	(8)	(58)	11	369	508
Cash Paid for Dividends	(256)	(262)	(269)	(272)	(276)	(279)	(282)	(285)	(289)	(292)	(295)	(305)	(312)	(319)	(326)	(335)	(346)	(359)	(372)	(399)	(424)	(447)	(469)	(502)	(534)	(563)	(593)	(599)	(605)	(613)	(623)	(620)	(621)	(622)	(623)	(636)	(650)	(664)	(675)	(680)	(685)	(687)	(689)	(865)	(691)	(690)	(692)	(528)	(709)	(712)	(707)	(711)	(716)	(721)	(732)	(742)	(756)	(775)	(793)	(821)	(847)	(873)	(902)	(941)	(981)	(1 021)	(1 059)	(1 124)	(1 186)	(1 248)	(1 309)	(1 321)	(1 335)	(1 347)	(1 363)	(1 379)	(1 398)	(1 420)	(1 440)	(1 463)	(1 484)	(1 504)	(1 522)	(1 542)	(1 560)	(1 578)	(1 597)	(1 615)	(1 634)	(1 654)	(1 673)	(1 695)	(1 717)	(1 738)	(1 761)	(1 785)
Other	1	(0)	1	3	4	2	2	0	(1)	0	(1)	0	0	0	0	13	13	24	30	13	19	12	10	16	12	10	6	4	2	1	1	4	4	6	7	8	13	13	12	8	4	3	14	16	22	28	23	24	16	17	13	19	24	15	17	8	7	13	15	17	3	(4)	(10)	(14)	(15)	(13)	(12)	(11)	(10)	(11)	(12)	(12)	(17)	(17)	(16)	(26)	(19)	(19)	(20)	(10)	(14)	(15)	(15)	(13)	(14)	(12)	(13)	(14)	(23)	(24)	(23)	(38)	(33)	(46)	(46)	(32)
Cash from Financing Activities	(491) N/A	(488) +1%	(566) -16%	(229) +60%	(251) -10%	(381) -51%	(336) +12%	(341) -1%	(317) +7%	(538) -70%	(1 418) -164%	(1 828) -29%	(1 380) +24%	(1 637) -19%	(1 542) +6%	(1 266) +18%	(1 713) -35%	(1 366) +20%	(401) +71%	(575) -43%	(692) -20%	(963) -39%	(1 449) -50%	(1 390) +4%	(1 288) +7%	(1 032) +20%	(450) +56%	(462) -2%	(325) +30%	(1 218) -275%	(1 635) -34%	(1 256) +23%	(1 340) -7%	(387) +71%	(389) -1%	(1 053) -171%	(682) +35%	(497) +27%	(255) +49%	(321) -26%	(466) -45%	(989) -112%	(1 403) -42%	(1 571) -12%	(2 066) -32%	(1 930) +7%	(1 974) -2%	(1 140) +42%	(1 164) -2%	(2 800) -141%	(2 617) +7%	(3 551) -36%	(4 619) -30%	(2 886) +38%	(3 026) -5%	(2 526) +17%	(2 292) +9%	(2 511) -10%	(2 271) +10%	(2 255) +1%	(1 542) +32%	(1 490) +3%	(1 790) -20%	(1 674) +6%	(2 832) -69%	(3 177) -12%	(3 483) -10%	(3 964) -14%	(2 651) +33%	(2 552) +4%	(2 462) +4%	(2 326) +6%	(3 078) -32%	(2 731) +11%	(2 366) +13%	(2 049) +13%	(1 596) +22%	(2 213) -39%	(2 515) -14%	(2 564) -2%	(2 459) +4%	(2 309) +6%	(2 382) -3%	(3 000) -26%	(2 696) +10%	(2 833) -5%	(2 940) -4%	(2 782) +5%	(3 121) -12%	(2 790) +11%	(3 123) -12%	(3 189) -2%	(3 253) -2%	(3 215) +1%	(2 869) +11%	(2 744) +4%
Change in Cash
Effect of Foreign Exchange Rates	(17)	21	45	49	94	93	44	83	72	24	43	90	68	24	0	(93)	(92)	(33)	(8)	3	6	33	38	67	79	57	13	(82)	(77)	2	61	88	53	(128)	14	77	123	317	(58)	(64)	(45)	(210)	38	53	(41)	(103)	(46)	(93)	(39)	129	(336)	(535)	(850)	(779)	(588)	(463)	(66)	(251)	(78)	(133)	(160)	(45)	(6)	145	85	(30)	(95)	(112)	(115)	(42)	(45)	(9)	(76)	(44)	16	39	74	64	16	(46)	(8)	(71)	(97)	(57)	(62)	(22)	1	3	(19)	(23)	21	(65)	(33)	1	(14)	42
Net Change in Cash	131 N/A	308 +135%	491 +59%	776 +58%	845 +9%	749 -11%	653 -13%	627 -4%	603 -4%	303 -50%	(443) N/A	(1 017) -130%	(676) +34%	(679) 0%	(579) +15%	(297) +49%	(599) -102%	(399) +33%	267 N/A	220 -18%	120 -45%	22 -81%	(16) N/A	237 N/A	353 +49%	159 -55%	266 +67%	(85) N/A	194 N/A	(24) N/A	75 N/A	485 +545%	263 -46%	607 +131%	665 +9%	(160) N/A	(417) -161%	(111) +73%	(407) -267%	(8) +98%	220 N/A	462 +110%	736 +59%	1 601 +118%	1 358 -15%	1 076 -21%	964 -10%	839 -13%	885 +5%	2 529 +186%	1 802 -29%	372 -79%	(875) N/A	(2 439) -179%	(1 819) +25%	(900) +51%	(224) +75%	(503) -125%	(702) -40%	(618) +12%	45 N/A	141 +213%	486 +245%	622 +28%	(553) N/A	(868) -57%	(1 196) -38%	(1 590) -33%	(185) +88%	49 N/A	236 +382%	477 +102%	(325) N/A	135 N/A	344 +155%	583 +69%	1 054 +81%	246 -77%	(182) N/A	(1 037) -470%	(1 188) -15%	(1 179) +1%	(1 213) -3%	(819) +32%	(153) +81%	43 N/A	216 +402%	357 +65%	(184) N/A	(60) +67%	(43) +28%	(117) -172%	(86) +26%	(74) +14%	(23) +69%	(97) -322%
Free Cash Flow
Free Cash Flow	1 148 N/A	1 143 0%	1 118 -2%	1 017 -9%	960 -6%	957 0%	971 +1%	1 110 +14%	1 209 +9%	1 306 +8%	1 356 +4%	1 254 -8%	1 234 -2%	1 344 +9%	1 450 +8%	1 558 +7%	1 643 +5%	1 510 -8%	1 511 +0%	1 765 +17%	1 779 +1%	1 937 +9%	2 102 +8%	2 131 +1%	2 198 +3%	2 110 -4%	2 053 -3%	1 860 -9%	1 838 -1%	2 051 +12%	1 967 -4%	1 912 -3%	1 744 -9%	1 447 -17%	1 379 -5%	1 200 -13%	1 041 -13%	996 -4%	1 253 +26%	1 603 +28%	1 786 +11%	1 970 +10%	1 811 -8%	1 690 -7%	1 728 +2%	1 873 +8%	2 060 +10%	2 160 +5%	2 129 -1%	2 070 -3%	1 483 -28%	1 255 -15%	1 368 +9%	1 257 -8%	1 756 +40%	2 015 +15%	2 078 +3%	2 165 +4%	2 064 -5%	2 029 -2%	2 006 -1%	1 922 -4%	2 081 +8%	2 105 +1%	2 150 +2%	2 296 +7%	2 337 +2%	2 447 +5%	2 542 +4%	2 617 +3%	2 704 +3%	2 669 -1%	2 684 +1%	2 757 +3%	2 558 -7%	2 571 +1%	2 558 -1%	2 354 -8%	2 271 -4%	2 261 0%	1 969 -13%	1 912 -3%	1 976 +3%	1 936 -2%	2 302 +19%	2 587 +12%	2 831 +9%	3 084 +9%	2 963 -4%	2 829 -5%	2 756 -3%	2 844 +3%	2 846 +0%	2 724 -4%	2 845 +4%	2 707 -5%

Income Statement Balance Sheet Cash Flow Statement

Illinois Tool Works Inc
NYSE:ITW

Cash Flow Statement

Cash Flow Statement
Illinois Tool Works Inc

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Illinois Tool Works Inc NYSE:ITW

Cash Flow Statement

Cash Flow Statement Illinois Tool Works Inc

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Company

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Stocks

Illinois Tool Works Inc
NYSE:ITW

Cash Flow Statement
Illinois Tool Works Inc