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Guidance history, every release

Illinois Tool Works (ITW) · 8 releases, Oct 30, 2024 to Jul 28, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 30, 2024 FY24 Q3	Feb 5, 2025 FY24 Q4	Apr 30, 2025 FY25 Q1	Jul 30, 2025 FY25 Q2	Oct 24, 2025 FY25 Q3	Feb 3, 2026 FY25 Q4	Apr 30, 2026 FY26 Q1	Jul 28, 2026 FY26 Q2
For FY2026
Organic revenue midpoint	—	—	—	—	—	—	—	New“new midpoint of 3.5%”
Revenue growth	—	—	—	—	—	New“two to four percent”	Reiterated“two to four percent”	Raised“4 to 5 percent”
Enterprise initiatives contribution to margin	—	—	—	—	—	—	New“approximate 100-basis point contribution”	—
Enterprise initiatives contribution to operating margin	—	—	—	—	—	New“100 basis points”	—	Revised“more than 100 basis points”
Free cash flow to net income conversion	—	—	—	—	—	—	New“exceed 100 percent of net income”	Reiterated“exceed 100 percent of net income”
Free cash flow to net income conversion rate	—	—	—	—	—	New“greater than 100 percent of net income”	—	—
GAAP EPS	—	—	—	—	—	—	New“$11.10 to $11.50 per share”	Raised“$11.35 to $11.55 per share”
GAAP EPS	—	—	—	—	—	New“$11.00 to $11.40”	—	—
GAAP EPS growth at mid-point	—	—	—	—	—	New“seven percent”	—	—
GAAP EPS increase at mid-point	—	—	—	—	—	New“7%”	—	—
GAAP EPS midpoint	—	—	—	—	—	—	—	New“new midpoint of $11.45”
Operating margin	—	—	—	—	—	New“26.5 to 27.5 percent”	Reiterated“26.5 to 27.5 percent”	Reiterated“26.5 to 27.5 percent”
Operating margin improvement	—	—	—	—	—	New“approximately 100 basis points”	—	—
Segment growth and margin expectation	—	—	—	—	—	—	New“all seven segments are expected to deliver both positive organic growth and operating margin expansion”	—
Effective tax rate	—	—	—	—	—	New“23.5 to 24.5 percent”	Lowered“23 to 24 percent”	Reiterated“23 to 24 percent”
Free cash flow	—	—	—	—	—	New“greater than 100 percent of net income”	Reiterated“exceed 100 percent of net income”	Reiterated“exceed 100 percent of net income”
Organic growth	—	—	—	—	—	New“one to three percent”	Reiterated“one to three percent”	Raised“3 to 4 percent”
Share repurchases	—	—	—	—	—	New“approximately $1.5 billion”	Reiterated“approximately $1.5 billion”	Reiterated“approximately $1.5 billion”
For FY2025
Foreign currency translation impact on revenue	—	New“reduce revenue by three percent”	—	—	—	—	—	—
Organic revenue growth (adjusted for PLS)	—	New“one to three percent”	—	—	—	—	—	—
Overall revenue growth	—	—	—	—	New“one to three percent”	—	—	—
Revenue and organic growth	—	—	New“zero to two percent”	—	—	—	—	—
Revenue growth	—	—	—	New“one to three percent”	—	—	—	—
Total revenue decline	—	New“one to three percent”	—	—	—	—	—	—
Enterprise initiatives contribution to margin	—	New“approximately 100 basis points”	—	—	—	—	—	—
Enterprise initiatives contribution to operating margin	—	—	New“100 basis points or more”	Reiterated“100 basis points or more”	Raised“125 basis points or more”	—	—	—
Foreign currency translation headwind (on EPS)	—	New“$0.30”	—	—	—	—	—	—
Free cash flow (as % of net income)	—	—	—	—	New“approximately 100 percent of net income”	—	—	—
Free cash flow to net income conversion	—	New“greater than 100 percent”	Reiterated“expected to exceed 100 percent of net income”	Reiterated“expected to exceed 100 percent of net income”	—	—	—	—
GAAP EPS	—	—	New“$10.15 to $10.55 per share”	—	Narrowed“$10.40 to $10.50”	—	—	—
GAAP EPS	—	—	—	New“$10.35 to $10.55 per share”	—	—	—	—
GAAP EPS	—	New“$10.15 to $10.55 per share”	—	—	—	—	—	—
Operating margin	—	New“26.5 to 27.5 percent”	Reiterated“26.5 to 27.5 percent”	Lowered“26 to 27 percent”	Reiterated“26 to 27 percent”	—	—	—
Above-market organic growth	—	New“zero to two percent”	—	—	—	—	—	—
Effective tax rate	—	New“24 to 24.5 percent”	—	—	Lowered“approximately 23 percent”	—	—	—
Free cash flow	—	New“greater than 100 percent of net income”	Reiterated“exceed 100 percent of net income”	Reiterated“exceed 100 percent of net income”	—	—	—	—
Organic growth	—	—	—	New“flat to two percent”	—	—	—	—
PLS reduction	—	New“approximately one percentage point”	—	—	—	—	—	—
PLS reduction (organic growth headwind)	—	New“approximately one percentage point”	—	—	—	—	—	—
Share repurchases	—	New“approximately $1.5 billion”	Reiterated“approximately $1.5 billion”	Reiterated“approximately $1.5 billion”	Reiterated“approximately $1.5 billion”	—	—	—
For FY2024
Revenue and organic growth	New“approximately flat”	—	—	—	—	—	—	—
Enterprise initiatives contribution to operating margin	New“more than 100 basis points”	—	—	—	—	—	—	—
Free cash flow (% of adjusted net income)	New“approximately 100 percent of adjusted net income”	—	—	—	—	—	—	—
GAAP EPS	New“$11.63 to $11.73 per share”	—	—	—	—	—	—	—
Operating margin	New“26.5 to 27 percent”	—	—	—	—	—	—	—
Effective tax rate	New“approximately 21.5 percent”	—	—	—	—	—	—	—
Free cash flow	New“approximately 100 percent of adjusted net income”	—	—	—	—	—	—	—
Share repurchases	New“approximately $1.5 billion”	—	—	—	—	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.