EarningsQ2 2026 Earnings Report
MX:ITW Q2 2026 EPS Results
Actual EPS$48.68
Consensus EPS$47.82
Beat/MissBeat by +$0.86
One Year Ago EPS$44.23
MX:ITW Q2 2026 Revenue Results
Actual Revenue$73.73B
Expected Revenue$71.81B
Beat/MissBeat by +$1.92B
YoY Revenue Growth+6.12%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:ITW Upcoming Earnings
Illinois Tool Works's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ITW Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed meaningful positive momentum: record quarterly profitability, accelerating organic growth (notably in CapEx- and semiconductor-related segments), strong CBI contribution and raised full-year guidance. The company also improved cash flow and returned substantial capital to shareholders. Headwinds were primarily timing-related—input inflation and the lag in passing through price increases—which temporarily diluted margins (notably in Specialty). Regional softness in parts of Europe and a storm-related facility impact were noted but characterized as manageable. Overall, the positive operational and financial developments materially outweigh the manageable, largely transitory challenges.Company Guidance
Strong Top-Line Growth and Record Profitability
Q2 revenue grew 6.1% (4.5% organic), operating income reached $1.15B (up 7.4% YoY) and Q2 GAAP EPS was $2.84 (up 10% YoY); company reported its most profitable quarter in history.
Raised Full-Year Guidance
Full-year organic growth guidance midpoint raised by 1.5 percentage points to 3.5%; GAAP EPS guidance increased by $0.15 to a midpoint of $11.45 (implying ~9% YoY growth).
Margin Expansion and Enterprise Initiative Impact
Operating margin expanded to 26.7% in Q2 (up ~40 basis points YoY); enterprise initiatives contributed ~120 basis points to operating margin and implied incremental-margin guidance for the full year of ~40%.
Acceleration Across Key Segments (CapEx & Semi)
CapEx-related segments showed strong organic acceleration: Welding +14% (equipment +19%), Test & Measurement & Electronics +10% (Electronics +21%); Polymers & Fluids +7% (Polymers +7%, Fluids +8%).
Customer-Back Innovation (CBI) Momentum
CBI contributed ~3% to revenue growth in the first half (vs 2.4% for full-year 2025) and was cited as a durable driver of higher-quality organic growth and higher-margin new product revenue.
Improved Cash Generation & Capital Returns
Free cash flow increased 41% in Q2 with a 77% conversion rate for the quarter; first half shareholder returns exceeded $1.2B via dividends and buybacks, including $750M of opportunistic repurchases in Q2 (~1% of shares at ~$255 avg).
Broad Geographic Strength and Sequential Acceleration
Organic growth up 6% in both North America and Asia Pacific, China +3%, Europe flat; sequentially Q1→Q2 revenue up ~7% (historical average ~2%) and operating income grew ~12% sequentially.
Segment Margin Milestones
Several segments reported record/high margins: Welding operating margin 32.4%; Polymers & Fluids margin 29.3% (record); Test & Measurement & Electronics margin expanded to 25.2% (up ~240 bps).
MX:ITW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed