ITW earnings date
ITW is scheduled to report results on October 27, 2026. Watch whether growth broadens beyond capex-sensitive businesses.
What has ITW guided for 2026?
Management’s raised 2026 outlook depends on growth and profitability arriving together. The July 28 forecast calls for GAAP earnings per share of $11.35–$11.55, with midpoint growth of 9% and implied second-half organic growth of 4.5%. GAAP earnings per share are profit per share under standard accounting rules; organic growth excludes acquisitions and currency effects.
Management also expects companywide initiatives to add at least one percentage point to operating margin. A basis point is one-hundredth of a percentage point. Simplifying products, improving purchasing, and reducing overhead can make more of each new sales dollar become operating profit; under ITW’s incremental-margin assumption, about 40 cents of an additional dollar would do so. ITW also expects free cash flow to exceed net income, so the next test is whether sales, margins, and cash conversion improve together.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| GAAP EPS | Year to Dec 2026 | 11.35 | 11.55 | Jul 28, 2026 |
| GAAP EPS growth | Year to Dec 2026 | 7.0% | 11.0% | Jul 28, 2026 |
| Revenue | Year to Dec 2026 | 16,700 | 16,800 | Jul 28, 2026 |
| organic growth | Year to Dec 2026 | 3.0% | 4.0% | Jul 28, 2026 |
| Operating margin | Year to Dec 2026 | 26.5% | 27.5% | Jul 28, 2026 |
| Free cash flow conversion to net income | Year to Dec 2026 | 100.0% | Jul 28, 2026 |
What this means. The company's after-tax return on invested capital is at least 30 percent, not exactly 30 percent, because no upper limit was given.
What has ITW's revenue and profit trend been over the last eight quarters?
The longer pattern is uneven. Revenue rose sharply earlier in the period, then contracted before edging higher again. The segment split matters because Automotive OEM, Welding, Food Equipment and Specialty Products grew organically in 2025, while Construction Products, Test & Measurement and Electronics, and Polymers & Fluids declined.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,301 | 4,016 | 4,093 | 4,059 | 4,053 | 3,839 | 3,932 | 3,966 |
| Operating income | 1,147 | 1,020 | 1,085 | 1,112 | 1,068 | 951 | 1,031 | 1,052 |
| Net income | 815 | 768 | 790 | 821 | 755 | 700 | 750 | 1,160 |
| EPS, diluted | 2.84 | 2.66 | 2.72 | 2.81 | 2.58 | 2.38 | 2.54 | 3.91 |
| = Free cash flow | 631 | 528 | 858 | 904 | 449 | 496 | 996 | 783 |
What this means. September 2024 net income is unusually high because it includes a one-time gain from selling an investment, not just profit from the company's normal business.
What should people watch in ITW's next results?
The next major test is whether ITW’s second-half growth appears broadly and produces cash. ITW is scheduled to report third-quarter results on October 27, 2026. Investors should look beyond total sales to see whether demand spreads beyond capex-sensitive businesses, while checking whether margins and cash conversion hold.
The main takeaway is simple: ITW’s plan is financially possible, but only if growth broadens, margins remain strong, and operating cash catches up with shareholder commitments.