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AI核心结论
ITW delivered modest revenue growth of +0.9% to $16.0B in FY2025, but EPS declined sharply by -10.5% to $10.52, reflecting higher costs and a lower share base benefit, while operating margin compressed slightly to 26.3%.
营业收入
$16.04B
同比 ++0.92%
每股收益（基本）
$10.52
同比 -10.47%
营业利润
$4.22B
同比 -1.13%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Illinois Tool Works (ITW) FY2025 营收 $16.04B，同比增长 0.9%。 稀释每股收益 $10.49。
ITW's total revenue grew +0.9% year-over-year to $16.04B in FY2025, up from $15.90B in FY2024, indicating resilient but slow top-line expansion across its diversified industrial segments.
来源: Source: 10-K Income Statement
Cost of revenue fell -0.6% to $7.56B, suggesting modest improvement in input costs or product mix, which partially offset operating expense pressures and helped sustain gross profit levels.
来源: Source: 10-K Income Statement
Operating margin declined from 26.8% to 26.3% (-0.5 percentage points), with operating income falling -1.1% to $4.22B, indicating that SG&A or other operating costs grew faster than revenue.
来源: Source: 10-K Income Statement / Key Ratios
Basic EPS dropped -10.5% to $10.52 from $11.75, a steeper decline than operating income, suggesting higher interest expense on growing long-term debt ($7.68B, +8.4%) or other below-the-line charges impacted net income materially.
来源: Source: 10-K Income Statement / Balance Sheet
R&D expense increased +3.4% to $302M in FY2025, reflecting ITW's continued commitment to innovation and product development to sustain its competitive differentiation across industrial segments.
来源: Source: 10-K Income Statement
Long-term debt increased +8.4% to $7.68B in FY2025, while cash declined -10.2% to $851M. This growing leverage, combined with a higher interest rate environment, likely contributed to the sharp EPS decline and could constrain financial flexibility going forward.
来源: Source: 10-K Balance Sheet
Current liabilities jumped +19.0% to $5.13B, while current assets grew only +5.9% to $6.20B, compressing the current ratio to 1.21. This narrowing liquidity cushion warrants monitoring, particularly if operating cash flows continue to decline.
来源: Source: 10-K Balance Sheet / Key Ratios
Operating cash flow fell -4.7% to $3.13B from $3.28B, reducing free cash flow generation capacity. Sustained declines in cash generation could limit ITW's ability to fund dividends, buybacks, and debt repayment simultaneously.
来源: Source: 10-K Cash Flow Statement
The -10.5% drop in basic EPS significantly outpaced the -1.1% decline in operating income, suggesting meaningful exposure to interest expense or tax/other charges. As debt levels rise, this gap between operating and net income performance may widen.
来源: Source: 10-K Income Statement
ITW maintained $1.5B in share buybacks and increased investing outflows to -$521M (from -$144M), while organic revenue growth remained below 1%. Aggressive capital return in a slow-growth environment could strain the balance sheet if conditions deteriorate.
来源: Source: 10-K Cash Flow Statement
FY2025 实际 EPS $2.72，分析师一致预期 $2.71，超预期 +0.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $16.04B | $15.9B | +0.92% |
营业成本 | $7.56B | $7.6B | -0.63% |
营业利润 | $4.22B | $4.26B | -1.13% |
每股收益（基本） | $10.52 | $11.75 | -10.47% |
每股收益（稀释） | $10.49 | $11.71 | -10.42% |
研发费用 | $302M | $292M | +3.42% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $16.15B | $15.07B | +7.17% |
流动资产 | $6.2B | $5.86B | +5.87% |
流动负债 | $5.13B | $4.31B | +18.99% |
现金及等价物 | $851M | $948M | -10.23% |
长期债务 | $7.68B | $7.08B | +8.43% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.13B | $3.28B | -4.72% |
投资活动现金流 | $-521M | $-144M | -261.81% |
筹资活动现金流 | $-2.74B | $-3.19B | +13.95% |
股票回购 | $1.5B | $1.5B | 0.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 26.3% | 26.8% | -0.54% |
流动比率 | $1.21 | — | — |
Industrial Machinery & Supplies & Components 行业其他公司
ITW reported FY2025 revenue of $16.04B, up +0.9% year-over-year, with operating income of $4.22B and an operating margin of 26.3%. However, basic EPS fell sharply by -10.5% to $10.52, suggesting significant below-the-line headwinds such as higher interest expense on growing long-term debt.
ITW's basic EPS declined -10.5% to $10.52 in FY2025, a much steeper drop than the -1.1% decline in operating income, pointing to material below-the-line charges. The most likely driver is higher interest expense, as long-term debt grew +8.4% to $7.68B during the year.
ITW maintains a solid operating margin of 26.3% and generated $3.13B in operating cash flow in FY2025, reflecting strong underlying business quality. However, rising long-term debt ($7.68B), a tighter current ratio of 1.21, and declining cash balances ($851M) indicate increasing financial leverage that investors should monitor.
Yes, ITW grew revenue by +0.9% to $16.04B in FY2025, up from $15.90B in FY2024. While positive, the growth rate is modest and suggests limited organic volume expansion across ITW's industrial segments.
ITW repurchased $1.5B in shares in FY2025, unchanged from the $1.5B spent in FY2024, demonstrating consistent capital return to shareholders. Despite this buyback activity, EPS still declined -10.5%, underscoring the magnitude of the below-the-line earnings headwinds in FY2025.