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AI核心结论
ITW delivered solid Q1 FY2026 results with revenue up 4.6% YoY to $4.02B and operating margin expanding to 25.4%, while EPS grew 11.3% to $2.66 driven by operational efficiency and share repurchases.
营业收入
$4.02B
同比 ++4.61%
每股收益（基本）
$2.66
同比 ++11.30%
营业利润
$1.02B
同比 ++7.26%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Illinois Tool Works (ITW) Q1 FY2026 营收 $4.02B，同比增长 4.6%。 稀释每股收益 $2.66。
ITW grew total revenue by 4.6% YoY to $4.02B in Q1 FY2026, compared to $3.84B in Q1 FY2025, reflecting broad-based demand improvement across its diversified industrial segments.
来源: Source: 10-Q Income Statement, Q1 FY2026
Operating income rose 7.3% YoY to $1.02B, with operating margin improving approximately 63 basis points to 25.4% from 24.8%, demonstrating ITW's continued focus on its 80/20 simplification strategy and enterprise initiatives.
来源: Source: 10-Q Income Statement & Key Ratios, Q1 FY2026
Diluted EPS grew 11.8% YoY to $2.66 from $2.38, outpacing revenue growth, partly supported by consistent share repurchases of $375M in both Q1 FY2026 and Q1 FY2025, reducing the share count over time.
来源: Source: 10-Q Income Statement & Cash Flow Statement, Q1 FY2026
Operating cash flow increased 5.2% YoY to $623M from $592M, reflecting healthy earnings conversion and working capital management, supporting continued capital returns to shareholders.
来源: Source: 10-Q Cash Flow Statement, Q1 FY2026
Long-term debt declined 9.3% YoY to $6.60B from $7.28B, signaling disciplined balance sheet management, though current liabilities surged 41.0% YoY to $5.33B, likely reflecting reclassification of near-term debt maturities.
来源: Source: 10-Q Balance Sheet, Q1 FY2026
Current liabilities jumped 41.0% YoY to $5.33B versus current assets of $6.34B, resulting in a current ratio of only 1.19. This sharp increase likely reflects debt reclassified as current due to upcoming maturities, which could pressure liquidity if refinancing conditions deteriorate.
来源: Source: 10-Q Balance Sheet, Q1 FY2026
Cash and equivalents fell 5.3% YoY to $827M, while the company continues to deploy capital through $375M in share buybacks and ongoing capital expenditures. A tightening cash buffer relative to elevated current liabilities reduces financial flexibility.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement, Q1 FY2026
Cost of revenue grew 3.6% YoY to $1.89B, though slightly below the 4.6% revenue growth rate, suggesting modest gross margin improvement. However, sustained input cost inflation or supply chain disruptions could compress margins if pricing power weakens.
来源: Source: 10-Q Income Statement, Q1 FY2026
With long-term debt of $6.60B against operating cash flow of $623M for the quarter, ITW carries a meaningful debt load. While debt is declining, rising interest rates or a revenue slowdown could increase the burden of debt service obligations.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement, Q1 FY2026
Investing cash flow was -$99M in Q1 FY2026, slightly worse than -$92M in Q1 FY2025, indicating limited capital deployment toward acquisitions or capacity expansion. This may constrain ITW's ability to accelerate organic or inorganic growth.
来源: Source: 10-Q Cash Flow Statement, Q1 FY2026
Q1 FY2026 实际 EPS $2.66，分析师一致预期 $2.59，超预期 +2.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.02B | $3.84B | +4.61% |
营业成本 | $1.89B | $1.82B | +3.62% |
营业利润 | $1.02B | $951M | +7.26% |
每股收益（基本） | $2.66 | $2.39 | +11.30% |
每股收益（稀释） | $2.66 | $2.38 | +11.76% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $16.26B | $15.47B | +5.15% |
流动资产 | $6.33B | $6.04B | +4.94% |
流动负债 | $5.33B | $3.78B | +41.03% |
现金及等价物 | $827M | $873M | -5.27% |
长期债务 | $6.6B | $7.28B | -9.32% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $623M | $592M | +5.24% |
投资活动现金流 | $-99M | $-92M | -7.61% |
筹资活动现金流 | $-547M | $-588M | +6.97% |
股票回购 | $375M | $375M | 0.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 25.4% | 24.8% | +0.63% |
流动比率 | $1.188 | — | — |
预计发布日期、分析师预期与关注要点
Industrial Machinery & Supplies & Components 行业其他公司
ITW reported Q1 FY2026 revenue of $4.02B, up 4.6% YoY, and diluted EPS of $2.66, up 11.8% YoY. Operating income grew 7.3% to $1.02B, with operating margin expanding to 25.4%, reflecting strong execution across its industrial segments.
ITW's diluted EPS grew 11.8% YoY to $2.66, outpacing revenue growth of 4.6%, driven by operating margin expansion to 25.4% and consistent share repurchases of $375M in the quarter. The combination of higher profitability and a shrinking share count amplified per-share earnings growth.
The most notable risk is the 41% YoY surge in current liabilities to $5.33B, which compressed the current ratio to 1.19 and may reflect upcoming debt maturities requiring refinancing. Additionally, ITW carries $6.60B in long-term debt, and any deterioration in operating cash flow could pressure its ability to service obligations and sustain capital returns.
ITW's financial health is generally solid, with $4.02B in revenue, $623M in operating cash flow, and an operating margin of 25.4%, but the current ratio of 1.19 and elevated current liabilities of $5.33B warrant attention. Long-term debt declined 9.3% YoY to $6.60B, showing progress on deleveraging, while cash stood at $827M.
Yes, ITW grew revenue 4.6% YoY to $4.02B in Q1 FY2026, compared to $3.84B in Q1 FY2025. This growth was accompanied by margin expansion, with operating income rising at a faster rate of 7.3% to $1.02B.