[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","wrylha8xktfywnt40ilhnzs9q","revision",3,"title","Illinois Tool Works公布截至2026年9月30日的第三季度及前九个月业绩：营收分别为42.36亿美元和125.53亿美元","originalTitle","10-Q - ILLINOIS TOOL WORKS INC (0000049826) (Filer)","summary","Illinois Tool Works截至2026年9月30日的第三季度营收为42.36亿美元，同比增长4.4%；营业利润为11.77亿美元，摊薄每股收益为3.00美元。","reason","材料提供了ITW截至2026年9月30日的季度及九个月财务表现、现金流、债务和回购信息，也披露了税务争议及关税不确定性。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_78":90},"publishedAt","2026-10-28T20:10:56.000Z","discoveredAt","2026-10-29T02:03:00.436Z","timelineAt","category","ai-products","tags",[84,85,86,87],"stockSymbols",[83],"score",69,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":72},"hasTranslation","bodyLanguage","zh","factId","f5KBWRgIlp60",{"_73":74,"_16":75},"reportCount","additionalSourceCount",1,"developmentCount",0,"publicId","b0bb8a13-de83-47ef-8f2d-9937455906d8","Illinois Tool Works公布三季度业绩并上调全年指引",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

（勾选一项）


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告
	《证券交易法》（1934 年）

	截至本季度期末	2026 年 9 月 30 日

	或

☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡期报告
	《证券交易法》（1934 年）

	过渡期自 _______________ 至 _______________

委员会档案编号：1-4797

ILLINOIS TOOL WORKS INC.

（注册人章程中规定的确切名称）

特拉华州

36-1258310

（注册成立或组织所在州或其他司法管辖区）

（美国国税局雇主识别号码）

哈莱姆大道 155 号

格伦维尤

伊利诺伊州

60025

（主要行政办公室地址）

（邮政编码）

（注册人电话号码，包括区号） 847-724-7500

根据该法第 12(b) 条注册的证券：


各类证券名称	交易代码	注册上市的交易所名称
普通股	ITW	纽约证券交易所
2027 年到期的 0.625% 欧元债券	ITW27	纽约证券交易所
2028 年到期的 3.250% 欧元债券	ITW28	纽约证券交易所
2030 年到期的 2.125% 欧元债券	ITW30	纽约证券交易所
2031 年到期的 1.000% 欧元债券	ITW31	纽约证券交易所
2032 年到期的 3.375% 欧元债券	ITW32	纽约证券交易所
2034 年到期的 3.000% 欧元债券	ITW34	纽约证券交易所

请勾选，以说明注册人是否已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交了《1934 年证券交易法》第 13 或 15(d) 条规定须提交的所有报告，并且在过去 90 天内一直受此类提交要求约束。

是 x 否 o

请勾选，以说明注册人是否已在此前 12 个月内（或注册人须提交并发布此类文件的较短期间内）以电子方式提交了根据《S-T 条例》第 405 条须提交的所有交互式数据文件。

是 x 否 o

请勾选，以说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》第 12b-2 条中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。


大型加速申报公司	x	加速申报公司	o
非加速申报公司	o	较小报告公司	o
		新兴成长型公司	o

如果属于新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。 o

请勾选说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。

是 ☐ 否 ☒

截至 2026 年 9 月 30 日，注册人已发行的普通股（面值 $0.01）数量：284.2 百万股


	目录

	第一部分 - 财务信息
第 1 项.	财务报表	3
	收益表	3
	综合收益表	4
	财务状况表	5
	股东权益变动表	6
	现金流量表	7
	财务报表附注	8
第 2 项.	管理层对财务状况和经营业绩的讨论与分析	18
第 3 项。	有关市场风险的定量和定性披露	37
第 4 项.	控制和程序	38

	第二部分 - 其他信息

第 1 项。	法律诉讼	39
第 1A 项.	风险因素	39
第 2 项.	未注册的股权证券销售及所得款项用途	39
第 6 项.	附件	40

签名		41

第一部分 – 财务信息

第 1 项。财务报表

Illinois Tool Works Inc. 及其子公司

收益表（未经审计）


	截至三个月		截至九个月
	9 月 30 日		9 月 30 日
单位：百万，股份金额除外	2026		2025		2026		2025
营业收入	$	4,236			$	4,059		$	12,553	$	11,951
收入成本	2,326			2,253			6,985		6,685
销售、管理以及研发费用	717			676			2,174		2,075
无形资产摊销和减值	16			18			50		60
营业收入	1,177			1,112			3,344		3,131
利息支出	(83)			(75)			(235)		(217)
其他收入（支出）	37			12			69		28
税前收入	1,131			1,049			3,178		2,942
所得税	276			228			740		666
净收入	$	855			$	821		$	2,438	$	2,276

每股净收入：
基本	$	3.00			$	2.82		$	8.51	$	7.79
摊薄	$	3.00			$	2.81		$	8.49	$	7.77

本期发行在外普通股股数：
平均	284.6			290.8			286.4		292.2
假设摊薄后的平均股数	285.3			291.7			287.1		293.0

财务报表附注是本报表不可分割的一部分。

Illinois Tool Works Inc. 及其子公司

综合收益表（未经审计）


	截至三个月		截至九个月
	9 月 30 日		9 月 30 日
单位：百万	2026		2025		2026		2025
净利润	$	855			$	821		$	2,438	$	2,276

外币折算调整，税后净额	39			(8)			106		2
养老金及其他退休后福利调整，税后净额	1			—			3		(1)
其他综合收益（亏损）	40			(8)			109		1

综合收益	$	895			$	813		$	2,547	$	2,277

财务报表附注是本报表不可分割的组成部分。

Illinois Tool Works Inc.及其子公司

财务状况表（未经审计）


单位：百万，股份金额除外	2026年9月30日		2025年12月31日
资产
流动资产：
现金及等价物	$	809			$	851
应收账款	3,516			3,227
存货	1,823			1,659
预付费用及其他流动资产	450			463
流动资产合计	6,598			6,200

厂房及设备净额	2,254			2,230
商誉	5,073			5,098
无形资产	543			591
递延所得税	492			519
其他资产	1,537			1,510
	$	16,497			$	16,148

负债和股东权益
流动负债：
短期债务	$	2,219			$	2,286
应付账款	623			522
应计费用	1,635			1,636
应付现金股利	490			465
应付所得税	133			217
流动负债合计	5,100			5,126

非流动负债：
长期债务	7,153			6,683
递延所得税	168			154
其他负债	934			959
非流动负债合计	8,255			7,796

股东权益：
普通股（授权发行700.0股；每股面值$0.01）：
2026年和2025年已发行550.0股 2026年已发行在外284.2股，2025年为288.6股	6			6
资本公积	1,866			1,771
留存收益	31,177			30,150
库存股	(28,190)			(26,875)
累计其他综合收益（亏损）	(1,718)			(1,827)
非控股权益	1			1
股东权益合计	3,142			3,226
	$	16,497			$	16,148

财务报表附注是本报表不可分割的组成部分。

Illinois Tool Works Inc.及其子公司

股东权益变动表（未经审计）


单位：百万，股份金额除外	普通股	资本公积	留存收益	库存股	累计其他综合收益（亏损）	非控股权益	合计

截至2026年9月30日止三个月
2026年6月30日余额	$	6		$	1,838		$	30,812		$	(28,004)	$	(1,758)	$	1	$	2,895
净利润	—		—		855		—		—		—	855
基于股票的薪酬所发行普通股	—		8		—		3		—		—	11
基于股票的薪酬费用	—		20		—		—		—		—	20
回购普通股	—		—		—		(187)		—		—	(187)
普通股回购消费税	—		—		—		(2)		—		—	(2)
已宣告股利（每股$1.72）	—		—		(490)		—		—		—	(490)
其他综合收益（亏损）	—		—		—		—		40		—	40

2026年9月30日余额	$	6		$	1,866		$	31,177		$	(28,190)	$	(1,718)	$	1	$	3,142

截至2025年9月30日止三个月
2025年6月30日余额	$	6		$	1,725		$	29,471		$	(26,124)	$	(1,868)	$	1	$	3,211
净利润	—		—		821		—		—		—	821
基于股票的薪酬所发行普通股	—		9		—		5		—		—	14
基于股票的薪酬费用	—		17		—		—		—		—	17
回购普通股	—		—		—		(375)		—		—	(375)
普通股回购消费税	—		—		—		(4)		—		—	(4)
已宣告股利（每股$1.61）	—		—		(467)		—		—		—	(467)
其他综合收益（亏损）	—		—		—		—		(8)		—	(8)

2025年9月30日余额	$	6		$	1,751		$	29,825		$	(26,498)	$	(1,876)	$	1	$	3,209

截至2026年9月30日止九个月
2025年12月31日余额	$	6		$	1,771		$	30,150		$	(26,875)	$	(1,827)	$	1	$	3,226
净利润	—		—		2,438		—		—		—	2,438
基于股票的薪酬所发行普通股	—		35		—		9		—		—	44
基于股票的薪酬费用	—		60		—		—		—		—	60
普通股回购	—		—		—		(1,312)		—		—	(1,312)
普通股回购消费税	—		—		—		(12)		—		—	(12)
已宣派股息（每股 $4.94）	—		—		(1,411)		—		—		—	(1,411)
其他综合收益（亏损）	—		—		—		—		109		—	109

截至 2026 年 9 月 30 日的余额	$	6		$	1,866		$	31,177		$	(28,190)	$	(1,718)	$	1	$	3,142

截至 2025 年 9 月 30 日的九个月
截至 2024 年 12 月 31 日的余额	$	6		$	1,669		$	28,893		$	(25,375)	$	(1,877)	$	1	$	3,317
净收益	—		—		2,276		—		—		—	2,276
因股票薪酬而发行的普通股	—		30		—		12		—		—	42
股票薪酬费用	—		52		—		—		—		—	52
普通股回购	—		—		—		(1,125)		—		—	(1,125)
普通股回购消费税	—		—		—		(10)		—		—	(10)
已宣派股息（每股 $4.61）	—		—		(1,344)		—		—		—	(1,344)
其他综合收益（亏损）	—		—		—		—		1		—	1

截至 2025 年 9 月 30 日的余额	$	6		$	1,751		$	29,825		$	(26,498)	$	(1,876)	$	1	$	3,209

财务报表附注是本报表不可分割的一部分。

Illinois Tool Works Inc. 及其子公司

现金流量表（未经审计）


	截至九个月
	9 月 30 日，
单位：百万	2026		2025
经营活动提供（使用）的现金：
净收益	$	2,438			$	2,276
将净收益调节为经营活动提供的现金：
折旧	247			234
无形资产摊销及减值	50			60
递延所得税变动	2			(39)
坏账准备（转回）净额	5			4

股票薪酬费用	60			52
其他非现金项目，净额	(16)			6
资产和负债变动，扣除收购和剥离的影响：
（增加）减少：
贸易应收账款	(300)			(135)
存货	(174)			(48)
预付费用及其他资产	(12)			(60)
增加（减少）：
应付账款	103			60
应计费用及其他负债	(8)			(91)
所得税	(96)			(156)
经营活动提供的现金净额	2,299			2,163
投资活动提供（使用）的现金：
收购企业（不包括现金及现金等价物）	—			1
厂房及设备购置	(289)			(314)
出售业务和关联公司的所得款项	—			1
其他，净额	31			12
投资活动提供（使用）的现金净额	(258)			(300)
融资活动提供（使用）的现金：
已付现金股息	(1,386)			(1,318)
普通股发行	63			60
普通股回购	(1,312)			(1,125)
原始期限为三个月或以下的债务所得款项净额（偿还额）	(915)			489
原始期限超过三个月的债务所得款项	1,496			—

其他，净额	(41)			(32)
融资活动提供（使用）的现金净额	(2,095)			(1,926)
汇率变动对现金及现金等价物的影响	12			39
现金及现金等价物：
本期增加（减少）	(42)			(24)
期初	851			948
期末	$	809			$	924
现金流量补充信息：
本期支付的利息现金	$	254			$	243
本期支付的所得税现金，扣除退款	$	834			$	862

财务报表附注是本报表不可分割的一部分。

Illinois Tool Works Inc. 及其子公司

财务报表附注（未经审计）

(1) 重要会计政策

财务报表— 本文所载未经审计的财务报表由 Illinois Tool Works Inc. 及其子公司（“公司”）编制。管理层认为，中期财务报表反映了为公允列报中期业绩所需的所有正常经常性调整。中期业绩不一定代表全年业绩。建议结合公司《2025 年年度报告》Form 10-K 中所列财务报表及其附注阅读本财务报表。为与本年度列报方式保持一致，已对上一年度的某些数据进行了重新分类。

新会计准则公告

2024 年 11 月，财务会计准则委员会（“FASB”）发布了权威指南，扩大了与损益表中记录的某些成本和费用相关的年度及中期披露要求。该指南的主要条款要求公司提供额外的脚注披露，将包含存货采购、员工薪酬、折旧和无形资产摊销的损益表项目细分列示。该指南将于公司截至 2027 年 12 月 31 日止年度的年度报告中开始生效，并要求采用未来适用法，但允许追溯应用于以前期间。公司目前正在评估该指南对其披露的影响。

(2) 收购

2025 年 10 月 1 日，公司完成了对测试与测量及电子业务板块一家企业的收购，收购价为 120 million（扣除所获现金后），并须进行某些交割调整。2026 年第三季度，公司完成了对收购日所取得资产和承担负债的购买价分摊。此次收购对公司的经营业绩、财务状况或现金流量并无重大影响。

(3) 营业收入

公司的 88 个多元化运营事业部按照类似的产品和终端市场进行组织和管理，并向高级管理层报告为以下七个业务板块：汽车原始设备制造商；食品设备；测试与测量及电子；焊接；聚合物与流体；建筑产品；以及特种产品。与公司分部列报方式一致的按产品类别划分的营业收入如下，涵盖截至 2026 年和 2025 年 9 月 30 日止的三个月和九个月：


	截至三个月		截至九个月
	9 月 30 日		9 月 30 日
单位：百万	2026		2025		2026		2025
汽车原始设备制造商	$	814			$	830		$	2,491	$	2,461
食品设备	698			694			2,027		2,001
测试与测量及电子	819			698			2,303		2,036
焊接	513			477			1,569		1,428
聚合物与流体	477			441			1,405		1,308
建筑产品	472			473			1,424		1,389
特种产品	447			452			1,346		1,342
分部合计	4,240			4,065			12,565		11,965
分部间收入	(4)			(6)			(12)		(14)
营业收入总额	$	4,236			$	4,059		$	12,553	$	11,951

以下为公司七个业务板块的产品、终端市场及典型收入交易说明：

汽车原始设备制造商（OEM）— 该业务分部是面向顶级 OEM 的全球性利基供应商，通过独特创新解决复杂客户的痛点。该分部的企业生产用于汽车相关应用的组件和紧固件。该分部主要服务于汽车 OEM 和各级供应商市场。该分部的产品包括：

•用于汽车、轻型卡车及其他工业用途的塑料和金属组件、紧固件及装配件。

该分部销售的产品主要按照客户规格制造，并根据与 OEM 汽车制造商及其他顶级汽车零部件供应商签订的长期供货协议销售。公司通常在该分部产品发货时确认收入。某些产品可能使用由公司开发、归客户所有且相关成本由客户补偿的模具生产。在这些安排中，公司通常保留合同权利，可为履行供货协议义务而使用客户所有的模具。公司将客户所有模具成本的补偿记为成本抵减，而非营业收入，因为模具不被视为公司运营的核心产品。

食品设备— 该分部是商用食品设备行业中专注度高、品牌鲜明的领导者，以创新和一体化服务产品形成差异化。该分部主要服务于餐饮服务、食品零售和食品机构/餐厅市场。该分部的产品包括：

•洗碗设备；

•烹饪设备，包括烤箱、炉灶和烤炉；

•制冷设备，包括冰箱、冷冻柜和备餐台；

•食品加工设备，包括切片机、搅拌机和秤；

•厨房排烟、通风和污染控制系统；以及

•食品设备服务、维护和维修。

该分部设备销售收入通常在产品发货时确认。在涉及设备安装和客户验收的有限情况下，公司可能在安装完成且客户验收后确认收入。年度服务合同通常与设备分开销售，相关收入在年度服务期内按直线法确认。按需提供的维修服务和零部件的营业收入在工作完成并经客户验收后确认。

测试与测量及电子—该业务部门是一家品牌化、创新型生产商，提供测试与测量以及电子制造和维护、维修与运营（即“MRO”）解决方案，以提升多元化终端市场客户的效率和质量。该部门的业务生产用于测试和测量材料及结构的设备、耗材和相关软件，以及用于生产电子子组件和微电子产品的设备和耗材。该部门主要服务于电子、通用工业、汽车 OEM 及各级供应商、能源、工业资本品和耐用消费品市场。该部门的产品包括：

•用于测试和测量材料、结构、气体和液体的设备、耗材及相关软件；

•电子组装设备；

•电子元件及元件封装；

•用于洁净室环境污染控制的静电控制设备和耗材；以及

•用于电子、医疗、运输和电信应用的压敏胶粘剂及组件。

该部门所售产品的收入通常在发货时确认。在少数情况下，如果发货时仍有对客户的重大履约义务尚未完成（通常涉及设备安装和客户验收），则在这些义务完成之前递延确认收入。在其他少数安排中，对于包含高度定制化且需在客户现场安装的高度专业化系统的销售，如果产品没有替代用途，且公司有权就迄今已完成的工作获得可强制执行的付款，则收入随时间确认。符合这些标准的交易，其收入根据迄今发生的成本相对于完工时预计总成本的比例，随着工作的开展随时间确认。

焊接—该业务部门是一家品牌化的增值设备和特种耗材制造商，拥有创新且领先的技术。该部门的业务生产电弧焊接设备、耗材和配件，适用于广泛的

工业和商业应用。该部门主要服务于通用工业市场，包括金属加工、造船及其他通用工业市场，以及建筑、能源、MRO、工业资本品和汽车 OEM 及各级供应商市场。该部门的产品包括：

•电弧焊接设备；以及

•金属电弧焊接耗材及相关配件。

该部门的产品主要按照预期客户需求进行生产。公司通常在产品发货时确认这些产品的收入。

聚合物与流体—该业务部门是面向需要增值差异化产品的利基市场的品牌供应商。该部门的企业生产工程胶粘剂、密封剂、润滑和切削液，以及用于汽车售后市场维护和外观护理的流体与聚合物。该部门主要服务于汽车售后市场、一般工业和 MRO 市场。该部门的产品包括：

•用于工业、建筑和消费领域的胶粘剂；

•用于清洁机器或为机器添加润滑的化学流体；

•用于工业应用的环氧和树脂基涂层产品；

•用于工业应用的湿巾和清洁剂；

•用于汽车售后市场维护和外观护理的流体、聚合物及其他用品；

•用于汽车车身维修的填料和腻子；以及

•用于船舶行业的聚酯涂料以及修补产品。

该部门的产品主要根据预期客户需求进行生产。公司通常在产品发货时确认这些产品的收入。

建筑产品—该部门是创新型工程紧固系统和解决方案的品牌供应商。该部门主要服务于住宅建筑、翻新/改造和商业建筑市场。该部门的产品包括：

•用于木材和金属应用的紧固件及相关紧固工具；

•用于混凝土应用的锚固件、紧固件及相关工具；

•金属板桁架组件及相关设备和软件；以及

•零售用包装五金件、紧固件、锚固件及其他产品。

该部门的产品主要根据预期客户需求进行生产。公司通常在产品发货时确认这些产品的收入。

特种产品—该部门专注于具有充分专利保护的多元化利基市场机会，生产饮料包装设备及耗材、产品编码和标记设备及耗材，以及家电组件和紧固件。该部门主要服务于食品和饮料、耐用消费品、航空公司、一般工业、工业资本品以及印刷和出版市场。该部门的产品包括：

•用于食品和饮料行业的输送系统和生产线自动化设备；

•用于多罐装和多瓶装的塑料耗材及相关设备；

•用于装饰消费品的箔材、薄膜及相关设备；

•产品编码和标记设备及相关耗材；

•家电用塑料和金属封口件及组件；

•机场地面支持设备；以及

•医疗器械组件。

此细分市场的产品主要按照预期客户需求进行生产。公司通常在产品发货时确认这些产品的收入。在少数情况下，如果发货时仍有重大客户义务未履行（通常涉及设备安装和客户验收），则在这些义务完成时确认收入。

(4) 所得税

2025年7月4日，美国颁布了《大而美法案》（“OBBBA”），延长并修改了《2017年减税与就业法案》（“TCJA”的若干条款。OBBBA的条款对公司截至2026年9月30日的三个月和九个月期间的经营业绩、财务状况或现金流量没有重大影响。

截至2026年和2025年9月30日的三个月，有效税率分别为24.4%和21.8%；截至2026年和2025年9月30日的九个月，有效税率分别为23.3%和22.7%。截至2026年9月30日的九个月的有效税率包括2026年第一季度确认的3,400万美元离散税收优惠，主要与一项美国税务审计的解决有关。截至2025年9月30日的三个月和九个月的有效税率受益于2025年第三季度确认的4,300万美元离散税收优惠，该优惠与2024年美国联邦税负估算有关，但部分被1,600万美元离散税费抵销，该税费主要与一项外国税务审计的解决有关。此外，截至2025年9月30日的九个月的有效税率包括2025年第一季度确认的2,100万美元离散税收优惠，与转回净经营亏损结转的估值备抵有关。2026年和2025年的有效税率还包括基于股票的薪酬产生的超额税收优惠：截至2026年和2025年9月30日的三个月分别为100万美元和200万美元；截至2026年和2025年9月30日的九个月分别为500万美元和700万美元。

公司及其子公司在美国以及各州、地方和外国司法管辖区申报纳税。这些税务申报表通常由相关司法管辖区的税务机关审计，包括美国国税局（“IRS”）、英国税务海关总署、德国税务机关、法国税务机关和澳大利亚税务局。目前正在进行若干项审计，这可能会改变未来期间未确认税收优惠的金额。公司已就这些事项记录了其对潜在风险敞口的最佳估计。

2026年9月，公司收到美国国税局（IRS）就2018至2021纳税年度发出的缺陷通知（“NOD”）。该通知针对一项因清算某法律实体而于2021年产生的资本损失，评定需补缴2,3000万美元所得税，另加利息和罚款。该通知还驳回了与该资本损失及某些修订纳税申报表相关的4,700万美元所得税退税申请。对于2021年之后的纳税年度，与这些事项相关的额外所得税合计为1.48亿美元。公司计划向美国税务法院提起诉讼，对该通知提出异议。尽管无法确定此事的结果，公司认为其立场将获得支持。

(5) 每股净收益

每股基本净收益的计算方法是：用净收益除以该期间的加权平均流通股数。每股摊薄净收益的计算方法是：用净收益除以假设股票期权和限制性股票单位产生摊薄影响后的加权平均股数。摊薄股数反映了若已发行的具摊薄效应股票期权获行使且未归属的限制性股票单位于该期间归属时，可能增加的流通股数。截至2026年和2025年9月30日止三个月和九个月的每股净收益计算如下：


	截至三个月		截至九个月
	9月30日，		9月30日，
单位：百万，每股金额除外	2026		2025		2026		2025
净收益	$	855			$	821		$	2,438	$	2,276
每股基本净收益：
加权平均普通股数	284.6			290.8			286.4		292.2
每股基本净收益	$	3.00			$	2.82		$	8.51	$	7.79
每股摊薄净收益：
加权平均普通股数	284.6			290.8			286.4		292.2
具摊薄效应的股票期权和限制性股票单位的影响	0.7			0.9			0.7		0.8
假设摊薄后的加权平均普通股数	285.3			291.7			287.1		293.0
每股摊薄净收益	$	3.00			$	2.81		$	8.49	$	7.77

被认定为反摊薄的期权未计入摊薄后每股净收益的计算。截至2026年和2025年9月30日止三个月，未行使的反摊薄期权分别为0.2 百万和0.4 百万份；

截至2026年和2025年9月30日止九个月，未行使的反摊薄期权分别为0.5 百万和0.4 百万份。

(6) 存货

截至2026年9月30日和2025年12月31日的存货如下：


单位：百万	2026年9月30日		2025年12月31日
原材料	$	705			$	640
在制品	226			191
制成品	892			828
存货总额	$	1,823			$	1,659

(7) 商誉和无形资产

公司于2026年和2025年第三季度对商誉和使用年限不确定的无形资产进行了年度减值评估。评估结果显示，2026年和2025年均未产生减值费用。

(8) 养老金及其他退休后福利

截至2026年和2025年9月30日止三个月和九个月的养老金及其他退休后福利成本如下：


	截至三个月		截至九个月
	9月30日，		9月30日，
	养老金		其他退休后福利		养老金		其他退休后福利
单位：百万	2026		2025		2026		2025	2026		2025	2026		2025
定期福利净成本的组成部分：
服务成本	$	8			$	8		$	—		$	1			$	22		$	24	$	2	$	3
利息成本	21			23			6		6		63			69			17		18
计划资产预期回报	(32)			(33)			(7)		(6)		(95)			(97)			(21)		(19)
精算损失（收益）摊销	3			1			(2)		(3)		10			3			(6)		(7)
既往服务成本摊销	—			1			—		—		—			1			—		—
结算	—			—			—		—		—			1			—		—
定期福利净成本（收入）总额	$	—			$	—		$	(3)		$	(2)			$	—		$	1	$	(8)	$	(5)

定期福利净成本中的服务成本部分列示在利润表中的收入成本以及销售、管理和研发费用中，而定期福利净成本的其他组成部分列示在其他收入（费用）中。

公司预计将在2026年向其养老金计划缴纳约$24 million，向其其他退休后福利计划缴纳$31 million。截至September 30, 2026，已向养老金计划缴纳$18 million，向其他退休后福利计划缴纳$20 million。

(9) 债务

截至September 30, 2026和December 31, 2025的债务总额如下：


单位：百万	September 30, 2026		December 31, 2025
短期债务	$	2,219			$	2,286
长期债务	7,153			6,683
债务总额	$	9,372			$	8,969

截至September 30, 2026和December 31, 2025，短期债务分别包括$369 million和$1.3 billion商业票据。于September 30, 2026和December 31, 2025，商业票据的加权平均利率分别为3.99%和3.84%。短期债务还包括截至September 30, 2026和December 31, 2025分别与2026年11月15日到期的2.65%票据相关的$1.0 billion和$999 million，该票据于2025年第四季度从长期债务重新分类为短期债务。此外，截至September 30, 2026的短期债务还包括公司根据2023年5月5日签订的欧元计价信贷协议（“欧元信贷协议”）所欠的$850 million，利率为3.25%。欧元信贷协议于2026年第三季度从长期债务重新分类为短期债务。

2025年2月24日，公司签订了欧元信贷协议修正案，将终止日从2025年4月30日延长至2027年2月28日，并可选择进一步将终止日延长至2027年9月15日。该修正案还将适用于贷款的利差从0.75%下调至0.70%，并取消了一个月计息期的选项。截至December 31, 2025，公司根据欧元信贷协议尚欠$881 million，利率为2.77%，该款项列入长期债务。公司打算行使该选项，将终止日延长至2027年9月15日。

2026年2月20日，公司签订了一项30亿美元、期限为五年的循环信贷额度，终止日期为2031年2月20日，可用于提供额外流动性，包括支持可能发行商业票据。该协议取代了原有的30亿美元、期限为五年的循环信贷额度，其终止日期为2027年10月21日。截至2026年9月30日或2025年12月31日，循环信贷额度项下均无未偿还金额。

2026年8月13日，公司发行了15亿美元、利率为4.65%、于2029年8月13日到期的票据，发行价格为面值的99.748%。发行所得款项用于偿还公司商业票据计划项下的部分债务。

截至2026年9月30日和2025年12月31日，公司长期债务总额（包括列示为短期债务的长期债务流动部分）的公允价值及相关账面价值约为：


百万美元	2026年9月30日		2025年12月31日
公允价值	$	8,497			$	7,451
账面价值	9,003			7,682

公司长期债务（包括流动部分）的公允价值约数，是根据采用第2级可观察输入值的估值模型确定的，其中包括相应期间可比工具的市场利率。

(10) 累计其他综合收益（亏损）

下表汇总了截至2026年和2025年9月30日止三个月和九个月累计其他综合收益（亏损）的变动：


	截至以下日期止三个月		截至以下日期止九个月
	9月30日，		9月30日，
百万美元	2026		2025		2026		2025
期初余额	$	(1,758)			$	(1,868)		$	(1,827)	$	(1,877)

本期外币折算调整	48			(2)			148		(138)

所得税	(9)			(6)			(42)		140
外币折算调整总额，扣除税项后	39			(8)			106		2


重新分类计入收益的养老金及其他退休后福利调整	1			(1)			4		(2)
所得税	—			1			(1)		1
养老金及其他退休后福利调整总额，扣除税项后	1			—			3		(1)

期末余额	$	(1,718)			$	(1,876)		$	(1,718)	$	(1,876)

有关重新分类计入收益的养老金及其他退休后福利调整的更多信息，请参阅附注8“养老金及其他退休后福利”。

2014年5月、2015年5月、2019年6月和2024年5月发行的欧元票据未偿余额，以及欧元信贷协议项下的欧元定期贷款，被指定为对冲公司以欧元计价的境外业务部分净投资的工具，以降低与投资这些业务相关的外汇风险。因欧元兑美元汇率波动导致该债务价值变化，已作为外币折算调整计入累计其他综合收益（亏损）。截至2026年和2025年9月30日的三个月，与该债务相关并计入其他综合收益（亏损）的税前收益（亏损）分别为收益3,900万美元和收益2,300万美元；截至2026年和2025年9月30日的九个月，分别为收益1.76亿美元和亏损5.84亿美元。截至2026年9月30日和2025年12月31日，指定为净投资对冲工具的未偿欧元计价债务账面价值分别为48亿美元和50亿美元。有关公司未偿欧元债务的更多信息，请参阅附注9“债务”。

截至2026年和2025年9月30日，累计其他综合收益（亏损）的期末余额包括税后累计折算亏损，分别为15亿美元和16亿美元；以及税后未确认的养老金和其他退休后福利成本，分别为2.34亿美元和2.67亿美元。

(11) 分部信息

公司的业务按类似产品和终端市场进行组织和管理，并向高级管理层报告为以下七个分部：汽车原始设备制造商；食品设备；测试与测量及电子产品；焊接；聚合物与流体；建筑产品；以及特种产品。以下为公司七个分部的介绍：

汽车原始设备制造商— 该分部是面向顶级原始设备制造商的全球性利基供应商，通过独特创新为具有复杂问题的高要求客户解决痛点。该分部的业务生产用于汽车相关应用的零部件和紧固件。

食品设备— 该分部是商用食品设备行业中专注度很高、拥有品牌优势的领先企业，以创新和一体化服务产品形成差异化。

测试与测量及电子产品— 该分部是拥有品牌优势且富有创新力的制造商，提供测试与测量、电子制造及维修运营解决方案，帮助多元化终端市场的客户提高效率和质量。

该分部的业务生产用于材料和结构测试与测量的设备、耗材及相关软件，以及用于生产电子子组件和微电子产品的设备和耗材。

焊接— 该分部是拥有品牌优势的增值设备和特种耗材制造商，具备创新且领先的技术。该分部的业务生产电弧焊设备、耗材及配件，适用于广泛的工业和商业用途。

聚合物与流体— 该业务部门是面向细分市场的品牌供应商，这些市场需要增值型、差异化产品。该部门的业务生产工程胶粘剂、密封剂、润滑剂和切削液，以及用于汽车售后市场维护和外观护理的流体与聚合物。

建筑产品— 该部门是创新型工程紧固系统及解决方案的品牌供应商。

特种产品— 该部门专注于多元化的细分市场机会，拥有大量专利保护，生产饮料包装设备及耗材、产品编码和标记设备及耗材，以及家电部件和紧固件。

公司的首席运营决策者（“CODM”）是总裁兼首席执行官。CODM主要使用营业收入、营业利润及相关营业利润率来评估公司各业务部门当前及预期的长期业绩，包括应用公司企业战略；该战略侧重于通过应用公司的业务模式实现盈利性增长，并持续改善利润率和回报。CODM还使用营业利润和利润率评估业务部门在资本项目和重组举措方面的投资。CODM定期审阅与各业务部门营业收入、变动利润率、间接费用、营业利润和营业利润率相关的汇总财务信息，并将其与预测结果进行比较。

分部间销售交易按与向第三方销售一致的价格核算，且不被认为具有重大性。根据各业务部门营业收入的一定比例，向其分摊固定的间接费用，用于一般公司行政开支。未分摊至各业务部门的费用单独列为“未分摊”。由于“未分摊”类别包含多种项目，因此其金额在季度和年度之间可能波动。

截至2026年和2025年9月30日止三个月和九个月的分部营业收入、重大费用及营业利润如下：


	截至三个月		截至九个月
	9月30日		9月30日
百万计	2026		2025		2026		2025
营业收入：
汽车 OEM	$	814			$	830		$	2,491	$	2,461
食品设备	698			694			2,027		2,001
测试与测量及电子产品	819			698			2,303		2,036
焊接	513			477			1,569		1,428
聚合物与流体	477			441			1,405		1,308
建筑产品	472			473			1,424		1,389
特种产品	447			452			1,346		1,342
分部合计	4,240			4,065			12,565		11,965
分部间收入	(4)			(6)			(12)		(14)
营业收入	$	4,236			$	4,059		$	12,553	$	11,951

变动收入成本：
汽车 OEM	$	444			$	450		$	1,347	$	1,344
食品设备	317			317			937		914
测试与测量及电子产品	342			297			986		881
焊接	228			211			709		640
聚合物与流体	216			208			649		621
建筑产品	213			210			640		620
特种产品	204			205			616		613
分部合计	$	1,964			$	1,898		$	5,884	$	5,633

间接费用：
汽车 OEM	$	207			$	198		$	623	$	604
食品设备	173			175			537		530
测试与测量及电子产品	242			224			725		682
焊接	99			110			333		320
聚合物与流体	112			107			341		326
建筑产品	118			114			357		345
特种产品	103			101			307		300
分部合计	$	1,054			$	1,029		$	3,223	$	3,107

营业利润：
汽车 OEM	$	163			$	182		$	521	$	513
食品设备	208			202			553		557
测试与测量及电子产品	235			177			592		473
焊接	186			156			527		468
聚合物与流体	149			126			415		361
建筑产品	141			149			427		424
特种产品	140			146			423		429
分部总计	1,222			1,138			3,458		3,225
未分配	(45)			(26)			(114)		(94)
营业收入	1,177			1,112			3,344		3,131
利息支出	(83)			(75)			(235)		(217)
其他收入（费用）	37			12			69		28
税前收入	$	1,131			$	1,049		$	3,178	$	2,942

截至2026年和2025年9月30日的三个月和九个月期间，各分部的折旧与摊销以及无形资产减值情况如下：


	截至三个月		截至九个月
	9月30日，		9月30日，
百万	2026		2025		2026		2025
汽车原始设备制造商	$	36			$	35		$	107	$	101
食品设备	10			11			29		31
测试与测量及电子产品	18			17			55		53
焊接	9			9			26		26
聚合物与流体	9			10			26		31
建筑产品	8			8			25		24
特种产品	10			10			29		28
总计	$	100			$	100		$	297	$	294

不会定期向首席运营决策者（CODM）提供或由其审阅按分部划分的资产和资本支出信息，因此不予披露。

第2项管理层对财务状况和经营成果的讨论与分析

简介

Illinois Tool Works Inc.（“公司”或“ITW”）是一家全球制造商，生产种类丰富的工业产品和设备。截至2025年12月31日，公司在49个国家设有88个事业部，员工约43,000人。

公司的运营按照类似的产品类别和终端市场进行组织和管理，并向高级管理层报告为以下七个分部：汽车原始设备制造商；食品设备；测试与测量及电子产品；焊接；聚合物与流体；建筑产品；以及特种产品。

由于公司拥有众多多元化业务且采用分散式运营结构，公司不要求各业务部门提供详细的经营业绩信息。相反，公司管理层会收集若干关键指标的数据：营业收入、营业利润、营业利润率、收入可变成本、管理费用、库存周转月数、应收账款未收款天数、逾期应收账款以及投入资本回报率。管理层会监控这些关键指标，并与各运营单位管理层讨论经营业绩相较于终端市场当前趋势的重大变化以及与预测的差异。

ITW业务模式

强大且高度差异化的ITW业务模式是公司创造价值的核心源泉。它是公司的主要竞争优势，并构成ITW为股东创造可持续价值的框架。ITW业务模式由三个独特要素组成：

•80/20从前到后定义了公司的运营方式。这是一套独特的专有工具和方法，ITW各事业部利用这些工具和方法来构建和运营业务，以（a）最大限度地提升为最大、最有利可图的客户（“80”）提供的绩效、执行力和增值服务，以及（b）最大限度地降低服务盈利能力较低的客户（“20”）所涉及的成本、复杂性和干扰。通过应用“80/20从前到后”流程，ITW各事业部能够提供一流的客户服务执行力、高质量的内生增长，以及卓越的盈利能力和资本回报表现。

•客户反向创新（“CBI”）推动着公司的创新与开发方式。ITW 从客户需求出发进行创新，而不是从集中的研发中心向外延伸。ITW 各事业部与关键客户合作，打造独特解决方案，以解决复杂的技术难题并提升业务绩效。这一严谨、可重复的流程将创新工作引向长期基本面稳健的高增长市场。

•ITW 的分权式创业文化是公司执行力的关键。各事业部明确了解 ITW 商业模式、战略和价值观所设定的期望。在这一框架内，业务团队获授权作出决策，并调整自身方法，以最大限度地提升 ITW 商业模式对其特定客户和终端市场的相关性与影响力。这种“框架内灵活性”的文化鼓励主人翁意识和责任担当，使公司能够持续交付差异化成果。

企业战略：充分发挥 ITW 商业模式的潜力

自 2012 年启动企业战略以来，整个组织一直致力于充分发挥 ITW 商业模式的潜力，以实现稳健增长、业内领先的利润率和回报。为执行该战略，公司对自身业绩进行了全面审查，重点关注实现持续高于市场增速的增长且拥有业内领先利润率和回报的业务，并制定了一套框架，以在各项业务中复制这一业绩。ITW 认定，高质量、高于市场增速的内生增长是实现世界级财务业绩并为股东带来可观长期回报的核心增长引擎。

公司的企业战略包括若干关键举措：投资组合管理、简化业务架构、战略采购，以及认真重新应用 ITW 专有的 80/20 从前端到后端流程。

•作为投资组合管理举措的一部分，ITW 退出了在商品化市场领域运营的业务，并将可持续差异化确立为 ITW 所有业务必须具备的条件。这一流程既包括剥离整个业务，也包括退出差异化程度本已很高的 ITW 事业部内部的商品化产品线和客户。

•实施简化业务架构举措，旨在简化并扩大 ITW 的运营架构，以支持增加工程、营销和销售资源，并提升全球覆盖范围和竞争力；这些都是推动内生增长加速的关键。如今，ITW 拥有 88 个规模扩大的事业部，显著加强了对增长投资、核心客户和产品以及客户反向创新的关注。

•战略采购举措将采购确立为 ITW 的核心战略和运营能力，自 2013 年以来每年平均降低 1% 的支出，并持续为公司的企业战略作出重要贡献。

•随着初始投资组合调整和规模扩张工作基本完成，公司将重点转向为有机增长做准备并加快增长步伐，重新运用80/20前端到后端流程，优化已扩大的各事业部以实现增长：首先，夯实卓越运营的基础；其次，找出推动有机增长的最佳机遇。

自2012年实施企业战略以来，公司展现了ITW商业模式和卓越80/20管理所蕴含的强劲业绩潜力，推动利润率和回报率取得显著的增量改善，这一点体现在公司的营业利润率和税后投入资本回报率上。

下一阶段：2024 - 2030

在公司企业战略的下一阶段，ITW商业模式仍是公司的核心竞争优势和强劲的业绩差异化因素，使公司能够独特地应对全球运营环境中的日益加剧的波动和快速变化。80/20前端到后端流程提供了战略清晰度，助力实现高质量有机增长、卓越客户服务、盈利能力和资本回报。通过客户需求反向创新，公司开发技术解决方案，以更高成效、更低风险解决客户的关键挑战。公司的分散式创业文化使其能够成为“快速适应者”，敏捷地洞察并应对市场变化。此外，公司在整个商业周期各阶段持续执行和投资的能力，已成为其标志性优势。

迈入这一下一阶段，公司将继续提升其专有商业模式的实践质量，同时果断转向打造高于市场水平的有机增长，并通过执行客户需求反向创新，将其培育为ITW的核心优势。在下一阶段，实现贯穿整个周期的4%或更高的高质量有机增长是公司的首要任务。客户需求反向创新的成功，加上基础市场增长和份额提升，是公司实现高质量有机增长的方式。

投资组合纪律

公司只在能够凭借ITW商业模式建立显著长期竞争优势的行业开展业务。ITW各业务拥有最适合该商业模式的市场和业务特征等“原材料”，并具备推动长期有机增长高于市场水平的巨大潜力。

公司专注于高质量业务，确保其所处市场具有积极的长期宏观基本面，且客户有关键需求，并重视ITW差异化的产品、服务和解决方案。ITW的投资组合覆盖高度多元化的终端市场和地域，使公司在不确定或波动的市场环境中更具韧性。

公司定期评估投资组合，确保其实现可持续差异化并推动长期业绩稳定增长。这包括优化投资组合，以及评估选择性收购高质量资产，以补充ITW的长期增长潜力。

ITW使用的术语

管理层使用以下术语描述公司的经营财务业绩：

•有机业务 - 指在恒定汇率基础上，已纳入公司经营业绩超过12个月的收购业务。

•经营杠杆 - 假设可变利润率与上期相同，对有机收入量变化对有机营业收入的预计影响。

•价格/成本 - 指公司产品所用材料成本增减与面向客户的销售价格变化之间预计产生的净影响。

•产品线精简（“PLS”） - 促使各业务部门消除与规模较小的产品线和客户相关的复杂性及间接成本，并专注于支持和拓展最大客户及产品线。短期内，PLS 可能导致收入和间接成本下降，同时提高营业利润率。长期来看，预计 PLS 将推动收入、盈利能力和回报增长。

除非另有说明，合并经营业绩及各分部经营业绩中的财务业绩变动，均指本年度期间与上年可比期间的比较。以下经营业绩讨论应与公司《2025年度10-K表格年度报告》第7项“管理层对财务状况及经营成果的讨论与分析”一并阅读。

合并经营业绩

During the first quarter of 2022, Russian military forces invaded Ukraine. In response, the United States and several other countries imposed economic and other sanctions on Russia. The Company has four immaterial Russian subsidiaries with net assets of approximately $41 million as of September 30, 2026. The revenue for these four subsidiaries for the three and nine months ended September 30, 2026 was approximately $6 million and $20 million, respectively. These subsidiaries are not material to the Company's results of operations or financial position.

On April 2, 2025, the United States government announced additional tariffs on goods imported to the U.S. from numerous countries. In response, certain countries retaliated with additional counter-tariffs or negotiated with the U.S. government regarding tariffs. Tariffs on goods from many countries became effective on August 1, 2025. On February 20, 2026, the U.S. Supreme Court invalidated many of the tariffs imposed under the International Emergency Economic Powers Act (the \"IEEPA\"), resulting in the termination of many tariffs imposed in 2025. Following this decision, a new temporary 10 percent global tariff was imposed under the Trade Act, which expired in July 2026, and was effectively replaced by similar tariffs imposed on numerous countries under different provisions of the Trade Act. The Company believes that it continues to be well positioned to minimize the impact of these tariffs because its businesses generally manufacture products in the markets where they are sold and the Company expects to recover any increased cost due to tariffs through price increases. However, current tariff policies have introduced additional uncertainty and may negatively impact overall demand from the Company's customers. The Company continues to assess the impact of the tariffs and actions that can be taken to moderate and/or minimize their effects on the Company.

On October 1, 2025, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $120 million, net of cash acquired, and subject to certain closing adjustments. This acquisition was not material to the Company's results of operations, financial position or cash flows. Refer to Note 2. Acquisitions in Item 1. Financial Statements for further information regarding this acquisition.

The Company delivered strong financial results in the third quarter and year-to-date periods of 2026 primarily due to the continued successful execution of enterprise initiatives and continued focus on the highly differentiated ITW Business Model.

Operating Revenue

Refer to the \"Results of Operations for Total Company\" and the \"Results of Operations by Segment\" sections for discussion of changes in operating revenue for the third quarter and year-to-date periods of 2026 compared to 2025.

Operating Expenses


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
Dollars in millions	2026		2025		2026		2025
Operating Revenue	$	4,236			$	4,059			$	12,553		$	11,951
Cost of revenue	$	2,326			$	2,253			$	6,985		$	6,685
Percent of operating revenue	54.9	%		55.5	%		55.6	%		55.9	%
Selling, administrative, and research and development expenses	$	717			$	676			$	2,174		$	2,075
Percent of operating revenue	16.9	%		16.6	%		17.3	%		17.4	%
Amortization and impairment of intangible assets	$	16			$	18			$	50		$	60
Percent of operating revenue	0.4	%		0.5	%		0.4	%		0.5	%

Cost of revenue increased 3.2% and 4.5% in the third quarter and year-to-date periods of 2026, respectively, primarily due to higher revenue and higher employee-related expenses. Cost of revenue as a percent of operating revenue was lower in the third quarter and year-to-date periods of 2026 as benefits from the Company's enterprise initiatives were partially offset by higher employee-related expenses.

Selling, administrative, and research and development expenses increased 6.1% and 4.8% in the third quarter and year-to-date periods of 2026, respectively. In the third quarter, Selling, administrative, and research and development expenses as a percent of operating revenue was higher in 2026 primarily due to higher employee-related expenses and selling and advertising expenses, partially offset by benefits from the Company's enterprise initiatives. In the year-to-date period, Selling, administrative, and research and development expenses as a percent of operating revenue were lower in 2026 primarily due to benefits from the Company's enterprise initiatives, partially offset by higher selling, advertising and employee-related expenses as well as higher research and development expenses.

Amortization and impairment of intangible assets was lower in the third quarter and year-to-date periods of 2026 primarily due to fully amortized intangible assets.

Refer to the \"Results of Operations for Total Company\" and the \"Results of Operations by Segment\" sections for additional discussion of operating results for the third quarter and year-to-date periods of 2026 compared to 2025.

RESULTS OF OPERATIONS FOR TOTAL COMPANY

The Company's consolidated results of operations for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring		Foreign Currency	Total
Operating revenue	$	4,236			$	4,059				4.4	%		3.8	%	0.3	%	—	%	0.3	%	4.4	%
Operating income	$	1,177			$	1,112				5.9	%		4.6	%	(0.1)	%	1.0	%	0.4	%	5.9	%
Operating margin %	27.8	%		27.4	%			40 bps		20 bps	(10) bps	30 bps		—		40 bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring		Foreign Currency	Total
Operating revenue	$	12,553			$	11,951				5.0	%		2.9	%	0.3	%	—	%	1.8	%	5.0	%
Operating income	$	3,344			$	3,131				6.8	%		4.3	%	(0.1)	%	0.8	%	1.8	%	6.8	%
Operating margin %	26.6	%		26.2	%			40 bps		30 bps	(10) bps	20 bps		—		40 bps

•Operating revenue grew in the third quarter and year-to-date periods due to higher organic and acquisition revenues and the favorable effect of foreign currency translation.

•Organic revenue increased 3.8% in the third quarter and 2.9% in the year-to-date period primarily due to growth in the Test & Measurement and Electronics, Polymers & Fluids and Welding segments, partially offset by a decline in the Automotive OEM and Specialty Products segments. Organic revenue for the Food Equipment segment increased in the third quarter and declined in the year-to-date period. Organic revenue for the Construction Products segment declined in the third quarter and was flat in the year-to-date period. Product line simplification activities reduced organic revenue by 40 basis points in the third quarter and 60 basis points in the year-to-date period.

◦North American organic revenue grew 6.0% in the third quarter and 4.6% in the year-to-date period as growth in the Test & Measurement and Electronics, Welding and Polymers & Fluids segments was partially offset by a decrease in the Food Equipment and Automotive OEM segments. Organic revenue for the Specialty Products segment increased in the third quarter and declined in the year-to-date period. Organic revenue for the Construction Products segment declined in the third quarter and grew in the year-to-date period.

◦Europe, Middle East and Africa organic revenue decreased 0.4% in the third quarter as a decline in the Automotive OEM, Specialty Products and Construction Products segments was partially offset by growth in the Food Equipment, Polymers & Fluids, Test & Measurement and Electronics and Welding segments. In the year-to-date period, organic revenue declined 0.8% as a decrease in the Automotive OEM, Test & Measurement and Electronics, Specialty Products, Construction Products and Welding segments was partially offset by growth in the Food Equipment and Polymers & Fluids segments.

◦Asia Pacific organic revenue grew 3.4% in the third quarter and 3.8% in the year-to-date period primarily due to growth in the Test & Measurement and Electronics segment. Organic revenue in China decreased 2.3% in the third quarter, which had a challenging comparison in the prior year third quarter of 10.1% growth, as a decline in the Test & Measurement and Electronics, Automotive OEM, Specialty Products, Polymers & Fluids and Construction Products segments was partially offset by growth in the Food Equipment and Welding segments. In the year-to-date period, organic revenue in China declined 0.2%, which had a challenging comparison in the prior year of 12.2%, as a decrease in the Automotive OEM, Specialty Products, Polymers & Fluids and Construction Products segments was partially offset by growth in the Test & Measurement and Electronics, Food Equipment and Welding segments.

•Operating income of $1.2 billion and $3.3 billion in the third quarter and year-to-date periods, respectively, increased 5.9% and 6.8%, respectively, compared to the prior year primarily due to higher organic revenue, lower restructuring expenses and the favorable effect of foreign currency translation.

•Operating margin was 27.8% in the third quarter. The increase of 40 basis points was primarily due to benefits from the Company's enterprise initiatives of 130 basis points, positive operating leverage of 80 basis points and favorable price/cost of 40 basis points, partially offset by higher overhead costs, including higher employee-related expenses.

•In the year-to-date period, operating margin of 26.6% increased 40 basis points primarily due to benefits from the Company's enterprise initiatives of 120 basis points and positive operating leverage of 60 basis points, partially offset by higher overhead costs, including higher employee-related expenses.

•The Company's effective tax rate for the third quarter of 2026 and 2025 was 24.4% and 21.8%, respectively, and 23.3% and 22.7% for the year-to-date periods of 2026 and 2025, respectively. The effective tax rate for the year-to-date period of 2026 included a discrete tax benefit of $34 million in the first quarter of 2026 primarily related to the resolution of a U.S. tax audit. The effective tax rates for the third quarter and year-to-date periods of 2025 benefited from a discrete tax benefit of $43 million related to the estimated U.S. federal tax liability for 2024, partially offset by a $16 million discrete tax expense related primarily to the resolution of a foreign tax audit. Additionally, the effective tax rate for the year-to-date period of 2025 included a discrete tax benefit of $21 million in the first quarter of 2025 related to the reversal of a valuation allowance on net operating loss carryforwards. The effective tax rates for 2026 and 2025 also included excess tax benefits from stock-based compensation of $1 million and $2 million for the third quarter of 2026 and 2025, respectively, and $5 million and $7 million for the year-to-date periods of 2026 and 2025, respectively.

•Diluted earnings per share (\"EPS\") of $3.00 for the third quarter and $8.49 for the year-to-date period of 2026 increased 6.8% and 9.3%, respectively.

•The Company repurchased approximately 0.7 million and 5.0 million shares of its common stock in the third quarter and year-to-date periods of 2026, respectively, for approximately $187 million and $1.3 billion, respectively.

RESULTS OF OPERATIONS BY SEGMENT

Total operating revenue and operating income for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
Dollars in millions	Operating Revenue		Operating Income		Operating Revenue		Operating Income
	2026		2025		2026		2025	2026		2025	2026		2025
Automotive OEM	$	814			$	830		$	163		$	182			$	2,491		$	2,461	$	521	$	513
Food Equipment	698			694			208		202		2,027			2,001			553		557
Test & Measurement and Electronics	819			698			235		177		2,303			2,036			592		473
Welding	513			477			186		156		1,569			1,428			527		468
Polymers & Fluids	477			441			149		126		1,405			1,308			415		361
Construction Products	472			473			141		149		1,424			1,389			427		424
Specialty Products	447			452			140		146		1,346			1,342			423		429
Total segments	4,240			4,065			1,222		1,138		12,565			11,965			3,458		3,225
Intersegment revenue	(4)			(6)			—		—		(12)			(14)			—		—
Unallocated	—			—			(45)		(26)		—			—			(114)		(94)
Total	$	4,236			$	4,059		$	1,177		$	1,112			$	12,553		$	11,951	$	3,344	$	3,131

Segments are allocated a fixed overhead charge based on the segment's revenue. Expenses not charged to the segments are reported separately as Unallocated. Because the Unallocated category includes a variety of items, it is subject to fluctuations on a quarterly and annual basis. Unallocated in the three and nine months ended September 30, 2026 included higher employee-related expenses as compared to the prior year.

AUTOMOTIVE OEM

This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive OEMs and tiers market. Products in this segment include:

•plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses.

The results of operations for the Automotive OEM segment for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	814			$	830				(1.8)	%		(2.1)	%	—	%	—	%	0.3	%	(1.8)	%
Operating income	$	163			$	182				(9.8)	%		(10.9)	%	—	%	1.0	%	0.1	%	(9.8)	%
Operating margin %	20.1	%		21.8	%			(170) bps		(190) bps	—		20 bps	—		(170) bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	2,491			$	2,461				1.2	%		(1.1)	%	—	%	—	%	2.3	%	1.2	%
Operating income	$	521			$	513				1.7	%		(2.5)	%	—	%	1.7	%	2.5	%	1.7	%
Operating margin %	20.9	%		20.8	%			10 bps		(30) bps	—		40 bps	—		10 bps

•Operating revenue declined in the third quarter due to lower organic revenue, partially offset by the favorable effect of foreign currency translation. In the year-to-date period, operating revenue increased due to the favorable effect of foreign currency translation, partially offset by lower organic revenue.

•Organic revenue decreased 2.1% in the third quarter and 1.1% in the year-to-date period compared to worldwide auto builds which declined 2% in the third quarter and 1% in the year-to-date period. Product line simplification activities reduced organic revenue by 60 basis points in the third quarter and 80 basis points in the year-to-date period.

◦North American organic revenue declined 1.1% and 1.6% in the third quarter and year-to-date periods, respectively, compared to North American auto builds which decreased 5% in the third quarter and 2% in the year-to-date period. Auto builds for the Detroit 3, where the Company has higher content, declined 7% in the third quarter and 2% in the year-to-date period. The business outperformed the market due to share gains and customer mix.

◦European organic revenue decreased 6.9% in the third quarter and 4.1% in the year-to-date period compared to European auto builds which grew 1% in the third quarter and year-to-date periods, primarily due to customer mix and product line simplification activities.

◦Asia Pacific organic revenue grew 1.6% and 2.5% in the third quarter and year-to-date periods, respectively, primarily due to market growth and penetration gains in India. Organic revenue in China decreased 1.4% and 1.3% in the third quarter and year-to-date periods, respectively, compared to China auto builds which declined 6% in the third quarter and 6% in the year-to-date period. Auto builds of foreign automotive manufacturers in China decreased 39% in the third quarter and 28% in the year-to-date period. The business outperformed the market primarily due to customer mix including continued growth in the electric vehicle end market.

•Operating margin was 20.1% in the third quarter. The decrease of 170 basis points was primarily due to unfavorable price/cost of 100 basis points, higher overhead costs, including higher employee-related expenses, and unfavorable operating leverage of 40 basis points, partially offset by benefits from the Company's enterprise initiatives.

•In the year-to-date period, operating margin of 20.9% increased 10 basis points primarily due to benefits from the Company's enterprise initiatives and lower restructuring expenses of 40 basis points, partially offset by higher overhead costs, including higher employee-related expenses, unfavorable price/cost of 70 basis points and unfavorable operating leverage of 20 basis points.

FOOD EQUIPMENT

This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food retail and food institutional/restaurant markets. Products in this segment include:

•warewashing equipment;

•cooking equipment, including ovens, ranges and broilers;

•refrigeration equipment, including refrigerators, freezers and prep tables;

•food processing equipment, including slicers, mixers and scales;

•kitchen exhaust, ventilation and pollution control systems; and

•food equipment service, maintenance and repair.

The results of operations for the Food Equipment segment for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	698			$	694				0.7	%		0.5	%	—	%	—	%	0.2	%	0.7	%
Operating income	$	208			$	202				2.8	%		2.3	%	—	%	0.2	%	0.3	%	2.8	%
Operating margin %	29.8	%		29.2	%			60 bps		50 bps	—		10 bps	—		60 bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	2,027			$	2,001				1.3	%		(0.7)	%	—	%	—	%	2.0	%	1.3	%
Operating income	$	553			$	557				(0.7)	%		(2.8)	%	—	%	0.3	%	1.8	%	(0.7)	%
Operating margin %	27.3	%		27.8	%			(50) bps		(60) bps	—		10 bps	—		(50) bps

•Operating revenue grew in the third quarter due to higher organic revenue and the favorable effect of foreign currency translation. In the year-to-date period, operating revenue increased due to the favorable effect of foreign currency translation, partially offset by lower organic revenue.

•Organic revenue increased 0.5% in the third quarter as equipment organic revenue declined 1.8% and service organic revenue increased 4.6%. In the year-to-date period, organic revenue declined 0.7% as equipment organic revenue decreased 3.3% and service organic revenue grew 4.3%.

◦North American organic revenue decreased 2.8% in the third quarter and 3.6% in the year-to-date period. Equipment organic revenue declined 6.9% and 8.3% in the third quarter and year-to-date periods, respectively, primarily due to lower demand in the institutional end market and independent and quick service restaurants within the noninstitutional end market, partially offset by higher demand in the food retail end market. Service organic revenue increased 4.1% in the third quarter and 4.4% in the year-to-date period.

◦International organic revenue grew 5.4% in the third quarter. Equipment organic revenue increased 5.5% primarily due to higher demand in the European warewash, cooking and refrigeration end markets and higher demand in Asia. Service organic revenue grew 5.5%. In the year-to-date period, international organic revenue increased 3.9%. Equipment organic revenue grew 3.8% primarily driven by higher demand in the European warewash end market and higher demand in Asia, partially offset by lower demand in the European cooking and refrigeration end markets. Service organic revenue increased 4.1%.

•Operating margin was 29.8% in the third quarter. The increase of 60 basis points was primarily due to benefits from the Company's enterprise initiatives and favorable price/cost of 120 basis points, partially offset by higher employee-related expenses and product mix.

•In the year-to-date period, operating margin of 27.3% decreased 50 basis points primarily due to higher employee-related expenses and product mix, partially offset by benefits from the Company's enterprise initiatives and favorable price/cost of 50 basis points.

TEST & MEASUREMENT AND ELECTRONICS

This segment is a branded and innovative producer of test and measurement and electronic manufacturing and maintenance, repair, and operations, or \"MRO\" solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. This segment primarily serves the electronics, general industrial, automotive OEMs and tiers, energy, industrial capital goods and consumer durables markets. Products in this segment include:

•equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids;

•electronic assembly equipment;

•electronic components and component packaging;

•static control equipment and consumables used for contamination control in clean room environments; and

•pressure sensitive adhesives and components for electronics, medical, transportation and telecommunications applications.

The results of operations for the Test & Measurement and Electronics segment for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring		Foreign Currency	Total
Operating revenue	$	819			$	698				17.3	%		15.8	%	1.8	%	—	%	(0.3)	%	17.3	%
Operating income	$	235			$	177				32.2	%		30.3	%	(0.6)	%	2.2	%	0.3	%	32.2	%
Operating margin %	28.7	%		25.4	%			330 bps		320 bps	(60) bps	50 bps		20 bps	330 bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency		Total
Operating revenue	$	2,303			$	2,036				13.1	%		10.3	%	1.6	%	—	%	1.2	%	13.1	%
Operating income	$	592			$	473				25.2	%		22.8	%	(0.4)	%	1.5	%	1.3	%	25.2	%
Operating margin %	25.7	%		23.2	%			250 bps		270 bps	(50) bps	30 bps	—			250 bps

•Operating revenue grew in the third quarter due to higher organic and acquisition revenues, partially offset by the unfavorable effect of foreign currency translation. In the year-to-date period, operating revenue increased due to higher organic and acquisition revenues and the favorable effect of foreign currency translation.

•On October 1, 2025, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $120 million, net of cash acquired. Refer to Note 2. Acquisitions in Item 1. Financial Statements for further information regarding this acquisition.

•Organic revenue increased 15.8% in the third quarter and 10.3% in the year-to-date period primarily due to higher demand in the semiconductor and electronics end markets.

◦Organic revenue for the test and measurement businesses increased 8.1% in the third quarter and 4.7% in the year-to-date period primarily driven by higher demand in the semiconductor end market, primarily in North America and Asia Pacific, partially offset by a decline in the MTS Test & Simulation business.

◦Electronics organic revenue grew 30.5% in the third quarter and 20.7% in the year-to-date period primarily due to higher demand in the semiconductor end market. The electronics assembly businesses grew 86.0% in the third quarter and 53.5% in the year-to-date period due to higher demand across all major regions. The other electronics businesses, which include contamination control, static control and pressure sensitive adhesives, increased 10.8% in the third quarter and 9.2% in the year-to-date period primarily due to growth in North America and Asia Pacific.

•Operating margin was 28.7% in the third quarter. The increase of 330 basis points was primarily due to positive operating leverage of 370 basis points, favorable price/cost of 110 basis points and benefits from the Company's enterprise initiatives, partially offset by higher overhead costs, including higher employee-related expenses, and the dilutive impact of 60 basis points from an acquisition.

•In the year-to-date period, operating margin of 25.7% increased 250 basis points primarily due to positive operating leverage of 260 basis points, benefits from the Company's enterprise initiatives and favorable price/cost of 40 basis points, partially offset by higher overhead costs, including higher employee-related expenses, and the dilutive impact of 50 basis points from an acquisition.

WELDING

This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. This segment primarily serves the general industrial market, which includes fabrication,

shipbuilding and other general industrial markets, and construction, energy, MRO, industrial capital goods and automotive OEMs and tiers markets. Products in this segment include:

•arc welding equipment; and

•metal arc welding consumables and related accessories.

The results of operations for the Welding segment for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring		Foreign Currency	Total
Operating revenue	$	513			$	477				7.3	%		6.9	%	—	%	—	%	0.4	%	7.3	%
Operating income	$	186			$	156				19.3	%		18.2	%	—	%	0.7	%	0.4	%	19.3	%
Operating margin %	36.3	%		32.6	%			370 bps		350 bps	—		20 bps		—		370 bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	1,569			$	1,428				9.8	%		9.0	%	—	%	—	%	0.8	%	9.8	%
Operating income	$	527			$	468				12.5	%		12.3	%	—	%	(0.3)	%	0.5	%	12.5	%
Operating margin %	33.6	%		32.8	%			80 bps		100 bps	—		(10) bps	(10) bps	80 bps

•Operating revenue grew in the third quarter and year-to-date periods due to higher organic revenue, despite temporary disruptions resulting from a severe weather event in the third quarter, and the favorable effect of foreign currency translation.

•Organic revenue increased 6.9% in the third quarter as equipment and consumables grew 5.2% and 10.0%, respectively. In the year-to-date period, organic revenue grew 9.0% as equipment and consumables increased 10.7% and 6.1%, respectively.

◦North American organic revenue increased 7.7% primarily due to growth in both the industrial and commercial end markets of 5.6% and 3.8%, respectively. In the year-to-date period, organic revenue grew 11.5% primarily due to growth in the industrial and commercial end markets of 9.8% and 7.9%, respectively. The growth in both periods was primarily due to higher demand in the infrastructure, energy, semiconductor, aerospace and defense end markets.

◦International organic revenue grew 3.0% in the third quarter due to growth in Asia Pacific and Europe. In the year-to-date period, international organic revenue decreased 3.3% primarily due to lower demand in Asia Pacific and Europe.

•Operating margin was 36.3% in the third quarter. The increase of 370 basis points was primarily due to an insurance recovery related to the severe weather event, while higher employee-related expenses and unfavorable price/cost of 10 basis points partially offset positive operating leverage of 130 basis points and benefits from the Company's enterprise initiatives.

•In the year-to-date period, operating margin of 33.6% increased 80 basis points primarily due to an insurance recovery related to the severe weather event in the third quarter, while higher employee-related expenses and unfavorable price/cost of 20 basis points partially offset positive operating leverage of 140 basis points and benefits from the Company's enterprise initiatives.

POLYMERS & FLUIDS

This segment is a branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. This segment primarily serves the automotive aftermarket, general industrial and MRO markets. Products in this segment include:

•adhesives for industrial, construction and consumer purposes;

•chemical fluids which clean or add lubrication to machines;

•epoxy and resin-based coating products for industrial applications;

•hand wipes and cleaners for industrial applications;

•fluids, polymers and other supplies for auto aftermarket maintenance and appearance;

•fillers and putties for auto body repair; and

•polyester coatings and patch and repair products for the marine industry.

The results of operations for the Polymers & Fluids segment for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring		Foreign Currency	Total
Operating revenue	$	477			$	441				8.1	%		8.2	%	—	%	—	%	(0.1)	%	8.1	%
Operating income	$	149			$	126				18.7	%		17.5	%	—	%	1.2	%	—	%	18.7	%
Operating margin %	31.3	%		28.5	%			280 bps		240 bps	—		40 bps		—		280 bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring		Foreign Currency	Total
Operating revenue	$	1,405			$	1,308				7.4	%		5.8	%	—	%	—	%	1.6	%	7.4	%
Operating income	$	415			$	361				15.1	%		13.2	%	—	%	0.3	%	1.6	%	15.1	%
Operating margin %	29.6	%		27.6	%			200 bps		190 bps	—		10 bps		—		200 bps

•Operating revenue grew in the third quarter primarily due to higher organic revenue. In the year-to-date period, operating revenue increased due to higher organic revenue and the favorable effect of foreign currency translation.

•Organic revenue increased 8.2% in the third quarter and 5.8% in the year-to-date period due to higher demand across all major regions. Product line simplification activities reduced organic revenue by 30 basis points and 40 basis points in the third quarter and year-to-date periods, respectively.

◦Organic revenue for the automotive aftermarket businesses increased 5.9% in the third quarter primarily due to higher demand in the car care, engine and body repair businesses in North America and the tire repair business in Asia Pacific, partially offset by lower demand in the tire repair business in North America and Europe. In the year-to-date period, organic revenue grew 5.4% primarily due to higher demand in the car care and engine repair businesses in North America and the tire repair business in Asia Pacific and Europe, partially offset by lower demand in body and tire repair businesses in North America.

◦Organic revenue for the polymers businesses increased 11.8% in the third quarter and 6.4% in the year-to-date period due to an increase across all major regions.

◦Organic revenue for the fluids businesses grew 9.0% and 5.8% in the third quarter and year-to-date periods, respectively, primarily driven by higher demand in the general industrial end market in North America and the biopharmaceutical end market in Europe.

•Operating margin was 31.3% in the third quarter. The increase of 280 basis points was primarily due to favorable price/cost of 170 basis points, positive operating leverage of 140 basis points and benefits from the Company's enterprise initiatives, partially offset by higher employee-related expenses.

•In the year-to-date period, operating margin of 29.6% increased 200 basis points primarily due to benefits from the Company's enterprise initiatives, positive operating leverage of 110 basis points and favorable price/cost of 50 basis points, partially offset by higher employee-related expenses.

CONSTRUCTION PRODUCTS

This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include:

•fasteners and related fastening tools for wood and metal applications;

•anchors, fasteners and related tools for concrete applications;

•metal plate truss components and related equipment and software; and

•packaged hardware, fasteners, anchors and other products for retail.

The results of operations for the Construction Products segment for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	472			$	473				—	%		(0.8)	%	—	%	—	%	0.8	%	—	%
Operating income	$	141			$	149				(5.2)	%		(7.4)	%	—	%	1.6	%	0.6	%	(5.2)	%
Operating margin %	29.9	%		31.6	%			(170) bps		(210) bps	—		40 bps	—		(170) bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring		Foreign Currency	Total
Operating revenue	$	1,424			$	1,389				2.6	%		—	%	—	%	—	%	2.6	%	2.6	%
Operating income	$	427			$	424				0.6	%		(2.2)	%	—	%	0.9	%	1.9	%	0.6	%
Operating margin %	30.0	%		30.6	%			(60) bps		(70) bps	—		20 bps		(10) bps	(60) bps

•Operating revenue was flat in the third quarter as the favorable effect of foreign currency translation offset lower organic revenue. In the year-to-date period, operating revenue increased due to the favorable effect of foreign currency translation.

•Organic revenue decreased 0.8% in the third quarter primarily due to lower demand in Europe and North America. In the year-to-date period, organic revenue was flat as higher demand in North America and Asia Pacific offset lower demand in Europe. Product line simplification activities reduced organic revenue by 20 basis points in the third quarter and year-to-date periods.

◦North American organic revenue decreased 0.4% in the third quarter primarily due to a decline in the United States residential end market of 3.1%, partially offset by an increase of 18.7% in the United States commercial end market. In the year-to-date period, organic revenue grew 0.6% primarily due to growth of 10.2% in the commercial end market, partially offset by lower demand in the residential end market and in Canada of 0.6% and 2.1%, respectively.

◦International organic revenue decreased 1.2% in the third quarter and 0.7% in the year-to-date period. European organic revenue declined 2.2% and 1.4% in the third quarter and year-to-date periods, respectively, primarily due to lower demand in the residential end market, partially offset by higher demand in the commercial end market. Asia Pacific organic revenue was flat in the third quarter and grew 0.2% in the year-to-date period with higher demand in the Australia and New Zealand residential end markets in both respective periods.

•Operating margin was 29.9% in the third quarter. The decrease of 170 basis points was primarily due to higher employee-related expenses and unfavorable price/cost of 60 basis points, partially offset by benefits from the Company's enterprise initiatives and lower restructuring expenses of 40 basis points.

•In the year-to-date period, operating margin of 30.0% decreased 60 basis points primarily due to higher employee-related expenses and unfavorable price/cost of 30 basis points, partially offset by benefits from the Company's enterprise initiatives.

SPECIALTY PRODUCTS

This segment is focused on diversified niche market opportunities with substantial patent protection producing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. This segment primarily serves the food and beverage, consumer durables, airlines, general industrial, industrial capital goods and printing and publishing markets. Products in this segment include:

•conveyor systems and line automation for the food and beverage industries;

•plastic consumables that multi-pack cans and bottles and related equipment;

•foil, film and related equipment used to decorate consumer products;

•product coding and marking equipment and related consumables;

•plastic and metal closures and components for appliances;

•airport ground support equipment; and

•components for medical devices.

The results of operations for the Specialty Products segment for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	447			$	452				(1.1)	%		(1.2)	%	—	%	—	%	0.1	%	(1.1)	%
Operating income	$	140			$	146				(4.0)	%		(4.6)	%	—	%	0.4	%	0.2	%	(4.0)	%
Operating margin %	31.4	%		32.3	%			(90) bps		(110) bps	—		20 bps	—		(90) bps


	Nine Months Ended
Dollars in millions	September 30,		Components of Increase (Decrease)
	2026		2025				Inc (Dec)	Organic	Acquisition/ Divestiture	Restructuring	Foreign Currency	Total
Operating revenue	$	1,346			$	1,342				0.3	%		(1.4)	%	—	%	—	%	1.7	%	0.3	%
Operating income	$	423			$	429				(1.3)	%		(3.9)	%	—	%	0.7	%	1.9	%	(1.3)	%
Operating margin %	31.4	%		32.0	%			(60) bps		(90) bps	—		30 bps	—		(60) bps

•Operating revenue declined in the third quarter primarily due to lower organic revenue. In the year-to-date period, operating revenue increased due to the favorable effect of foreign currency translation, partially offset by lower organic revenue.

•Organic revenue decreased 1.2% in the third quarter as equipment sales declined 15.1% compared to the prior year period which benefitted from 14.2% growth, partially offset by consumables which increased 3.2%. In the year-to-date period, organic revenue declined 1.4% as equipment sales decreased 8.3%, partially offset by consumables which grew 0.7%. Product line simplification activities reduced organic revenue by 130 basis points and 160 basis points in the third quarter and year-to-date periods, respectively.

◦North American organic revenue increased 2.7% in the third quarter primarily driven by growth in the consumer packaging, specialty films and ground support equipment businesses, partially offset by a decline in the appliance and marking coding businesses. In the year-to-date period, organic revenue declined 0.4% primarily driven by a decrease in the appliance, marking coding, graphics and ground support equipment businesses, partially offset by growth in the filter medical and specialty films businesses.

◦International organic revenue declined 8.1% in the third quarter primarily due to a decline in the European ground support equipment and graphics businesses and lower demand in Asia Pacific, partially offset by higher demand in the specialty films business. In the year-to-date period, organic revenue decreased 3.1% primarily due to lower demand in the graphics and appliance businesses in Europe and Asia, partially offset by growth in the European specialty films and filter medical businesses.

•Operating margin was 31.4% in the third quarter. The decrease of 90 basis points was primarily due to higher employee-related expenses and unfavorable operating leverage of 20 basis points, partially offset by benefits from the Company's enterprise initiatives and favorable price/cost of 60 basis points.

•In the year-to-date period, operating margin of 31.4% decreased 60 basis points primarily due to higher employee-related expenses, unfavorable price/cost of 40 basis points and unfavorable operating leverage of 30 basis points, partially offset by benefits from the Company's enterprise initiatives and lower restructuring expenses of 30 basis points.

OTHER FINANCIAL HIGHLIGHTS

•Interest expense was $83 million and $235 million in the third quarter and year-to-date periods of 2026, respectively, versus $75 million and $217 million in the third quarter and year-to-date periods of 2025, respectively. Refer to Note 9. Debt in Item 1. Financial Statements for further information regarding the Company's outstanding debt.

•Other income (expense) was income of $37 million in the third quarter of 2026 versus $12 million in the prior year period and $69 million in the year-to-date period of 2026 versus $28 million in the prior year period. The increase in both respective periods was primarily due to gains on disposal of assets and lower foreign currency transaction losses in 2026 compared to 2025.

NEW ACCOUNTING PRONOUNCEMENTS

Information regarding new accounting pronouncements is included in Note 1. Significant Accounting Policies in Item 1. Financial Statements.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of liquidity are free cash flow and short-term credit facilities. As of September 30, 2026, the Company had $809 million of cash and equivalents on hand and no outstanding borrowings under its $3.0 billion revolving credit facility. The Company also has maintained strong access to public debt markets. Management believes that these sources are sufficient to service debt and to finance the Company's capital allocation priorities, which include:

•internal investments to support organic growth and sustain core businesses;

•payment of an attractive dividend to shareholders; and

•external investments in selective strategic acquisitions that support the Company's organic growth focus and an active share repurchase program.

The Company believes that, based on its operating revenue, operating margin, free cash flow, and credit ratings, it could readily obtain additional financing, if necessary.

Cash Flow

The Company uses free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment. The Company believes this non-GAAP financial measure is useful to investors in evaluating the Company's financial performance and measures the Company's ability to generate cash internally to fund Company initiatives. Free cash flow represents net cash provided by operating activities less additions to plant and equipment. Free cash flow is a measurement that is not the same as net cash flow from operating activities per the statement of cash flows and may not be consistent with similarly titled measures used by other companies. Summarized cash flow information for the third quarter and year-to-date periods of 2026 and 2025 is as follows:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
In millions	2026		2025		2026		2025
Net cash provided by operating activities	$	953			$	1,021		$	2,299	$	2,163
Additions to plant and equipment	(102)			(117)			(289)		(314)
Free cash flow	$	851			$	904		$	2,010	$	1,849

Cash dividends paid	$	(458)			$	(438)		$	(1,386)	$	(1,318)
Repurchases of common stock	(187)			(375)			(1,312)		(1,125)
Acquisition of businesses (excluding cash and equivalents)	—			—			—		1
Net proceeds from (repayments of) debt	(274)			25			581		489
Other, net	31			14			53		41
Effect of exchange rate changes on cash and equivalents	7			6			12		39
Net increase (decrease) in cash and equivalents	$	(30)			$	136		$	(42)	$	(24)

Stock Repurchase Programs

On August 4, 2023, the Company announced that its Board of Directors approved a new authorization for the Company to repurchase up to $5.0 billion of the Company's common stock over an open-ended period of time (the \"2023 Program\"). The Company repurchased 0.7 million shares of its common stock at an average price of $278.04 and 1.5 million shares of its common stock at an average price of $260.58 during the three months ended September 30, 2026 and 2025, respectively. The Company repurchased 5.0 million shares of its common stock at an average price of $262.89 and 4.5 million shares of its common stock at an average price of $252.68 during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there were $678 million of authorized repurchases remaining under the 2023 Program.

On August 7, 2026, the Company announced that its Board of Directors approved a new authorization for the Company to repurchase up to an additional $6.0 billion of the Company's common stock over an open-ended period of time (the \"2026 Program\"). As of September 30, 2026, there were $6.0 billion of authorized repurchases remaining under the 2026 Program.

After-tax Return on Average Invested Capital

The Company uses after-tax return on average invested capital (\"After-tax ROIC\") to measure the effectiveness of its operations' use of invested capital to generate profits. After-tax ROIC is not defined under U.S. generally accepted accounting principles (\"GAAP\"). After-tax ROIC is a non-GAAP financial measure that the Company believes is a meaningful metric to investors in evaluating the Company's ability to generate returns from cash invested in its operations and may be different than the method used by other companies to calculate After-tax ROIC. The Company defines After-tax ROIC as operating income after taxes divided by average invested capital, which is annualized when presented in interim periods. Operating income after taxes is a non-GAAP measure consisting of net income before interest expense and other income (expense), on an after-tax basis, which are excluded as they do not represent returns generated by the Company's operations. For comparability, the Company also excluded the discrete tax benefit of $34 million in the first quarter of 2026 from net income and the effective tax rate for the nine months ended September 30, 2026. Additionally, for comparability, the Company also excluded the net discrete tax benefit of $27 million in the third quarter of 2025 from net income and the effective tax rate for the three and nine months ended September 30, 2025. Also, for comparability, the Company excluded the discrete tax benefit of $21 million in the first quarter of 2025 from net income and the effective tax rate for the nine months ended September 30, 2025. Total invested capital represents the net assets of the Company, other than cash and equivalents and outstanding debt which do not represent capital investment in the Company's operations. The most comparable GAAP measure to operating income after taxes is net income. Net income to average invested capital and After-tax ROIC for the third quarter and year-to-date periods of 2026 and 2025 were as follows:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
Dollars in millions	2026		2025		2026		2025
Numerator:
Net Income	$	855			$	821			$	2,438		$	2,276
Discrete tax benefit related to the first quarter 2026	—			—			(34)			—
Net discrete tax benefit related to the third quarter 2025	—			(27)			—			(27)
Discrete tax benefit related to the first quarter 2025	—			—			—			(21)
Interest expense, net of tax (1)	63			57			178			165
Other (income) expense, net of tax (1)	(28)			(10)			(52)			(22)
Operating income after taxes	$	890			$	841			$	2,530		$	2,371

Denominator:
Invested capital:
Cash and equivalents	$	809			$	924			$	809		$	924
Trade receivables	3,516			3,255			3,516			3,255
Inventories	1,823			1,725			1,823			1,725
Net plant and equipment	2,254			2,203			2,254			2,203
Goodwill and intangible assets	5,616			5,568			5,616			5,568
Accounts payable and accrued expenses	(2,258)			(2,175)			(2,258)			(2,175)
Debt	(9,372)			(8,942)			(9,372)			(8,942)
Other, net	754			651			754			651
Total net assets (stockholders' equity)	3,142			3,209			3,142			3,209
Cash and equivalents	(809)			(924)			(809)			(924)
Debt	9,372			8,942			9,372			8,942
Total invested capital	$	11,705			$	11,227			$	11,705		$	11,227

Average invested capital (2)	$	11,728			$	11,293			$	11,587		$	10,863

Net income to average invested capital (3)	29.1	%		29.1	%		28.1	%		27.9	%
After-tax return on average invested capital (3)	30.3	%		29.8	%		29.1	%		29.1	%

(1) Effective tax rate used for interest expense and other (income) expense for the three months ended September 30, 2026 and 2025 was 24.4% and 24.3%, respectively. Effective tax rate used for interest expense and other (income) expense for the nine months ended September 30, 2026 and 2025 was 24.3% in both periods.

(2) Average invested capital is calculated using the total invested capital balances at the start of the period and at the end of each quarter within each of the periods presented.

(3) Returns for the three months ended September 30, 2026 and 2025 were converted to an annual rate by multiplying the calculated return by 4. Returns for the nine months ended September 30, 2026 and 2025 were converted to an annual rate by dividing the calculated return by 3 and multiplying it by 4.

A reconciliation of the tax rate for the nine month period ended September 30, 2026, excluding the first quarter 2026 discrete tax benefit of $34 million primarily related to the resolution of a U.S. tax audit, is as follows:


	Nine Months Ended
	September 30, 2026
Dollars in millions	Income Taxes		Tax Rate
As reported	$	740			23.3	%
Discrete tax benefit related to the first quarter 2026	34			1.0	%
As adjusted	$	774			24.3	%

A reconciliation of the tax rate for the three and nine month periods ended September 30, 2025, excluding the third quarter 2025 net discrete tax benefit of $27 million, which included a favorable discrete tax benefit of $43 million related to the estimated U.S. federal tax liability for 2024, partially offset by a $16 million discrete tax expense related primarily to the resolution of a foreign tax audit, and excluding the first quarter 2025 discrete tax benefit of $21 million related to the reversal of a valuation allowance on net operating loss carryforwards, is as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2025		September 30, 2025
Dollars in millions	Income Taxes		Tax Rate		Income Taxes		Tax Rate
As reported	$	228			21.8	%		$	666			22.7	%
Net discrete tax benefit related to the third quarter 2025	27			2.5	%		27			0.9	%
Discrete tax benefit related to the first quarter 2025	—			—	%		21			0.7	%
As adjusted	$	255			24.3	%		$	714			24.3	%

Refer to Note 4. Income Taxes in Item 1. Financial Statements for additional information regarding the discrete tax items noted above.

Working Capital

Management uses working capital as a measurement of the short-term liquidity of the Company. Net working capital as of September 30, 2026 and December 31, 2025 is summarized as follows:


In millions	September 30, 2026		December 31, 2025		Increase/ (Decrease)
Current assets:
Cash and equivalents	$	809			$	851		$	(42)
Trade receivables	3,516			3,227			289
Inventories	1,823			1,659			164
Prepaid expenses and other current assets	450			463			(13)
Total current assets	6,598			6,200			398
Current liabilities:
Short-term debt	2,219			2,286			(67)
Accounts payable and accrued expenses	2,258			2,158			100
Other	623			682			(59)
Total current liabilities	5,100			5,126			(26)
Net working capital	$	1,498			$	1,074		$	424

As of September 30, 2026, a significant portion of the Company's cash and equivalents was held by international subsidiaries. Cash and equivalents held internationally are typically used for international operating needs or reinvested to fund expansion of existing international businesses. International funds may also be used to fund international acquisitions or, if not considered permanently invested, may be repatriated to the U.S. and subject to foreign withholding taxes. The Company has accrued for foreign withholding taxes related to foreign held cash and equivalents that are not permanently invested.

In the U.S., the Company utilizes cash flows from operations to fund domestic cash needs and the Company's capital allocation priorities. This includes operating needs of the U.S. businesses, dividend payments, share repurchases, acquisitions, servicing of domestic debt obligations, reinvesting to fund expansion of existing U.S. businesses and general corporate needs. The Company may also use its commercial paper program, which is supported by a long-term credit facility, for short-term liquidity needs. The Company believes cash generated by operations and liquidity provided by the Company's commercial paper program will continue to be sufficient to fund cash requirements in the U.S.

Debt

Total debt as of September 30, 2026 and December 31, 2025 was as follows:


In millions	September 30, 2026		December 31, 2025
Short-term debt	$	2,219			$	2,286
Long-term debt	7,153			6,683
Total debt	$	9,372			$	8,969

Short-term debt included commercial paper of $369 million and $1.3 billion as of September 30, 2026 and December 31, 2025, respectively. The weighted-average interest rate on commercial paper as of September 30, 2026 and December 31, 2025 was 3.99% and 3.84%, respectively. Short-term debt also included $1.0 billion and $999 million as of September 30, 2026 and December 31, 2025, respectively, related to the 2.65% notes due November 15, 2026, which were reclassified from Long-term debt to Short-term debt in the fourth quarter of 2025. Additionally, Short-term debt as of September 30, 2026 included $850 million outstanding under the Company's Euro-denominated credit agreement entered into on May 5, 2023 (the \"Euro Credit Agreement\") with an interest rate of 3.25%. The Euro Credit Agreement was reclassified from Long-term debt to Short-term debt in the third quarter of 2026.

On February 24, 2025, the Company entered into an amendment to the Euro Credit Agreement to extend the termination date from April 30, 2025 to February 28, 2027, with an option to further extend the termination date to September 15, 2027. The amendment also decreased the interest rate spread applicable to the loans from 0.75% to 0.70% and removed the option for a one-month interest period. As of December 31, 2025, the Company had $881 million outstanding under the Euro Credit

Agreement with an interest rate of 2.77%, which was included in Long-term debt. The Company intends to exercise its option to extend the termination date to September 15, 2027.

On February 20, 2026, the Company entered into a $3.0 billion, five-year revolving credit facility with a termination date of February 20, 2031, which is available to provide additional liquidity, including to support the potential issuances of commercial paper. This agreement replaced the existing $3.0 billion, five-year revolving credit facility with a termination date of October 21, 2027. No amounts were outstanding under the revolving credit facility as of September 30, 2026 or December 31, 2025.

On August 13, 2026, the Company issued $1.5 billion of 4.65% notes due August 13, 2029 at 99.748% of face value. Proceeds from the issuance were used to repay a portion of the indebtedness under the Company's commercial paper program.

Total Debt to EBITDA

The Company uses the ratio of total debt to EBITDA as a measure of its ability to repay its outstanding debt obligations. EBITDA and the ratio of total debt to EBITDA are non-GAAP financial measures. The Company believes that total debt to EBITDA is a meaningful metric to investors in evaluating the Company's long term financial liquidity and may be different than the method used by other companies to calculate total debt to EBITDA. The ratio of total debt to EBITDA represents total debt divided by net income before interest expense, other income (expense), income taxes, depreciation, and amortization and impairment of intangible assets on a trailing twelve month basis. Total debt to EBITDA for the trailing twelve month periods ended September 30, 2026 and December 31, 2025 was as follows:


Dollars in millions	September 30, 2026		December 31, 2025
Total debt	$	9,372			$	8,969

Net income	$	3,228			$	3,066
Add:
Interest expense	310			292
Other (income) expense	(83)			(42)
Income taxes	974			900
Depreciation	330			317
Amortization and impairment of intangible assets	70			80
EBITDA	$	4,829			$	4,613
Total debt to EBITDA ratio	1.9			1.9

Stockholders' Equity

The changes to stockholders' equity during the year-to-date period ended September 30, 2026 were as follows:


In millions
Total stockholders' equity, December 31, 2025	$	3,226
Net income	2,438
Repurchases of common stock	(1,312)
Dividends declared	(1,411)
Other comprehensive income (loss)	109
Other, net	92
Total stockholders' equity, September 30, 2026	$	3,142

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as \"believe,\" \"expect,\" \"plans,\" \"intend,\" \"may,\" \"strategy,\" \"prospects,\" \"estimate,\" \"will,\" \"should,\" \"could,\" \"project,\" \"target,\" \"anticipate,\" \"guidance,\" \"forecast,\" and other similar words, and may include, without limitation, statements regarding the duration and potential effects of global supply chain challenges, the current and expected impact of U.S. trade policy, including tariffs and related retaliatory countermeasures, future financial and operating performance, free cash flow, economic and regulatory conditions in various geographic regions, the impact of foreign currency fluctuations, the timing and amount of benefits from the Company's enterprise strategy initiatives, the timing and amount of dividends and share repurchases, the protection of the Company's intellectual property, the likelihood of future goodwill or intangible asset impairment charges, the impact of adopting new accounting pronouncements, the adequacy of internally generated funds and credit facilities to service debt and finance the Company's capital allocation priorities, the sufficiency of U.S. generated cash to fund cash requirements in the U.S., the cost and availability of additional financing, the availability of raw materials and energy and the impact of raw material cost inflation, the Company's portion of future benefit payments related to pension and postretirement benefits, the Company's information technology infrastructure, potential acquisitions and divestitures and the expected performance of acquired businesses and impact of divested businesses, the impact of U.S. and global tax legislation and the estimated timing and amount related to the resolution of tax matters, the cost of compliance with environmental regulations, the impact of interest rate changes, the impact of the failure of the Company's employees to comply with applicable laws and regulations, and the outcome of outstanding legal proceedings. These statements are subject to certain risks, uncertainties, and other factors, which could cause actual results to differ materially from those anticipated. Important risks that may influence future results include (1) weaknesses or downturns in the markets served by the Company, (2) changes or deterioration in international and domestic political and economic conditions, such as the Russia and Ukraine conflict, the conflict in Iran, or U.S.-China trade relations and the impact of related economic and other sanctions, (3) the unfavorable impact of foreign currency fluctuations, (4) the Company's enterprise strategy initiatives may not have the desired impact on organic revenue growth, (5) market conditions and cost and availability of financing to fund the Company's share repurchases, (6) a delay or decrease in the introduction of new products into the Company's product lines, (7) any failure to protect the Company's intellectual property, (8) potential negative impact of impairments to goodwill and other intangible assets on the Company's return on invested capital, financial condition or results of operations, (9) raw material price increases and supply shortages or delays, (10) financial market risks to the Company's obligations under its defined benefit pension plans, (11) negative effects of service interruptions, data corruption, cyber-based attacks, security breaches of our technology networks and systems or those of our vendors and third-party service providers, or violations of data privacy laws, (12) the potential negative impact of acquisitions on the Company's profitability and returns, (13) potential negative effects of divestitures, including retained liabilities and unknown contingent liabilities, (14) impact of tax legislation and regulatory action and changing tax rates, (15) potential adverse outcomes in legal proceedings or enforcement actions, (16) uncertainties related to environmental regulation and the physical risks of climate change, (17) potential failure of the Company's employees, agents or business partners to comply with anti-bribery, competition, import/export, trade sanctions, data privacy, human rights and other laws, (18) public health crises and related government actions, and (19) increases in inflation or interest rates and the possibility of economic recession. A more detailed description of these risks is contained under the heading \"Risk Factors\" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. These risks are not all inclusive and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Any forward-looking statements made by ITW speak only as of the date on which they are made. ITW is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law.

ITW practices fair disclosure for all interested parties. Investors should be aware that while ITW regularly communicates with securities analysts and other investment professionals, it is against ITW's policy to disclose to them any material non-public information or other confidential commercial information. Investors should not assume that ITW agrees with any statement or report issued by any analyst irrespective of the content of the statement or report.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

For a discussion of the Company's quantitative and qualitative disclosures about market risk, see Part I - Item 7A - Quantitative and Qualitative Disclosures About Market Risk in the Company's 2025 Annual Report on Form 10-K. Additionally, refer to Note 9. Debt and Note 10. Accumulated Other Comprehensive Income (Loss) in Item 1. Financial Statements for further information regarding the Company's outstanding debt and net investment hedge.

ITEM 4. Controls and Procedures

The Company's management, with the participation of the Company's President & Chief Executive Officer and Senior Vice President & Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Exchange Act Rule 13a–15(e)) as of September 30, 2026. Based on such evaluation, the Company's President & Chief Executive Officer and Senior Vice President & Chief Financial Officer have concluded that, as of September 30, 2026, the Company's disclosure controls and procedures were effective.

In connection with the evaluation by management, including the Company's President & Chief Executive Officer and Senior Vice President & Chief Financial Officer, no changes in the Company's internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the quarter ended September 30, 2026 were identified that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. Legal Proceedings

None. The Company's threshold for disclosing environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.

ITEM 1A. Risk Factors

The Company's business, financial condition, results of operations and cash flows are subject to various risks which could cause actual results to vary materially from recent results or from anticipated future results. Refer to the description of the Company's risk factors previously disclosed in Part I - Item 1A - Risk Factors in the Company's 2025 Annual Report on Form 10-K. There have been no material changes to the risk factors described therein.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 4, 2023, the Company announced that its Board of Directors approved a new authorization for the Company to repurchase up to $5.0 billion of the Company's common stock over an open-ended period of time (the \"2023 Program\"). As of September 30, 2026, there were $678 million of authorized repurchases remaining under the 2023 Program.

Stock repurchase activity for the third quarter of 2026 was as follows:


In millions except per share amounts
Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs		Maximum Value of Shares That May Yet Be Purchased Under Programs
July 2026	0.3		$	276.32			0.3	$	796
August 2026	0.2		$	287.89			0.2	$	6,731
September 2026	0.2		$	268.85			0.2	$	6,678
Total	0.7				0.7

ITEM 6. Exhibits

Exhibit Index


Exhibit Number		Exhibit Description

4.1		Officers' Certificate dated August 13, 2026, establishing the terms, and setting forth the forms, of the 4.650% Notes due 2029, filed as Exhibit 4.3 to the Company's Current Report on Form 8-K filed on August 13, 2026 (Commission File No. 001-04797) and incorporated herein by reference.

31		Rule 13a-14(a) Certifications.

32		Section 1350 Certification.

101		The following financial and related information from the Illinois Tool Works Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 is formatted in Inline Extensible Business Reporting Language (iXBRL) and submitted electronically herewith: (i) Statement of Income, (ii) Statement of Comprehensive Income, (iii) Statement of Financial Position, (iv) Statement of Changes in Stockholders' Equity, (v) Statement of Cash Flows, and (vi) related Notes to Financial Statements.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



		ILLINOIS TOOL WORKS INC.

Dated:	October 28, 2026	By:	/s/ Matteo C. Pigozzo
			Matteo C. Pigozzo
			Vice President & Chief Accounting Officer
			(Principal Accounting Officer and Duly Authorized Officer)

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