For the year ending 2025-12-31, ITW had -$97M decrease in cash & cash equivalents over the period. $2,707M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 3,066 | 3,488 | 2,957 | 3,034 |
| Depreciation | 317 | 301 | 282 | 276 |
| Amortization and impairment of intangible assets | 80 | 101 | 113 | 134 |
| Change in deferred income taxes | 17 | 176 | 88 | 150 |
| Provision for uncollectible accounts | 5 | -1 | 6 | 5 |
| (income) loss from investments | 0 | 0 | 2 | 9 |
| (gain) loss on sale of plant and equipment | -3 | 0 | 1 | 1 |
| (gain) loss on sale of operations and affiliates | 0 | 0 | 1 | 191 |
| Gain on sale of noncontrolling interest in wilsonart international holdings llc | 0 | 363 | - | - |
| Stock-based compensation expense | 69 | 61 | 69 | 63 |
| Cumulative effect of change in inventory accounting method | 0 | -117 | - | - |
| Other non-cash items, net | 9 | 6 | -4 | 5 |
| Trade receivables | 92 | -34 | -64 | 461 |
| Inventories | -34 | -176 | -360 | 455 |
| Prepaid expenses and other assets | 136 | 41 | 26 | 19 |
| Accounts payable | -29 | -43 | -14 | 35 |
| Accrued expenses and other liabilities | -48 | -74 | -102 | 119 |
| Income taxes | -135 | -70 | -72 | -35 |
| Other, net | 0 | 1 | 2 | 2 |
| Net cash provided by operating activities | 3,126 | 3,281 | 3,539 | 2,348 |
| Acquisition of businesses (excluding cash and equivalents) | 119 | 115 | 0 | 2 |
| Additions to plant and equipment | 419 | 437 | 455 | 412 |
| Proceeds from investments | 7 | 11 | 27 | 12 |
| Proceeds from sale of plant and equipment | 11 | 12 | 20 | 15 |
| Proceeds from sale of operations and affiliates | 1 | 0 | 7 | 278 |
| Proceeds from sale of noncontrolling interest in wilsonart international holdings llc | 0 | 395 | - | - |
| Other, net | 2 | 10 | 2 | 1 |
| Net cash provided by (used for) investing activities | -521 | -144 | -403 | -110 |
| Cash dividends paid | 1,785 | 1,695 | 1,615 | 1,542 |
| Issuance of common stock | 65 | 52 | 53 | 29 |
| Repurchases of common stock | 1,500 | 1,500 | 1,500 | 1,750 |
| Net proceeds from (repayments of) debt with original maturities of three months or less | 508 | 312 | -452 | 796 |
| Proceeds from debt with original maturities of more than three months | 0 | 1,606 | 1,425 | 593 |
| Repayments of debt with original maturities of more than three months | 0 | 1,926 | 679 | 1,113 |
| Other, net | -32 | -38 | -14 | -13 |
| Net cash provided by (used for) financing activities | -2,744 | -3,189 | -2,782 | -3,000 |
| Effect of exchange rate changes on cash and equivalents | 42 | -65 | 3 | -57 |
| Increase (decrease) during the year | -97 | -117 | 357 | -819 |
| Cash and cash equivalents at beginning of period | 948 | 1,065 | 708 | 1,527 |
| Cash and cash equivalents at end of period | 851 | 948 | 1,065 | 708 |
ILLINOIS TOOL WORKS INC (ITW)
ILLINOIS TOOL WORKS INC (ITW)