Illinois Tool Works annual debt-to-equity ratio
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Illinois Tool Works Debt-to-Equity Ratio Growth & History (ITW)
Illinois Tool Works's debt-to-equity ratio was 2.86 for fiscal 2025.
View full Illinois Tool Works company overviewIllinois Tool Works annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 2.86 | 0.42 | +17.24% |
| 2024 | 2024-12-31 | 2.44 | −0.34 | −12.33% |
| 2023 | 2023-12-31 | 2.78 | 0.20 | +7.95% |
| 2022 | 2022-12-31 | 2.57 | 0.40 | +18.40% |
| 2021 | 2021-12-31 | 2.17 | −0.44 | −16.78% |
| 2020 | 2020-12-31 | 2.61 | −0.01 | −0.30% |
| 2019 | 2019-12-31 | 2.62 | 0.35 | +15.64% |
| 2018 | 2018-12-31 | 2.27 | 0.45 | +24.82% |
| 2017 | 2017-12-31 | 1.81 | −0.02 | −1.28% |
| 2016 | 2016-12-31 | 1.84 | 0.42 | +29.48% |
| 2015 | 2015-12-31 | 1.42 | 0.33 | +30.58% |
| 2014 | 2014-12-31 | 1.09 | 0.43 | +66.39% |
| 2013 | 2013-12-31 | 0.65 | 0.18 | +36.82% |
| 2012 | 2012-12-31 | 0.48 | 0.08 | +20.10% |
| 2011 | 2011-12-31 | 0.40 | 0.10 | +32.70% |
| 2010 | 2010-12-31 | 0.30 | −0.06 | −15.54% |
| 2009 | 2009-12-31 | 0.35 | −0.12 | −26.04% |
| 2008 | 2008-12-31 | 0.48 | — | — |
Illinois Tool Works quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 3.35 | 0.57 | +20.31% |
| Q1 2026 | 2026-03-31 | 2.83 | 0.28 | +11.12% |
| Q4 2025 | 2025-12-31 | 2.86 | 0.42 | +17.24% |
| Q3 2025 | 2025-09-30 | 2.79 | 0.33 | +13.25% |
| Q2 2025 | 2025-06-30 | 2.78 | −0.08 | −2.70% |
| Q1 2025 | 2025-03-31 | 2.55 | −0.21 | −7.51% |
| Q4 2024 | 2024-12-31 | 2.44 | −0.34 | −12.33% |
| Q3 2024 | 2024-09-30 | 2.46 | −0.22 | −8.36% |
| Q2 2024 | 2024-06-30 | 2.86 | 0.20 | +7.65% |
| Q1 2024 | 2024-03-31 | 2.76 | 0.05 | +1.97% |
| Q4 2023 | 2023-12-31 | 2.78 | 0.20 | +7.95% |
| Q3 2023 | 2023-09-30 | 2.69 | 0.15 | +6.09% |
| Q2 2023 | 2023-06-30 | 2.66 | 0.40 | +17.53% |
| Q1 2023 | 2023-03-31 | 2.70 | 0.51 | +23.18% |
| Q4 2022 | 2022-12-31 | 2.57 | 0.40 | +18.40% |
| Q3 2022 | 2022-09-30 | 2.53 | 0.20 | +8.74% |
| Q2 2022 | 2022-06-30 | 2.26 | −0.08 | −3.39% |
| Q1 2022 | 2022-03-31 | 2.19 | −0.34 | −13.40% |
| Q4 2021 | 2021-12-31 | 2.17 | −0.44 | −16.78% |
| Q3 2021 | 2021-09-30 | 2.33 | −0.75 | −24.35% |
| Q2 2021 | 2021-06-30 | 2.34 | −0.96 | −29.01% |
| Q1 2021 | 2021-03-31 | 2.53 | −0.84 | −24.84% |
| Q4 2020 | 2020-12-31 | 2.61 | −0.01 | −0.30% |
| Q3 2020 | 2020-09-30 | 3.08 | 0.44 | +16.76% |
| Q2 2020 | 2020-06-30 | 3.30 | 0.71 | +27.64% |
| Q1 2020 | 2020-03-31 | 3.37 | 0.88 | +35.26% |
| Q4 2019 | 2019-12-31 | 2.62 | 0.35 | +15.64% |
| Q3 2019 | 2019-09-30 | 2.64 | 0.55 | +26.20% |
| Q2 2019 | 2019-06-30 | 2.58 | 0.62 | +31.86% |
| Q1 2019 | 2019-03-31 | 2.49 | 0.68 | +37.42% |
| Q4 2018 | 2018-12-31 | 2.27 | 0.45 | +24.82% |
| Q3 2018 | 2018-09-30 | 2.09 | 0.47 | +29.13% |
| Q2 2018 | 2018-06-30 | 1.96 | 0.27 | +16.18% |
| Q1 2018 | 2018-03-31 | 1.81 | 0.07 | +3.85% |
| Q4 2017 | 2017-12-31 | 1.81 | −0.02 | −1.28% |
| Q3 2017 | 2017-09-30 | 1.62 | 0.02 | +1.10% |
| Q2 2017 | 2017-06-30 | 1.69 | 0.24 | +16.91% |
| Q1 2017 | 2017-03-31 | 1.75 | 0.41 | +30.20% |
| Q4 2016 | 2016-12-31 | 1.84 | 0.42 | +29.48% |
| Q3 2016 | 2016-09-30 | 1.60 | 0.06 | +4.21% |
| Q2 2016 | 2016-06-30 | 1.44 | −0.03 | −2.07% |
| Q1 2016 | 2016-03-31 | 1.34 | −0.18 | −11.54% |
| Q4 2015 | 2015-12-31 | 1.42 | 0.33 | +30.58% |
| Q3 2015 | 2015-09-30 | 1.53 | 0.57 | +59.00% |
| Q2 2015 | 2015-06-30 | 1.47 | 0.62 | +72.37% |
| Q1 2015 | 2015-03-31 | 1.52 | 0.63 | +70.66% |
| Q4 2014 | 2014-12-31 | 1.09 | 0.43 | +66.39% |
| Q3 2014 | 2014-09-30 | 0.97 | 0.47 | +96.74% |
| Q2 2014 | 2014-06-30 | 0.85 | 0.36 | +72.32% |
| Q1 2014 | 2014-03-31 | 0.89 | 0.40 | +82.19% |
| Q4 2013 | 2013-12-31 | 0.65 | 0.18 | +36.82% |
| Q3 2013 | 2013-09-30 | 0.49 | 0.00 | +0.78% |
| Q2 2013 | 2013-06-30 | 0.50 | 0.01 | +2.07% |
| Q1 2013 | 2013-03-31 | 0.49 | 0.02 | +3.71% |
| Q4 2012 | 2012-12-31 | 0.48 | 0.08 | +20.10% |
| Q3 2012 | 2012-09-30 | 0.49 | 0.02 | +5.12% |
| Q2 2012 | 2012-06-30 | 0.49 | 0.09 | +24.28% |
| Q1 2012 | 2012-03-31 | 0.47 | 0.15 | +45.75% |
| Q4 2011 | 2011-12-31 | 0.40 | 0.10 | +32.70% |
| Q3 2011 | 2011-09-30 | 0.46 | 0.08 | +21.75% |
| Q2 2011 | 2011-06-30 | 0.39 | 0.04 | +12.62% |
| Q1 2011 | 2011-03-31 | 0.32 | −0.04 | −9.94% |
| Q4 2010 | 2010-12-31 | 0.30 | −0.06 | −15.54% |
| Q3 2010 | 2010-09-30 | 0.38 | 0.02 | +6.77% |
| Q2 2010 | 2010-06-30 | 0.35 | −0.04 | −9.41% |
| Q1 2010 | 2010-03-31 | 0.36 | — | — |
| Q4 2009 | 2009-12-31 | 0.35 | −0.12 | −26.04% |
| Q3 2009 | 2009-09-30 | 0.36 | — | — |
| Q2 2009 | 2009-06-30 | 0.38 | — | — |
| Q4 2008 | 2008-12-31 | 0.48 | — | — |
Illinois Tool Works debt-to-equity ratio trends
Over the last five fiscal years, Illinois Tool Works's debt-to-equity ratio increased from 2.61 to 2.86, a change of 0.24. The latest reported quarter, Q2 2026, shows 3.35.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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