ITW Q1 revenue up 4.6%, margin expands 60 bps; tariff uncertainty persists after Supreme Court ruling

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

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  Operating revenue grew 4.6% year-over-year to $4.0B in Q1 2026, reversing prior year's 3.4% decline. Operating margin expanded 60 basis points to 25.4%, driven by enterprise initiatives (120 bps benefit) offsetting higher employee costs.

  MD&A: Operating Results verify on EDGAR →
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  Diluted EPS increased 11.8% to $2.66, accelerating from prior year's 12.8% decline. Improvement reflects higher operating income, lower effective tax rate (20.6% vs 21.7%), and continued share repurchases.

  MD&A: Earnings Per Share verify on EDGAR →
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  U.S. Supreme Court invalidated many 2025 tariffs on Feb 20, 2026; temporary 10% global tariff now in effect for up to 150 days. Company maintains it can mitigate through local manufacturing and pricing, but demand uncertainty persists.

  MD&A: Tariff Policy verify on EDGAR →