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Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
A pre-earnings brief is ready for ITW: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
Filed after the FY2026 Q1 call day (Apr 30, 2026) through the next call day (Jul 28, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q1
Macro signals
↑Enterprise Spending→Trade & Tariffs→Housing
Illinois Tool Works delivered Q1 2026 revenue growth of 4.6% with GAAP EPS of $2.66, up 12%, as operating margin improved 60 basis points to 25.4% with enterprise initiatives contributing 120 basis points. FY2026 EPS guidance was raised $0.10 to $11.10-$11.50 representing 8% growth at midpoint, primarily on a lower tax rate. CAPEX segments drove top-line strength while food equipment faced institutional demand weakness, and semiconductor recovery was gaining momentum. Consumer-facing end markets remained challenged while the customer-back innovation pipeline continued strengthening.
Key themes
7
positive📊 company
CAPEX Segment Strength Drives Top-Line Growth
Test & Measurement grew 5% organic with semi-related businesses up more than 15%. Welding organic growth was 6% with equipment up 8% and broad-based strength across industrial and commercial.
Illinois Tool Works delivered Q1 2026 revenue growth of 4.6% with GAAP EPS of $2.66, up 12%, as operating margin improved 60 basis points to 25.4% with enterprise initiatives contributing 120 basis points.
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
12%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Illinois Tool Works (ITW), FY2026 Q1: 7/10. Scores: Illinois Tool Works’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: ITW daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Strategic sourcing and 80/20 front-to-back contributed 120 basis points to margins in Q1. Operating margin improved 60 basis points to 25.4% with incremental margins at approximately 40%.
MarginCost Pressure
negative📊 company
Food Equipment Institutional Demand Weakness
Food Equipment organic revenue down 3% with equipment down 6%. North America was down 5% driven by slower institutional demand, particularly in the education end market.
Demand
positive📊 company
Customer-Back Innovation Pipeline Strengthening
CBI yield improved 40 basis points in '25 with incremental improvement tracking toward 3% plus contribution by 2030. Patent filings up 18% in '24 and 9% in '25 with additional increases expected.
Innovation & R&DProduct Launch
mixed🏢 sector
Consumer-Facing End Markets Remain Challenged
Automotive OEM organic revenue declined 1% while outperforming global builds down more than 3%. Construction organic growth declined 1% with Europe down 3%. ITW outperformed underlying markets.
DemandMacroeconomic
positive📊 company
Full-Year EPS Guidance Raised On Lower Tax Rate
GAAP EPS guidance raised by $0.10 to $11.10-$11.50 range with $11.30 midpoint representing 8% year-over-year growth. Organic growth guidance of 1% to 3% maintained.
Guidance Reliability
positive🏢 sector
Semiconductor Recovery Gaining Momentum
Semi-related businesses representing about $500 million of annual revenues grew more than 15%. Increasing fab utilization and strong order activity support sustainable near-term recovery.
GAAP revenue YoY +4.61% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base6Base 6GAAP revenue YoY +4.61% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. ITW is a diversified manufacturer, no structural sector mismatch.+EPS0EPS 0GAAP EPS YoY 11.76% vs revenue YoY 4.61%, spread +7.15 percentage points (outside +5 percentage points). operating income YoY 7.26%, operating income spread +2.65 percentage points (inside ±5 percentage points). GAAP EPS outside, operating income inside → non-operating divergence (lower tax rate 23-24% vs prior year, $375M share repurchases). Use operating income spread.+Guidance+1Guidance +1FY2026 GAAP EPS guidance raised by $0.10 from $11.00-$11.40 (mid $11.20) to $11.10-$11.50 (mid $11.30). Change: (11.30 - 11.20) / 11.20 = +0.89% → raise <3%. Organic growth guidance of 1-3% maintained.=Final7
How this score was built
Base6Base 6GAAP revenue YoY +4.61% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. ITW is a diversified manufacturer, no structural sector mismatch.+
299.60
241.07
5
7
7
Oct 25Oct 26
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Op margin
Net margin
FCF
FY2024 Q4
$3.93B
-1.3%
$2.54
+6.7%
26.2%
19.1%
$996M
FY2025 Q1
$3.84B
-3.4%
$2.38
-12.8%
24.8%
18.2%
$496M
FY2025 Q2
$4.05B
+0.6%
$2.58
+1.6%
26.4%
18.6%
$449M
FY2025 Q3
$4.06B
+2.3%
$2.81
-28.1%
27.4%
20.2%
$904M
FY2025 Q4
$4.09B
+4.1%
$2.72
+7.1%
26.5%
19.3%
$858M
FY2026 Q1Selected
$4.02B
+4.6%
$2.66
+11.8%
25.4%
19.1%
$528M
FY2026 Q2
$4.30B
+6.1%
$2.84
+10.1%
26.7%
18.9%
$631M
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“a 12% increase in GAAP EPS to $2.66”
Revenue
“revenue growth was 4.6%, driven by organic growth of 0.4%, a 3.9% contribution from foreign currency translation and 0.3% from an acquisition”
Guidance
“we are raising our GAAP EPS guidance by $0.10 to a new range of $11.10 to $11.50, representing 8% growth at the $11.30 midpoint”
Key metric
“operating margin improved by 60 basis points to 25.4%, with Enterprise Initiatives contributing 120 basis points”
EPS
0
EPS 0GAAP EPS YoY 11.76% vs revenue YoY 4.61%, spread +7.15 percentage points (outside +5 percentage points). operating income YoY 7.26%, operating income spread +2.65 percentage points (inside ±5 percentage points). GAAP EPS outside, operating income inside → non-operating divergence (lower tax rate 23-24% vs prior year, $375M share repurchases). Use operating income spread.
+
Guidance+1Guidance +1FY2026 GAAP EPS guidance raised by $0.10 from $11.00-$11.40 (mid $11.20) to $11.10-$11.50 (mid $11.30). Change: (11.30 - 11.20) / 11.20 = +0.89% → raise <3%. Organic growth guidance of 1-3% maintained.
Dover opened 2026 with double-digit revenue growth (GAAP revenue +10.05% year over year) and adjusted EPS of $2.28, up 11%, driven by secular-growth end markets, acquired company performance and constructive demand across the portfolio
Revenue grew 7% with EBITDA surging 87% to $896 million as GE Vernova delivered $4.8 billion in Q1 free cash flow, meaningfully exceeding full-year FY2025 FCF
NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025, and the pre-commercial developer again reported a net loss
Dover opened 2026 with double-digit revenue growth (GAAP revenue +10.05% year over year) and adjusted EPS of $2.28, up 11%, driven by secular-growth end markets, acquired company performance and constructive demand across the portfolio
Revenue grew 7% with EBITDA surging 87% to $896 million as GE Vernova delivered $4.8 billion in Q1 free cash flow, meaningfully exceeding full-year FY2025 FCF
NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025, and the pre-commercial developer again reported a net loss