ILLINOIS TOOL WORKS INC
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
ITW$280.95-1.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000049826-26-000028
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0000049826-26-000049
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 188 previous paragraphs and 198 current paragraphs.
108 unchanged; 60 reworded; 30 added; 20 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
•Operating income of $1.1 billion and $2.2 billion in the second quarter and year-to-date periods, respectively, increased 7.4% and grew 7.3%, respectively, compared to the prior year primarily due to higher organic revenue and the favorable effect of foreign currency translation.
Current report
•Operating margin was 26.7% in the second quarter. The increase of 40 basis points was primarily due to benefits from the Company's enterprise initiatives of 120 basis points and positive operating leverage of 90 basis points, partially offset by higher employee-related expenses and unfavorable price/cost of 40 basis points.
Current report
•Operating revenue grew in the second quarter and year-to-date periods due to the favorable effect of foreign currency translation, partially offset by lower organic revenue.
Current report
•Organic revenue decreased 0.4% in the second quarter and 0.6% in the year-to-date period compared to worldwide auto builds which were flat in the second quarter and decreased 1% in the year-to-date period. Product line simplification activities reduced organic revenue by 80 basis points in the second quarter and 90 basis points in the year-to-date period.
Current report
◦European organic revenue decreased 5.3% in the second quarter and 2.7% in the year-to-date period compared to European auto builds which declined 1% in the second quarter and were flat in the year-to-date period, primarily due to customer mix and product line simplification activities.
Current report
•Operating margin was 21.6% in the second quarter. The increase of 30 basis points was primarily due to benefits from the Company's enterprise initiatives, partially offset by unfavorable price/cost of 90 basis points, higher employee-related expenses and continued investment in the business.
Current report
•Operating revenue grew in the second quarter due to 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.
Current report
•Organic revenue was flat in the second quarter as equipment organic revenue declined 2.4% and service organic revenue increased 5.0%. In the year-to-date period, organic revenue declined 1.3% as equipment organic revenue decreased 4.1% and service organic revenue grew 4.1%.
Current report
◦North American organic revenue decreased 3.5% in the second quarter and 4.1% in the year-to-date period. Equipment organic revenue declined 8.2% and 9.1% in the second 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. Service organic revenue increased 4.9% in the second quarter and 4.5% in the year-to-date period.
Current report
•Operating margin was 27.1% in the second quarter. The decrease of 60 basis points was 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 10 basis points.
Current report
•In the year-to-date period, operating margin of 26.0% decreased 110 basis points primarily due to higher employee-related expenses, product mix and unfavorable operating leverage of 20 basis points, partially offset by benefits from the Company's enterprise initiatives.
Current report
•Operating margin was 25.2% in the second quarter. The increase of 240 basis points was primarily due to positive operating leverage of 250 basis points and benefits from the Company's enterprise initiatives, partially offset by higher employee-related expenses and the dilutive impact of 20 basis points from an acquisition.
Current report
•Operating revenue grew in the second quarter and year-to-date periods due to higher organic revenue and the favorable effect of foreign currency translation.
Current report
•Organic revenue increased 13.9% in the second quarter as equipment and consumables grew 18.7% and 6.0%, respectively. In the year-to-date period, organic revenue grew 10.0% as equipment increased 13.4% and consumables grew 4.1%.
Current report
◦North American organic revenue increased 18.5% and 13.5% in the second quarter and year-to-date periods, respectively, primarily due to growth in the industrial end market of 16.7% and 11.9%, respectively, and in the commercial end market of 14.2% and 9.9%, respectively. The growth in both periods was primarily due to higher demand in the infrastructure, energy, aerospace and defense end markets.
Current report
◦International organic revenue declined 6.4% in the second quarter and 6.3% in the year-to-date period primarily due to lower demand in Asia Pacific and Europe.
Current report
•Operating margin was 32.4% in the second quarter. The decrease of 70 basis points was primarily due to higher employee-related expenses, unfavorable price/cost of 50 basis points and higher restructuring expenses of 30 basis points, partially offset by positive operating leverage of 220 basis points and benefits from the Company's enterprise initiatives.
Current report
•In the year-to-date period, operating margin of 32.3% decreased 50 basis points primarily due to higher employee-related expenses, unfavorable price/cost of 20 basis points and higher restructuring expenses of 20 basis points, partially offset by positive operating leverage of 160 basis points and benefits from the Company's enterprise initiatives.
Current report
•Operating revenue grew in the second quarter and year-to-date periods due to higher organic revenue and the favorable effect of foreign currency translation.
Current report
•Organic revenue increased 7.3% in the second quarter and 4.6% 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 50 basis points in the second quarter and year-to-date periods, respectively.
Current report
◦Organic revenue for the polymers businesses increased 6.7% in the second quarter and 3.6% in the year-to-date period primarily due to an increase across all major regions.
Current report
•Operating margin was 29.3% in the second quarter. The increase of 160 basis points was primarily due to benefits from the Company's enterprise initiatives and positive operating leverage of 140 basis points, partially offset by higher employee-related expenses.
Current report
•In the year-to-date period, operating margin of 28.7% increased 160 basis points primarily due to benefits from the Company's enterprise initiatives and positive operating leverage of 90 basis points, partially offset by higher employee-related expenses.
Current report
•Organic revenue increased 2.0% in the second quarter primarily due to higher demand across all major regions. In the year-to-date period, organic revenue grew 0.4% primarily due to higher demand in North America and Asia Pacific, partially offset by lower demand in Europe. Product line simplification activities reduced organic revenue by 10 basis points in the second quarter and 20 basis points in the year-to-date period.
Current report
◦North American organic revenue increased 2.2% in the second quarter primarily due to growth of 12.9% and 0.8% in the United States commercial and residential end markets, respectively. In the year-to-date period, organic revenue grew 1.1% primarily due to growth in the commercial and residential end markets of 6.0% and 0.7%, respectively, partially offset by a decline in Canada of 2.8%.
Current report
•In the year-to-date period, operating margin of 30.0% was flat as benefits from the Company's enterprise initiatives and positive operating leverage of 20 basis points were offset by higher employee-related expenses.
Current report
•Operating revenue grew in the second 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.
Current report
•Organic revenue increased 1.6% in the second quarter as consumables increased 4.1%, partially offset by a decline in equipment sales of 6.3%. In the year-to-date period, organic revenue declined 1.5% as equipment sales and consumables declined 4.7% and 0.5%, respectively. Product line simplification activities reduced organic revenue by 140 basis points and 170 basis points in the second quarter and year-to-date periods, respectively.
Current report
◦North American organic revenue increased 1.8% in the second quarter primarily driven by growth in the filter medical, specialty films and consumer packaging businesses, partially offset by a decline in the appliance and marking coding businesses. In the year-to-date period, organic revenue declined 2.0% primarily driven by a decline in the appliance, ground support equipment, marking coding and graphics businesses, partially offset by growth in the filter medical and specialty films businesses.
Current report
•In the year-to-date period, operating margin of 31.4% decreased 40 basis points primarily due to unfavorable price/cost of 90 basis points, higher employee-related expenses 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.
Removed paragraphs (20)
Previous report
Construction Products and Food Equipment segments was partially offset by growth in the Test & Measurement and Electronics, Polymers & Fluids and Welding segments.
Previous report
•Operating income of $1.0 billion increased 7.2%.
Previous report
•Organic revenue decreased 0.9% compared to worldwide auto builds which declined 3%. Product line simplification activities reduced organic revenue by 100 basis points.
Previous report
◦European organic revenue increased 0.1% compared to European auto builds which declined 1%. The business outperformed the market primarily due to market penetration gains.
Previous report
•Organic revenue decreased 2.8% as equipment organic revenue declined 6.0% and service organic revenue grew 3.2%.
Previous report
◦North American organic revenue decreased 4.7%. Equipment organic revenue declined 10.1% primarily due to lower demand in the institutional and food retail end markets, partially offset by higher demand in the noninstitutional end market, primarily in the quick serve restaurant end market. Service organic revenue grew 4.1%.
Previous report
•Operating revenue grew due to higher organic revenue and the favorable effect of foreign currency translation.
Previous report
•Organic revenue increased 6.0% as equipment and consumables grew 8.1% and 2.1%, respectively.
Previous report
◦North American organic revenue increased 8.4% primarily due to growth in the industrial and commercial end markets of 7.2% and 5.6%, respectively, and growth in the aerospace end market.
Previous report
◦International organic revenue declined 6.2% primarily due to lower demand in Asia Pacific and Middle East.
Previous report
•Organic revenue increased 1.7% due to higher demand across all major regions. Product line simplification activities reduced organic revenue by 70 basis points.
Previous report
◦Organic revenue for the polymers businesses grew 0.2% primarily due to an increase in Asia Pacific, partially offset by a decrease in Europe and in North America.
Previous report
•Operating margin of 28.0% increased 150 basis points primarily due to benefits from the Company's enterprise initiatives, positive operating leverage of 40 basis points and lower intangible asset amortization expense, partially offset by higher employee-related expenses.
Previous report
•Organic revenue decreased 1.3% primarily due to lower demand in Europe and Asia Pacific.
Previous report
◦North American organic revenue was flat as growth in the United States residential end market of 0.7% was offset by a decline in the commercial end market of 1.4% and a decline in Canada of 6.7%.
Previous report
•Operating margin of 29.4% increased 20 basis points primarily due to benefits from the Company's enterprise initiatives and lower restructuring expenses of 40 basis points, partially offset by higher employee-related expenses and unfavorable operating leverage of 20 basis points.
Previous report
•Operating revenue declined due to lower organic revenue, partially offset by the favorable effect of foreign currency translation.
Previous report
•Organic revenue decreased 4.7% as equipment sales and consumables declined 3.0% and 5.2%, respectively. Product line simplification activities reduced organic revenue by 200 basis points.
Previous report
◦North American organic revenue decreased 5.8% primarily driven by a decline in the appliance, ground support equipment, consumer packaging and strength films businesses, partially offset by growth in the filter medical business.
Previous report
•Operating margin of 31.3% increased 40 basis points primarily due to benefits from the Company's enterprise initiatives and lower restructuring expenses of 50 basis points, partially offset by unfavorable operating leverage of 80 basis points and higher employee-related expenses.
Reworded paragraphs (60)
Previous wording
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 $38 million as of March 31, 2026. The revenue for these four subsidiaries for the three months ended March 31, 2026 was approximately $6 million. These subsidiaries are not material to the Company's results of operations or financial position.
Current wording
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 $42 million as of June 30, 2026. The revenue for these four subsidiaries for the three and six months ended June 30, 2026 was approximately $8 million and $14 million, respectively. These subsidiaries are not material to the Company's results of operations or financial position.
Previous wording
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 may remain in effect up to 150 days. 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.
Current wording
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.
Previous wording
In an uncertain external environment, the Company delivered solid financial results in the first quarter of 2026 primarily due to the continued successful execution of enterprise initiatives and continued focus on the highly differentiated ITW Business Model.
Current wording
The Company delivered solid financial results in the second 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.
Previous wording
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 first quarter of 2026 compared to 2025.
Current wording
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 second quarter and year-to-date periods of 2026 compared to 2025.
Previous wording
Cost of revenue was $2.3 billion and $2.2 billion in the first quarter of 2026 and 2025, respectively, an increase of 4.4%, primarily due to higher revenue and higher employee-related expenses. Cost of revenue as a percent of operating revenue was lower in 2026 compared to 2025 as benefits from the Company's enterprise initiatives were essentially offset by higher employee-related expenses and higher revenue.
Current wording
Cost of revenue was $2.4 billion and $2.3 billion in the second quarter of 2026 and 2025, respectively, an increase of 5.8%, primarily due to higher revenue and higher employee-related expenses. Cost of revenue as a percent of operating revenue was lower in the second quarter of 2026 compared to 2025 as benefits from the Company's enterprise initiatives were partially offset by higher employee-related expenses. In the year-to-date period, Cost of revenue was $4.7 billion and $4.4 billion in 2026 and 2025, respectively, an increase of 5.1%, primarily due to higher revenue and higher employee-related expenses. Cost of revenue as a percent of operating revenue was lower in the year-to-date period of 2026 compared to 2025 as benefits from the Company's enterprise initiatives were partially offset by higher employee-related expenses.
Previous wording
Selling, administrative, and research and development expenses were $722 million and $706 million in the first quarter of 2026 and 2025, respectively, an increase of 2.3%. Selling, administrative, and research and development expenses as a percent of operating revenue were lower in 2026 compared to 2025 primarily due to benefits from the Company's enterprise initiatives, partially offset by higher selling, advertising and research and development expenses.
Current wording
Selling, administrative, and research and development expenses were $735 million and $693 million in the second quarter of 2026 and 2025, respectively, an increase of 6.1%. Selling, administrative, and research and development expenses as a percent of operating revenue was flat in 2026 compared to 2025 as benefits from the Company's enterprise initiatives were offset by higher selling, advertising and employee-related expenses. In the year-to-date period, Selling, administrative, and research and development expenses were $1.5 billion and $1.4 billion in 2026 and 2025, respectively, an increase of 4.1%. Selling, administrative, and research and development expenses as a percent of operating revenue were lower in the year-to-date period of 2026 compared to 2025 primarily due to benefits from the Company's enterprise initiatives, partially offset by higher selling, advertising and employee-related expenses.
Previous wording
Amortization and impairment of intangible assets was lower in the first quarter of 2026 compared to 2025 primarily due to fully amortized intangible assets.
Current wording
Amortization and impairment of intangible assets was lower in the second quarter and year-to-date periods of 2026 compared to 2025 primarily due to fully amortized intangible assets.
Previous wording
Refer to the "Results of Operations for Total Company" and the "Results of Operation by Segment" sections for additional discussion of operating results for the first quarter of 2026 compared to 2025.
Current wording
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 second quarter and year-to-date periods of 2026 compared to 2025.
Previous wording
The Company's consolidated results of operations for the first quarter of 2026 and 2025 were as follows:
Current wording
The Company's consolidated results of operations for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
•Operating revenue grew due to the favorable effect of foreign currency translation and higher organic and acquisition revenues.
Current wording
•Operating revenue grew in the second quarter and year-to-date periods due to higher organic and acquisition revenues and the favorable effect of foreign currency translation.
Previous wording
•Organic revenue increased 0.4% as growth in the Test & Measurement and Electronics, Welding and Polymers & Fluids segments was partially offset by a decline in the Specialty Products, Food Equipment, Automotive OEM and Construction Products segments. Product line simplification activities reduced organic revenue by 60 basis points.
Current wording
•Organic revenue increased 4.5% in the second quarter and 2.5% in the year-to-date period primarily driven by growth in the Test & Measurement and Electronics, Welding and Polymers & Fluids segments. Product line simplification activities reduced organic revenue by 60 basis points in both the second quarter and year-to-date periods.
Previous wording
◦North American organic revenue grew 1.2% as growth in the Test & Measurement and Electronics, Welding and Polymers & Fluids segments was partially offset by a decrease in the Food Equipment, Specialty Products, Automotive OEM and Construction Products segments.
Current wording
◦North American organic revenue grew 6.4% in the second quarter as growth in the Welding, Test & Measurement and Electronics, Polymers & Fluids, Construction Products, Specialty Products and Automotive OEM segments was partially offset by a decrease in the Food Equipment segment. In the year-to-date period, organic revenue increased 3.8% due to growth in the Welding, Test & Measurement and Electronics, Polymers & Fluids and Construction Products segments, partially offset by a decline in the Food Equipment, Specialty Products and Automotive OEM segments.
Previous wording
◦Europe, Middle East and Africa organic revenue decreased 2.2% as a decline in the Test & Measurement and Electronics, Construction Products and Welding segments was partially offset by growth in the Specialty Products, Polymers & Fluids, Food Equipment and Automotive OEM segments.
Current wording
◦Europe, Middle East and Africa organic revenue was flat in the second quarter as growth in the Food Equipment, Polymers & Fluids, Construction Products and Specialty Products segments was offset by a decline in the Automotive OEM, Test & Measurement and Electronics and Welding segments. In the year-to-date period, organic revenue declined 1.1% as a decrease in the Test & Measurement and Electronics, Automotive OEM, Welding and Construction Products segments was partially offset by growth in the Food Equipment, Polymers & Fluids and Specialty Products segments.
Previous wording
◦Asia Pacific organic revenue grew 2.4% primarily due to growth in the Test & Measurement and Electronics segment. Organic revenue in China decreased 1.8% as a decline in the Automotive OEM, Specialty Products,
Current wording
◦Asia Pacific organic revenue grew 5.6% in the second quarter and increased 4.1% in the year-to-date period primarily due to growth in the Test & Measurement and Electronics segment. Organic revenue in China increased 3.4% in the second quarter as growth in the Test & Measurement and Electronics, Food Equipment, Specialty Products and Automotive OEM segments was partially offset by a decline in the Polymers & Fluids, Welding and Construction Products segments. In the year-to-date period, organic revenue grew 1.0% as growth in the Test & Measurement and Electronics, Food Equipment and Welding segments was partially offset by a decrease in the Automotive OEM, Specialty Products, Polymers & Fluids and Construction Products segments.
Previous wording
•Operating margin of 25.4% increased 60 basis points primarily due to benefits from the Company's enterprise initiatives of 120 basis points and lower restructuring expenses of 30 basis points, partially offset by higher employee-related expenses.
Current wording
•In the year-to-date period, operating margin of 26.1% increased 50 basis points primarily due to benefits from the Company's enterprise initiatives of 120 basis points and positive operating leverage of 50 basis points, partially offset by higher employee-related expenses and unfavorable price/cost of 20 basis points.
Previous wording
•The Company's effective tax rate for the first quarter of 2026 and 2025 was 20.6% and 21.7%, respectively. The effective tax rate for the first quarter of 2026 included a discrete tax benefit of $34 million primarily related to the resolution of a U.S. tax audit. The effective tax rate for the first quarter of 2025 included a discrete tax benefit of $21 million related to the reversal of a valuation allowance on net operating loss carryforwards. Additionally, the effective tax rates included discrete tax benefits related to excess tax benefits from stock-based compensation of $4 million for both the first quarter of 2026 and 2025.
Current wording
•The Company's effective tax rate for the second quarter of 2026 and 2025 was 24.4% in both periods and 22.6% and 23.1% 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. 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 for the second quarter of 2025, and $4 million and $5 million for the year-to-date periods of 2026 and 2025, respectively.
Previous wording
•Diluted earnings per share ("EPS") of $2.66 for the first quarter of 2026 increased 11.8%.
Current wording
•Diluted earnings per share ("EPS") of $2.84 for the second quarter and $5.50 for the year-to-date period of 2026 increased 10.1% and 11.1%, respectively.
Previous wording
•The Company repurchased approximately 1.4 million shares of its common stock in the first quarter of 2026 for approximately $375 million.
Current wording
•The Company repurchased approximately 2.9 million and 4.3 million shares of its common stock in the second quarter and year-to-date periods of 2026, respectively, for approximately $750 million and $1.1 billion, respectively.
Previous wording
Total operating revenue and operating income for the first quarter of 2026 and 2025 were as follows:
Current wording
Total operating revenue and operating income for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
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 original equipment manufacturers and tiers market. Products in this segment include:
Current wording
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:
Previous wording
The results of operations for the Automotive OEM segment for the first quarter of 2026 and 2025 were as follows:
Current wording
The results of operations for the Automotive OEM segment for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
◦North American organic revenue declined 4.9% compared to North American auto builds which decreased 2%, primarily due to product line simplification activities.
Current wording
◦North American organic revenue grew 1.3% and decreased 1.8% in the second quarter and year-to-date periods, respectively, compared to North American auto builds which were flat in the second quarter and declined 1% in the year-to-date period, primarily due to product line simplification activities and customer mix.
Previous wording
◦Asia Pacific organic revenue grew 2.7%, primarily due to growth in India and South Korea, partially offset by a decline in China. Organic revenue in China decreased 3.2% compared to China auto builds which declined 10%. Auto builds of foreign automotive manufacturers in China decreased 18%. The business outperformed the market primarily due to market penetration gains including growth in the electric vehicles end market.
Current wording
◦Asia Pacific organic revenue grew 3.1% and 2.9% in the second quarter and year-to-date periods, respectively, primarily due to market growth and penetration gains in India. Organic revenue in China increased 0.5% and declined 1.2% in the second quarter and year-to-date periods, respectively, compared to China auto builds which declined 3% in the second quarter and 5% in the year-to-date period. Auto builds of foreign automotive manufacturers in China decreased 31% in the second quarter and 23% in the year-to-date period. The business outperformed the market primarily due to customer mix including growth in the electric vehicle end market.
Previous wording
•Operating margin of 21.0% increased 170 basis points primarily due to benefits from the Company's enterprise initiatives and lower restructuring expenses of 80 basis points, partially offset by higher employee-related expenses, continued investment in the business and unfavorable operating leverage of 20 basis points.
Current wording
•In the year-to-date period, operating margin of 21.3% increased 100 basis points primarily due to benefits from the Company's enterprise initiatives and lower restructuring expenses of 40 basis points, partially offset by higher employee-related expenses, continued investment in the business and unfavorable price/cost of 50 basis points.
Previous wording
The results of operations for the Food Equipment segment for the first quarter of 2026 and 2025 were as follows:
Current wording
The results of operations for the Food Equipment segment for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
◦International organic revenue grew 0.2%. Equipment organic revenue decreased 0.4% primarily due to lower demand in the European cooking and refrigeration end markets, partially offset by higher demand in the European warewash end market and higher demand in Asia. Service organic revenue grew 1.5%.
Current wording
◦International organic revenue grew 5.7% and 3.1% in the second quarter and year-to-date periods, respectively. Equipment organic revenue increased 6.2% in the second quarter and 3.0% in the year-to-date period primarily due to 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 grew 5.3% in the second quarter and 3.4% in the year-to-date period.
Previous wording
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 original equipment manufacturers and tiers, energy, industrial capital goods and consumer durables markets. Products in this segment include:
Current wording
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:
Previous wording
The results of operations for the Test & Measurement and Electronics segment for the first quarter of 2026 and 2025 were as follows:
Current wording
The results of operations for the Test & Measurement and Electronics segment for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
•Operating revenue grew due to higher organic and acquisition revenues and the favorable effect of foreign currency translation.
Current wording
•Operating revenue grewin the second quarter and year-to-date periodsdue to higher organic and acquisition revenues, and the favorable effect of foreign currency translation.
Previous wording
•Organic revenue increased 4.6% primarily due to higher demand in the semiconductor and electronics end markets, partially offset by lower demand in the general industrial end market.
Current wording
•Organic revenue increased 10.0% in the second quarter and 7.4% in the year-to-date period primarily due to higher demand in the semiconductor and electronics end markets.
Previous wording
◦Organic revenue for the test and measurement businesses increased 1.4% 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.
Current wording
◦Organic revenue for the test and measurement businesses increased 4.2% in the second quarter and 2.9% in the year-to-date period primarily driven by higher demand in the semiconductor end market, primarily in North America and Asia Pacific, and growth in Instron, partially offset by a decline in the MTS Test & Simulation business.
Previous wording
◦Electronics organic revenue increased 10.3% primarily due to higher demand in the semiconductor end market. The electronics assembly businesses grew 24.7% primarily due to higher demand in North America and Asia Pacific. The other electronics businesses, which include the contamination control, static control and pressure sensitive adhesives businesses, grew 5.1% primarily due to higher demand in North America and Asia Pacific, partially offset by a decline in Europe.
Current wording
◦Electronics organic revenue grew 21.0% in the second quarter and increased 15.7% in the year-to-date period primarily due to higher demand in the semiconductor end market. The electronics assembly businesses grew 49.2% in the second quarter and increased 36.9% in the year-to-date period primarily due to higher demand across all major regions. The other electronics businesses, which include the contamination control, static control and pressure sensitive adhesives businesses, increased 11.3% in the second quarter and 8.3% in the year-to-date period primarily due to higher demand in North America and Asia Pacific, partially offset by a decline in Europe.
Previous wording
•Operating margin of 22.9% increased 150 basis points primarily due to positive operating leverage of 130 basis points, benefits from the Company's enterprise initiatives and lower restructuring expenses of 50 basis points, partially offset by the dilutive impact of 60 basis points from an acquisition and higher employee-related expenses.
Current wording
•In the year-to-date period, operating margin of 24.1% increased 200 basis points primarily due to positive operating leverage of 200 basis points and benefits from the Company's enterprise initiatives, partially offset by higher employee-related expenses and the dilutive impact of 40 basis points from an acquisition.
Previous wording
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 original equipment manufacturers and tiers markets. Products in this segment include:
Current wording
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:
Previous wording
The results of operations for the Welding segment for the first quarter of 2026 and 2025 were as follows:
Current wording
The results of operations for the Welding segment for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
The results of operations for the Polymers & Fluids segment for the first quarter of 2026 and 2025 were as follows:
Current wording
The results of operations for the Polymers & Fluids segment for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
◦Organic revenue for the automotive aftermarket businesses increased 2.9% primarily due to higher demand in the car care, engine repair and tire repair businesses in North America and the tire repair business in Asia Pacific and Europe.
Current wording
◦Organic revenue for the automotive aftermarket businesses increased 7.4% in the second quarter primarily due to higher demand in the car care, engine repair and body repair businesses in North America and the tire repair business in Asia Pacific and Europe. In the year-to-date period, organic revenue grew 5.1% primarily due to higher demand in the car care, engine repair and tire repair businesses in North America and the tire repair business in Asia Pacific and Europe, partially offset by lower demand in the body repair business.
Previous wording
◦Organic revenue for the fluids businesses grew 0.3% primarily driven by higher demand in the European life sciences end market, partially offset by lower demand in North America.
Current wording
◦Organic revenue for the fluids businesses grew 7.8% and 4.1% in the second quarter and year-to-date periods, respectively, primarily driven by higher demand in the biopharmaceutical end market and growth in North America.
Previous wording
The results of operations for the Construction Products segment for the first quarter of 2026 and 2025 were as follows:
Current wording
The results of operations for the Construction Products segment for the second quarter and year-to-date periods of 2026 and 2025 were as follows:
Previous wording
•Operating revenue grew due to the favorable effect of foreign currency translation and higher organic revenue.
Current wording
•Operating revenue grew in the second quarter and year-to-date periods due to the favorable effect of foreign currency translation and higher organic revenue.
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