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Illinois Tool Works vs Zebra Technologies: revenue, profit, margins and growth compared

Illinois Tool Works brought in $16B of revenue in fiscal 2025, Zebra Technologies $5.4B in fiscal 2025. Revenue changed by +0.9% at Illinois Tool Works and +8.3% at Zebra Technologies on the year before, so Zebra Technologies grew faster. Illinois Tool Works kept 19.1% of its revenue as net profit, Zebra Technologies 7.8%. Free cash flow was $2.7B at Illinois Tool Works and $831M at Zebra Technologies.

Side by side, latest fiscal year

ITWZBRA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$16B$5.4B
Revenue growth+0.9%+8.3%
Net income$3.1B$419M
Net margin19.1%7.8%
Free cash flow$2.7B$831M
Free cash flow margin16.9%15.4%
Earnings per share (diluted)$10.49$8.18
Cash$851M$125M
Debt$7.7B$2.5B
Price to earnings26.145.2
Market value$78.1B$17.5B
Dividend yield2.27%n/a
Rank by revenue in sector#39 of 451 · Industrials#116 of 451 · Industrials

Over the years

Revenue
ITW FY2018: $14.8BITW FY2019: $14.1BITW FY2020: $12.6BITW FY2021: $14.5BITW FY2022: $15.9BITW FY2023: $16.1BITW FY2024: $15.9BITW FY2025: $16BZBRA FY2018: $4.2BZBRA FY2019: $4.5BZBRA FY2020: $4.4BZBRA FY2021: $5.6BZBRA FY2022: $5.8BZBRA FY2023: $4.6BZBRA FY2024: $5BZBRA FY2025: $5.4BFY18FY19FY20FY21FY22FY23FY24FY25
ITW $16BZBRA $5.4B
Net income
ITW FY2018: $2.6BITW FY2019: $2.5BITW FY2020: $2.1BITW FY2021: $2.7BITW FY2022: $3BITW FY2023: $3BITW FY2024: $3.5BITW FY2025: $3.1BZBRA FY2018: $421MZBRA FY2019: $544MZBRA FY2020: $504MZBRA FY2021: $837MZBRA FY2022: $463MZBRA FY2023: $296MZBRA FY2024: $528MZBRA FY2025: $419MFY18FY19FY20FY21FY22FY23FY24FY25
ITW $3.1BZBRA $419M
Net margin
ITW FY2018: 17.4%ITW FY2019: 17.9%ITW FY2020: 16.8%ITW FY2021: 18.6%ITW FY2022: 19.0%ITW FY2023: 18.4%ITW FY2024: 21.9%ITW FY2025: 19.1%ZBRA FY2018: 10.0%ZBRA FY2019: 12.1%ZBRA FY2020: 11.3%ZBRA FY2021: 14.9%ZBRA FY2022: 8.0%ZBRA FY2023: 6.5%ZBRA FY2024: 10.6%ZBRA FY2025: 7.8%FY18FY19FY20FY21FY22FY23FY24FY25
ITW 19.1%ZBRA 7.8%
Revenue growth
ITW FY2019: -4.5%ITW FY2020: -10.9%ITW FY2021: +15.0%ITW FY2022: +10.2%ITW FY2023: +1.1%ITW FY2024: -1.3%ITW FY2025: +0.9%ZBRA FY2019: +6.3%ZBRA FY2020: -0.8%ZBRA FY2021: +26.5%ZBRA FY2022: +2.7%ZBRA FY2023: -20.7%ZBRA FY2024: +8.7%ZBRA FY2025: +8.3%FY19FY20FY21FY22FY23FY24FY25
ITW +0.9%ZBRA +8.3%
Free cash flow
ITW FY2018: $2.4BITW FY2019: $2.7BITW FY2020: $2.6BITW FY2021: $2.3BITW FY2022: $1.9BITW FY2023: $3.1BITW FY2024: $2.8BITW FY2025: $2.7BZBRA FY2018: $721MZBRA FY2019: $624MZBRA FY2020: $895MZBRA FY2021: $1BZBRA FY2022: $413MZBRA FY2023: -$91MZBRA FY2024: $954MZBRA FY2025: $831MFY18FY19FY20FY21FY22FY23FY24FY25
ITW $2.7BZBRA $831M

Fiscal years as each company reports them; the two may end in different months.

Questions about Illinois Tool Works and Zebra Technologies

Which is bigger by revenue, Illinois Tool Works or Zebra Technologies?

Illinois Tool Works is bigger by revenue: $16B in fiscal 2025, against $5.4B for Zebra Technologies in fiscal 2025.

Which keeps more of its revenue as profit, Illinois Tool Works or Zebra Technologies?

Illinois Tool Works had a net margin of 19.1% in fiscal 2025; Zebra Technologies had 7.8% in fiscal 2025.

Which grew revenue faster, Illinois Tool Works or Zebra Technologies?

In their latest fiscal years revenue changed by +0.9% at Illinois Tool Works and +8.3% at Zebra Technologies.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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