Subtext

Illinois Tool Works Inc. ITW

SectorIndustrials
Transcripts70
Date range2007-10-17 – 2025-04-30
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-19-9+0+9+192007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Overall: -3.32007 Q4 · Overall: -2.32008 Q1 · Overall: -4.42008 Q2 · Overall: -0.12008 Q3 · Overall: -5.12008 Q4 · Overall: -13.92009 Q1 · Overall: -10.92009 Q2 · Overall: -3.52009 Q3 · Overall: -1.52009 Q4 · Overall: -0.62010 Q1 · Overall: +5.22010 Q3 · Overall: +2.42010 Q4 · Overall: +1.82011 Q1 · Overall: +6.12011 Q2 · Overall: -2.62011 Q3 · Overall: +0.42011 Q4 · Overall: +5.22012 Q1 · Overall: +0.82012 Q2 · Overall: -0.92012 Q3 · Overall: +0.02012 Q4 · Overall: -2.52013 Q1 · Overall: -4.12013 Q2 · Overall: +5.52013 Q3 · Overall: +8.62013 Q4 · Overall: +9.12014 Q1 · Overall: +8.02014 Q2 · Overall: +13.62014 Q3 · Overall: +10.32014 Q4 · Overall: +9.12015 Q1 · Overall: +7.92015 Q2 · Overall: +9.12015 Q3 · Overall: +5.32015 Q4 · Overall: +12.22016 Q1 · Overall: +9.82016 Q2 · Overall: +9.22016 Q3 · Overall: +6.72016 Q4 · Overall: +13.32017 Q1 · Overall: +15.02017 Q2 · Overall: +8.82017 Q3 · Overall: +11.12017 Q4 · Overall: +6.72018 Q1 · Overall: +10.02018 Q2 · Overall: +6.42018 Q3 · Overall: +6.82018 Q4 · Overall: +3.92019 Q1 · Overall: -1.22019 Q2 · Overall: -3.82019 Q3 · Overall: +2.72019 Q4 · Overall: +3.22020 Q1 · Overall: +3.52020 Q2 · Overall: +3.32020 Q3 · Overall: +6.22020 Q4 · Overall: +11.52021 Q1 · Overall: +9.12021 Q2 · Overall: +4.32021 Q3 · Overall: +6.42021 Q4 · Overall: +7.62022 Q1 · Overall: +9.62022 Q2 · Overall: +7.12022 Q3 · Overall: +6.72022 Q4 · Overall: +11.12023 Q1 · Overall: +7.52023 Q2 · Overall: +14.62023 Q3 · Overall: +13.82023 Q4 · Overall: +11.52024 Q1 · Overall: +8.12024 Q2 · Overall: +15.02024 Q3 · Overall: +15.22024 Q4 · Overall: +16.42025 Q1 · Overall: +9.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-34-17+0+17+342007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · CEO: -0.82007 Q4 · CEO: +4.22008 Q1 · CEO: -2.12008 Q2 · CEO: +6.52008 Q3 · CEO: -1.12008 Q4 · CEO: -16.62009 Q1 · CEO: -3.02009 Q4 · CEO: +3.72010 Q1 · CEO: +8.42010 Q3 · CEO: +3.22010 Q4 · CEO: +11.02011 Q1 · CEO: +10.42011 Q2 · CEO: -0.92011 Q3 · CEO: +4.52011 Q4 · CEO: +11.52012 Q1 · CEO: +3.22012 Q2 · CEO: +0.02012 Q3 · CEO: +20.42012 Q4 · CEO: +8.12013 Q1 · CEO: +5.62013 Q2 · CEO: +14.12013 Q3 · CEO: +9.22013 Q4 · CEO: +19.82014 Q1 · CEO: +14.02014 Q2 · CEO: +18.22014 Q3 · CEO: +13.82014 Q4 · CEO: +15.02015 Q1 · CEO: +12.02016 Q1 · CEO: +10.52016 Q2 · CEO: +15.92016 Q3 · CEO: +9.52016 Q4 · CEO: +18.92017 Q1 · CEO: +20.82017 Q2 · CEO: +18.02017 Q3 · CEO: +24.12017 Q4 · CEO: +10.82018 Q2 · CEO: +16.92018 Q3 · CEO: +10.12018 Q4 · CEO: +5.12019 Q1 · CEO: -10.42019 Q2 · CEO: +1.22019 Q3 · CEO: +12.82019 Q4 · CEO: +12.72020 Q1 · CEO: +6.42020 Q2 · CEO: +6.52020 Q3 · CEO: +9.32020 Q4 · CEO: +12.62021 Q1 · CEO: +8.82021 Q2 · CEO: +6.62021 Q3 · CEO: +7.92021 Q4 · CEO: +12.92022 Q1 · CEO: +25.12022 Q2 · CEO: +10.02022 Q3 · CEO: +12.12022 Q4 · CEO: +17.42023 Q1 · CEO: +8.52023 Q2 · CEO: +23.82023 Q3 · CEO: +29.82023 Q4 · CEO: +25.12024 Q2 · CEO: +16.22024 Q3 · CEO: +25.02024 Q4 · CEO: +22.32025 Q1 · CEO: +23.72007 Q3 · CFO: +5.02007 Q4 · CFO: +1.42008 Q1 · CFO: -2.42008 Q2 · CFO: +0.42008 Q3 · CFO: -6.32008 Q4 · CFO: -6.72009 Q1 · CFO: -8.12009 Q2 · CFO: -8.22009 Q3 · CFO: +2.22009 Q4 · CFO: +1.02010 Q1 · CFO: +3.22010 Q3 · CFO: -1.52010 Q4 · CFO: -11.82011 Q1 · CFO: +2.42011 Q2 · CFO: +0.62011 Q3 · CFO: +6.42011 Q4 · CFO: +5.92012 Q1 · CFO: +14.82012 Q2 · CFO: +0.62012 Q3 · CFO: -4.42012 Q4 · CFO: -4.32013 Q1 · CFO: +0.42013 Q2 · CFO: +8.22013 Q3 · CFO: +14.62013 Q4 · CFO: +12.02014 Q1 · CFO: +10.72014 Q2 · CFO: +16.02014 Q3 · CFO: +16.72014 Q4 · CFO: +10.42015 Q1 · CFO: +8.82016 Q1 · CFO: +15.72016 Q2 · CFO: +15.52016 Q3 · CFO: +12.02016 Q4 · CFO: +15.82017 Q1 · CFO: +24.12017 Q2 · CFO: +13.92017 Q3 · CFO: +10.42017 Q4 · CFO: +9.12018 Q1 · CFO: +15.92018 Q2 · CFO: +12.32018 Q3 · CFO: +12.72018 Q4 · CFO: +8.32019 Q1 · CFO: +4.62019 Q2 · CFO: -0.92019 Q3 · CFO: +3.62019 Q4 · CFO: +2.62020 Q1 · CFO: +5.22020 Q2 · CFO: +4.72020 Q3 · CFO: +10.22020 Q4 · CFO: +18.72021 Q1 · CFO: +14.42021 Q3 · CFO: +11.72021 Q4 · CFO: +7.62022 Q1 · CFO: +9.02022 Q2 · CFO: +9.42022 Q3 · CFO: +9.82022 Q4 · CFO: +12.82023 Q1 · CFO: +12.22023 Q2 · CFO: +15.62023 Q3 · CFO: +10.52023 Q4 · CFO: +8.52024 Q1 · CFO: +14.22024 Q2 · CFO: +16.32024 Q3 · CFO: +13.12024 Q4 · CFO: +19.82025 Q1 · CFO: +7.2
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-36-18+0+18+362007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Prepared remarks: -2.12007 Q4 · Prepared remarks: -1.92008 Q1 · Prepared remarks: -9.92008 Q2 · Prepared remarks: -6.02008 Q3 · Prepared remarks: -5.22008 Q4 · Prepared remarks: -21.82009 Q1 · Prepared remarks: -24.92009 Q2 · Prepared remarks: -12.82009 Q3 · Prepared remarks: +0.92009 Q4 · Prepared remarks: -1.82010 Q1 · Prepared remarks: +1.12010 Q3 · Prepared remarks: +4.92010 Q4 · Prepared remarks: +6.12011 Q1 · Prepared remarks: +15.22011 Q2 · Prepared remarks: -4.32011 Q3 · Prepared remarks: +3.42011 Q4 · Prepared remarks: +4.02012 Q1 · Prepared remarks: +7.42012 Q2 · Prepared remarks: +4.42012 Q3 · Prepared remarks: +2.62012 Q4 · Prepared remarks: -2.52013 Q1 · Prepared remarks: -2.12013 Q2 · Prepared remarks: +5.32013 Q3 · Prepared remarks: +14.12013 Q4 · Prepared remarks: +24.02014 Q1 · Prepared remarks: +15.32014 Q2 · Prepared remarks: +19.32014 Q3 · Prepared remarks: +21.02014 Q4 · Prepared remarks: +15.92015 Q1 · Prepared remarks: +12.02015 Q2 · Prepared remarks: +15.02015 Q3 · Prepared remarks: +17.92015 Q4 · Prepared remarks: +22.22016 Q1 · Prepared remarks: +25.62016 Q2 · Prepared remarks: +18.42016 Q3 · Prepared remarks: +15.12016 Q4 · Prepared remarks: +25.42017 Q1 · Prepared remarks: +31.52017 Q2 · Prepared remarks: +23.72017 Q3 · Prepared remarks: +18.02017 Q4 · Prepared remarks: +15.42018 Q1 · Prepared remarks: +23.32018 Q2 · Prepared remarks: +24.22018 Q3 · Prepared remarks: +8.92018 Q4 · Prepared remarks: +7.42019 Q1 · Prepared remarks: +2.42019 Q2 · Prepared remarks: -2.42019 Q3 · Prepared remarks: +5.52019 Q4 · Prepared remarks: +4.12020 Q1 · Prepared remarks: +8.42020 Q2 · Prepared remarks: +5.62020 Q3 · Prepared remarks: +13.82020 Q4 · Prepared remarks: +19.32021 Q1 · Prepared remarks: +17.22021 Q2 · Prepared remarks: +9.82021 Q3 · Prepared remarks: +19.52021 Q4 · Prepared remarks: +12.02022 Q1 · Prepared remarks: +17.92022 Q2 · Prepared remarks: +16.62022 Q3 · Prepared remarks: +11.52022 Q4 · Prepared remarks: +12.72023 Q1 · Prepared remarks: +12.72023 Q2 · Prepared remarks: +17.22023 Q3 · Prepared remarks: +19.92023 Q4 · Prepared remarks: +12.02024 Q1 · Prepared remarks: +0.02024 Q2 · Prepared remarks: +17.72024 Q3 · Prepared remarks: +16.52024 Q4 · Prepared remarks: +29.32025 Q1 · Prepared remarks: +13.02007 Q3 · Q&A responses: -1.32007 Q4 · Q&A responses: +1.52008 Q1 · Q&A responses: -1.52008 Q2 · Q&A responses: +4.62008 Q4 · Q&A responses: -10.22009 Q1 · Q&A responses: -0.42009 Q2 · Q&A responses: +3.62009 Q3 · Q&A responses: +0.42009 Q4 · Q&A responses: +6.22010 Q1 · Q&A responses: +11.02010 Q3 · Q&A responses: +1.82010 Q4 · Q&A responses: +0.02011 Q1 · Q&A responses: +5.22011 Q2 · Q&A responses: +0.22011 Q3 · Q&A responses: +1.62011 Q4 · Q&A responses: +9.92012 Q1 · Q&A responses: +1.12012 Q2 · Q&A responses: -1.62012 Q3 · Q&A responses: +0.52012 Q4 · Q&A responses: +0.62013 Q1 · Q&A responses: +0.02013 Q2 · Q&A responses: +5.82013 Q3 · Q&A responses: +9.32013 Q4 · Q&A responses: +8.42014 Q1 · Q&A responses: +10.22014 Q2 · Q&A responses: +12.92014 Q3 · Q&A responses: +7.12014 Q4 · Q&A responses: +8.32015 Q1 · Q&A responses: +8.62015 Q2 · Q&A responses: +11.42015 Q3 · Q&A responses: +3.92015 Q4 · Q&A responses: +14.32016 Q1 · Q&A responses: +8.02016 Q2 · Q&A responses: +9.22016 Q3 · Q&A responses: +8.32016 Q4 · Q&A responses: +13.82017 Q1 · Q&A responses: +17.62017 Q2 · Q&A responses: +9.52017 Q3 · Q&A responses: +14.32017 Q4 · Q&A responses: +6.22018 Q1 · Q&A responses: +10.72018 Q2 · Q&A responses: +6.02018 Q3 · Q&A responses: +12.52018 Q4 · Q&A responses: +5.32019 Q1 · Q&A responses: +1.02019 Q2 · Q&A responses: +1.82019 Q3 · Q&A responses: +7.52019 Q4 · Q&A responses: +5.82020 Q1 · Q&A responses: +2.02020 Q2 · Q&A responses: +5.82020 Q3 · Q&A responses: +7.22020 Q4 · Q&A responses: +12.52021 Q1 · Q&A responses: +9.12021 Q2 · Q&A responses: +5.22021 Q3 · Q&A responses: +4.32021 Q4 · Q&A responses: +8.92022 Q1 · Q&A responses: +6.52022 Q2 · Q&A responses: +3.22022 Q3 · Q&A responses: +9.32022 Q4 · Q&A responses: +14.72023 Q1 · Q&A responses: +9.72023 Q2 · Q&A responses: +16.42023 Q3 · Q&A responses: +14.62023 Q4 · Q&A responses: +15.12024 Q1 · Q&A responses: +14.02024 Q2 · Q&A responses: -17.62024 Q3 · Q&A responses: +19.82024 Q4 · Q&A responses: +15.02025 Q1 · Q&A responses: +12.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.14$7.64$11.142007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $4.622014 Q2: $4.892014 Q3: $5.092014 Q4: $5.282015 Q1: $5.382015 Q2: $5.392015 Q3: $5.532015 Q4: $5.472016 Q1: $5.592016 Q2: $5.782016 Q3: $6.012016 Q4: $6.152017 Q1: $6.342017 Q2: $6.702017 Q3: $6.942017 Q4: $7.222018 Q1: $7.852018 Q2: $8.082018 Q3: $8.082018 Q4: $8.092019 Q1: $8.112019 Q2: $8.192019 Q3: $8.032019 Q4: $7.972020 Q1: $7.912020 Q2: $5.892020 Q3: $6.762020 Q4: $7.602021 Q1: $8.102021 Q2: $8.912021 Q3: $9.252021 Q4: $9.082022 Q1: $9.362022 Q2: $9.572022 Q3: $9.492022 Q4: $9.322023 Q1: $9.772023 Q2: $10.012023 Q3: $10.222023 Q4: $10.182024 Q1: $10.352024 Q2: $10.652024 Q3: $10.65

Forward P/E

14.3822.5130.632007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 17.472014 Q2: 18.062014 Q3: 17.402014 Q4: 17.652015 Q1: 18.532015 Q2: 17.182015 Q3: 15.502015 Q4: 17.182016 Q1: 17.572016 Q2: 18.202016 Q3: 19.312016 Q4: 20.192017 Q1: 21.372017 Q2: 21.922017 Q3: 20.612017 Q4: 22.692018 Q1: 21.572018 Q2: 18.402018 Q3: 18.172018 Q4: 15.532019 Q1: 17.912019 Q2: 18.272019 Q3: 19.602019 Q4: 22.452020 Q1: 17.932020 Q2: 29.282020 Q3: 29.512020 Q4: 26.822021 Q1: 27.152021 Q2: 25.582021 Q3: 23.812021 Q4: 26.992022 Q1: 22.432022 Q2: 19.482022 Q3: 20.922022 Q4: 24.062023 Q1: 23.392023 Q2: 24.432023 Q3: 23.272023 Q4: 24.812024 Q1: 25.372024 Q2: 22.582024 Q3: 23.75

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -3.3 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -3.8 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↑ +6.8 fwd EPS ↓ -0.06 Tone rose while the forward EPS estimate was cut.
  • 2016 Q1 tone ↓ -2.4 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -2.5 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -6.2 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -4.4 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -3.7 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↑ +6.5 fwd EPS ↓ -0.16 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -2.3 fwd EPS ↑ +0.50 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -4.8 fwd EPS ↑ +0.81 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -2.6 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↑ +4.3 fwd EPS ↓ -0.17 Tone rose while the forward EPS estimate was cut.
  • 2023 Q1 tone ↓ -3.6 fwd EPS ↑ +0.45 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -3.4 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-30+9.2——View →
2024 Q42025-02-05+16.4——View →
2024 Q32024-10-30+15.2$10.6523.8View →
2024 Q22024-07-30+15.0$10.6522.6View →
2024 Q12024-04-30+8.1$10.3525.4View →
2023 Q42024-02-01+11.5$10.1824.8View →
2023 Q32023-10-24+13.8$10.2223.3View →
2023 Q22023-08-01+14.6$10.0124.4View →