Illinois Tool Works layoffs, on the record
Every job cut, severance charge and restructuring Illinois Tool Works reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 45,000 to approximately 43,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 45,000 | December 31, 2023 |
| 10-K for 2024 | approximately 44,000 | December 31, 2024 |
| 10-K for 2025 | approximately 43,000 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryThe filing notes that 80/20 initiatives may result in restructuring initiatives that reduce costs and improve profitability and returns.
Word for word“At the same time, these 80/20 initiatives may also result in restructuring initiatives that reduce costs and improve profitability and returns.” 10-K for 2024
Our summaryOperating income in 2023 was higher than 2022 but reduced by higher restructuring expenses, per the total company discussion of 2023 compared to 2022.
Word for word“Operating income of $4.0 billion increased 6.6% compared to the prior year primarily due to higher organic revenue, partially offset by the impact of divestiture activity, the unfavorable effect of foreign currency translation and higher restructuring expenses.” 10-K for 2024
Our summaryConstruction Products segment operating margin was reduced by higher restructuring expenses in 2024.
Word for word“Operating margin of 29.3% increased 90 basis points primarily driven by benefits from the Company's enterprise initiatives and favorable price/cost of 10 basis points, partially offset by unfavorable operating leverage of 110 basis points, higher employee-related expenses and higher restructuring expenses.” 10-K for 2024
Our summaryAutomotive OEM segment operating margin benefited from lower restructuring expenses in 2024 compared to 2023.
Word for word“Operating margin of 19.6% increased 230 basis points primarily driven by benefits from the Company's enterprise initiatives, lower restructuring expenses and favorable price/cost of 20 basis points, partially offset by higher employee-related expenses and continued investment in the business.” 10-K for 2024
Our summaryPolymers & Fluids segment operating margin benefited from lower restructuring expenses in 2024.
Word for word“Operating margin of 27.4% increased 70 basis points primarily driven by benefits from the Company's enterprise initiatives, favorable price/cost of 30 basis points, positive operating leverage of 20 basis points, lower restructuring expenses and lower intangible asset amortization expense, partially offset by higher employee-related expenses.” 10-K for 2024
Our summarySpecialty Products segment operating margin benefited from lower restructuring expenses in 2024.
Word for word“Operating margin of 30.3% increased 380 basis points primarily driven by benefits from the Company's enterprise initiatives, positive operating leverage of 70 basis points, favorable price/cost of 70 basis points and lower restructuring expenses, partially offset by higher employee-related expenses and product mix.” 10-K for 2024
Illinois Tool Works has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Illinois Tool Works’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-13. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.