Illinois Tool Works Inc. (NYSE:ITW) today announced that its Board of Directors has approved a seven percent increase in the company’s regular annual cash dividend from $6.44 to $6.88 per share. The increase is effective with the fourth-quarter dividend of $1.72, which was declared today, and is payable on October 9, 2026, to holders of record at the close of business on September 30, 2026.

In addition, ITW announced that its Board of Directors has approved a new authorization for the company to repurchase up to $6 billion of its common stock as part of its disciplined capital allocation strategy. The timing and volume of any share repurchases will be determined by management at its discretion.