Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 25.40% is in line with its 5-year average of 25.21%, around the middle of its 5-year range (22.67%–28.37%).
As of the fiscal period ended Tuesday, March 31, 2026. 2.63% below its 12-month average of 26.09%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
25.40%
OPERATING MARGIN AVG TTM
26.09%
OPERATING MARGIN AVG 3Y
26.00%
OPERATING MARGIN AVG 5Y
25.21%
OPERATING MARGIN AVG 10Y
24.49%
OPERATING MARGIN AVG 15Y
22.31%
OPERATING MARGIN AVG 20Y
20.57%
CURRENT VS TTM AVG
-2.63%
CURRENT VS 3Y AVG
-2.32%
CURRENT VS 5Y AVG
+0.74%
CURRENT VS 10Y AVG
+3.71%
CURRENT VS 15Y AVG
+13.84%
CURRENT VS 20Y AVG
+23.46%
SECTOR MEDIAN · INDUSTRIALS
13.50%
median of 133 covered companies
CURRENT VS SECTOR MEDIAN
+88.14%
vs the sector median at left
Illinois Tool Works Inc.
Market Cap
$81.42B
Operating Margin
25.40%
TTM Avg
26.09%
3Y Avg
26.00%
5Y Avg
25.21%
Market Cap
$81.99B
Operating Margin
36.78%
TTM Avg
36.40%
3Y Avg
36.38%
5Y Avg
38.09%
Market Cap
$82.39B
Operating Margin
23.14%
TTM Avg
22.98%
3Y Avg
21.99%
5Y Avg
21.27%
Market Cap
$82.86B
Operating Margin
19.96%
TTM Avg
17.42%
3Y Avg
17.53%
5Y Avg
16.97%
Market Cap
$78.76B
Operating Margin
31.63%
TTM Avg
31.98%
3Y Avg
31.05%
5Y Avg
33.01%
Market Cap
$78.54B
Operating Margin
37.76%
TTM Avg
37.36%
3Y Avg
38.48%
5Y Avg
37.88%
Market Cap
$85.70B
Operating Margin
8.46%
TTM Avg
9.21%
3Y Avg
10.43%
5Y Avg
10.75%
Market Cap
$77.06B
Operating Margin
14.09%
TTM Avg
18.38%
3Y Avg
18.34%
5Y Avg
18.14%
Market Cap
$77.03B
Operating Margin
10.18%
TTM Avg
10.43%
3Y Avg
9.29%
5Y Avg
10.67%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Illinois Tool Works Inc. (ITW) | $81.42B | 25.40% | 26.09% | 26.00% | 25.21% |
| Canadian Pacific Kansas City Ltd. (CP)vs › | $81.99B | 36.78% | 36.40% | 36.38% | 38.09% |
| Cintas Corporation (CTAS)vs › | $82.39B | 23.14% | 22.98% | 21.99% | 21.27% |
| Emerson Electric Co. (EMR)vs › | $82.86B | 19.96% | 17.42% | 17.53% | 16.97% |
| Norfolk Southern Corporation (NSC)vs › | $78.76B | 31.63% | 31.98% | 31.05% | 33.01% |
| Canadian National Railway Company (CNI)vs › | $78.54B | 37.76% | 37.36% | 38.48% | 37.88% |
| United Parcel Service, Inc. (UPS)vs › | $85.70B | 8.46% | 9.21% | 10.43% | 10.75% |
| Honeywell International Inc. (HON)vs › | $77.06B | 14.09% | 18.38% | 18.34% | 18.14% |
| Northrop Grumman Corporation (NOC)vs › | $77.03B | 10.18% | 10.43% | 9.29% | 10.67% |
| Johnson Controls International plc (JCI)vs › | $87.47B | 13.57% | 11.27% | 10.80% | 10.46% |
Gross Margin
44.1%
Operating Margin
25.4%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-03-31 | 25.40% |
| 2025-12-31 | 26.51% |
| 2025-09-30 | 27.40% |
| 2025-06-30 | 26.35% |
| 2025-03-31 | 24.77% |
| 2024-12-31 | 26.22% |
| 2024-09-30 | 26.53% |
| 2024-06-30 | 26.17% |
| 2024-03-31 | 28.37% |
| 2023-12-31 | 24.81% |
| 2023-09-30 | 26.54% |
| 2023-06-30 | 24.79% |
| 2023-03-31 | 24.19% |
| 2022-12-31 | 24.83% |
| 2022-09-30 | 24.51% |
| 2022-06-30 | 23.09% |
| 2022-03-31 | 22.72% |
| 2021-12-31 | 22.67% |
| 2021-09-30 | 23.76% |
| 2021-06-30 | 24.29% |
| 2021-03-31 | 25.54% |
| 2020-12-31 | 25.41% |
| 2020-09-30 | 23.86% |
| 2020-06-30 | 17.51% |
| 2020-03-31 | 23.57% |
| 2019-12-31 | 23.75% |
| 2019-09-30 | 24.95% |
| 2019-06-30 | 24.13% |
| 2019-03-31 | 23.62% |
| 2018-12-31 | 24.02% |
| 2018-09-30 | 24.61% |
| 2018-06-30 | 24.33% |
| 2018-03-30 | 24.12% |
| 2017-12-31 | 23.42% |
| 2017-09-30 | 26.58% |
| 2017-06-30 | 24.28% |
| 2017-03-31 | 23.31% |
| 2016-12-31 | 21.83% |
| 2016-09-30 | 23.12% |
| 2016-06-30 | 23.08% |
| 2016-03-31 | 22.05% |
| 2015-12-31 | 20.73% |
| 2015-09-30 | 22.69% |
| 2015-06-30 | 21.26% |
| 2015-03-31 | 20.86% |
| 2014-12-31 | 19.58% |
| 2014-09-30 | 20.91% |
| 2014-06-30 | 20.52% |
| 2014-03-31 | 18.69% |
| 2013-12-31 | 17.67% |
| 2013-09-30 | 19.00% |
| 2013-06-30 | 16.64% |
| 2013-03-31 | 16.46% |
| 2012-12-31 | 14.43% |
| 2012-09-30 | 16.95% |
| 2012-06-30 | 16.54% |
| 2012-03-31 | 15.50% |
| 2011-12-31 | 14.98% |
| 2011-09-30 | 15.59% |
| 2011-06-30 | 15.41% |
| 2011-03-31 | 15.56% |
| 2010-12-31 | 13.90% |
| 2010-09-30 | 15.94% |
| 2010-06-30 | 16.01% |
| 2010-03-31 | 13.42% |
| 2009-12-31 | 12.68% |
| 2009-09-30 | 13.51% |
| 2009-06-30 | 9.87% |
| 2009-03-31 | 1.98% |
| 2008-12-31 | 11.26% |
| 2008-09-30 | 15.41% |
| 2008-06-30 | 16.56% |
| 2008-03-31 | 12.56% |
| 2007-12-31 | 15.88% |
| 2007-09-30 | 17.01% |
| 2007-06-30 | 16.80% |
| 2007-03-31 | 15.13% |
| 2006-12-31 | 16.33% |
| 2006-09-30 | 17.72% |
| 2006-06-30 | 18.43% |
| 2006-03-31 | 16.38% |
| 2005-12-31 | 18.07% |
| 2005-09-30 | 19.01% |
| 2005-06-30 | 17.20% |
| 2005-03-31 | 15.54% |
| 2004-12-31 | 17.54% |
| 2004-09-30 | 17.26% |
| 2004-06-30 | 18.70% |
| 2004-03-31 | 16.52% |
| 2003-12-31 | 16.44% |
| 2003-09-30 | 16.85% |
| 2003-06-30 | 17.71% |
| 2003-03-31 | 13.87% |
| 2002-12-31 | 15.24% |
| 2002-09-30 | 16.53% |
| 2002-06-30 | 17.62% |
