Illinois Tool Works Quarterly Share Loss Continued in 1Q26

研报英文原文证据摘录

Illinois Tool Works Quarterly Share Loss Continued in 1Q26

J P M O R G A N North America Equity Research

08 June 2026

Illinois Tool Works Overweight

ITW, ITW US

Quarterly Share Loss Continued in 1Q26 Price (05 Jun 26):$252.72

Machinery, Engineering &

We are updating our proprietary quarterly analysis of ITW’s organic revenue Construction

growth to calculate market share gain/loss in each segment following 1Q26 Tami Zakaria, CFA AC

earnings. Our math shows that at the enterprise level, ITW lost ~220bps share (1-212) 622-9888

in 1Q26 (vs. a 40bps loss in 4Q25 and a 220bps loss in 1Q25), marking the sixth tami.zakaria@jpmchase.com

consecutive quarter of share loss. On an LTM basis, share loss accelerated Raquel Betesh

sequentially with ~160bps loss at the end of 1Q26 at the enterprise level (vs. a (1-212) 622-1313

raquel.betesh@jpmchase.com

110bps loss in 4Q25 and a 50bps loss in 1Q25). Four segments saw share losses in

Alec R McGuire

1Q, with Specialty Products performing notably worse (-990bps), followed by

(1-212) 622-2432

Food Equipment (-660bps), Construction Products (-350bps), and Polymers & alec.mcguire@jpmorgan.com

Fluids (-70bps), while Welding (+270bps), Test & Measurement and Electronics J.P. Morgan Securities LLC

(+140bps), and Automotive OEM (+120bps) gained share. See our methodology

below. Note that we define market share gain as organic growth outperforming

peers’, while share loss as organic growth underperforming peers’ on a quarterly

and LTM basis.

• Enterprise-level share losses continued in 1Q. At the enterprise level, we

estimate ITW lost ~220bps share on average in 1Q26 (vs. -40bps in 4Q25 and

-220bps in 1Q25), remaining in contraction territory for the 6th consecutive

quarter. Four segments lost share, with Specialty Products performing notably