ITW — what changed in the latest 10-Q
A section-by-section comparison of ITW's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-08-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +38 | −32 | ~84 | 66 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
Cost of revenue increased 3.2% and 4.5% in the third quarter and year-to-date periods of 2026, respectively, primarily due to higher revenue and higher employee-related expenses. Cost of revenue as a percent of operating revenue was lower in the third quarter and year-to-date periods of 2026 as bene…
Selling, administrative, and research and development expenses increased 6.1% and 4.8% in the third quarter and year-to-date periods of 2026, respectively. In the third quarter, Selling, administrative, and research and development expenses as a percent of operating revenue was higher in 2026 primar…
•Organic revenue increased 3.8% in the third quarter and 2.9% in the year-to-date period primarily due to growth in the Test & Measurement and Electronics, Polymers & Fluids and Welding segments, partially offset by a decline in the Automotive OEM and Specialty Products segments. Organic revenue for…
◦North American organic revenue grew 6.0% in the third quarter and 4.6% in the year-to-date period as growth in the Test & Measurement and Electronics, Welding and Polymers & Fluids segments was partially offset by a decrease in the Food Equipment and Automotive OEM segments. Organic revenue for the…
◦Asia Pacific organic revenue grew 3.4% in the third quarter and 3.8% in the year-to-date period primarily due to growth in the Test & Measurement and Electronics segment. Organic revenue in China decreased 2.3% in the third quarter, which had a challenging comparison in the prior year third quarter…
Text removed vs the prior filing · source: 10-Q · 2026-08-06
Cost of revenue was $2.4 billion and $2.3 billion in the second quarter of 2026 and 2025, respectively, an increase of 5.8%, primarily due to higher revenue and higher employee-related expenses. Cost of revenue as a percent of operating revenue was lower in the second quarter of 2026 compared to 202…
Selling, administrative, and research and development expenses were $735 million and $693 million in the second quarter of 2026 and 2025, respectively, an increase of 6.1%. Selling, administrative, and research and development expenses as a percent of operating revenue was flat in 2026 compared to 2…
•Organic revenue increased 4.5% in the second quarter and 2.5% in the year-to-date period primarily driven by growth in the Test & Measurement and Electronics, Welding and Polymers & Fluids segments. Product line simplification activities reduced organic revenue by 60 basis points in both the second…
◦North American organic revenue grew 6.4% in the second quarter as growth in the Welding, Test & Measurement and Electronics, Polymers & Fluids, Construction Products, Specialty Products and Automotive OEM segments was partially offset by a decrease in the Food Equipment segment. In the year-to-date…
◦Asia Pacific organic revenue grew 5.6% in the second quarter and increased 4.1% in the year-to-date period primarily due to growth in the Test & Measurement and Electronics segment. Organic revenue in China increased 3.4% in the second quarter as growth in the Test & Measurement and Electronics, Fo…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice