The Board of Directors of Illinois Tool Works Inc. authorized a seven percent increase to the dividend payout to shareholders, representing a quarterly increase of $0.09 per share – or $0.36 per share annually – versus the current dividend rate. The Board also declared a dividend on the company's common stock of $1.31 per share for the third quarter of 2022. The dividend equates to $5.24 per share on a full-year basis.

The dividend will be paid on October 14, 2022 to shareholders of record as of September 30, 2022.