TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 10 US-GAAP tools and industrial peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D where filed inside the SG&A line. These filers book restructuring outside SG&A; stock-based compensation is benchmarked in Exhibit 3 but not subtracted, since filers do not disclose its placement. What remains is the residual overhead line, on the same footing for all 10 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Illinois Tool Works SG&A versus peers, in text

Illinois Tool Works (ITW) reports revenue of $16,044 million. On a normalized basis its SG&A runs 15.4% of revenue, against a median of 19.0% across 9 tools and industrial peers; 9 of the 9 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 0.4% of revenue (3 of 10 companies disclose it); R&D 1.9% of revenue (8 of 10 companies disclose it); Stock-based comp 0.4% of revenue (10 of 10 companies disclose it); Restructuring 0.0% of revenue (10 of 10 companies disclose it).

Over 10 years (FY2016 to FY2025), Illinois Tool Works's total shareholder return was +149% against +157% for the peer composite; SG&A contributed +69.3 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/ITW.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.