Illinois Tool Works Inc.

Good morning. My name is Trevor and I will be your conference operator today. At this time, I would like to welcome everyone to the ITW second quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star followed by the number one key. For those participating in the Q&A, you will have the opportunity to ask one question, and if needed, one follow-up question. Thank you. Erin Linnihan, Vice President of Investor Relations, you may begin your conference.

Thank you, Trevor. Good morning, and welcome to ITW's second quarter 2026 conference call. I'm joined by our President and CEO, Chris O'Herlihy, and Senior Vice President and CFO, Michael Larsen. During today's call, we will discuss ITW's second quarter 2026 financial results and provide an update on our outlook for full year 2026. Slide two is a reminder that this presentation contains forward-looking statements. Please refer to the company's 2025 Form 10-K and subsequent reports filed with the SEC for more detail about important risks that could cause actual results to differ materially from our expectations. This presentation uses certain non-GAAP measures, and a reconciliation of those measures to the most directly comparable GAAP measures is contained in the press release. Please turn to slide three, and it's now my pleasure to turn the call over to our president and CEO, Chris O'Herlihy. Chris?

Thank you, Erin, and good morning, everyone. As you saw in our press release this morning, The ITW team delivered strong operational and financial performance in the second quarter. Highlights include 4.5% organic growth, operating margin expansion to 26.7%, and a 10% increase in GAAP EPS to $2.84. Notably, operating income reached $1.15 billion, a 7.4% increase marking the most profitable quarter in ITW's history. Our top-line momentum this quarter was propelled by significant acceleration in our CapEx-related businesses, led by organic growth of 14% in welding, 10% in test and measurement and electronics, alongside 7% in polymers and fluids. In addition to capitalizing on favorable market conditions, we continue to make progress on our long-term organic growth agenda, most notably through customer-backed innovation, or CBI, which contributed 3% to revenue growth in the first half. compared to 2.4% for full year 2025. Delivering a 3% plus CBI contribution is the single biggest catalyst for achieving sustained high quality enterprise organic growth of 4% or higher. Our first half performance offers another proof point that disciplined execution on our enterprise strategy priorities is yielding strong results and that we're firmly on track to achieve our 2030 performance goals. Operationally, the ITW team continued to execute at a high level with enterprise initiatives contributing 120 basis points to our operating margin. We also expanded free cash flow by 41% and returned over $1.2 billion to shareholders through dividends and share repurchases. Looking ahead, we are raising both top and bottom line full year guidance with all seven segments expected to deliver both positive organic growth and expand operating margins. Full year organic growth guidance is raised by 1.5 percentage points to a new midpoint of 3.5%. Gap EPS is raised by 15 cents to a new midpoint of $11.45, reflecting 9% year over year growth. This marks our second guidance increase of the year. As we've said before, ITW's unique business model, resilient portfolio, and do what we say execution demonstrated daily by our colleagues worldwide ensure we are well positioned to deliver robust financial performance in any environment and remain invested in our long-term strategy through any business cycle. As order activity continues to strengthen across several of our end markets, our production capacity, new product pipeline, and best-in-class customer-facing metrics position us to fully capitalize on these positive demand trends that we are now seeing. With that, I'll hand the call over to Michael to walk you through the segment details and update it for your outlook. Michael.