This study examined the determinants of profitability of listed industrial goods firms in Nigeria. The major objective of the study was to determine whether leverage, liquidity, board size, firm size, cash flows and audit committee meeting significantly affect profitability of listed industrial goods firms in Nigeria. This was necessitated by the conflicting findings documented by studies that have investigated determinants of profitability of firms. Correlational research design was used. Secondary source of data were gathered for a sample of 15 firms out of 21 firms in the industrial goods sector over a period of seven years from 2009-2015. The data were analysed using multiple regression analysis. Results show that firm size and cash flows have positive and significant relationship with profitability of listed industrial goods firms in Nigeria. The results also reveal that leverage, liquidity and board size have negative and significant relationship with profitability of listed industrial goods firms in Nigeria while audit committee meeting has no significant relationship with profitability of listed industrial goods firms in Nigeria. The study concludes that leverage, liquidity, board size, firm size and cash flows can drive profitability of listed industrial goods firms in Nigeria. Therefore, it is recommended that management of the firms should restrict the level of debt financing by limiting it to the tone of their assets. Also, management of listed industrial goods firms should invest more in assets as such would increase their size and ultimately profitability. In addition, minimum amount of liquidity should be maintained by listed industrial goods firms to reduce the extra cost attached to holding unnecessary liquid assets, while high proportion of cash flows should maintained. Finally, the firms should avoid having large board sizes so as to reduce high costs of maintaining large board sizes.