Stock Analysis on Net
Stock Analysis on Net

RTX Corp. (NYSE:RTX)

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Common-Size Income Statement
Quarterly Data

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RTX Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 3, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Products sales
Services sales
Net sales
Cost of sales, products
Cost of sales, services
Cost of sales
Gross margin
Research and development
Selling, general, and administrative
Other income (expense), net
Operating profit (loss)
Non-service pension income
Debt extinguishment costs
Interest expense, net
Non-operating income (expense), net
Income (loss) from continuing operations before income taxes
Income tax (expense) benefit
Net income (loss) from continuing operations
Net loss from discontinued operations
Net income (loss)
Noncontrolling interest in subsidiaries’ earnings
Net income (loss) attributable to common shareowners

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The analysis of the common-size income statement reveals a generally stable revenue mix and a positive trajectory in operating efficiency over the observed period, despite a significant transient disruption in the third quarter of 2023. The company demonstrates a consistent ability to maintain gross margins near 20%, with a notable expansion in net profitability toward the end of the series.

Revenue Composition and Gross Margin
Revenue is primarily driven by product sales, which typically oscillate between 71% and 77% of net sales, while services contribute between 23% and 28%. A significant anomaly occurred on September 30, 2023, where product sales dropped to 63.99% and service sales spiked to 36.01%. This shift coincided with a sharp increase in the total cost of sales to 94.70%, resulting in a gross margin compression to 5.30% for that quarter. Following this event, gross margins recovered quickly, stabilizing around 19% to 21% through March 2026.
Operating Expense Trends
Research and development (R&D) expenses have remained relatively contained, generally ranging between 3% and 4.5% of net sales, with a gradual decline toward 2.84% by March 2026. Selling, general, and administrative (SG&A) expenses show a downward trend in the latter half of the period, decreasing from peaks near 9% to 6.69% in the final quarter. This reduction in overhead has contributed to a steady expansion of the operating profit margin, which rose from 6.64% in March 2021 to 11.57% by March 2026, excluding the one-time loss in September 2023.
Non-Operating Items and Bottom-Line Performance
Non-service pension income, which provided a consistent boost to earnings, has trended downward from approximately 3% of net sales in 2021 to 1.61% by March 2026. Interest expenses have remained stable, typically fluctuating between 1.6% and 2.4% of net sales. Despite the volatility observed in 2023, the net income attributable to common shareowners shows a long-term improvement, climbing from 4.94% in March 2021 to a peak of 9.33% in March 2026.