Name: RTX Corp. (NYSE:RTX) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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RTX Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2026	Jun 30, 2026	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	18,258)	17,944)	15,765)	17,765)	16,264)	15,551)	14,591)	16,039)	14,708)	14,562)	14,303)	14,758)	8,615)	13,411)	12,787)	13,897)	12,756)	12,258)	11,862)	13,096)	12,331)	12,179)	11,664)
Services sales	6,707)	6,764)	6,311)	6,473)	6,214)	6,030)	5,715)	5,584)	5,381)	5,159)	5,002)	5,169)	4,849)	4,904)	4,427)	4,196)	4,195)	4,056)	3,854)	3,948)	3,882)	3,701)	3,587)
Net sales	24,965)	24,708)	22,076)	24,238)	22,478)	21,581)	20,306)	21,623)	20,089)	19,721)	19,305)	19,927)	13,464)	18,315)	17,214)	18,093)	16,951)	16,314)	15,716)	17,044)	16,213)	15,880)	15,251)
Cost of sales, products	(14,484)	(14,802)	(13,000)	(14,915)	(13,593)	(12,989)	(12,283)	(13,591)	(12,336)	(12,625)	(12,216)	(12,347)	(9,289)	(11,089)	(10,700)	(11,574)	(10,493)	(10,040)	(9,820)	(10,828)	(10,296)	(9,997)	(9,974)
Cost of sales, services	(4,676)	(4,773)	(4,482)	(4,606)	(4,305)	(4,216)	(3,907)	(3,797)	(3,719)	(3,516)	(3,528)	(3,571)	(3,461)	(3,429)	(2,945)	(2,952)	(2,971)	(2,816)	(2,740)	(2,788)	(2,793)	(2,658)	(2,563)
Cost of sales	(19,160)	(19,575)	(17,482)	(19,521)	(17,898)	(17,205)	(16,190)	(17,388)	(16,055)	(16,141)	(15,744)	(15,918)	(12,750)	(14,518)	(13,645)	(14,526)	(13,464)	(12,856)	(12,560)	(13,616)	(13,089)	(12,655)	(12,537)
Gross margin	5,805)	5,133)	4,594)	4,717)	4,580)	4,376)	4,116)	4,235)	4,034)	3,580)	3,561)	4,009)	714)	3,797)	3,569)	3,567)	3,487)	3,458)	3,156)	3,428)	3,124)	3,225)	2,714)
Research and development	(711)	(726)	(627)	(789)	(684)	(697)	(637)	(808)	(751)	(706)	(669)	(757)	(712)	(729)	(607)	(716)	(662)	(698)	(635)	(810)	(676)	(657)	(589)
Selling, general, and administrative	(1,918)	(1,658)	(1,476)	(1,638)	(1,436)	(1,573)	(1,448)	(1,574)	(1,389)	(1,449)	(1,394)	(1,375)	(1,401)	(1,635)	(1,398)	(1,379)	(1,391)	(1,424)	(1,469)	(1,407)	(1,229)	(1,368)	(1,220)
Other income (expense), net	161)	62)	64)	306)	63)	40)	4)	258)	134)	(896)	372)	(30)	3)	25)	88)	29)	46)	17)	28)	109)	124)	82)	108)
Operating profit (loss)	3,337)	2,811)	2,555)	2,596)	2,523)	2,146)	2,035)	2,111)	2,028)	529)	1,870)	1,847)	(1,396)	1,458)	1,652)	1,501)	1,480)	1,353)	1,080)	1,320)	1,343)	1,282)	1,013)
Non-service pension income	345)	348)	355)	101)	364)	351)	366)	384)	374)	374)	386)	446)	443)	447)	444)	467)	468)	474)	480)	472)	491)	490)	491)
Debt extinguishment costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(649)	—)	—)	—)
Interest expense, net	(381)	(417)	(390)	(400)	(449)	(457)	(443)	(486)	(496)	(475)	(405)	(488)	(369)	(333)	(315)	(318)	(311)	(329)	(318)	(276)	(358)	(342)	(346)
Non-operating income (expense), net	(36)	(69)	(35)	(299)	(85)	(106)	(77)	(102)	(122)	(101)	(19)	(42)	74)	114)	129)	149)	157)	145)	162)	(453)	133)	148)	145)
Income (loss) from continuing operations before income taxes	3,301)	2,742)	2,520)	2,297)	2,438)	2,040)	1,958)	2,009)	1,906)	428)	1,851)	1,805)	(1,322)	1,572)	1,781)	1,650)	1,637)	1,498)	1,242)	867)	1,476)	1,430)	1,158)
Income tax (expense) benefit	(593)	(493)	(363)	(584)	(432)	(315)	(333)	(449)	(371)	(253)	(108)	(332)	389)	(213)	(300)	(182)	(242)	(160)	(116)	(96)	(3)	(342)	(345)
Net income (loss) from continuing operations	2,708)	2,249)	2,157)	1,713)	2,006)	1,725)	1,625)	1,560)	1,535)	175)	1,743)	1,473)	(933)	1,359)	1,481)	1,468)	1,395)	1,338)	1,126)	771)	1,473)	1,088)	813)
Net loss from discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(19)	1)	(7)	(8)	(19)
Net income (loss)	2,708)	2,249)	2,157)	1,713)	2,006)	1,725)	1,625)	1,560)	1,535)	175)	1,743)	1,473)	(933)	1,359)	1,481)	1,468)	1,395)	1,338)	1,107)	772)	1,466)	1,080)	794)
Noncontrolling interest in subsidiaries’ earnings	(125)	(110)	(98)	(91)	(88)	(68)	(90)	(78)	(63)	(64)	(34)	(47)	(51)	(32)	(55)	(46)	(8)	(34)	(23)	(86)	(73)	(48)	(41)
Net income (loss) attributable to common shareowners	2,583)	2,139)	2,059)	1,622)	1,918)	1,657)	1,535)	1,482)	1,472)	111)	1,709)	1,426)	(984)	1,327)	1,426)	1,422)	1,387)	1,304)	1,084)	686)	1,393)	1,032)	753)

Net sales demonstrate a sustained long-term upward trajectory, increasing from $15.25 billion in March 2021 to $24.97 billion by September 2026. This growth is driven by both product and service segments, though product sales remain the primary revenue contributor. Service sales, in particular, show a consistent growth pattern, rising from $3.59 billion to $6.71 billion over the analyzed period, indicating a strategic expansion in recurring revenue streams.

Revenue Performance and Volatility: While the general trend is positive, a significant anomaly is observed in September 2023, where net sales dropped sharply to $13.46 billion. This contraction coincided with a severe compression of the gross margin, which fell to $714 million for that quarter, resulting in an operating loss of $1.396 billion. Following this event, revenue and profitability recovered rapidly, continuing the overall growth trend.
Gross Margin and Cost Management: Gross margin exhibits strong expansion, growing from $2.71 billion in March 2021 to $5.81 billion in September 2026. Despite the increase in the absolute cost of sales, the rate of gross margin growth suggests improved pricing power or manufacturing efficiencies. The cost of sales for products has scaled with revenue, while the cost of services has risen from $2.56 billion to $4.68 billion, reflecting the increased volume of service activities.
Operating Expense Trends: Research and development (R&D) expenditures have remained relatively stable, generally fluctuating between $600 million and $800 million per quarter, suggesting a consistent investment in innovation. Selling, general, and administrative (SG&A) expenses have seen a gradual increase, rising from $1.22 billion in early 2021 to $1.92 billion by late 2026, which is consistent with the overall scaling of the business operations.
Operational Profitability: Operating profit has expanded significantly, rising from $1.01 billion in March 2021 to $3.34 billion in September 2026. This indicates strong operating leverage, as operating profit growth has outpaced the growth rate of net sales. The recovery from the September 2023 loss was swift, with operating profit returning to and exceeding previous levels by the end of 2023.
Net Income and Non-Operating Factors: Net income attributable to common shareowners grew from $753 million in March 2021 to $2.58 billion in September 2026. This bottom-line growth was supported by the strong operational performance, although it was partially offset by a downward trend in non-service pension income, which decreased from $491 million to $345 million. Interest expenses also trended upward, moving from the $300 million range to approximately $400 million per quarter, indicating higher debt servicing costs over time.

The overall financial profile indicates a company in a strong growth phase with improving margins and operational efficiency. The capacity to recover from the significant earnings volatility observed in late 2023 underscores a resilient underlying business model. The shift toward higher service revenues and the expansion of the gross margin are key contributors to the substantial increase in net income over the five-year period.

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RTX Corp. (NYSE:RTX)

Income StatementQuarterly Data

Income Statement
Quarterly Data