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.

RTX Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	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	6,473)	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	24,238)	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	(14,915)	(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	(4,606)	(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	(19,521)	(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	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	(789)	(684)	(697)	(637)	(808)	(751)	(706)	(669)	(757)	(712)	(729)	(607)	(716)	(662)	(698)	(635)	(810)	(676)	(657)	(589)
Selling, general, and administrative	(1,638)	(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	306)	63)	40)	4)	258)	134)	(896)	372)	(30)	3)	25)	88)	29)	46)	17)	28)	109)	124)	82)	108)
Operating profit (loss)	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	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	(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	(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	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	(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	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)	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	(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	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 exhibited a generally increasing trend over the analyzed period, with fluctuations. Initial growth from Mar 31, 2021 to Dec 31, 2021 was followed by a significant decrease in the first quarter of 2022. Sales then recovered and continued to rise through Dec 31, 2024, before experiencing a slight dip in the first half of 2025. The final quarter of 2025 shows a rebound, reaching the highest net sales figure of the period.

Cost of sales mirrored the trend in net sales, increasing overall but with similar dips and recoveries. This resulted in fluctuating gross margins. While generally stable between US$2.7 billion and US$3.6 billion, a substantial decrease in gross margin was observed in the first quarter of 2023, coinciding with the lowest net sales of the period. Gross margin recovered strongly in subsequent quarters, peaking in the final quarter of 2025.

Profitability Analysis: Operating profit demonstrated a similar pattern to gross margin, with a significant decline in the first quarter of 2023. However, operating profit generally trended upwards, reaching a peak in the fourth quarter of 2024. The impact of discontinued operations and noncontrolling interests resulted in fluctuations in net income attributable to common shareowners. Net income experienced a substantial drop in the first quarter of 2023, aligning with the decrease in sales and operating profit. The final quarter of 2025 shows a strong recovery in net income.

Research and development expenses remained relatively consistent throughout the period, with a gradual increase towards the end of the analyzed timeframe. Selling, general, and administrative expenses also showed a general upward trend, with some quarterly variations. Other income (expense), net, was volatile, with significant negative impacts in certain quarters, notably in the fourth quarter of 2021 and the second quarter of 2024, and a positive impact in the fourth quarter of 2025.

Expense Management: Interest expense remained relatively stable, with a slight increase over time. Debt extinguishment costs were only present in the fourth quarter of 2021. Non-operating income (expense), net, exhibited considerable volatility, contributing to fluctuations in income from continuing operations before income taxes.

Income tax expense varied significantly, shifting between expense and benefit depending on profitability. The impact of noncontrolling interests in subsidiaries’ earnings consistently reduced net income attributable to common shareowners. Overall, the period demonstrates a cyclical pattern of growth, decline, and recovery, with the final quarters showing a positive trend in key financial metrics.

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RTX Corp. (NYSE:RTX)

Income Statement Quarterly Data

Income Statement
Quarterly Data