Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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RTX Corp., consolidated cash flow statement (quarterly data)
US$ in millions
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).
Operating cash flows exhibit significant volatility over the analyzed period, though a general upward trajectory in net income is evident. While net income typically ranges between 800 million and 2.1 billion dollars, the net cash provided by operating activities frequently deviates from these earnings due to substantial swings in working capital. A notable contraction occurred in the first quarter of 2023, where operating cash flows turned negative despite positive net income, driven by a significant decrease in assets and liabilities.
- Operating Performance and Cash Conversion
- Net income demonstrates a long-term growth trend, reaching a peak of 2.16 billion dollars by March 2026. However, the conversion of these earnings into cash is inconsistent. The "change in assets and liabilities" serves as the primary driver of this volatility, with massive quarterly swings—such as the 3.45 billion dollar inflow in September 2023 followed by a 1.69 billion dollar outflow in March 2024—indicating fluctuations in contract liabilities and accounts payable.
- Capital Investment and Asset Management
- Capital expenditures remain relatively stable, generally fluctuating between 400 million and 600 million dollars per quarter, with an occasional spike, such as the 1.07 billion dollar expenditure in December 2024. This consistent investment is periodically offset by significant cash inflows from the disposition of businesses, most notably in March 2024 (1.28 billion dollars) and September 2025 (1.19 billion dollars), which periodically shift the net investing cash flow into positive territory.
- Financing Strategy and Shareholder Returns
- The financing profile is characterized by a commitment to steady dividend payments, which have increased from approximately 700 million dollars per quarter in 2021 to over 900 million dollars by 2026. A major strategic event occurred in December 2023, marked by a 10.28 billion dollar repurchase of common stock. This massive outflow was largely neutralized by the simultaneous issuance of 9.94 billion dollars in long-term debt and a 10 billion dollar bridge loan that was subsequently repaid within the same period.
- Liquidity and Cash Balance Trends
- The net increase or decrease in cash and cash equivalents is highly erratic, reflecting the timing of large-scale financing activities and business divestitures rather than purely organic operational growth. Periods of significant cash depletion, such as the 1.77 billion dollar decrease in March 2022, are balanced by strong recoveries, including a 1.47 billion dollar increase in December 2025, suggesting a strategy of leveraging debt to maintain liquidity and fund shareholder distributions.