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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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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RTX Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net income from continuing operations
- The company’s net income exhibited significant volatility over the periods. Starting with a loss of -$3,820 million in June 2020, there was a recovery and steady increase through 2021 peaking at $1,473 million in September 2021. However, a marked loss of -$933 million occurred in December 2023, followed by recovery and fluctuating profitability through 2024 and early 2025, with net income values generally remaining positive and around $1,500 million in 2025.
- Depreciation and amortization
- This expense remained relatively stable across all periods, ranging narrowly between approximately $728 million and $1,164 million, indicating consistent capital asset usage and amortization practices.
- Deferred income tax provision (benefit)
- There was considerable fluctuation in deferred tax amounts, with periodic benefits and provisions fluctuating from highly negative values (e.g., -$601 million in March 2022) to positive spikes (e.g., $326 million in December 2023), suggesting variable tax impacts possibly linked to changing income and tax strategies.
- Stock compensation cost
- Stock compensation expenses trended upward slightly, starting around $63 million in early 2020 and stabilizing in the range of $100 to $143 million from 2021 onward, reflecting increased or stable employee compensation via equity.
- Net periodic pension and other postretirement income
- Consistently negative values indicate ongoing pension and postretirement obligations. The magnitude of these expenses remained relatively stable, ranging from about -$130 million to approximately -$390 million, evidencing persistent pension-related costs.
- Accounts receivable, contract assets, and inventory
- These working capital components showed high variability without clear trending patterns, reflecting fluctuations in sales and collection cycles. Notably, accounts receivable and contract assets occasionally recorded significant positive and negative swings, suggesting irregular customer payment timings and contract recognition dynamics. Inventory levels also alternated between negative and positive values indicating varied holding levels.
- Accounts payable and accrued liabilities
- These liability accounts showed wide fluctuations, including a sharp increase of $3,571 million in December 2023 and significant negative swings in other quarters, indicating variable payment patterns to suppliers and accrued expenses.
- Change in assets and liabilities
- Significant volatility characterized the changes in assets and liabilities, with notable negative values such as -$2,693 million in March 2023 and positive spikes like $3,446 million in September 2022. This suggests dynamic management of working capital components, possibly in response to operational and market conditions.
- Net cash flows from operating activities
- Cash flows from operations demonstrated overall growth and strength starting from mid-2020. After a low point of $200 million in June 2020, values mostly increased, with peaks in the multiple billions during late 2022 and 2023, indicating improving operational cash generation capacity despite some interim declines.
- Capital expenditures
- Capital spending showed a generally stable but slightly increasing trend, especially notable increases in the latter periods toward $1,069 million in December 2024, reflecting continued investment in long-term assets and infrastructure.
- Investments and dispositions of businesses
- Investments in businesses were relatively infrequent with a few notable spikes, such as -$1,082 million in December 2021. Dispositions showed occasional large inflows, including $2,341 million in September 2020 and $1,283 million in June 2024, implying occasional portfolio adjustments and asset sales.
- Debt-related activities
- The company issued significant long-term debt at certain intervals, including nearly $10 billion in December 2023, but also actively repaid debt in varying amounts across quarters. The presence of a $10 billion bridge loan issued and fully repaid within a short period reflects tactical short-term financing measures. Debt extinguishment costs appeared only once in December 2021, indicating a restructuring or refinancing event.
- Dividends and share repurchase
- Dividends paid remained consistent at about $700–$840 million per quarter, indicating a stable dividend policy. Share repurchases fluctuated considerably, with intensified buybacks occurring in late 2023 amounting to $10,283 million in a single quarter, suggesting aggressive capital return strategies during that period.
- Net cash flows from investing activities
- Investing cash flows were generally negative, reflecting ongoing capital expenditures and occasional business acquisitions, with some quarters showing positive values likely due to asset sales. Notable negative spikes occurred in late 2020 and multiple periods in 2022–2023, indicating active investment outflows.
- Net cash flows from financing activities
- Financing activities mostly resulted in outflows, attributable to debt repayments, dividends, and share repurchases. Occasional inflows aligned with debt issuances or bridge loans, showing an overall active and complex financing strategy managing capital structure preferences.
- Overall cash position changes
- The net changes in cash and equivalents fluctuated widely, with substantial increases in some quarters (e.g., $3,015 million in September 2020) offset by large decreases in others (e.g., -$1,772 million in March 2022). This volatility aligns with the company’s active management of operating cash, investing, and financing activities against the backdrop of changing market conditions and strategic actions.