Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
RTX Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
The profitability profile demonstrates a distinct V-shaped trajectory across all metrics, characterized by a period of stability, a significant contraction between late 2023 and mid-2024, and a subsequent sustained recovery and expansion phase leading into late 2026.
- Profitability Margins
- Gross profit margin remained stable around 20% throughout 2022 and early 2023 before experiencing a decline that reached a trough of 16.38% in June 2024. A recovery followed, with the margin expanding to 21.10% by September 2026, marking the highest point in the analyzed period. Operating profit margin mirrored this volatility, dropping from a peak of 8.73% in March 2023 to a low of 3.94% in June 2024, before climbing steadily to reach 11.77% by September 2026. Net profit margin followed a nearly identical pattern, bottoming at 3.12% in June 2024 and recovering to 8.75% by the end of the period, indicating a successful restoration of bottom-line efficiency.
- Returns on Investment
- Return on Equity (ROE) and Return on Assets (ROA) both exhibited synchronized fluctuations with the margin trends. ROE declined from 7.67% in June 2023 to a low of 3.83% in June 2024, subsequently accelerating to a peak of 12.13% by September 2026. Similarly, ROA decreased from 3.43% in early 2023 to 1.40% in June 2024, eventually improving to 4.76% by September 2026. This upward trend in returns during the latter half of the period suggests improved capital efficiency and enhanced asset utilization.
The convergence of all five indicators suggests that the operational challenges faced between September 2023 and June 2024 were systemic, affecting all levels of the income statement. The subsequent recovery not only returned profitability to pre-2023 levels but resulted in an overall improvement in operational leverage and shareholder returns by the final quarter of 2026.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Gross Profit Margin
RTX Corp., gross profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 21.10% | 20.35% | 20.21% | 20.08% | 20.13% | 20.05% | 19.53% | 19.09% | 19.21% | 16.38% | 17.01% | 17.54% | 17.36% | 20.43% | 20.53% | 20.38% | 20.49% | 20.17% | 19.94% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 9.42% | 4.68% | 4.79% | 4.79% | 1.10% | -0.32% | -2.09% | -2.99% | 3.13% | 9.47% | 10.04% | 9.93% | 9.09% | 6.65% | 7.20% | 5.26% | -1.41% | 2.74% | 3.20% | ||||||
| Caterpillar Inc. | — | 30.87% | 29.79% | 30.05% | 31.65% | 32.64% | 33.92% | 34.49% | 34.33% | 34.29% | 33.59% | 33.04% | 31.71% | 30.44% | 28.74% | 26.91% | 26.14% | 25.52% | 25.71% | ||||||
| Eaton Corp. plc | 35.05% | 35.90% | 36.89% | 37.59% | 38.10% | 38.16% | 38.45% | 38.20% | 37.83% | 37.53% | 37.06% | 36.36% | 35.54% | 34.51% | 33.64% | 33.19% | 32.83% | 32.55% | 32.36% | ||||||
| GE Aerospace | 31.06% | 30.99% | 31.25% | 31.55% | 32.16% | 31.98% | 31.87% | 30.79% | 27.00% | 24.74% | 22.97% | 21.95% | 23.26% | 23.29% | 24.24% | 24.55% | 24.52% | 25.22% | 24.26% | ||||||
| Honeywell International Inc. | 37.72% | 36.51% | 36.93% | 36.93% | 37.14% | 38.21% | 38.11% | 38.09% | 37.60% | 37.56% | 37.46% | 37.28% | 38.03% | 37.79% | 37.36% | 36.99% | 35.56% | 34.22% | 32.95% | ||||||
| Lockheed Martin Corp. | 11.73% | 11.80% | 9.82% | 10.15% | 8.16% | 8.16% | 10.11% | 9.75% | 11.97% | 11.91% | 12.10% | 12.55% | 12.54% | 12.70% | 12.74% | 12.56% | 12.99% | 13.39% | 13.36% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross marginQ3 2026
+ Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (5,805 + 5,133 + 4,594 + 4,717)
÷ (24,965 + 24,708 + 22,076 + 24,238)
= 21.10%
2 Click competitor name to see calculations.
The gross profit margin exhibits a trajectory characterized by an initial period of stability, a significant mid-term contraction, and a subsequent sustained recovery leading to a multi-year peak.
- Initial Stability Period (March 2022 – June 2023)
- During this phase, the gross profit margin remained consistently stable, fluctuating within a narrow range between 19.94% and 20.53%. This period was marked by steady growth in net sales, which rose from 15,716 million to 18,315 million, while the gross margin tracked proportionally.
- Contraction and Volatility (September 2023 – June 2024)
- A sharp decline is observed starting in September 2023, where the margin dropped to 17.36%. This decline coincided with a significant reduction in net sales to 13,464 million and a substantial decrease in absolute gross margin to 714 million. The margin continued to erode over the following three quarters, reaching a period low of 16.38% in June 2024, indicating a phase of increased cost pressures or pricing headwinds relative to revenue.
- Recovery and Expansion Phase (September 2024 – September 2026)
- A consistent upward trend in profitability is evident from September 2024 onward. The gross profit margin recovered to 19.21% in the third quarter of 2024 and maintained a positive trajectory. By September 2026, the margin reached 21.10%, the highest level in the analyzed period. This expansion was supported by a robust increase in net sales, which grew from 20,089 million in September 2024 to 24,965 million by September 2026.
The overall analysis indicates that while the organization faced a severe margin compression between late 2023 and mid-2024, it successfully implemented a recovery that not only restored previous levels but improved the overall efficiency of gross profit generation relative to net sales.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Operating Profit Margin
RTX Corp., operating profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 11.77% | 11.21% | 10.87% | 10.50% | 10.25% | 9.95% | 8.20% | 8.10% | 7.94% | 3.94% | 5.32% | 5.17% | 4.79% | 8.63% | 8.73% | 8.07% | 7.93% | 7.81% | 7.75% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 10.26% | 4.89% | 4.63% | 4.79% | -10.24% | -12.27% | -14.63% | -16.10% | -9.08% | -2.31% | -0.93% | -0.99% | -1.86% | -4.62% | -3.58% | -5.33% | -11.99% | -6.98% | -6.53% | ||||||
| Caterpillar Inc. | — | 18.44% | 17.38% | 17.43% | 18.68% | 19.31% | 20.29% | 21.30% | 21.33% | 21.55% | 21.58% | 20.30% | 18.13% | 16.97% | 14.94% | 13.97% | 14.56% | 13.81% | 13.87% | ||||||
| Eaton Corp. plc | 17.31% | 17.71% | 18.16% | 18.98% | 18.95% | 18.82% | 19.08% | 18.62% | 18.23% | 17.96% | 17.28% | 16.75% | 16.28% | 15.48% | 14.85% | 14.55% | 13.90% | 16.33% | 15.97% | ||||||
| GE Aerospace | 24.79% | 24.37% | 25.05% | 26.03% | 26.24% | 25.57% | 25.46% | 23.29% | 16.88% | 13.80% | 10.44% | 8.49% | 8.08% | 6.92% | 7.40% | 6.05% | 7.05% | 8.12% | 7.31% | ||||||
| Honeywell International Inc. | 13.32% | 13.72% | 14.14% | 14.88% | 17.98% | 18.83% | 19.06% | 19.33% | 19.23% | 19.68% | 19.65% | 19.32% | 20.09% | 19.73% | 19.05% | 18.12% | 17.55% | 17.31% | 17.37% | ||||||
| Lockheed Martin Corp. | 11.78% | 11.88% | 9.88% | 10.30% | 8.31% | 8.29% | 10.24% | 9.87% | 12.08% | 11.98% | 12.20% | 12.59% | 12.57% | 12.80% | 12.78% | 12.65% | 13.15% | 13.47% | 13.50% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating profit (loss)Q3 2026
+ Operating profit (loss)Q2 2026
+ Operating profit (loss)Q1 2026
+ Operating profit (loss)Q4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (3,337 + 2,811 + 2,555 + 2,596)
÷ (24,965 + 24,708 + 22,076 + 24,238)
= 11.77%
2 Click competitor name to see calculations.
The operating profit margin demonstrates a trajectory characterized by initial stability, a period of significant volatility, and a subsequent phase of sustained expansion. Over the analyzed period, the margin evolved from 7.75% in March 2022 to a peak of 11.77% by September 2026, indicating a long-term improvement in operational efficiency and profitability relative to net sales.
- Initial Performance Stability
- From March 2022 through March 2023, a steady upward trend in the operating profit margin is observed, rising from 7.75% to 8.73%. This period is marked by consistent growth in both net sales and operating profit, suggesting a stable operational environment and effective cost management.
- Period of Operational Volatility
- A significant disruption occurs between June 2023 and June 2024. A sharp contraction is evident in September 2023, where the margin dropped to 4.79% following a substantial operating loss of 1,396 million USD. While a partial recovery followed, the margin reached its lowest point in June 2024 at 3.94%, reflecting a period of acute pressure on operating results despite net sales remaining near 20 billion USD.
- Sustained Margin Expansion
- Beginning in September 2024, a consistent and accelerating recovery is observed. The operating profit margin climbed from 7.94% in September 2024 to 11.77% by September 2026. This expansion is supported by a simultaneous increase in net sales, which grew from 20,089 million USD in June 2024 to 24,965 million USD by the end of the period, combined with a robust increase in operating profit, which reached 3,337 million USD in the final quarter.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Net Profit Margin
RTX Corp., net profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 8.75% | 8.28% | 8.03% | 7.60% | 7.67% | 7.35% | 5.63% | 5.91% | 5.97% | 3.12% | 4.90% | 4.64% | 4.76% | 7.88% | 8.08% | 7.75% | 6.76% | 6.84% | 6.47% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 8.07% | 2.59% | 2.46% | 2.50% | -12.20% | -14.18% | -16.58% | -17.77% | -10.88% | -4.68% | -2.81% | -2.86% | -3.74% | -6.08% | -5.86% | -7.41% | -13.75% | -8.69% | -8.00% | ||||||
| Caterpillar Inc. | — | 15.28% | 14.06% | 13.89% | 15.17% | 15.83% | 16.63% | 17.59% | 17.15% | 17.46% | 17.65% | 16.18% | 14.35% | 13.53% | 12.10% | 11.85% | 13.70% | 13.19% | 13.02% | ||||||
| Eaton Corp. plc | 12.18% | 12.75% | 13.99% | 14.89% | 14.74% | 15.11% | 15.55% | 15.25% | 15.31% | 15.12% | 14.38% | 13.87% | 13.24% | 12.30% | 12.00% | 11.86% | 11.36% | 11.70% | 11.21% | ||||||
| GE Aerospace | 18.43% | 18.92% | 19.21% | 20.57% | 19.99% | 20.43% | 19.41% | 18.67% | 14.28% | 9.25% | 5.96% | 14.68% | 15.08% | 13.91% | 12.35% | 0.31% | -8.10% | -6.18% | -6.70% | ||||||
| Honeywell International Inc. | 20.98% | 21.58% | 10.89% | 12.63% | 16.23% | 15.02% | 14.85% | 14.82% | 15.01% | 15.49% | 15.52% | 15.43% | 14.87% | 15.08% | 14.54% | 14.00% | 15.38% | 14.74% | 15.30% | ||||||
| Lockheed Martin Corp. | 8.23% | 8.16% | 6.38% | 6.69% | 5.73% | 5.85% | 7.66% | 7.51% | 9.36% | 9.48% | 9.73% | 10.24% | 10.29% | 10.48% | 8.60% | 8.69% | 9.07% | 7.33% | 9.45% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income (loss) attributable to common shareownersQ3 2026
+ Net income (loss) attributable to common shareownersQ2 2026
+ Net income (loss) attributable to common shareownersQ1 2026
+ Net income (loss) attributable to common shareownersQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (2,583 + 2,139 + 2,059 + 1,622)
÷ (24,965 + 24,708 + 22,076 + 24,238)
= 8.75%
2 Click competitor name to see calculations.
The net profit margin demonstrates a cyclical pattern characterized by an initial period of stability, a significant contraction between mid-2023 and mid-2024, and a subsequent sustained expansion through the end of the analyzed period.
- Revenue and Income Dynamics
- Net sales exhibited a general upward trajectory, growing from 15,716 million in March 2022 to 24,965 million by September 2026. However, net income experienced substantial volatility during this timeframe, specifically recording a loss of 984 million in September 2023. Despite this volatility, net income recovered strongly, reaching a peak of 2,583 million by the final quarter of the series.
- Profit Margin Compression
- A period of margin deterioration is evident starting in mid-2023. After reaching a peak of 8.08% in March 2023, the net profit margin entered a downward trend, reaching a low of 3.12% in June 2024. This decline indicates a period where net income growth failed to keep pace with revenue expansion, or where significant costs impacted the bottom line.
- Recovery and Margin Expansion
- Following the low point in June 2024, a consistent recovery phase occurred. The net profit margin rose steadily from 3.12% to 8.75% by September 2026. This upward trend suggests a period of enhanced operational efficiency or improved pricing strategies, as the final margin represents the highest level of profitability recorded across the entire reporting period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Return on Equity (ROE)
RTX Corp., ROE calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| Shareowners’ equity | 69,250) | 66,377) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 12.13% | 11.66% | 10.95% | 10.32% | 10.22% | 9.85% | 7.48% | 7.94% | 7.72% | 3.83% | 5.75% | 5.34% | 4.59% | 7.67% | 7.61% | 7.16% | 6.36% | 6.34% | 5.79% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 116.94% | 39.92% | 37.88% | 40.98% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 55.91% | 50.53% | 41.67% | 44.89% | 50.57% | 55.01% | 55.37% | 55.04% | 64.26% | 63.77% | 53.02% | 44.48% | 45.85% | 39.18% | 42.25% | 47.28% | 42.96% | 38.07% | ||||||
| Eaton Corp. plc | 18.57% | 18.90% | 20.23% | 21.04% | 20.84% | 21.10% | 21.27% | 20.52% | 19.71% | 18.99% | 17.63% | 16.90% | 16.29% | 15.10% | 14.72% | 14.45% | 14.26% | 14.12% | 13.35% | ||||||
| GE Aerospace | 51.95% | 50.86% | 47.79% | 46.60% | 42.86% | 40.54% | 36.34% | 33.90% | 33.11% | 25.51% | 11.77% | 34.63% | 35.27% | 30.77% | 27.72% | 0.62% | -18.56% | -12.75% | -12.20% | ||||||
| Honeywell International Inc. | 31.46% | 44.31% | 30.18% | 34.01% | 36.52% | 35.52% | 32.59% | 30.64% | 32.65% | 34.13% | 34.81% | 35.68% | 31.42% | 31.52% | 30.89% | 29.74% | 30.36% | 28.96% | 28.58% | ||||||
| Lockheed Martin Corp. | 64.72% | 71.70% | 64.00% | 74.65% | 67.95% | 78.82% | 82.34% | 84.26% | 92.71% | 109.09% | 101.89% | 101.24% | 75.11% | 76.41% | 58.97% | 61.86% | 49.05% | 41.16% | 62.10% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net income (loss) attributable to common shareownersQ3 2026
+ Net income (loss) attributable to common shareownersQ2 2026
+ Net income (loss) attributable to common shareownersQ1 2026
+ Net income (loss) attributable to common shareownersQ4 2025)
÷ Shareowners’ equity
= 100 × (2,583 + 2,139 + 2,059 + 1,622)
÷ 69,250 = 12.13%
2 Click competitor name to see calculations.
The analysis of return on equity (ROE) reveals a trajectory characterized by an initial period of stability, a phase of significant volatility, and a subsequent sustained expansion. Overall, the metric progressed from 5.79% in March 2022 to a peak of 12.13% by September 2026, indicating a substantial improvement in the efficiency of generating profits from shareholders' equity over the observed period.
- Early Stability and Initial Volatility (2022 – 2023)
- Between March 2022 and June 2023, ROE exhibited a steady upward trend, rising from 5.79% to 7.67%. This growth was supported by consistent quarterly net income figures exceeding 1.3 billion USD. However, a sharp contraction occurred in September 2023, where ROE fell to 4.59%, directly correlating with a net loss of 984 million USD for that quarter.
- Recovery and Performance Troughs (2024)
- The first half of 2024 was marked by further instability. ROE reached its lowest point of 3.83% in June 2024, coinciding with a significant drop in net income to 111 million USD. A recovery began in the second half of the year, with ROE rebounding to 7.72% in September 2024 and reaching 7.94% by December 2024, as net income returned to levels near 1.4 billion USD.
- Sustained Growth Phase (2025 – 2026)
- Starting in March 2025, a consistent and accelerating upward trend in ROE is observed. The ratio climbed from 7.48% to 12.13% by September 2026. This expansion was driven by a strong acceleration in net income, which grew from 1.535 billion USD in March 2025 to 2.583 billion USD in September 2026, far outpacing the growth rate of shareowners' equity.
- Equity Base Dynamics
- Shareowners' equity remained relatively stable around 70 billion to 72 billion USD during 2022 and early 2023. A notable reduction in the equity base occurred between December 2023 and June 2024, with values dropping to a low of 58.985 billion USD. While equity gradually recovered to 69.250 billion USD by September 2026, the simultaneous and more aggressive growth in net income resulted in the observed amplification of the ROE percentage during the final six quarters of the period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Return on Assets (ROA)
RTX Corp., ROA calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| Total assets | 176,596) | 173,972) | 170,431) | 171,079) | 168,672) | 167,139) | 164,864) | 162,861) | 164,822) | 161,169) | 160,187) | 161,869) | 162,443) | 162,161) | 161,636) | 158,864) | 158,225) | 159,017) | 159,366) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 4.76% | 4.45% | 4.26% | 3.94% | 3.91% | 3.68% | 2.79% | 2.93% | 2.86% | 1.40% | 2.17% | 1.97% | 1.96% | 3.43% | 3.43% | 3.27% | 2.82% | 2.81% | 2.63% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 4.48% | 1.47% | 1.38% | 1.33% | -6.57% | -6.89% | -7.36% | -7.56% | -5.79% | -2.41% | -1.60% | -1.62% | -2.11% | -3.32% | -3.03% | -3.60% | -6.14% | -3.90% | -3.60% | ||||||
| Caterpillar Inc. | — | 10.57% | 9.87% | 9.01% | 9.89% | 10.45% | 11.70% | 12.30% | 12.38% | 13.21% | 13.43% | 11.81% | 10.50% | 9.79% | 8.50% | 8.18% | 9.11% | 8.33% | 7.90% | ||||||
| Eaton Corp. plc | 6.78% | 6.81% | 7.24% | 9.91% | 9.66% | 9.69% | 10.04% | 9.89% | 9.60% | 9.27% | 8.83% | 8.37% | 8.03% | 7.37% | 7.23% | 7.03% | 6.67% | 6.58% | 6.30% | ||||||
| GE Aerospace | 7.16% | 7.03% | 6.72% | 6.69% | 6.29% | 6.19% | 5.64% | 5.32% | 4.93% | 3.85% | 2.14% | 5.81% | 6.45% | 5.89% | 5.33% | 0.12% | -3.23% | -2.38% | -2.48% | ||||||
| Honeywell International Inc. | 13.28% | 10.62% | 5.54% | 6.42% | 7.57% | 7.29% | 7.57% | 7.59% | 7.73% | 8.34% | 8.72% | 9.20% | 8.83% | 8.75% | 8.73% | 7.97% | 8.92% | 8.16% | 8.29% | ||||||
| Lockheed Martin Corp. | 10.10% | 10.07% | 8.09% | 8.38% | 6.97% | 7.14% | 9.71% | 9.59% | 12.02% | 12.23% | 12.33% | 13.19% | 12.29% | 12.39% | 10.41% | 10.84% | 11.28% | 9.09% | 12.06% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net income (loss) attributable to common shareownersQ3 2026
+ Net income (loss) attributable to common shareownersQ2 2026
+ Net income (loss) attributable to common shareownersQ1 2026
+ Net income (loss) attributable to common shareownersQ4 2025)
÷ Total assets
= 100 × (2,583 + 2,139 + 2,059 + 1,622)
÷ 176,596 = 4.76%
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by a transition from moderate stability to significant volatility, followed by a period of robust growth in asset efficiency and profitability.
- Net Income Trends
- Net income exhibits substantial fluctuations, most notably between the third quarter of 2023 and the second quarter of 2024. A significant contraction occurred in September 2023, with a loss of 984 million US$, followed by a weakened recovery in June 2024. However, a strong upward trajectory is observed from September 2024 through September 2026, with net income peaking at 2,583 million US$.
- Asset Base Expansion
- Total assets demonstrate a consistent and gradual increase. Starting at 159,366 million US$ in March 2022, the asset base expanded steadily to reach 176,596 million US$ by September 2026. This represents a stable growth pattern in the company's resource base, independent of the volatility seen in earnings.
- Return on Assets (ROA) Analysis
- The ROA reflects three distinct phases. The first phase, spanning from March 2022 to June 2023, shows a steady climb from 2.63% to 3.43%. The second phase is marked by a sharp decline, bottoming out at 1.40% in June 2024, directly correlating with the volatility in net income. The third phase is a period of sustained acceleration, where ROA climbs consistently from 2.86% in September 2024 to a peak of 4.76% in September 2026.
The correlation between the expanding asset base and the accelerating ROA in the final two years suggests a significant improvement in operational efficiency. The company successfully leveraged its increased assets to generate higher returns, overcoming the earnings instability observed in 2023 and early 2024.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?