Selected Financial Data
since 2005
Income Statement
Raytheon Co., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income | Net income attributable to Raytheon Company |
|---|---|---|---|
| Dec 31, 2019 | 29,176) | 4,774) | 3,343) |
| Dec 31, 2018 | 27,058) | 4,538) | 2,909) |
| Dec 31, 2017 | 25,348) | 3,318) | 2,024) |
| Dec 31, 2016 | 24,069) | 3,240) | 2,211) |
| Dec 31, 2015 | 23,247) | 3,013) | 2,074) |
| Dec 31, 2014 | 22,826) | 3,179) | 2,244) |
| Dec 31, 2013 | 23,706) | 2,938) | 1,996) |
| Dec 31, 2012 | 24,414) | 2,989) | 1,888) |
| Dec 31, 2011 | 24,857) | 2,857) | 1,866) |
| Dec 31, 2010 | 25,183) | 2,607) | 1,840) |
| Dec 31, 2009 | 24,881) | 3,042) | 1,935) |
| Dec 31, 2008 | 23,174) | 2,596) | 1,672) |
| Dec 31, 2007 | 21,301) | 2,328) | 2,578) |
| Dec 31, 2006 | 20,291) | 1,840) | 1,283) |
| Dec 31, 2005 | 21,894) | 1,687) | 871) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2019 is characterized by long-term growth in both top-line revenue and bottom-line profitability, despite periods of volatility and stagnation in the middle of the timeframe. A significant acceleration in earnings and operational efficiency is observed in the final three years of the period.
- Revenue Trends
- Net sales exhibited a non-linear growth pattern. An initial decline occurred between 2005 and 2006, followed by a recovery that peaked in 2010 at 25,183 million US$. A subsequent period of gradual contraction and stagnation was observed from 2011 through 2014, with sales reaching a low of 22,826 million US$. However, a sustained growth phase began in 2015, culminating in a peak of 29,176 million US$ by 2019, representing a total increase of approximately 33% from the 2005 baseline.
- Operational Efficiency
- Operating income demonstrated stronger growth and more resilience than net sales. A period of rapid expansion occurred between 2005 and 2009, with operating income rising from 1,687 million US$ to 3,042 million US$. Following a period of relative stability between 2010 and 2016, where values fluctuated between 2,607 million US$ and 3,240 million US$, a sharp increase is noted from 2017 onward. By 2019, operating income reached 4,774 million US$, indicating a significant expansion of operating margins over the 14-year period.
- Net Profitability
- Net income attributable to the company showed significant volatility in the early years, notably a sharp spike in 2007 to 2,578 million US$ that exceeded the operating income for that year, suggesting the influence of non-operating gains. From 2008 to 2016, net income remained relatively range-bound, generally fluctuating between 1,800 million US$ and 2,200 million US$. Similar to the operating trend, a strong upward trajectory is observed starting in 2017, with net income rising to 3,343 million US$ by 2019. This indicates that the growth in the latter part of the decade was effectively translated into shareholder earnings.
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?
Balance Sheet: Assets
Raytheon Co., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2019 | 13,082) | 34,566) |
| Dec 31, 2018 | 12,136) | 31,864) |
| Dec 31, 2017 | 11,326) | 30,860) |
| Dec 31, 2016 | 10,678) | 30,052) |
| Dec 31, 2015 | 9,812) | 29,281) |
| Dec 31, 2014 | 10,292) | 27,900) |
| Dec 31, 2013 | 9,816) | 25,967) |
| Dec 31, 2012 | 9,246) | 26,686) |
| Dec 31, 2011 | 9,309) | 25,854) |
| Dec 31, 2010 | 8,822) | 24,422) |
| Dec 31, 2009 | 7,868) | 23,607) |
| Dec 31, 2008 | 7,417) | 23,296) |
| Dec 31, 2007 | 7,616) | 23,281) |
| Dec 31, 2006 | 9,517) | 25,491) |
| Dec 31, 2005 | 7,567) | 24,381) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base experienced a general expansion from 2005 through 2019, characterized by an initial phase of volatility followed by a period of consistent growth in both liquid and total asset categories.
- Current Asset Evolution
- Current assets rose from 7,567 million US$ in 2005 to 13,082 million US$ by 2019. The growth trajectory was non-linear, featuring a notable peak in 2006 followed by a contraction through 2008. A sustained upward trend emerged after 2009, with the exception of a brief decline in 2015, before accelerating through the final three years of the period.
- Total Asset Expansion
- Total assets demonstrated a long-term increase, growing from 24,381 million US$ in 2005 to 34,566 million US$ in 2019. A period of relative stagnation and slight decline occurred between 2006 and 2009, after which the asset base entered a phase of steady annual growth. The most significant year-over-year increase occurred between 2018 and 2019, where total assets grew by approximately 2,702 million US$.
- Asset Composition and Liquidity Trends
- The proportion of current assets relative to total assets indicates a shift toward higher liquidity. In 2005, current assets represented approximately 31% of the total asset base. By 2019, this ratio increased to approximately 37.8%, reflecting that current assets grew at a faster overall rate than non-current assets over the fifteen-year duration.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Balance Sheet: Liabilities and Stockholders’ Equity
Raytheon Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Commercial paper and long-term debt | Total Raytheon Company stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2019 | 9,791) | 4,760) | 12,223) |
| Dec 31, 2018 | 8,288) | 5,055) | 11,472) |
| Dec 31, 2017 | 7,348) | 5,050) | 9,963) |
| Dec 31, 2016 | 6,427) | 5,335) | 10,066) |
| Dec 31, 2015 | 6,126) | 5,330) | 10,128) |
| Dec 31, 2014 | 5,930) | 5,330) | 9,525) |
| Dec 31, 2013 | 5,810) | 4,734) | 11,035) |
| Dec 31, 2012 | 5,902) | 4,731) | 8,026) |
| Dec 31, 2011 | 6,130) | 4,605) | 8,181) |
| Dec 31, 2010 | 5,960) | 3,610) | 9,754) |
| Dec 31, 2009 | 5,523) | 2,329) | 9,827) |
| Dec 31, 2008 | 5,149) | 2,309) | 9,087) |
| Dec 31, 2007 | 4,788) | 2,268) | 12,542) |
| Dec 31, 2006 | 6,715) | 3,965) | 11,101) |
| Dec 31, 2005 | 5,900) | 4,456) | 10,709) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2019 reveals a period of significant volatility in short-term obligations and debt levels, contrasted by a cyclical pattern in stockholders' equity.
- Current Liabilities Analysis
- Short-term obligations showed an initial increase in 2006, followed by a sharp decline to 4,788 million USD in 2007. For nearly a decade, these liabilities remained relatively stable, fluctuating between 5,100 million USD and 6,400 million USD. However, a pronounced upward trend began after 2015, with current liabilities climbing steadily to reach 9,791 million USD by the end of 2019.
- Long-Term Debt and Commercial Paper Trends
- Debt levels decreased aggressively between 2005 and 2007, dropping from 4,456 million USD to a low of 2,268 million USD. Subsequently, a long-term recovery in debt levels occurred, peaking at 5,335 million USD in 2016. In the final three years of the observed period, debt levels stabilized and slightly declined, ending at 4,760 million USD in 2019.
- Stockholders' Equity Evolution
- Total equity grew steadily until 2007, peaking at 12,542 million USD, before experiencing a sharp contraction in 2008 to 9,087 million USD. Following this drop, equity remained depressed and volatile through 2012. A strong recovery phase commenced in 2013, where equity jumped to 11,035 million USD, eventually trending upward to finish the period at 12,223 million USD in 2019.
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?
Cash Flow Statement
Raytheon Co., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash used in financing activities |
|---|---|---|---|
| Dec 31, 2019 | 4,482) | (1,006) | (2,803) |
| Dec 31, 2018 | 3,428) | (521) | (2,398) |
| Dec 31, 2017 | 2,747) | (817) | (2,116) |
| Dec 31, 2016 | 2,852) | 53) | (1,930) |
| Dec 31, 2015 | 2,346) | (1,744) | (1,509) |
| Dec 31, 2014 | 2,064) | (1,322) | (936) |
| Dec 31, 2013 | 2,382) | (473) | (1,797) |
| Dec 31, 2012 | 1,951) | (1,523) | (1,246) |
| Dec 31, 2011 | 2,156) | (1,051) | (694) |
| Dec 31, 2010 | 1,931) | (535) | (411) |
| Dec 31, 2009 | 2,745) | (692) | (1,650) |
| Dec 31, 2008 | 2,036) | (417) | (1,994) |
| Dec 31, 2007 | 1,249) | 2,536) | (3,510) |
| Dec 31, 2006 | 2,469) | (404) | (1,034) |
| Dec 31, 2005 | 2,546) | (436) | (1,433) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile indicates a consistent ability to generate liquidity through core operations, which has been utilized to fund capital investments and sustain significant financing outflows over the 15-year period. A general upward trajectory in operational cash generation is evident, particularly in the latter part of the period, supporting a robust liquidity position.
- Net Cash Provided by Operating Activities
- Operating cash flows exhibited volatility between 2005 and 2012, reaching a period low of 1,249 million US$ in 2007. Following 2012, a sustained growth trend is observed, culminating in a peak of 4,482 million US$ in 2019. This represents a substantial increase in the company's capacity to generate cash from its primary business activities, with a notable acceleration in growth between 2017 and 2019.
- Net Cash Used in Investing Activities
- Investing activities were characterized by consistent net outflows for the majority of the period, reflecting ongoing capital expenditures or acquisitions. A significant anomaly occurred in 2007, where a substantial inflow of 2,536 million US$ was recorded, suggesting a major divestiture or asset sale. Outside of this event and a minor positive inflow in 2016, the outflows remained relatively steady, with peak investment spending occurring in 2012 and 2015.
- Net Cash Used in Financing Activities
- Financing activities resulted in net cash outflows in every year recorded, indicating a persistent trend of debt repayment, dividend distributions, or share repurchases. The most significant outflow occurred in 2007, totaling 3,510 million US$, which coincided with the large inflow from investing activities. From 2013 onward, financing outflows showed a steady increase, rising from 1,797 million US$ to 2,803 million US$ by 2019.
The overall financial trend demonstrates that operating cash flows have expanded to comfortably cover both investing requirements and financing obligations. The correlation between the 2007 investing inflow and the corresponding financing outflow suggests a strategic reallocation of capital during that fiscal year. The growth in operating cash flow toward the end of the period provides a stronger foundation for the increasing outflows seen in financing activities.
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?
Per Share Data
Raytheon Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2019 | 11.94 | 11.93 | 3.77 |
| Dec 31, 2018 | 10.16 | 10.15 | 3.47 |
| Dec 31, 2017 | 6.96 | 6.95 | 3.19 |
| Dec 31, 2016 | 7.45 | 7.44 | 2.93 |
| Dec 31, 2015 | 6.81 | 6.80 | 2.68 |
| Dec 31, 2014 | 7.19 | 7.18 | 2.42 |
| Dec 31, 2013 | 6.17 | 6.16 | 2.20 |
| Dec 31, 2012 | 5.67 | 5.65 | 2.00 |
| Dec 31, 2011 | 5.30 | 5.28 | 1.72 |
| Dec 31, 2010 | 4.94 | 4.88 | 1.50 |
| Dec 31, 2009 | 4.96 | 4.89 | 1.24 |
| Dec 31, 2008 | 4.06 | 3.95 | 1.12 |
| Dec 31, 2007 | 5.95 | 5.79 | 1.02 |
| Dec 31, 2006 | 2.90 | 2.85 | 0.96 |
| Dec 31, 2005 | 1.95 | 1.92 | 0.88 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance from 2005 to 2019 is characterized by a sustained long-term increase in both profitability per share and shareholder distributions. While earnings experienced periods of volatility and fluctuation, dividend payments followed a consistent and uninterrupted upward trajectory throughout the entire period.
- Earnings per Share (EPS) Trends
- Basic earnings per share grew from 1.95 USD in 2005 to 11.94 USD by 2019. The growth pattern was non-linear, marked by a significant increase to 5.95 USD in 2007, followed by a contraction to 4.06 USD in 2008. After this period of volatility, earnings entered a phase of steady growth between 2009 and 2017. A notable acceleration in profitability occurred in 2018, where basic EPS jumped from 6.96 USD to 10.16 USD, further increasing to 11.94 USD in 2019.
- Dilution Impact
- There is a negligible variance between basic and diluted earnings per share across all reported years. The diluted EPS closely tracked the basic EPS, starting at 1.92 USD in 2005 and ending at 11.93 USD in 2019, indicating that the impact of potentially dilutive securities on earnings was minimal throughout the 15-year period.
- Dividend Distribution Analysis
- Dividends per share exhibited linear and consistent growth, increasing every year without exception. The distribution grew from 0.88 USD in 2005 to 3.77 USD in 2019. This consistent increase occurred regardless of the fluctuations observed in earnings, including the downturn in 2008, suggesting a corporate policy focused on stable and growing shareholder returns.
- Earnings-to-Dividend Relationship
- The growth in dividends was more stable than the growth in earnings. While EPS increased approximately 6.1 times between 2005 and 2019, dividends increased by approximately 4.3 times. The sharp rise in earnings during 2018 and 2019 outpaced the rate of dividend growth, resulting in a wider gap between earnings capacity and actual distributions toward the end 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?