Common-Size Income Statement
Quarterly Data
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RTX Corp., common-size consolidated income statement (quarterly data)
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).
- Sales Composition
- Product sales consistently represented the majority of net sales, fluctuating mostly between approximately 72% and 78% over the periods. A notable decline was observed in September 2023, dropping to nearly 64%, before partially recovering. Services sales showed an inverse pattern, generally ranging between 21% and 28%, peaking significantly at 36% in September 2023 and then reverting closer to prior levels. This suggests a temporary shift in revenue mix favoring services in late 2023.
- Cost of Sales
- The cost of sales for products varied widely, falling from a high of about -70% of net sales in mid-2020 to mostly lower levels near -60% toward the end of 2024 and early 2025. However, an exception occurred in September 2023 when product costs sharply increased to nearly -69%, aligning with the dip in product sales proportion. Cost of sales for services remained more stable but spiked notably to over -25% in September 2023, coinciding with the surge in service revenue share. Overall cost of sales fluctuated between -75% and -95% around September 2023 but mostly remained close to -80%, indicating generally consistent cost control aside from this outlier quarter.
- Gross Margin
- Gross margin displayed considerable volatility early in the observed timeline, with lows near 12% in mid-2020. Subsequent quarters showed improvement, generally stabilizing around 20%, except for a pronounced dip to just over 5% in September 2023 coinciding with cost and sales mix disruptions. This suggests operational challenges during that period but recovery afterward.
- Operating Expenses
- Research and development (R&D) expenses fluctuated slightly but remained within a narrow band of about -3.1% to -5.3% of net sales, with a notable increase in expense ratio in September 2023. Selling, general, and administrative (SG&A) expenses showed more variability, peaking near -13% in mid-2020 and spiking to over -10% in September 2023, then decreasing below -7% in late periods. The rising expense ratios around September 2023 further indicate a period of cost pressure.
- Impairment and One-Time Charges
- A significant goodwill impairment was recorded only in June 2020 at -22.64% of net sales, representing a one-time substantial negative impact on profitability. Debt extinguishment costs appeared solely in December 2021 at -3.81%, another isolated charge.
- Other Income and Expense Items
- Other income (expense), net, exhibited volatility with occasional positive spikes (notably 4.98% in September 2020 and 1.93% in March 2024) but also a significant negative value (-4.54%) in June 2024, indicating variable non-operating impacts. Interest expense remained relatively stable between approximately -1.6% and -2.9%, without clear long-term trend, showing manageable financing costs.
- Profitability
- Operating profit (loss) reflected major fluctuation early on, with a severe loss of almost -27% in June 2020 linked to the goodwill impairment, then recovery to steady positive margins around 7-10% in most subsequent quarters. A sharp negative dip occurred again in September 2023 (-10.37%), coinciding with widespread cost and margin pressures, followed by quick recovery. Income from continuing operations before taxes mirrored this pattern, reinforcing the temporary nature of disruptions.
- Net Income
- Net income from continuing operations largely followed operating profit trends with analogous spikes and dips, including a deeply negative quarter in June 2020 and September 2023. The net income attributable to common shareowners corresponded closely, indicating a consistent minority interest effect. The fluctuations highlight episodic financial stress rather than persistent downturn.
- Income Taxes and Non-Operating Items
- Income tax expense showed variable effects, occasionally presenting as tax benefits in loss quarters or higher expense during profit recovery. Non-operating income (expense), net, generally exerted a minor negative influence with few exceptions, notably a steep negative impact in December 2021.
- Summary of Observations
- The data reveals two significant disturbance periods: mid-2020, caused primarily by goodwill impairment, and late 2023, characterized by increased service sales proportion, elevated cost of sales, and higher operating expenses, resulting in reduced gross margin and net income. Outside these intervals, the company maintained relatively stable profitability with gross margins near 20% and operating profits around 7-10% of net sales. Cost management appeared effective except in disruption quarters. The income tax and non-operating items showed expected variability without clear trends. Overall, the firm demonstrated resilience with transient shocks during the review period.