Stock Analysis on Net
Stock Analysis on Net

RTX Corp. (NYSE:RTX)

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Common-Size Income Statement
Quarterly Data

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RTX Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Products sales
Services sales
Net sales
Cost of sales, products
Cost of sales, services
Cost of sales
Gross margin
Research and development
Selling, general, and administrative
Other income (expense), net
Operating profit (loss)
Non-service pension income
Debt extinguishment costs
Interest expense, net
Non-operating income (expense), net
Income (loss) from continuing operations before income taxes
Income tax (expense) benefit
Net income (loss) from continuing operations
Net loss from discontinued operations
Net income (loss)
Noncontrolling interest in subsidiaries’ earnings
Net income (loss) attributable to common shareowners

Based on: 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).

The common-size income statement reveals significant fluctuations in RTX Corp.’s financial performance between March 2021 and December 2025. A notable shift in the revenue mix occurred, with a gradual decrease in the proportion of revenue derived from product sales and a corresponding increase in service sales. Profitability metrics exhibited volatility, particularly in later periods, influenced by changes in cost structures and other income/expense items.

Revenue Composition
Product sales consistently represented the majority of net sales, starting at 76.48% in March 2021. However, this percentage steadily declined, reaching a low of 71.86% in March 2025. Conversely, service sales increased from 23.52% to 26.71% over the same period, indicating a strategic or market-driven shift towards service-based revenue. A significant jump in service sales to 36.01% occurred in September 2023, before receding somewhat.
Cost of Sales
The cost of sales, as a percentage of net sales, remained relatively high throughout the observed period, fluctuating between approximately 78.80% and 82.20%. Notably, the cost of sales for both products and services increased substantially in September 2023, contributing to a peak in total cost of sales at 94.70% of net sales. This suggests a potential issue with cost management or a temporary surge in input costs during that quarter. The cost of sales for services consistently represented a substantial portion of the total cost of sales, generally between 16% and 26% of net sales.
Gross Margin
Gross margin demonstrated variability, ranging from a low of 5.30% in September 2023 to a high of 21.20% in June 2022. The decline in gross margin in September 2023 directly correlates with the increased cost of sales observed during that period. Overall, gross margin remained relatively stable between 17% and 20% for most of the analyzed timeframe, except for the significant dip in late 2023.
Operating Profit
Operating profit as a percentage of net sales exhibited considerable fluctuation. It peaked at 11.22% in September 2025, but experienced a substantial decline to -10.37% in September 2023, mirroring the impact of higher costs on gross margin. Prior to 2024, operating profit generally ranged between 6% and 9%. The recovery in operating profit in 2024 and 2025 suggests successful cost control measures or increased revenue generation.
Other Income and Expenses
The impact of other income (expense), net, varied significantly. A substantial negative impact was observed in December 2021 (-2.66% of net sales) and June 2024 (-4.54% of net sales), likely due to specific non-operating events. Conversely, positive contributions were seen in other periods, including a notable increase in March 2024 (1.93% of net sales). Debt extinguishment costs impacted results in December 2021, reducing operating profit by 3.81% of net sales.
Net Income
Net income followed a similar pattern to operating profit, with a significant loss in September 2023 (-7.31% of net sales) and a recovery in subsequent periods. Net income attributable to common shareowners mirrored this trend. The impact of noncontrolling interest in subsidiaries’ earnings remained relatively consistent, generally between -0.21% and -0.50% of net sales.

In conclusion, RTX Corp. experienced a dynamic period characterized by shifting revenue streams, cost pressures, and fluctuating profitability. The significant events in September 2023 warrant further investigation to understand the underlying causes and their impact on the company’s financial performance. The recent trend towards increased operating and net income suggests a potential turnaround, but continued monitoring is necessary to assess the sustainability of these improvements.