Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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RTX Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 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
- The proportion of product sales as a percentage of net sales generally declined from around 78% in early 2020 to approximately 72% by late 2025, showing some fluctuations with a notable dip below 64% in the third quarter of 2023. Conversely, services sales increased their share from roughly 22% in late 2020 to around 28% towards the end of the observed period, peaking notably above 36% in the third quarter of 2023 before normalizing.
- Cost Structure
- The cost of sales for products decreased in magnitude (less negative) from approximately -70% in 2020 to near -60% of net sales by 2025, indicating improved cost efficiency or pricing power in product sales. Meanwhile, the cost of sales for services exhibited a slight upward trend in costs as a percentage of net sales, moving from around -17% to close to -19%. Overall, the total cost of sales remained substantial, declining from around -88% of net sales in late 2020 to about -79% by 2025, signaling better gross profitability over time.
- Gross Margin
- Gross margin percentages showed considerable volatility early in the timeline, with a low point near 11% in 2020 but generally improved thereafter, stabilizing around the 20% range by 2023 and maintaining this level through 2025, aside from a sharp dip in late 2023. This suggests an overall strengthening in core profitability despite episodic challenges.
- Operating Expenses
- Research and Development (R&D) expenses decreased moderately from approximately -5% to close to -3% of net sales, reflecting a possible strategic reduction or higher sales base diluting R&D intensity. Selling, General, and Administrative (SG&A) expenses fluctuated but trended downward, decreasing from around -12.9% in mid-2020 to about -6.4% by the end of 2025, evidencing improved operational cost control.
- Non-Recurring Items
- There was a significant goodwill impairment recorded only in the second quarter of 2020, adversely impacting profitability for that period. Debt extinguishment costs appeared once in late 2021. Other income and expense items demonstrated variability without a persistent trend, sometimes contributing positively and other times negatively to net results.
- Profitability Measures
- Operating profit margin showed marked fluctuations early on, with a considerable negative swing in mid-2020 but recovered strongly thereafter, generally ranging between 7.7% and 11.2% from 2021 onwards, except for a notable drop below zero in the third quarter of 2023. Income from continuing operations before taxes mirrored this trend, stability improving after volatility and maintaining levels mostly above 7%. Net income attributable to common shareholders reflected a similar pattern, moving from deep negative territory in 2020 to consistent positive margins around 7% to 9% later in the period.
- Interest and Non-Operating Items
- Interest expense as a percentage of net sales generally decreased slightly over the period, from nearly -3% to around -2%, suggesting lower interest burden or changes in debt levels. Non-operating income and expense showed a sporadic pattern without a clear directional trend, occasionally affecting overall profitability.
- Taxation and Other Income Components
- The effective income tax rate, inferred from tax expense relative to income before taxes, showed variability; negative tax effects were common, though some quarters exhibited tax benefits. Non-service pension income contributed modest positive amounts consistently, generally around 2% of net sales, providing slight earnings support.
- Summary Insights
- Overall, the financial data reveals a company that experienced significant operational and profitability challenges particularly in 2020, marked by impairment charges and negative earnings, but which has since improved its cost efficiencies, gross margins, and earnings quality. The shift towards higher services sales as a percentage of net sales hints at possible strategic diversification. Meanwhile, effective cost management, especially in SG&A expenses, bolstered operating margins. Despite some periods of pronounced volatility, especially during 2023, the trend toward stable and positive earnings and margins is evident by the end of the reported timeline.