Stock Analysis on Net
Stock Analysis on Net
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Raytheon Technologies Corp. (NYSE:RTX)

Income Statement

Beginner level

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Raytheon Technologies Corp., consolidated income statement

US$ in millions

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Product sales 54,004  45,434  41,361  40,735  39,801 
Service sales 23,042  21,067  18,476  16,509  16,297 
Net sales 77,046  66,501  59,837  57,244  56,098 
Cost of products sold (42,444) (36,754) (31,027) (30,325) (29,771)
Cost of services sold (14,621) (13,231) (12,926) (11,135) (10,660)
Cost of products and services sold (57,065) (49,985) (43,953) (41,460) (40,431)
Gross margin 19,981  16,516  15,884  15,784  15,667 
Research and development (3,015) (2,462) (2,387) (2,337) (2,279)
Selling, general and administrative (8,521) (7,066) (6,183) (6,060) (5,886)
Other income (expense), net 521  1,565  1,358  785  (211)
Operating profit 8,966  8,553  8,672  8,172  7,291 
Non-service pension benefit 888  765  —  —  — 
Interest expense (1,773) (1,225) (1,017) (1,161) (945)
Interest income 162  187  108  122  121 
Interest expense, net (1,611) (1,038) (909) (1,039) (824)
Income from continuing operations before income taxes 8,243  8,280  7,763  7,133  6,467 
Income tax expense (2,295) (2,626) (2,843) (1,697) (2,111)
Net income from continuing operations 5,948  5,654  4,920  5,436  4,356 
Net income (loss) from discontinued operations —  —  —  (10) 3,610 
Net income 5,948  5,654  4,920  5,426  7,966 
Noncontrolling interest in subsidiaries’ earnings (411) (385) (368) (371) (358)
Net income attributable to common shareowners 5,537  5,269  4,552  5,055  7,608 

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Raytheon Technologies Corp.’s net sales increased from 2017 to 2018 and from 2018 to 2019.
Operating profit The net result for the period of deducting operating expenses from operating revenues. Raytheon Technologies Corp.’s operating profit decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Income from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Raytheon Technologies Corp.’s income from continuing operations before income taxes increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Net income attributable to common shareowners The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Raytheon Technologies Corp.’s net income attributable to common shareowners increased from 2017 to 2018 and from 2018 to 2019.