Stock Analysis on Net
Stock Analysis on Net

Raytheon Technologies Corp. (NYSE:RTX)

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

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3 months ended: Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Product sales 8,650  11,469  10,768  12,432  13,445  13,651  14,033  12,875  12,402  11,254  11,520  10,258  10,685  10,378  10,661  9,637  10,488  10,194  10,634  9,419 
Service sales 919  3,278  3,293  5,778  6,106  5,845  5,601  5,490  5,642  5,256  5,185  4,984  4,995  4,684  4,619  4,178  4,171  4,160  4,240  3,938 
Net sales 9,569  14,747  14,061  18,210  19,551  19,496  19,634  18,365  18,044  16,510  16,705  15,242  15,680  15,062  15,280  13,815  14,659  14,354  14,874  13,357 
Cost of products sold (8,414) (10,322) (9,620) (9,781) (10,834) (10,461) (10,863) (10,286) (10,242) (9,342) (9,154) (8,016) (8,107) (7,750) (7,907) (7,263) (7,783) (7,522) (7,933) (7,087)
Cost of services sold (1,016) (2,682) (2,594) (3,627) (3,900) (3,750) (3,550) (3,421) (3,505) (3,194) (3,268) (3,264) (3,626) (3,293) (3,193) (2,814) (2,940) (2,820) (2,808) (2,567)
Cost of products and services sold (9,430) (13,004) (12,214) (13,408) (14,734) (14,211) (14,413) (13,707) (13,747) (12,536) (12,422) (11,280) (11,733) (11,043) (11,100) (10,077) (10,723) (10,342) (10,741) (9,654)
Gross margin 139  1,743  1,847  4,802  4,817  5,285  5,221  4,658  4,297  3,974  4,283  3,962  3,947  4,019  4,180  3,738  3,936  4,012  4,133  3,703 
Research and development (574) (642) (695) (671) (812) (732) (743) (728) (733) (586) (589) (554) (619) (582) (609) (577) (626) (582) (588) (541)
Selling, general and administrative (80) (1,401) (1,811) (2,248) (2,314) (2,104) (2,106) (1,997) (1,915) (1,681) (1,759) (1,711) (1,639) (1,524) (1,538) (1,482) (1,856) (1,390) (1,451) (1,363)
Goodwill impairment —  —  (3,183) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Other income (expense), net 145  734  82  (76) 160  37  212  112  262  131  941  231  263  250  257  588  185  211  243  146 
Operating profit (loss) (370) 434  (3,760) 1,807  1,851  2,486  2,584  2,045  1,911  1,838  2,876  1,928  1,952  2,163  2,290  2,267  1,639  2,251  2,337  1,945 
Non-service pension income 224  253  237  188  161  303  216  208  194  188  192  191  —  —  —  —  —  —  —  — 
Debt extinguishment costs 660  —  —  (660) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Interest expense, net (301) (350) (335) (380) (419) (401) (360) (431) (317) (258) (234) (229) (247) (223) (226) (213) (366) (225) (225) (223)
Non-operating income (expense), net 583  (97) (98) (852) (258) (98) (144) (223) (123) (70) (42) (38) (247) (223) (226) (213) (366) (225) (225) (223)
Income (loss) from continuing operations before income taxes 213  337  (3,858) 955  1,593  2,388  2,440  1,822  1,788  1,768  2,834  1,890  1,705  1,940  2,064  2,054  1,273  2,026  2,112  1,722 
Income tax (expense) benefit 480  (152) 38  (941) (326) (1,131) (441) (397) (990) (419) (695) (522) (1,219) (506) (532) (586) (149) (492) (587) (469)
Net income (loss) from continuing operations 693  185  (3,820) 14  1,267  1,257  1,999  1,425  798  1,349  2,139  1,368  486  1,434  1,532  1,468  1,124  1,534  1,525  1,253 
Income (loss) from discontinued operations, net of tax (489) 113  —  —  —  —  —  —  —  —  —  —  —  —  —  (11) 37  (47) 11 
Net income (loss) from operations 204  298  (3,811) 14  1,267  1,257  1,999  1,425  798  1,349  2,139  1,368  486  1,434  1,532  1,468  1,113  1,571  1,478  1,264 
Noncontrolling interest in subsidiaries’ earnings (69) (34) (24) (97) (124) (109) (99) (79) (112) (111) (91) (71) (89) (104) (93) (82) (100) (91) (99) (81)
Net income (loss) attributable to common shareowners 135  264  (3,835) (83) 1,143  1,148  1,900  1,346  686  1,238  2,048  1,297  397  1,330  1,439  1,386  1,013  1,480  1,379  1,183 

Based on: 10-K (filing date: 2021-02-08), 10-Q (filing date: 2020-10-27), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-26), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-27), 10-K (filing date: 2018-02-09), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-04-28), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-29).

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 Q2 2020 to Q3 2020 but then decreased significantly from Q3 2020 to Q4 2020.
Operating profit (loss) The net result for the period of deducting operating expenses from operating revenues. Raytheon Technologies Corp.’s operating profit (loss) increased from Q2 2020 to Q3 2020 but then slightly decreased from Q3 2020 to Q4 2020.
Income (loss) 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 (loss) from continuing operations before income taxes increased from Q2 2020 to Q3 2020 but then slightly decreased from Q3 2020 to Q4 2020.
Net income (loss) 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 (loss) attributable to common shareowners increased from Q2 2020 to Q3 2020 but then slightly decreased from Q3 2020 to Q4 2020.