Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

RTX Corp., consolidated cash flow statement (quarterly data)

US$ in millions

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
Net income (loss) from continuing operations	1,713)	2,006)	1,725)	1,625)	1,560)	1,535)	175)	1,743)	1,473)	(933)	1,359)	1,481)	1,468)	1,395)	1,338)	1,126)	771)	1,473)	1,088)	813)
Depreciation and amortization	1,159)	1,091)	1,076)	1,052)	1,139)	1,094)	1,072)	1,059)	1,059)	1,074)	1,044)	1,034)	1,048)	1,047)	999)	1,014)	1,144)	1,158)	1,132)	1,123)
Deferred income tax provision (benefit)	191)	477)	54)	67)	72)	(304)	299)	(114)	326)	(28)	(371)	(329)	18)	(534)	(546)	(601)	54)	(317)	22)	153)
Stock compensation cost	182)	113)	113)	111)	109)	105)	111)	112)	106)	107)	112)	100)	102)	106)	109)	103)	99)	116)	143)	84)
Net periodic pension income	(55)	(320)	(312)	(324)	(334)	(326)	(328)	(338)	(391)	(386)	(390)	(388)	(351)	(348)	(354)	(360)	(341)	(358)	(357)	(358)
Share-based 401(k) matching contributions	138)	128)	140)	167)	138)	69)	64)	82)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on sale of Cybersecurity, Intelligence and Services (CIS) business, net of transaction costs	—)	—)	—)	—)	—)	—)	—)	(415)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Debt extinguishment costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	649)	—)	—)	—)
Accounts receivable	(1,747)	(351)	(765)	(372)	(1,111)	349)	156)	431)	(892)	(214)	263)	(962)	116)	1,111)	(1,346)	556)	(173)	(690)	1,092)	(799)
Contract assets	(519)	(934)	(484)	(706)	39)	(996)	(479)	(978)	410)	267)	(232)	(1,198)	765)	(474)	(306)	(219)	(477)	(560)	(246)	(311)
Inventory	483)	182)	(384)	(813)	231)	(344)	(715)	(646)	326)	(108)	(602)	(720)	(141)	(401)	(446)	(587)	220)	76)	(20)	(113)
Other current assets	(76)	(879)	25)	(125)	(160)	(459)	442)	(225)	(283)	(244)	(108)	(526)	(443)	(231)	(72)	(281)	(291)	(17)	(65)	(193)
Accounts payable and accrued liabilities	1,322)	2,237)	(538)	397)	(819)	1,082)	1,463)	(218)	594)	3,571)	(639)	490)	777)	(811)	2,425)	(316)	492)	1,158)	(1,271)	538)
Contract liabilities	1,444)	986)	(30)	373)	676)	684)	566)	(54)	1,893)	174)	32)	223)	1,130)	25)	(259)	(50)	1,289)	128)	11)	(56)
Change in assets and liabilities	907)	1,241)	(2,176)	(1,246)	(1,144)	316)	1,433)	(1,690)	2,048)	3,446)	(1,286)	(2,693)	2,204)	(781)	(4)	(897)	1,060)	95)	(499)	(934)
Other operating activities, net	(70)	(97)	(162)	(147)	21)	34)	(93)	(97)	90)	36)	251)	(68)	139)	(107)	(256)	91)	(275)	(235)	(203)	(158)
Adjustments to reconcile net income (loss) from continuing operations to net cash flows provided by (used in) operating activities	2,452)	2,633)	(1,267)	(320)	1)	988)	2,558)	(1,401)	3,238)	4,249)	(640)	(2,344)	3,160)	(617)	(52)	(650)	2,390)	459)	238)	(90)
Net cash flows provided by (used in) operating activities	4,165)	4,639)	458)	1,305)	1,561)	2,523)	2,733)	342)	4,711)	3,316)	719)	(863)	4,628)	778)	1,286)	476)	3,161)	1,932)	1,326)	723)
Capital expenditures	(970)	(614)	(530)	(513)	(1,069)	(552)	(537)	(467)	(805)	(564)	(526)	(520)	(855)	(515)	(479)	(439)	(954)	(433)	(360)	(387)
Investments in businesses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(66)	—)	—)	(1,082)	—)	—)	(6)
Dispositions of businesses, net of cash transferred	743)	1,188)	—)	—)	512)	—)	—)	1,283)	—)	6)	—)	—)	—)	6)	53)	35)	805)	—)	25)	1,049)
Customer financing assets (payments) receipts, net	(72)	—)	—)	—)	(16)	—)	—)	—)	54)	(1)	14)	28)	4)	32)	12)	(19)	134)	126)	(21)	(81)
Increase in other intangible assets	(145)	(121)	(122)	(104)	(164)	(129)	(155)	(163)	(215)	(222)	(160)	(154)	(318)	(78)	(41)	(50)	(50)	(78)	(28)	(32)
(Payments) receipts from settlements of derivative contracts, net	(69)	42)	192)	(47)	(145)	32)	(28)	(1)	32)	(63)	58)	(13)	54)	(108)	(118)	(33)	(58)	(8)	1)	49)
Other investing activities, net	(36)	(24)	(49)	(14)	103)	(66)	(13)	41)	(44)	(15)	(9)	80)	177)	(26)	(45)	(12)	(20)	15)	40)	(10)
Net cash flows (used in) provided by investing activities	(549)	471)	(509)	(678)	(779)	(715)	(733)	693)	(978)	(859)	(623)	(579)	(938)	(755)	(618)	(518)	(1,225)	(378)	(343)	582)
Proceeds from long-term debt	—)	—)	—)	—)	—)	—)	—)	—)	9,940)	—)	3)	2,971)	1)	—)	—)	—)	2,081)	1,981)	—)	—)
Repayment of long-term debt	(1,140)	(1,500)	(780)	(9)	(800)	—)	(750)	(950)	(403)	(172)	(3)	—)	(1)	—)	(2)	—)	(1,707)	(2,240)	(21)	(286)
Proceeds from bridge loan	—)	—)	—)	—)	—)	—)	—)	—)	10,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayment of bridge loan	—)	—)	—)	—)	—)	—)	—)	—)	(10,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Change in commercial paper, net	—)	(1,432)	1,432)	—)	—)	—)	—)	—)	(997)	3)	897)	(427)	(1,549)	2,067)	—)	—)	(160)	—)	—)	—)
Debt extinguishment costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(649)	—)	—)	—)
Change in other short-term borrowings, net	(6)	(12)	(10)	28)	(35)	(12)	65)	(22)	19)	92)	(46)	22)	(15)	3)	(23)	6)	88)	10)	(38)	(13)
Dividends paid	(914)	(910)	(910)	(840)	(802)	(823)	(823)	(769)	(767)	(838)	(844)	(790)	(791)	(794)	(798)	(745)	(745)	(751)	(756)	(705)
Repurchase of common stock	—)	—)	—)	(50)	(50)	(294)	(44)	(56)	(10,283)	(1,429)	(596)	(562)	(408)	(616)	(1,036)	(743)	(327)	(993)	(632)	(375)
Net transfers to discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(44)	(3)	(19)	(5)
Other financing activities, net	(94)	(69)	(85)	(185)	(181)	(29)	(32)	(210)	(127)	(33)	(39)	(118)	(86)	(43)	(23)	(263)	(111)	(67)	(109)	(160)
Net cash flows provided by (used in) financing activities	(2,154)	(3,923)	(353)	(1,056)	(1,868)	(1,158)	(1,584)	(2,007)	(2,618)	(2,377)	(628)	1,096)	(2,849)	617)	(1,882)	(1,745)	(1,574)	(2,063)	(1,575)	(1,544)
Net cash used in operating activities	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(44)	(3)	(19)	(5)
Net cash provided by (used in) financing activities	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	44)	3)	19)	5)
Net cash used in discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Effect of foreign exchange rate changes on cash and cash equivalents	4)	(10)	38)	16)	(39)	23)	(4)	(8)	14)	(15)	18)	1)	15)	(37)	(35)	15)	(11)	(69)	56)	23)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,466)	1,177)	(366)	(413)	(1,125)	673)	412)	(980)	1,129)	65)	(514)	(345)	856)	603)	(1,249)	(1,772)	351)	(578)	(536)	(216)

The financial information reveals fluctuating cash flows over the analyzed period, spanning from March 2021 to December 2025. Operating activities generally provided positive cash flow, though with significant variability. Investing and financing activities demonstrated more pronounced fluctuations, often resulting in net cash outflows.

Net Income and Operating Cash Flow: Net income from continuing operations exhibited volatility, peaking in September 2021 and again in December 2023, with a substantial loss reported in September 2023. Despite this volatility, net cash flows from operating activities remained positive throughout the period, generally tracking with net income trends but smoothed by non-cash adjustments. Significant adjustments to net income included depreciation and amortization, which consistently contributed positive cash flow, and deferred income tax provisions, which fluctuated between positive and negative impacts. Stock compensation also consistently added to cash flow from operations.
Investing Activities: Investing activities consistently resulted in net cash outflows, primarily driven by capital expenditures. There were notable cash inflows from the disposition of businesses in certain periods, particularly in March 2021 and December 2024, which partially offset the capital expenditure outflows. Increases in other intangible assets also contributed to cash outflows. Customer financing activities showed minor fluctuations, while changes in other investing activities were relatively small.
Financing Activities: Financing activities demonstrated substantial variability. Significant cash outflows were observed from dividends paid and the repurchase of common stock throughout the period. Debt activity, including proceeds and repayments, fluctuated considerably, with a large bridge loan and subsequent repayment occurring in 2023. Changes in commercial paper also contributed to cash flow variations. Net transfers to discontinued operations and other financing activities represented smaller, but consistent, cash outflows.
Working Capital: Changes in accounts receivable, contract assets, and inventory significantly impacted cash flow from operating activities. Accounts receivable showed large swings, with substantial increases in some quarters and decreases in others. Contract assets also exhibited considerable fluctuation, while inventory changes were less pronounced. Accounts payable and accrued liabilities, and contract liabilities also showed significant changes, contributing to the overall volatility in operating cash flow. Other current assets demonstrated a generally negative impact on cash flow.
Recent Trends (2024-2025): In the most recent periods (2024-2025), net income showed a generally increasing trend, with a peak in June 2025. Operating cash flow remained positive and generally followed the net income trend. Capital expenditures remained consistently negative. Financing activities continued to be characterized by significant outflows related to dividends and stock repurchases, alongside fluctuating debt activity. The effect of foreign exchange rate changes on cash was relatively small but present throughout the period.

Overall, the company’s cash flow profile is characterized by substantial variability, driven by fluctuations in net income, working capital, and financing decisions. While operating activities generally provide positive cash flow, the company relies on financing activities to fund significant investments and shareholder returns.

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RTX Corp. (NYSE:RTX)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data