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.
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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RTX Corp., consolidated cash flow statement (quarterly data)
US$ in millions
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).
- Net Income from Continuing Operations
- There is notable volatility in net income across periods. Initial quarters show losses and recovery phases. Starting in early 2021, net income generally trends upward with periodic declines, including a significant loss near the end of 2023. The most recent quarters indicate a return to positive net income, showing recovery and growth trend toward 2025.
- Depreciation and Amortization
- Depreciation and amortization expenses remain relatively stable throughout the periods, fluctuating mildly around 1000–1150 million USD, suggesting consistent asset utilization and amortization policies.
- Deferred Income Tax Provision (Benefit)
- The deferred tax provision exhibits significant fluctuations, swinging between large benefits and provisions. This volatility may be linked to changes in taxable income and timing differences, including occasional substantial tax benefits in certain quarters.
- Stock Compensation Cost
- The stock compensation expense is relatively stable, generally slightly increasing to approximately 110-115 million USD in recent periods, indicating steady use of equity incentives.
- Net Periodic Pension Income
- Net pension income is consistently negative, with a gradual increase in magnitude over time, reflecting ongoing pension expense impacts with some intensity increase from 2020 to 2025.
- Accounts Receivable and Contract Assets
- Both accounts receivable and contract assets show high variability, with substantial positive and negative swings, indicating fluctuations in sales and recognized revenue timing. This variability may affect working capital management and cash flow predictability.
- Inventory and Other Current Assets
- Inventory values fluctuate between negative and positive movements, with recent quarters showing some negative levels, possibly indicating inventory reductions. Other current assets similarly vary, with occasional notable decreases, suggesting changes in prepaid items or other short-term assets.
- Accounts Payable and Accrued Liabilities
- These liabilities display large fluctuations, including sharp increases and decreases. Notably, some quarters show very large positive changes, which may reflect strategic payment timing or accrual adjustments affecting cash flow.
- Contract Liabilities
- Contract liabilities generally show increases in larger positive values at intervals, indicating prepaid revenue or progress billings. There are periods of declines, pointing to recognition of deferred revenue.
- Change in Assets and Liabilities
- The aggregate changes in working capital components exhibit significant swings, at times showing substantial inflows or outflows impacting the operating cash flow reconciliation dramatically.
- Net Cash Flows from Operating Activities
- Operating cash flow varies widely, with early periods showing moderate positive inflows, intermittent declines, and large spikes thereafter. The peak cash flow quarters coincide with strong net earnings and asset/liability adjustments. Some quarters show concerning dips, likely reflecting working capital pressures.
- Capital Expenditures
- Capital expenditures are consistently significant and mostly within the range of 300 to over 1000 million USD per quarter, with occasional spikes. This trend indicates continuous investment in property, plant, equipment, or intangible assets.
- Investments and Dispositions in Businesses
- There are episodic investments and dispositions of businesses, including a large sale of a cybersecurity business with a corresponding gain indicated in late 2022 or early 2023. These transactions cause notable cash flow and income statement impacts.
- Debt and Financing Activities
- Long-term debt proceeds and repayments show active debt refinancing and management, including issuance of significant bridge loans and their repayments. Commercial paper and other borrowings show intermittent increases and repayments. The company also repaid portions of long-term debt regularly. Dividends are paid consistently, averaging around 700-900 million USD quarterly.
- Share Repurchase Activity
- Share repurchases begin in 2021 with increasing magnitude, peaking in late 2023, including a substantial buyback exceeding 10 billion USD, indicating an aggressive capital return policy during that period, before resuming a more modest repurchase level.
- Cash and Cash Equivalents
- Cash and equivalents fluctuate significantly quarter to quarter, driven by operating cash flow volatility, investing activity outflows, and financing transactions. There are periods of both large increases and decreases, reflecting underlying business and capital market activities.
- Other Observations
- - The company experienced goodwill impairment recorded in mid-2020, indicating a possible reassessment of asset values. - Debt extinguishment costs were notable in some quarters, which suggests cost associated with refinancing or retiring debt early. - Foreign exchange impacts on cash are relatively minor but vary in sign and magnitude, indicating exposure to currency fluctuations. - Net periodic pension costs consistently affect earnings negatively. - A distribution from discontinued operations in early 2020 reflects a significant non-recurring cash inflow.