Stock Analysis on Net

RTX Corp. (NYSE:RTX)

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

Microsoft Excel
3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net income (loss) from continuing operations 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 1,088 813 215 185 (3,820) 492
Depreciation and amortization 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 1,153 1,164 1,111 728
Deferred income tax provision (benefit) 67 72 (304) 299 (114) 326 (28) (371) (329) 18 (534) (546) (601) 54 (317) 22 153 (65) (152) (274) 392
Stock compensation cost 111 109 105 111 112 106 107 112 100 102 106 109 103 99 116 143 84 77 118 72 63
Net periodic pension and other postretirement income (324) (334) (326) (328) (338) (391) (386) (390) (388) (351) (348) (354) (360) (341) (358) (357) (358) (88) (102) (93) (130)
Share-based 401(k) matching contributions 167
Gain on sale of business, net of transaction costs (415)
Debt extinguishment costs 649
Goodwill impairment loss 3,183
Accounts receivable (372) (1,111) 349 156 431 (892) (214) 263 (962) 116 1,111 (1,346) 556 (173) (690) 1,092 (799) 751 (596) 773 390
Contract assets (706) 39 (996) (479) (978) 410 267 (232) (1,198) 765 (474) (306) (219) (477) (560) (246) (311) (636) 323 725 (349)
Inventory (813) 231 (344) (715) (646) 326 (108) (602) (720) (141) (401) (446) (587) 220 76 (20) (113) 523 439 (155) (395)
Other current assets (125) (160) (459) 442 (225) (283) (244) (108) (526) (443) (231) (72) (281) (291) (17) (65) (193) (64) (201) 28 (208)
Accounts payable and accrued liabilities 397 (819) 1,082 1,463 (218) 594 3,571 (639) 490 777 (811) 2,425 (316) 492 1,158 (1,271) 538 (800) 529 (2,007) 612
Contract liabilities 373 676 684 566 (54) 1,893 174 32 223 1,130 25 (259) (50) 1,289 128 11 (56) 775 153 302 (101)
Change in assets and liabilities (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) 549 647 (334) (51)
Other operating activities, net (147) 159 103 (29) (15) 90 36 251 (68) 139 (107) (256) 91 (275) (235) (203) (158) (471) (238) 365 (362)
Adjustments to reconcile net income (loss) from continuing operations to net cash flows provided by (used in) operating activities (320) 1 988 2,558 (1,401) 3,238 4,249 (640) (2,344) 3,160 (617) (52) (650) 2,390 459 238 (90) 1,155 1,437 4,030 640
Net cash flows provided by (used in) operating activities 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 1,370 1,622 210 1,132
Capital expenditures (513) (1,069) (552) (537) (467) (805) (564) (526) (520) (855) (515) (479) (439) (954) (433) (360) (387) (623) (389) (458) (325)
Investments in businesses (66) (1,082) (6) (419)
Dispositions of businesses, net of cash transferred 512 1,283 6 6 53 35 805 25 1,049 (19) 2,341 234
Cash acquired in Raytheon merger 3,208
Customer financing assets (payments) receipts, net (16) 54 (1) 14 28 4 32 12 (19) 134 126 (21) (81) 226 (9) (41) (88)
Increase in other intangible assets (104) (164) (129) (155) (163) (215) (222) (160) (154) (318) (78) (41) (50) (50) (78) (28) (32) (36) (30) (28) (78)
(Payments) receipts from settlements of derivative contracts, net (47) (145) 32 (28) (1) 32 (63) 58 (13) 54 (108) (118) (33) (58) (8) 1 49 83 171 238 (524)
Other investing activities, net (14) 103 (66) (13) 41 (44) (15) (9) 80 177 (26) (45) (12) (20) 15 40 (10) (21) 12 (57) (25)
Net cash flows (used in) provided by investing activities (678) (779) (715) (733) 693 (978) (859) (623) (579) (938) (755) (618) (518) (1,225) (378) (343) 582 (809) 2,096 3,096 (1,040)
Proceeds from long-term debt 9,940 3 2,971 1 2,081 1,981 5 15 1,984
Distribution from discontinued operations 17,207
Repayment of long-term debt (9) (800) (750) (950) (403) (172) (3) (1) (2) (1,707) (2,240) (21) (286) (1,030) (14) (1,228) (13,810)
Proceeds from bridge loan 10,000
Repayment of bridge loan (10,000)
Change in commercial paper, net (997) 3 897 (427) (1,549) 2,067 (160)
Debt extinguishment costs (649)
Change in other short-term borrowings, net 28 (35) (12) 65 (22) 19 92 (46) 22 (15) 3 (23) 6 88 10 (38) (13) 19 (15) (1,382) (663)
Dividends paid (840) (802) (823) (823) (769) (767) (838) (844) (790) (791) (794) (798) (745) (745) (751) (756) (705) (706) (688) (724) (614)
Repurchase of common stock (50) (50) (294) (44) (56) (10,283) (1,429) (596) (562) (408) (616) (1,036) (743) (327) (993) (632) (375) (47)
Net transfers to discontinued operations (44) (3) (19) (5) (35) (32) (950) (1,016)
Other financing activities, net (185) (181) (29) (32) (210) (127) (33) (39) (118) (86) (43) (23) (263) (111) (67) (109) (160) (57) 10 (72) (17)
Net cash flows provided by (used in) financing activities (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) (1,804) (724) (2,372) 1,040
Net cash used in operating activities (44) (3) (19) (5) (35) (32) (189) (472)
Net cash used in investing activities (241)
Net cash provided by (used in) financing activities 44 3 19 5 35 32 (1,803) 322
Net cash used in discontinued operations (1,992) (391)
Effect of foreign exchange rate changes on cash and cash equivalents 16 (39) 23 (4) (8) 14 (15) 18 1 15 (37) (35) 15 (11) (69) 56 23 43 21 9 (95)
Net increase (decrease) in cash, cash equivalents, and restricted cash (413) (1,125) 673 412 (980) 1,129 65 (514) (345) 856 603 (1,249) (1,772) 351 (578) (536) (216) (1,200) 3,015 (1,049) 646

Based on: 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
The company’s net income exhibited significant volatility over the periods. Starting with a loss of -$3,820 million in June 2020, there was a recovery and steady increase through 2021 peaking at $1,473 million in September 2021. However, a marked loss of -$933 million occurred in December 2023, followed by recovery and fluctuating profitability through 2024 and early 2025, with net income values generally remaining positive and around $1,500 million in 2025.
Depreciation and amortization
This expense remained relatively stable across all periods, ranging narrowly between approximately $728 million and $1,164 million, indicating consistent capital asset usage and amortization practices.
Deferred income tax provision (benefit)
There was considerable fluctuation in deferred tax amounts, with periodic benefits and provisions fluctuating from highly negative values (e.g., -$601 million in March 2022) to positive spikes (e.g., $326 million in December 2023), suggesting variable tax impacts possibly linked to changing income and tax strategies.
Stock compensation cost
Stock compensation expenses trended upward slightly, starting around $63 million in early 2020 and stabilizing in the range of $100 to $143 million from 2021 onward, reflecting increased or stable employee compensation via equity.
Net periodic pension and other postretirement income
Consistently negative values indicate ongoing pension and postretirement obligations. The magnitude of these expenses remained relatively stable, ranging from about -$130 million to approximately -$390 million, evidencing persistent pension-related costs.
Accounts receivable, contract assets, and inventory
These working capital components showed high variability without clear trending patterns, reflecting fluctuations in sales and collection cycles. Notably, accounts receivable and contract assets occasionally recorded significant positive and negative swings, suggesting irregular customer payment timings and contract recognition dynamics. Inventory levels also alternated between negative and positive values indicating varied holding levels.
Accounts payable and accrued liabilities
These liability accounts showed wide fluctuations, including a sharp increase of $3,571 million in December 2023 and significant negative swings in other quarters, indicating variable payment patterns to suppliers and accrued expenses.
Change in assets and liabilities
Significant volatility characterized the changes in assets and liabilities, with notable negative values such as -$2,693 million in March 2023 and positive spikes like $3,446 million in September 2022. This suggests dynamic management of working capital components, possibly in response to operational and market conditions.
Net cash flows from operating activities
Cash flows from operations demonstrated overall growth and strength starting from mid-2020. After a low point of $200 million in June 2020, values mostly increased, with peaks in the multiple billions during late 2022 and 2023, indicating improving operational cash generation capacity despite some interim declines.
Capital expenditures
Capital spending showed a generally stable but slightly increasing trend, especially notable increases in the latter periods toward $1,069 million in December 2024, reflecting continued investment in long-term assets and infrastructure.
Investments and dispositions of businesses
Investments in businesses were relatively infrequent with a few notable spikes, such as -$1,082 million in December 2021. Dispositions showed occasional large inflows, including $2,341 million in September 2020 and $1,283 million in June 2024, implying occasional portfolio adjustments and asset sales.
Debt-related activities
The company issued significant long-term debt at certain intervals, including nearly $10 billion in December 2023, but also actively repaid debt in varying amounts across quarters. The presence of a $10 billion bridge loan issued and fully repaid within a short period reflects tactical short-term financing measures. Debt extinguishment costs appeared only once in December 2021, indicating a restructuring or refinancing event.
Dividends and share repurchase
Dividends paid remained consistent at about $700–$840 million per quarter, indicating a stable dividend policy. Share repurchases fluctuated considerably, with intensified buybacks occurring in late 2023 amounting to $10,283 million in a single quarter, suggesting aggressive capital return strategies during that period.
Net cash flows from investing activities
Investing cash flows were generally negative, reflecting ongoing capital expenditures and occasional business acquisitions, with some quarters showing positive values likely due to asset sales. Notable negative spikes occurred in late 2020 and multiple periods in 2022–2023, indicating active investment outflows.
Net cash flows from financing activities
Financing activities mostly resulted in outflows, attributable to debt repayments, dividends, and share repurchases. Occasional inflows aligned with debt issuances or bridge loans, showing an overall active and complex financing strategy managing capital structure preferences.
Overall cash position changes
The net changes in cash and equivalents fluctuated widely, with substantial increases in some quarters (e.g., $3,015 million in September 2020) offset by large decreases in others (e.g., -$1,772 million in March 2022). This volatility aligns with the company’s active management of operating cash, investing, and financing activities against the backdrop of changing market conditions and strategic actions.