Income Statement
Quarterly Data
The income statement presents information on the financial results of a company 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.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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RTX Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
Net sales exhibited a generally increasing trend over the analyzed period, with fluctuations. Initial growth from Mar 31, 2021 to Dec 31, 2021 was followed by a significant decrease in the first quarter of 2022. Sales then recovered and continued to rise through Dec 31, 2024, before experiencing a slight dip in the first half of 2025. The final quarter of 2025 shows a rebound, reaching the highest net sales figure of the period.
Cost of sales mirrored the trend in net sales, increasing overall but with similar dips and recoveries. This resulted in fluctuating gross margins. While generally stable between US$2.7 billion and US$3.6 billion, a substantial decrease in gross margin was observed in the first quarter of 2023, coinciding with the lowest net sales of the period. Gross margin recovered strongly in subsequent quarters, peaking in the final quarter of 2025.
- Profitability Analysis
- Operating profit demonstrated a similar pattern to gross margin, with a significant decline in the first quarter of 2023. However, operating profit generally trended upwards, reaching a peak in the fourth quarter of 2024. The impact of discontinued operations and noncontrolling interests resulted in fluctuations in net income attributable to common shareowners. Net income experienced a substantial drop in the first quarter of 2023, aligning with the decrease in sales and operating profit. The final quarter of 2025 shows a strong recovery in net income.
Research and development expenses remained relatively consistent throughout the period, with a gradual increase towards the end of the analyzed timeframe. Selling, general, and administrative expenses also showed a general upward trend, with some quarterly variations. Other income (expense), net, was volatile, with significant negative impacts in certain quarters, notably in the fourth quarter of 2021 and the second quarter of 2024, and a positive impact in the fourth quarter of 2025.
- Expense Management
- Interest expense remained relatively stable, with a slight increase over time. Debt extinguishment costs were only present in the fourth quarter of 2021. Non-operating income (expense), net, exhibited considerable volatility, contributing to fluctuations in income from continuing operations before income taxes.
Income tax expense varied significantly, shifting between expense and benefit depending on profitability. The impact of noncontrolling interests in subsidiaries’ earnings consistently reduced net income attributable to common shareowners. Overall, the period demonstrates a cyclical pattern of growth, decline, and recovery, with the final quarters showing a positive trend in key financial metrics.