Detailed financial statements for None (RTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
RTX Corporation, a major player in the aerospace and defense sectors, provides sophisticated systems and extensive services to a diverse global clientele. This includes commercial entities, military organizations, and government agencies, both within the United States and internationally. The company's operations are divided into three primary business units: Collins Aerospace, Pratt & Whitney, and Raytheon.
Analysis Summary
None reported revenue of $88.60B in the most recent fiscal year, growing at a 5-year CAGR of 9.4%.
Trailing-twelve-month margins: gross margin 20.3%, operating margin 11.2%, net margin 8.3%. Free cash flow grew at 37.1% CAGR over 5 years.
At the current price of $184.33, RTX trades at a P/E of 32.12 and an ROE of 10.32%. Market capitalisation stands at $248.4B, placing it among large-cap names.
Balance sheet quality for RTX: current ratio of 1.0, net debt of $32.07B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $7.94B represents 118% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $57.24B | $59.84B | $34.70B | $45.35B | $56.59B | $64.39B | $67.07B | $68.92B | $80.74B | $88.60B |
| Cost of Revenue | $41.47B | $44.20B | $27.46B | $34.60B | $48.06B | $51.90B | $53.41B | $56.83B | $65.33B | $70.81B |
| Gross Profit | $15.77B | $15.64B | $7.24B | $10.75B | $8.53B | $12.49B | $13.67B | $12.09B | $15.41B | $17.79B |
| Research & Development | $2.38B | $2.43B | $1.88B | $2.45B | $2.58B | $2.73B | $2.71B | $2.81B | $2.93B | $2.81B |
| Selling, General & Admin | $5.96B | $6.43B | $2.86B | $3.71B | $5.54B | $5.05B | $5.57B | $5.81B | $5.81B | $6.09B |
| Operating Expenses | $7.55B | $7.50B | $4.36B | $5.84B | $10.42B | $7.36B | $8.16B | $8.53B | $8.87B | $8.49B |
| Operating Income | $8.22B | $8.14B | $2.88B | $4.91B | -$1.89B | $5.14B | $5.50B | $3.56B | $6.54B | $9.30B |
| EBITDA | $10.26B | $10.92B | $5.58B | $8.57B | $3.21B | $11.00B | $11.53B | $9.70B | $12.53B | $14.95B |
| Interest Expense | $1.16B | $1.02B | $1.18B | $1.71B | $1.41B | $1.33B | $1.30B | $1.65B | $1.97B | $1.83B |
| Pre-tax Income | $7.13B | $7.76B | $2.50B | $4.15B | -$2.35B | $5.11B | $6.12B | $3.84B | $6.19B | $8.73B |
| Income Tax | $1.70B | $2.84B | $1.10B | $421.0M | $575.0M | $964.0M | $790.0M | $456.0M | $1.18B | $1.66B |
| Net Income | $5.05B | $4.55B | $5.27B | $5.54B | -$3.52B | $3.86B | $5.20B | $3.19B | $4.77B | $6.73B |
| EPS | $6.18 | $5.76 | $6.58 | $6.48 | $-2.59 | $2.57 | $3.52 | $2.24 | $3.58 | $5.02 |
| EPS (Diluted) | $6.12 | $5.70 | $6.50 | $6.41 | $-2.59 | $2.56 | $3.50 | $2.23 | $3.55 | $4.96 |
| Shares Outstanding (Diluted) | $826.0M | $799.0M | $810.0M | $864.0M | $1.36B | $1.51B | $1.49B | $1.44B | $1.34B | $1.36B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $22.48B | $24.24B | $22.08B | $24.71B |
| Gross Profit | $4.58B | $4.72B | $4.59B | $5.13B |
| Operating Income | $2.52B | $2.60B | $2.56B | $2.81B |
| EBITDA | $4.01B | $3.83B | $4.00B | $4.24B |
| Net Income | $1.92B | $1.62B | $2.06B | $2.14B |
| EPS | $1.43 | $1.21 | $1.53 | $1.58 |
| EPS (Diluted) | $1.41 | $1.19 | $1.51 | $1.57 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.16B | $8.98B | $6.15B | $4.94B | $8.80B | $7.83B | $6.22B | $6.59B | $5.58B | $7.43B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $11.48B | $12.60B | $17.76B | $13.21B | $19.18B | $21.02B | $20.64B | $22.98B | $25.55B | $31.79B |
| Inventory | $8.70B | $9.88B | $10.08B | $9.05B | $9.41B | $9.18B | $10.62B | $11.78B | $12.77B | $13.36B |
| Total Current Assets | $28.55B | $32.86B | $35.50B | $61.58B | $43.38B | $42.05B | $42.44B | $48.42B | $51.13B | $60.33B |
| Property, Plant & Equipment | $9.16B | $10.19B | $12.30B | $11.57B | $16.84B | $16.93B | $17.00B | $17.39B | $17.95B | $18.75B |
| Goodwill | $27.06B | $27.91B | $48.11B | $36.61B | $54.28B | $54.44B | $53.84B | $53.70B | $52.79B | $53.34B |
| Intangible Assets | $15.68B | $15.88B | $26.42B | $24.47B | $40.54B | $38.52B | $36.82B | $35.40B | $33.44B | $31.84B |
| Total Assets | $89.71B | $96.92B | $134.21B | $139.62B | $162.15B | $161.40B | $158.86B | $161.87B | $162.86B | $171.08B |
| Accounts Payable | $7.48B | $9.58B | $11.08B | $7.82B | $8.64B | $8.75B | $9.90B | $10.70B | $12.90B | $15.89B |
| Short-term Debt | $2.20B | $2.50B | $4.34B | $5.55B | $797.0M | $158.0M | $1.22B | $1.47B | $2.54B | $3.62B |
| Total Current Liabilities | $21.91B | $24.39B | $31.37B | $46.59B | $35.85B | $35.45B | $39.11B | $46.76B | $51.50B | $58.78B |
| Long-term Debt | $21.70B | $24.99B | $41.19B | $37.70B | $31.03B | $31.33B | $30.69B | $42.35B | $38.73B | $34.29B |
| Total Liabilities | $60.24B | $65.37B | $93.49B | $95.29B | $88.27B | $86.70B | $84.65B | $100.42B | $100.90B | $103.94B |
| Retained Earnings | $52.87B | $55.24B | $57.82B | $61.59B | $49.42B | $50.27B | $52.27B | $52.15B | $53.59B | $56.72B |
| Total Equity | $27.58B | $29.61B | $38.45B | $41.77B | $72.16B | $73.07B | $72.63B | $59.80B | $60.16B | $65.25B |
| Total Debt | $23.90B | $27.48B | $45.54B | $44.89B | $33.34B | $33.14B | $33.50B | $45.24B | $42.89B | $39.51B |
| Net Debt | $16.74B | $18.50B | $39.38B | $39.95B | $24.54B | $25.31B | $27.28B | $38.65B | $37.31B | $32.07B |
| Working Capital | $6.64B | $8.47B | $4.13B | $14.98B | $7.53B | $6.60B | $3.33B | $1.66B | -$366.0M | $1.55B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $5.97B | $7.43B | $6.82B | $8.30B |
| Total Assets | $168.67B | $171.08B | $170.43B | $173.97B |
| Total Liabilities | $102.28B | $103.94B | $102.40B | $105.83B |
| Total Equity | $64.51B | $65.25B | $66.28B | $66.38B |
| Total Debt | $40.71B | $39.51B | $38.94B | $38.86B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $5.44B | $4.92B | $5.65B | $5.95B | -$2.93B | $4.14B | $5.33B | $3.19B | $5.01B | $7.07B |
| Depreciation & Amortization | $1.96B | $2.14B | $2.43B | $3.78B | $4.16B | $4.56B | $4.11B | $4.21B | $4.36B | $4.38B |
| Stock-based Compensation | $152.0M | $192.0M | $251.0M | $356.0M | $330.0M | $442.0M | $420.0M | $425.0M | $437.0M | $1.09B |
| Change in Working Capital | -$1.16B | -$1.68B | -$755.0M | -$231.0M | $811.0M | -$278.0M | $522.0M | $1.51B | -$1.08B | -$1.27B |
| Operating Cash Flow | $3.88B | $5.63B | $6.32B | $8.88B | $3.61B | $7.07B | $7.17B | $7.88B | $7.16B | $10.57B |
| Capital Expenditure | -$2.08B | -$2.39B | -$2.30B | -$2.61B | -$1.97B | -$2.32B | -$2.77B | -$3.17B | -$2.62B | -$2.63B |
| Acquisitions | -$499.0M | $435.0M | -$14.29B | $82.0M | $5.34B | $791.0M | $28.0M | $6.0M | 0 | 0 |
| Stock Repurchased | -$2.25B | -$1.45B | -$325.0M | -$151.0M | -$47.0M | -$2.33B | -$2.80B | -$12.87B | -$444.0M | -$50.0M |
| Dividends Paid | -$2.07B | -$2.07B | -$2.17B | -$2.44B | -$2.73B | -$2.96B | -$3.13B | -$3.24B | -$3.22B | -$3.57B |
| Free Cash Flow | $1.80B | $3.24B | $4.02B | $6.28B | $1.64B | $4.75B | $4.39B | $4.72B | $4.53B | $7.94B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $4.64B | $4.17B | $1.85B | $3.55B |
| Capital Expenditure | -$614.0M | -$970.0M | -$644.0M | -$727.0M |
| Free Cash Flow | $4.03B | $3.19B | $1.21B | $2.82B |
| Dividends Paid | -$910.0M | -$914.0M | -$915.0M | -$983.0M |
| Stock-based Compensation | $113.0M | $182.0M | $132.0M | $311.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +4.5% | -42.0% | +30.7% | +24.8% | +13.8% | +4.2% | +2.8% | +17.1% | +9.7% |
| Net Income Growth (YoY) | | -10.0% | +15.8% | +5.1% | -163.6% | +209.8% | +34.5% | -38.5% | +49.4% | +41.0% |
| EPS Growth (YoY) | | -6.8% | +14.2% | -1.5% | -140.0% | +199.2% | +37.0% | -36.4% | +59.8% | +40.2% |
| Shares Change (YoY) | | -3.3% | +1.4% | +6.7% | +57.2% | +11.1% | -1.5% | -3.4% | -6.4% | +1.0% |
| FCF Growth (YoY) | | +79.7% | +24.2% | +56.1% | -73.9% | +189.7% | -7.5% | +7.4% | -3.9% | +75.1% |
| Gross Margin | 27.6% | 26.1% | 20.9% | 23.7% | 15.1% | 19.4% | 20.4% | 17.5% | 19.1% | 20.1% |
| Operating Margin | 14.4% | 13.6% | 8.3% | 10.8% | -3.3% | 8.0% | 8.2% | 5.2% | 8.1% | 10.5% |
| EBITDA Margin | 17.9% | 18.2% | 16.1% | 18.9% | 5.7% | 17.1% | 17.2% | 14.1% | 15.5% | 16.9% |
| Net Margin | 8.8% | 7.6% | 15.2% | 12.2% | -6.2% | 6.0% | 7.7% | 4.6% | 5.9% | 7.6% |
| FCF Margin | 3.1% | 5.4% | 11.6% | 13.8% | 2.9% | 7.4% | 6.5% | 6.8% | 5.6% | 9.0% |
| Effective Tax Rate | 23.8% | 36.6% | 43.8% | 10.1% | -24.4% | 18.9% | 12.9% | 11.9% | 19.1% | 19.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $2.18 | $4.05 | $4.96 | $7.26 | $1.21 | $3.15 | $2.96 | $3.29 | $3.37 | $5.85 |
| Dividends Per Share | $2.50 | $2.60 | $2.68 | $2.83 | $2.01 | $1.96 | $2.11 | $2.26 | $2.39 | $2.63 |
| Shares Outstanding (Basic) | $818.0M | $790.0M | $800.0M | $855.0M | $1.36B | $1.50B | $1.48B | $1.43B | $1.33B | $1.34B |
Profitability
| Return on Equity | 10.32% |
| Return on Invested Capital | 6.49% |
| Return on Assets | 3.94% |
| Gross Margin | 20.35% |
| Operating Margin | 11.21% |
| Net Margin | 8.28% |
Financial Health
| Debt / Equity | 0.59 |
| Current Ratio | 1.01 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.59 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 10.46 | 13.06 | 9.54 | 13.63 | -27.61 | 33.49 | 28.67 | 37.56 | 32.32 | 36.53 |
| P/B | 1.92 | 2.01 | 1.31 | 1.81 | 1.35 | 1.77 | 2.05 | 2.01 | 2.56 | 3.77 |
| P/S | 0.92 | 0.99 | 1.45 | 1.67 | 1.72 | 2.01 | 2.22 | 1.74 | 1.91 | 2.78 |
| Gross Margin | 27.6% | 26.1% | 20.9% | 23.7% | 15.1% | 19.4% | 20.4% | 17.5% | 19.1% | 20.1% |
| Operating Margin | 14.4% | 13.6% | 8.3% | 10.8% | -3.3% | 8.0% | 8.2% | 5.2% | 8.1% | 10.5% |
| Net Margin | 8.8% | 7.6% | 15.2% | 12.2% | -6.2% | 6.0% | 7.7% | 4.6% | 5.9% | 7.6% |