RTX Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RTX Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	57,244	59,837	34,701	45,349	56,587	64,388	67,074	68,920	80,738	88,603
Cost of revenue	30,325	31,027
Gross profit	26,919	28,810
Research and development	2,376	2,427	1,878	2,452	2,582	2,732	2,711	2,805	2,934	2,807
Selling, general and administrative	5,958	6,429	2,864	3,711	5,540	5,046	5,573	5,809	5,806	6,095
Operating income	8,221	8,138	2,877	4,914	-1,889	5,136	5,504	3,561	6,538	9,300
Interest expense	1,039	909	1,032	1,591	1,366	1,322	1,276	1,505	1,862
Other non-operating income			373	762	464	27	-613	275	-344	-567
Pre-tax income	7,133	7,763	2,504	4,152	-2,353	5,109	6,117	3,836	6,194	8,733
Income tax	1,697	2,843	1,098	421	575	964	790	456	1,181	1,664
Income from continuing operations	5,065	4,552	1,216	3,510	-3,109	3,897	5,216	3,195	4,774
Net income to minority interests								185	239	337
Net income	5,055	4,552	5,269	5,537	-3,519	3,864	5,197	3,195	4,774	6,732
EBITDA	10,183	10,278	4,773	7,622	2,267	9,693	9,612	7,772	10,902	13,678
EPS, basic	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, basic (weighted)	818	790	800	855	1,358	1,502	1,476	1,426	1,332	1,341
Shares, diluted (weighted)	826	799	810	864	1,358	1,509	1,486	1,435	1,344	1,356
Dividend per share	2.62	2.72	2.84	2.94	2.16	2.01	2.16	2.32	2.48	2.67

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7,157	8,985	3,693	4,937	8,802	7,832	6,220	6,587	5,578	7,435
Short-term investments				0	881	965	774	745	786	750
Receivables	11,481	12,595	14,271	8,743	9,254	9,661	9,108	10,838	10,976	14,701
Inventory	8,704	9,881	10,083	9,047	9,411	9,178	10,617	11,777	12,768	13,364
Other current assets	1,208	1,397	1,511	2,565	5,978	4,018	4,964	7,076	7,241	7,740
Total current assets	28,550	32,858	35,503	61,577	43,376	42,050	42,443	48,417	51,133	60,332
Property, plant and equipment	9,158	10,186	12,297	10,322	14,962	14,972	15,170	15,748	16,089	16,868
Lease right-of-use assets			0	1,252	1,880	1,958	1,829	1,638	1,864	1,887
Goodwill	27,059	27,910	48,112	36,609	54,285	54,436	53,840	53,699	52,789	53,343
Intangible assets	15,684	15,883	26,424	24,473	40,539	38,516	36,823	35,399	33,443	31,845
Other non-current assets	6,048	5,988	7,206	1,919	3,967	6,624	6,156	4,576	5,297	4,672
Total assets	89,706	96,920	134,211	139,615	162,153	161,404	158,864	161,869	162,861	171,079
Accounts payable	7,483	9,579	11,080	7,816	8,639	8,751	9,896	10,698	12,897	15,895
Accrued liabilities	12,219	12,316	10,223	8,417	10,517	10,162	10,999	14,917	2,620	3,308
Deferred revenue		0	5,720	9,014	12,889	13,720	14,598	17,183	18,616	21,615
Short-term debt	1,603	2,104	2,876	3,258	550	24	595	1,283	2,352	3,412
Total current liabilities	21,906	24,391	31,368	46,594	35,848	35,449	39,114	46,761	51,499	58,784
Long-term debt	21,697	24,989	41,192	37,701	31,026	31,327	30,694	42,355	38,726	34,288
Lease liabilities			0	1,093	1,516	1,657	1,586	1,412	1,632	1,602
Other non-current liabilities	11,026	12,952	11,845	7,414	9,537	10,417	8,449	7,511	6,942	7,200
Total liabilities	60,241	65,368	93,492	95,289	88,269	86,705	84,650	100,424	100,903	103,941
Total debt	23,300	27,093	44,068	40,959	31,576	31,351	31,289	43,638	41,078	37,700
Paid-in capital	17,285	17,574	22,514	23,019	36,930	37,483	37,939	37,055	37,434	38,126
Retained earnings	52,873	55,242	57,823	61,594	49,423	50,265	52,269	52,154	53,589	56,718
Treasury stock	-34,150	-35,596	-32,482	-32,626	-10,407	-12,727	-15,530	-26,977	-27,112	-26,881
Other comprehensive income	-8,334	-7,525	-9,333	-10,149	-3,734	-1,915	-2,018	-2,419	-3,755	-2,718
Shareholders' equity	27,579	29,610	38,446	41,774	72,163	73,068	72,632	59,798	60,156	65,245
Minority interests	1,590	1,811	2,164	2,457	1,689	1,596	1,546	1,612	1,767	1,857
Total equity	29,169	31,421	40,610	44,231	73,852	74,664	74,178	61,410	61,923	67,102
Total liabilities and equity	89,706	96,920	134,211	139,615	162,153	161,404	158,864	161,869	162,861	171,079

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5,426	4,920	5,654	5,948	-3,295	4,112	5,308	3,380	5,013	7,069
Depreciation and amortization	1,962	2,140	1,896	2,708	4,156	4,557	4,108	4,211	4,364	4,378
Stock-based compensation	152	192	169	268	330	442	420	425	437	519
Deferred income tax	398	62	763	38	-99	-88	-1,663	-402	-47	789
Change in receivables	-941	-448	-1,147	88	1,318	-570	437	-1,805	-175	-3,235
Change in inventory	-719	-1,074	-417	-1,267	412	163	-1,575	-1,104	-1,474	-532
Change in payables	450	1,571	2,738	1,111	-1,666	917	2,075	4,016	1,508	3,418
Cash from operations	6,412	5,631	2,670	5,821	4,334	7,142	7,168	7,883	7,159	10,567
Capital expenditures	-1,699	-2,014	-1,467	-1,868	-1,795	-2,134	-2,288	-2,415	-2,625	-2,627
Cash from investing	-2,509	-3,019	-17,259	-2,676	3,343	-1,364	-2,829	-3,039	-1,534	-1,265
Debt issued	6,469	4,954	13,337	-19	2,004	4,062	1	12,914	0	0
Debt repaid	-2,452	-1,604	-2,520	-2,693	-16,082	-4,254	-3	-578	-2,500	-3,429
Stock issued	0	0	36	27	15	7	20	22	26
Share buybacks	-2,254	-1,453	-325	-151	-47	-2,327	-2,803	-12,870	-444	-50
Dividends paid	-2,069	-2,074	-2,170	-2,442	-2,732	-2,957	-3,128	-3,239	-3,217	-3,574
Cash from financing	-1,188	-993	12,209	-1,913	-3,860	-6,756	-5,859	-4,527	-6,617	-7,486
Exchange rate effect	-120	210	-120	-19	54	-1	-42	18	-28	48
Net change in cash			-2,806	1,208	1,412	-979	-1,562	335	-1,020	1,864
Free cash flow	4,713	3,617	1,203	3,953	2,539	5,008	4,880	5,468	4,534	7,940
Interest paid	1,157	974	1,027	1,801	1,628	1,339	1,263	1,464	1,942	1,858
Income taxes paid	4,096	1,326	1,714	1,768	1,716	1,124	2,400	1,527	1,176	1,607

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $189.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.2%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.7%	Pre-tax income / revenue.
Net margin	8.3%	Net income / revenue.
FCF margin	12.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.2%	Cash from operations / revenue.
Effective tax rate	18.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.4%	Net income / average total assets.
Return on invested capital (ROIC)	8.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.0%	Research and development expense / revenue.
SG&A / revenue	6.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	42.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	25.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	43.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	41.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	39.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	47.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	75.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	17.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	25.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.4%	Total debt / total assets.
Liabilities / assets	60.8%	Total liabilities / total assets.
Net debt	$28.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.89x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$667.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$17.59B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	5.51x	Revenue / average property, plant and equipment.
Receivables turnover	6.71x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
FCF conversion	147.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$68.50	Revenue / diluted weighted shares.
FCF per share	$8.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.41	Cash from operations / diluted weighted shares.
Book value per share	$48.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$12.89	Tangible book value / shares outstanding.
Cash per share	$6.61	(Cash + short-term investments) / shares outstanding.
Payout ratio	48.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$255.27B	Share price x shares outstanding.
Enterprise value	$283.40B	Market cap + total debt - cash - short-term investments.
P/E	33.0x	Market cap / net income. Only when net income is positive.
P/S	2.73x	Market cap / revenue.
P/B	3.85x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	22.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	3.03x	Enterprise value / revenue.
EV/EBIT	27.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	3.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was RTX Corp's revenue in fiscal 2025?

RTX Corp reported revenue of $88.60B for fiscal 2025, 9.7% higher than the year before.

Was RTX Corp profitable in fiscal 2025?

Yes. Net income was $6.73B, a net margin of 7.6%.

How much free cash flow did RTX Corp generate in fiscal 2025?

Cash from operations of $10.57B minus capital expenditures of $2.63B left free cash flow of $7.94B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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