RTX
RTX · NYSEAircraft Engines & Engine Parts · Fiscal year ends Dec 31
RTX reported revenue of $88.6B in the fiscal year ended Dec 2025, up 9.7% from the year before. Operating income was $9.3B, an operating margin of 10.5%, and net income was $6.7B. Operating cash flow of $10.6B less capital expenditure of $2.6B left free cash flow of $7.9B. Net debt was $27.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $64.4B | $67.1B | $68.9B | $80.7B | $88.6B |
| Research & development | $2.7B | $2.7B | $2.8B | $2.9B | $2.8B |
| Selling, general & admin | $5B | $5.6B | $5.8B | $5.8B | $6.1B |
| Operating income | $5.1B | $5.5B | $3.6B | $6.5B | $9.3B |
| Interest expense | $1.3B | $1.3B | $1.5B | $1.9B | – |
| Pre-tax income | $5.1B | $6.1B | $3.8B | $6.2B | $8.7B |
| Income tax | $964M | $790M | $456M | $1.2B | $1.7B |
| Net income | $3.9B | $5.2B | $3.2B | $4.8B | $6.7B |
| Diluted EPS | 2.56 | 3.50 | 2.23 | 3.55 | 4.96 |
| Diluted shares | 1,509M | 1,486M | 1,435M | 1,344M | 1,356M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $7.8B | $6.2B | $6.6B | $5.6B | $7.4B |
| Receivables | $9.7B | $9.1B | $10.8B | $11B | $14.7B |
| Inventory | $9.2B | $10.6B | $11.8B | $12.8B | $13.4B |
| Current assets | $42.1B | $42.4B | $48.4B | $51.1B | $60.3B |
| Net PP&E | $15B | $15.2B | $15.7B | $16.1B | $16.9B |
| Goodwill | $54.4B | $53.8B | $53.7B | $52.8B | $53.3B |
| Total assets | $161B | $159B | $162B | $163B | $171B |
| Payables | $8.8B | $9.9B | $10.7B | $12.9B | $15.9B |
| Deferred revenue | $13.7B | $14.6B | $17.2B | $18.6B | $21.6B |
| Current liabilities | $35.4B | $39.1B | $46.8B | $51.5B | $58.8B |
| Short-term debt | $134M | $625M | $189M | $183M | $204M |
| Long-term debt | $31.4B | $31.3B | $43.6B | $41.1B | $34.3B |
| Total liabilities | $86.7B | $84.7B | $100B | $101B | $104B |
| Shareholders' equity | $73.1B | $72.6B | $59.8B | $60.2B | $65.2B |
| Backlog (remaining obligations) | $156B | $175B | $196B | $218B | $268B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.1B | $7.2B | $7.9B | $7.2B | $10.6B |
| Capital expenditure | $2.1B | $2.3B | $2.4B | $2.6B | $2.6B |
| Free cash flow | $5B | $4.9B | $5.5B | $4.5B | $7.9B |
| Depreciation & amortisation | $4.6B | $4.1B | $4.2B | $4.4B | $4.4B |
| Stock-based compensation | $442M | $420M | $425M | $437M | $519M |
| Share buybacks | $2.3B | $2.8B | $12.9B | $444M | $50M |
| Dividends paid | $3B | $3.1B | $3.2B | $3.2B | $3.6B |
| Dividend per share | 2.00 | 2.16 | 2.32 | 2.48 | 2.67 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.2% | 2.8% | 17.1% | 9.7% |
| Operating income growth (YoY) | – | 7.2% | −35.3% | 83.6% | 42.2% |
| EPS growth (YoY) | – | 36.7% | −36.3% | 59.2% | 39.7% |
| Operating margin | 8.0% | 8.2% | 5.2% | 8.1% | 10.5% |
| Net margin | 6.0% | 7.7% | 4.6% | 5.9% | 7.6% |
| Return on equityBlank when equity is negative | 5.3% | 7.2% | 5.3% | 7.9% | 10.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.1% | 4.6% | 3.1% | 5.9% | 8.3% |
| Free cash flow margin | 7.8% | 7.3% | 7.9% | 5.6% | 9.0% |
| Cash conversion (CFO ÷ net income) | 1.85x | 1.38x | 2.47x | 1.50x | 1.57x |
| Receivable days | 55 | 50 | 57 | 50 | 61 |
| Interest cover | 3.89x | 4.31x | 2.37x | 3.51x | – |
| Debt ÷ equity | 0.43x | 0.44x | 0.73x | 0.69x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $23.7B | $25.7B | $37.2B | $35.7B | $27.1B |
| Current ratio | 1.19x | 1.09x | 1.04x | 0.99x | 1.03x |
Recent filings
More in Aircraft Engines & Engine Parts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.