Income Statement

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.

RTX Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Product sales	49,571)	50,773)	49,270)	43,319)	54,004)
Service sales	19,349)	16,301)	15,118)	13,268)	23,042)
Net sales	68,920)	67,074)	64,388)	56,587)	77,046)
Cost of sales, products	(43,425)	(41,927)	(41,095)	(38,137)	(42,444)
Cost of sales, services	(13,406)	(11,479)	(10,802)	(9,919)	(14,621)
Cost of sales	(56,831)	(53,406)	(51,897)	(48,056)	(57,065)
Gross margin	12,089)	13,668)	12,491)	8,531)	19,981)
Research and development	(2,805)	(2,711)	(2,732)	(2,582)	(3,015)
Selling, general and administrative	(5,809)	(5,663)	(5,224)	(5,540)	(8,521)
Goodwill impairment	—)	—)	—)	(3,183)	—)
Other income, net	86)	120)	423)	885)	521)
Operating profit (loss)	3,561)	5,414)	4,958)	(1,889)	8,966)
Non-service pension income	1,780)	1,889)	1,944)	902)	888)
Debt extinguishment costs	—)	—)	(649)	—)	—)
Interest expense	(1,653)	(1,300)	(1,330)	(1,430)	(1,773)
Interest income	100)	70)	36)	42)	162)
Other non-operating income (expense)	48)	(46)	(28)	22)	—)
Interest expense, net	(1,505)	(1,276)	(1,322)	(1,366)	(1,611)
Non-operating income (expense), net	275)	613)	(27)	(464)	(723)
Income (loss) from continuing operations before income taxes	3,836)	6,027)	4,931)	(2,353)	8,243)
Income tax expense	(456)	(700)	(786)	(575)	(2,295)
Net income (loss) from continuing operations	3,380)	5,327)	4,145)	(2,928)	5,948)
Loss from discontinued operations	—)	(19)	(33)	(367)	—)
Net income (loss)	3,380)	5,308)	4,112)	(3,295)	5,948)
Noncontrolling interest in subsidiaries’ earnings	(185)	(111)	(248)	(224)	(411)
Net income (loss) attributable to common shareowners	3,195)	5,197)	3,864)	(3,519)	5,537)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	RTX Corp. net sales increased from 2021 to 2022 and from 2022 to 2023.
Operating profit (loss)	The net result for the period of deducting operating expenses from operating revenues.	RTX Corp. operating profit (loss) increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income (loss) from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	RTX Corp. income (loss) from continuing operations before income taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net income (loss) attributable to common shareowners	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	RTX Corp. net income (loss) attributable to common shareowners increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

RTX Corp. (NYSE:RTX)

Income Statement