Revenue growth remains resilient at 8.7% year-over-year in 2026Q1, though structural margin constraints persist with gross margins hovering near the 20.8% level.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 90.37B | 88.6B | 80.74B | 68.92B | 67.07B | 64.36B | 56.67B | 45.4B | 66.48B | 59.8B | 57.41B | 56.33B | 58B | 62.65B | 57.68B | 55.66B | 54.21B | 52.59B | 59.12B | 53.92B | 47.12B | 42.28B | 36.7B | 31.03B | 28.21B | 27.9B | 26.58B | 23.84B | 22.79B | 21.06B | 22.79B |
| Revenue Growth % | 10.56% | 9.74% | 17.15% | 2.75% | 4.22% | 13.57% | 24.82% | -31.71% | 11.18% | 4.15% | 1.92% | -2.87% | -7.43% | 8.62% | 3.63% | 2.68% | 3.07% | -11.04% | 9.64% | 14.43% | 11.45% | 15.2% | 18.26% | 10% | 1.13% | 4.94% | 11.49% | 4.64% | 8.19% | -7.57% | 0.72% |
| Cost of Goods Sold | 72.11B | 70.81B | 65.33B | 56.83B | 53.41B | 51.86B | 47.66B | 34.6B | 49.84B | 44.2B | 41.27B | 40.25B | 40.9B | 45.11B | 41.81B | 40.2B | 39.05B | 38.44B | 43.49B | 39.81B | 34.6B | 30.75B | 26.68B | 22.51B | 20.16B | 20.09B | 18.97B | 17.37B | 16.17B | 15.14B | 16.57B |
| COGS % of Revenue | - | 79.92% | 80.91% | 82.46% | 79.62% | 80.58% | 84.1% | 76.21% | 74.96% | 73.92% | 71.89% | 71.44% | 70.52% | 72% | 72.5% | 72.24% | 72.03% | 73.1% | 73.56% | 73.84% | 73.43% | 72.74% | 72.68% | 72.53% | 71.46% | 72% | 71.36% | 72.83% | 70.95% | 71.88% | 72.73% |
| Gross Profit | 18.27B | 17.79B | 15.41B | 12.09B | 13.67B | 12.5B | 9.01B | 10.8B | 16.65B | 15.6B | 16.14B | 16.09B | 17.1B | 17.55B | 15.86B | 15.45B | 15.16B | 14.15B | 15.63B | 14.11B | 12.52B | 11.52B | 10.03B | 8.53B | 8.05B | 7.81B | 7.61B | 6.48B | 6.62B | 5.92B | 6.21B |
| Gross Margin % | 20.21% | 20.08% | 19.09% | 17.54% | 20.38% | 19.42% | 15.9% | 23.79% | 25.04% | 26.08% | 28.11% | 28.56% | 29.48% | 28% | 27.5% | 27.76% | 27.97% | 26.9% | 26.44% | 26.16% | 26.57% | 27.26% | 27.32% | 27.47% | 28.54% | 28% | 28.64% | 27.17% | 29.05% | 28.12% | 27.27% |
| Gross Profit Growth % | - | 15.44% | 27.47% | -11.55% | 9.37% | 38.7% | -16.59% | -35.11% | 6.73% | -3.38% | 0.35% | -5.92% | -2.55% | 10.6% | 2.66% | 1.92% | 7.16% | -9.48% | 10.8% | 12.67% | 8.66% | 14.94% | 17.58% | 5.9% | 3.09% | 2.59% | 17.52% | -2.15% | 11.77% | -4.68% | 5.9% |
| Operating Expenses | 8.86B | 8.9B | 8.74B | 8.61B | 8.28B | 7.83B | 7.61B | 6.16B | 9.37B | 8.86B | 8.32B | 7.95B | 8.65B | 8.98B | 8.57B | 7.96B | 7.61B | 7.23B | 8.29B | 7.73B | 6.93B | 6.54B | 5.68B | 4.68B | 4.39B | 4.58B | 4.85B | 5.24B | 4.63B | 4.39B | 4.76B |
| OpEx % of Revenue | - | 10.05% | 10.83% | 12.5% | 12.35% | 12.17% | 13.43% | 13.57% | 14.09% | 14.81% | 14.49% | 14.12% | 14.91% | 14.34% | 14.87% | 14.31% | 14.04% | 13.75% | 14.02% | 14.34% | 14.7% | 15.46% | 15.48% | 15.08% | 15.57% | 16.41% | 18.24% | 21.99% | 20.34% | 20.83% | 20.88% |
| Selling, General & Admin | 6.12B | 6.09B | 5.81B | 5.81B | 5.57B | 5.1B | 5.03B | 3.71B | 6.9B | 6.43B | 5.98B | 5.67B | 6.17B | 6.45B | 6.2B | 6.01B | 5.87B | 5.67B | 6.52B | 6.05B | 5.4B | 5.17B | 4.42B | 3.65B | 3.2B | 3.32B | 3.17B | 3.13B | 2.74B | 2.61B | 2.8B |
| SG&A % of Revenue | - | 6.88% | 7.19% | 8.43% | 8.31% | 7.92% | 8.87% | 8.17% | 10.38% | 10.75% | 10.42% | 10.07% | 10.64% | 10.3% | 10.75% | 10.8% | 10.82% | 10.79% | 11.03% | 11.23% | 11.46% | 12.22% | 12.05% | 11.77% | 11.35% | 11.91% | 11.93% | 13.14% | 12.01% | 12.4% | 12.27% |
| Research & Development | 2.8B | 2.81B | 2.93B | 2.81B | 2.71B | 2.73B | 2.58B | 2.45B | 2.46B | 2.43B | 2.34B | 2.28B | 2.48B | 2.53B | 2.37B | 1.95B | 1.75B | 1.56B | 1.77B | 1.68B | 1.53B | 1.37B | 1.26B | 1.03B | 1.19B | 1.25B | 1.3B | 1.29B | 1.17B | 1.07B | 1.12B |
| R&D % of Revenue | - | 3.17% | 3.63% | 4.07% | 4.04% | 4.24% | 4.56% | 5.4% | 3.7% | 4.06% | 4.07% | 4.05% | 4.27% | 4.04% | 4.11% | 3.51% | 3.22% | 2.96% | 3% | 3.11% | 3.25% | 3.23% | 3.42% | 3.31% | 4.22% | 4.5% | 4.9% | 5.42% | 5.13% | 5.08% | 4.92% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 377M | 819M | 730M | 707M | 841M |
| Operating Income | 9.41B | 8.89B | 6.67B | 3.48B | 5.38B | 4.67B | 1.4B | 4.64B | 7.28B | 6.74B | 7.82B | 8.13B | 8.45B | 8.56B | 7.29B | 7.49B | 7.55B | 6.92B | 7.34B | 6.38B | 5.59B | 4.99B | 4.34B | 3.85B | 3.66B | 3.23B | 2.76B | 1.23B | 1.99B | 1.54B | 1.46B |
| Operating Margin % | 10.41% | 10.03% | 8.26% | 5.04% | 8.03% | 7.25% | 2.47% | 10.22% | 10.95% | 11.27% | 13.63% | 14.44% | 14.57% | 13.67% | 12.64% | 13.46% | 13.93% | 13.16% | 12.42% | 11.82% | 11.87% | 11.8% | 11.84% | 12.39% | 12.96% | 11.59% | 10.39% | 5.18% | 8.71% | 7.29% | 6.38% |
| Operating Income Growth % | - | 33.24% | 91.94% | -35.46% | 15.36% | 233.12% | -69.8% | -36.29% | 8.01% | -13.83% | -3.8% | -3.77% | -1.31% | 17.46% | -2.67% | -0.81% | 9.13% | -5.74% | 15.14% | 13.96% | 12.15% | 14.8% | 13% | 5.14% | 13.11% | 17.01% | 123.91% | -37.83% | 29.23% | 5.57% | 3.19% |
| EBITDA | 13.81B | 12.89B | 10.67B | 7.36B | 9.14B | 8.93B | 5.29B | 7.07B | 9.5B | 8.75B | 9.71B | 9.92B | 10.21B | 10.32B | 8.76B | 8.71B | 8.84B | 8.12B | 8.57B | 7.47B | 6.57B | 5.91B | 5.32B | 4.64B | 4.38B | 4.14B | 3.62B | 2.05B | 2.71B | 2.24B | 2.3B |
| EBITDA Margin % | 15.28% | 14.54% | 13.22% | 10.68% | 13.63% | 13.88% | 9.34% | 15.58% | 14.28% | 14.64% | 16.91% | 17.61% | 17.6% | 16.48% | 15.18% | 15.65% | 16.3% | 15.44% | 14.49% | 13.85% | 13.94% | 13.98% | 14.5% | 14.96% | 15.54% | 14.83% | 13.63% | 8.61% | 11.91% | 10.65% | 10.08% |
| EBITDA Growth % | 19.45% | 20.78% | 44.97% | -19.48% | 2.32% | 68.79% | -25.18% | -25.51% | 8.5% | -9.82% | -2.18% | -2.79% | -1.12% | 17.88% | 0.53% | -1.44% | 8.87% | -5.25% | 14.7% | 13.73% | 11.11% | 11.05% | 14.62% | 5.93% | 5.94% | 14.25% | 76.42% | -24.38% | 21.04% | -2.31% | 1.86% |
| D&A (Non-Cash Add-back) | 4.4B | 4B | 4B | 3.88B | 3.76B | 4.27B | 3.89B | 2.44B | 2.22B | 2.01B | 1.88B | 1.79B | 1.76B | 1.76B | 1.47B | 1.22B | 1.29B | 1.2B | 1.23B | 1.09B | 974M | 923M | 978M | 799M | 727M | 905M | 859M | 819M | 730M | 707M | 841M |
| EBIT | 9.41B | 8.89B | 6.67B | 3.48B | 5.38B | 4.67B | 1.4B | 4.64B | 7.28B | 6.74B | 7.82B | 8.13B | 8.45B | 8.56B | 7.29B | 7.49B | 7.55B | 6.92B | 7.34B | 6.38B | 5.59B | 5.18B | 5.02B | 3.85B | 3.66B | 3.23B | 3.14B | 1.23B | 1.99B | 1.54B | 1.46B |
| Net Interest Income | -1.61B | -1.74B | -1.87B | -1.55B | -1.23B | -1.29B | -1.37B | -1.59B | -1.03B | -909M | -1.04B | -824M | -881M | -895M | -773M | -496M | -650M | -617M | -689M | -666M | -606M | -498M | -363M | -375M | -381M | -426M | -382M | 0 | 0 | 0 | 0 |
| Interest Income | 74M | 98M | 102M | 100M | 70M | 36M | 42M | 120M | 150M | 108M | 122M | 121M | 218M | 137M | 120M | 177M | 101M | 88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.69B | 1.83B | 1.97B | 1.65B | 1.3B | 1.33B | 1.41B | 1.71B | 1.18B | 1.02B | 1.16B | 945M | 1.1B | 1.03B | 893M | 673M | 751M | 705M | 689M | 666M | 606M | 498M | 363M | 375M | 381M | 426M | 382M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -116M | -154M | -476M | 361M | 733M | 264M | -3.75B | -487M | 999M | 1.02B | -690M | -1.67B | 261M | -251M | -379M | -140M | -1.01B | -1.16B | -404M | 9M | -102M | -304M | -238M | -375M | -381M | -426M | -5M | -68M | -260M | -60M | -55M |
| Pretax Income | 9.29B | 8.73B | 6.19B | 3.84B | 6.12B | 4.93B | -2.35B | 4.15B | 8.28B | 7.76B | 7.13B | 6.47B | 8.71B | 8.31B | 6.91B | 7.35B | 6.54B | 5.76B | 6.94B | 6.38B | 5.49B | 4.68B | 4.11B | 3.47B | 3.28B | 2.81B | 2.76B | 1.17B | 1.73B | 1.48B | 1.4B |
| Pretax Margin % | 10.29% | 9.86% | 7.67% | 5.57% | 9.12% | 7.66% | -4.15% | 9.15% | 12.45% | 12.98% | 12.42% | 11.48% | 15.02% | 13.27% | 11.98% | 13.21% | 12.06% | 10.95% | 11.73% | 11.84% | 11.66% | 11.08% | 11.19% | 11.18% | 11.61% | 10.06% | 10.38% | 4.89% | 7.57% | 7.01% | 6.14% |
| Income Tax | 1.69B | 1.66B | 1.18B | 456M | 790M | 786M | 575M | 421M | 2.63B | 2.84B | 1.7B | 2.11B | 2.24B | 2.24B | 1.71B | 2.13B | 1.83B | 1.58B | 1.88B | 1.84B | 1.49B | 1.25B | 1.08B | 941M | 887M | 755M | 853M | 325M | 568M | 514M | 494M |
| Effective Tax Rate % | 18.22% | 19.05% | 19.07% | 11.89% | 12.91% | 15.94% | -24.44% | 10.14% | 31.71% | 36.62% | 23.79% | 32.64% | 25.76% | 26.92% | 24.76% | 29.03% | 27.94% | 27.45% | 27.15% | 28.76% | 27.2% | 26.75% | 26.42% | 27.12% | 27.08% | 26.9% | 30.93% | 27.87% | 32.93% | 34.82% | 35.29% |
| Net Income | 7.26B | 6.73B | 4.77B | 3.19B | 5.2B | 3.86B | -3.52B | 5.54B | 5.27B | 4.55B | 5.05B | 7.61B | 6.22B | 5.72B | 5.13B | 4.98B | 4.37B | 3.83B | 4.69B | 4.22B | 3.73B | 3.07B | 2.67B | 2.36B | 2.24B | 1.94B | 1.81B | 1.53B | 1.25B | 1.07B | 906M |
| Net Margin % | 8.03% | 7.6% | 5.91% | 4.64% | 7.75% | 6% | -6.21% | 12.2% | 7.93% | 7.61% | 8.8% | 13.51% | 10.72% | 9.13% | 8.89% | 8.95% | 8.07% | 7.28% | 7.93% | 7.83% | 7.92% | 7.26% | 7.28% | 7.61% | 7.93% | 6.95% | 6.8% | 6.42% | 5.51% | 5.09% | 3.98% |
| Net Income Growth % | 57.74% | 41.01% | 49.42% | -38.52% | 34.5% | 209.8% | -163.55% | 5.09% | 15.75% | -9.95% | -33.56% | 22.32% | 8.72% | 11.52% | 3.03% | 13.86% | 14.21% | -18.34% | 11.01% | 13.18% | 21.6% | 14.81% | 13.21% | 5.59% | 15.38% | 7.19% | 18.09% | 21.99% | 17.07% | 18.32% | 20.8% |
| Net Income (Continuing) | 7.6B | 7.07B | 5.01B | 3.38B | 5.33B | 4.14B | -2.93B | 3.73B | 1.41B | 4.92B | 5.44B | 4.36B | 6.47B | 5.66B | 5.2B | 5.22B | 4.52B | 4.18B | 5.05B | 4.55B | 4B | 3.16B | 2.67B | 2.53B | 2.39B | 2.05B | 1.81B | 841M | 1.16B | 962M | 906M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -19M | -33M | -367M | 2.22B | 4.05B | 0 | -10M | 3.61B | 154M | 456M | 283M | 148M | 188M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 690M | 98M | 110M | 0 |
| Minority Interest | 1.75B | 1.89B | 1.8B | 1.65B | 1.58B | 1.63B | 1.72B | 2.55B | 2.27B | 1.94B | 1.89B | 1.61B | 1.49B | 1.46B | 1.39B | 1.3B | 1.26B | 1.32B | 918M | 912M | 836M | 778M | 910M | 709M | 589M | 550M | 497M | 527M | 421M | 351M | 478M |
| EPS (Diluted) | 5.32 | 4.96 | 3.55 | 2.23 | 3.50 | 2.56 | -2.59 | 6.41 | 6.50 | 5.70 | 6.12 | 8.62 | 6.82 | 6.25 | 5.66 | 5.49 | 4.74 | 4.12 | 4.90 | 4.27 | 3.71 | 3.03 | 2.64 | 4.69 | 2.21 | 1.92 | 1.78 | 1.51 | 0.63 | 0.53 | 0.44 |
| EPS Growth % | 56.31% | 39.72% | 59.19% | -36.29% | 36.72% | 198.84% | -140.41% | -1.38% | 14.04% | -6.86% | -29% | 26.39% | 9.12% | 10.42% | 3.1% | 15.82% | 15.05% | -15.92% | 14.75% | 15.09% | 22.44% | 14.77% | -43.71% | 112.22% | 15.1% | 7.87% | 17.88% | 139.68% | 18.87% | 20.45% | 144.44% |
| EPS (Basic) | - | 5.02 | 3.58 | 2.24 | 3.52 | 2.57 | -2.59 | 6.48 | 6.58 | 5.76 | 6.18 | 8.72 | 6.92 | 6.35 | 5.73 | 5.58 | 4.82 | 4.17 | 5.00 | 4.38 | 3.81 | 3.10 | 2.69 | 4.93 | 2.34 | 2.03 | 1.89 | 1.61 | 0.67 | 0.56 | 0.45 |
| Diluted Shares Outstanding | 1.36B | 1.36B | 1.34B | 1.44B | 1.49B | 1.51B | 1.36B | 864M | 810M | 799M | 826M | 883M | 912M | 915M | 906.36M | 907M | 923M | 929M | 956M | 989M | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.02B | 995.35M | 900.21M | 916.28M | 951.9M |
| Basic Shares Outstanding | 1.35B | 1.34B | 1.33B | 1.43B | 1.48B | 1.5B | 1.36B | 855M | 800M | 790M | 818M | 873M | 898M | 901M | 895.29M | 892M | 908M | 917M | 938M | 964M | 980M | 991M | 993M | 991M | 944.8M | 940.4M | 940.2M | 930.43M | 900.21M | 916.28M | 951.9M |
| Dividend Payout Ratio | - | 53.09% | 67.39% | 101.38% | 60.19% | 76.53% | - | 44.1% | 41.18% | 45.56% | 40.93% | 28.71% | 32.93% | 33.35% | 34.15% | 32.18% | 33.89% | 35.41% | 25.81% | 25.57% | 25.48% | 27.11% | 24.69% | 22.58% | 20.66% | 21.83% | 21.4% | 33.44% | 36.1% | 36.01% | 35.98% |
GTF engine remediation costs
According to recent quarterly filings, RTX has demonstrated a consistent revenue growth trajectory, culminating in a 8.7% year-over-year increase to $22.1 billion in 2026Q1, which appears to be driven by a combination of robust defense backlog execution and a recovery in commercial aftermarket service volumes.
The revenue growth profile suggests that RTX is successfully leveraging its dual exposure to defense and commercial aerospace to smooth out cyclical volatility. Investors should monitor whether the current growth rate is sustainable as the company navigates the ongoing technical remediation requirements within its Pratt & Whitney engine fleet.
As reported in financial statements, RTX's gross margin has hovered near the 20% threshold, reaching 20.8% in 2026Q1, a figure that reflects the inherent tension between low-margin original equipment sales and the high-margin aftermarket services that define the company's long-term profitability potential.
The margin profile appears to be heavily influenced by the mix of defense contracts and commercial engine maintenance cycles. The persistence of these margins suggests that while the company possesses significant pricing power, it remains vulnerable to cost inflation and the operational inefficiencies associated with unplanned engine inspections.
Based on RTX's reported figures, operating income has shown a notable improvement, scaling to $2.6 billion in 2026Q1, which suggests that management's focus on cross-segment synergies and shared services is beginning to yield tangible efficiencies in the company's broader cost structure.
The ability to expand operating margins while managing significant R&D investments indicates a disciplined approach to overhead management. However, the volatility in operating income observed in previous periods warrants further investigation into whether these gains are structural or merely a function of favorable contract timing.
Data from recent income statements indicates that RTX's net income has experienced significant fluctuations, such as the sharp dip to $111 million in 2024Q2, which appears to be largely driven by non-recurring charges rather than a fundamental deterioration in the core business model.
The disparity between headline net income and operational cash generation suggests that investors should focus on normalized earnings to gauge true performance. The impact of stock-based compensation and periodic accounting adjustments for long-term contracts may continue to obscure the underlying quality of reported earnings in the near term.
While the company's backlog provides long-term visibility, the persistent technical challenges associated with the GTF engine fleet, as highlighted in recent regulatory filings, present a material risk that could lead to margin compression and strained customer relationships if remediation costs continue to escalate.
Short-term investors may focus on the potential for further unplanned charges that could derail the current earnings recovery. The reliance on Estimate at Completion accounting for defense contracts also introduces a layer of uncertainty, as future cost overruns could necessitate significant negative catch-up adjustments.
Quick answers to the most common questions about buying RTX stock.
For fiscal year 2025, RTX Corporation (RTX) reported total revenue of $88.60B. This represents a 288.8% increase compared to $22.79B in 1996.
RTX Corporation (RTX) is profitable, generating $6.73B in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
RTX Corporation (RTX) reported an operating income of $8.89B, resulting in an operating profit margin of 10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
RTX Corporation (RTX) generated $17.79B in gross profit for the year, representing a gross profit margin of 20.1%. This demonstrates the company's core pricing power and production efficiency.