RTX (RTX) FY2014 results: revenue $57.9 billion, up 2.3% on the year
RTX Corp. (RTX) reported revenue of $57.9 billion for fiscal 2014, the year ended 31 December 2014, up 2.3% on the year before. Net income was $6.2 billion, up 8.7%, and diluted earnings per share $6.82. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2015.
Revenue
$57.9 billion
+2.3% on the year
FY2007FY2014
Operating margin
16.6%
15.1% a year earlier
FY2007FY2014
Net income
$6.2 billion
+8.7% on the year
FY2007FY2014
Diluted EPS
$6.82
+9.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
57,900
56,600
57,708
+2.3%
Cost of revenue
40,898
40,468
42,153
+1.1%
Gross profit
17,002
16,132
15,555
+5.4%
Gross margin
29.4%
28.5%
27.0%
Research and development
2,475
2,342
2,371
+5.7%
Selling, general and administrative
6,172
6,364
6,452
-3.0%
Operating income
9,593
8,549
7,684
+12.2%
Operating margin
16.6%
15.1%
13.3%
Interest expense
881
n/a
n/a
Pre-tax income
8,712
7,654
6,911
+13.8%
Income tax
2,244
1,999
1,711
+12.3%
Effective tax rate
25.8%
26.1%
24.8%
Net income
6,220
5,721
5,130
+8.7%
Net margin
10.7%
10.1%
8.9%
Diluted EPS
$6.82
$6.25
$5.66
+9.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
7,336
7,505
6,605
-2.3%
Capital expenditure
1,594
1,569
1,389
+1.6%
Free cash flow
5,742
5,936
5,216
-3.3%
Free cash flow margin
9.9%
10.5%
9.0%
Cash from investing
-1,967
-1,323
-18,795
Cash from financing
-4,249
-5,940
8,021
Depreciation and amortisation
1,820
1,735
1,524
+4.9%
Share-based compensation
219
250
210
-12.4%
Buybacks
1,500
1,200
0.0
+25.0%
Dividends paid
2,048
1,908
1,752
+7.3%
Dividend per share
$2.36
$2.19
$2.03
+7.5%
Diluted shares, weighted
912m
915m
907m
-0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
31,213
31,866
25,914
-2.0%
Non-controlling interest
1,351
1,353
1,155
-0.1%
Redeemable equity
140
111
238
+26.1%
Debt
19,701
20,241
23,221
-2.7%
Other liabilities
38,884
37,023
38,881
+5.0%
Total liabilities and equity
91,289
90,594
89,409
+0.8%
Fixed assets
8,592
8,866
8,518
-3.1%
Goodwill
27,448
28,168
27,801
-2.6%
Intangible assets
15,528
15,521
15,189
+0.0%
Cash and equivalents
5,235
4,607
n/a
+13.6%
Receivables
10,448
11,458
11,099
-8.8%
Inventory
7,642
10,330
9,537
-26.0%
Other assets
16,396
11,644
17,265
+40.8%
Total assets
91,289
90,594
89,409
+0.8%
10-K for the year ended 31 December 2014, filed 5 February 2015: the filing.