RTX (RTX) FY2019 results: revenue $45.3 billion, up 30.7% on the year
RTX Corp. (RTX) reported revenue of $45.3 billion for fiscal 2019, the year ended 31 December 2019, up 30.7% on the year before. Net income was $5.5 billion, up 5.1%, and diluted earnings per share $6.41. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2020.
Revenue
$45.3 billion
+30.7% on the year
FY2012FY2019
Operating margin
10.8%
8.3% a year earlier
FY2012FY2019
Net income
$5.5 billion
+5.1% on the year
FY2012FY2019
Diluted EPS
$6.41
-1.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
45,349
34,701
29,713
+30.7%
Cost of revenue
34,598
27,465
43,953
+26.0%
Gross profit
10,751
7,236
n/a
+48.6%
Gross margin
23.7%
20.9%
n/a
Research and development
2,452
1,878
1,876
+30.6%
Selling, general and administrative
3,711
2,864
2,387
+29.6%
Operating income
4,914
2,877
2,989
+70.8%
Operating margin
10.8%
8.3%
10.1%
Interest expense
1,591
1,032
922
+54.2%
Pre-tax income
4,152
2,504
2,522
+65.8%
Income tax
421
1,098
1,054
-61.7%
Effective tax rate
10.1%
43.8%
41.8%
Net income
5,537
5,269
4,552
+5.1%
Net margin
12.2%
15.2%
15.3%
Diluted EPS
$6.41
$6.50
$5.70
-1.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
8,883
6,322
n/a
+40.5%
Capital expenditure
1,868
1,467
1,556
+27.3%
Free cash flow
7,015
4,855
n/a
+44.5%
Free cash flow margin
15.5%
14.0%
n/a
Cash from investing
-2,676
-17,259
-3,127
Cash from financing
-1,913
12,209
2,438
Depreciation and amortisation
2,708
1,896
1,580
+42.8%
Share-based compensation
268
169
129
+58.6%
Buybacks
151
325
1,453
-53.5%
Dividends paid
2,442
2,170
2,074
+12.5%
Dividend per share
$2.94
$2.84
$2.72
+3.5%
Diluted shares, weighted
864m
810m
799m
+6.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
41,774
38,446
29,610
+8.7%
Non-controlling interest
2,457
2,164
1,811
+13.5%
Redeemable equity
95.0
109
131
-12.8%
Debt
43,252
45,537
27,485
-5.0%
Operating lease liabilities
1,093
0.0
n/a
Other liabilities
51,045
47,955
37,883
+6.4%
Total liabilities and equity
139,716
134,211
96,920
+4.1%
Fixed assets
10,322
9,906
10,186
+4.2%
Goodwill
36,609
36,590
27,910
+0.1%
Intangible assets
24,473
24,642
15,883
-0.7%
Investments
0.0
n/a
n/a
Cash and equivalents
4,937
3,693
6,108
+33.7%
Receivables
8,743
9,602
12,595
-8.9%
Inventory
9,047
8,081
9,881
+12.0%
Other assets
45,585
41,697
14,357
+9.3%
Total assets
139,716
134,211
96,920
+4.1%
10-K for the year ended 31 December 2019, filed 6 February 2020: the filing.