RTX (RTX) FY2020 results: revenue $56.6 billion, up 24.8% on the year
RTX Corp. (RTX) reported revenue of $56.6 billion for fiscal 2020, the year ended 31 December 2020, up 24.8% on the year before. Net income was -$3.5 billion, and diluted earnings per share $-2.59. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2021.
Revenue
$56.6 billion
+24.8% on the year
FY2013FY2020
Operating margin
-3.3%
10.8% a year earlier
FY2013FY2020
Net income
-$3.5 billion
FY2013FY2020
Diluted EPS
-$2.59
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
56,587
45,349
34,701
+24.8%
Cost of revenue
48,056
34,598
27,465
+38.9%
Gross profit
8,531
10,751
7,236
-20.6%
Gross margin
15.1%
23.7%
20.9%
Research and development
2,582
2,452
1,878
+5.3%
Selling, general and administrative
5,540
3,711
2,864
+49.3%
Operating income
-1,889
4,914
2,877
Operating margin
-3.3%
10.8%
8.3%
Interest expense
1,366
1,591
1,032
-14.1%
Pre-tax income
-2,353
4,152
2,504
Income tax
575
421
1,098
+36.6%
Effective tax rate
n/a
10.1%
43.8%
Net income
-3,519
5,537
5,269
Net margin
-6.2%
12.2%
15.2%
Diluted EPS
-$2.59
$6.41
$6.50
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,606
8,883
6,322
-59.4%
Capital expenditure
1,795
1,868
1,467
-3.9%
Free cash flow
1,811
7,015
4,855
-74.2%
Free cash flow margin
3.2%
15.5%
14.0%
Cash from investing
3,343
-2,676
-17,259
Cash from financing
-3,860
-1,913
12,209
Depreciation and amortisation
4,156
2,708
1,896
+53.5%
Share-based compensation
330
268
169
+23.1%
Buybacks
47.0
151
325
-68.9%
Dividends paid
2,732
2,442
2,170
+11.9%
Dividend per share
$2.16
$2.94
$2.84
-26.5%
Diluted shares, weighted
1,358m
864m
810m
+57.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
72,163
41,774
38,446
+72.7%
Non-controlling interest
1,689
2,457
2,164
-31.3%
Redeemable equity
32.0
95.0
109
-66.3%
Debt
31,823
43,252
45,537
-26.4%
Operating lease liabilities
1,516
1,093
0.0
+38.7%
Other liabilities
54,930
51,045
47,955
+7.6%
Total liabilities and equity
162,153
139,716
134,211
+16.1%
Fixed assets
14,962
10,322
9,906
+45.0%
Goodwill
54,285
36,609
36,590
+48.3%
Intangible assets
40,539
24,473
24,642
+65.6%
Investments
881
0.0
n/a
Cash and equivalents
8,802
4,937
3,693
+78.3%
Receivables
9,254
8,743
9,602
+5.8%
Inventory
9,411
9,047
8,081
+4.0%
Other assets
24,019
45,585
41,697
-47.3%
Total assets
162,153
139,716
134,211
+16.1%
10-K for the year ended 31 December 2020, filed 8 February 2021: the filing.