RTX Corp. Q3 FY2023 results: revenue $13.5 billion, down 20.6% on the year

RTX Corp. (RTX) reported revenue of $13.5 billion for Q3 FY2023, the quarter ended 30 September 2023, down 20.6% on the same quarter a year earlier. Net income was -$984 million, and diluted earnings per share $-0.68. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2023.

Revenue$13.5 billiondown 20.6%

Net income-$984 million

Diluted EPS$-0.68

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	13,464	n/a	n/a	n/a
Research and development	712	n/a	n/a	n/a
Selling, general and administrative	1,401	n/a	n/a	n/a
Operating income	-1,396	n/a	n/a	n/a
Operating margin	-10.4%	n/a	n/a
Interest expense	369	n/a	n/a	n/a
Pre-tax income	-1,322	n/a	n/a	n/a
Income tax	-389	n/a	n/a	n/a
Net income	-984	n/a	n/a	n/a
Net margin	-7.3%	n/a	n/a
Diluted EPS	-$0.68	n/a	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	3,316	n/a	n/a	n/a
Capital expenditure	564	n/a	n/a	n/a
Free cash flow	2,752	n/a	n/a	n/a
Free cash flow margin	20.4%	n/a	n/a
Depreciation and amortisation	1,074	n/a	n/a	n/a
Share-based compensation	107	n/a	n/a	n/a
Buybacks	1,429	n/a	n/a	n/a
Dividends paid	838	n/a	n/a	n/a
Dividend per share	$0.00	n/a	n/a	n/a
Diluted shares, weighted	1,448m	n/a	n/a	n/a
Shares outstanding at period end	1,438m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	162,443	n/a	n/a	n/a
Cash and equivalents	5,456	n/a	n/a	n/a
Receivables	10,058	n/a	n/a	n/a
Inventory	12,050	n/a	n/a	n/a
Goodwill	53,883	n/a	n/a	n/a
Long-term debt including finance leases	32,701	n/a	n/a	n/a
Borrowings, as the company tags them	34,087	n/a	n/a	n/a
Operating lease liabilities	1,523	n/a	n/a	n/a
Shareholders' equity	69,596	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	13,464	19,927	19,305	19,721	20,089	21,623	20,306	21,581	22,478	24,238	22,076	24,708
R&D	712	757	669	706	751	808	637	697	684	789	627	726
SG&A	1,401	1,375	1,394	1,449	1,389	1,574	1,448	1,573	1,436	1,638	1,476	1,658
Operating income	-1,396	1,847	1,870	529	2,028	2,111	2,035	2,146	2,523	2,596	2,555	2,811
Operating margin	-10%	9%	10%	3%	10%	10%	10%	10%	11%	11%	12%	11%
Interest expense	369	488	405	475	496	486	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	-1,322	1,805	1,851	428	1,906	2,009	1,958	2,040	2,438	2,297	2,520	2,742
Tax rate	n/a	18%	6%	59%	19%	22%	17%	15%	18%	25%	14%	18%
Net income	-984	1,426	1,709	111	1,472	1,482	1,535	1,657	1,918	1,622	2,059	2,139
Net margin	-7%	7%	9%	1%	7%	7%	8%	8%	9%	7%	9%	9%
Diluted EPS	-$0.68	$1.04	$1.28	$0.08	$1.09	$1.10	$1.14	$1.22	$1.41	$1.19	$1.51	$1.57
Operating cash flow	3,316	4,711	342	2,733	2,523	1,561	1,305	458	4,639	4,165	1,855	3,547
Capital expenditure	564	805	467	537	552	1,069	513	530	614	970	546	669
Free cash flow	2,752	3,906	-125	2,196	1,971	492	792	-72.0	4,025	3,195	1,309	2,878
Buybacks	1,429	10,283	56.0	44.0	294	50.0	50.0	0.0	0.0	0.0	0.0	0.0
Dividends paid	838	767	769	823	823	802	840	910	910	914	915	983
Shares outstanding	1,438m	1,327m	1,330m	1,330m	1,331m	1,332m	1,336m	1,339m	1,341m	1,342m	1,347m	1,348m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 24 October 2023, accession 0000101829-23-000037: the filing on EDGAR. All of RTX Corp.'s filings: EDGAR company page.

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