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RTX cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.1B in Q3 2026 · $9.5B over twelve months

Operating cash flow$2.9B
Capital spending−$749M
Free cash flow+$2.1B
Cash / net income1.1×

Analysis

In Q3 2026, RTX generated $2.9B of operating cash flow and spent $749M on capital projects, leaving free cash flow of $2.1B. That is $1.9B less than in Q3 2025 ($4.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $12.4B; the largest uses were dividends ($3.8B), capital spending ($2.9B), net borrowing (+) / repaid (−) ($1.7B); besides operations, cash came from asset & business sales ($743M); the cash balance rose by $3.2B.

Operating cash flow was $2.9B against net income of $2.7B — 1.1× profit, roughly in line with earnings. The largest differences: payables +$1.8B, depreciation & amortization +$1.1B, deferred revenue −$980M.

Free cash flow

RTX: free cash flow by quarterRTX: free cash flow by quarter$492MQ4 2024$792MQ1 2025−$72.0MQ2 2025$4.0BQ3 2025$3.2BQ4 2025$1.3BQ1 2026$2.9BQ2 2026$2.1BQ3 2026
Operating cash flow less capital spending.
RTX: operating cash flow against capital spendingRTX: operating cash flow against capital spendingOperating cash flowCapital spending$1.6B$1.1BQ4 2024$1.3B$513MQ1 2025$458M$530MQ2 2025$4.6B$614MQ3 2025$4.2B$970MQ4 2025$1.9B$546MQ1 2026$3.5B$669MQ2 2026$2.9B$749MQ3 2026
Latest (Q3 2026): Operating cash flow $2.9B, Capital spending $749M.

Capital allocation, year by year

RTX: where the cash came from (up) and went (down), by fiscal yearRTX: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $7.1BFY2021: Net borrowing −$305MFY2021: Shares issued $7.0MFY2021: Asset sales $1.9BFY2021: Capital spending −$2.1BFY2021: Acquisitions −$1.1BFY2021: Buybacks −$2.3BFY2021: Dividends −$3.0B$9.0BFY2021FY2022: Operating cash flow $7.2BFY2022: Net borrowing $687MFY2022: Shares issued $20.0MFY2022: Asset sales $94.0MFY2022: Capital spending −$2.3BFY2022: Acquisitions −$66.0MFY2022: Buybacks −$2.8BFY2022: Dividends −$3.1B$8.0BFY2022FY2023: Operating cash flow $7.9BFY2023: Net borrowing $11.8BFY2023: Shares issued $22.0MFY2023: Asset sales $6.0MFY2023: Capital spending −$2.4BFY2023: Buybacks −$12.9BFY2023: Dividends −$3.2B$19.7BFY2023FY2024: Operating cash flow $7.2BFY2024: Net borrowing −$2.5BFY2024: Shares issued $26.0MFY2024: Asset sales $1.8BFY2024: Capital spending −$2.6BFY2024: Buybacks −$444MFY2024: Dividends −$3.2B$9.0BFY2024FY2025: Operating cash flow $10.6BFY2025: Net borrowing −$3.4BFY2025: Asset sales $1.9BFY2025: Capital spending −$2.6BFY2025: Buybacks −$50.0MFY2025: Dividends −$3.6B$12.5BFY2025
Over these 5 years operating cash flow totalled $39.9B; the largest uses were buybacks ($18.5B) and dividends ($16.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.9B
Debt$37.4B
Net debt$27.5B
Due within a year$3.4B

RTX funds itself: free cash flow was $9.5B over the last twelve months, and $9.9B of cash and investments stands against $37.4B of debt ($3.4B due within a year, 2.9× covered by cash).

RTX: debt maturities by year (FY2025)RTX: debt maturities by year (FY2025)$3.4BYear 1$2.9BYear 2$3.5BYear 3$922MYear 4$1.6BYear 5$25.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $9.9B of cash and investments now.

Where the cash came from and went

RTX: sources (+) and uses (−) of cash, Q3 2026RTX: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.9BDividends−$984MCash drawn (+) / kept (−)−$838MCapital spending−$749MOther financing−$190MOther investing−$108MExchange rates$3.0MNet borrowing (+) / repaid (−)−$2.0M
RTX: sources (+) and uses (−) of cash, TTM to Q3 2026RTX: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$12.4BDividends−$3.8BCash drawn (+) / kept (−)−$3.2BCapital spending−$2.9BNet borrowing (+) / repaid (−)−$1.7BOther financing−$777MOther investing−$767MAsset & business sales$743MExchange rates−$12.0M

From profit to cash

RTX: net income to operating cash flow, Q3 2026RTX: net income to operating cash flow, Q3 2026Net income$2.7BDepreciation & amortization$1.1BStock-based pay$159MDeferred taxes$90.0MReceivables−$717MInventory−$543MPayables$1.8BDeferred revenue−$980MContract assets−$242MPrepaid and other assets−$552MOperating cash flow$2.9B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.9B−$749M—−$984M−$2.0M−$838M$2.1B
Q2 2026$3.5B−$669M—−$983M−$24.0M−$1.5B$2.9B
Q1 2026$1.9B−$546M—−$915M−$500M$599M$1.3B
Q4 2025$4.2B−$970M—−$914M−$1.1B−$1.5B$3.2B
Q3 2025$4.6B−$614M—−$910M−$1.5B−$1.2B$4.0B
Q2 2025$458M−$530M—−$910M−$780M$366M−$72.0M
Q1 2025$1.3B−$513M−$50.0M−$840M−$9.0M$413M$792M
Q4 2024$1.6B−$1.1B−$50.0M−$802M−$831M$1.1B$492M

RTX: income statement and cash flow

RTX, Q3 2026: revenue $25.0B (+11% year over year), operating margin 13.4%. The chart follows the revenue to costs, profit and cash.

RTX: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.