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United Technologies (UTX) Financials

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Annual Income Statements for United Technologies

Annual Income Statements for United Technologies

This table shows United Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 7,608 5,055 4,552 5,269 5,537 -3,519 3,864 5,197 3,195 4,774 6,732
Consolidated Net Income / (Loss)		 7,966 5,416 4,920 5,654 5,948 -3,295 4,112 5,308 3,380 5,013 7,069
Net Income / (Loss) Continuing Operations		 4,356 5,436 4,920 1,406 3,731 -2,928 4,145 5,327 3,380 5,013 7,069
Total Pre-Tax Income 		6,467 7,133 7,763 2,504 4,152 -2,353 5,109 6,117 3,836 6,194 8,733
Total Operating Income		 7,291 8,221 8,138 2,877 4,914 -1,889 5,136 5,504 3,561 6,538 9,300
Total Gross Profit		 15,667 15,773 15,636 7,236 10,751 8,531 12,491 13,668 12,089 15,410 17,789
Total Revenue		 56,098 57,244 59,837 34,701 45,349 56,587 64,388 67,074 68,920 80,738 88,603
Operating Revenue		 56,098 57,244 59,837 34,701 45,349 56,587 64,388 67,074 68,920 80,738 88,603
Total Cost of Revenue		 40,431 41,471 44,201 27,465 34,598 48,056 51,897 53,406 56,831 65,328 70,814
Operating Cost of Revenue		 40,431 41,471 44,201 27,465 34,598 48,056 51,897 53,406 56,831 65,328 70,814
Total Operating Expenses		 8,376 7,552 7,498 4,359 5,837 10,420 7,355 8,164 8,528 8,872 8,489
Selling, General & Admin Expense		 6,097 5,958 6,429 2,864 3,711 5,540 5,046 5,573 5,809 5,806 6,095
Research & Development Expense		 2,279 2,376 2,427 1,878 2,452 2,582 2,732 2,711 2,805 2,934 2,807
Other Operating Expenses / (Income)		 0.00 -782 -1,358 -383 -326 -885 -423 -120 -86 132 -413
Total Other Income / (Expense), net		 -824 -1,088 -375 -373 -762 -464 -27 613 275 -344 -567
Interest & Investment Income		 - -49 534 - 829 902 1,944 - 275 -344 -567
Income Tax Expense		 2,111 1,697 2,843 1,098 421 575 964 790 456 1,181 1,664
Net Income / (Loss) Attributable to Noncontrolling Interest		 358 371 368 385 411 224 248 111 185 239 337
Basic Earnings per Share		 $8.72 $6.18 $5.76 $6.58 $6.48 ($2.59) $2.57 $3.52 $2.24 $3.58 $5.02
Weighted Average Basic Shares Outstanding		 872.70M 818.20M 790M 800.40M 854.80M 1.36B 1.50B 1.48B 1.43B 1.33B 1.34B
Diluted Earnings per Share		 $8.61 $6.12 $5.70 $6.50 $6.41 ($2.59) $2.56 $3.50 $2.23 $3.55 $4.96
Weighted Average Diluted Shares Outstanding		 883.20M 826.10M 799.10M 810.10M 863.90M 1.36B 1.51B 1.49B 1.44B 1.34B 1.36B
Weighted Average Basic & Diluted Shares Outstanding		 836.43M 818M 790.30M 800.80M 865.31M 1.52B 1.49B 1.46B 1.33B 1.33B 1.34B
Cash Dividends to Common per Share		 $2.56 $2.62 $2.72 $2.84 $2.94 $2.16 $2.01 $2.16 $2.32 $2.48 $2.67

Quarterly Income Statements for United Technologies

This table shows United Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -984 1,426 1,709 111 1,472 1,482 1,535 1,657 1,918 1,622 2,059
Consolidated Net Income / (Loss)		 -933 1,473 1,743 175 1,535 1,560 1,625 1,725 2,006 1,713 2,157
Net Income / (Loss) Continuing Operations		 -933 1,473 1,743 175 1,535 1,560 1,625 1,725 2,006 1,713 2,157
Total Pre-Tax Income 		-1,322 1,735 1,851 428 1,906 2,009 1,958 2,040 2,438 2,297 2,520
Total Operating Income		 -1,396 1,777 1,870 529 2,028 2,111 2,035 2,146 2,523 2,596 2,555
Total Gross Profit		 714 4,009 3,561 3,580 4,034 4,235 4,116 4,376 4,580 4,717 4,594
Total Revenue		 13,464 19,927 19,305 19,721 20,089 21,623 20,306 21,581 22,478 24,238 22,076
Operating Revenue		 13,464 19,927 19,305 19,721 20,089 21,623 20,306 21,581 22,478 24,238 22,076
Total Cost of Revenue		 12,750 15,918 15,744 16,141 16,055 17,388 16,190 17,205 17,898 19,521 17,482
Operating Cost of Revenue		 12,750 15,918 15,744 16,141 16,055 17,388 16,190 17,205 17,898 19,521 17,482
Total Operating Expenses		 2,110 2,232 1,691 3,051 2,006 2,124 2,081 2,230 2,057 2,121 2,039
Selling, General & Admin Expense		 1,401 1,445 1,394 1,449 1,389 1,574 1,448 1,573 1,436 1,638 1,476
Research & Development Expense		 712 757 669 706 751 808 637 697 684 789 627
Other Operating Expenses / (Income)		 -3.00 30 -372 896 -134 -258 -4.00 -40 -63 -306 -64
Total Other Income / (Expense), net		 74 -42 -19 -101 -122 -102 -77 -106 -85 -299 -35
Interest & Investment Income		 443 - -405 -101 -122 384 -77 -106 -85 67 -35
Income Tax Expense		 -389 262 108 253 371 449 333 315 432 584 363
Net Income / (Loss) Attributable to Noncontrolling Interest		 51 47 34 64 63 78 90 68 88 91 98
Basic Earnings per Share		 ($0.68) $1.03 $1.29 $0.08 $1.10 $1.11 $1.15 $1.24 $1.43 $1.20 $1.53
Weighted Average Basic Shares Outstanding		 1.44B 1.43B 1.33B 1.33B 1.33B 1.33B 1.34B 1.34B 1.34B 1.34B 1.35B
Diluted Earnings per Share		 ($0.68) $1.04 $1.28 $0.08 $1.09 $1.10 $1.14 $1.22 $1.41 $1.19 $1.51
Weighted Average Diluted Shares Outstanding		 1.44B 1.44B 1.33B 1.33B 1.33B 1.34B 1.34B 1.34B 1.34B 1.36B 1.35B
Weighted Average Basic & Diluted Shares Outstanding		 1.44B 1.33B 1.33B 1.33B 1.33B 1.33B 1.34B 1.34B 1.34B 1.34B 1.35B
Cash Dividends to Common per Share		 $0.00 - $0.59 $1.26 - - $0.63 $1.36 - - $0.68

Annual Cash Flow Statements for United Technologies

This table details how cash moves in and out of United Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1,630 69 -1,329 -2,806 1,208 1,412 -979 -1,562 335 -1,020 1,864
Net Cash From Operating Activities		 6,755 6,412 2,473 2,670 5,821 4,334 7,142 7,168 7,883 7,159 10,567
Net Cash From Continuing Operating Activities		 6,755 6,412 5,631 2,670 5,821 4,334 7,142 7,168 7,883 7,159 10,567
Net Income / (Loss) Continuing Operations		 4,356 5,436 4,920 1,406 3,731 -2,928 4,145 5,327 3,380 5,013 7,069
Consolidated Net Income / (Loss)		 - - 4,920 1,406 3,731 -2,928 4,145 5,327 3,380 5,013 7,069
Depreciation Expense		 1,863 1,962 2,140 1,896 2,708 4,156 4,557 4,108 4,211 4,364 4,378
Non-Cash Adjustments To Reconcile Net Income		 -77 317 -621 -874 -260 3,163 -2,005 -2,656 -1,622 -3,365 -2,562
Changes in Operating Assets and Liabilities, net		 613 -1,303 -808 242 -358 -57 445 389 1,914 1,147 1,682
Net Cash From Investing Activities		 -2,794 -2,509 -3,019 -17,259 -2,676 3,343 -1,364 -2,829 -3,039 -1,534 -1,265
Net Cash From Continuing Investing Activities		 -2,794 -2,509 -3,019 -17,259 -2,676 3,343 -1,364 -2,829 -3,039 -1,534 -1,265
Purchase of Property, Plant & Equipment		 -1,652 -1,699 -2,014 -1,467 -1,868 -1,795 -2,134 -2,288 -2,415 -2,625 -2,627
Acquisitions		 -975 -1,098 -611 -15,439 -360 -731 -1,396 -553 -751 -611 -492
Purchase of Investments		 -364 -438 -1,514 -988 -787 -280 -231 -150 -117 -218 -233
Divestitures		 200 211 70 74 134 5,764 1,879 94 6.00 1,795 1,931
Sale and/or Maturity of Investments		 160 249 596 140 342 -32 -16 -205 14 -142 118
Other Investing Activities, net		 -163 266 454 421 -137 417 534 273 224 267 38
Net Cash From Financing Activities		 -10,776 -1,188 -993 12,209 -1,913 -3,860 -6,756 -5,859 -4,527 -6,617 -7,486
Net Cash From Continuing Financing Activities		 -10,776 -1,188 -993 12,209 -1,913 -3,860 -6,756 -5,859 -4,527 -6,617 -7,486
Repayment of Debt		 -1,477 -3,347 -2,451 -2,890 -1,715 -18,419 -5,303 -447 -10,808 -2,956 -3,862
Repurchase of Common Equity		 -10,000 -2,254 -1,453 -325 -151 -47 -2,327 -2,803 -12,870 -444 -50
Payment of Dividends		 -2,184 -2,069 -2,074 -2,170 -2,442 -2,732 -2,957 -3,128 -3,239 -3,217 -3,574
Issuance of Debt		 1,744 6,469 4,954 13,579 -19 2,164 3,902 519 12,390 0.00 0.00
Other Financing Activities, net		 - - - 3,979 2,387 15,174 -71 - 10,000 0.00 0.00
Effect of Exchange Rate Changes		 -174 -120 210 -6.00 1.00 -22 -1.00 - 18 -28 48
Cash Interest Paid		 1,057 1,157 974 1,027 1,801 1,628 1,339 1,263 1,464 1,942 1,858
Cash Income Taxes Paid		 2,060 4,096 1,326 1,714 1,768 1,716 1,124 2,400 1,527 1,176 1,607

Quarterly Cash Flow Statements for United Technologies

This table details how cash moves in and out of United Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 65 1,129 -980 412 673 -1,125 -413 -366 1,177 1,466 -599
Net Cash From Operating Activities		 3,316 4,711 342 2,733 2,523 1,561 1,305 458 4,639 4,165 1,855
Net Cash From Continuing Operating Activities		 3,316 4,711 342 2,733 2,523 1,561 1,305 458 4,639 4,165 1,855
Net Income / (Loss) Continuing Operations		 -933 1,473 1,743 175 1,535 1,560 1,625 1,725 2,006 1,713 2,157
Consolidated Net Income / (Loss)		 -933 1,473 1,743 175 1,535 1,560 1,625 1,725 2,006 1,713 2,157
Depreciation Expense		 1,074 1,059 1,059 1,072 1,094 1,139 1,052 1,076 1,091 1,159 1,071
Non-Cash Adjustments To Reconcile Net Income		 -12 125 -1,537 -696 -1,217 2,181 -752 -543 -1,013 -254 -968
Changes in Operating Assets and Liabilities, net		 3,187 2,054 -923 2,182 1,111 -3,319 -620 -1,800 2,555 1,547 -405
Net Cash From Investing Activities		 -859 -978 693 -733 -715 -779 -678 -509 471 -549 -608
Net Cash From Continuing Investing Activities		 -859 -978 693 -733 -715 -779 -678 -509 471 -549 -608
Purchase of Property, Plant & Equipment		 -564 -805 -467 -537 -552 -1,069 -513 -530 -614 -970 -546
Acquisitions		 -222 -215 -163 -155 -129 -164 -104 -122 -121 -145 -98
Purchase of Investments		 - - -1.00 -28 - - - - - - 72
Other Investing Activities, net		 -16 127 41 -13 -66 305 -14 -49 -24 125 -36
Net Cash From Financing Activities		 -2,377 -2,618 -2,007 -1,584 -1,158 -1,868 -1,056 -353 -3,923 -2,154 -1,840
Net Cash From Continuing Financing Activities		 -2,377 -2,618 -2,007 -1,584 -1,158 -1,868 -1,056 -353 -3,923 -2,154 -1,840
Repayment of Debt		 -181 -10,530 -1,182 -782 -29 -985 -166 -893 -1,569 -1,234 -925
Repurchase of Common Equity		 -1,429 -10,283 -56 -44 -294 -50 -50 - - - 0.00
Payment of Dividends		 -838 -767 -769 -823 -823 -802 -840 -910 -910 -914 -915
Effect of Exchange Rate Changes		 -15 14 -8.00 - - - 16 38 -10 4.00 -6.00

Annual Balance Sheets for United Technologies

This table presents United Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 87,484 89,706 96,920 134,211 139,615 162,153 161,404 158,864 161,869 162,861 171,079
Total Current Assets		 26,706 28,550 32,858 35,503 61,577 43,376 42,050 42,443 48,417 51,133 60,332
Cash & Equivalents		 7,075 7,157 8,985 6,152 4,937 8,802 7,832 6,220 6,587 5,578 7,435
Accounts Receivable		 10,653 11,481 12,595 14,271 8,743 9,254 9,661 9,108 10,838 10,976 14,701
Inventories, net		 8,135 8,704 9,881 10,083 9,047 9,411 9,178 10,617 11,777 12,768 13,364
Other Current Assets		 843 1,208 1,397 4,997 7,027 15,909 15,379 16,498 19,215 21,811 24,832
Plant, Property, & Equipment, net		 8,732 9,158 10,186 12,297 10,322 14,962 14,972 15,170 15,748 16,089 16,868
Plant, Property & Equipment, gross		 - - - - - - - - - - 35,335
Accumulated Depreciation		 - - - - - - - - - - 18,467
Total Noncurrent Assets		 52,046 51,998 53,876 86,411 67,716 103,815 104,382 101,251 97,704 95,639 93,879
Noncurrent Note & Lease Receivables		 1,018 1,398 2,372 3,023 3,463 5,024 4,806 2,603 4,030 2,246 2,132
Goodwill		 27,301 27,059 27,910 48,112 36,609 54,285 54,436 53,840 53,699 52,789 53,343
Intangible Assets		 15,603 15,684 15,883 26,424 24,473 40,539 38,516 36,823 35,399 33,443 31,845
Other Noncurrent Operating Assets		 6,163 6,048 5,988 7,206 3,171 3,967 6,624 7,985 4,576 7,161 6,559
Total Liabilities & Shareholders' Equity		 87,484 89,706 96,920 134,211 139,615 162,153 161,404 158,864 161,869 162,861 171,079
Total Liabilities		 58,518 60,241 65,368 93,492 95,289 88,269 86,705 84,650 100,424 100,903 103,941
Total Current Liabilities		 22,618 21,906 24,391 31,368 46,594 35,848 35,449 39,114 46,761 51,499 58,784
Short-Term Debt		 1,105 2,204 2,496 4,345 5,551 797 158 1,220 1,472 2,535 3,616
Accounts Payable		 6,875 7,483 9,579 11,080 7,816 8,639 8,751 9,896 10,698 12,897 15,895
Accrued Expenses		 14,638 12,219 12,316 10,223 8,417 10,517 10,162 10,999 14,917 14,831 14,350
Current Deferred Revenue		 - - - - - - - - - - 21,615
Current Employee Benefit Liabilities		 - - - - 1,353 3,006 2,658 2,401 2,491 2,620 3,308
Total Noncurrent Liabilities		 35,900 38,335 40,977 62,124 48,695 52,421 51,256 45,536 53,663 49,404 45,157
Long-Term Debt		 19,320 21,697 24,989 41,192 37,701 31,026 31,327 30,694 42,355 38,726 34,288
Noncurrent Employee Benefit Liabilities		 6,022 5,612 3,036 4,018 2,487 10,342 7,855 4,807 2,385 2,104 2,067
Other Noncurrent Operating Liabilities		 10,558 11,026 12,952 11,845 8,507 11,053 12,074 10,035 8,923 8,574 8,802
Commitments & Contingencies		 0.00 0.00 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 122 296 131 109 95 32 35 36 35 35 36
Total Equity & Noncontrolling Interests		 28,844 29,169 31,421 40,610 44,231 73,852 74,664 74,178 61,410 61,923 67,102
Total Preferred & Common Equity		 27,358 27,579 29,610 38,446 41,774 72,163 73,068 72,632 59,798 60,156 65,245
Total Common Equity		 27,358 27,579 29,610 38,446 41,774 72,163 73,068 72,877 59,798 60,156 65,245
Common Stock		 16,033 17,285 17,574 22,514 23,019 36,930 37,483 37,939 37,055 37,434 38,126
Retained Earnings		 49,956 52,873 55,242 57,823 61,594 49,423 50,265 52,269 52,154 53,589 56,718
Treasury Stock		 -30,907 -34,150 -35,596 -32,482 -32,626 -10,407 -12,727 -15,285 -26,977 -27,112 -26,881
Accumulated Other Comprehensive Income / (Loss)		 -7,619 -8,334 -7,525 -9,333 -10,149 -3,734 -1,915 -2,018 -2,419 -3,755 -2,718
Noncontrolling Interest		 1,486 1,590 1,811 2,164 2,457 1,689 1,596 1,546 1,612 1,767 1,857

Quarterly Balance Sheets for United Technologies

This table presents United Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 162,161 162,443 161,869 160,187 161,169 164,822 162,861 164,864 167,139 168,672 170,431
Total Current Assets		 45,915 46,518 48,417 48,023 49,225 51,764 51,133 52,916 54,657 57,118 60,009
Cash & Equivalents		 5,391 5,456 6,587 5,607 6,011 6,682 5,578 5,157 4,782 5,966 6,818
Accounts Receivable		 9,903 10,058 10,838 10,280 10,252 10,097 10,976 11,426 12,385 12,837 12,945
Inventories, net		 11,997 12,050 11,777 12,386 13,047 13,465 12,768 13,618 14,012 13,806 14,153
Other Current Assets		 18,624 18,954 19,215 19,750 19,915 21,520 21,811 22,715 23,478 24,509 26,093
Plant, Property, & Equipment, net		 15,295 15,347 15,748 15,638 15,693 15,886 16,089 16,135 16,205 16,325 16,842
Plant, Property & Equipment, gross		 30,175 30,554 - 31,623 32,062 32,711 - 33,348 33,947 34,370 35,681
Accumulated Depreciation		 14,880 15,207 - 15,985 16,369 16,825 - 17,213 17,742 18,045 18,839
Total Noncurrent Assets		 100,951 100,578 97,704 96,526 96,251 97,172 95,639 95,813 96,277 95,229 93,580
Noncurrent Note & Lease Receivables		 2,457 4,207 4,030 3,998 3,984 2,306 4,110 4,034 3,973 3,970 3,814
Goodwill		 54,122 53,883 53,699 53,644 53,347 53,759 52,789 53,045 53,327 53,311 53,276
Intangible Assets		 36,234 35,865 35,399 34,960 34,503 34,159 33,443 33,116 32,748 32,260 31,482
Other Noncurrent Operating Assets		 8,138 6,623 4,576 3,924 4,417 6,948 5,297 5,618 6,229 5,688 5,008
Total Liabilities & Shareholders' Equity		 162,161 162,443 161,869 160,187 161,169 164,822 162,861 164,864 167,139 168,672 170,431
Total Liabilities		 88,074 91,197 100,424 98,050 100,488 101,963 100,903 101,520 102,892 102,279 102,397
Total Current Liabilities		 41,760 45,002 46,761 45,019 49,565 52,247 51,499 52,624 54,332 53,234 58,579
Short-Term Debt		 2,630 2,559 1,472 510 1,848 3,333 2,535 3,056 3,719 799 4,439
Accounts Payable		 10,128 10,315 10,698 10,522 10,939 11,834 12,897 13,444 13,433 14,552 15,979
Accrued Expenses		 11,719 14,283 14,917 15,006 17,048 15,971 14,831 15,219 15,861 14,835 14,217
Current Employee Benefit Liabilities		 2,121 2,597 2,491 1,862 2,065 2,673 2,620 1,867 2,133 2,937 2,004
Other Current Liabilities		 15,162 15,248 17,183 17,119 17,665 - 18,616 19,038 19,186 20,111 21,940
Total Noncurrent Liabilities		 46,314 46,195 53,663 53,031 50,923 49,716 49,404 48,896 48,560 49,045 43,818
Long-Term Debt		 32,723 32,701 42,355 42,334 40,303 38,823 38,726 38,244 38,259 38,260 32,974
Noncurrent Employee Benefit Liabilities		 4,579 4,457 2,385 2,320 2,264 2,230 2,104 2,060 2,038 1,981 2,015
Other Noncurrent Operating Liabilities		 9,012 9,037 8,923 8,377 8,356 8,663 8,574 8,592 8,263 8,804 8,829
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 31 33 35 37 31 33 35 37 41 34 37
Total Equity & Noncontrolling Interests		 74,056 71,213 61,410 62,100 60,650 62,826 61,923 63,307 64,206 66,359 67,997
Total Preferred & Common Equity		 72,480 69,596 59,798 60,485 58,985 61,114 60,156 61,516 62,398 64,514 66,280
Total Common Equity		 72,480 69,596 59,798 60,485 58,985 61,114 60,156 61,516 62,398 64,514 66,280
Common Stock		 38,228 38,388 37,055 37,108 37,302 37,276 37,434 37,515 37,680 37,869 38,178
Retained Earnings		 52,489 51,513 52,154 53,052 51,488 52,948 53,589 54,277 54,104 56,014 57,861
Treasury Stock		 -16,713 -18,170 -26,977 -27,029 -27,080 -27,141 -27,112 -27,069 -26,995 -26,937 -26,814
Accumulated Other Comprehensive Income / (Loss)		 -1,502 -2,116 -2,419 -2,635 -2,718 -1,969 -3,755 -3,207 -2,391 -2,432 -2,945
Noncontrolling Interest		 1,576 1,617 1,612 1,615 1,665 1,712 1,767 1,791 1,808 1,845 1,717

Annual Metrics And Ratios for United Technologies

This table displays calculated financial ratios and metrics derived from United Technologies' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.11% 2.04% 4.53% -42.01% 30.69% 24.78% 13.79% 4.17% 2.75% 17.15% 9.74%
EBITDA Growth		 -19.79% 11.24% 0.93% -47.15% 40.32% -70.26% 327.57% 18.65% -32.42% 40.27% 25.46%
EBIT Growth		 -24.00% 12.76% -1.01% -56.55% 38.97% -138.44% 371.89% 43.94% -51.83% 83.60% 42.25%
NOPAT Growth		 -31.05% 27.57% -17.68% -68.68% 173.35% -129.95% 415.13% 15.03% -34.54% 68.64% 42.27%
Net Income Growth		 20.28% -32.01% -9.16% 14.92% 5.20% -155.40% 224.80% 29.09% -36.32% 48.31% 41.01%
EPS Growth		 26.25% -28.92% -6.86% 14.92% 5.20% -140.41% 198.84% 36.72% -36.29% 59.19% 39.72%
Operating Cash Flow Growth		 -3.21% -5.08% -61.43% 7.97% 118.02% -25.55% 64.79% 0.36% 9.97% -9.18% 47.60%
Free Cash Flow Firm Growth		 -30.05% -69.13% -44.58% -2,263.03% 167.73% -271.18% 108.25% 19.02% 34.71% 45.28% 19.36%
Invested Capital Growth		 -6.15% 9.20% 8.32% 60.04% -18.53% 48.49% 1.49% 1.58% -1.22% -1.06% -0.03%
Revenue Q/Q Growth		 5.55% 0.63% 1.74% -45.90% 66.05% 27.30% 0.98% 1.59% 2.73% 2.15% 3.04%
EBITDA Q/Q Growth		 -18.96% 15.15% 1.60% -49.54% 134.67% 32.50% 16.14% 19.12% 3.15% 3.95% 3.83%
EBIT Q/Q Growth		 -22.66% 18.71% 1.37% -58.10% 348.36% 4.50% 35.87% 35.63% 6.78% 5.38% 5.50%
NOPAT Q/Q Growth		 -26.47% 32.28% -15.26% -70.63% 624.84% 4.50% 25.96% 3.73% 5.96% 2.50% 4.28%
Net Income Q/Q Growth		 28.75% -29.47% -10.97% 5.84% 10.78% -52.19% 14.64% 15.09% 0.15% 1.77% 2.21%
EPS Q/Q Growth		 33.08% -28.92% -11.90% 5.84% 10.78% -56.97% 15.84% 15.51% 3.72% 1.72% 1.85%
Operating Cash Flow Q/Q Growth		 12.56% -11.90% -50.09% -27.45% 104.32% 1.05% 33.47% 25.73% 1.06% -30.56% 32.70%
Free Cash Flow Firm Q/Q Growth		 -26.06% -51.37% -29.56% -663.84% 168.13% -133.02% 665.56% 111.90% 149.86% -19.59% 24.66%
Invested Capital Q/Q Growth		 -9.54% -0.92% -1.58% 56.11% -18.62% 4.25% 1.67% 0.07% -2.34% -0.70% -1.89%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.93% 27.55% 26.13% 20.85% 23.71% 15.08% 19.40% 20.38% 17.54% 19.09% 20.08%
EBITDA Margin		 16.32% 17.79% 17.18% 15.65% 16.81% 4.01% 15.05% 17.15% 11.28% 13.50% 15.44%
Operating Margin		 13.00% 14.36% 13.60% 8.29% 10.84% -3.34% 7.98% 8.21% 5.17% 8.10% 10.50%
EBIT Margin		 13.00% 14.36% 13.60% 10.19% 10.84% -3.34% 7.98% 11.02% 5.17% 8.10% 10.50%
Profit (Net Income) Margin		 14.20% 9.46% 8.22% 16.29% 13.12% -5.82% 6.39% 7.91% 4.90% 6.21% 7.98%
Tax Burden Percent		 123.18% 75.93% 63.38% 225.80% 143.26% 140.03% 80.49% 86.77% 88.11% 80.93% 80.95%
Interest Burden Percent		 88.70% 86.77% 95.39% 70.81% 84.49% 124.56% 99.47% 82.74% 107.72% 94.74% 93.90%
Effective Tax Rate		 32.64% 23.79% 36.62% 43.85% 10.14% 0.00% 18.87% 12.91% 11.89% 19.07% 19.05%
Return on Invested Capital (ROIC)		 11.24% 14.15% 10.72% 2.48% 6.08% -1.63% 4.27% 4.84% 3.16% 5.39% 7.71%
ROIC Less NNEP Spread (ROIC-NNEP)		 34.98% 8.51% 9.37% 16.44% 11.16% -10.61% 4.03% 6.92% 3.93% 4.63% 6.32%
Return on Net Nonoperating Assets (RNNOA)		 14.60% 4.38% 5.41% 13.16% 7.91% -3.94% 1.27% 2.29% 1.82% 2.73% 3.24%
Return on Equity (ROE)		 25.83% 18.54% 16.13% 15.65% 13.99% -5.57% 5.54% 7.13% 4.98% 8.12% 10.95%
Cash Return on Invested Capital (CROIC)		 17.58% 5.36% 2.73% -43.70% 26.50% -40.66% 2.79% 3.27% 4.39% 6.45% 7.75%
Operating Return on Assets (OROA)		 8.16% 9.28% 8.72% 3.06% 3.59% -1.25% 3.17% 4.62% 2.22% 4.03% 5.57%
Return on Assets (ROA)		 8.92% 6.11% 5.27% 4.89% 4.34% -2.18% 2.54% 3.31% 2.11% 3.09% 4.23%
Return on Common Equity (ROCE)		 24.54% 17.43% 15.11% 14.73% 13.19% -5.37% 5.41% 6.99% 4.87% 7.90% 10.64%
Return on Equity Simple (ROE_SIMPLE)		 29.12% 19.64% 16.62% 14.71% 14.24% -4.57% 5.63% 7.31% 5.65% 8.33% 0.00%
Net Operating Profit after Tax (NOPAT)		 4,911 6,265 5,158 1,615 4,416 -1,322 4,167 4,793 3,138 5,291 7,528
NOPAT Margin		 8.75% 10.94% 8.62% 4.66% 9.74% -2.34% 6.47% 7.15% 4.55% 6.55% 8.50%
Net Nonoperating Expense Percent (NNEP)		 -23.74% 5.64% 1.35% -13.95% -5.08% 8.98% 0.24% -2.09% -0.77% 0.76% 1.39%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 4.52% 2.98% 5.13% 7.17%
Cost of Revenue to Revenue		 72.07% 72.45% 73.87% 79.15% 76.29% 84.92% 80.60% 79.62% 82.46% 80.91% 79.92%
SG&A Expenses to Revenue		 10.87% 10.41% 10.74% 8.25% 8.18% 9.79% 7.84% 8.31% 8.43% 7.19% 6.88%
R&D to Revenue		 4.06% 4.15% 4.06% 5.41% 5.41% 4.56% 4.24% 4.04% 4.07% 3.63% 3.17%
Operating Expenses to Revenue		 14.93% 13.19% 12.53% 12.56% 12.87% 18.41% 11.42% 12.17% 12.37% 10.99% 9.58%
Earnings before Interest and Taxes (EBIT)		 7,291 8,221 8,138 3,536 4,914 -1,889 5,136 7,393 3,561 6,538 9,300
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 9,154 10,183 10,278 5,432 7,622 2,267 9,693 11,501 7,772 10,902 13,678
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.52 2.71 2.92 1.93 2.75 1.37 1.65 1.94 1.98 2.56 3.77
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.23 1.31 1.45 2.13 2.53 1.75 1.87 2.11 1.72 1.91 2.78
Price to Earnings (P/E)		 9.05 14.81 19.00 14.05 20.73 0.00 31.18 27.18 37.00 32.26 36.53
Dividend Yield		 3.30% 2.88% 2.51% 3.07% 2.21% 2.84% 2.49% 2.25% 2.82% 2.14% 1.46%
Earnings Yield		 11.05% 6.75% 5.26% 7.12% 4.82% 0.00% 3.21% 3.68% 2.70% 3.10% 2.74%
Enterprise Value to Invested Capital (EV/IC)		 1.98 2.02 2.14 1.44 2.38 1.28 1.48 1.69 1.59 1.96 2.85
Enterprise Value to Revenue (EV/Rev)		 1.49 1.63 1.79 3.33 3.43 2.19 2.26 2.52 2.28 2.37 3.14
Enterprise Value to EBITDA (EV/EBITDA)		 9.15 9.18 10.40 21.30 20.42 54.66 15.04 14.67 20.21 17.57 20.34
Enterprise Value to EBIT (EV/EBIT)		 11.49 11.37 13.14 32.72 31.67 0.00 28.38 22.83 44.12 29.29 29.92
Enterprise Value to NOPAT (EV/NOPAT)		 17.06 14.92 20.73 71.62 35.24 0.00 34.98 35.21 50.07 36.19 36.96
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.41 14.58 43.24 43.33 26.74 28.59 20.41 23.55 19.93 26.75 26.33
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.91 39.41 81.34 0.00 8.08 0.00 53.59 52.14 36.03 30.23 36.80
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.71 0.81 0.87 1.12 0.98 0.43 0.42 0.43 0.71 0.67 0.56
Long-Term Debt to Equity		 0.67 0.74 0.79 1.01 0.85 0.42 0.42 0.41 0.69 0.63 0.51
Financial Leverage		 0.42 0.52 0.58 0.80 0.71 0.37 0.31 0.33 0.46 0.59 0.51
Leverage Ratio		 2.90 3.03 3.06 3.20 3.22 2.55 2.18 2.15 2.36 2.63 2.59
Compound Leverage Factor		 2.57 2.63 2.92 2.26 2.72 3.18 2.17 1.78 2.55 2.49 2.43
Debt to Total Capital		 41.35% 44.79% 46.56% 52.79% 49.39% 30.10% 29.65% 30.07% 41.63% 39.97% 36.08%
Short-Term Debt to Total Capital		 2.24% 4.13% 4.23% 5.04% 6.34% 0.75% 0.15% 1.15% 1.40% 2.46% 3.44%
Long-Term Debt to Total Capital		 39.12% 40.66% 42.33% 47.76% 43.05% 29.35% 29.50% 28.92% 40.23% 37.52% 32.64%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.24% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 3.26% 3.53% 3.29% 2.64% 2.91% 1.63% 1.54% 1.49% 1.56% 1.75% 1.80%
Common Equity to Total Capital		 55.39% 51.68% 50.16% 44.57% 47.70% 68.27% 68.81% 68.67% 56.80% 58.28% 62.11%
Debt to EBITDA		 2.23 2.35 2.67 8.38 5.67 14.04 3.25 2.77 5.64 3.78 2.77
Net Debt to EBITDA		 1.46 1.64 1.80 7.25 5.03 10.15 2.44 2.23 4.79 3.27 2.23
Long-Term Debt to EBITDA		 2.11 2.13 2.43 7.58 4.95 13.69 3.23 2.67 5.45 3.55 2.51
Debt to NOPAT		 4.16 3.81 5.33 28.19 9.80 -24.07 7.56 6.66 13.97 7.80 5.04
Net Debt to NOPAT		 2.72 2.67 3.59 24.38 8.68 -17.41 5.68 5.36 11.87 6.74 4.05
Long-Term Debt to NOPAT		 3.93 3.46 4.85 25.50 8.54 -23.46 7.52 6.40 13.50 7.32 4.55
Altman Z-Score		 2.48 2.60 2.59 1.46 1.91 1.47 1.82 2.06 1.67 2.00 2.59
Noncontrolling Interest Sharing Ratio		 5.03% 5.98% 6.27% 5.83% 5.67% 3.61% 2.26% 1.99% 2.20% 2.79% 2.86%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.18 1.30 1.35 1.13 1.32 1.21 1.19 1.09 1.04 0.99 1.03
Quick Ratio		 0.78 0.85 0.88 0.65 0.29 0.50 0.49 0.39 0.37 0.32 0.38
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 7,684 2,372 1,315 -28,437 19,259 -32,966 2,720 3,237 4,361 6,335 7,562
Operating Cash Flow to CapEx		 408.90% 377.40% 122.79% 182.00% 311.62% 241.45% 334.68% 313.29% 326.42% 272.72% 402.25%
Free Cash Flow to Firm to Interest Expense		 9.33 2.28 1.45 -27.55 12.10 -24.13 1.38 2.54 2.90 3.40 0.00
Operating Cash Flow to Interest Expense		 8.20 6.17 2.72 2.59 3.66 3.17 3.62 5.62 5.24 3.84 0.00
Operating Cash Flow Less CapEx to Interest Expense		 6.19 4.54 0.51 1.17 2.48 1.86 2.54 3.82 3.63 2.44 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.63 0.65 0.64 0.30 0.33 0.38 0.40 0.42 0.43 0.50 0.53
Accounts Receivable Turnover		 5.32 5.17 4.97 2.58 3.94 6.29 6.81 7.15 6.91 7.40 6.90
Inventory Turnover		 5.13 4.93 4.76 2.75 3.62 5.21 5.58 5.40 5.08 5.32 5.42
Fixed Asset Turnover		 6.48 6.40 6.19 3.09 4.01 4.48 4.30 4.45 4.46 5.07 5.38
Accounts Payable Turnover		 6.16 5.78 5.18 2.66 3.66 5.84 5.97 5.73 5.52 5.54 4.92
Days Sales Outstanding (DSO)		 68.65 70.57 73.43 141.29 92.62 58.04 53.61 51.07 52.82 49.31 52.89
Days Inventory Outstanding (DIO)		 71.22 74.10 76.74 132.66 100.91 70.10 65.37 67.64 71.91 68.57 67.35
Days Payable Outstanding (DPO)		 59.24 63.18 70.45 137.28 99.67 62.49 61.15 63.72 66.13 65.91 74.20
Cash Conversion Cycle (CCC)		 80.62 81.48 79.72 136.68 93.85 65.65 57.83 54.99 58.60 51.96 46.03
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 42,316 46,209 50,052 80,104 65,261 96,905 98,352 99,908 98,685 97,641 97,607
Invested Capital Turnover		 1.28 1.29 1.24 0.53 0.62 0.70 0.66 0.68 0.69 0.82 0.91
Increase / (Decrease) in Invested Capital		 -2,773 3,893 3,843 30,052 -14,843 31,644 1,447 1,556 -1,223 -1,044 -34
Enterprise Value (EV)		 83,801 93,489 106,933 115,695 155,628 123,905 145,753 168,773 157,096 191,510 278,260
Market Capitalization		 68,843 74,859 86,491 74,037 114,761 99,163 120,469 141,247 118,209 154,025 245,898
Book Value per Share		 $30.84 $33.49 $37.08 $48.00 $48.39 $47.52 $48.82 $49.57 $41.59 $45.20 $48.66
Tangible Book Value per Share		 ($17.53) ($18.42) ($17.76) ($45.06) ($22.37) ($14.92) ($13.28) ($12.10) ($20.38) ($19.59) ($14.87)
Total Capital		 49,391 53,366 59,037 86,256 87,578 105,707 106,184 106,128 105,272 103,219 105,042
Total Debt		 20,425 23,901 27,485 45,537 43,252 31,823 31,485 31,914 43,827 41,261 37,904
Total Long-Term Debt		 19,320 21,697 24,989 41,192 37,701 31,026 31,327 30,694 42,355 38,726 34,288
Net Debt		 13,350 16,744 18,500 39,385 38,315 23,021 23,653 25,694 37,240 35,683 30,469
Capital Expenditures (CapEx)		 1,652 1,699 2,014 1,467 1,868 1,795 2,134 2,288 2,415 2,625 2,627
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,882 1,691 1,978 2,328 15,597 -477 -1,073 -1,671 -3,459 -3,409 -2,271
Debt-free Net Working Capital (DFNWC)		 5,193 8,848 10,963 8,480 20,534 8,325 6,759 4,549 3,128 2,169 5,164
Net Working Capital (NWC)		 4,088 6,644 8,467 4,135 14,983 7,528 6,601 3,329 1,656 -366 1,548
Net Nonoperating Expense (NNE)		 -3,055 849 238 -4,039 -1,532 1,973 55 -515 -242 278 459
Net Nonoperating Obligations (NNO)		 13,350 16,744 18,500 39,385 20,935 23,021 23,653 25,694 37,240 35,683 30,469
Total Depreciation and Amortization (D&A)		 1,863 1,962 2,140 1,896 2,708 4,156 4,557 4,108 4,211 4,364 4,378
Debt-free, Cash-free Net Working Capital to Revenue		 -3.35% 2.95% 3.31% 6.71% 34.39% -0.84% -1.67% -2.49% -5.02% -4.22% -2.56%
Debt-free Net Working Capital to Revenue		 9.26% 15.46% 18.32% 24.44% 45.28% 14.71% 10.50% 6.78% 4.54% 2.69% 5.83%
Net Working Capital to Revenue		 7.29% 11.61% 14.15% 11.92% 33.04% 13.30% 10.25% 4.96% 2.40% -0.45% 1.75%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $5.11 $3.62 $3.37 $3.85 $3.80 ($2.59) $2.57 $3.52 $2.24 $3.58 $5.02
Adjusted Weighted Average Basic Shares Outstanding		 1.49B 1.40B 1.35B 1.37B 1.46B 1.36B 1.50B 1.48B 1.43B 1.33B 1.34B
Adjusted Diluted Earnings per Share		 $5.04 $3.59 $3.34 $3.81 $3.76 ($2.59) $2.56 $3.50 $2.23 $3.55 $4.96
Adjusted Weighted Average Diluted Shares Outstanding		 1.51B 1.41B 1.36B 1.38B 1.47B 1.36B 1.51B 1.49B 1.44B 1.34B 1.36B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $3.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.43B 1.38B 1.37B 1.47B 1.48B 1.52B 1.49B 1.46B 1.33B 1.33B 1.34B
Normalized Net Operating Profit after Tax (NOPAT)		 4,911 6,265 5,158 1,615 4,416 906 4,167 4,793 3,138 5,291 7,528
Normalized NOPAT Margin		 8.75% 10.94% 8.62% 4.66% 9.74% 1.60% 6.47% 7.15% 4.55% 6.55% 8.50%
Pre Tax Income Margin		 11.53% 12.46% 12.97% 7.22% 9.16% -4.16% 7.93% 9.12% 5.57% 7.67% 9.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.85 7.91 8.95 3.43 3.09 -1.38 2.61 5.79 2.37 3.51 0.00
NOPAT to Interest Expense		 5.96 6.03 5.67 1.57 2.78 -0.97 2.11 3.76 2.08 2.84 0.00
EBIT Less CapEx to Interest Expense		 6.84 6.28 6.74 2.00 1.91 -2.70 1.52 4.00 0.76 2.10 0.00
NOPAT Less CapEx to Interest Expense		 3.96 4.39 3.46 0.14 1.60 -2.28 1.03 1.96 0.48 1.43 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 27.42% 38.20% 42.15% 38.38% 41.06% -82.91% 71.91% 58.93% 95.83% 64.17% 50.56%
Augmented Payout Ratio		 152.95% 79.82% 71.69% 44.13% 43.59% -84.34% 128.50% 111.74% 476.60% 73.03% 51.27%

Quarterly Metrics And Ratios for United Technologies

This table displays calculated financial ratios and metrics derived from United Technologies' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 1,346,683,428.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 1,346,683,428.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.53
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -20.57% 10.14% 12.15% 7.68% 49.21% 8.51% 5.19% 9.43% 11.89% 12.09% 8.72%
EBITDA Growth		 -112.54% 9.12% 7.64% -46.35% 1,069.57% 14.60% 4.16% 101.25% 15.76% 15.54% 17.46%
EBIT Growth		 -191.84% 14.57% 10.85% -72.73% 245.27% 18.80% 6.43% 305.67% 24.41% 22.97% 25.55%
NOPAT Growth		 -177.29% 12.64% 27.99% -82.87% 267.14% 8.65% -4.09% 738.96% 27.10% 18.11% 29.49%
Net Income Growth		 -166.88% 0.34% 17.69% -87.12% 264.52% 5.91% -6.77% 885.71% 30.68% 9.81% 32.74%
EPS Growth		 -172.34% 8.33% 31.96% -91.11% 260.29% 5.77% -10.94% 1,425.00% 29.36% 8.18% 32.46%
Operating Cash Flow Growth		 326.22% 1.79% 139.63% 280.11% -23.91% -66.86% 281.58% -83.24% 83.87% 166.82% 42.15%
Free Cash Flow Firm Growth		 -19.94% 1,360.77% 349.74% 281.02% 298.35% -1.77% -70.63% -137.71% -78.78% -26.58% 93.22%
Invested Capital Growth		 1.22% -1.22% -3.50% -6.95% -2.69% -1.06% 0.11% 4.77% 1.17% -0.03% -0.86%
Revenue Q/Q Growth		 -26.49% 48.00% -3.12% 2.15% 1.87% 7.64% -6.09% 6.28% 4.16% 7.83% -8.92%
EBITDA Q/Q Growth		 -110.79% 980.75% 3.28% -45.34% 95.00% 4.10% 6.25% -6.69% 12.17% 3.90% -3.44%
EBIT Q/Q Growth		 -171.96% 227.29% 5.23% -71.71% 283.36% 4.09% 13.74% -10.62% 17.57% 2.89% -1.58%
NOPAT Q/Q Growth		 -177.40% 254.39% 16.72% -87.72% 655.10% 0.36% 3.03% 7.44% 14.40% -6.74% 12.96%
Net Income Q/Q Growth		 -168.65% 257.88% 18.33% -89.96% 777.14% 1.63% 4.17% 6.15% 16.29% -14.61% 25.92%
EPS Q/Q Growth		 -175.56% 252.94% 23.08% -93.75% 1,262.50% 0.92% 3.64% 7.02% 15.57% -15.60% 26.89%
Operating Cash Flow Q/Q Growth		 361.20% 42.07% -92.74% 699.12% -7.68% -38.13% -16.40% -64.90% 912.88% -10.22% -55.46%
Free Cash Flow Firm Q/Q Growth		 46.67% 224.55% 96.40% 38.76% -41.56% -38.32% -41.27% -278.14% 132.88% 113.45% 54.57%
Invested Capital Q/Q Growth		 -2.88% -2.34% 0.70% -2.57% 1.56% -0.70% 1.89% 1.97% -1.93% -1.89% 1.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 5.30% 20.12% 18.45% 18.15% 20.08% 19.59% 20.27% 20.28% 20.38% 19.46% 20.81%
EBITDA Margin		 -2.39% 14.23% 15.17% 8.12% 15.54% 15.03% 17.00% 14.93% 16.08% 15.49% 16.43%
Operating Margin		 -10.37% 8.92% 9.69% 2.68% 10.10% 9.76% 10.02% 9.94% 11.22% 10.71% 11.57%
EBIT Margin		 -10.37% 8.92% 9.69% 2.68% 10.10% 9.76% 11.82% 9.94% 11.22% 10.71% 11.57%
Profit (Net Income) Margin		 -6.93% 7.39% 9.03% 0.89% 7.64% 7.21% 8.00% 7.99% 8.92% 7.07% 9.77%
Tax Burden Percent		 70.57% 84.90% 94.17% 40.89% 80.54% 77.65% 82.99% 84.56% 82.28% 74.58% 85.60%
Interest Burden Percent		 94.70% 97.64% 98.98% 80.91% 93.98% 95.17% 81.55% 95.06% 96.63% 88.48% 98.63%
Effective Tax Rate		 0.00% 15.10% 5.83% 59.11% 19.46% 22.35% 17.01% 15.44% 17.72% 25.42% 14.40%
Return on Invested Capital (ROIC)		 -4.85% 5.25% 6.40% 0.79% 6.45% 6.24% 6.84% 7.09% 8.03% 7.25% 9.04%
ROIC Less NNEP Spread (ROIC-NNEP)		 -4.69% 5.14% 6.35% 0.67% 6.15% 6.02% 6.66% 6.85% 7.82% 6.58% 8.95%
Return on Net Nonoperating Assets (RNNOA)		 -1.90% 2.39% 3.06% 0.33% 2.99% 3.56% 3.90% 4.02% 4.15% 3.37% 4.55%
Return on Equity (ROE)		 -6.75% 7.64% 9.46% 1.12% 9.44% 9.79% 10.73% 11.11% 12.18% 10.62% 13.58%
Cash Return on Invested Capital (CROIC)		 1.74% 4.39% 7.04% 9.72% 7.90% 6.45% 5.12% 2.17% 6.13% 7.75% 8.97%
Operating Return on Assets (OROA)		 -4.34% 3.83% 4.27% 1.20% 4.88% 4.85% 5.95% 5.06% 5.79% 5.68% 6.24%
Return on Assets (ROA)		 -2.90% 3.18% 3.98% 0.40% 3.69% 3.59% 4.02% 4.07% 4.60% 3.75% 5.27%
Return on Common Equity (ROCE)		 -6.59% 7.47% 9.24% 1.09% 9.20% 9.52% 10.44% 10.79% 11.84% 10.31% 13.21%
Return on Equity Simple (ROE_SIMPLE)		 4.85% 0.00% 6.02% 4.17% 8.06% 0.00% 7.96% 10.33% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -977 1,509 1,761 216 1,633 1,639 1,689 1,815 2,076 1,936 2,187
NOPAT Margin		 -7.26% 7.57% 9.12% 1.10% 8.13% 7.58% 8.32% 8.41% 9.24% 7.99% 9.91%
Net Nonoperating Expense Percent (NNEP)		 -0.15% 0.11% 0.05% 0.12% 0.30% 0.22% 0.17% 0.24% 0.20% 0.67% 0.09%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.43% - - - 1.59% 1.61% 1.71% 1.97% 1.84% 2.07%
Cost of Revenue to Revenue		 94.70% 79.88% 81.55% 81.85% 79.92% 80.41% 79.73% 79.72% 79.62% 80.54% 79.19%
SG&A Expenses to Revenue		 10.41% 7.25% 7.22% 7.35% 6.91% 7.28% 7.13% 7.29% 6.39% 6.76% 6.69%
R&D to Revenue		 5.29% 3.80% 3.47% 3.58% 3.74% 3.74% 3.14% 3.23% 3.04% 3.26% 2.84%
Operating Expenses to Revenue		 15.67% 11.20% 8.76% 15.47% 9.99% 9.82% 10.25% 10.33% 9.15% 8.75% 9.24%
Earnings before Interest and Taxes (EBIT)		 -1,396 1,777 1,870 529 2,028 2,111 2,401 2,146 2,523 2,596 2,555
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -322 2,836 2,929 1,601 3,122 3,250 3,453 3,222 3,614 3,755 3,626
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.47 1.98 2.29 2.25 2.64 2.56 2.87 3.13 3.47 3.77 3.91
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.52 1.72 1.95 1.83 2.04 1.91 2.16 2.33 2.60 2.78 2.87
Price to Earnings (P/E)		 32.01 37.00 39.87 58.69 34.16 32.26 38.36 31.74 33.98 36.53 35.68
Dividend Yield		 3.25% 2.82% 2.45% 2.40% 2.01% 2.14% 1.90% 1.76% 1.57% 1.46% 1.41%
Earnings Yield		 3.12% 2.70% 2.51% 1.70% 2.93% 3.10% 2.61% 3.15% 2.94% 2.74% 2.80%
Enterprise Value to Invested Capital (EV/IC)		 1.32 1.59 1.79 1.76 2.02 1.96 2.16 2.31 2.60 2.85 2.95
Enterprise Value to Revenue (EV/Rev)		 1.99 2.28 2.50 2.36 2.51 2.37 2.62 2.80 3.01 3.14 3.22
Enterprise Value to EBITDA (EV/EBITDA)		 17.73 20.21 22.25 24.22 18.92 17.57 19.39 18.46 19.66 20.34 20.49
Enterprise Value to EBIT (EV/EBIT)		 40.06 44.12 47.42 61.37 31.98 29.29 31.99 28.14 29.38 29.92 29.66
Enterprise Value to NOPAT (EV/NOPAT)		 45.12 50.07 50.40 67.21 38.43 36.19 41.18 34.55 35.87 36.96 36.27
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.13 19.93 19.54 15.37 19.24 26.75 26.40 40.04 32.52 26.33 26.20
Enterprise Value to Free Cash Flow (EV/FCFF)		 76.55 36.03 24.91 17.47 25.18 30.23 42.09 108.67 42.69 36.80 32.77
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.49 0.71 0.69 0.69 0.67 0.67 0.65 0.65 0.59 0.56 0.55
Long-Term Debt to Equity		 0.46 0.69 0.68 0.66 0.62 0.63 0.60 0.60 0.58 0.51 0.48
Financial Leverage		 0.40 0.46 0.48 0.49 0.49 0.59 0.58 0.59 0.53 0.51 0.51
Leverage Ratio		 2.24 2.36 2.36 2.40 2.44 2.63 2.59 2.63 2.58 2.59 2.55
Compound Leverage Factor		 2.12 2.31 2.33 1.94 2.29 2.50 2.11 2.50 2.49 2.29 2.52
Debt to Total Capital		 33.11% 41.63% 40.81% 40.99% 40.14% 39.97% 39.47% 39.52% 37.04% 36.08% 35.48%
Short-Term Debt to Total Capital		 2.40% 1.40% 0.49% 1.80% 3.17% 2.46% 2.92% 3.50% 0.76% 3.44% 4.21%
Long-Term Debt to Total Capital		 30.70% 40.23% 40.33% 39.19% 36.97% 37.52% 36.55% 36.02% 36.28% 32.64% 31.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.55% 1.56% 1.57% 1.65% 1.66% 1.75% 1.75% 1.74% 1.78% 1.80% 1.66%
Common Equity to Total Capital		 65.34% 56.80% 57.62% 57.36% 58.20% 58.28% 58.79% 58.74% 61.18% 62.11% 62.86%
Debt to EBITDA		 4.68 5.64 5.37 5.98 4.02 3.78 3.73 3.31 2.97 2.77 2.63
Net Debt to EBITDA		 3.96 4.79 4.67 5.13 3.38 3.27 3.27 2.93 2.51 2.23 2.15
Long-Term Debt to EBITDA		 4.34 5.45 5.31 5.72 3.70 3.55 3.46 3.02 2.90 2.51 2.32
Debt to NOPAT		 11.91 13.97 12.16 16.61 8.17 7.80 7.93 6.19 5.41 5.04 4.66
Net Debt to NOPAT		 10.06 11.87 10.57 14.24 6.87 6.74 6.94 5.49 4.58 4.05 3.81
Long-Term Debt to NOPAT		 11.04 13.50 12.02 15.88 7.52 7.32 7.34 5.65 5.30 4.55 4.11
Altman Z-Score		 1.51 1.63 1.82 1.70 1.91 1.91 2.05 2.14 2.37 2.46 2.58
Noncontrolling Interest Sharing Ratio		 2.26% 2.20% 2.37% 2.45% 2.53% 2.79% 2.77% 2.84% 2.80% 2.86% 2.73%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.03 1.04 1.07 0.99 0.99 0.99 1.01 1.01 1.07 1.03 1.02
Quick Ratio		 0.34 0.37 0.35 0.33 0.32 0.32 0.32 0.32 0.35 0.38 0.34
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,193 2,732 5,365 7,444 4,350 2,683 1,576 -2,807 923 1,970 3,045
Operating Cash Flow to CapEx		 587.94% 585.22% 73.23% 508.94% 457.07% 146.02% 254.39% 86.42% 755.54% 429.38% 339.74%
Free Cash Flow to Firm to Interest Expense		 -5.94 5.60 13.25 15.67 8.77 5.52 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 8.99 9.65 0.84 5.75 5.09 3.21 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 7.46 8.00 -0.31 4.62 3.97 1.01 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.42 0.43 0.44 0.45 0.48 0.50 0.50 0.51 0.52 0.53 0.54
Accounts Receivable Turnover		 6.96 6.91 6.98 7.19 7.84 7.40 7.53 7.39 7.50 6.90 7.42
Inventory Turnover		 4.93 5.08 4.97 4.84 5.01 5.32 5.06 4.94 5.04 5.42 5.19
Fixed Asset Turnover		 4.47 4.46 4.61 4.67 5.06 5.07 5.15 5.24 5.34 5.38 5.48
Accounts Payable Turnover		 5.74 5.52 5.73 5.75 5.77 5.54 5.49 5.48 5.21 4.92 4.90
Days Sales Outstanding (DSO)		 52.48 52.82 52.30 50.79 46.54 49.31 48.46 49.42 48.67 52.89 49.22
Days Inventory Outstanding (DIO)		 74.04 71.91 73.44 75.48 72.92 68.57 72.15 73.88 72.46 67.35 70.29
Days Payable Outstanding (DPO)		 63.64 66.13 63.74 63.49 63.30 65.91 66.50 66.55 70.11 74.20 74.47
Cash Conversion Cycle (CCC)		 62.88 58.60 61.99 62.78 56.16 51.96 54.12 56.75 51.03 46.03 45.03
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 101,050 98,685 99,374 96,821 98,333 97,641 99,487 101,443 99,486 97,607 98,629
Invested Capital Turnover		 0.67 0.69 0.70 0.72 0.79 0.82 0.82 0.84 0.87 0.91 0.91
Increase / (Decrease) in Invested Capital		 1,216 -1,223 -3,604 -7,228 -2,717 -1,044 113 4,622 1,153 -34 -858
Enterprise Value (EV)		 133,596 157,096 177,547 170,595 198,391 191,510 214,424 234,121 258,950 278,260 291,276
Market Capitalization		 102,142 118,209 138,658 132,759 161,172 154,025 176,453 195,076 223,978 245,898 258,927
Book Value per Share		 $47.82 $41.59 $45.49 $44.37 $45.94 $45.20 $46.18 $46.71 $48.20 $48.66 $49.38
Tangible Book Value per Share		 ($13.85) ($20.38) ($21.15) ($21.71) ($20.15) ($19.59) ($18.50) ($17.72) ($15.73) ($14.87) ($13.77)
Total Capital		 106,506 105,272 104,981 102,832 105,015 103,219 104,644 106,225 105,452 105,042 105,447
Total Debt		 35,260 43,827 42,844 42,151 42,156 41,261 41,300 41,978 39,059 37,904 37,413
Total Long-Term Debt		 32,701 42,355 42,334 40,303 38,823 38,726 38,244 38,259 38,260 34,288 32,974
Net Debt		 29,804 37,240 37,237 36,140 35,474 35,683 36,143 37,196 33,093 30,469 30,595
Capital Expenditures (CapEx)		 564 805 467 537 552 1,069 513 530 614 970 546
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,381 -3,459 -2,093 -4,503 -3,832 -3,409 -1,809 -738 -1,283 -2,271 -949
Debt-free Net Working Capital (DFNWC)		 4,075 3,128 3,514 1,508 2,850 2,169 3,348 4,044 4,683 5,164 5,869
Net Working Capital (NWC)		 1,516 1,656 3,004 -340 -483 -366 292 325 3,884 1,548 1,430
Net Nonoperating Expense (NNE)		 -44 36 18 41 98 79 64 90 70 223 30
Net Nonoperating Obligations (NNO)		 29,804 37,240 37,237 36,140 35,474 35,683 36,143 37,196 33,093 30,469 30,595
Total Depreciation and Amortization (D&A)		 1,074 1,059 1,059 1,072 1,094 1,139 1,052 1,076 1,091 1,159 1,071
Debt-free, Cash-free Net Working Capital to Revenue		 -2.06% -5.02% -2.95% -6.22% -4.85% -4.22% -2.21% -0.88% -1.49% -2.56% -1.05%
Debt-free Net Working Capital to Revenue		 6.07% 4.54% 4.95% 2.08% 3.61% 2.69% 4.10% 4.84% 5.45% 5.83% 6.49%
Net Working Capital to Revenue		 2.26% 2.40% 4.23% -0.47% -0.61% -0.45% 0.36% 0.39% 4.52% 1.75% 1.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.68) $1.03 $1.29 $0.08 $1.10 $1.11 $1.15 $1.24 $1.43 $1.20 $1.53
Adjusted Weighted Average Basic Shares Outstanding		 1.44B 1.43B 1.33B 1.33B 1.33B 1.33B 1.34B 1.34B 1.34B 1.34B 1.35B
Adjusted Diluted Earnings per Share		 ($0.68) $1.04 $1.28 $0.08 $1.09 $1.10 $1.14 $1.22 $1.41 $1.19 $1.51
Adjusted Weighted Average Diluted Shares Outstanding		 1.44B 1.44B 1.33B 1.33B 1.33B 1.34B 1.34B 1.34B 1.34B 1.36B 1.35B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.44B 1.33B 1.33B 1.33B 1.33B 1.33B 1.34B 1.34B 1.34B 1.34B 1.35B
Normalized Net Operating Profit after Tax (NOPAT)		 -977 1,509 1,761 370 1,633 1,639 1,689 1,815 2,076 1,936 2,187
Normalized NOPAT Margin		 -7.26% 7.57% 9.12% 1.88% 8.13% 7.58% 8.32% 8.41% 9.24% 7.99% 9.91%
Pre Tax Income Margin		 -9.82% 8.71% 9.59% 2.17% 9.49% 9.29% 9.64% 9.45% 10.85% 9.48% 11.42%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.78 3.64 4.62 1.11 4.09 4.34 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -2.65 3.09 4.35 0.46 3.29 3.37 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -5.31 1.99 3.46 -0.02 2.98 2.14 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -4.18 1.44 3.19 -0.68 2.18 1.17 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 96.68% 95.83% 88.36% 130.07% 64.60% 64.17% 67.17% 52.37% 50.06% 50.56% 48.01%
Augmented Payout Ratio		 185.42% 476.60% 427.84% 610.62% 281.34% 73.03% 76.12% 58.48% 51.50% 51.27% 48.01%

Financials Breakdown Chart

Key Financial Trends

RTX has demonstrated a generally improving revenue trajectory with solid margins and growing operating cash flow over the last four years. The latest Q4 2025 data continues to show resilience in profitability and a strong cash-generation profile, even as the balance sheet remains meaningfully leveraged.

  • Revenue has trended higher over the period, rising from about $18.1B in Q4 2022 to $24.24B of operating revenue in Q4 2025 (latest quarter), a gain of roughly 34%.
  • Gross margins have remained stable in the roughly 19%–21% range across quarters, with Q4 2025 gross profit of about $4.72B on $24.24B in revenue (approximately 19.5% margin).
  • Net income attributable to common shareholders was about $1.62B in Q4 2025, with earnings per share around $1.20 (basic) and $1.19 (diluted), demonstrating continued profitability at the line item level.
  • Operating cash flow in late 2025 remained robust, with Net Cash From Continuing Operating Activities near $4.6B in Q3 2025 and about $4.17B in Q4 2025, supporting sizable free cash flow after capital investments (e.g., Q4 2025 capex around $0.97B ⇒ roughly $3.2B of free cash flow for that quarter).
  • The balance sheet shows solid liquidity indicators in 2025, with a healthy cash balance (about $6B in some periods), Total Current Assets roughly $57B and Total Current Liabilities around $53B, yielding a current ratio near 1.07 in recent quarters.
  • Leverage remains substantial but within a plausible range for a diversified industrials leader: Total Liabilities about $102B vs. Total Assets around $168.7B in late 2025, placing the enterprise at roughly 60% asset-financed by liabilities and a debt-to-asset ratio near 0.61.
  • R&D and selling, general & administrative expenses have trended higher along with revenue, making them a meaningful portion of operating expenses, though margins remain positive. This indicates ongoing investment in future growth rather than a cost-cutting pivot.
  • Capital allocation activity shows ongoing activity in acquisitions and divestitures, with modest net cash from these investing activities in 2025 (e.g., Q4 2025 divestitures and acquisitions totaling several hundred million dollars), consistent with a strategy of portfolio optimization.
  • Financing-outflow signals persist: net cash from financing activities has been negative in several quarters (e.g., Q4 2025 net financing around -$2.15B), reflecting debt servicing, dividends, and share repurchases rather than pure cash accumulation.
  • Debt load remains sizable, with long-term debt around $38B and total liabilities of about $102B by mid-2025, implying elevated interest and leverage risk should markets or demand shift, even as equity remains substantial.

Bottom line: RTX shows a solid, multi-year growth trajectory with stable margins and strong cash generation in the latest quarters, underpinned by a sizable but manageable balance sheet. The main caveats for investors are the ongoing leverage and cash outflows tied to financing and shareholder returns, which warrant monitoring as the company continues to invest in long-term programs and military/aerospace contracts.

05/09/26 03:25 AM ETAI Generated. May Contain Errors.

United Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, United Technologies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

United Technologies' net income appears to be on a downward trend, with a most recent value of $7.07 billion in 2025, falling from $7.97 billion in 2015. The previous period was $5.01 billion in 2024.

United Technologies' total operating income in 2025 was $9.30 billion, based on the following breakdown:
  • Total Gross Profit: $17.79 billion
  • Total Operating Expenses: $8.49 billion

Over the last 10 years, United Technologies' total revenue changed from $56.10 billion in 2015 to $88.60 billion in 2025, a change of 57.9%.

United Technologies' total liabilities were at $103.94 billion at the end of 2025, a 3.0% increase from 2024, and a 77.6% increase since 2015.

In the past 10 years, United Technologies' cash and equivalents has ranged from $4.94 billion in 2019 to $8.99 billion in 2017, and is currently $7.44 billion as of their latest financial filing in 2025.

Over the last 10 years, United Technologies' book value per share changed from 30.84 in 2015 to 48.66 in 2025, a change of 57.8%.


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Financial statements for NYSE:UTX last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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