RAYTHEON CO (RTN) [Rocket]

In millions, except per share items	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Fixed-price Contract	16,092	15,118	14,866	14,204	13,358
Missile Systems	8,726	8,298	7,787	7,096	6,569	6,309	6,599	6,639
Space & Airborne Systems	7,427	6,748	6,430	6,182	5,814	6,075	6,371	6,823
Intelligence, Information & Services	7,151	6,722	6,177	6,169	6,137	6,222	5,970	6,335
Other						4,220	4,766	4,617
Total revenues [+]	29,176	27,058	25,348	24,124	23,321	22,826	23,706	24,414
Products	29,176	27,058	25,348	24,124	19,623	19,126	19,855	20,380
Services					3,698	3,700	3,851	4,034
Revenue growth [+]	7.8%	6.7%	5.1%	3.4%	2.2%	-3.7%	-2.9%	-1.5%
Fixed-price Contract	6.4%	1.7%	4.7%	6.3%
Missile Systems	5.2%	6.6%	9.7%	8.0%	4.1%	-4.4%	-0.6%	-2.4%
Space & Airborne Systems	10.1%	4.9%	4.0%	6.3%	-4.3%	-4.6%	-6.6%	0.1%
Intelligence, Information & Services	6.4%	8.8%	0.1%	0.5%	-1.4%	4.2%	-5.8%	-2.1%
Integrated Defense Systems	12.1%	6.5%	5.0%	-5.5%	4.4%	-13.7%	0.0%	0.8%
Cost of goods sold [+]	21,413	19,573	18,340	17,507	17,608	17,295	18,532	19,092
Cost of product sales					14,563	14,260	15,292	15,712
Cost of services					3,045	3,035	3,240	3,380
Gross profit	7,763	7,485	7,008	6,617	5,713	5,531	5,174	5,322
Gross margin	26.6%	27.7%	27.6%	27.4%	24.5%	24.2%	21.8%	21.8%
Selling, general and administrative	2,989	2,947	2,777	2,721	2,646	2,352	2,236	2,333
Research and development
EBITDA [+]	5,379	5,106	4,781	4,411	3,556	3,618	3,383	3,444
EBITDA growth	5.3%	6.8%	8.4%	24.0%	-1.7%	6.9%	-1.8%	5.2%
EBITDA margin	18.4%	18.9%	18.9%	18.3%	15.2%	15.9%	14.3%	14.1%
Depreciation and amortization	605	568	550	515	489	439	445	455
EBIT [+]	4,774	4,538	4,231	3,896	3,067	3,179	2,938	2,989
EBIT growth	5.2%	7.3%	8.6%	27.0%	-3.5%	8.2%	-1.7%	5.6%
EBIT margin	16.4%	16.8%	16.7%	16.1%	13.2%	13.9%	12.4%	12.2%
Interest expense, net [+]	138	153	184	216	222	203	198	192
Interest expense	180	184	205	232	233	213	210	201
Interest income	42	31	21	16	11	10	12	9
Other income (expense), net	-650	-1,238	-934	-595	-4	7	17	-18
Pre-tax income	3,986	3,147	3,113	3,085	2,841	2,983	2,757	2,779
Income taxes	658	264	1,114	873	747	790	808	878
Tax rate	16.5%	8.4%	35.8%	28.3%	26.3%	26.5%	29.3%	31.6%
Minority interest	-14	-27	-23	-31	-3	14	17	12
Earnings from continuing ops	3,342	5,793	2,022	2,243	2,097	2,179	1,932	1,889
Earnings from discontinued ops	1	-1	2	1	13	65	64	-1
Net income	3,343	5,792	2,024	2,244	2,110	2,244	1,996	1,888
Net margin	11.5%	21.4%	8.0%	9.3%	9.0%	9.8%	8.4%	7.7%

Basic EPS [+]	$11.94	$20.22	$6.95	$7.56	$6.88	$6.98	$5.97	$5.67
Growth	-41.0%	191.1%	-8.2%	10.0%	-1.5%	16.9%	5.4%	7.9%
Diluted EPS [+]	$11.93	$20.20	$6.94	$7.56	$6.87	$6.97	$5.97	$5.65
Growth	-41.0%	191.1%	-8.2%	10.0%	-1.4%	16.7%	5.7%	8.2%

Dividends per share [+]	$3.77	$3.47	$3.19	$2.93	$2.68	$2.42	$2.20	$2.00
Growth	8.6%	8.8%	8.9%	9.3%	10.7%	10.0%	10.0%	16.3%

Shares outstanding (basic) [+]	280	287	291	297	305	312	323	333
Growth	-2.3%	-1.6%	-1.8%	-2.7%	-2.3%	-3.5%	-2.9%	-5.3%
Shares outstanding (diluted) [+]	280	287	291	297	305	313	323	334
Growth	-2.3%	-1.6%	-1.8%	-2.8%	-2.4%	-3.3%	-3.2%	-5.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.