RTX (RTX) FY2025 results: revenue $88.6 billion, up 9.7% on the year

RTX is an aerospace and defense company, selling systems and services to commercial, military and government customers worldwide. It serves both the original equipment and the aftermarket parts and services sides of the aerospace industry, and the defense business works as prime contractor or subcontractor across a broad portfolio of programs. It was incorporated in Delaware in 1934. Three segments carry it: Collins Aerospace, Pratt & Whitney and Raytheon.

Collins Aerospace

Collins makes the equipment that goes round an aircraft rather than the engine. The filing lists electric power generation and distribution, environmental control, flight controls, air data and sensing, engine control systems and components, engine nacelles including thrust reversers and mounting pylons, aircraft lighting, cargo and evacuation systems, landing gear, wheels and brakes, communication, navigation and surveillance, fire and ice detection, integrated avionics and propellers. It also builds complete cabin interiors, from seating and oxygen systems to galleys and lavatories, and supplies environmental control and power systems and extravehicular activity suits for human space exploration. Aftermarket work covers spare parts, overhaul and repair, engineering support, training, fleet and asset management. Boeing and Airbus together were 16% of Collins segment sales before discounts and incentives in 2025, as in 2024, against 19% in 2023. During 2025 Collins secured over $4 billion in long-term agreements for maintenance, repair and overhaul and for spare parts.

Pratt & Whitney

Pratt & Whitney makes aircraft engines: large engines for widebody, narrowbody and large regional aircraft, engines for fighter, bomber, tanker and transport aircraft, small engines for regional airlines, business aviation and helicopters, and military and commercial auxiliary power units, with fleet management and overhaul alongside. Airbus is its largest commercial customer, at 29% of segment sales before discounts and incentives in 2025, down from 31% and 48% in the two previous years. The PW1000G Geared Turbofan family powers more than 2,600 aircraft for over 90 operators across the Airbus A320neo family, the Airbus A220 and the Embraer E-Jets E2. The aftermarket network for it reached 21 facilities worldwide during 2025, lifting PW1100G-JM shop visit output by approximately 26% year over year. The GTF Advantage engine was certified by the FAA and the European Union Safety Agency for the A320neo family in 2025.

Raytheon

Raytheon is the missiles and sensors business, working as prime contractor or major subcontractor on programs for the US Department of War and its services, the Missile Defense Agency, federal civil customers and international and classified customers. Its range covers integrated air and missile defense, smart weapons, missiles, sensors and radars, interceptors, space-based systems and hypersonics. Named products include the Patriot air and missile defense system, AMRAAM, StormBreaker, Javelin, Excalibur, Stinger, the Tomahawk and Standard Missile 6, the AIM-9X Sidewinder, the SPY-6 and AN/TPY-2 radars, Standard Missile 3 and the Next Generation Jammer. The filing describes the major new contracts awarded in 2025: AMRAAM for the US Navy, Air Force and international customers, Guidance Enhanced Missiles for the NATO Support and Procurement Agency and an international customer, low-rate initial production of LTAMDS for the US Army and Poland, Iron Dome Tamir production, SM-3 interceptors, AN/SPY-6 radars and Stinger missiles. Demand also rose for Coyote, a low-cost expendable unmanned aircraft system able to operate in autonomous swarms.

Customers and order book

Sales to the US government were $33,279 million in 2025, 38% of total net sales, down as a share from 40% and 46% in the two years before, and that figure excludes foreign military sales made through the US government. International sales were $41,312 million, 47% of the total, up from 43% in each of the two prior years. Total backlog, which the company equates to its remaining performance obligations, was $268 billion at the end of 2025 against $218 billion a year earlier, and the filing states that approximately 25% of it is expected to be recognised over the following twelve months.

Making it, and the people

Manufacturing, production and overhaul run through approximately 225 facilities in approximately 25 countries. The supply chain is global, some products need relatively scarce raw materials, and the company is largely dependent on foreign sources for cobalt, tantalum, chromium, rhenium, nickel and titanium. The filing records disruptions in recent years affecting rare earth elements, microelectronics and certain commodities, driven by market constraints, inflation and labour shortages, and says it anticipates they will continue. There were approximately 180,000 employees at the end of 2025, including approximately 54,000 engineering professionals and approximately 32,000 represented by labour unions or other employee bodies, spread across 52 countries with 69% in the United States.

From RTX's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.