RTX Corporation is a global aerospace and defense company that operates through three principal business segments: Collins Aerospace, Pratt & Whitney, and Raytheon. The company provides advanced aerospace and defense products and aftermarket service solutions for civil and military aircraft manufacturers, commercial airlines, and defense and commercial space operations . RTX sells electric power systems, environmental control systems, flight control systems, integrated avionics, aircraft engines, and advanced capabilities in integrated air and missile defense, smart weapons, missiles, and advanced sensors .
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Collins Aerospace - Provides advanced aerospace and defense products and aftermarket service solutions for civil and military aircraft manufacturers, commercial airlines, and defense and commercial space operations. Offerings include electric power systems, environmental control systems, flight control systems, and integrated avionics .
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Pratt & Whitney - Supplies aircraft engines for commercial, military, business jet, and general aviation customers. Produces engines for wide- and narrow-body aircraft and military aircraft such as the F-35 Lightning II .
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Raytheon - Delivers advanced capabilities in integrated air and missile defense, smart weapons, missiles, and advanced sensors for U.S. and foreign government and commercial customers .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher T. Calio ExecutiveBoard | President & CEO, Chairman (from April 30, 2025) | None | Christopher T. Calio became CEO on May 2, 2024, after serving as COO and President. He has been with RTX since 2005 and has held various leadership roles, including President of Pratt & Whitney. | View Report → |
Amy L. Johnson Executive | Corporate VP & Controller | None | Amy L. Johnson has been Corporate VP & Controller since September 2021. She oversees financial reporting and internal controls. Previously held finance leadership roles at Pratt & Whitney. | |
Dantaya M. Williams Executive | EVP & CHRO | None | Dantaya M. Williams has been EVP & CHRO since June 2020. She oversees RTX's human resources strategy, including workforce development and DE&I initiatives. | |
Neil G. Mitchill, Jr. Executive | EVP & CFO | None | Neil G. Mitchill, Jr. has been CFO since April 2021. He oversees RTX's financial strategy, including capital allocation and financial reporting. Previously held senior finance roles at Pratt & Whitney and UTC. | |
Philip J. Jasper Executive | President, Raytheon | None | Philip J. Jasper became President of Raytheon in January 2024. He has over 30 years of experience at RTX, previously leading Collins Aerospace's Mission Systems business unit. | |
Shane G. Eddy Executive | President, Pratt & Whitney | None | Shane G. Eddy has been President of Pratt & Whitney since March 2022. He focuses on engine production and sustainable propulsion technologies. Previously served as COO of Pratt & Whitney. | |
Troy Brunk Executive | President, Collins Aerospace | None | Troy Brunk became President of Collins Aerospace in July 2024. He has over 30 years of experience at RTX, previously leading multiple business units within Collins Aerospace. | |
Brian C. Rogers Board | Independent Director | Lowe’s Companies, Brookings Institution, Harvard Management Company, Johns Hopkins Medicine | Brian C. Rogers has been a director since 2016. He brings financial and investment expertise from his career at T. Rowe Price, where he served as Chairman and CIO. | |
Fredric G. Reynolds Board | Independent Lead Director | Pinterest, Inc. | Fredric G. Reynolds has been a director since 2016 and became Lead Director in December 2023. He brings financial and risk management expertise from his career at CBS Corporation and Viacom. | |
Leanne G. Caret Board | Independent Director | Deere & Company, FIRST, George W. Bush Institute Women’s Initiative, Kansas State University Foundation, USO Board of Governors, AIAA, Royal Aeronautical Society | Leanne G. Caret joined the RTX Board in January 2023. She brings extensive aerospace and defense expertise from her career at Boeing, where she served as President & CEO of Defense, Space & Security. | |
Robert O. Work Board | Independent Director | Govini, SparkCognition Government Services, System High | Robert O. Work has been a director since 2020. He brings defense and national security expertise from his roles as Deputy Secretary of Defense and Undersecretary of the Navy. | |
Tracy A. Atkinson Board | Independent Director | Citizens Financial Group, United States Steel Corporation, Affiliated Managers Group | Tracy A. Atkinson has been a director since 2020. She chairs the Human Capital & Compensation Committee and brings financial and risk management expertise from her career at State Street Corporation. |
- Given the challenges in the airborne and space systems leading to slower growth, can you elaborate on the specific strategies you're implementing to strengthen these areas, and what is the expected time frame for seeing tangible results?
- With the ongoing evaluation of your space business portfolio, how do you plan to address unprofitable segments, and what criteria will determine whether you invest further or exit these markets?
- Considering the importance of your GTF fleet management plan and the progress of powdered metal inspections, how confident are you in your current assumptions about fallout rates and financial impacts, and what potential risks could alter your outlook?
- As new defense technology companies gain traction, such as Palantir, how does RTX plan to stay competitive, and do you see these companies as competitive threats or potential partners?
- With the expectation of flat commercial OE at Collins and reliance on restarting shipments to Boeing, what contingency plans are in place if shipments don't resume as expected, and how will this affect your growth projections?
Research analysts who have asked questions during RTX earnings calls.
Gautam Khanna
TD Cowen
6 questions for RTX
Myles Walton
Wolfe Research, LLC
6 questions for RTX
Peter Arment
Robert W. Baird & Co.
6 questions for RTX
Scott Deuschle
Deutsche Bank
6 questions for RTX
Seth Seifman
JPMorgan Chase & Co.
6 questions for RTX
Sheila Kahyaoglu
Jefferies
6 questions for RTX
Gavin Parsons
UBS Group AG
5 questions for RTX
Scott Mikus
Melius Research
5 questions for RTX
David Strauss
Barclays
4 questions for RTX
Jason Gursky
Citigroup Inc.
4 questions for RTX
Kristine Liwag
Morgan Stanley
4 questions for RTX
Noah Poponak
Goldman Sachs
4 questions for RTX
Robert Stallard
Vertical Research Partners
4 questions for RTX
Ronald Epstein
Bank of America
4 questions for RTX
Douglas Harned
Sanford C. Bernstein & Co., LLC
3 questions for RTX
Doug Harned
Bernstein
2 questions for RTX
Ken Herbert
RBC Capital Markets
2 questions for RTX
Matthew Akers
Wells Fargo & Company
2 questions for RTX
Rob Stallard
Vertical Research
2 questions for RTX
Ron Epstein
Bank of America
2 questions for RTX
Kenneth Herbert
RBC Capital Markets
1 question for RTX
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Government | Defense prime/subcontractor (largest customer) | All | Accounted for 40% of total net sales in 2024 ($32,246 million). |
Airbus | Largest commercial customer for Pratt & Whitney (GTF engine programs) | Pratt & Whitney | Accounted for 31% of Pratt & Whitney’s total segment sales in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
FlightAware | 2021 | RTX acquired FlightAware, a digital aviation company that operates flight tracking and data platforms, to integrate its capabilities into the Collins Aerospace segment, enhancing digital aviation services such as health monitoring, diagnostics, and prognostics. The deal, agreed upon on August 30, 2021, was part of a combined $1.0 billion cash outlay (with SEAKR Engineering) and was subject to customary closing conditions, including regulatory approvals. |
SEAKR Engineering | 2021 | RTX acquired SEAKR Engineering, Inc., a supplier of advanced space electronics, to bolster its space-based capabilities within the Raytheon Intelligence & Space segment and improve the reliability of satellite bus hardware and customized space electronics. This strategic bolt-on acquisition, aimed at filling key technology gaps, was executed as part of the broader transaction with expected combined cash outflows of approximately $1.0 billion, subject to standard closing conditions and regulatory approvals. |
Recent press releases and 8-K filings for RTX.
- Adjusted sales were $22.5 billion, up 13% organically, driven by commercial aftermarket (+18%), OE (+10%), and defense (+10%) growth
- Adjusted segment operating profit increased 19% to $2.8 billion, with 70 bps margin expansion; adjusted EPS was $1.70, up 17%
- Free cash flow reached $4 billion in Q3, supporting a full-year free cash flow outlook of $7–7.5 billion
- Book-to-bill was 1.63, with backlog growing 13% y/y to $251 billion on $37 billion of new awards (defense $23 billion, commercial $14 billion)
- Full-year guidance raised: adjusted sales to $86.5–87 billion (8–9% organic growth) and EPS to $6.10–6.20
- $22.5 billion in adjusted sales, up 13% organic year-over-year.
- $2.8 billion in adjusted segment profit, a 19% increase with 70 bps margin expansion.
- $4.0 billion of free cash flow, up 104%.
- Order backlog reached $251 billion, up 13%, including $37 billion of new awards (over $8 billion in munitions and $3 billion supporting the F135 engine).
- Raised 2025 outlook: adjusted sales to $86.5 – $87.0 billion and adjusted EPS to $6.10 – $6.20, while maintaining free cash flow guidance.
- Q3 adjusted sales $22.5 B (+12% adj, +13% organically); adjusted operating profit $2.8 B (+19%); EPS $1.70 (+17%); free cash flow $4.0 B.
- Raised FY 2025 adjusted sales outlook to $86.5 B – $87.0 B (8 – 9% organic growth) and EPS to $6.10 – $6.20; FCF guidance maintained at $7.0 B – $7.5 B.
- Segment performance: Collins sales $7.6 B (+11% organic), profit +$98 M; Pratt sales $8.4 B (+16% organic), profit +$154 M; Raytheon sales $7.0 B (+10%), profit +$198 M.
- Book-to-bill 1.63 for RTX (1.71 YTD) and 2.27 for Raytheon; backlog $251 B (+13% YoY) after $37 B in Q3 orders.
- Returned $900 M via dividends and paid down $2.9 B of debt; completed divestitures including actuation and Simmons Precision for $765 M.
- RTX reported $22.5 billion in third-quarter sales, up 12% year-over-year and 13% organically.
- GAAP EPS was $1.41, and adjusted EPS was $1.70, up 17% versus Q3 2024.
- Operating cash flow totaled $4.6 billion, with free cash flow of $4.0 billion in the quarter.
- Company backlog stood at $251 billion, including $148 billion in commercial and $103 billion in defense.
- RTX raised its 2025 outlook to $86.5–87.0 billion in adjusted sales, $6.10–6.20 in adjusted EPS, and confirmed $7.0–7.5 billion in free cash flow.
- RTX delivered 12% sales growth to $22.5 billion and adjusted EPS of $1.70, up 17% year-over-year in Q3 2025.
- Generated $4.0 billion of free cash flow and entered the quarter with a $251 billion backlog.
- Returned $0.9 billion to shareowners, paid down $2.9 billion of debt, and completed the divestiture of Collins’ actuation and flight control business.
- Raised full-year 2025 outlook to $86.5–$87.0 billion of adjusted sales, $6.10–$6.20 of adjusted EPS, and confirmed $7.0–$7.5 billion of free cash flow.
- RTX’s Raytheon business delivered the first PhantomStrike radar to Korea Aerospace Industries for integration on the FA-50 Light Combat Aircraft fleet.
- PhantomStrike is a fully air-cooled, high-efficiency Gallium Nitride fire-control radar offering long-range threat detection at nearly half the cost of typical systems.
- Designed for size, weight and power-constrained platforms, PhantomStrike demonstrated air-to-air and air-to-ground performance in flight tests and a lab unit was delivered in August for integration testing.
- Production occurs in Forest, Mississippi; Tucson, Arizona; and Scotland, with support from Raytheon UK.
- RTX reported net income of $1.92 billion ($1.41 a share) and adjusted EPS of $1.70, with revenue up 12% to $22.48 billion in Q3 2025.
- The company secured $37 billion in new awards during the quarter, underpinning its performance and prompting guidance upgrades.
- Full-year outlook was raised to $6.10–$6.20 adjusted EPS (from $5.80–$5.95) and $86.5–$87.0 billion in sales.
- Growth was broad-based: Pratt & Whitney sales +16% to $8.42 billion; Collins Aerospace +8% to $7.62 billion; Raytheon defense +10%; backlog at $251 billion.
- EASA has validated type certification for Pratt & Whitney’s GTF Advantage engine, enabling entry into service in 2026.
- The engine received FAA certification earlier in 2025, marking dual regulatory approval.
- GTF Advantage offers 4% more takeoff thrust at sea level, 8% more at high altitude, enhanced fuel efficiency, and up to double the time on wing.
- It is fully intermixable with current GTF models and will become the production standard, with a Hot Section Plus (HS+) upgrade option providing 90–95% of its durability benefits.
- RTX commenced a $53 million expansion of its 23,000 sq ft Lower Tier Air and Missile Defense Sensor (LTAMDS) production facility in Andover, MA.
- The project will enhance capacity to accelerate delivery of next-generation LTAMDS radars for U.S. and international customers.
- Construction is scheduled to finish in late 2026, marking a significant ramp-up in production for hypersonic and advanced threat defense.
- RTX, through its Raytheon business, reported 2024 sales of over $80 billion, underscoring its scale in aerospace and defense.
- Germany has selected Raytheon's SPY-6(V)1 radar for installation on eight F127 frigates under a U.S. Navy foreign military sales contract, making it the first international customer.
- The agreement includes comprehensive support and services to adapt the radar system to the F127 design.
- SPY-6(V)1 features four array faces with 37 radar modular assemblies, delivering continuous, 360-degree situational awareness.
- Production will occur at Raytheon's 30,000-sq-ft Radar Development Facility in Andover, Mass..