⚡What does RTX do, in 30 seconds?
RTX is an aerospace and defense company that provides systems and services to commercial, military and government customers worldwide 1. It reports three main businesses: Pratt & Whitney, Collins Aerospace and Raytheon 1. It sold $88.6bn ✓ in FY2025, and Pratt & Whitney made up 37% ✓ of that.
📱What does RTX sell?
RTX has three businesses. Pratt & Whitney was the largest in FY2025, at 37% ✓ of sales. Raytheon was 31% ✓ and Collins Aerospace 31% ✓.
Pratt & Whitney
Pratt & Whitney makes large engines for widebody, narrowbody and large regional aircraft. It also makes them for fighter, bomber, tanker and transport aircraft 1. Its small engines go on regional airlines, business aircraft and helicopters 1. It also does maintenance, repair and overhaul work 1. Its PW1000G Geared Turbofan family powers more than 2,600 aircraft for over 90 operators 1. Its F135 is the only engine that powers the F-35 Lightning II, which Lockheed Martin builds 1. Pratt & Whitney brought in $32.9bn ✓ in FY2025.
👥 Mainly aircraft makers, airlines and other operators, aircraft leasing firms, and the U.S. and foreign governments 1. Airbus is its largest commercial customer 1. It was 29% of this business's 2025 sales, measured before discounts and incentives 1.
Collins Aerospace
Collins makes aircraft systems such as electric power, flight control, landing gear, wheels and brakes 1. It also makes avionics and navigation systems, and whole cabin interiors such as seating and galleys 1. Its services include spare parts, overhaul and repair, training and fleet management 1. Collins brought in $27.6bn ✓ in FY2025.
👥 Aircraft makers, airlines, airports and other operators, the U.S. and foreign governments, defense contractors, repair firms and independent distributors 1. Boeing and Airbus together were 16% of Collins sales in 2025, before discounts and incentives 1.
Raytheon
Raytheon designs and provides air and missile defense systems, smart weapons, missiles, sensors and radars 1. It also works on interceptors, space-based systems and hypersonics 1. Its products include Patriot, Tomahawk, AMRAAM, AIM-9X Sidewinder, Standard Missile, NASAMS, Javelin and Stinger, and the SPY-6 radar 1. Raytheon brought in $27.9bn ✓ in FY2025.
👥 Raytheon is a prime contractor or major subcontractor for the U.S. Department of War, formerly the Department of Defense 1. It also serves U.S. federal civil customers, and international and classified customers 1. In 2025 its sales included $19,237 million to the U.S. government 3. Foreign military sales through that government added $4,480 million 3.
How the mix has shifted
Where the customers are
The United States is RTX's largest market, at 53% ✓ of FY2025 sales. Europe added 21% ✓, Asia Pacific 16% ✓, the Middle East and North Africa 4% ✓, and other regions 6% ✓. The U.S. government alone was 38% of 2025 net sales, not counting foreign military sales through it 24. International customers were 47% 24.
💸How does RTX make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
RTX sold $88.6bn ✓ of products and services in FY2025. Making those products and delivering those services cost $70.8bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $17.8bn ✓.
Next come the costs of running the company. Research and development took $2.8bn ✓, and selling and admin took $6.1bn ✓. Other operating items came to -$0.4bn ✓, which added to profit. What remains is operating profit, the profit from the main business, which was $9.3bn ✓. Items outside the main business came to -$0.9bn ✓, which reduced profit, and tax took $1.7bn ✓. That left net income of $6.7bn ✓. RTX kept 7.6% ✓ of sales as profit.
Out of every $100 customers paid in FY2025…
📈How is RTX doing?
RTX's sales and operating profit both rose in FY2025. Sales reached $88.6bn ✓, up 9.7% ✓ on FY2024. Operating margin reached 10.5% ✓, up from 8.1% ✓. Free cash flow was $7.9bn ✓, up from $4.5bn ✓.
In the four quarters to 30 September 2026, sales were $96.0bn ✓, up 11.6% ✓ on the four quarters before. Operating margin over those four quarters was 11.8% ✓, and free cash flow was $9.5bn ✓. In the third quarter of 2026, Pratt & Whitney recorded a $363 million charge related to a customer bankruptcy 35. Sales that quarter were $25.0 billion, up 11% from a year earlier and up 12% organically 35. Pratt & Whitney's commercial aftermarket sales rose 21% that quarter from a year earlier 35. Its commercial original equipment sales fell 5% 35. At Collins, commercial original equipment sales rose 23%, and commercial aftermarket sales rose 9%, organically and excluding divestitures 35.
RTX's backlog is the work it has been ordered to do but has not yet delivered. It was $340 billion at 30 September 2026 26. It was $268 billion at 31 December 2025 24. Of the September figure, $164 billion was defense and $176 billion commercial 26. In the third quarter of 2026, Raytheon booked about $23 billion for Tomahawk for the U.S. Navy 26. It also booked about $14.3 billion for AMRAAM for the U.S. Air Force 26. By 30 September 2026, RTX had recognized about $0.4 billion of approved refunds of International Emergency Economic Powers Act tariffs 29. About $0.3 billion of that had been received 29. On 2 June 2026, the U.S. government appealed the U.S. Court of International Trade's order to refund those tariffs 29. RTX said the appeal had not stopped importers from claiming and receiving refunds to date 29.
United Technologies and Raytheon Company merged on 3 April 2020, after the Carrier and Otis separations 3132. From FY2021 to FY2025, sales grew 8.3% ✓ a year. They rose in each of the 4 ✓ years from FY2022 to FY2025. Operating margin fell to 5.2% ✓ in FY2023, from 8.2% ✓ in FY2022. In the third quarter of 2023, RTX recorded a $5.4 billion net sales charge for the powder metal issue 9. That issue affects some Pratt & Whitney engine parts 307. Pratt & Whitney also recorded a pre-tax operating profit charge of $2.9 billion that quarter 7. That charge reflects its net 51% share of the PW1100 engine program 7. Pratt & Whitney shares revenues, costs and risks on engine programs with partners 1.
📝 The report card
RTX earns a B ✓ for steadiness and a C ✓ for growth. It earns a D ✓ for profitability, a D ✓ for cash generation and a D ✓ for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where RTX (orange) and its 5 peers land; further right is better.
Growth
RTX's sales grew 9.7% ✓ a year over its last three fiscal years, which earns a C ✓. General Dynamics grew 10.1% ✓ a year over the same span, a B ✓, and Lockheed Martin grew 4.4% ✓, a D ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, RTX kept 8.1% ✓ of sales as operating profit, a D ✓. Those years include a $2.9 billion pre-tax operating profit charge at Pratt & Whitney in the third quarter of 2023, for the powder metal issue 7. Lockheed Martin kept 10.9% ✓ over its last three years combined, a C ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, RTX turned 7.5% ✓ of sales into free cash flow, a D ✓. Lockheed Martin's figure was 8.6% ✓, also a D ✓. RTX's own figure for FY2025 alone was 9.0% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, RTX's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled -29.5% ✓ of a year's sales, a D ✓. That figure was -$26.1bn ✓ in dollars. At 30 September 2026, RTX had $9.9bn ✓ of cash and investments and $31.5bn ✓ of borrowings.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
RTX's yearly sales growth has a standard deviation of 6.5% ✓, a B ✓. That covers 4 ✓ years of growth, FY2022 to FY2025. Growth ranged from 2.8% ✓ in FY2023, a year that includes the $5.4 billion net sales charge 9, to 17.1% ✓ in FY2024.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how RTX compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
5 years at a glance
Where the cash goes
From FY2021 to FY2025, RTX paid out more than its free cash flow. It spent $34.6bn ✓ on buybacks and dividends, against $27.8bn ✓ of free cash flow. Buybacks were $12.9bn ✓ in FY2023 and $0.1bn ✓ in FY2025. In FY2025, buybacks and dividends together equalled 46% ✓ of free cash flow.
🧮Ratios 101: what are RTX's key financial ratios?
Ratios shrink RTX's large figures into simple comparisons with its own past and with its peers. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with RTX's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 RTX's gross margin of 20.1% ✓ compares with 20.4% ✓ in FY2022 and a peer median of 23.3% ✓.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 RTX's operating margin of 10.5% ✓ is up from 8.2% ✓ in FY2022 and close to the 10.8% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 RTX keeps 7.6% ✓ of sales as final profit, against 7.7% ✓ in FY2022 and a peer median of 10.0% ✓.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 RTX's ROE of 10.3% ✓ is up from 7.2% ✓ in FY2022 and below the 34.0% ✓ peer median. Its shareholders' equity was $65.2bn ✓ at the end of FY2025.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 RTX's ROA of 3.9% ✓ is up from 3.3% ✓ in FY2022 and below the 7.4% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 RTX's sales are 0.5x ✓ the value of everything it owns, against 0.4x ✓ in FY2022 and a peer median of 0.8x ✓.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 RTX holds 69 ✓ days of stock, down from 73 ✓ days in FY2022 and below the peer median of 85 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 RTX's 1.0x ✓ means $60.3bn ✓ of current assets against $58.8bn ✓ of bills due within a year. The peer median is 1.1x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 RTX's 0.5x ✓ compares with 0.4x ✓ in FY2022 and a peer median of 1.1x ✓.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 RTX turned profit into cash at 1.2x ✓ in FY2025, up from 0.9x ✓ in FY2022 and above the 0.9x ✓ peer median.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 RTX spends 3.2% ✓ of sales on its own R&D, down from 4.0% ✓ in FY2022 and close to the 3.1% ✓ peer median. Customer-funded R&D was another 5.5% of net sales in 2025 9.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 0.6% ✓ of sales, the same as 0.6% ✓ in FY2022 and a little above the 0.4% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 RTX returned 53.8% ✓ of FY2025 profit to shareholders, against 114.1% ✓ in FY2022 and a peer median of 103.4% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are RTX's competitors?
RTX competes with defense contractors and aerospace suppliers, and it also works with some of them. Lockheed Martin names RTX among its main competitors 141516. The two also make Javelin through a joint venture 141516. Northrop Grumman names RTX among its rivals in defense, intelligence and federal civil markets 117. Pratt & Whitney and GE Aerospace both sell commercial and defense aircraft engines 110.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| RTX (RTX, FY2025) | Aircraft engines, aircraft systems, and air and missile defense products | $88.6bn | 9.7% | 10.5% | 9.0% |
| GE Aerospace (GE, FY2025) | Commercial and defense aircraft engines; Pratt & Whitney and GE Aviation also share the Engine Alliance joint venture for GP7000 aftermarket support 110 | $45.9bn | 16.3% | 18.6% | 15.9% |
| Honeywell (HON, FY2025) | Honeywell's aerospace business competed with RTX until 29 June 2026, when it became the independent company Honeywell Aerospace 111213 | $37.4bn | 6.5% | 14.9% | 13.6% |
| Lockheed Martin (LMT, FY2025) | Missile and air defense products; the two also produce Javelin through a joint venture, and Pratt & Whitney's F135 powers the F-35 141516 | $75.0bn | 4.4% | 10.3% | 9.2% |
| Northrop Grumman (NOC, FY2025) | Missile defense products; Northrop Grumman also makes the third stage rocket motor for Standard Missile-3, which Raytheon provides 117 | $42.0bn | 4.7% | 10.8% | 7.9% |
| General Dynamics (GD, FY2025) | Defense electronics and command-and-control systems for government customers 181920 | $52.6bn | 10.1% | 10.2% | 7.5% |
Boeing names RTX among the main rivals of its defense business 3637. Collins counts Boeing among its largest commercial customers 3637. RTX says all of its businesses face significant competition 24. It says defense is changing, with more commercial rivals and new entrants 24.
🧭RTX SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- RTX's backlog was $340 billion at 30 September 2026 26.
- Pratt & Whitney's F135 exclusively powers the single-engine F-35 Lightning II 1.
- Many of RTX's aerospace customers are covered by long-term aftermarket service agreements at Collins and Pratt & Whitney 9.
- Free cash flow was $9.5bn ✓ in the four quarters to 30 September 2026.
🩹 Weaknesses
- Over the last three years combined, RTX kept 8.1% ✓ of sales as operating profit, a D ✓. That includes a $2.9 billion pre-tax operating profit charge for powder metal in the third quarter of 2023 7.
- The amount set aside for expected customer payments on the powder metal issue was $0.2 billion at 30 September 2026 287.
- RTX relies on single suppliers for some parts 24. It relies largely on foreign sources for certain raw materials, such as cobalt and titanium 24.
- In 2024, Raytheon Company made a deferred prosecution agreement with the Justice Department over payments on certain Middle East contracts since 2012 7. A required independent monitor was engaged in April 2026 7.
🚀 Opportunities
- RTX's defense bookings were about $96 billion in the first nine months of 2026, compared with about $44 billion a year earlier 26.
- In the third quarter and early fourth quarter of 2026, Raytheon won four undefinitized contract actions 29. One is for up to about $24.4 billion for Standard Missile-6 29.
- The GTF Advantage engine was certified for the A320neo family in 2025 by U.S. and EU regulators 1. RTX expects it to raise takeoff thrust by 4 to 8 percent 1.
- The GTF repair network reached 21 facilities worldwide, and repair shop output for the PW1100G-JM engine rose about 26% in 2025 1.
⚠️ Threats
- RTX lists durability problems with Geared Turbofan engines now in service among its risks 30. A finding that other engine models are materially affected by powder metal is another 30.
- Two U.S. government claims allege that Pratt & Whitney broke cost accounting rules, for about $1.7 billion plus interest and $1.1 billion plus interest 7. Pratt & Whitney says they are without merit and has appealed 7.
- A U.S. executive order may limit payouts to shareholders and executive pay incentives when defense contractors underperform on government contracts 29.
- U.S. government contracts generally carry a broad government right to terminate them for convenience 24.
🏰Does RTX have a moat?
Why 3?
RTX says Pratt & Whitney is among the world's leading suppliers of aircraft engines 1. Its PW1000G family powers more than 2,600 aircraft for over 90 operators 1. But RTX says its businesses compete on price, delivery, past performance and reliability 24. In defense, it says new rivals with different technology are appearing 24.
Why 4?
RTX says a customer's choice of engine or system can significantly affect later sales of parts and services 24. Many of its aerospace customers have long-term service agreements 9. In 2025, Collins secured over $4 billion of long-term repair and spare parts deals with several airlines 1. The F135 is the only engine that powers the F-35 1. RTX's September 2026 release calls Pratt & Whitney the sole source of propulsion for that fighter 25. In 2025, Pratt & Whitney's external services sales were $14,449 million 3. But RTX says customers may buy parts from other suppliers 24. It says some rivals offer discounts to win this work 24.
Why 3?
RTX's 2025 segment operating margins were 16.3% at Collins Aerospace, 7.9% at Pratt & Whitney and 11.5% at Raytheon 3. Company-funded R&D was $2,807 million in 2025, or 3.2% of net sales, and customer-funded R&D was $4,886 million, or 5.5% 9. RTX has about 225 manufacturing, production or overhaul sites in about 25 countries 24. Pratt & Whitney's 2025 sales included $23,560 million of commercial aerospace sales 3. But RTX says many rivals have substantial financial resources 24.
Why 3?
RTX holds patents, trademarks, trade secrets and licenses 24. It says the end of any one right would not materially affect its business 24. Governments and commercial customers hold licenses to some of its intellectual property 24. Defense work needs staff with security clearances, and some products need U.S. export licenses 24. Aerospace rivals also get regulators' approval to make products and spare parts 24. RTX says some government bids ask for wider intellectual property rights 24. U.S. government contracts generally carry a broad right to end them for convenience 24.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is RTX; grey dots are peers).
🔭What should you watch next?
Grounded A320neo aircraft
Pratt & Whitney expects the number of A320neo aircraft on the ground with PW1100 engines to stay high through 2026 7.
Full-year 2026 outlook
In October 2026, RTX raised its full year 2026 outlook to adjusted sales of $97.0 to $97.5 billion and free cash flow of $9.0 to $9.2 billion 35.
U.S. federal funding
A stopgap law signed on 2 September 2026 kept U.S. federal funding at fiscal 2026 levels through 11 December 2026 29.
📚Learn the words
❓Frequently asked questions about RTX
How does RTX make money?
RTX makes money selling aircraft engines, aircraft systems and defense products, along with parts and services. In FY2025, Pratt & Whitney brought in $32.9bn ✓, Raytheon $27.9bn ✓ and Collins Aerospace $27.6bn ✓.
Is RTX the same company as United Technologies?
RTX is the former United Technologies under a new name 313233. United Technologies merged with Raytheon Company on 3 April 2020 and became Raytheon Technologies 3132. That company changed its name to RTX Corporation on 17 July 2023 33.
Who makes the engine for the F-35?
Pratt & Whitney, part of RTX, makes the F135, the engine that exclusively powers the single-engine F-35 Lightning II 1. Lockheed Martin builds the aircraft 1. The F135 passed one million engine flight hours in 2025 1.
What was the powder metal issue?
It is a rare condition in powder metal used to make certain engine parts, found by Pratt & Whitney in July 2023 307. It requires accelerated inspection of the PW1100G-JM fleet, which powers the A320neo family 307. RTX recorded a $5.4 billion net sales charge for it in the third quarter of 2023 9. Pratt & Whitney expects the number of those aircraft on the ground to remain elevated through 2026 7.
How much of RTX's business comes from the U.S. government?
The U.S. government was 38% of RTX's 2025 net sales, or $33,279 million, not counting foreign military sales through it 24. RTX's defense operations are affected by U.S. Department of War budget and spending levels 9.
How big is RTX's backlog?
RTX's backlog was $340 billion at 30 September 2026, made up of $176 billion commercial and $164 billion defense 26. Raytheon's defense backlog was $130 billion on that date 26.
Who is RTX's CEO?
Christopher T. Calio has been RTX's chief executive officer since May 2024 and its chairman since April 2025 34.
Does RTX pay a dividend?
RTX paid $3.6bn ✓ in dividends in FY2025, up from $3.2bn ✓ in FY2024.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [4] [21] [22] [6] [23] [5].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. Which RTX business brought in the most sales in FY2025?
2. About how much of RTX's 2025 net sales was commercial?
3. Which passenger aircraft family does Pratt & Whitney's PW1000G engine power?
4. Which of these does Collins Aerospace's work support?
5. In what year did Raytheon Technologies change its name to RTX Corporation?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- RTX Corporation Form 10-K for fiscal year 2025 — Cover page and Item 1 business: fiscal year, incorporation, segments, products, customers, programs, GTF family, F135 (accessed 2026-11-08)
- RTX (RTX) Form 10-K for fiscal year 2025, filed 2026-02-06 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- RTX Corporation Form 10-K for fiscal year 2025 — Note 20 segment financial data: operating margins, sales by customer type and by products and services (accessed 2026-11-08)
- SEC EDGAR companyfacts: RTX (RTX) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: GENERAL DYNAMICS CORP (GD) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: LOCKHEED MARTIN CORP (LMT) — annual 10-K facts (accessed 2026-11-04)
- RTX Corporation Form 10-Q for the quarter ended September 30, 2026 — Note 16 commitments and contingencies: powder metal matter, contract cost claims, compliance agreements (accessed 2026-11-08)
- SEC EDGAR companyfacts: RTX (RTX) — balance sheet at 2026-09-30 (accessed 2026-11-04)
- RTX Corporation Form 10-K for fiscal year 2025 — Item 7 MD&A: business overview, net sales, sales to major customers, divestitures, segment backlog, research and development (accessed 2026-11-08)
- GE Aerospace Form 10-K for fiscal year 2025 — Item 1: commercial and defense engines, CFM International joint venture, competition (accessed 2026-11-08)
- Honeywell International Inc. Form 10-K for fiscal year 2025 — Item 1 business: history, segments in 2025, competition, intellectual property, employees (accessed 2026-11-08)
- Honeywell International Inc. Form 8-K dated June 25, 2026 (filed June 29, 2026) — Completion of the Aerospace spin-off, distribution terms, reverse stock split (accessed 2026-11-08)
- RTX Corporation Form 10-K for fiscal year 2025 — Item 1 business: Collins Aerospace products and aftermarket services (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: competition (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year 2025 — Item 1: Missiles and Fire Control programs (accessed 2026-11-08)
- RTX Form 10-K for fiscal year 2025 — Item 1: F135 engine; Raytheon air defense products (accessed 2026-11-08)
- Northrop Grumman Corporation Form 10-K for fiscal year 2025 — Item 1: competitive conditions, missile defense and rocket motor programs (accessed 2026-11-08)
- General Dynamics Form 10-K for fiscal year ended December 31, 2025 (filed 2026-01-30) — Item 1: Combat Systems segment (accessed 2026-11-08)
- General Dynamics Form 10-K for fiscal year ended December 31, 2025 (filed 2026-01-30) — Item 1: Technologies segment (accessed 2026-11-08)
- RTX Form 10-K for fiscal year ended December 31, 2025 — Item 1: Raytheon products, competition (accessed 2026-11-08)
- SEC EDGAR companyfacts: GENERAL ELECTRIC CO (GE) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: HONEYWELL INTERNATIONAL INC (HON) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: NORTHROP GRUMMAN CORP /DE/ (NOC) — annual 10-K facts (accessed 2026-11-04)
- RTX Corporation Form 10-K for fiscal year 2025 — Item 1 business: sales to customers, backlog, competition, people, facilities, intellectual property, suppliers, regulation (accessed 2026-11-08)
- RTX press release naming Jill Albertelli president of Pratt & Whitney (Form 8-K exhibit 99.1, September 15, 2026) — Leadership change; F-35 propulsion position (accessed 2026-11-08)
- RTX Corporation Form 10-Q for the quarter ended September 30, 2026 — MD&A segment review: backlog and bookings, Raytheon defense bookings (accessed 2026-11-08)
- SEC EDGAR companyfacts: RTX (RTX) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- RTX Corporation Form 10-K for fiscal year 2025 — Note 17 commitments and contingencies: Pratt & Whitney powder metal matter (accessed 2026-11-08)
- RTX Corporation Form 10-Q for the quarter ended September 30, 2026 — MD&A business overview: tariffs and refunds, U.S. budget, executive orders, critical munitions agreements (accessed 2026-11-08)
- RTX Corporation Form 10-K for fiscal year 2025 — Item 1A risk factors: Geared Turbofan family and powder metal issue (accessed 2026-11-08)
- Raytheon Technologies Corporation Form 10-K for fiscal year 2020 — Item 1: separation of Carrier and Otis, Raytheon merger, discontinued operations (accessed 2026-11-08)
- Raytheon Technologies Corporation Form 8-K dated April 3, 2020 — Items 2.01 and 5.03: completion of separation and merger, name change (accessed 2026-11-08)
- RTX Corporation Form 8-K dated July 17, 2023 — Item 5.03: name change to RTX Corporation (accessed 2026-11-08)
- RTX Corporation Form 10-K for fiscal year 2025 — Part III executive officers: chairman and chief executive officer (accessed 2026-11-08)
- RTX third quarter 2026 results press release (Form 8-K exhibit 99, October 20, 2026) — Third quarter 2026 sales, segment results, full year 2026 outlook (accessed 2026-11-08)
- Boeing Form 10-K for fiscal year 2025 — Item 1 business: segments, workforce, unions, competition, regulation, incorporation (accessed 2026-11-08)
- RTX Form 10-K for fiscal year 2025 — Collins customers: Boeing among its largest commercial customers (accessed 2026-11-08)
- RTX Corporation Form 10-Q for the quarter ended September 30, 2026 — MD&A liquidity: powder metal cash impact estimate (accessed 2026-11-08)
- RTX Corporation Form 8-K dated September 15, 2026 — Item 5.02: president of Pratt & Whitney change (accessed 2026-11-08)