Raytheon Technologies Corp. Revenue & Financials

This is a corporation whose missile systems have become geopolitically decisive, whose radar technologies underpin American air sovereignty, and whose funded contract backlog of more than $215 billion as of 2024 exceeds the annual GDP of countries like Portugal and New Zealand. By 2023, RTX reported revenues of $68.9 billion. By 2024, that figure had grown to $79.2 billion, making RTX one of the largest industrial companies in America by top-line revenue. The funded backlog swelled to $215 billion, a figure that essentially pre-sold several years of production across missiles, engines, and avionics systems. The financial hit was substantial — RTX took a $3 billion charge — and the reputational sting was real. The episode underscored that even at a company with $79 billion in annual revenue, engineering integrity remains the bedrock of the enterprise. RTX Corporation, formerly Raytheon Technologies, is a $79.2 billion-revenue aerospace and defense conglomerate formed in 2020 through the merger of United Technologies and Raytheon Company. With a funded backlog exceeding $215 billion, approximately 185,000 employees, and operations in more than 80 countries, RTX is consistently ranked among the top five global defense contractors. **Collins Aerospace** is RTX's largest segment by revenue, generating approximately $27.1 billion in 2024. Collins Aerospace was formed in 2018 through United Technologies' acquisition of Rockwell Collins for $30 billion, one of the largest aerospace acquisitions in history at that time. **Pratt & Whitney** generated approximately $23.6 billion in 2024 and is RTX's most strategically complex segment. **Raytheon Intelligence & Space (RIS)** and **Raytheon Missiles & Defense (RMD)** together constitute RTX's defense electronics heritage and generated a combined approximately $28.5 billion in 2024. Poland's $15 billion commitment to purchase Patriot systems, Saudi Arabia's ongoing procurement of air defense systems, and Japan's acquisitions of Standard Missiles are all examples of international defense revenue that flows through RTX. RTX's capital allocation model balances investment in R&D (approximately $4.9 billion in company-funded R&D in 2024), capital expenditures (approximately $2.5 billion), shareholder returns through dividends (approximately $3 billion annually at recent rates), and share buybacks. The company carried approximately $30 billion in long-term debt as of year-end 2024, a legacy of the United Technologies-Raytheon merger and the Rockwell Collins acquisition. As of late 2024, RTX's total backlog exceeded $221 billion, with funded backlog — meaning contracts with appropriated government funds committed — exceeding $215 billion. Raytheon Technologies Corp. is a Aerospace & Defense company with $79.2B in 2024 revenue and 185K employees worldwide. Total revenues reached $79.2 billion for the full year 2024, representing growth of approximately 14.9% from the $68.9 billion reported in 2023. Collins Aerospace was the top revenue contributor at approximately $27.1 billion, benefiting from strong commercial aftermarket demand as global airline traffic continued its post-pandemic recovery. Pratt & Whitney contributed approximately $23.6 billion, a figure that would have been higher absent the GTF powder metal remediation program that continued to consume management attention and capital. The two Raytheon defense segments together contributed approximately $28.5 billion, fueled by record demand for missile systems — particularly Patriot interceptors, AMRAAM missiles, and Javelin anti-tank systems — in the context of global rearmament driven by the Russia-Ukraine conflict and rising defense budgets across NATO and Indo-Pacific allies. Adjusted earnings per share (EPS) for 2024 came in at approximately $5.47, compared to $4.18 in 2023, reflecting operating use as revenues grew and as some of the one-time charges from the GTF remediation began to taper. Free cash flow for 2024 was approximately $7.4 billion, providing substantial capacity for debt repayment, shareholder returns, and R&D investment. RTX paid approximately $3.1 billion in dividends during 2024 and repurchased additional shares, returning meaningful capital to investors even while managing its balance sheet priorities. The company's funded backlog of $215 billion as of late 2024 provides extraordinary earnings visibility. RTX initially estimated the financial impact at approximately $3 billion in charges, but the program proved more complex than initially modeled. Third, RTX's balance sheet carries approximately $30 billion in long-term debt, a legacy of defining acquisitions. While the company's cash flow generation — approximately $7 to $8 billion in free cash flow in 2024 — is strong enough to service this debt comfortably, the elevated use constrains flexibility for large acquisitions and creates sensitivity to interest rate increases. Fourth, RTX's scale in R&D — nearly $5 billion annually in combined customer-funded and company-funded research — enables it to sustain technological leadership across multiple domains simultaneously. The company has publicly guided for revenues approaching $90 billion by 2026, with adjusted EPS growth of 15 to 20% annually through the planning horizon. As an independent Rockwell Collins, the company expanded aggressively in avionics, mission systems, and simulation training before being acquired by United Technologies for approximately $30 billion in 2018 and combined with UTC's existing aerospace systems businesses to form Collins Aerospace.