Raytheon Technologies Corp. Revenue & Financials

RTX's financial profile in 2024 demonstrated the resilience and breadth of its dual commercial-defense revenue architecture. 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. This growth was driven by strong performance across all four segments, though the pace was uneven. Collins Aerospace was the top revenue contributor at approximately $27.1 billion, benefiting from robust 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 leverage 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. With a backlog-to-revenue ratio approaching 2.7x, RTX is one of the most visibility-rich large-cap industrial companies in the United States, a characteristic that supports premium valuation multiples relative to more cyclical industrials.