RTX Corporation
Explore RTX Corporation
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
RTX Corporation
Explore RTX Corporation
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$88.6B
Market Cap
$155.0B
Net Income
$3.2B
Employees
185,000
Net income of $3.2 billion on $88.6B in revenue in FY2025 — a 4 percent net margin — understates the underlying business quality because the GTF powder metal defect charges created a significant one-time expense that depressed reported earnings. The $88.6B in revenue from a $221 billion backlog means the company has roughly 2.7 years of current revenue already under contract, a revenue visibility that manufacturing and technology companies rarely achieve. Revenue grew from $64.4 billion in 2021 to $88.6B in FY2025, a 25 percent increase over three years driven by both commercial aerospace recovery from the pandemic and sustained defense spending growth across NATO countries following Russia's 2022 invasion of Ukraine. The Raytheon segment benefited directly from increased missile procurement and Patriot system orders from European governments. The GTF engine program — installed on more than 1,000 aircraft globally — represents both the company's most significant near-term financial liability and its most important long-term commercial opportunity. Once the powder metal inspection and remediation program completes, Pratt & Whitney holds a dominant position in narrowbody engine supply for the next 20 years through the installed base of GTF engines already in service. The Saudi Arabia arms sales controversy in 2019 and the price overcharging investigation and settlement in 2021 reflect the persistent governance complexity of being a defense contractor whose largest customer is the US government — a customer with the legal authority to investigate pricing, require regulatory compliance, and in extreme cases debar contractors from future work. RTX's $155 billion market capitalization represents investor confidence that the backlog revenue will be collected and the GTF remediation costs are bounded.
Revenue Trend Analysis
YoY Change
+9.8%
5-Year CAGR
+9.4%
Peak Year
2025
Trend
Consistent Growth
RTX Corporation has reported revenue across 6 fiscal years, compounding at +9.4% annually over 5 years. The most recent year saw a 9.8% increase versus the prior year. Revenue peaked in 2025 at $88.6B. Out of 5 reported periods, 5 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $88.6B | — | +9.8% |
| FY2024 | $80.7B | $3.2B | +8.5% |
| FY2023 | $74.3B | — | +10.8% |
| FY2022 | $67.1B | — | +4.2% |
| FY2021 | $64.4B | — | +13.8% |
| FY2020 | $56.6B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
RTX reported full-year 2024 sales of $80.7 billion, up 17 percent from $69.0 billion in 2023, with all three segments contributing growth. Collins Aerospace generated approximately $28.3 billion, up 8 percent year over year, driven by commercial aftermarket growth, recovery in Boeing 737 MAX original-equipment volumes, and military mission systems. Pratt & Whitney generated approximately $28.1 billion, up 14 percent year over year, with growth in F135 engine deliveries to the F-35 program, increased commercial aftermarket activity, and higher Pratt Canada small-engine revenue, partially offset by the GTF fleet management activities. The Raytheon defense unit generated approximately $26.6 billion, up 1 percent in reported terms but growing roughly 4 percent on a comparable basis after excluding portfolio adjustments, reflecting strong missile production, integrated air and missile defense growth, and increasing international sales tied to allied rearmament after the Russian invasion of Ukraine. Adjusted operating profit by segment showed Collins Aerospace at approximately $4 billion, Pratt & Whitney at approximately $1.6 billion (depressed by GTF charges), and Raytheon at approximately $2.5 billion. The full-year adjusted EPS was approximately $5.73, and GAAP EPS was approximately $3.55 reflecting the cumulative GTF and other charges.
RTX ended 2024 with total backlog of approximately $218 billion, one of the largest among US public companies and a strong forward indicator of multi-year revenue. The backlog composition was approximately $93 billion of defense backlog (largely Raytheon plus the military portions of Pratt & Whitney and Collins) and approximately $125 billion of commercial backlog (largely Pratt & Whitney commercial engines and Collins commercial aerospace). The defense backlog was up roughly 12 percent year over year, reflecting US Department of Defense contract awards, foreign military sales orders, and direct commercial sales to allied governments. The largest single defense components are Patriot (over $20 billion in cumulative backlog after multiple foreign-military-sales awards since 2022), F135 production and sustainment, Tomahawk, AMRAAM, and Standard Missile family contracts. The commercial backlog includes Pratt & Whitney GTF engine orders supporting the A320neo, A220, A220-300, A220-100, and E2 programs (over 12,000 GTF engines on order at year-end 2024) and Collins Aerospace original-equipment commitments tied to Boeing and Airbus production schedules. Backlog conversion to revenue typically runs at 25 to 35 percent of opening backlog per year, supporting visibility into 2025 through 2027 revenue trajectories.
The Pratt & Whitney geared turbofan powder-metal contamination issue, disclosed in mid-2023, resulted in multi-year financial charges. In the third quarter of 2023, Pratt & Whitney took a $5.4 billion pre-tax charge ($2.9 billion net of partner sharing and allocations) to cover the expected cost of inspecting and replacing affected high-pressure compressor and turbine components on the PW1100G-JM engines installed on the Airbus A320neo family. Additional charges of approximately $300 million were taken in the fourth quarter of 2023, plus charges associated with the PW1500G (Airbus A220) and PW1900G (Embraer E2) variants. In 2024 the company recorded additional charges of approximately $700 million to $1 billion across the year as the fleet management plan and customer compensation arrangements were refined. The total cumulative net charge through 2024 is in the range of $5 to $6 billion. The cash impact, however, plays out over a multi-year horizon as inspections occur on engines as they cycle through scheduled maintenance, and customer compensation payments are spread over the affected aircraft lives. The market impact has included hundreds of aircraft on ground (AOG) status at airlines globally, particularly at JetBlue, Hawaiian, Lufthansa, Wizz Air, and Indian carriers, and several airline carrier compensation lawsuits.
RTX ended 2024 with total long-term debt of approximately $42.5 billion and net debt of approximately $37 billion against adjusted EBITDA of approximately $11 to $12 billion, implying a net leverage ratio of roughly 3.0 to 3.2 times. The credit ratings are investment-grade: A- at S&P, A3 at Moody's, and BBB+ at Fitch, with stable outlooks reflecting the strong backlog, defense exposure, and disciplined capital allocation. The debt was built up partly through the 2018 UTC acquisition of Rockwell Collins (which UTC financed largely with debt) and partly through the 2020 Raytheon merger and subsequent buybacks. RTX has actively deleveraged since 2022, refinancing maturing debt at the lower long-term rates achieved in 2020 and 2021 and repaying selected tranches with operating cash flow. Cash and short-term investments at year-end 2024 stood at approximately $5.6 billion. The company maintains a $5 billion revolving credit facility for liquidity. Capital expenditure runs approximately $2.5 to $3 billion per year, mostly for Pratt & Whitney engine production, Collins Aerospace facility upgrades, and defense manufacturing capacity expansion. Pension and other postretirement obligations are well-funded relative to many industrial peers, reflecting voluntary contributions over the past decade.
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CorpDigest. "RTX Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/rtx/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>RTX Corporation reported $89B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/rtx/financials" target="_blank" rel="noopener">CorpDigest — RTX Corporation financials</a></div>