RTX Corporation Revenue in 2024

RTX Corporation reported $80.7B in revenue for fiscal year 2024. This represents a growth of 8.5% compared to the 2023 figure of $74.3B.

Net income of $3.2 billion on $80.7 billion in revenue in 2024 — 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 $80.7 billion 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 $80.7 billion in 2024, 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.