Anduril vs RTX: Revenue, Profit and Business Model
Anduril reported $2.2B of revenue in FY2025 and — of net income. RTX reported $88.6B of revenue in FY2025 and $6.7B of net income.
Latest financial snapshot
Financial summary
Anduril
Anduril is private and publishes no audited accounts, so its figures come from company statements and reporting. Revenue was reported at about $500 million for 2023, roughly $1 billion for 2024 and $2.2 billion for 2025, with annual contract value of about $1.5 billion at the start of 2025. The company has raised more than $11 billion across eight rounds, including $200 million at a $1.9 billion valuation in July 2020, $1.5 billion at $14 billion in August 2024, $2.5 billion at $30.5 billion in June 2025 and $5 billion at $61 billion in May 2026, the last led by Thrive Capital and Andreessen Horowitz. That capital pays for factories and for research Anduril funds itself, which is why its own balance sheet, rather than a cost-plus contract, carries development risk.
RTX
RTX sales grew from $56.6 billion in 2020, the year of the merger, to $88.6 billion in 2025. Net income was $6.7 billion in 2025 versus $4.8 billion in 2024, and the company generated $10.6 billion of operating cash flow and $7.9 billion of free cash flow. Momentum continued into 2026: Q2 2026 sales were $24.7 billion (up 14%, 16% organic), adjusted EPS was $1.89, and free cash flow was $2.9 billion. Management raised 2026 guidance to $95.0 to $96.0 billion of adjusted sales, $7.10 to $7.25 of adjusted EPS and $8.50 to $8.75 billion of free cash flow. Results include a multi-year GTF powder metal charge taken in 2023, so headline profit in that year is not comparable.
Revenue and profit by year
Anduril
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | 0.0% | +120.0% | Source |
| FY2024 | $1B | — | 0.0% | +100.0% | Source |
| FY2023 | $500M | — | 0.0% | — | Source |
RTX
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $88.6B | $6.7B | 7.6% | +9.7% | Source |
| FY2024 | $80.7B | $4.8B | 5.9% | +17.1% | Source |
| FY2023 | $68.9B | $3.2B | 4.6% | +2.8% | Source |
| FY2022 | $67.1B | $5.2B | 7.7% | +4.2% | Source |
| FY2021 | $64.4B | $3.9B | 6.0% | +13.8% | Source |
| FY2020 | $56.6B | -$3.5B | -6.2% | — | Source |
Where the revenue comes from
Anduril
- Autonomous air and counter-drone systems
Hardware deliveries and sustainment for Roadrunner, Anvil, Pulsar electronic warfare and sentry towers, including the US Special Operations Command counter-drone integration contract and a US Marine Corps interceptor production contract awarded in March 2025.
- Collaborative combat aircraft and tactical drones
Development and production work on the YFQ-44A Fury for US Air Force CCA Increment 1, plus Ghost and ALTIUS air vehicles and Barracuda munitions.
- Lattice software and integration
Recurring licenses and integration work for Lattice across US services and allied ministries, including the March 2026 US Army ordering vehicle with a $20 billion ceiling for Anduril commercial products.
- Maritime autonomy, propulsion and space
Ghost Shark and Dive-LD undersea vehicles, solid rocket motors from the former Adranos plant in Mississippi, and space domain awareness work expanded by the ExoAnalytic Solutions purchase in 2026.
RTX
- Commercial aerospace systems
- Commercial engine sales
- Aerospace aftermarket service
- Defense contracts
- Missiles and air defense
- Radars, sensors, and electronic warfare
Business model and strategy
Anduril
How it makes money
Anduril funds development with private capital and then sells finished systems at firm fixed prices, the reverse of the cost-plus contracts that pay the established primes for research hours. Lattice is the tie that binds the catalog: sentry towers, drones, interceptors and undersea vehicles feed sensor data into it, the software is licensed on recurring agreements, and fielded systems keep receiving updates.
Growth strategy
Anduril's strategy is to hold prime positions on programs of record rather than supply subsystems to other primes, and to buy specialist teams when it needs a capability: Area-I for air-launched effects, Dive Technologies for undersea vehicles, Adranos for solid rocket motors, Blue Force Technologies for the Fury airframe, Numerica's radar and command-and-control business, and ExoAnalytic Solutions for space tracking…
Competitive advantage
Anduril's advantage is cycle time plus ownership of its own designs. Because it pays for development up front, it can show a working system instead of a proposal: the YFQ-44A Fury flew on 31 October 2025, about 18 months after the Air Force picked its design, and fired a live AIM-120 in July 2026, the first air-to-air missile shot by a US collaborative combat aircraft.
RTX
How it makes money
RTX earns money in three ways. First, it sells original equipment: Pratt & Whitney GTF and F135 engines, and Collins avionics, actuation, landing gear, power systems and cabin interiors installed on Airbus, Boeing, Embraer and military aircraft. Second, it earns recurring aftermarket revenue from spare parts, overhauls and long-term engine service agreements over aircraft lives of 25 years or more;
Growth strategy
RTX's growth plan rests on converting its backlog: ramping production of Patriot interceptors and radars, AMRAAM, Standard Missiles and other munitions for U.S. and allied stockpile replenishment; growing commercial aftermarket as GTF and V2500 fleets age; and delivering the F135 Engine Core Upgrade.
Competitive advantage
RTX's advantage is installed base and certification. Its engines, avionics and missile systems are qualified on aircraft and weapons programs that run for decades, which locks in aftermarket and sustainment revenue that new entrants cannot easily reach.
Questions about Anduril vs RTX
Which company has higher revenue — Anduril Industries, Inc. or RTX Corporation?
Anduril Industries, Inc. reported $2.2B (FY2025), while RTX Corporation reported $88.6B (FY2025). By last reported revenue, RTX Corporation is the larger business, with Anduril Industries, Inc. reporting a smaller revenue base.
What is the market cap of Anduril Industries, Inc. vs RTX Corporation?
RTX Corporation has a market capitalisation of $265.0B. A public market cap figure for Anduril Industries, Inc. was not available (it may be privately held).
Which is more financially efficient — Anduril Industries, Inc. or RTX Corporation?
Anduril Industries, Inc. generates $275k / employee in revenue per employee, while RTX Corporation generates $492k / employee. RTX Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Anduril Industries, Inc. and RTX Corporation make money?
Anduril Industries, Inc. and RTX Corporation generate revenue in fundamentally different ways. Anduril Industries, Inc.: Anduril funds development with private capital and then sells finished systems at firm fixed prices, the reverse of the cost-plus contracts that pay the established primes for research hours. RTX Corporation: RTX earns money in three ways.
Is Anduril Industries, Inc. bigger than RTX Corporation?
By last reported revenue, RTX Corporation ($88.6B (FY2025)) is the larger company compared to Anduril Industries, Inc. ($2.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Anduril vs RTX overview