RTX
SP100NYSERTX Corporation
Industrials · Aerospace & Defense · United States
RTX Corporation, an aerospace and defense company, provides systems and services for commercial, military, and government customers worldwide. It operates through three segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon. The Collins segment offers aerospace and defense products, and aftermarket services for civil and military aircraft manufacturers and commercial airlines, as well as regional, business, and general aviation, defense, and commercial space operations. This segment designs, manufactures, and supplies electric power generation and management and distribution, environmental control, flight control, air data and aircraft sensing, engine control, and engine nacelle systems, as well as engine components; cabin interiors, including seating, oxygen, food and beverage preparation, storage and galley, lavatory, and wastewater management systems; connected aviation solutions and services; and systems solutions for connected battlespace, test and training range systems, crew escape systems, and simulation and training. It also provides spare parts, overhaul and repair, engineering and technical support, training and fleet management solutions, and asset and information management services. The Pratt & Whitney segment supplies aircraft engines for commercial, military, business jet, and general aviation customers; and produces, sells, and services military and commercial auxiliary power units, as well as offers fleet management and aftermarket maintenance, repair, and overhaul services. The Raytheon segment provides defensive and offensive threat detection, tracking, and mitigation capabilities for government and commercial customers. This segment offers sensors, mission orchestration and satellite control products, and software. The company was formerly known as Raytheon Technologies Corporation and changed its name to RTX Corporation in July 2023. RTX Corporation was incorporated in 1934 and is headquartered in Arlington, Virginia.
www.rtx.com ↗Shares trade at a premium 37.3× trailing earnings, easing to 26.3× on forward estimates. Profitability shows a net margin of 8.0% and return on equity of 11.6%. Leverage is elevated at 2.1× net debt/EBITDA. Revenue grew 8.7% year-on-year. It yields 1.5% in dividends. The mean analyst target of USD215.68 sits 8.2% above the current price (Buy, 22 analysts).
business model
RTX Corporation is an aerospace and defense company that designs, manufactures, and services aircraft engines, avionics, missiles, defense systems, and related technologies for commercial aviation and government/military customers. It generates revenue from original-equipment sales and, importantly, from long-tail aftermarket services, spares, and maintenance on a large installed base.
revenue segments
Revenue is organized into three segments: Collins Aerospace (avionics, interiors, and aerostructures), Pratt & Whitney (commercial and military aircraft engines and aftermarket), and Raytheon (missiles, air-and-missile defense, and defense electronics). Commercial aftermarket and defense backlog are key profit drivers.
key dependencies
Depends on commercial-aircraft production and flight-hour trends, US and allied defense budgets and procurement, a large multi-year backlog, complex global supply chains, and program execution. Aftermarket demand tied to airline traffic and the engine installed base is a critical earnings source.
competitors
Competes with GE Aerospace (including the CFM joint venture) and Rolls-Royce in engines, with Honeywell and other suppliers in avionics and aerospace systems, and with Lockheed Martin, Northrop Grumman, Boeing, and General Dynamics in defense platforms and missiles.
moat
Its moat comes from entrenched positions on long-lifecycle aircraft and weapons programs, high-margin aftermarket streams, substantial R&D and certification barriers, a large backlog, and deep incumbency with airframers and governments that creates high switching costs.
risks
Risks include supply-chain constraints and inflation, program and engine-quality issues (such as costly powder-metal engine inspections), dependence on government budgets and geopolitical priorities, fixed-price contract exposure, and cyclicality in commercial aerospace demand.
Financials & metrics
as of 28 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $88.60B | $80.74B | $68.92B | $67.07B | — |
| Cost of revenue | $70.81B | $65.33B | $56.83B | $53.41B | — |
| Gross profit | $17.79B | $15.41B | $12.09B | $13.67B | — |
| Operating expense | $8.49B | $8.87B | $8.53B | $8.16B | — |
| R&D | $2.81B | $2.93B | $2.81B | $2.71B | — |
| Operating income | $9.30B | $6.54B | $3.56B | $5.50B | — |
| Interest expense | $1.83B | $1.97B | $1.65B | $1.30B | — |
| Pretax income | $8.73B | $6.19B | $3.84B | $6.12B | — |
| Tax provision | $1.66B | $1.18B | $456.00M | $790.00M | — |
| Net income | $6.73B | $4.77B | $3.19B | $5.20B | — |
| EBITDA | $14.95B | $12.53B | $9.70B | $11.53B | — |
| Diluted EPS | $4.96 | $3.55 | $2.23 | $3.50 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $171.08B | $162.86B | $161.87B | $158.86B | — |
| Current assets | $60.33B | $51.13B | $48.42B | $42.44B | — |
| Cash & equivalents | $7.43B | $5.58B | $6.59B | $6.22B | — |
| Inventory | $13.36B | $12.77B | $11.78B | $10.62B | — |
| Total liabilities | $103.94B | $100.90B | $100.42B | $84.65B | — |
| Current liabilities | $58.78B | $51.50B | $46.76B | $39.11B | — |
| Total debt | $39.51B | $42.89B | $45.24B | $33.50B | — |
| Long-term debt | $34.29B | $38.73B | $42.35B | $30.69B | — |
| Shareholders' equity | $65.25B | $60.16B | $59.80B | $72.63B | — |
| Retained earnings | $56.72B | $53.59B | $52.15B | $52.27B | — |
| Working capital | $1.55B | -$366.00M | $1.66B | $3.33B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $10.57B | $7.16B | $7.88B | $7.17B | — |
| Investing cash flow | -$1.26B | -$1.53B | -$3.04B | -$2.83B | — |
| Financing cash flow | -$7.49B | -$6.62B | -$4.53B | -$5.86B | — |
| Capital expenditure | -$3.12B | -$3.24B | -$3.17B | -$2.77B | — |
| Free cash flow | $7.45B | $3.92B | $4.72B | $4.39B | — |
| Dividends paid | -$3.57B | -$3.22B | -$3.24B | -$3.13B | — |
| Share buybacks | -$50.00M | -$444.00M | -$12.87B | -$2.80B | — |
| End cash position | $7.43B | $5.58B | $6.59B | $6.22B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 28 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 27 Aug 2026News
Sector peers
Notes & alerts
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