false2025Q312/310000101829xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EURrtx:claimrtx:countrtx:contractrtx:actionrtx:segment00001018292025-01-012025-09-300000101829us-gaap:CommonStockMember2025-01-012025-09-300000101829rtx:Notes2.150Due2030Member2025-01-012025-09-3000001018292025-09-300000101829us-gaap:ProductMember2025-07-012025-09-300000101829us-gaap:ProductMember2024-07-012024-09-300000101829us-gaap:ProductMember2025-01-012025-09-300000101829us-gaap:ProductMember2024-01-012024-09-300000101829us-gaap:ServiceMember2025-07-012025-09-300000101829us-gaap:ServiceMember2024-07-012024-09-300000101829us-gaap:ServiceMember2025-01-012025-09-300000101829us-gaap:ServiceMember2024-01-012024-09-3000001018292025-07-012025-09-3000001018292024-07-012024-09-3000001018292024-01-012024-09-3000001018292024-12-3100001018292023-12-3100001018292024-09-3000001018292025-06-3000001018292024-06-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-06-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-06-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-12-310000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-07-012025-09-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-07-012024-09-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-09-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-01-012024-09-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-09-300000101829us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-09-300000101829us-gaap:TreasuryStockCommonMember2025-06-300000101829us-gaap:TreasuryStockCommonMember2024-06-300000101829us-gaap:TreasuryStockCommonMember2024-12-310000101829us-gaap:TreasuryStockCommonMember2023-12-310000101829us-gaap:TreasuryStockCommonMember2025-07-012025-09-300000101829us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000101829us-gaap:TreasuryStockCommonMember2025-01-012025-09-300000101829us-gaap:TreasuryStockCommonMember2024-01-012024-09-300000101829us-gaap:TreasuryStockCommonMember2025-09-300000101829us-gaap:TreasuryStockCommonMember2024-09-300000101829us-gaap:RetainedEarningsMember2025-06-300000101829us-gaap:RetainedEarningsMember2024-06-300000101829us-gaap:RetainedEarningsMember2024-12-310000101829us-gaap:RetainedEarningsMember2023-12-310000101829us-gaap:RetainedEarningsMember2025-07-012025-09-300000101829us-gaap:RetainedEarningsMember2024-07-012024-09-300000101829us-gaap:RetainedEarningsMember2025-01-012025-09-300000101829us-gaap:RetainedEarningsMember2024-01-012024-09-300000101829us-gaap:RetainedEarningsMember2025-09-300000101829us-gaap:RetainedEarningsMember2024-09-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2025-06-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2024-06-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2024-12-310000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2023-12-310000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2025-07-012025-09-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2024-07-012024-09-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2025-01-012025-09-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2024-01-012024-09-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2025-09-300000101829us-gaap:DeferredCompensationShareBasedPaymentsMember2024-09-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000101829us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000101829us-gaap:NoncontrollingInterestMember2025-06-300000101829us-gaap:NoncontrollingInterestMember2024-06-300000101829us-gaap:NoncontrollingInterestMember2024-12-310000101829us-gaap:NoncontrollingInterestMember2023-12-310000101829us-gaap:NoncontrollingInterestMember2025-07-012025-09-300000101829us-gaap:NoncontrollingInterestMember2024-07-012024-09-300000101829us-gaap:NoncontrollingInterestMember2025-01-012025-09-300000101829us-gaap:NoncontrollingInterestMember2024-01-012024-09-300000101829us-gaap:NoncontrollingInterestMember2025-09-300000101829us-gaap:NoncontrollingInterestMember2024-09-300000101829us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberrtx:ActuationAndFlightControlBusinessMemberrtx:CollinsAerospaceMember2025-07-210000101829us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberrtx:ActuationAndFlightControlBusinessMemberrtx:CollinsAerospaceMember2025-07-212025-07-210000101829us-gaap:DisposalGroupNotDiscontinuedOperationsMemberrtx:SimmondsPrecisionProductsBusinessMemberrtx:CollinsAerospaceMember2025-06-302025-06-300000101829us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberrtx:CybersecurityIntelligenceAndServicesBusinessMemberrtx:RaytheonMember2024-03-292024-03-290000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceMember2024-12-310000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceMember2025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:PrattAndWhitneyMember2024-12-310000101829us-gaap:OperatingSegmentsMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:PrattAndWhitneyMember2025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:RaytheonMember2024-12-310000101829us-gaap:OperatingSegmentsMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:RaytheonMember2025-09-300000101829us-gaap:OperatingSegmentsMember2024-12-310000101829us-gaap:OperatingSegmentsMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMember2025-09-300000101829us-gaap:IntersegmentEliminationMember2024-12-310000101829us-gaap:IntersegmentEliminationMember2025-01-012025-09-300000101829us-gaap:IntersegmentEliminationMember2025-09-300000101829rtx:CollaborationMember2025-09-300000101829rtx:CollaborationMember2024-12-310000101829rtx:ExclusivityAssetsMember2025-09-300000101829rtx:ExclusivityAssetsMember2024-12-310000101829us-gaap:DevelopedTechnologyRightsMember2025-09-300000101829us-gaap:DevelopedTechnologyRightsMember2024-12-310000101829us-gaap:CustomerRelationshipsMember2025-09-300000101829us-gaap:CustomerRelationshipsMember2024-12-310000101829us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2025-07-012025-09-300000101829us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2024-07-012024-09-300000101829us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2025-01-012025-09-300000101829us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2024-01-012024-09-300000101829us-gaap:RevolvingCreditFacilityMember2025-09-300000101829us-gaap:CommercialPaperMember2025-09-300000101829us-gaap:CommercialPaperMember2024-01-012024-09-300000101829us-gaap:CommercialPaperMember2025-01-012025-09-300000101829rtx:Notes3.950Due2025Member2024-12-310000101829rtx:Notes3.950Due2025Member2025-08-182025-08-180000101829rtx:A3MonthSOFRPlus1225Due2025Member2024-12-310000101829rtx:A3MonthSOFRPlus1225Due2025Member2025-05-072025-05-070000101829rtx:A3MonthSOFRPlus1225Due2025Member2024-05-072024-05-070000101829rtx:A3MonthSOFRPlus1225Due2025Member2024-04-172024-04-170000101829rtx:A3MonthSOFRPlus1225Due2025Member2024-04-042024-04-040000101829rtx:Notes3.200Due2024Member2023-12-310000101829rtx:Notes3.200Due2024Member2024-03-152024-03-150000101829rtx:A3MonthSOFRPlus1225Due2025Member2025-09-300000101829rtx:Notes3.950Due2025Member2025-09-300000101829rtx:Notes5000Due2026Member2025-09-300000101829rtx:Notes5000Due2026Member2024-12-310000101829rtx:Notes2.650Due2026Member2025-09-300000101829rtx:Notes2.650Due2026Member2024-12-310000101829rtx:A3MonthSOFRPlus1225TermLoanDue2026Member2025-09-300000101829rtx:A3MonthSOFRPlus1225TermLoanDue2026Member2024-12-310000101829rtx:Notes5750Due2026Member2025-09-300000101829rtx:Notes5750Due2026Member2024-12-310000101829rtx:Notes3.125Due2027Member2025-09-300000101829rtx:Notes3.125Due2027Member2024-12-310000101829rtx:Notes3.500Due2027Member2025-09-300000101829rtx:Notes3.500Due2027Member2024-12-310000101829rtx:Notes7200Due2027Member2025-09-300000101829rtx:Notes7200Due2027Member2024-12-310000101829rtx:Notes7100Due2027Member2025-09-300000101829rtx:Notes7100Due2027Member2024-12-310000101829rtx:Notes6700Due2028Member2025-09-300000101829rtx:Notes6700Due2028Member2024-12-310000101829rtx:Notes7000Due2028Member2025-09-300000101829rtx:Notes7000Due2028Member2024-12-310000101829rtx:Notes4.125Due2028Member2025-09-300000101829rtx:Notes4.125Due2028Member2024-12-310000101829rtx:Notes5750Due2029Member2025-09-300000101829rtx:Notes5750Due2029Member2024-12-310000101829rtx:Notes7500Due2029Member2025-09-300000101829rtx:Notes7500Due2029Member2024-12-310000101829rtx:Notes2.150Due2030Member2025-09-300000101829rtx:Notes2.150Due2030Member2024-12-310000101829rtx:Notes2250Due2030Member2025-09-300000101829rtx:Notes2250Due2030Member2024-12-310000101829rtx:Notes6000Due2031Member2025-09-300000101829rtx:Notes6000Due2031Member2024-12-310000101829rtx:Notes1900Due2031Member2025-09-300000101829rtx:Notes1900Due2031Member2024-12-310000101829rtx:Notes2375Due2032Member2025-09-300000101829rtx:Notes2375Due2032Member2024-12-310000101829rtx:Notes5150Due2033Member2025-09-300000101829rtx:Notes5150Due2033Member2024-12-310000101829rtx:Notes6100Due2034Member2025-09-300000101829rtx:Notes6100Due2034Member2024-12-310000101829rtx:Notes5400Due2035Member2025-09-300000101829rtx:Notes5400Due2035Member2024-12-310000101829rtx:Notes6050Due2036Member2025-09-300000101829rtx:Notes6050Due2036Member2024-12-310000101829rtx:Notes6800Due2036Member2025-09-300000101829rtx:Notes6800Due2036Member2024-12-310000101829rtx:Notes7000Due2038Member2025-09-300000101829rtx:Notes7000Due2038Member2024-12-310000101829rtx:Notes6125Due2038Member2025-09-300000101829rtx:Notes6125Due2038Member2024-12-310000101829rtx:Notes4.450Due2038Member2025-09-300000101829rtx:Notes4.450Due2038Member2024-12-310000101829rtx:Notes5700Due2040Member2025-09-300000101829rtx:Notes5700Due2040Member2024-12-310000101829rtx:Notes4875Due2040Member2025-09-300000101829rtx:Notes4875Due2040Member2024-12-310000101829rtx:Notes4700Due2041Member2025-09-300000101829rtx:Notes4700Due2041Member2024-12-310000101829rtx:Notes4500Due2042Member2025-09-300000101829rtx:Notes4500Due2042Member2024-12-310000101829rtx:Notes4.800Due2043Member2025-09-300000101829rtx:Notes4.800Due2043Member2024-12-310000101829rtx:Notes4200Due2044Member2025-09-300000101829rtx:Notes4200Due2044Member2024-12-310000101829rtx:Notes4.150Due2045MemberMember2025-09-300000101829rtx:Notes4.150Due2045MemberMember2024-12-310000101829rtx:Notes3.750Due2046Member2025-09-300000101829rtx:Notes3.750Due2046Member2024-12-310000101829rtx:Notes4.050Due2047Member2025-09-300000101829rtx:Notes4.050Due2047Member2024-12-310000101829rtx:Notes4.350Due2047Member2025-09-300000101829rtx:Notes4.350Due2047Member2024-12-310000101829rtx:Notes4.625Due2048Member2025-09-300000101829rtx:Notes4.625Due2048Member2024-12-310000101829rtx:Notes3125Due2050Member2025-09-300000101829rtx:Notes3125Due2050Member2024-12-310000101829rtx:Notes2820Due2051Member2025-09-300000101829rtx:Notes2820Due2051Member2024-12-310000101829rtx:Notes3030Due2052Member2025-09-300000101829rtx:Notes3030Due2052Member2024-12-310000101829rtx:Notes5375Due2053Member2025-09-300000101829rtx:Notes5375Due2053Member2024-12-310000101829rtx:Notes6400Due2054Member2025-09-300000101829rtx:Notes6400Due2054Member2024-12-310000101829country:US2025-07-012025-09-300000101829country:US2024-07-012024-09-300000101829country:US2025-01-012025-09-300000101829country:US2024-01-012024-09-300000101829us-gaap:ForeignPlanMember2025-07-012025-09-300000101829us-gaap:ForeignPlanMember2024-07-012024-09-300000101829us-gaap:ForeignPlanMember2025-01-012025-09-300000101829us-gaap:ForeignPlanMember2024-01-012024-09-300000101829us-gaap:PensionPlansDefinedBenefitMember2025-09-300000101829us-gaap:PensionPlansDefinedBenefitMember2024-12-310000101829us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-09-300000101829us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000101829us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember2025-09-300000101829us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember2024-12-310000101829us-gaap:PensionPlansDefinedBenefitMember2025-07-012025-09-300000101829us-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300000101829us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-09-300000101829us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300000101829us-gaap:OtherCurrentAssetsMember2025-09-300000101829us-gaap:OtherCurrentAssetsMember2024-12-310000101829us-gaap:AccruedLiabilitiesMember2025-09-300000101829us-gaap:AccruedLiabilitiesMember2024-12-310000101829rtx:Notes2.150Due2030Memberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000101829us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000101829us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-09-300000101829us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-09-300000101829us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-09-300000101829us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000101829us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000101829us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-12-310000101829us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310000101829us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2025-09-300000101829us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2024-12-310000101829rtx:InternationalAeroEnginesAGMember2025-01-012025-09-300000101829rtx:InternationalAeroEnginesLLCMember2025-01-012025-09-300000101829us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000101829us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000101829rtx:CommercialAerospaceFinancingArrangementsMember2025-09-300000101829rtx:CommercialAerospaceFinancingArrangementsMember2024-12-310000101829rtx:ThirdPartyGuaranteesMember2025-09-300000101829rtx:ThirdPartyGuaranteesMember2024-12-310000101829rtx:CommercialAerospaceMember2025-09-300000101829rtx:CommercialAerospaceMember2024-12-310000101829us-gaap:GuaranteeTypeOtherMember2025-09-300000101829us-gaap:GuaranteeTypeOtherMember2024-12-310000101829rtx:OtherFinancingArrangementsMember2025-09-300000101829rtx:IndustrialParticipationObligationsMember2025-09-300000101829rtx:DeferredProsecutionAgreementDPA1Memberrtx:ThalesRaytheonSystemsAndRelatedMattersMember2024-10-152024-10-150000101829rtx:SecondDeferredProsecutionAgreementDPA2Memberrtx:DOJInvestigationAndContractPricingDisputesMember2024-10-162024-10-160000101829rtx:ConsentAgreementMemberrtx:TradeComplianceMattersMember2024-08-292024-08-290000101829rtx:PW1100GTFProgramMemberrtx:PrattAndWhitneyMember2023-07-012023-09-300000101829rtx:PW1100GTFProgramMemberrtx:PrattAndWhitneyMember2025-09-300000101829rtx:PW1100GTFProgramMemberrtx:PrattAndWhitneyMember2024-12-310000101829rtx:A2019USDefenseContractManagementAgencyClaimAgainstPrattWhitneyMember2019-04-012019-04-300000101829rtx:A2019USDefenseContractManagementAgencyClaimAgainstPrattWhitneyMember2025-09-300000101829rtx:A2019U.S.DefenseContractManagementAgencySecondClaimAgainstPrattWhitneyMember2024-09-302024-09-300000101829rtx:A2019U.S.DefenseContractManagementAgencySecondClaimAgainstPrattWhitneyMember2025-09-300000101829rtx:U.S.DefenseContractManagementAgencyClaimAgainstPrattWhitneyFirstClaimMember2013-12-012013-12-310000101829rtx:U.S.DefenseContractManagementAgencyClaimAgainstPrattWhitneyFirstClaimMember2025-09-300000101829rtx:U.S.DefenseContractManagementAgencyClaimAgainstPrattWhitneysecondclaimMember2018-12-012018-12-310000101829rtx:U.S.DefenseContractManagementAgencyClaimAgainstPrattWhitneysecondclaimMember2025-09-300000101829rtx:USDefenseContractManagementAgencyClaimAgainstPrattWhitneyThirdClaimMember2023-12-012023-12-310000101829rtx:USDefenseContractManagementAgencyClaimAgainstPrattWhitneyThirdClaimMember2025-09-300000101829rtx:U.S.DefenseContractManagementAgencyClaimAgainstPrattWhitneyMember2025-09-300000101829rtx:SecuritiesAndExchangeCommissionSECMemberrtx:ThalesRaytheonSystemsAndRelatedMattersMember2024-10-152024-10-150000101829rtx:ThalesRaytheonSystemsAndRelatedMattersMember2024-10-152024-10-150000101829rtx:ThalesRaytheonSystemsAndRelatedMattersMember2024-10-012024-12-310000101829rtx:SecondDeferredProsecutionAgreementDPA2Memberrtx:DOJInvestigationAndContractPricingDisputesMember2024-10-160000101829rtx:FalseClaimsActFCAMemberrtx:DOJInvestigationAndContractPricingDisputesMember2024-10-162024-10-160000101829rtx:DOJInvestigationAndContractPricingDisputesMember2024-10-012024-12-310000101829rtx:ConsentAgreementSuspensiblePortionMemberrtx:TradeComplianceMattersMember2024-08-292024-08-290000101829rtx:ConsentAgreementNonSuspensiblePortionMemberrtx:TradeComplianceMattersMember2024-08-292024-08-290000101829rtx:ConsentAgreementNonSuspensiblePortionMemberrtx:TradeComplianceMattersMember2024-09-012024-09-300000101829rtx:ConsentAgreementNonSuspensiblePortionMemberrtx:TradeComplianceMattersMember2025-08-012025-08-310000101829rtx:ConsentAgreementNonSuspensiblePortionMemberrtx:TradeComplianceMattersMembersrt:ScenarioForecastMember2026-08-292026-08-290000101829rtx:TradeComplianceMattersMember2025-09-300000101829rtx:PowderMetalDisclosureMember2025-09-300000101829rtx:PowderMetalDisclosureMember2025-09-110000101829us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000101829us-gaap:AccumulatedTranslationAdjustmentMember2025-07-012025-09-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000101829us-gaap:AccumulatedTranslationAdjustmentMember2025-09-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-09-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-300000101829us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000101829us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-09-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000101829us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000101829us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000101829us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000101829us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000101829us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300000101829us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000101829us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMember2025-07-012025-09-300000101829us-gaap:IntersegmentEliminationMember2025-07-012025-09-300000101829us-gaap:CorporateNonSegmentMember2025-07-012025-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:FASCASOperatingAdjustmentMember2025-07-012025-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:AcquisitionAccountingAdjustmentsMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMember2024-07-012024-09-300000101829us-gaap:IntersegmentEliminationMember2024-07-012024-09-300000101829us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:FASCASOperatingAdjustmentMember2024-07-012024-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:AcquisitionAccountingAdjustmentsMember2024-07-012024-09-300000101829us-gaap:CorporateNonSegmentMember2025-01-012025-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:FASCASOperatingAdjustmentMember2025-01-012025-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:AcquisitionAccountingAdjustmentsMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMember2024-01-012024-09-300000101829us-gaap:IntersegmentEliminationMember2024-01-012024-09-300000101829us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:FASCASOperatingAdjustmentMember2024-01-012024-09-300000101829us-gaap:MaterialReconcilingItemsMemberrtx:AcquisitionAccountingAdjustmentsMember2024-01-012024-09-3000001018292024-04-012024-06-300000101829us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberrtx:CybersecurityIntelligenceAndServicesBusinessMemberrtx:RaytheonMember2024-01-012024-03-310000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceSystemsMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceSystemsMember2024-07-012024-09-300000101829rtx:CorporateReconcilingItemsAndEliminationsMember2025-07-012025-09-300000101829rtx:CorporateReconcilingItemsAndEliminationsMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceSystemsMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceSystemsMember2024-01-012024-09-300000101829rtx:CorporateReconcilingItemsAndEliminationsMember2025-01-012025-09-300000101829rtx:CorporateReconcilingItemsAndEliminationsMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceSystemsMember2025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CollinsAerospaceSystemsMember2024-12-310000101829rtx:CorporateReconcilingItemsAndEliminationsMember2025-09-300000101829rtx:CorporateReconcilingItemsAndEliminationsMember2024-12-310000101829us-gaap:OperatingSegmentsMembercountry:USrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829country:US2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembercountry:USus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829country:US2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829srt:EuropeMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829srt:EuropeMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829srt:AsiaPacificMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829srt:AsiaPacificMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829rtx:MiddleEastAndNorthAfricaMemberMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829rtx:MiddleEastAndNorthAfricaMemberMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829rtx:OtherGeographicRegionsMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829rtx:OtherGeographicRegionsMember2024-07-012024-09-300000101829rtx:CollinsAerospaceMember2025-07-012025-09-300000101829rtx:PrattAndWhitneyMember2025-07-012025-09-300000101829rtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829rtx:CollinsAerospaceMember2024-07-012024-09-300000101829rtx:PrattAndWhitneyMember2024-07-012024-09-300000101829rtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829country:US2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembercountry:USrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembercountry:USus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829country:US2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829srt:EuropeMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:EuropeMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829srt:EuropeMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829srt:AsiaPacificMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMembersrt:AsiaPacificMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829srt:AsiaPacificMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829rtx:MiddleEastAndNorthAfricaMemberMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:MiddleEastAndNorthAfricaMemberMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829rtx:MiddleEastAndNorthAfricaMemberMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829rtx:OtherGeographicRegionsMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:OtherGeographicRegionsMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829rtx:OtherGeographicRegionsMember2024-01-012024-09-300000101829rtx:CollinsAerospaceMember2025-01-012025-09-300000101829rtx:PrattAndWhitneyMember2025-01-012025-09-300000101829rtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829rtx:CollinsAerospaceMember2024-01-012024-09-300000101829rtx:PrattAndWhitneyMember2024-01-012024-09-300000101829rtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:IntersegmentEliminationMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829rtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829rtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829rtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829rtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829rtx:ForeignGovernmentDirectCommercialSalesMemberMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829rtx:ForeignGovernmentDirectCommercialSalesMemberMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829rtx:CommercialAerospaceAndOtherCommercialMemberMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829rtx:CommercialAerospaceAndOtherCommercialMemberMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829rtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829rtx:USGovernmentSalesExcludingForeignMilitarySalesMemberMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829rtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829rtx:ForeignMilitarySalesThroughTheUSGovernmentMemberMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829rtx:ForeignGovernmentDirectCommercialSalesMemberMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:ForeignGovernmentDirectCommercialSalesMemberMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829rtx:ForeignGovernmentDirectCommercialSalesMemberMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829rtx:CommercialAerospaceAndOtherCommercialMemberMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberrtx:CommercialAerospaceAndOtherCommercialMemberMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829rtx:CommercialAerospaceAndOtherCommercialMemberMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:CollinsAerospaceMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:PrattAndWhitneyMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberus-gaap:AllOtherSegmentsMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:CollinsAerospaceMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:PrattAndWhitneyMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberus-gaap:AllOtherSegmentsMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:CollinsAerospaceMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:PrattAndWhitneyMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberus-gaap:AllOtherSegmentsMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:CollinsAerospaceMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:PrattAndWhitneyMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:FixedPriceContractMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:FixedPriceContractMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:TimeAndMaterialsContractMemberrtx:RaytheonMember2025-07-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:TimeAndMaterialsContractMemberrtx:RaytheonMember2024-07-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:FixedPriceContractMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:FixedPriceContractMemberrtx:RaytheonMember2024-01-012024-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:TimeAndMaterialsContractMemberrtx:RaytheonMember2025-01-012025-09-300000101829us-gaap:OperatingSegmentsMemberus-gaap:TimeAndMaterialsContractMemberrtx:RaytheonMember2024-01-012024-09-3000001018292025-10-012025-09-300000101829rtx:LongTermCommercialAerospaceMaintenanceMember2025-10-012025-09-30
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 ____________________________________ 
FORM 10-Q
____________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission file number 001-00812
____________________________________ 
RTX CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________ 
Delaware 06-0570975
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1000 Wilson Boulevard,Arlington,Virginia22209
 (Address of principal executive offices) (Zip Code)
(781)522-3000
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($1 par value)RTXNew York Stock Exchange
(CUSIP 75513E 101)
2.150% Notes due 2030RTX 30New York Stock Exchange
(CUSIP 75513E AB7)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒.    No  ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒.    No  ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”

Table of Contents
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐.    No  ☒.
At September 30, 2025, there were 1,340,771,942 shares of Common Stock outstanding.



2
Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended September 30, 2025
 
 Page


RTX Corporation and its subsidiaries’ names, abbreviations thereof, logos, and products and services designators are all either the registered or unregistered trademarks or tradenames of RTX Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and services designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. References to internet web sites in this Form 10-Q are provided for convenience only. Information available through these web sites is not incorporated by reference into this Form 10-Q.
3
Table of Contents
PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements
RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts)2025202420252024
Net Sales:
Products sales$16,264 $14,708 $46,406 $43,573 
Services sales6,214 5,381 17,959 15,542 
Total net sales22,478 20,089 64,365 59,115 
Costs and Expenses:
Cost of sales - products13,593 12,336 38,865 37,177 
Cost of sales - services4,305 3,719 12,428 10,763 
Research and development684 751 2,018 2,126 
Selling, general, and administrative1,436 1,389 4,457 4,232 
Total costs and expenses20,018 18,195 57,768 54,298 
Other income (expense), net63 134 107 (390)
Operating profit2,523 2,028 6,704 4,427 
Non-operating expense (income), net:
Non-service pension income(364)(374)(1,081)(1,134)
Interest expense, net449 496 1,349 1,376 
Total non-operating expense, net85 122 268 242 
Income before income taxes2,438 1,906 6,436 4,185 
Income tax expense432 371 1,080 732 
Net income2,006 1,535 5,356 3,453 
Less: Noncontrolling interest in subsidiaries’ earnings88 63 246 161 
Net income attributable to common shareowners$1,918 $1,472 $5,110 $3,292 
Earnings Per Share attributable to common shareowners:
Basic$1.43 $1.10 $3.81 $2.47 
Diluted1.41 1.09 3.77 2.45 
See accompanying Notes to Condensed Consolidated Financial Statements
4
Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Net income$2,006 $1,535 $5,356 $3,453 
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments16 749 1,378 560 
Pension and postretirement benefit plans adjustments(12)(116)(268)(213)
Change in unrealized cash flow hedging(65)139 217 87 
Other comprehensive income (loss), before tax(61)772 1,327 434 
Income tax benefit (expense) related to items of other comprehensive income (loss)20 (23)(4)16 
Other comprehensive income (loss), net of tax(41)749 1,323 450 
Comprehensive income1,965 2,284 6,679 3,903 
Less: Comprehensive income attributable to noncontrolling interest88 63 246 161 
Comprehensive income attributable to common shareowners$1,877 $2,221 $6,433 $3,742 
See accompanying Notes to Condensed Consolidated Financial Statements
5
Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(dollars in millions)September 30, 2025December 31, 2024
Assets
Current Assets
Cash and cash equivalents$5,966 $5,578 
Accounts receivable, net12,837 10,976 
Contract assets, net16,604 14,570 
Inventory, net13,806 12,768 
Other assets, current7,905 7,241 
Total current assets57,118 51,133 
Customer financing assets2,071 2,246 
Fixed assets34,370 32,783 
Accumulated depreciation(18,045)(16,694)
Fixed assets, net16,325 16,089 
Operating lease right-of-use assets1,899 1,864 
Goodwill53,311 52,789 
Intangible assets, net32,260 33,443 
Other assets5,688 5,297 
Total assets$168,672 $162,861 
Liabilities, Redeemable Noncontrolling Interest, and Equity
Current Liabilities
Short-term borrowings$215 $183 
Accounts payable14,552 12,897 
Accrued employee compensation2,937 2,620 
Other accrued liabilities14,835 14,831 
Contract liabilities20,111 18,616 
Long-term debt currently due584 2,352 
Total current liabilities53,234 51,499 
Long-term debt38,260 38,726 
Operating lease liabilities, non-current1,650 1,632 
Future pension and postretirement benefit obligations1,981 2,104 
Other long-term liabilities7,154 6,942 
Total liabilities102,279 100,903 
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest34 35 
Shareowners’ Equity:
Common stock37,869 37,434 
Treasury stock(26,937)(27,112)
Retained earnings56,014 53,589 
Accumulated other comprehensive loss(2,432)(3,755)
Total shareowners’ equity64,514 60,156 
Noncontrolling interest1,845 1,767 
Total equity66,359 61,923 
Total liabilities, redeemable noncontrolling interest, and equity$168,672 $162,861 
See accompanying Notes to Condensed Consolidated Financial Statements
6
Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(dollars in millions)20252024
Operating Activities:
Net income$5,356 $3,453 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization3,219 3,225 
Deferred income tax provision (benefit)598 (119)
Stock compensation cost337 328 
Net periodic pension income(956)(992)
Share-based 401(k) matching contributions435 215 
Gain on sale of Cybersecurity, Intelligence and Services (CIS) business, net of transaction costs
— (415)
Change in:
Accounts receivable(1,488)936 
Contract assets(2,124)(2,453)
Inventory(1,015)(1,705)
Other current assets(979)(242)
Accounts payable and accrued liabilities2,096 2,327 
Contract liabilities1,329 1,196 
Other operating activities, net(406)(156)
Net cash flows provided by operating activities6,402 5,598 
Investing Activities:
Capital expenditures(1,657)(1,556)
Dispositions of businesses, net of cash transferred1,188 1,283 
Increase in other intangible assets(347)(447)
Receipts from settlements of derivative contracts, net187 3 
Other investing activities, net(87)(38)
Net cash flows used in investing activities(716)(755)
Financing Activities:
Repayment of long-term debt(2,289)(1,700)
Change in other short-term borrowings, net6 31 
Dividends paid(2,660)(2,415)
Repurchase of common stock(50)(394)
Other financing activities, net(339)(271)
Net cash flows used in financing activities(5,332)(4,749)
Effect of foreign exchange rate changes on cash and cash equivalents44 11 
Net increase in cash, cash equivalents, and restricted cash398 105 
Cash, cash equivalents, and restricted cash, beginning of period5,606 6,626 
Cash, cash equivalents, and restricted cash, end of period6,004 6,731 
Less: Restricted cash, included in Other assets, current and Other assets38 49 
Cash and cash equivalents, end of period$5,966 $6,682 
See accompanying Notes to Condensed Consolidated Financial Statements
7
Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts; shares in thousands)2025202420252024
Equity beginning balance$64,206 $60,650 $61,923 $61,410 
Common Stock
Beginning balance37,680 37,302 37,434 37,055 
Common stock plans activity119 (102)225 9 
Share-based 401(k) matching contributions70 76 210 212 
Ending balance37,869 37,276 37,869 37,276 
Treasury Stock
Beginning balance(26,995)(27,080)(27,112)(26,977)
Share-based 401(k) matching contributions58 10 225 10 
Common stock repurchased— (71)(50)(174)
Ending balance(26,937)(27,141)(26,937)(27,141)
Retained Earnings
Beginning balance54,104 51,488 53,589 52,154 
Net income attributable to common shareholders1,918 1,472 5,110 3,292 
Dividends on common stock— — (2,543)(2,415)
Dividends on ESOP common stock— — (117)(44)
Other(8)(12)(25)(39)
Ending balance56,014 52,948 56,014 52,948 
Unearned ESOP Shares
Beginning balance— (7)— (15)
Share-based 401(k) matching contributions
— 7 — 15 
Ending balance— — — — 
Accumulated Other Comprehensive Loss
Beginning balance(2,391)(2,718)(3,755)(2,419)
Other comprehensive income, net of tax(41)749 1,323 450 
Ending balance(2,432)(1,969)(2,432)(1,969)
Noncontrolling Interest
Beginning balance1,808 1,665 1,767 1,612 
Net income88 63 246 161 
Less: Redeemable noncontrolling interest net income(2)(2)(8)(6)
Dividends attributable to noncontrolling interest(49)(28)(160)(69)
Other— 14 — 14 
Ending balance1,845 1,712 1,845 1,712 
Equity at September 30
$66,359 $62,826 $66,359 $62,826 
Supplemental share information
Shares of common stock issued under employee plans, net1,400 1,282 5,838 5,660 
Shares of common stock repurchased— 653 396 1,699 
Treasury shares reissued related to 401(k) matching contributions830 148 3,206 148 
Dividends declared per share of common stock$— $— $1.990 $1.850 
See accompanying Notes to Condensed Consolidated Financial Statements
8
Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Basis of Presentation
The Condensed Consolidated Financial Statements at September 30, 2025 and for the quarters and nine months ended September 30, 2025 and 2024 are unaudited, and in the opinion of management include adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods. The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the financial statements and notes in our 2024 Annual Report on Form 10-K.
Unless the context otherwise requires, the terms “we,” “our,” “us,” “the Company,” and “RTX” mean RTX Corporation and its subsidiaries. References to “Raytheon Company” mean Raytheon Company, which became a wholly owned subsidiary of RTX on April 3, 2020 during an all-stock merger transaction between United Technologies Corporation and Raytheon Company (the surviving company of which is RTX Corporation).
We reclassified certain immaterial prior period amounts within our Condensed Consolidated Statement of Cash Flows and
Condensed Consolidated Statement of Changes in Equity related to our share-based 401(k) matching contributions to conform
to our current period presentation.
Raytheon follows a 4-4-5 fiscal calendar while Collins Aerospace (Collins) and Pratt & Whitney use a calendar quarter end. Throughout this Form 10-Q, when we refer to the quarters and nine months ended September 30, 2025 and 2024 with respect to Raytheon, we are referring to their September 28, 2025 and September 29, 2024 fiscal quarter ends, respectively.
Legal Matters. As previously disclosed, in 2024 the Company resolved several outstanding legal matters, herein referred to as “Resolution of Certain Legal Matters.” See “Note 16: Commitments and Contingencies” for additional information.
Note 2: Acquisitions and Dispositions
Dispositions. On July 21, 2025, we completed the previously announced sale of the actuation and flight control business within our Collins segment for gross proceeds of $1.8 billion. Cash received of $1.6 billion, net of cash transferred, included amounts attributable to continuing service agreements supporting the buyer post-closing. The sale resulted in a pre-tax gain of $0.1 billion, which was recorded in Other income (expense), net within the Condensed Consolidated Statement of Operations.
On June 30, 2025, we entered into a definitive agreement to sell the Simmonds Precision Products business within our Collins segment for approximately $0.8 billion in gross proceeds. The sale of this business was completed on October 6, 2025.
On March 29, 2024, we completed the sale of the Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment for proceeds of approximately $1.3 billion in cash, resulting in an aggregate pre-tax gain, net of transaction and other related costs, of $0.4 billion ($0.2 billion after tax), primarily recognized in Other income (expense), net within the Condensed Consolidated Statement of Operations.
Note 3: Goodwill and Intangible Assets
Goodwill. Changes in our goodwill balances for the nine months ended September 30, 2025 were as follows:
(dollars in millions)Balance as of December 31, 2024Acquisitions and Divestitures Foreign Currency Translation and Other
Balance as of September 30, 2025
Collins Aerospace (1)
$32,223 $(256)$777 $32,744 
Pratt & Whitney1,563 — — 1,563 
Raytheon18,986 — 1 18,987 
Total Segments52,772 (256)778 53,294 
Eliminations and other17 — — 17 
Total$52,789 $(256)$778 $53,311 
(1) The reduction related to Acquisitions and Divestitures includes the reclassification of goodwill to assets held for sale and presented in Other assets within the Condensed Consolidated Balance Sheet.
9
Intangible Assets. Identifiable intangible assets are comprised of the following:
 September 30, 2025December 31, 2024
(dollars in millions)Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Amortized:
Collaboration assets$6,203 $(2,239)$6,159 $(1,996)
Exclusivity assets3,872 (251)3,692 (361)
Developed technology and other1,186 (739)1,197 (698)
Customer relationships29,333 (13,581)29,388 (12,401)
40,594 (16,810)40,436 (15,456)
Indefinite-lived:
Trademarks and other8,476 — 8,463 — 
Total$49,070 $(16,810)$48,899 $(15,456)
Amortization of intangible assets for the quarters and nine months ended September 30, 2025 and 2024 was $520 million and $1,529 million and $560 million and $1,620 million, respectively. The following is the expected amortization of intangible assets for the remainder of 2025 through 2030: 
(dollars in millions)Remaining 202520262027202820292030
Amortization expense$545 $1,991 $1,897 $1,810 $1,682 $1,644 
Note 4: Earnings Per Share
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars and shares in millions, except per share amounts)2025202420252024
Net income attributable to common shareowners$1,918 $1,472 $5,110 $3,292 
Basic weighted average number of shares outstanding1,343.1 1,333.2 1,340.2 1,331.4 
Stock awards and equity units (share equivalent)15.3 13.0 14.5 10.4 
Diluted weighted average number of shares outstanding1,358.4 1,346.2 1,354.7 1,341.8 
Earnings Per Share attributable to common shareowners:
Basic$1.43 $1.10 $3.81 $2.47 
Diluted1.41 1.09 3.77 2.45 
The computation of diluted earnings per share (EPS) excludes the effect of the potential exercise of stock awards, including stock appreciation rights and stock options, when the average market price of the common stock is lower than the exercise price of the related stock awards during the period because the effect would be anti-dilutive. In addition, the computation of diluted EPS excludes the effect of the potential release or exercise of stock awards when the awards’ assumed proceeds exceed the average market price of the common shares during the period. For the quarter and nine months ended September 30, 2025, the number of stock awards excluded from the computation was 0.7 million and 1.9 million, respectively. There were no stock awards excluded from the computation for the quarter ended September 30, 2024, and the number of stock awards excluded from the nine months ended September 30, 2024 was 6.4 million.
Note 5: Changes in Contract Estimates at Completion
We review our Estimates at Completion (EACs) at least annually or when a change in circumstances warrants a modification to a previous estimate. For significant contracts, we review our EACs more frequently. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue and cost at completion is complex, subject to many inputs, and requires significant judgment by management on a contract by contract basis. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities, and the related changes in estimates of revenues and costs. The risks and opportunities relate to management’s judgment about the ability and cost to achieve the schedule, consideration of customer-directed delays or reductions in scheduled deliveries, technical requirements, customer activity levels, such as flight hours or aircraft landings, and related variable consideration. Management must make assumptions and estimates regarding contract revenues and costs, including estimates of labor productivity and availability, the complexity
10
and scope of the work to be performed, the availability and cost of materials including any impact from changing costs or inflation, the length of time to complete the performance obligation, execution by our subcontractors, the availability and timing of funding from our customer, overhead cost rates, and current and past maintenance cost and frequency driven by estimated aircraft and engine utilization and estimated useful lives of components, among others. In particular, fixed-price development programs involve significant management judgment, as development contracts by nature have elements that have not been done before and thus, are highly subject to future unexpected cost changes. Cost estimates may also include the estimated cost of satisfying our industrial cooperation agreements, sometimes in the form of either offset obligations or in-country industrial participation (ICIP) agreements, required under certain contracts. These obligations may or may not be distinct depending on their nature. If cash is paid to a customer to satisfy our offset obligations it is recorded as a reduction in the transaction price.
Changes in estimates of net sales, cost of sales, and the related impact to operating profit on contracts recognized over time are recognized on a cumulative catch-up basis, which recognizes the cumulative effect of the profit changes on current and prior periods based on a performance obligation’s percentage-of-completion in the current period. A significant change in one or more of these estimates could affect the profitability of one or more of our performance obligations. Our EAC adjustments also include the establishment of, and changes to, loss provisions for our contracts accounted for on a percentage-of-completion basis.
Net EAC adjustments had the following impact on our operating results:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts)2025202420252024
Total net sales$(18)$(63)$(163)$(78)
Operating profit(35)(91)(310)(315)
Income attributable to common shareowners (1)
(28)(72)(245)(249)
Diluted earnings per share attributable to common shareowners (1)
$(0.02)$(0.05)$(0.18)$(0.19)
(1)     Amounts reflect a U.S. statutory tax rate of 21%, which approximates our tax rate on our EAC adjustments.
In addition to the amounts included in the table above, during the nine months ended September 30, 2024, Raytheon initiated the termination of a fixed price development contract with a foreign customer, herein referred to as “Raytheon Contract Termination.” As a result of this action, Raytheon recognized a $0.6 billion charge related to the estimated impact of this termination. This charge included the write-off of remaining contract assets and the estimated settlement with the customer. The Raytheon Contract Termination was completed, including customer settlement, during the fourth quarter of 2024, in line with previously accrued amounts.
Note 6: Accounts Receivable, Net
Accounts receivable, net consisted of the following:
(dollars in millions)September 30, 2025December 31, 2024
Accounts receivable$13,177 $11,265 
Allowance for expected credit losses(340)(289)
Total accounts receivable, net$12,837 $10,976 
Note 7: Contract Assets and Liabilities
Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billings. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities were as follows:
(dollars in millions)September 30, 2025December 31, 2024
Contract assets, net$16,604 $14,570 
Contract liabilities(20,111)(18,616)
Net contract liabilities$(3,507)$(4,046)
Contract assets, net, increased $2.0 billion during the nine months ended September 30, 2025 primarily due to sales in excess of billings on certain contracts at Pratt & Whitney, partially offset by an increase in the allowance for expected credit losses due to a customer bankruptcy recorded at Pratt & Whitney in the second quarter of 2025. Contract liabilities increased $1.5 billion
11
during the nine months ended September 30, 2025 primarily due to advances received and billings in excess of sales on certain contracts at Pratt & Whitney. We recognized revenue of $1.5 billion and $6.5 billion during the quarter and nine months ended September 30, 2025 related to contract liabilities outstanding as of January 1, 2025 and recognized revenue of $1.3 billion and $5.7 billion during the quarter and nine months ended September 30, 2024, related to contract liabilities outstanding as of January 1, 2024.
Contract assets are net of an allowance for expected credit losses of $0.7 billion and $0.5 billion as of September 30, 2025 and December 31, 2024, respectively. The increase in allowance for expected credit losses as of September 30, 2025 as compared to December 31, 2024 was primarily related to an increase in reserves as a result of a customer bankruptcy recorded at Pratt & Whitney in the second quarter of 2025.
Note 8: Inventory, net
Inventory, net consisted of the following:
(dollars in millions)September 30, 2025December 31, 2024
Raw materials$4,617 $4,164 
Work-in-process4,774 4,493 
Finished goods4,415 4,111 
Total inventory, net$13,806 $12,768 
Note 9: Borrowings and Lines of Credit
As of September 30, 2025, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion, which expires in August 2028. As of September 30, 2025, there were no borrowings outstanding under this agreement.
From time to time, we use commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, pension contributions, debt refinancing, dividend payments, and repurchases of our common stock. The commercial paper notes have original maturities of not more than 364 days from the date of issuance. As of September 30, 2025, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. At September 30, 2025 and December 31, 2024, we had no commercial paper borrowings outstanding. There were no new borrowings and no new repayments of commercial paper with maturities greater than 90 days during the nine months ended September 30, 2025 and 2024.
We made the following repayments of long-term debt during the nine months ended September 30, 2025 and 2024:
DateDescription of NotesAggregate Principal Balance (in millions)
August 18, 2025
3.950% notes due 2025
$1,500 
May 7, 2025
3 Month SOFR plus 1.225% term loan due 2025
750 
May 7, 2024
3 Month SOFR plus 1.225% Term Loan due 2025
250 
April 17, 2024
3 Month SOFR plus 1.225% Term Loan due 2025
250 
April 4, 2024
3 Month SOFR plus 1.225% Term Loan due 2025
250 
March 15, 2024
3.200% notes due 2024
950 
Long-term debt consisted of the following:
(dollars in millions)September 30, 2025December 31, 2024
3 Month SOFR plus 1.225% term loan due 2025
$— $750 
3.950% notes due 2025 (1)
— 1,500 
5.000% notes due 2026 (1)
500 500 
2.650% notes due 2026 (1)
719 719 
3 Month SOFR plus 1.225% term loan due 2026
2,000 2,000 
5.750% notes due 2026 (1)
1,250 1,250 
3.125% notes due 2027 (1)
1,100 1,100 
3.500% notes due 2027 (1)
1,300 1,300 
12
(dollars in millions)September 30, 2025December 31, 2024
7.200% notes due 2027 (1)
382 382 
7.100% notes due 2027
135 135 
6.700% notes due 2028
285 285 
7.000% notes due 2028 (1)
185 185 
4.125% notes due 2028 (1)
3,000 3,000 
5.750% notes due 2029 (1)
500 500 
7.500% notes due 2029 (1)
414 414 
2.150% notes due 2030 (€500 million principal value) (1)
585 520 
2.250% notes due 2030 (1)
1,000 1,000 
6.000% notes due 2031 (1)
1,000 1,000 
1.900% notes due 2031 (1)
1,000 1,000 
2.375% notes due 2032 (1)
1,000 1,000 
5.150% notes due 2033 (1)
1,250 1,250 
6.100% notes due 2034 (1)
1,500 1,500 
5.400% notes due 2035 (1)
446 446 
6.050% notes due 2036 (1)
410 410 
6.800% notes due 2036 (1)
117 117 
7.000% notes due 2038
148 148 
6.125% notes due 2038 (1)
575 575 
4.450% notes due 2038 (1)
750 750 
5.700% notes due 2040 (1)
553 553 
4.875% notes due 2040 (1)
600 600 
4.700% notes due 2041 (1)
425 425 
4.500% notes due 2042 (1)
3,500 3,500 
4.800% notes due 2043 (1)
400 400 
4.200% notes due 2044 (1)
300 300 
4.150% notes due 2045 (1)
850 850 
3.750% notes due 2046 (1)
1,100 1,100 
4.050% notes due 2047 (1)
600 600 
4.350% notes due 2047 (1)
1,000 1,000 
4.625% notes due 2048 (1)
1,750 1,750 
3.125% notes due 2050 (1)
1,000 1,000 
2.820% notes due 2051 (1)
1,000 1,000 
3.030% notes due 2052 (1)
1,100 1,100 
5.375% notes due 2053 (1)
1,250 1,250 
6.400% notes due 2054 (1)
1,750 1,750 
Other (including finance leases)
190 232 
Total principal long-term debt38,919 41,146 
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)(75)(68)
Total long-term debt38,844 41,078 
Less: current portion584 2,352 
Long-term debt, net of current portion$38,260 $38,726 
(1)    We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.
The average maturity of our long-term debt as of September 30, 2025 is approximately 12 years.
13
Note 10: Employee Benefit Plans
Pension and Postretirement Plans. We sponsor both funded and unfunded domestic and foreign defined benefit pension and postretirement benefit (PRB) plans and defined contribution plans.
Contributions to our plans were as follows:
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
U.S. qualified defined benefit plans$— $— $— $— 
International defined benefit plans1 6 15 18 
PRB plans7 6 18 19 
Defined contribution plans316 308 1,057 1,042 
The amounts recognized in the Condensed Consolidated Balance Sheet consist of:
(dollars in millions)September 30, 2025December 31, 2024
Non-current pension assets (included in Other assets)$2,659 $1,819 
Current pension and PRB liabilities (included in Accrued employee compensation)257 256 
Future pension and postretirement benefit obligations1,981 2,104 
The amounts recognized in Future pension and postretirement benefit obligations consist of:
(dollars in millions)September 30, 2025December 31, 2024
Non-current pension liabilities$1,434 $1,532 
Non-current PRB liabilities480 523 
Other pension and PRB related items67 49 
Future pension and postretirement benefit obligations$1,981 $2,104 
The components of net periodic income for our defined pension plans were as follows:
 
Quarter Ended September 30,
Nine Months Ended September 30,
(dollars in millions)2025202420252024
Operating expense
Service cost$42 $47 $126 $141 
Non-operating expense
Interest cost587 597 1,756 1,789 
Expected return on plan assets(922)(937)(2,760)(2,810)
Amortization of prior service credit(32)(42)(107)(127)
Recognized actuarial net loss5 5 15 15 
 Net settlement, curtailment, and special termination benefit loss— 4 14 — 
Non-service pension income(362)(373)(1,082)(1,133)
Total net periodic pension income$(320)$(326)$(956)$(992)
We have set aside assets in separate trusts, which we expect to be used to pay for certain nonqualified defined benefit and defined contribution plan obligations in excess of qualified plan limits. These assets are included in Other assets in our Condensed Consolidated Balance Sheet. The fair value of marketable securities held in trusts was as follows:
(dollars in millions)September 30, 2025December 31, 2024
Marketable securities held in trusts$713 $786 
14
Note 11: Income Taxes
Our effective tax rate for the quarter and nine months ended September 30, 2025 was 17.7% and 16.8%, respectively, as compared to 19.5% and 17.5% for the quarter and nine months ended September 30, 2024, respectively.
The lower effective tax rate for the quarter ended September 30, 2025 compared to September 30, 2024 was primarily driven by the absence of a $0.2 billion tax charge related to U.S. federal income taxes owed by the Company resulting from a favorable non-U.S. tax ruling Otis received in the quarter ending September 30, 2024 impacting pre-separation tax years. The lower effective tax rate also included additional tax expense in the quarter ended September 30, 2025 due to the sale of the Collins actuation and flight control business and higher taxes for 2025, principally driven by the enactment of “An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14” on July 4, 2025. Both periods also included tax benefits associated with certain legal entity reorganizations.
The effective tax rates for the nine months ended September 30, 2025 and 2024 were relatively consistent. In addition to the items noted above, the effective tax rate for the nine months ended September 30, 2024 included a $0.3 billion benefit from the impact of the conclusion of the examination phases of the RTX and Rockwell Collins audits, that was more than offset by an unfavorable impact for the tax cost associated with the sale of the CIS business and the impact of the Resolution of Certain Legal Matters accrued during the second quarter of 2024, in which no tax benefit was recorded.
We conduct business globally and, as a result, RTX or one or more of our subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as Canada, China, France, Germany, India, Poland, Saudi Arabia, Singapore, Switzerland, the United Kingdom, and the United States. With few exceptions, we are no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations for years before 2014.
In connection with certain Internal Revenue Service (IRS) audits, the Company has previously filed protests with respect to certain IRS proposed adjustments for RTX (formerly United Technologies Corporation) tax years 2017 and 2018, pre-acquisition Rockwell Collins tax years 2016, 2017, and 2018, and pre-merger Raytheon Company tax years 2017, 2018, and 2019 as well as certain refund claims of Raytheon Company for tax years 2014, 2015, and 2016 filed prior to the Raytheon merger. The Company is in the process of disputing these adjustments at the Appeals Division of the IRS. The Company expects resolution at the Appeals Division for the RTX and Rockwell tax years within the next twelve months. The timing of any resolution at the Appeals Division for the Raytheon Company tax years is uncertain.
During the quarter ended March 31, 2025, the Company received an unfavorable decision from the Appeals Committee of the Kingdom of Saudi Arabia (KSA) General Secretariat of the Tax Committees (GTSC) and recorded the net income impact of this decision. The Company continues to believe the position of the KSA tax authority is not supported by the facts in question or KSA tax law and is pursuing available options to seek reversal of the GSTC’s decision.
Note 12: Financial Instruments
We enter into derivative instruments primarily for risk management purposes, including derivatives designated as hedging instruments and those utilized as economic hedges. We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, foreign exchange rates, and commodity prices. These fluctuations can increase the costs of financing, investing, and operating the business. We have used derivative instruments, including swaps, forward contracts, and options, to manage certain foreign currency, interest rate, and commodity price exposures.
The present value of the aggregate notional principal of our outstanding foreign currency hedges was $24 billion and $17 billion at September 30, 2025 and December 31, 2024, respectively.
The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheet for derivative instruments:
(dollars in millions)Balance Sheet LocationSeptember 30, 2025December 31, 2024
Derivatives designated as hedging instruments:
Foreign exchange contractsOther assets, current$354 $177 
Other accrued liabilities274 350 
Derivatives not designated as hedging instruments:
Foreign exchange contractsOther assets, current$8 $10 
Other accrued liabilities68 101 
15
At September 30, 2025, all derivative contracts accounted for as cash flow hedges will mature by May 2036. Cash receipts or payments on derivatives designated as cash flow hedges are recorded in Other operating activities, net within the Condensed Consolidated Statement of Cash Flows. The Company utilizes the critical terms match method for cash flow hedges in assessing derivatives for hedge effectiveness. Gains or losses attributable to cash flow hedging contract activity are primarily recorded as a component of Products sales when reclassified from Accumulated other comprehensive loss.
The Company has entered into forward exchange contracts to partially hedge its net investment in certain foreign subsidiaries denominated in EUR and CAD. The Company assesses the effectiveness of its net investment hedges using the spot method. Cash receipts or payments on derivatives designated as net investment hedges are recorded as investing cash flows within the Condensed Consolidated Statement of Cash Flows.
As of December 31, 2024, we had €320 million of our €500 million principal value of euro-denominated long-term debt designated as a net investment hedge against our investments in European businesses. At March 31, 2025, this was no longer designated as a net investment hedge and subsequent effects are reflected within Other income (expense), net.
The effect of cash flow hedging and net investment hedging relationships on Accumulated other comprehensive loss and on the Condensed Consolidated Statement of Operations in the quarters and nine months ended September 30, 2025 and 2024 are presented in “Note 17: Equity.” The hedged items and derivatives designated as hedging instruments are highly effective.
The effect of derivatives not designated as hedging instruments is included within Other income (expense), net, on the Condensed Consolidated Statement of Operations and is not significant. Cash receipts or payments related to the settlement of derivatives not designated as hedging instruments are recorded as investing cash flows within the Condensed Consolidated Statement of Cash Flows.
Note 13: Fair Value Measurements
The following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring basis in our Condensed Consolidated Balance Sheet:
September 30, 2025
(dollars in millions)TotalLevel 1Level 2Level 3
Recurring fair value measurements:
Marketable securities held in trusts$713 $641 $72 $— 
Derivative assets362 — 362 — 
Derivative liabilities342 — 342 — 
December 31, 2024
(dollars in millions)TotalLevel 1Level 2Level 3
Recurring fair value measurements:
Marketable securities held in trusts$786 $721 $65 $— 
Derivative assets187 — 187 — 
Derivative liabilities451 — 451 — 
Valuation Techniques. Our derivative assets and liabilities include foreign exchange contracts that are measured at fair value using internal models based on observable market inputs such as forward rates, interest rates, our own credit risk, and our counterparties’ credit risks.
As of September 30, 2025, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties’ credit risks.
The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Condensed Consolidated Balance Sheet:
 September 30, 2025December 31, 2024
(dollars in millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Long-term debt (excluding finance leases)$38,766 $36,854 $40,991 $37,956 
16
The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Condensed Consolidated Balance Sheet:
September 30, 2025
(dollars in millions)TotalLevel 1Level 2Level 3
Long-term debt (excluding finance leases)$36,854 $— $34,823 $2,031 
December 31, 2024
(dollars in millions)TotalLevel 1Level 2Level 3
Long-term debt (excluding finance leases)$37,956 $— $35,180 $2,776 
The fair value of our Short-term borrowings approximates the carrying value due to their short-term nature and is classified as level 3 within the fair value hierarchy.
Note 14: Variable Interest Entities
Pratt & Whitney holds a 61% program share interest in the International Aero Engines AG (IAE) collaboration with MTU Aero Engines AG (MTU) and Japanese Aero Engines Corporation (JAEC), and a 49.5% ownership interest in IAE. IAE’s business purpose is to coordinate the design, development, manufacturing, and product support of the V2500 engine program through involvement with the collaborators. Additionally, Pratt & Whitney, JAEC, and MTU are participants in the International Aero Engines, LLC (IAE LLC) collaboration, whose business purpose is to coordinate the design, development, manufacturing, and product support for the PW1100G-JM engine for the Airbus A320neo family of aircraft. Pratt & Whitney holds a 59% program share interest and a 59% ownership interest in IAE LLC. IAE and IAE LLC retain limited equity with the primary economics of the programs passed to the participants. As such, we have determined that IAE and IAE LLC are variable interest entities with Pratt & Whitney as the primary beneficiary. IAE and IAE LLC have, therefore, been consolidated. Other collaborators participate in Pratt & Whitney’s program share interest in IAE and IAE LLC. Pratt & Whitney’s net program share interest in IAE and IAE LLC, after considering its sub-collaborator share, is 57% and 51%, respectively. The carrying amounts and classification of assets and liabilities for variable interest entities in our Condensed Consolidated Balance Sheet are as follows:
(dollars in millions)September 30, 2025December 31, 2024
Current assets$13,240 $10,315 
Non-current assets1,144 1,060 
Total assets$14,384 $11,375 
Current liabilities$15,142 $13,595 
Non-current liabilities109 140 
Total liabilities$15,251 $13,735 
Note 15: Guarantees
We extend a variety of financial, market value, and product performance guarantees to third parties. These instruments expire on various dates through 2062. Additional guarantees of project performance for which there is no stated value also remain outstanding. A portion of our third party guarantees are subject to indemnification for our benefit for any liabilities that could arise. As of September 30, 2025 and December 31, 2024, the following financial guarantees were outstanding:
September 30, 2025December 31, 2024
(dollars in millions)Maximum Potential PaymentCarrying Amount of LiabilityMaximum Potential PaymentCarrying Amount of Liability
Commercial aerospace financing arrangements$187 $— $274 $— 
Third party guarantees73 — 79 1 
We have made residual value and other guarantees related to various commercial aerospace customer financing arrangements. The estimated fair market values of the guaranteed assets equal or exceed the value of the related guarantees, net of existing reserves. Collaboration partners’ share of these financing guarantees was $0.1 billion at September 30, 2025 and December 31, 2024.
We also have obligations arising from sales of certain businesses and assets, including those from representations and warranties and related indemnities for environmental, health and safety, tax, and employment matters. The maximum potential
17
payment related to these obligations is not a specified amount, as a number of the obligations do not contain financial caps. The carrying amount of liabilities related to these obligations was $0.1 billion at September 30, 2025 and December 31, 2024. These primarily relate to environmental liabilities, which are included in our total environmental liabilities as further discussed in “Note 16: Commitments and Contingencies.”
We accrue for costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts, and where no amount within a range of estimates is more likely, the minimum is accrued.
We also provide service and warranty policies on our products and extend performance and operating cost guarantees beyond our normal service and warranty policies on some of our products, particularly commercial aircraft engines. In addition, we incur discretionary costs to service our products in connection with specific product performance issues. Liabilities for performance and operating cost guarantees are based upon future product performance and durability and are largely estimated based upon historical experience. Adjustments are made to accruals as claims data and historical experience warrant.
The changes in the carrying amount of service and product warranties and product performance guarantees for the nine months ended September 30, 2025 and 2024 were as follows:
(dollars in millions)20252024
Balance as of January 1$993 $1,091 
Warranties and performance guarantees issued219 195 
Settlements(208)(216)
Other6 (28)
Balance as of September 30$1,010 $1,042 
Product and service guarantees incurred in connection with long term production contracts and certain aftermarket arrangements are generally accounted for within the contract estimates at completion.
Note 16: Commitments and Contingencies
Except as otherwise noted, while we are unable to predict the final outcome, based on information currently available, we do not believe that resolution of any of the following matters will have a material adverse effect upon our competitive position, results of operations, financial condition, or liquidity.
Environmental. Our operations are subject to environmental regulation by federal, state, and local authorities in the United States and regulatory authorities with jurisdiction over our foreign operations. We have accrued for the costs of environmental remediation activities, including but not limited to investigatory, remediation, operating and maintenance costs, and performance guarantees, and periodically reassess these amounts. We do not expect any additional liability to have a material adverse effect on our results of operations, financial condition, or liquidity. As of both September 30, 2025 and December 31, 2024, we had $0.8 billion reserved for environmental remediation.
Commercial Aerospace Financing and Other Commitments. We had commercial aerospace financing commitments and other contractual commitments of approximately $13.3 billion and $14.1 billion as of September 30, 2025 and December 31, 2024, respectively, on a gross basis before reduction for our collaboration partners’ share. Aircraft financing commitments, in the form of debt or lease financing, are provided to certain commercial aerospace customers. The extent to which the financing commitments will be utilized is not currently known, since customers may be able to obtain more favorable terms from other financing sources. We may also arrange for third-party investors to assume a portion of these commitments. The majority of financing commitments are collateralized arrangements. We may also pay deposits on behalf of our customers to secure production slots with the airframers (pre-delivery payments). Our financing commitments with customers are contingent upon maintenance of certain levels of financial condition by our customers. Associated risks on these commitments are mitigated due to the fact that interest rates are variable during the commitment term and are set at the date of funding based on current market conditions, the fair value of the underlying collateral, and the creditworthiness of our customers. As a result, the fair value of these financing commitments is expected to equal the amounts funded.
We also have other contractual commitments to make payments to secure certain contractual rights to provide product on new aircraft platforms. The estimated amount and timing of these payments are generally based on future sales or engine flight hours. Payments made on these contractual commitments are included within intangible assets as exclusivity assets and are amortized over the term of underlying economic benefit. We have entered into certain collaboration arrangements, which may include participation by our collaboration partners in these commitments. In addition, in connection with our 2012 agreement to acquire Rolls-Royce’s ownership and collaboration interests in IAE, additional payments are due to Rolls-Royce contingent
18
upon each hour flown through June 2027 by the V2500-powered aircraft in service as of the acquisition date. These flight hour payments are capitalized as collaboration intangible assets as payments are made.
Other Financing Arrangements. We have entered into standby letters of credit and surety bonds with financial institutions to meet various bid, performance, warranty, retention, guarantee, and advance payment obligations for us or our affiliates. We enter into these agreements to assist certain affiliates in obtaining financing on more favorable terms, making bids on contracts, and performing their contractual and other obligations. The stated values of these letters of credit agreements and surety bonds totaled $4.1 billion as of September 30, 2025.
Offset / Industrial Participation Obligations. We have entered into industrial cooperation agreements, sometimes in the form of either offset agreements or ICIP agreements, as a condition to obtaining orders for our products and services from certain customers in foreign countries. At September 30, 2025, the aggregate amount of these agreements, both agreed to and anticipated to be agreed to, had an outstanding notional value of approximately $11.5 billion. These agreements are designed to return economic value to the foreign country by requiring us to engage in activities supporting local defense or commercial industries, promoting a balance of trade, developing in-country technology capabilities, or addressing other local development priorities. Offset agreements may be satisfied through activities that do not require a direct cash payment, including transferring technology, providing manufacturing, training, and other consulting support to in-country projects, and the purchase by third parties (e.g., our vendors) of supplies from in-country vendors. These agreements may also be satisfied through our use of cash for activities such as subcontracting with local partners, purchasing supplies from in-country vendors, providing financial support for in-country projects, and making investments in local ventures. Such activities may also vary by country depending upon requirements as dictated by their governments. We typically do not commit to offset agreements until orders for our products or services are definitive. The amounts ultimately applied against our offset agreements are based on negotiations with the customers and typically require cash outlays that represent only a fraction of the notional value in the offset agreements. Offset programs usually extend over several or more years and may provide for penalties in the event we fail to perform in accordance with offset requirements. Historically, we have not been required to pay any penalties of significance.
Government Oversight. In the ordinary course of business, the Company and its subsidiaries and our properties are subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. For example, we are now, and believe that, in light of the current U.S. government contracting and overall enforcement environment, we will continue to be the subject of one or more U.S. government investigations. Our contracts with the U.S. government are also subject to audits. Agencies that oversee contract performance include: the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA), the Inspectors General of the U.S. Department of Defense (DoD) and other departments and agencies, the Government Accountability Office (GAO), the Department of Justice (DOJ), and Congressional Committees. Other areas of our business operations may also be subject to audit and investigation by these and other agencies. From time to time, agencies investigate or conduct audits to determine whether our operations are being conducted in accordance with applicable requirements. Such investigations and audits may be initiated due to a number of reasons, including as a result of a whistleblower complaint. Such investigations and audits could result in administrative, civil, or criminal liabilities, including the imposition of repayment obligations, fines, treble or other damages, forfeitures, disgorgement, restitution, or penalties, the suspension of government export licenses, and/or suspension or debarment from future U.S. government contracting. They could also result in deferred prosecution agreements, administrative orders, consent agreements, guilty plea agreements, and/or imposition of an independent compliance monitor. U.S. government investigations often take years to complete. In particular, in 2024 the Company entered into a deferred prosecution agreement (DPA) (DPA-1) with the DOJ and the Company settled an administrative proceeding with the Securities and Exchange Commission (SEC) (the SEC Administrative Order) to resolve the previously disclosed criminal and civil government investigations into payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems (TRS), in connection with certain Middle East contracts since 2012 (Thales-Raytheon Systems and Related Matters). The Company also entered into a DPA (DPA-2) and a False Claims Act (FCA) settlement agreement with the DOJ to resolve previously disclosed criminal and civil government investigations into defective pricing claims for certain legacy Raytheon Company contracts entered into between 2011 and 2013 and in 2017 (DOJ Investigation and Contract Pricing Disputes).
Under these DPAs and the SEC Administrative Order, Raytheon Company and the Company are required to retain, among other things, an independent compliance monitor satisfactory to the DOJ and the SEC (for a term ending three years from the date on which the monitor is engaged) and are required to undertake certain cooperation and disclosure obligations (for a term commencing on the effective date of DPA-1 and the SEC Administrative Order, as applicable, and ending three years from the date on which the monitor is engaged). The compliance monitor will oversee Raytheon Company’s and the Company’s compliance with their respective obligations under the DPAs and the SEC Administrative Order. In 2024, the Company also resolved certain voluntarily disclosed export controls violations primarily identified in connection with the integration of Rockwell Collins and, to a lesser extent, Raytheon Company, including certain violations that were resolved pursuant to a Consent Agreement (CA) with the Department of State (DOS). The CA, which has a three-year term, requires the Company to
19
implement remedial compliance measures and to conduct an external audit of the Company’s International Traffic in Arms Regulations (ITAR) compliance program. The CA also requires appointment of an external, independent Special Compliance Officer (SCO). The Company appointed its SCO on September 27, 2024.
As noted above, the U.S. government reserves the right to suspend or debar a contractor from receiving new government contracts for fraudulent, criminal, or other seriously improper conduct. The U.S. government could also void any contracts found to be tainted by fraud. Like many defense contractors, we have received audit reports recommending the reduction of certain contract prices because, for example, cost or pricing data or cost accounting practices used to price and negotiate those contracts may not have conformed to government regulations. Some of these audit reports recommend that certain payments be repaid, delayed, or withheld, and may involve substantial amounts. We have made voluntary refunds in those cases we believe appropriate, have settled some allegations and, in some cases, continue to negotiate and/or litigate. The Company may be, and in some cases has been, required to make payments into escrow of disputed liabilities while the related litigation is pending. If the litigation is resolved in the Company’s favor, any such payments will be returned to the Company with interest. Our final allowable incurred costs for each year are also subject to audit and have, from time to time, resulted in disputes between us and the U.S. government, with litigation resulting at the Court of Federal Claims (COFC) or the Armed Services Board of Contract Appeals (ASBCA), or their related courts of appeals. In addition, the DOJ has, from time to time, convened grand juries to investigate possible irregularities by us. We also provide products and services to customers outside of the U.S., and those sales are subject to local government laws, regulations, and procurement policies and practices. Our compliance with such local government regulations or any applicable U.S. government regulations (e.g., Arms Export Control Act (AECA), Export Administration Regulations (EAR), Foreign Corrupt Practices Act (FCPA), and ITAR) may also be investigated or audited. In addition, we accrue for liabilities associated with those matters that are probable and can be reasonably estimated. The most likely liability amount to be incurred is accrued based upon a range of estimates. Where no amount within a range of estimates is more likely, then we accrue the minimum amount. Other than as specifically disclosed in this Form 10-Q, we do not expect these audits, investigations, or disputes to have a material effect on our results of operations, financial condition, or liquidity, either individually or in the aggregate.
Tax Treatment of Carrier and Otis Dispositions. Management has determined that the distributions of Carrier and Otis on April 3, 2020, and certain related internal business separation transactions, qualified as tax-free under applicable law. In making these determinations, we applied the tax law in the relevant jurisdictions to our facts and circumstances and obtained tax rulings from the relevant taxing authorities, tax opinions, and/or other external tax advice related to the concluded tax treatment. If the completed distributions of Carrier or Otis or certain internal business separation transactions were to fail to qualify for tax-free treatment, the Company could be subject to significant liabilities, and there could be material adverse impacts on the Company’s business, results of operations, financial condition, or liquidity in future reporting periods.
Pratt & Whitney Powder Metal Matter. In 2023, Pratt & Whitney determined that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100G-JM (PW1100) Geared Turbofan (GTF) fleet, which powers the A320neo family of aircraft (A320neo) (herein referred to as the “Powder Metal Matter”).
On August 4, 2023, Pratt & Whitney issued a special instruction (SI) to operators of PW1100 GTF powered A320neo aircraft, which required accelerated inspections and engine removals covering an initial subset of operational engines, no later than September 15, 2023. During the third quarter of 2023, through its safety management system, Pratt & Whitney continued its engineering and industrial assessment, which resulted in an updated fleet management plan for the remaining PW1100 fleet. This updated plan requires a combination of part inspections and retirements for some high pressure turbine and high pressure compressor parts made from affected raw material. Guidance to affected operators was released via service bulletins (SB) and SI in November 2023, and this guidance has been reflected in airworthiness directives issued by the Federal Aviation Administration (FAA). Consistent with previous information, the actions are resulting in significant incremental shop visits.
As a result of this matter, Pratt & Whitney expects aircraft on ground levels for the PW1100 powered A320neo fleet to remain elevated through 2026. As a result of anticipated increased aircraft on ground levels and expected compensation to customers for this disruption, as well as incremental maintenance costs resulting from increased inspections and shop visits, Pratt & Whitney recorded a pre-tax operating profit charge in the third quarter of 2023 of $2.9 billion, reflecting Pratt & Whitney’s net 51% program share of the PW1100 program. This amount reflected our best estimate of expected customer compensation for the estimated duration of the disruption as well as the EAC adjustment impact of this matter to Pratt & Whitney’s long-term maintenance contracts. The incremental costs to the business’s long-term maintenance contracts include the estimated cost of additional inspections, replacement of parts, and other related impacts.
The charge recorded in the third quarter of 2023 resulted in a net increase in Other accrued liabilities of $2.8 billion, which principally related to our 51% share of an accrual for expected customer compensation. At September 30, 2025 and December 31, 2024, we had other accrued liabilities of $0.9 billion and $1.7 billion, respectively, primarily related to expected
20
compensation to customers. The decrease in the accrual during the nine months ended September 30, 2025 was primarily due to customer compensation in the form of credits issued and cash paid to customers during the period.
Other engine models within Pratt & Whitney’s fleet contain parts manufactured with affected powder metal, but we do not currently believe there will be any resultant significant financial impact with respect to these other engine models at this time. The financial impact of the powder metal issue is based on historical experience and is subject to various assumptions and judgments, most notably, the number and expected timing of shop visits, inspection results and scope of work to be performed, turnaround time, availability of parts, available capacity at overhaul facilities, and outcomes of negotiations with impacted customers. While these assumptions reflect our best estimates at this time, they are subject to variability. Potential changes to these assumptions and actual incurred costs could significantly affect the estimates inherent in our financial statements and could have a material effect on the Company’s results of operations for the periods in which they are recognized.
Legal Proceedings. The Company and its subsidiaries are subject to various contract pricing disputes, government investigations, and litigation matters across jurisdictions, updates to certain of which are set forth below.
Cost Accounting Standards Claims
As previously disclosed, in April 2019, a Divisional Administrative Contracting Officer (DACO) of the United States DCMA asserted a claim against Pratt & Whitney to recover alleged overpayments of approximately $1.7 billion plus interest ($1.4 billion at September 30, 2025). The claim is based on Pratt & Whitney’s alleged noncompliance with Cost Accounting Standards (CAS) from January 1, 2007 to March 31, 2019, due to its method of allocating independent research and development costs to government contracts. Pratt & Whitney believes that the claim is without merit and filed an appeal to the ASBCA on June 7, 2019. On September 30, 2024, a DCMA DACO issued a second claim against Pratt & Whitney that similarly alleges that Pratt & Whitney was noncompliant with CAS due to its method of allocating independent research and development costs to government contracts from April 1, 2019 to December 31, 2023. The second claim demands payment of $1.1 billion plus interest ($383 million at September 30, 2025). Pratt & Whitney believes the second claim is without merit and filed an appeal to the ASBCA on October 15, 2024.
As previously disclosed, in December 2013, a DCMA DACO asserted a claim against Pratt & Whitney to recover alleged overpayments of approximately $177 million plus interest ($203 million at September 30, 2025). The claim is based on Pratt & Whitney’s alleged noncompliance with CAS from January 1, 2005 to December 31, 2012, due to its method of determining the cost of collaborator parts used in the calculation of material overhead costs for government contracts. In 2014, Pratt & Whitney filed an appeal to the ASBCA. An evidentiary hearing was held and completed in June 2019. On November 22, 2021, the ASBCA issued its written decision sustaining in part and denying in part Pratt & Whitney’s appeal. The ASBCA rejected the DCMA’s asserted measure of the cost of collaborator parts, and ruled substantially in Pratt & Whitney’s favor on other liability issues. The ASBCA remanded the appeal to the parties for resolution of damages issues, which could require further proceedings at the ASBCA. On December 23, 2021, the DCMA filed a motion with the ASBCA seeking partial reconsideration of the November 22, 2021 decision. The motion for reconsideration was denied on August 29, 2022. On December 23, 2022, the DCMA filed an appeal to the United States Court of Appeals for the Federal Circuit. We continue to believe that the ASBCA’s rejection of the DCMA’s asserted measure of the cost of collaborator parts is well supported in fact and law and likely will be sustained. In December 2018, a DCMA DACO issued a second claim against Pratt & Whitney that similarly alleges that its method of determining the cost of collaborator parts does not comply with the CAS for calendar years 2013 through 2017. This second claim, which asserts the same measure of the cost of collaborator parts rejected by the ASBCA’s November 22, 2021 decision, demands payment of $269 million plus interest ($179 million at September 30, 2025). Pratt & Whitney appealed this second claim to the ASBCA in January 2019. In December 2023, a DCMA DACO issued a third claim against Pratt & Whitney that similarly alleges that its method of determining the cost of collaborator parts does not comply with the CAS for calendar years 2018 through 2022. This third claim, which asserts the same measure of the cost of collaborator parts rejected by the ASBCA’s prior decision, demands payment of $277 million plus interest ($99 million at September 30, 2025). Pratt & Whitney appealed this third claim to the ASBCA at the end of December 2023. Although subject to further litigation at the ASBCA and potentially further appellate proceedings, we continue to believe that the November 22, 2021 decision in the first claim will apply with equal legal effect to the second and third claims. Accordingly, we believe that the amounts demanded by the DCMA as set forth in the three claims are without legal basis and that any damages owed to the U.S. government for the three claims will not have a material adverse effect on our results of operations, financial condition, or liquidity.
Thales-Raytheon Systems and Related Matters
As previously disclosed, in 2019, Raytheon Company received a subpoena from the SEC seeking information in connection with an investigation into whether there were improper payments made by Raytheon Company, our TRS joint venture, or anyone acting on their behalf, in connection with TRS or Raytheon Company contracts in certain Middle East countries since 2014. In the first quarter of 2020, the DOJ advised Raytheon Company it had opened a parallel criminal investigation. In the
21
third quarter of 2020, Raytheon Company received an additional subpoena from the SEC, seeking information and documents as part of its investigation. Following the government’s and the Company’s own internal investigations, the Company engaged in resolution discussions with the DOJ and the SEC, and during the second quarter of 2024, the Company reached agreements in principle with the DOJ and the SEC as to the principal elements of such resolutions, as previously disclosed on July 25, 2024. On October 15, 2024, Raytheon Company entered into DPA-1 with the DOJ and on October 16, 2024, the Company settled an administrative proceeding with the SEC to resolve these matters. Pursuant to DPA-1, the DOJ will defer, for a period of three years, criminal prosecution of Raytheon Company related to Raytheon Company’s conspiracy to violate the anti-bribery provisions of the FCPA and conspiracy to violate the AECA by failing to make related disclosures of certain payments that qualified as fees, commissions, and/or political contributions under Part 130 of the ITAR. If Raytheon Company and the Company fully comply with all of their respective obligations under DPA-1 during its three-year term (commencing on the effective date of DPA-1 and ending three years from the date on which the monitor is engaged), the DOJ will move for dismissal with prejudice of the deferred charges against Raytheon Company. DPA-1 provides for a criminal monetary penalty and forfeiture of $282 million. In addition, the SEC’s Administrative Order issued in connection with the administrative proceeding settlement alleged that Raytheon Company violated the anti-bribery, books and records, and internal controls provisions of the FCPA. The order provides for a $102 million payment to the SEC that includes disgorgement, prejudgment interest on disgorgement, and a civil penalty. Under DPA-1, the SEC’s Administrative Order, and DPA-2 discussed in “DOJ Investigation and Contract Pricing Disputes” below, Raytheon Company and the Company are required, among other things, to retain an independent compliance monitor satisfactory to the DOJ and the SEC (for a term ending three years from the date on which the monitor is engaged) and are required to undertake certain cooperation and disclosure obligations (for a term commencing on the effective date of DPA-1 and the SEC’s Administrative Order, as applicable, and ending three years from the date on which the monitor is engaged). The compliance monitor will oversee Raytheon Company’s and the Company’s compliance with their respective obligations under DPA-1, the SEC’s Administrative Order, and DPA-2 discussed in “DOJ Investigation and Contract Pricing Disputes” below. During the fourth quarter of 2024, the Company paid $384 million in the aggregate for DPA-1 and the SEC's Administrative Order which was consistent with amounts accrued. The Company does not believe that these matters will have a material adverse effect on our results of operations, financial condition, or liquidity.
DOJ Investigation and Contract Pricing Disputes
As previously disclosed, on October 8, 2020, the Company received a criminal subpoena from the DOJ seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon Company since 2009. The investigation involved multi-year contracts subject to governmental regulation, including defective pricing claims for certain Raytheon Company contracts entered into between 2011 and 2013. As part of the same investigation, on March 24, 2021, the Company received a second criminal subpoena from the DOJ seeking documents relating to a certain contract entered into in 2017 by Raytheon Company. As previously disclosed on July 25, 2024, following the government’s and the Company’s own internal investigations, the Company engaged in resolution discussions with the DOJ, and during the second quarter of 2024, the Company reached an agreement in principle with the DOJ as to the principal elements of such resolution. In addition, the Company cooperated with the DOJ with respect to a related civil defective pricing investigation under the FCA. On October 16, 2024, Raytheon Company entered into DPA-2 and the FCA Settlement Agreement with the DOJ to resolve these matters. Pursuant to DPA-2, the DOJ will defer, for a period of three years, criminal prosecution of Raytheon Company related to two counts of major fraud against the United States by Raytheon Company involving two legacy contracts. If Raytheon Company and the Company fully comply with all of their respective obligations in DPA-2 during its three-year term (commencing on the effective date of DPA-1 and ending three years from the date on which the monitor is engaged), the DOJ will move for dismissal with prejudice of the deferred charges against Raytheon Company. DPA-2 provides for a criminal penalty in the amount of $147 million, plus restitution, and the FCA Settlement Agreement provides for an FCA settlement payment in the amount of $433 million, which includes restitution that will satisfy the criminal restitution obligation when paid. Under DPA-2 as well as DPA-1 and the SEC Administrative Order discussed in “Thales-Raytheon Systems and Related Matters” above, Raytheon Company and the Company are required, among other things, to retain an independent compliance monitor satisfactory to the DOJ and the SEC (for a term ending three years from the date on which the monitor is engaged) and are required to undertake certain cooperation and disclosure obligations (for a term commencing on the effective date of DPA-1 and the SEC’s Administrative Order, as applicable, and ending three years from the date on which the monitor is engaged). The compliance monitor will oversee Raytheon Company’s and the Company’s compliance with their respective obligations under DPA-2 as well as DPA-1 and the SEC Administrative Order discussed in “Thales-Raytheon Systems and Related Matters” above. During the fourth quarter of 2024, the Company paid $580 million in the aggregate for DPA-2 and the FCA Settlement Agreement which was consistent with amounts accrued plus interest. The Company does not believe that these matters, will have a material adverse effect on our results of operations, financial condition, or liquidity.
22
Trade Compliance Matters
From time to time, we identify, investigate, remediate, and voluntarily disclose violations or potential violations of the ITAR and EAR to the relevant regulators. In May 2024, the U.S. DOS Office of Defense Trade Controls Compliance (DTCC) informed the Company of its intent to seek administrative penalties for alleged violations of the AECA and the ITAR. The DTCC informed us that it considers certain of our voluntary disclosures, primarily identified in connection with the integration of Rockwell Collins and, to a lesser extent, Raytheon Company, filed since 2019 to reflect deficiencies warranting a civil penalty. On August 29, 2024, the Company entered into a CA with the DOS to resolve these matters. The CA settles certain AECA and ITAR compliance matters with the DTCC and the Directorate of Defense Trade Controls. The CA has a three-year term and provides for: (i) a civil penalty of $200 million, $100 million of which is suspended on the condition that such amount is applied to DTCC-approved remedial compliance measures; (ii) the appointment of an external Special Compliance Officer (SCO) to oversee compliance with the CA, the AECA, and the ITAR; (iii) an external audit of the Company’s AECA and ITAR compliance program; and (iv) implementation of additional remedial compliance measures related to AECA and ITAR compliance. The $100 million portion of the settlement that is not subject to suspension, which was accrued by the Company in the second quarter of 2024, will be paid in installments, with $34 million paid in September 2024, $33 million paid in August 2025, and $33 million due by August 29, 2026. As previously disclosed, the Company has determined that there is a probable risk of liability for potential penalties related to other export compliance matters which have been voluntarily disclosed to the cognizant regulators, but which are not subject to the CA. We have accrued $218 million in the aggregate as of September 30, 2025 for these matters and the matters being resolved pursuant to the CA. We are currently unable to estimate the timing or outcome of the other voluntarily disclosed export compliance matters that are not subject to the CA. However, the Company does not believe these matters will have a material adverse effect on our results of operations, financial condition, or liquidity.
Powder Metal Disclosure Litigation and SEC Investigation
Following the Company’s disclosures of a rare condition in powder metal used to manufacture certain Pratt & Whitney engine parts, two sets of civil actions were filed against RTX. First, two putative federal securities class action lawsuits were filed in the United States District Court for the District of Connecticut against the Company and certain current and former executives of the Company. The lawsuits allege that defendants violated federal securities laws by making material misstatements and omitting material facts relating to Pratt & Whitney’s GTF engine fleet, including the impact of the powder metal issue on the fleet, in various regulatory filings. The lawsuits were consolidated, and on September 12, 2025, the Court granted the defendants’ motion to dismiss the consolidated case. On October 14, 2025, plaintiffs filed a Notice of Appeal to the United States Court of Appeals for the Second Circuit. Second, multiple shareholder derivative lawsuits were filed against current and former officers and directors of the Company, all of which have now been consolidated into a single action which is pending in the United States District Court for the District of Delaware. The operative complaint in the consolidated action alleges that the defendants caused the Company to make materially false and misleading statements relating to Pratt & Whitney’s GTF engines, and failed to maintain an adequate system of oversight, disclosure controls and procedures, and internal controls over financial reporting. Based on the information available to date, we do not believe that either matter will have a material adverse effect on our results of operations, financial condition, or liquidity.
The Company has received subpoenas from the SEC seeking engineering, operational, organizational, accounting, and financial documents and witness testimony in connection with an investigation relating to the Company’s disclosures in 2023 of issues arising from Pratt & Whitney’s use of powder metal in manufacturing various engine parts, its identification of certain risks associated with those manufacturing processes, and corrective actions identified by Pratt & Whitney to mitigate those risks. The Company is continuing to cooperate with the SEC’s ongoing investigation. At this time, we are unable to predict the timing or outcome of this SEC investigation.
Where appropriate, we have recorded loss contingency accruals for the above-referenced matters. Unless noted above, loss contingency accruals are immaterial individually or in the aggregate.
Other. As described in “Note 15: Guarantees,” we extend performance and operating cost guarantees beyond our normal warranty and service policies for extended periods on some of our products. We have accrued our estimate of the liability that may result under these guarantees and for service costs that are probable and can be reasonably estimated.
We also have other commitments and contingent liabilities related to legal proceedings, self-insurance programs, and matters arising out of the normal course of business. We accrue contingencies based upon a range of possible outcomes. If no amount within this range is a better estimate than any other, then we accrue the minimum amount.
In the ordinary course of business, the Company and its subsidiaries are also routinely defendants in, parties to, or otherwise subject to many pending and threatened legal actions, claims, disputes, and proceedings. These matters are often based on alleged violations of contract, product liability, warranty, regulatory, environmental, health and safety, employment, intellectual property, tax, and other laws. In some instances, claims for substantial monetary damages are asserted against the Company and
23
its subsidiaries and could result in fines, penalties, compensatory or treble damages, or non-monetary relief. We do not believe that these matters will have a material adverse effect upon our results of operations, financial condition, or liquidity.
Note 17: Equity
Accumulated Other Comprehensive Loss. A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters and nine months ended September 30, 2025 and 2024 is provided below:
(dollars in millions)
Foreign Currency Translation (1)
Defined Benefit Pension and Postretirement PlansUnrealized Hedging Gains (Losses)Accumulated Other Comprehensive Loss
Quarter Ended September 30, 2025
Balance at June 30, 2025$414 $(2,896)$91 $(2,391)
Other comprehensive income (loss) before reclassifications, net29 20 (57)(8)
Amounts reclassified, pre-tax(13)(32)(8)(53)
Tax benefit (expense) (1)7 14 20 
Balance at September 30, 2025$429 $(2,901)$40 $(2,432)
Nine Months Ended September 30, 2025
Balance at December 31, 2024$(949)$(2,679)$(127)$(3,755)
Other comprehensive income (loss) before reclassifications, net1,391 (159)202 $1,434 
Amounts reclassified, pre-tax(13)(109)15 $(107)
Tax benefit (expense) — 46 (50)(4)
Balance at September 30, 2025$429 $(2,901)$40 $(2,432)
(1)The amount of foreign currency translation recognized in Other Comprehensive Income (loss) (OCI) includes gains (losses) relating to net investment hedges, as further discussed in “Note 12: Financial Instruments”.
(dollars in millions)
Foreign Currency Translation (1)
Defined Benefit Pension and Postretirement PlansUnrealized Hedging Gains (Losses)Accumulated Other Comprehensive Loss
Quarter Ended September 30, 2024
Balance at June 30, 2024$(632)$(2,102)$16 $(2,718)
Other comprehensive income (loss) before reclassifications, net749 (72)125 802 
Amounts reclassified, pre-tax— (44)14 (30)
Tax benefit (expense)6 11 (40)(23)
Balance at September 30, 2024$123 $(2,207)$115 $(1,969)
Nine Months Ended September 30, 2024
Balance at December 31, 2023$(440)$(2,026)$47 $(2,419)
Other comprehensive income (loss) before reclassifications, net560 (82)64 542 
Amounts reclassified, pre-tax— (131)23 (108)
Tax benefit (expense)3 32 (19)16 
Balance at September 30, 2024$123 $(2,207)$115 $(1,969)
(1)The amount of foreign currency translation recognized in OCI includes gains (losses) relating to net investment hedges, as further discussed in “Note 12: Financial Instruments”.
24
Note 18: Segment Financial Data
Our operations, for the periods presented herein, are classified into three principal segments: Collins, Pratt & Whitney, and Raytheon. Our segments are generally based on the management structure of the businesses and the grouping of similar operating companies, where each management organization has general operating autonomy over diversified products and services.
RTX’s chief operating decision maker (CODM) is our Chairman and Chief Executive Officer. The CODM uses segment operating profit as a profitability measure to assess actual and forecasted segment performance to make decisions regarding incentive compensation and the allocation of capital and other investments. Total sales and operating profit by segment include inter-segment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. These pricing arrangements may result in margins different than what the purchasing segment realizes on the ultimate third-party sale.
We present a FAS/CAS operating adjustment outside of segment results, which represents the difference between the service cost component of our pension and PRB expense under the Financial Accounting Standards (FAS) requirements of U.S. Generally Accepted Accounting Principles (GAAP) and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment. While the ultimate liability for pension and PRB costs under FAS and CAS is similar, the pattern of cost recognition is different. Over time, we generally expect to recover the related Raytheon pension and PRB liabilities through the pricing of our products and services to the U.S. government. Collins and Pratt & Whitney generally record pension and PRB expense on a FAS basis.
Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant, and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable. These adjustments are not considered part of management’s evaluation of segment results.
Results for the quarters ended September 30, 2025 and 2024 are as follows:
2025
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$7,621 $(307)$(6,054)$1,260 16.5 %
Pratt & Whitney8,423 (267)(7,405)751 8.9 %
Raytheon7,045 (115)(6,071)859 12.2 %
Total segment23,089 $(689)$(19,530)2,870 12.4 %
Eliminations and other (2)
(611)(14)
Corporate expenses and other unallocated items— (25)
FAS/CAS operating adjustment— 199 
Acquisition accounting adjustments— (507)
Consolidated$22,478 $2,523 11.2 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net.
(2)    Includes the operating results of certain smaller operations.
25
2024
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$7,075 $(369)$(5,644)$1,062 15.0 %
Pratt & Whitney7,239 (257)(6,425)557 7.7 %
Raytheon6,386 (125)(5,614)647 10.1 %
Total segment20,700 $(751)$(17,683)2,266 10.9 %
Eliminations and other (2)
(611)(14)
Corporate expenses and other unallocated items— 100 
FAS/CAS operating adjustment— 210 
Acquisition accounting adjustments— (534)
Consolidated$20,089 $2,028 10.1 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net.
(2)    Includes the operating results of certain smaller operations.

Results for the nine months ended September 30, 2025 and 2024 are as follows:
2025
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$22,460 $(948)$(17,991)$3,521 15.7 %
Pratt & Whitney23,420 (746)(20,851)1,823 7.8 %
Raytheon20,386 (334)(17,710)2,342 11.5 %
Total segment66,266 $(2,028)$(56,552)7,686 11.6 %
Eliminations and other (2)
(1,901)22 
Corporate expenses and other unallocated items— (110)
FAS/CAS operating adjustment— 570 
Acquisition accounting adjustments— (1,464)
Consolidated$64,365 $6,704 10.4 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net.
(2)    Includes the operating results of certain smaller operations.
2024
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$20,747 $(1,036)$(16,682)$3,029 14.6 %
Pratt & Whitney20,497 (800)(18,186)1,511 7.4 %
Raytheon (3)
19,556 (294)(17,492)1,770 9.1 %
Total segment60,800 $(2,130)$(52,360)6,310 10.4 %
Eliminations and other (2)
(1,685)(55)
Corporate expenses and other unallocated items (4)
— (926)
FAS/CAS operating adjustment— 636 
Acquisition accounting adjustments— (1,538)
Consolidated$59,115 $4,427 7.5 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net.
(2)    Includes the operating results of certain smaller operations.
(3)    Operating Profit and Margin includes a $0.6 billion charge in the second quarter of 2024 related to the Raytheon Contract Termination and a $0.4 billion gain, net of transaction and other related costs, in the first quarter of 2024 related to the sale of our CIS business. See “Note 5: Changes in Contract Estimates at Completion” and “Note 2: Acquisitions and Dispositions,” respectively, for additional information.
(4)    Includes a $0.9 billion charge in the second quarter of 2024 related to the Resolution of Certain Legal Matters.
26
Capital Expenditures and Depreciation and Amortization segment information for the quarters ended September 30, 2025 and 2024 are as follows:
 Capital ExpendituresDepreciation & Amortization
(dollars in millions)2025202420252024
Collins Aerospace$191 $165 $215 $197 
Pratt & Whitney236 218 189 196 
Raytheon128 142 138 128 
Total segment555 525 542 521 
Corporate, eliminations, and other59 27 23 20 
Acquisition accounting adjustments526 553 
Consolidated$614 $552 $1,091 $1,094 
Capital Expenditures and Depreciation and Amortization segment information for the nine months ended September 30, 2025 and 2024 are as follows:
 Capital ExpendituresDepreciation & Amortization
(dollars in millions)2025202420252024
Collins Aerospace$474 $437 $652 $607 
Pratt & Whitney568 564 577 581
Raytheon487 478 404 380
Total segment1,529 1,479 1,633 1,568 
Corporate, eliminations, and other128 77 65 59
Acquisition accounting adjustments1,521 1,598 
Consolidated$1,657 $1,556 $3,219 $3,225 
Total assets by segment are as follows:
(dollars in millions)September 30, 2025December 31, 2024
Collins Aerospace (1)
$72,292 $72,372 
Pratt & Whitney (1)
50,082 44,307 
Raytheon (1)
44,983 44,936 
Total segment167,357 161,615 
Corporate, eliminations, and other1,315 1,246 
Consolidated$168,672 $162,861 
(1)    Total assets include acquired intangible assets and the property, plant, and equipment fair value adjustment. Related amortization expense is included in Acquisition accounting adjustments.
We disaggregate our contracts from customers by geographic region based on customer location, by type of customer, and by sales type. Our geographic region based on customer location uses end user customer location where known or practical to determine, or in instances where the end user customer is not known or not practical to determine, uses “ship to” location as the customer location. In addition, for our Raytheon segment, we disaggregate our contracts from customers by contract type. We believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors.
27
Segment sales disaggregated by geographic region based on customer location for the quarters ended September 30, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
United States$3,631 $3,198 $4,858 $47 $11,734 $3,401 $3,346 $4,615 $49 $11,411 
Europe1,690 2,227 1,306 2 5,225 1,611 1,535 973 1 4,120 
Asia Pacific1,001 2,003 561 2 3,567 825 1,449 515 — 2,789 
Middle East and North Africa291 215 226 — 732 236 179 213 — 628 
Other regions387 781 52 — 1,220 380 730 31 — 1,141 
Consolidated net sales7,000 8,424 7,003 51 22,478 6,453 7,239 6,347 50 20,089 
Inter-segment sales621 (1)42 (662)— 622 — 39 (661)— 
Business segment sales$7,621 $8,423 $7,045 $(611)$22,478 $7,075 $7,239 $6,386 $(611)$20,089 
Segment sales disaggregated by geographic region for the nine months ended September 30, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
United States$10,493 $9,876 $14,214 $154 $34,737 $10,128 $9,629 $14,511 $129 $34,397 
Europe5,170 5,605 3,065 3 13,843 4,871 4,612 2,056 3 11,542 
Asia Pacific2,761 5,114 1,692 2 9,569 2,296 3,977 1,603 1 7,877 
Middle East and North Africa801 540 1,143 — 2,484 612 489 1,167 — 2,268 
Other regions1,291 2,285 156 — 3,732 1,131 1,789 111 — 3,031 
Consolidated net sales20,516 23,420 20,270 159 64,365 19,038 20,496 19,448 133 59,115 
Inter-segment sales1,944 — 116 (2,060)— 1,709 1 108 (1,818)— 
Business segment sales$22,460 $23,420 $20,386 $(1,901)$64,365 $20,747 $20,497 $19,556 $(1,685)$59,115 
Segment sales disaggregated by type of customer for the quarters ended September 30, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins Aerospace Pratt & WhitneyRaytheonOtherTotal
Sales to the U.S. government (1)
$1,766 $1,759 $4,834 $50 $8,409 $1,757 $1,595 $4,595 $49 $7,996 
Foreign military sales through the U.S. government141 607 1,119 — 1,867 85 433 984 — 1,502 
Foreign government direct commercial sales264 188 1,025 — 1,477 319 196 702 1 1,218 
Commercial aerospace and other commercial sales4,829 5,870 25 1 10,725 4,292 5,015 66 — 9,373 
Consolidated net sales7,000 8,424 7,003 51 22,478 6,453 7,239 6,347 50 20,089 
Inter-segment sales621 (1)42 (662)— 622 — 39 (661)— 
Business segment sales$7,621 $8,423 $7,045 $(611)$22,478 $7,075 $7,239 $6,386 $(611)$20,089 
(1)    Excludes foreign military sales through the U.S. government.
28
Segment sales disaggregated by type of customer for the nine months ended September 30, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
Sales to the U.S. government (1)
$5,277 $4,814 $14,169 $154 $24,414 $4,951 $4,664 $14,432 $128 $24,175 
Foreign military sales through the U.S. government361 1,390 3,222 — 4,973 248 1,129 2,643 — 4,020 
Foreign government direct commercial sales912 516 2,833 1 4,262 945 514 2,136 2 3,597 
Commercial aerospace and other commercial sales13,966 16,700 46 4 30,716 12,894 14,189 237 3 27,323 
Consolidated net sales20,516 23,420 20,270 159 64,365 19,038 20,496 19,448 133 59,115 
Inter-segment sales1,944 — 116 (2,060)— 1,709 1 108 (1,818)— 
Business segment sales$22,460 $23,420 $20,386 $(1,901)$64,365 $20,747 $20,497 $19,556 $(1,685)$59,115 
(1)    Excludes foreign military sales through the U.S. government.
Segment sales disaggregated by sales type for the quarters ended September 30, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
Products$5,441 $4,767 $6,013 $43 $16,264 $5,024 $4,119 $5,524 $41 $14,708 
Services1,559 3,657 990 8 6,214 1,429 3,120 823 9 5,381 
Consolidated net sales7,000 8,424 7,003 51 22,478 6,453 7,239 6,347 50 20,089 
Inter-segment sales621 (1)42 (662)— 622 — 39 (661)— 
Business segment sales$7,621 $8,423 $7,045 $(611)$22,478 $7,075 $7,239 $6,386 $(611)$20,089 
Segment sales disaggregated by sales type for the nine months ended September 30, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
Products $15,959 $12,922 $17,394 $131 $46,406 $14,884 $11,925 $16,648 $116 $43,573 
Services 4,557 10,498 2,876 28 17,959 4,154 8,571 2,800 17 15,542 
Consolidated net sales20,516 23,420 20,270 159 64,365 19,038 20,496 19,448 133 59,115 
Inter-segment sales1,944 — 116 (2,060)— 1,709 1 108 (1,818)— 
Business segment sales$22,460 $23,420 $20,386 $(1,901)$64,365 $20,747 $20,497 $19,556 $(1,685)$59,115 
Raytheon segment sales disaggregated by contract type for the quarters ended September 30, 2025 and 2024 are as follows:
(dollars in millions)20252024
Fixed-price$4,089 $3,409 
Cost-type2,914 2,938 
Consolidated net sales7,003 6,347 
Inter-segment sales42 39 
Business segment sales$7,045 $6,386 
Raytheon segment sales disaggregated by contract type for the nine months ended September 30, 2025 and 2024 are as follows:
(dollars in millions)20252024
Fixed-price$11,685 $10,020 
Cost-type8,585 9,428 
Consolidated net sales20,270 19,448 
Inter-segment sales116 108 
Business segment sales$20,386 $19,556 
29
Note 19: Remaining Performance Obligations (RPO)
RPO represents the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied. Total RPO was approximately $251 billion as of September 30, 2025. Of the total RPO as of September 30, 2025, we expect approximately 25% will be recognized as revenue over the next 12 months. Approximately 45% of our RPO relates to long-term commercial aerospace maintenance contracts at Pratt & Whitney, which are generally expected to be realized over a span of up to 20 years.
Note 20: Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which better aligns the accounting guidance to how software is developed by eliminating project stages from capitalization criteria. The new standard is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The standard allows for prospective, modified, or retrospective transition. Early adoption is permitted. We are currently evaluating the impact of adopting this new pronouncement.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires a tabular disclosure of the amounts of specified natural expense categories included in each relevant expense caption. Additionally, ASU 2024-03 requires the disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis. Early adoption is permitted. We are currently evaluating the impact on our disclosures of adopting this new pronouncement.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance income tax reporting disclosures and require disclosure of specific categories in the tabular rate reconciliation as well as further disaggregation of income taxes paid for individually significant jurisdictions. The new standard is effective for fiscal years beginning after December 15, 2024, on a prospective basis. We are currently evaluating the impact on our disclosures of adopting this new pronouncement.
Other new pronouncements issued but not effective until after September 30, 2025 are not expected to have a material impact on our results of operations, financial condition, or liquidity.
30
With respect to the unaudited condensed consolidated financial information of RTX for the quarters and nine months ended September 30, 2025 and 2024, PricewaterhouseCoopers LLP (PwC) reported that it has applied limited procedures in accordance with professional standards for a review of such information. However, its report dated October 21, 2025, appearing below, states that the firm did not audit and does not express an opinion on that unaudited condensed consolidated financial information. PwC has not carried out any significant or additional audit tests beyond those that would have been necessary if their report had not been included. Accordingly, the degree of reliance on its report on such information should be restricted in light of the limited nature of the review procedures applied. PwC is not subject to the liability provisions of Section 11 of the Securities Act of 1933, as amended (the Act) for its report on the unaudited condensed consolidated financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PwC within the meaning of Sections 7 and 11 of the Act.

Report of Independent Registered Public Accounting Firm

To the Shareowners and Board of Directors of RTX Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of RTX Corporation and its subsidiaries (the “Company”) as of September 30, 2025, and the related condensed consolidated statements of operations, of comprehensive income, and of changes in equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and the condensed consolidated statement of cash flows for the nine-month periods ended September 30, 2025 and 2024, including the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of operations, of comprehensive income, of changes in equity, and of cash flows for the year then ended (not presented herein), and in our report dated February 3, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts
October 21, 2025
31
Item 2.        Management’s Discussion and Analysis of Financial Condition and Results of Operations
BUSINESS OVERVIEW
We are a global premier systems provider of high technology products and services to the aerospace and defense industries.
Unless the context otherwise requires, the terms “we,” “our,” “us,” “the Company,” and “RTX” mean RTX Corporation and its subsidiaries. References to “Raytheon Company” mean Raytheon Company, which became a wholly owned subsidiary of RTX on April 3, 2020 during an all-stock merger transaction between United Technologies Corporation and Raytheon Company (the surviving company of which is RTX Corporation).
Raytheon follows a 4-4-5 fiscal calendar while Collins Aerospace (Collins) and Pratt & Whitney use a quarter calendar end. Throughout this Form 10-Q, when we refer to the quarters and nine months ended September 30, 2025 and 2024 with respect to Raytheon, we are referring to their September 28, 2025 and September 29, 2024 fiscal quarter ends, respectively.
The current status of significant factors affecting our business environment in 2025 is discussed below. For additional discussion, refer to the “Business Overview” section in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in our 2024 Annual Report on Form 10-K.
Industry Considerations
Our worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Our operations include original equipment manufacturer (OEM) and extensive related aftermarket parts and services related to our aerospace operations. Our defense business serves both domestic and international customers primarily as a prime contractor or subcontractor on a broad portfolio of defense and related programs for government customers. Our business mix also reflects the combination of shorter cycles in our commercial aerospace spares contracts and certain service contracts in our defense business, and longer cycles in our aerospace OEM and aftermarket maintenance contracts and on our defense contracts to design, develop, manufacture, or modify complex equipment. Our customers are in the public and private sectors, and our businesses reflect an extensive geographic diversification that has evolved with continued globalization.
Government legislation, policies, and regulations can impact our business and operations. Changes in environmental and climate change-related laws or regulations, including regulations on greenhouse gas emissions, carbon pricing, and energy taxes, could lead to new or additional investment in product designs and facility upgrades and could increase our operational and environmental compliance expenditures, including increased energy and raw materials costs and costs associated with manufacturing changes. In addition, government and industry-driven safety and performance regulations, restrictions on aircraft engine noise and emissions, government imposed travel restrictions, and government procurement practices can impact our businesses.
Collins and Pratt & Whitney serve both commercial and government aerospace customers. Revenue passenger miles (RPMs), available seat miles, and the general economic health of airline carriers and airframers, as well as the financial strength and performance of airframers, are key barometers for our commercial aerospace operations. Performance in the general aviation sector is closely tied to the overall health of the economy and is positively correlated to corporate profits. Many of our aerospace customers are covered under long-term aftermarket service agreements at both Collins and Pratt & Whitney, which are inclusive of both spare parts and services.
Our defense operations are affected by U.S. Department of Defense (DoD) budget and spending levels, changes in demand, changes in policy positions or priorities, the domestic and global political and economic environment, and the evolving nature of the global and national security threat environment. In addition, our defense businesses engage in both direct commercial sales, which generally require U.S. government licenses and approvals, as well as foreign military sales, which are government-to-government transactions initiated by, and carried out at the direction of, the U.S. government. Changes in these budget and spending levels, policies, or priorities, which are subject to U.S. domestic and foreign geopolitical risks and threats, may impact our defense businesses, including the timing of and delays in U.S. government licenses and approvals for sales, the risk of sanctions, or other restrictions.
Other Matters
Global, economic, and political conditions, changes in raw material and commodity prices and supply, labor availability and costs, inflation, interest rates, potential changes in U.S. government policy positions, including changes in DoD policies or priorities, geopolitical conflicts and strained intercountry relations, U.S. and non-U.S. tax law changes, foreign currency exchange rates, sanctions, tariffs, energy costs and supply, levels of air travel, the financial condition of commercial airlines, and the impact from natural disasters and weather conditions create uncertainties that could impact our businesses.
Legal Matters. As previously announced, in 2024 the Company resolved several outstanding legal matters, herein referred to as “Resolution of Certain Legal Matters.” The Company entered into a deferred prosecution agreement (DPA) (DPA-1) with
32
Table of Contents
the Department of Justice (DOJ) and the Company settled an administrative proceeding with the Securities and Exchange Commission (SEC) (the SEC Administrative Order) to resolve the previously disclosed criminal and civil government investigations into payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems (TRS), in connection with certain Middle East contracts since 2012 (Thales-Raytheon Systems and Related Matters). The Company also entered into a DPA and a False Claims Act (FCA) settlement agreement with the DOJ to resolve previously disclosed criminal and civil government investigations into defective pricing claims for certain legacy Raytheon Company contracts entered into between 2011 and 2013 and in 2017 (DOJ Investigation and Contract Pricing Disputes). Under these DPAs and the SEC Administrative Order, Raytheon Company and the Company are required to retain, among other things, an independent compliance monitor satisfactory to the DOJ and the SEC (for a term ending three years from the date on which the monitor is engaged) and are required to undertake certain cooperation and disclosure obligations (for a term commencing on the effective date of DPA-1 and the SEC Administrative Order, as applicable, and ending three years from the date on which the monitor is engaged). The compliance monitor will oversee Raytheon Company’s and the Company’s compliance with their respective obligations under the DPAs and the SEC Administrative Order. The DPAs further provide that, in the event the DOJ, in its sole discretion, determines during the period of deferral of prosecution that Raytheon Company or the Company have violated any provision of either DPA, Raytheon Company or the Company may be subject to prosecution for any federal criminal violation, including the charges against Raytheon Company in the relevant DPA. The SEC Administrative Order further provides that, in the event of a breach of the SEC Administrative Order, the SEC may vacate the SEC Administrative Order and institute proceedings against the Company. In the event of any such determination or breach, the Company may face additional adverse impacts. In addition, the Company resolved certain voluntarily disclosed export controls violations primarily identified in connection with the integration of Rockwell Collins and, to a lesser extent, Raytheon Company, including certain violations that were resolved pursuant to a Consent Agreement (CA) with the Department of State (DOS) (Trade Compliance Matters). The CA, which has a three-year term, requires the Company to implement remedial compliance measures and to conduct an external audit of the Company’s International Traffic in Arms Regulations (ITAR) compliance program. The CA also requires appointment of an external, independent Special Compliance Officer (SCO). The Company appointed its SCO on September 27, 2024.
For further discussion of DPA-1, DPA-2, the SEC Administrative Order, and the CA, see “Note 16: Commitments and Contingencies,” within Item 1 of this Form 10-Q.
Pratt & Whitney Powder Metal Matter. As described further in “Note 16: Commitments and Contingencies,” within Item 1 of this Form 10-Q, in 2023, Pratt & Whitney determined that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100G-JM (PW1100) Geared Turbofan (GTF) fleet, which powers the A320neo family of aircraft (A320neo) (herein referred to as the “Powder Metal Matter”).
Global Supply Chain. We are dependent on a global supply chain and have experienced supply chain disruptions that resulted in delays and increased costs and adversely affected our performance. These disruptions impacted our ability to procure raw materials, including certain rare earth elements, microelectronics, and certain commodities on a timely basis and/or at expected prices, and are driven by supply chain market constraints and macroeconomic conditions, including inflation and labor market shortages. Current geopolitical conditions, including conflicts and other causes of strained intercountry relations, as well as sanctions and other trade restrictive activities, such as tariffs and export controls, are contributing to these issues. Furthermore, our suppliers and subcontractors have been impacted by these same issues. We have implemented actions and programs to mitigate some of the impacts but anticipate supply chain disruptions to continue.
Economic Environment. The inflationary environment has increased material and component prices, labor rates, and supplier costs and has negatively impacted our performance, including our productivity expectations. Due to the nature of our government and commercial aerospace businesses, and their respective customer and supplier contracts, we are not always able to offset cost increases by increasing our contract value or pricing, in particular on our fixed-price contracts. Increasing material, component, and labor prices could subject us to losses in our fixed price contracts in the event of cost overruns. In addition, higher interest rates have increased the cost of borrowing and tightened the availability of capital. Among other things, these effects can constrain our customers’ purchasing power and decrease orders for our products and services and impact the ability of our customers to make payments and our suppliers to perform. Moreover, changes in the macroeconomic environment, including volatility with respect to global trade policy, interest rates, and financial markets, can lead to economic uncertainty, an economic downturn or recession and impact the demand for our products and services as well as our supply chain. We continue to pursue strategic and operational initiatives to help address these macroeconomic pressures, including our digital transformation, operational modernization, cost reduction, and advanced technology programs, and we apply our Customer Oriented Results and Excellence (CORE) operating platform to the execution of these initiatives. However, the impact of these pressures and corresponding initiatives is uncertain and subject to a range of factors and future developments.
The global trade environment is highly dynamic. Since February 2025, the U.S. government has imposed tariffs on imports from all countries with which the U.S. engages in trade. In response, certain countries have announced, and in some cases imposed, tariffs, and non-tariff countermeasures on goods that are imported from the U.S. Our businesses and suppliers import
33
Table of Contents
goods subject to U.S. imposed tariffs, as well as goods subject to counter tariffs imposed by other countries. We continue to pursue available options to mitigate the impact of tariffs and countermeasures, including (i) utilizing available exemptions or exclusions to tariffs, such as trade agreements, treaties or other statutory relief, (ii) evaluating operational and supply chain changes, and (iii) where feasible, increasing the prices of our goods and services. Our results for the quarter and nine months ended September 30, 2025, reflect our best estimate of the impact of the tariffs then in effect. As the duration, extent and enforceability of the tariffs and counter tariffs remain uncertain, we are continuing to evaluate the potential future impacts of the imposition of the announced tariffs to our business and financial condition. Based on current conditions, we do not believe that the tariffs announced by the U.S. or counter tariffs or other actions taken by other countries will have a material adverse effect upon our results of operations, financial condition, or cash flows. However, the actual financial impacts of tariffs are dependent upon various factors, most notably, the scope of goods covered by tariffs, the value of our imports subject to tariffs, the rate of tariffs applied, the timing and duration of tariffs, the enforceability of tariffs and counter-tariffs, the implementation of tariff and non-tariff countermeasures by countries subject to U.S. tariffs, and our and our suppliers’ ability to mitigate the impacts of tariffs. Changes in any of these factors and actual tariff costs incurred could significantly affect the estimates inherent in our financial statements, including those used in our estimates-at-completion (EACs), and estimates supporting the recoverability of our inventories, contract fulfillment costs, deferred tax assets, intangible assets and goodwill, and could have a material effect on our results of operations and cash flows in the periods recognized and paid.
U.S. Government’s Budget & Tax Legislation. On September 30, 2025, the continuing resolution (CR) allowing U.S. government Departments and Agencies to operate through the end of the government fiscal year expired and the U.S. government shut down. As a result of the U.S. government shutdown, our business, program performance and results of operations may be impacted by the disruptions to federal government offices, workers, and operations, including risks relating to the funding of certain programs, stop work orders, delay in contract awards, new program starts, payments for work performed, and other actions. We may also experience similar impacts in the event of a series of short-term continuing resolutions rather than full-year fiscal year 2026 appropriations. Generally, the significance of these impacts will primarily be based on the length of the shutdown and timing of passage of a new CR or a full budget.
On July 4, 2025, “An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14” (the Act) was enacted. The Act provides for several corporate tax changes including, but not limited to, restoring full expensing of domestic research and development costs, restoring immediate deductibility of certain capital expenditures, and changes in the computations of U.S. taxation on international earnings.
The Act also provides a supplementary $156.2 billion to the DoD for obligations through 2029, which includes $24.4 billion for the Iron Dome for America project. The project, outlined in a January 27, 2025 Executive Order, calls for the development and deployment of a next-generation missile defense shield. On May 20, 2025, the DoD announced a draft architecture and implementation plan for the system. With next generation technologies across land, sea and space that build upon existing, proven defense capabilities, RTX’s portfolio is well-positioned to play a role to deliver reliable solutions for the Iron Dome for America initiative. Whether this Executive Order or corresponding funding will have a material impact on our business or results of operations will depend on a variety of factors, including award timelines, mission priorities, and future budget determinations. The Act also includes $25.4 billion in funding to enhance DoD resources for munitions and supply chain resiliency. As a leading munitions manufacturer, RTX is strategically situated to play a key role in supporting this initiative.
Executive Order Regarding Modernizing Defense Acquisitions. On April 9, 2025, the U.S. government issued an executive order requiring, among other things, a DoD review of its Major Defense Acquisition Programs to identify those that are 15% behind schedule, 15% over budget, unable to meet key performance parameters, or unaligned with the Secretary of Defense’s mission priorities for potential cancellation. Although RTX does not, at this time, believe the Executive Order will have a material impact on our business or results of operations, the longer-term ramifications, if any, to RTX will depend on a variety of factors including the formulation and implementation of the review criteria in the order, the review timeline, the Secretary of Defense’s mission priorities, and future budget determinations based on the results of such review.
Geopolitical Matters. In response to Russia’s invasion of Ukraine, the U.S. government and the governments of various jurisdictions in which we operate, have imposed broad economic sanctions and export controls targeting specific industries, entities, and individuals in Russia. The Russian government has implemented similar counter-sanctions and export controls targeting specific industries, entities, and individuals in the U.S. and other jurisdictions in which we operate, including certain members of the Company’s management team and Board of Directors. These government measures, among other limitations, restrict transactions involving various Russian banks and financial institutions and impose enhanced export controls limiting transfers of various goods, software, and technologies to and from Russia, including broadened export controls specifically targeting the aerospace sector. These measures have adversely affected, and could continue to adversely affect, the Company and/or our supply chain, business partners, or customers; however, based on information available to date, we do not currently expect these issues will have a material adverse effect on our financial results. We will continue to monitor future
34
Table of Contents
developments, including additional sanctions and other measures, that could adversely affect the Company and/or our supply chain, business partners, or customers.
In February 2023, China announced sanctions against Raytheon Missiles & Defense (RMD) (a former RTX business segment which became part of the Raytheon business during the third quarter of 2023), and previously announced it may take measures against RTX, in connection with certain foreign military sales to Taiwan. The Chinese sanctions against RMD included a fine equal to twice the value of the arms that RMD sold to Taiwan since September 2020. Since that time, China has announced additional sanctions against the Raytheon business and a Collins joint venture. If China were to impose additional sanctions, enforce announced sanctions, or take other regulatory action against RTX, our suppliers, affiliates, or partners, it could potentially disrupt our business operations. Any impact of these or other potential sanctions or other actions by China, is uncertain.
We have direct commercial sales contracts for products and services to certain foreign customers, for which U.S. government review and approval have been pending. The U.S. government’s approval of these sales is subject to a range of factors, including its foreign policies related to these customers, which are subject to continuing review and potential changes. Likewise, regulatory approvals previously granted for prior sales can be paused or revoked if the products and services have not yet been delivered to the customer. In addition, certain programs require approvals by foreign governments, and those approvals may not be obtained on a timely basis or at all or may be revoked. If we ultimately do not receive all of the regulatory approvals, or those approvals are revoked, it could have a material effect on our financial results.
We continue to closely monitor potential impacts to RTX’s business, customers, suppliers, employees, and operations in Israel, the Middle East, and the region at large due to continued regional instability and tensions. RTX’s defense programs’ ability to receive components from Israel has not been impacted in any material respect, although we could experience future delivery delays of certain products if further escalations arise. To date, the overall impacts to RTX from this situation have been minimal; however, given the volatile nature of the situation, the potential impacts to RTX are subject to change.
See Part I, Item 1A, “Risk Factors” in our 2024 Annual Report on Form 10-K for further discussion of these items.
CRITICAL ACCOUNTING ESTIMATES
Preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Management believes the most complex and sensitive judgments, because of their significance to the Condensed Consolidated Financial Statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. See “Critical Accounting Estimates” within Item 7 and “Note 1: Basis of Presentation and Summary of Accounting Principles” within Item 8 of our 2024 Annual Report on Form 10-K, which describe the significant accounting estimates and policies used in preparation of the Consolidated Financial Statements. Actual results in these areas could differ from management’s estimates. There have been no significant changes in our critical accounting estimates during the nine months ended September 30, 2025.
RESULTS OF OPERATIONS
As described in our “Cautionary Note Concerning Factors That May Affect Future Results” of this Form 10-Q, our interim period results of operations and period-to-period comparisons of our results, particularly at a segment level, may not be indicative of our future operating results. The following discussions of comparative results among periods, including the discussion of segment results, should be viewed in this context.
We provide the organic change in Net sales and Cost of sales for our consolidated results of operations as well as the organic change in Net sales and Operating profit for our segments. We believe that these non-Generally Accepted Accounting Principles (non-GAAP) measures are useful to investors because they provide transparency to the underlying performance of our business, which allows for better year-over-year comparability. The organic change in Net sales, Cost of sales, and Operating profit excludes acquisitions and divestitures, net, and the effect of foreign currency exchange rate translation fluctuations and other significant non-operational items and/or significant operational items that may occur at irregular intervals (Other). Additionally, the organic change in Cost of sales and Operating profit excludes restructuring costs, the FAS/CAS operating adjustment, and costs related to certain acquisition accounting adjustments. Restructuring costs generally arise from severance related to workforce reductions and facility exit costs. We are continuously evaluating our cost structure and implement restructuring actions in an effort to keep our cost structure competitive. The FAS/CAS operating adjustment represents the difference between the service cost component of our pension and postretirement benefit (PRB) expense under the Financial Accounting Standards (FAS) requirements of U.S. GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS), primarily related to our Raytheon segment. Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant, and
35
Table of Contents
equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable.
Net Sales
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Net sales$22,478 $20,089 $64,365 $59,115 
The factors contributing to the change year-over-year in total net sales for the quarter and nine months ended September 30, 2025 are as follows:
(dollars in millions)Quarter Ended September 30, 2025Nine Months Ended September 30, 2025
Organic (1)
$2,618 $5,922 
Acquisitions and divestitures, net(255)(777)
Other26 105 
Total change$2,389 $5,250 
(1)    See “Results of Operations” for definition of organic. A reconciliation of this measure to reported U.S. GAAP amounts is provided in the table above.
Net sales increased $2.6 billion organically in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily due to higher organic net sales of $1.2 billion at Pratt & Whitney, $0.8 billion at Collins, and $0.7 billion at Raytheon.
Net sales increased $5.9 billion organically in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to higher organic net sales of $2.9 billion at Pratt & Whitney, $2.0 billion at Collins, and $1.2 billion at Raytheon.
The decrease in net sales due to Acquisitions and divestitures, net of $0.3 billion for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 reflects the sale of the actuation and flight control business within our Collins segment completed in the third quarter of 2025 and the sale of the Goodrich Hoist & Winch business within our Collins segment in the fourth quarter of 2024. The decrease in net sales due to Acquisitions and divestitures, net of $0.8 billion for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, reflects the sale of the actuation and flight control business within our Collins segment, the sale of the Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment completed in the first quarter of 2024, and the sale of the Goodrich Hoist & Winch business within our Collins segment completed in the fourth quarter of 2024.
See “Segment Review” below for further information by segment.
Quarter Ended September 30,% of Total Net Sales
(dollars in millions)2025202420252024
Net Sales
Products$16,264 $14,708 72.4 %73.2 %
Services6,214 5,381 27.6 %26.8 %
Total net sales$22,478 $20,089 100 %100 %
Refer to “Note 18: Segment Financial Data” within Item 1 of this Form 10-Q for the composition of external net sales by products and services by segment.
Net products sales increased $1.6 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily due to increases in external products sales of $0.6 billion at Pratt & Whitney, $0.5 billion at Raytheon, and $0.4 billion at Collins.
Net services sales increased $0.8 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily due to increases in external services sales of $0.5 billion at Pratt & Whitney, $0.2 billion at Raytheon, and $0.1 billion at Collins.
36
Nine Months Ended September 30,% of Total Net Sales
(dollars in millions)2025202420252024
Net Sales
Products$46,406 $43,573 72.1 %73.7 %
Services17,959 15,542 27.9 %26.3 %
Total net sales$64,365 $59,115 100 %100 %
Net products sales increased $2.8 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily driven by increases in external products sales of $1.1 billion at Collins, $1.0 billion at Pratt & Whitney, and $0.7 billion at Raytheon.
Net services sales increased $2.4 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to increases in external services sales of $1.9 billion at Pratt & Whitney, $0.4 billion at Collins, and $0.1 billion at Raytheon.
Our sales to major customers were as follows:
Quarter Ended September 30,% of Total Net Sales
(dollars in millions)2025202420252024
Sales to the U.S. government (1)
$8,409 $7,996 37.4 %39.8 %
Foreign military sales through the U.S. government1,867 1,502 8.3 %7.5 %
Foreign government direct commercial sales1,477 1,218 6.6 %6.1 %
Commercial aerospace and other commercial sales10,725 9,373 47.7 %46.7 %
Total net sales$22,478 $20,089 100 %100 %
(1)    Excludes foreign military sales through the U.S. government.

Nine Months Ended September 30,% of Total Net Sales
(dollars in millions)2025202420252024
Sales to the U.S. government (1)
$24,414 $24,175 37.9 %40.9 %
Foreign military sales through the U.S. government4,973 4,020 7.7 %6.8 %
Foreign government direct commercial sales4,262 3,597 6.6 %6.1 %
Commercial aerospace and other commercial sales30,716 27,323 47.7 %46.2 %
Total net sales$64,365 $59,115 100 %100 %
(1)    Excludes foreign military sales through the U.S. government.


Cost of Sales
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Total cost of sales$17,898$16,055$51,293$47,940
Percentage of net sales79.6 %79.9 %79.7 %81.1 %
37
Table of Contents
The factors contributing to the change year-over-year in total cost of sales for the quarter and nine months ended September 30, 2025 are as follows: 
(dollars in millions)Quarter Ended September 30, 2025Nine Months Ended September 30, 2025
Organic (1)
$2,048 $4,627 
Acquisitions and divestitures, net(217)(688)
Restructuring(19)38 
FAS/CAS operating adjustment15 73 
Acquisition accounting adjustments(27)(73)
Other43 (624)
Total change$1,843 $3,353 
(1)    See “Results of Operations” for definition of organic. A reconciliation of this measure to reported U.S. GAAP amounts is provided in the table above.
The organic increase in total cost of sales of $2.0 billion for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024, was primarily driven by the organic net sales increases at Pratt & Whitney, Collins, and Raytheon noted above.
The organic increase in total cost of sales of $4.6 billion for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was primarily driven by the organic net sales increases at Pratt & Whitney, Collins, and Raytheon noted above.
The decrease in total cost of sales due to Acquisitions and divestitures, net of $0.2 billion for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 reflects the sale of the actuation and flight control business within our Collins segment completed in the third quarter of 2025. The decrease in total costs of sales due to Acquisitions and divestitures, net for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, reflects the sale of the actuation and flight control business within our Collins segment, the sale of the CIS business within our Raytheon segment completed in the first quarter of 2024, and the sale of the Goodrich Hoist & Winch business within our Collins segment in the fourth quarter of 2024.
Other cost of sales decreased $0.6 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by a $0.5 billion charge recorded in the second quarter of 2024 at Raytheon related to the termination of a fixed price development contract with a foreign customer (herein referred to as “Raytheon Contract Termination”) and $0.2 billion of charges recorded in the first quarter of 2024 at Collins related to the recognition of unfavorable purchase commitments and an impairment of contract fulfillment costs that were no longer recoverable as a result of initiating alternative titanium sources.
Restructuring actions relate to ongoing cost reduction efforts including workforce reductions and the consolidation of facilities.
For discussion on FAS/CAS operating adjustment, see the “FAS/CAS operating adjustment” subsection under the “Segment Review” section below. For discussion on Acquisition accounting adjustments, see the “Acquisition accounting adjustments” subsection under the “Segment Review” section below.
Quarter Ended September 30,% of Total Net Sales
(dollars in millions)2025202420252024
Cost of sales
Products$13,593 $12,336 60.5 %61.4 %
Services4,305 3,719 19.2 %18.5 %
Total cost of sales$17,898 $16,055 79.6 %79.9 %
Net products cost of sales increased $1.3 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024, primarily driven by increases in external products cost of sales at Pratt & Whitney, Collins, and Raytheon, each driven by the products sales changes noted above.
Net services cost of sales increased $0.6 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024, primarily due to increases in external services cost of sales at Pratt & Whitney, Raytheon, and Collins, driven by the services sales changes noted above.
38
Nine Months Ended September 30,% of Total Net Sales
(dollars in millions)2025202420252024
Cost of sales
Products$38,865 $37,177 60.4 %62.9 %
Services12,428 10,763 19.3 %18.2 %
Total cost of sales$51,293 $47,940 79.7 %81.1 %
Net products cost of sales increased $1.7 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by increases in external products cost of sales at Pratt & Whitney, Collins, and Raytheon, each driven by the products sales changes noted above. The increase was partially offset by the absence of a $0.5 billion charge recorded in the second quarter of 2024 at Raytheon related to the Raytheon Contract Termination and charges of $0.2 billion recorded in the first quarter of 2024 at Collins as a result of initiating alternative titanium sources.
Net services cost of sales increased $1.7 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to increases in external services cost of sales at Pratt & Whitney and Collins driven by the services sales changes noted above.

Research and Development 
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Company-funded$684$751$2,018$2,126
Percentage of net sales3.0 %3.7 %3.1 %3.6 %
Customer-funded (1)
$1,262$1,205$3,709$3,627
Percentage of net sales5.6 %6.0 %5.8 %6.1 %
(1)    Included in Cost of sales in our Condensed Consolidated Statement of Operations.
Research and development spending is subject to the variable nature of program development schedules and, therefore, year-over-year fluctuations in spending levels are expected.
The decrease in Company-funded research and development expenses of $0.1 billion for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily driven by lower spending on commercial programs at Collins.
The decrease in Company-funded research and development expenses of $0.1 billion for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by lower spending on commercial and defense programs at Collins and Pratt & Whitney, partially offset by higher expenses on various development programs at Raytheon.
The increase in Customer-funded research and development expenses of $0.1 billion for the quarter and nine months ended September 30, 2025 compared to the quarter and nine months ended September 30, 2024 was primarily driven by higher development spend on various military and commercial programs at Collins and increased spending at Pratt & Whitney on military development programs. These increases were partially offset by lower spending on customer-funded expenses at Raytheon on military development programs, specifically related to the Next Generation Interceptor (NGI) program in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Selling, General, and Administrative
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Selling, general, and administrative$1,436$1,389$4,457$4,232
Percentage of net sales6.4 %6.9 %6.9 %7.2 %
The Selling, general, and administrative expenses in the quarter ended September 30, 2025 were relatively consistent with the quarter ended September 30, 2024.
The increase in Selling, general, and administrative expenses of $0.2 billion for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by $0.1 billion charge at Pratt & Whitney related to a customer bankruptcy during the second quarter of 2025 and $0.1 billion of higher restructuring costs related to ongoing cost reduction efforts driven by various workforce reductions primarily initiated in the first half of 2025 at Collins.
39
Table of Contents
We are continuously evaluating our cost structure and have implemented restructuring actions in an effort to keep our cost structure competitive. Therefore, the amounts reflected above include the beneficial impact of previous restructuring actions on Selling, general, and administrative expenses.
Other Income (Expense), Net
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Other income (expense), net$63 $134 $107 $(390)
Other income (expense), net includes equity earnings in unconsolidated entities, royalty income, foreign exchange gains and losses, and other ongoing and non-recurring items.
The decrease in Other income (expense), net of $0.1 billion for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily due to the absence of a $0.2 billion benefit from a tax related indemnity receivable recorded in the third quarter of 2024, partially offset by a $0.1 billion gain from the sale of the actuation and flight control business in the third quarter of 2025.
The increase in Other income (expense), net of $0.5 billion for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to a $0.1 billion gain from the sale of the actuation and flight control business in the third quarter of 2025 and the absence of 2024 items, including a $0.9 billion charge related to the Resolution of Certain Legal Matters and the reversal of certain tax related indemnity receivables associated with the conclusion of the examination phase of certain tax audits, partially offset by the absence of prior year benefits of a $0.4 billion gain on sale of the CIS business net of transaction and other related costs, and a $0.2 billion benefit from a tax related indemnity receivable.
Operating Profit
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Operating profit$2,523$2,028$6,704$4,427
Operating profit margin11.2 %10.1 %10.4 %7.5 %
The increase in Operating profit of $0.5 billion for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily driven by an increase in the organic operating performance of our segments of approximately $0.5 billion and a $0.1 billion gain on sale of the actuation and flight control business in the third quarter of 2025, partially offset by the absence of a $0.2 billion benefit related to a tax related indemnity receivable recorded in the third quarter of 2024.
The increase in Operating profit of $2.3 billion for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by an increase in the organic operating performance of our segments of $1.2 billion, a $0.1 billion gain on sale of the actuation and flight control business in the third quarter of 2025, and the absence of 2024 charges, including a $0.9 billion charge related to the Resolution of Certain Legal Matters, a $0.6 billion charge related to the Raytheon Contract Termination, and charges of $0.2 billion at Collins as a result of initiating alternative titanium sources. These increases were partially offset by higher restructuring costs of $0.1 billion, a customer bankruptcy charge of $0.1 billion at Pratt & Whitney, and the absence of prior year benefits which included a $0.4 billion gain on sale of the CIS business, net of transaction and other related costs, and a $0.2 billion benefit from a tax related indemnity receivable.
Non-service Pension Income
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Non-service pension income$(364)$(374)$(1,081)$(1,134)
The Non-service pension income in the quarter and nine months ended September 30, 2025 was relatively consistent with the quarter and nine months ended September 30, 2024.
40
Interest Expense, Net
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Interest expense$483$548$1,465$1,456
Interest income(46)(45)(125)(75)
Other non-operating expense (income) (1)
12(7)9(5)
Interest expense, net$449$496$1,349$1,376
Average interest expense rate4.5 %4.6 %4.5 %4.6 %
(1)    Primarily consists of the gains or losses on assets associated with certain of our nonqualified deferred compensation and employee benefit plans, the gains or losses on liabilities associated with certain of our nonqualified deferred compensation plans, and non-operating dividend income.
Interest expense, net for the quarter and nine months ended September 30, 2025 was relatively consistent with the quarter and nine months ended September 30, 2024, respectively.
The decrease in Interest expense of $0.1 billion for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily driven by lower interest accruals.
Income Taxes
 Quarter Ended September 30,Nine Months Ended September 30,
 2025202420252024
Effective income tax rate17.7 %19.5 %16.8 %17.5 %
Our effective tax rate for the quarter and nine months ended September 30, 2025 was 17.7% and 16.8%, respectively, as compared to 19.5% and 17.5% for the quarter and nine months ended September 30, 2024, respectively.
The lower effective tax rate for the quarter ended September 30, 2025 compared to September 30, 2024 was primarily driven by the absence of a $0.2 billion tax charge related to U.S. federal income taxes owed by the Company resulting from a favorable non-U.S. tax ruling Otis received in the quarter ending September 30, 2024 impacting pre-separation tax years. The lower effective tax rate also included additional tax expense in the quarter ended September 30, 2025 due to the sale of the Collins actuation and flight control business and higher taxes for 2025, principally driven by the enactment of “An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14” on July 4, 2025. Both periods also included tax benefits associated with certain legal entity reorganizations.
The effective tax rates for the nine months ended September 30, 2025 and 2024 were relatively consistent. In addition to the items noted above, the effective tax rate for the nine months ended September 30, 2024 included a $0.3 billion benefit from the impact of the conclusion of the examination phases of the RTX and Rockwell Collins audits, that was more than offset by an unfavorable impact for the tax cost associated with the sale of the CIS business and the impact of the Resolution of Certain Legal Matters accrued during the second quarter of 2024, in which no tax benefit was recorded.
Net Income Attributable to Common Shareowners
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts)2025202420252024
Net income attributable to common shareowners$1,918 $1,472 $5,110 $3,292 
Diluted earnings per share$1.41 $1.09 $3.77 $2.45 
Net income attributable to common shareowners for the quarter ended September 30, 2025 includes the following:
•acquisition accounting adjustments of $0.4 billion, net of tax, which had an unfavorable impact on diluted earnings per share (EPS) of $0.29.
Net income attributable to common shareowners for the quarter ended September 30, 2024 includes the following:
•acquisition accounting adjustments of $0.4 billion, net of tax, which had an unfavorable impact on diluted EPS of $0.31.
Net income attributable to common shareowners for the nine months ended September 30, 2025 includes the following:
•acquisition accounting adjustments of $1.1 billion, net of tax, which had an unfavorable impact on diluted EPS of $0.84;
•restructuring charges of $0.2 billion net of tax, which had an unfavorable impact on diluted EPS of $0.12.
Net income attributable to common shareowners for the nine months ended September 30, 2024 includes the following:
41
Table of Contents
•acquisition accounting adjustments of $1.2 billion, net of tax, which had an unfavorable impact on diluted EPS of $0.89;
•charge related to the Resolution of Certain Legal Matters of $0.9 billion, which had an unfavorable impact on diluted EPS of $0.68;
•a charge of $0.4 billion, net of tax, related to the Raytheon Contract Termination, which had an unfavorable impact on diluted EPS of $0.33;
•benefit recognized as a result of the conclusion of the examination phases of the RTX and Rockwell Collins tax audits of $0.3 billion, net of tax, which had a favorable impact on diluted EPS of $0.21;
•a gain on sale of the CIS business, net of transaction and other related costs, of $0.2 billion, net of tax, which had a favorable impact on diluted EPS of $0.18; and
•charges related to initiating alternative titanium sources at our Collins segment of $0.2 billion, which had an unfavorable impact on diluted EPS of $0.13.
SEGMENT REVIEW
Our operations, for the periods presented herein, are classified into three principal segments: Collins, Pratt & Whitney, and Raytheon. Segments are generally based on the management structure of the businesses and the grouping of similar operations, based on capabilities and technologies, where each management organization has general operating autonomy over diversified products and services. Segment Total net sales and Operating profit include intercompany sales and profit, which are ultimately eliminated within Eliminations and other, which also includes certain smaller non-reportable segments. Segment Operating Profit excludes certain acquisition accounting adjustments, the FAS/CAS operating adjustment, and certain corporate expenses, as further discussed below.
Given the nature of our business, we believe that total net sales and operating profit (and the related operating profit margin percentage), which we disclose and discuss at the segment level, are most relevant to an understanding of management’s view of our segment performance, as described below.
We provide the organic change in Net sales and Operating profit for our segments as discussed above in “Results of Operations.” We believe that these non-GAAP measures are useful to investors because they provide transparency to the underlying performance of our business, which allows for better year-over-year comparability. For Pratt & Whitney only, Other also includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada due to its significance to Pratt & Whitney’s overall operating results.
Total Net Sales. Total net sales by segment were as follows:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Collins Aerospace$7,621 $7,075 $22,460 $20,747 
Pratt & Whitney8,423 7,239 23,420 20,497 
Raytheon7,045 6,386 20,386 19,556 
Total segment23,089 20,700 66,266 60,800 
Eliminations and other (1)
(611)(611)(1,901)(1,685)
Consolidated$22,478 $20,089 $64,365 $59,115 
(1)    Includes the operating results of certain smaller operations.
42
Table of Contents
Operating Profit. Operating profit by segment was as follows:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Collins Aerospace$1,260 $1,062 $3,521 $3,029 
Pratt & Whitney751 557 1,823 1,511 
Raytheon (2)
859 647 2,342 1,770 
Total segment2,870 2,266 7,686 6,310 
Eliminations and other (1)
(14)(14)22 (55)
Corporate expenses and other unallocated items (3)
(25)100 (110)(926)
FAS/CAS operating adjustment199 210 570 636 
Acquisition accounting adjustments(507)(534)(1,464)(1,538)
Consolidated$2,523 $2,028 $6,704 $4,427 
(1)    Includes the operating results of certain smaller operations.
(2)    Operating Profit and Margin includes a $0.6 billion charge in the second quarter of 2024 related to the Raytheon Contract Termination and a $0.4 billion gain, net of transaction and other related costs, in the first quarter of 2024 related to the sale of our CIS business. See “Note 5: Changes in Contract Estimates at Completion” and “Note 2: Acquisitions and Dispositions,” respectively, within Item 1 of this Form 10-Q for additional information.
(3)    Includes a $0.9 billion charge in the second quarter of 2024 related to the Resolution of Certain Legal Matters.
Included in segment Operating profit are EAC adjustments, which relate to changes in Operating profit and margin due to revisions to total estimated revenues and costs at completion. These changes may reflect improved or deteriorated operating performance, as well as changes in facts and assumptions related to contract options, contract modifications, incentive and award fees associated with program performance, customer activity levels, and other customer-directed changes. For a full description of our EAC process, refer to “Note 5: Changes in Contract Estimates at Completion” within Item 1 of this Form 10-Q. Given that we have thousands of individual contracts, and given the types and complexity of the assumptions and estimates we must make on an on-going basis, and the nature of the work required to be performed under our contracts, we have both favorable and unfavorable EAC adjustments in the ordinary course.
We had the following net EAC adjustments for the periods presented:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Total net EAC adjustments$(35)$(91)$(310)$(315)
The change in net EAC adjustments of approximately $0.1 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily due to favorable changes in net EAC adjustments at Raytheon.
Total net EAC adjustments in the nine months ended September 30, 2025 were relatively consistent with the nine months ended September 30, 2024.
In addition to the amounts included in the table above, during the second quarter of 2024, Raytheon initiated the Raytheon Contract Termination and recognized a $0.6 billion charge related to its impact. The charge included the write-off of remaining contract assets and the estimated settlement with the customer. The Raytheon Contract Termination was completed, including the customer settlement, during the fourth quarter of 2024, in line with previously accrued amounts.
Significant EAC adjustments, when they occur, are discussed in each business segment’s discussion below.
Backlog and Bookings. Total backlog was $251 billion and $218 billion as of September 30, 2025 and December 31, 2024, respectively. Total backlog includes commercial backlog of $148 billion and $125 billion as of September 30, 2025 and December 31, 2024, and defense backlog of $103 billion and $93 billion as of September 30, 2025 and December 31, 2024, respectively.
We believe bookings are an important measure of future performance for our defense businesses. Our defense operations consist primarily of our Raytheon business and operations in the defense businesses within our Collins and Pratt & Whitney segments. Defense bookings were approximately $23 billion and $25 billion for the quarters ended September 30, 2025 and 2024, respectively, and approximately $44 billion and $47 billion for the nine months ended September 30, 2025 and 2024.
Bookings are impacted by the timing and amounts of awards in a given period, which are subject to numerous factors, including: the desired capability by the customer and urgency of customer needs, customer budgets and other fiscal constraints, political and economic and other environmental factors, the timing of customer negotiations, and the timing of customer and
43
Table of Contents
governmental approvals and notifications. In addition, due to these factors, quarterly bookings tend to fluctuate from period to period, particularly on a segment basis.
Collins Aerospace
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)20252024Change20252024Change
Net sales$7,621$7,0758 %$22,460$20,7478 %
Operating profit1,2601,06219 %3,5213,02916 %
Operating profit margins16.5 %15.0 %15.7 %14.6 %
Quarter Ended September 30, 2025 Compared with Quarter Ended September 30, 2024
 Factors Contributing to Total Change
 (dollars in millions)
Organic (1)
Acquisitions /
Divestitures, net		Restructuring
Costs		OtherTotal Change
Net sales$783 $(263)$— $26 $546 
Operating profit123 2 (5)78 198 
(1)    See “Segment Review” above for definition of organic. A reconciliation of these measures to reported U.S. GAAP amounts is provided in the table above.
The organic net sales increase of $0.8 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily relates to higher commercial aerospace aftermarket sales of $0.4 billion, higher commercial aerospace OEM sales of $0.3 billion and higher defense sales of $0.1 billion. The increase in commercial aftermarket sales was driven by higher volume across all aftermarket sales channels, and the increase in commercial OEM sales was primarily driven by higher volume on narrowbody programs. The increase in defense sales was primarily due to higher volume across multiple programs and platforms.
The organic operating profit increase of $0.1 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily due to higher commercial aerospace operating profit of $0.1 billion, principally driven by the higher sales volume discussed above partially offset by unfavorable commercial OEM mix and the impact of higher tariffs. Defense operating profit increased slightly in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily driven by the higher sales volume discussed above. Operating profit also benefited from lower research and development expenses.
The decrease in net sales due to acquisitions / divestitures, net in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 primarily relates to the sale of the actuation and flight control business completed in the third quarter of 2025.
The increase in other operating profit of $0.1 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily driven by the gain on the sale of the actuation and flight control business completed in the third quarter of 2025.

44
Table of Contents
Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024
Factors Contributing to Total Change
(dollars in millions)
Organic (1)
Acquisitions /
Divestitures, net		Restructuring
Costs		OtherTotal Change
Net sales$2,006 $(326)$— $33 $1,713 
Operating profit401 (1)(139)231 492 
(1)    See “Segment Review” above for definition of organic. A reconciliation of these measures to reported U.S. GAAP amounts is provided in the table above.

The organic net sales increase of $2.0 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily relates to higher commercial aerospace aftermarket sales of $1.1 billion, higher defense sales of $0.6 billion and higher commercial aerospace OEM sales of $0.3 billion. The increase in commercial aerospace sales was driven by higher volume across all sales channels. The increase in defense sales was primarily due to higher volume across multiple programs and platforms.

The organic operating profit increase of $0.4 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to higher commercial aerospace operating profit of $0.2 billion, principally driven by the higher sales volume discussed above partially offset by unfavorable commercial OEM mix and the impact of tariffs. Defense operating profit increased $0.2 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to higher sales volume and favorable mix. Operating profit also benefited from lower research and development expenses.
The decrease in net sales due to acquisitions / divestitures, net in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily relates to the sale of the actuation and flight control business completed in the third quarter of 2025 and the sale of the Goodrich Hoist & Winch business completed in the fourth quarter of 2024.
The increase in other operating profit of $0.2 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to the absence of $0.2 billion of charges recorded in the first quarter of 2024, related to the recognition of unfavorable purchase commitments and an impairment of contract fulfillment costs that are no longer recoverable as a result of initiating alternative titanium sources and a $0.1 billion gain on the sale of our actuation and flight control business completed in the third quarter of 2025.
The increase in restructuring costs in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 relates to ongoing cost reduction efforts driven by various workforce reductions primarily initiated in the first half of 2025.
Defense Bookings – In addition to a number of smaller bookings, in the quarter ended September 30, 2025, Collins booked $454 million for Program D-X to deliver satellite communication systems to support survivable communications across multiple frequency bands. In addition to these bookings, in the nine months ended September 30, 2025, Collins booked $358 million as the primary subcontractor for the U.S. Navy's solution for engineering design and manufacturing of the Very Low Frequency communication subsystem, which is intended to provide secure and survivable communications to the U.S. Navy.
Pratt & Whitney
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)20252024Change20252024Change
Net sales$8,423$7,23916 %$23,420$20,49714 %
Operating profit75155735 %1,8231,51121 %
Operating profit margins8.9 %7.7 %7.8 %7.4 %
Quarter Ended September 30, 2025 Compared with Quarter Ended September 30, 2024
 Factors Contributing to Total Change
(dollars in millions)
Organic (1)
Acquisitions /
Divestitures, net		Restructuring
Costs		OtherTotal Change
Net sales$1,180 $— $— $4 $1,184 
Operating profit148 — 13 33 194 
(1)    See “Segment Review” above for definition of organic. A reconciliation of these measures to reported U.S. GAAP amounts is provided in the table above.
The organic net sales increase of $1.2 billion in the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024, reflects higher commercial aftermarket sales of $0.8 billion and higher commercial OEM sales of
45
Table of Contents
$0.1 billion. The increase in commercial aftermarket sales of $0.8 billion was primarily driven by higher volume. The increase in commercial OEM sales was driven by higher volume in large commercial engines and favorable mix at Pratt & Whitney Canada. Military sales increased $0.3 billion primarily driven by higher volume on the F135 program, including the impact of the Lot 18 contract award in the quarter ended September 30, 2025.
The organic operating profit increase of $0.1 billion in the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024 reflects higher commercial aerospace operating profit of $0.1 billion, driven by the commercial aftermarket sales volume increase discussed above, partially offset by lower commercial OEM operating profit primarily driven by higher large commercial engines volume and the impact of higher tariffs. The increase in military operating profit was $0.1 billion, driven by the sales volume discussed above. These increases were partially offset by higher selling, general administrative expenses of $0.1 billion.
Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024
Factors Contributing to Total Change
(dollars in millions)
Organic (1)
Acquisitions /
Divestitures, net		Restructuring
Costs		OtherTotal Change
Net sales$2,921$—$—$2$2,923 
Operating profit390—28(106)312 
(1)    See “Segment Review” above for definition of organic. A reconciliation of these measures to reported U.S. GAAP amounts is provided in the table above.
The organic net sales increase of $2.9 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 reflects higher commercial aftermarket sales of $2.1 billion primarily driven by higher volume. Also contributing to the organic net sales increase was higher commercial OEM sales of $0.4 billion driven by higher volume and favorable mix. Military sales increased $0.4 billion, primarily due to higher production volume on the F135 and tanker programs.
The organic operating profit increase of $0.4 billion in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024 reflects higher commercial aerospace operating profit of $0.4 billion primarily driven by higher commercial aftermarket volume, partially offset by lower commercial OEM operating profit, including higher tariff and production costs, driven by the higher volume discussed above. The increase in military operating profit of $0.1 billion was driven by the higher sales volume discussed above, as well as favorable mix. Increased selling, general and administrative expenses of $0.1 billion were partially offset by lower research and development expenses.
The decrease in other operating profit of $0.1 billion in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily relates to a $0.1 billion charge related to a customer bankruptcy during the second quarter of 2025.
Defense Bookings – In the quarter ended September 30, 2025, Pratt & Whitney booked $2.9 billion for F135 production and $248 million for F135 sustainment. In addition to these bookings, in the nine months ended September 30, 2025, Pratt & Whitney booked $541 million for F135 sustainment and a number of smaller bookings.
Raytheon
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)20252024Change20252024Change
Net sales$7,045$6,38610 %$20,386$19,5564 %
Operating profit85964733 %2,3421,77032 %
Operating profit margins12.2 %10.1 %11.5 %9.1 %
Defense Bookings$15,870$16,551(4)%$29,665$29,701— %
46
Table of Contents
Quarter Ended September 30, 2025 Compared with Quarter Ended September 30, 2024
 Factors Contributing to Total Change
(dollars in millions)
Organic (1)
Acquisitions /
Divestitures, net		Restructuring
Costs		OtherTotal Change
Net sales$659 $— $— $— $659 
Operating Profit211 — 14 (13)212 
(1)    See “Segment Review” above for definition of organic. A reconciliation of these measures to reported U.S. GAAP amounts is provided in the table above.
The organic net sales increase of $0.7 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was primarily due to higher net sales of $0.4 billion from land and air defense systems programs primarily driven by higher net sales on international Patriot programs. The increase in the quarter was also driven by higher net sales of $0.2 billion from naval power programs primarily due to higher net sales on certain classified programs, Standard Missile-6 (SM-6) programs, and Evolved SeaSparrow Missile (ESSM) programs.
The organic operating profit increase of $0.2 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was driven by a favorable change in mix and other performance of approximately $0.1 billion, a favorable change in net EAC adjustments of approximately $0.1 billion, and higher volume of approximately $0.1 billion. The favorable change in mix and other performance was primarily due to increased production on international Patriot programs. The favorable change in net EAC adjustments was spread across numerous programs and benefited from the absence of a $53 million unfavorable adjustment in the third quarter of 2024 related to cost increases on a classified program. The increase in volume was primarily driven by the higher net sales discussed above.
Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024
 Factors Contributing to Total Change
(dollars in millions)
Organic (1)
Acquisitions /
Divestitures, net		Restructuring
Costs		OtherTotal Change
Net sales$1,220 $(460)$— $70 $830 
Operating Profit384 (34)26 196 572 
(1)    See “Segment Review” above for definition of organic. A reconciliation of this measure to the reported U.S. GAAP amount is provided in the table above.
The organic net sales increase of $1.2 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to higher net sales of $1.1 billion from land and air defense systems programs primarily driven by higher net sales on international Patriot programs, international National Advanced Surface-to-Air Missile System (NASAMS) programs, and Lower Tier Air and Missile Defense Sensor (LTAMDS) programs, and higher net sales of $0.4 billion from naval power programs primarily due to higher net sales on ESSM programs, SPY-6 radar programs, and certain classified programs. These increases were partially offset by lower net sales of $0.3 billion driven by lower development program volume within air and space defense systems.
The organic operating profit increase of $0.4 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to a favorable change in mix and other performance of $0.2 billion, higher volume of approximately $0.1 billion and a favorable change in net EAC adjustments of $0.1 billion. The favorable change in mix and other performance was primarily driven by increased production on international Patriot programs. The increase in volume was principally driven by the higher net sales discussed above. The favorable change in net EAC adjustments was spread across numerous programs and benefited from the absence of a $53 million unfavorable adjustment in the third quarter of 2024 related to cost increases on a classified program.
The decrease in net sales and operating profit due to acquisitions / divestitures, net in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily relates to the sale of the CIS business completed in the first quarter of 2024.
The increase in other net sales and operating profit of $0.1 billion and $0.2 billion, respectively, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 were primarily due to a charge related to the Raytheon Contract Termination initiated in the second quarter of 2024, with the operating profit decrease partially offset by a gain on sale of the CIS business, net of transaction and other related costs, in the first quarter of 2024.
Defense Backlog and Bookings – Backlog was $72 billion as of September 30, 2025 and $63 billion as of December 31, 2024. In addition to a number of smaller bookings, in the quarter ended September 30, 2025, Raytheon booked $2.5 billion on several contracts to provide Guidance Enhanced Missiles (GEM-T) and Patriot launchers for international customers and the U.S. Army, $2.1 billion to provide advanced medium-range air-to-air missile (AMRAAM) to the U.S. Air Force, U.S. Navy, and
47
Table of Contents
international customers, $1.5 billion for low-rate initial production (LRIP) of LTAMDS for the U.S. Army and Poland, $517 million to provide Stinger missiles to the U.S. Army and international customers, $484 million to provide precision munitions systems to the U.S. Navy, $327 million to provide Javelin to the U.S. Army, $263 million to provide the Low, slow, small, unmanned aircraft Integrated Defeat System (LIDS), a Counter-Unmanned Aircraft System (C-UAS), to the U.S. Army, $259 million to provide Standard Missile-2 (SM-2) for the U.S. Navy, and $2.5 billion on a number of classified contracts. In addition to these bookings, in the nine months ended September 30, 2025, Raytheon booked $1.1 billion for AIM-9X Sidewinder Block II short-range air-to-air missiles for the U.S. Navy and international customers, $901 million to provide Standard Missile-3 (SM-3) for the Missile Defense Agency (MDA), $647 million for a SPY-6 Hardware Production and Sustainment contract for the U.S. Navy, $581 million for Next Generation Jammer Mid-Band (NGJ-MB) for the U.S. Navy and the Royal Australian Air Force, $529 million to provide Patriot systems for the Netherlands, $326 million for an advanced development program for the U.S. government, $325 million for an Advanced Tactical Electro-Optical Infrared (EO/IR) system for the U.S. Air Force, $322 million for SM-3 to the MDA and international customers, $314 million for various Multi-Spectral Targeting System-A (MTS-A) for the U.S. Navy and international customers, $300 million to provide ESSM to the U.S. Navy, $251 million to provide ESSM for Japan, and $2.5 billion on a number of classified contracts.
Corporate and Eliminations and other
Eliminations and other reflects the elimination of sales, other income, and operating profit transacted between segments, as well as the operating results of certain smaller operations.
Corporate expenses and other unallocated items consists of costs not considered part of management’s evaluation of reportable segment operating performance, including certain unallowable costs and reserves.
 Net SalesOperating Profit
Quarter Ended September 30,Quarter Ended September 30,
(dollars in millions)2025202420252024
Eliminations and other$(611)$(611)$(14)$(14)
Corporate expenses and other unallocated items— — (25)100 
The change in corporate expenses and other unallocated items of $0.1 billion in the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024, was primarily due to the absence of a $0.2 billion benefit from a tax related indemnity receivable recorded in the third quarter of 2024.
 Net SalesOperating Profit
Nine months ended September 30,Nine months ended September 30,
(dollars in millions)2025202420252024
Eliminations and other$(1,901)$(1,685)$22 $(55)
Corporate expenses and other unallocated items— — (110)(926)
The increase in eliminations and other sales of $0.2 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to an increase in intersegment eliminations, principally driven by Collins.
The change in eliminations and other operating profit of $0.1 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was primarily due to a gain related to the increase in fair value on an investment recognized in the second quarter of 2025.
The change in Corporate expenses and other unallocated items of $0.8 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was primarily due to the absence of a $0.9 billion charge recorded in the second quarter of 2024 related to the Resolution of Certain Legal Matters, partially offset by the absence of a $0.2 billion benefit from a tax related indemnity receivable recorded in the third quarter of 2024.
FAS/CAS operating adjustment
We present a FAS/CAS operating adjustment outside of segment results, which represents the difference between the service cost component of our pension and PRB expense under the FAS requirements of U.S. GAAP and our pension and PRB expense under U.S. government CAS, primarily related to our Raytheon segment. While the ultimate liability for pension and PRB costs under FAS and CAS is similar, the pattern of cost recognition is different. Over time, we generally expect to recover the related Raytheon pension and PRB liabilities through the pricing of our products and services to the U.S. government. Collins and Pratt & Whitney generally record pension and PRB expense on a FAS basis.
48
Table of Contents
The components of the FAS/CAS operating adjustment were as follows:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
FAS service cost (expense)$(30)$(34)$(90)$(103)
CAS expense229 244 660 739 
FAS/CAS operating adjustment$199 $210 $570 $636 
The FAS/CAS operating adjustments in the quarter and nine months ended September 30, 2025 were relatively consistent with the quarter and nine months ended September 30, 2024.
Acquisition accounting adjustments
Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant, and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable. These adjustments are not considered part of management’s evaluation of segment results.

The components of Acquisition accounting adjustments were as follows:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Amortization of acquired intangibles $(518)$(541)$(1,496)$(1,563)
Amortization of property, plant, and equipment fair value adjustment(8)(12)(25)(35)
Amortization of customer contractual obligations related to acquired loss-making and below-market contracts19 19 57 60 
Acquisition accounting adjustments$(507)$(534)$(1,464)$(1,538)
Acquisition accounting adjustments related to acquisitions in each segment were as follows:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Collins Aerospace$(202)$(210)$(605)$(626)
Pratt & Whitney(101)(95)(248)(225)
Raytheon(204)(229)(611)(687)
Total segment(507)(534)(1,464)(1,538)
Eliminations and other— — — — 
Acquisition accounting adjustments$(507)$(534)$(1,464)$(1,538)
Acquisition accounting adjustments in the quarter ended September 30, 2025 were relatively consistent with the quarter ended September 30, 2024.
The change in acquisition accounting adjustments of $0.1 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was primarily driven by a decrease in acquired intangibles amortization at Raytheon.
LIQUIDITY AND FINANCIAL CONDITION
(dollars in millions)September 30, 2025December 31, 2024
Cash and cash equivalents$5,966 $5,578 
Total debt39,059 41,261 
Total equity66,359 61,923 
Total capitalization (total debt plus total equity)105,418 103,184 
Total debt to total capitalization37 %40 %
We assess our liquidity in terms of our ability to generate cash to fund our operating, investing, and financing activities and the timing of such activities. Our principal source of liquidity is cash flows from operating activities. In addition to operating cash flows, other significant factors that affect our overall management of liquidity include: capital expenditures, customer financing
49
Table of Contents
requirements, investments in and divestitures of businesses, dividends, common stock repurchases, pension funding, access to the commercial paper markets, adequacy of available bank lines of credit, redemptions of debt, and the ability to attract long-term capital at satisfactory terms.
At September 30, 2025, we had cash and cash equivalents of $6.0 billion, of which approximately 43% was held by RTX’s foreign subsidiaries. We manage our worldwide cash requirements by reviewing available funds among the many subsidiaries through which we conduct our business and the cost effectiveness with which those funds can be accessed. The Company intends to repatriate certain undistributed earnings of its international subsidiaries that have been previously taxed in the U.S. Taxes associated with the future remittance of these earnings have been recorded. For the remainder of the Company’s undistributed international earnings, unless tax effective to repatriate, RTX will continue to permanently reinvest these earnings.
Our ability to access global debt markets and the related cost of these borrowings depends on the strength of our credit rating and market conditions. In March 2025, our Moody’s Investors Service outlook improved from Baa1/negative to Baa1/stable. In June 2025, our S&P Global rating was affirmed and our outlook was revised from BBB+/negative to BBB+/stable. Though the Company expects to continue having adequate access to funds, declines in our credit ratings or Company outlook could result in higher borrowing costs.
As of September 30, 2025, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion, which expires in August 2028. As of September 30, 2025, there were no borrowings outstanding under this agreement.
From time to time, we use commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, pension contributions, debt refinancing, dividend payments, and repurchases of our common stock. The commercial paper notes have original maturities of not more than 364 days from the date of issuance. As of September 30, 2025, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. At September 30, 2025, we had no commercial paper borrowings outstanding.
We made the following repayment of long-term debt during the nine months ended September 30, 2025:

DateDescription of NotesAggregate Principal Balance (in millions)
August 18, 2025
3.950% notes due 2025
$1,500 
May 7, 2025
3 Month SOFR plus 1.225% term loan due 2025
750 
We have an existing universal shelf registration statement, which we filed with the SEC on September 18, 2025, for an indeterminate amount of debt and equity securities for future issuance, subject to our internal limitations on the amount of debt to be issued under this shelf registration statement.
We believe our cash on hand and future operating cash flows will be sufficient to meet our future operating cash needs. Further, we continue to have access to the commercial paper markets and our existing credit facilities, and our ability to obtain debt or equity financing, as well as the availability under committed credit lines, provides additional potential sources of liquidity should they be required or appropriate.
Cash Flow - Operating Activities
 Nine Months Ended September 30,
(dollars in millions)20252024
Net cash flows provided by operating activities
$6,402 $5,598 
Included within Net income for the nine months ended September 30, 2024, was a $0.9 billion charge related to the Resolution of Certain Legal Matters and a $0.4 billion, net of tax, charge related to the Raytheon Contract Termination, both of which had no effect on cash flow in that period. These charges also had the effect of increasing Other accrued liabilities by $1.3 billion in the nine months ended September 30, 2024.
Excluding the impact of these charges, the $0.8 billion increase in cash flows provided by operating activities in the nine months ended September 30, 2025 compared to in the nine months ended September 30, 2024, was primarily driven by higher net income after adjustments to reconcile to net cash provided by operating activities driven by our segment performance, the benefit of lower inventory growth, and an increase in accounts payable and accrued liabilities driven by the timing of collaborator payables. These increases were partially offset by an increase in accounts receivable due to higher volume and timing of collections, and higher tax payments in the nine months ended September 30, 2025.
50
Table of Contents
The Company enters into various factoring agreements with third-parties to sell certain of its receivables, primarily related to customer facilitated programs. The activity in these agreements is generally dependent on underlying delivery volumes within our commercial OEM programs. Factoring activity resulted in a $1.0 billion increase in cash provided by operating activities during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
We made tax payments, net of refunds of $0.9 billion and $0.6 billion in the nine months ended September 30, 2025 and 2024, respectively.
While the timing of cash flows are subject to a number of variables, for the Powder Metal Matter we estimate the accrual for expected customer compensation to be utilized consistent with the timing of execution of the fleet management plan, the period of increased aircraft on ground levels, and contractual terms with customers. We currently estimate a full year 2025 cash impact related to the Powder Metal Matter of approximately $1.1 billion to $1.3 billion, which includes the impact of cash paid, customer credits applied, and the timing of partner recovery.
Cash Flow - Investing Activities
 Nine Months Ended September 30,
(dollars in millions)20252024
Net cash flows used in investing activities
$(716)$(755)
Our investing activities primarily include capital expenditures, cash investments in customer financing assets, investments in and dispositions of businesses, payments related to our collaboration intangible assets and contractual rights to provide product on new aircraft platforms, and settlements of derivative contracts not designated as hedging instruments.
The change in cash flows provided from investing activities in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily related to higher receipts from settlements of derivative contracts of $0.2 billion. This was partially offset by a $0.1 billion change in net proceeds received from divestitures. In the nine months ended September 30, 2025, we received $1.2 billion from the actuation and flight control business divestiture as compared to $1.3 billion from the CIS divestiture in the nine months ended September 30, 2025.
During the nine months ended September 30, 2025 and 2024, other intangible assets increased by $0.3 billion and $0.4 billion, respectively, primarily related to collaboration payments made under our 2012 agreement to acquire Rolls-Royce’s collaboration interests in International Aero Engines AG (IAE) and exclusivity payments made on contractual commitments included within intangible assets.
Cash Flow - Financing Activities
 Nine Months Ended September 30,
(dollars in millions)20252024
Net cash flows used in financing activities
$(5,332)$(4,749)
Our financing activities primarily include the issuance and repayment of commercial paper and other short-term and long-term debt, payment of dividends, and stock repurchases.
The $0.6 billion change in cash flows used in financing activities in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily driven by higher long-term debt repayments of $0.6 billion in the nine months ended September 30, 2025. Refer to “Note 9: Borrowings and Lines of Credit” within Item 1 of this Form 10-Q for additional information on debt repayments. Additionally, lower share repurchases were more than offset by higher dividends paid in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
At September 30, 2025, management had remaining authority to repurchase approximately $0.6 billion of our common stock under the October 21, 2023 share repurchase program. Under the 2023 program, shares may be purchased on the open market, in privately negotiated transactions, under accelerated share repurchase (ASR) programs, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. We may also reacquire shares outside of the program in connection with the surrender of shares to cover taxes on vesting of restricted stock. Our ability to repurchase shares is subject to applicable law.
51
Table of Contents
Our share repurchases, which include shares reacquired outside of our share repurchase program, were as follows:
Nine Months Ended September 30,
20252024
(dollars in millions; shares in thousands)$Shares$Shares
Shares of common stock repurchased (1)
$50 396 $136 1,365 
ASR Tranche 1 settlement - shares received (2)
— — — 391 
ASR Tranche 2 settlement - financing cash paid (2) (3)
— — 258 — 
Total shares of common stock repurchased$50 396 $394 1,756 
(1)    Amounts relate to share repurchases that were settled in cash during the period.
(2)     Includes the settlement of the ASR first and second tranches in the third quarter of 2024.
(3)     Excludes the change in fair value of the stock price from trade date to settlement date of $3 million, which is classified as an operating cash flow in our
Condensed Consolidated Statement of Cash Flows.
Pursuant to the ASR agreements entered into in 2023, the shares associated with the remaining portion of the aggregate purchase price have been settled over two tranches. In July 2024, the first tranche was settled upon final delivery to us of approximately 0.4 million shares of common stock. In September 2024, with respect to the second tranche, we owed approximately 2.2 million shares of common stock that we elected to cash settle for $261 million. The cash payment required as a result of the second tranche settlement was due to the significant increase in the price of our common stock during the ASR term. The final average price under the ASR was $94.28 per share.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
There has been no significant change in our exposure to market risk during the nine months ended September 30, 2025. For discussion of our exposure to market risk, refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in our 2024 Form 10-K.
Item 4.    Controls and Procedures
As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended, we carried out an evaluation under the supervision and with the participation of our management, including the Chairman and Chief Executive Officer (CEO), the Executive Vice President and Chief Financial Officer (CFO), and the Corporate Vice President and Controller (Controller), of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our CEO, CFO, and Controller concluded that, as of September 30, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized, and reported within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our CEO, CFO, and Controller, as appropriate, to allow timely decisions regarding required disclosure.
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
52
Table of Contents
Cautionary Note Concerning Factors That May Affect Future Results
This Form 10-Q contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid, and are not statements of historical fact. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “commit,” “commitment,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “goals,” “objectives,” “confident,” “on track,” “designed to” and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax payments and rates, research and development spending, cost savings, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, the Powder Metal Matter and related matters and activities, including without limitation other engine models that may be impacted, targets and commitments (including for share repurchases or otherwise), and other statements which are not solely historical facts. All forward-looking statements involve risks, uncertainties, changes in circumstances and other factors that are hard to predict and may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, as amended. Such risks, uncertainties and other factors include, without limitation:
•the effect of changes in economic, capital market, and political conditions in the U.S. and globally;
•changes in U.S. government defense spending, national priorities and policy positions;
•our performance on our contracts and programs, including our ability to control costs and our dependence on U.S. government approvals for certain international contracts;
•challenges in the development, certification, production, delivery, support, and performance of RTX’s advanced technologies and new products and services and the realization of the anticipated benefits;
•challenges of operating in RTX’s highly-competitive industries both domestically and abroad;
•our reliance on U.S. and non-U.S. suppliers and commodity markets, including cost increases and disruptions in the delivery of materials and services to RTX or our suppliers;
•changes in trade policies, implementation of sanctions, imposition of tariffs (and counter-tariffs) and other trade measures and restrictions, foreign currency fluctuations, and sales methods;
•the economic conditions of the aerospace industry;
•the ability of RTX to attract, train, qualify, and retain qualified personnel and maintain its culture and high ethical standards, and the ability of our personnel to continue to operate our facilities and businesses around the world;
•the scope, nature, timing, and challenges of managing and completing acquisitions, investments, divestitures, and other transactions;
•compliance with legal, environmental, regulatory, and other requirements in the U.S. and other countries in which RTX and its businesses operate;
•the outcome of pending, threatened, and future legal proceedings, investigations, audits and other contingencies;
•the Deferred Prosecution Agreements, Securities and Exchange Commission (SEC) Administrative Order, the Consent Agreement; and the related investigations by the SEC and the Department of Justice (DOJ);
•RTX’s ability to engage in desirable capital-raising or strategic transactions;
•the timing and scope of future repurchases by RTX of its common stock, or declarations of cash dividends, which may be discontinued, accelerated, suspended, or delayed at any time due to various factors;
•realizing expected benefits from, incurring costs for, and successfully managing strategic initiatives such as cost reduction, restructuring, digital transformation, and other operational initiatives;
•additional tax exposures due to new tax legislation or other developments in the U.S. and other countries in which RTX and its businesses operate;
•the Powder Metal Matter;
•changes in production volumes of one or more of our significant customers as a result of business, labor, or other challenges, and the resulting effect on its or their demand for our products and services;
•an RTX product safety failure, quality issue, or other failure affecting RTX’s or its customers’ or suppliers’ products or systems;
•cybersecurity, including cyber-attacks on RTX’s information technology (IT) infrastructure, products, suppliers, customers and partners, and cybersecurity-related regulations;
•insufficient indemnity or insurance coverage;
•artificial intelligence and other technological developments;
•our intellectual property and certain third-party intellectual property;
53
Table of Contents
•threats to RTX facilities and personnel, or those of its suppliers or customers, as well as public health crises, damaging weather, acts of nature or other similar events outside of RTX’s control that may affect RTX or its suppliers or customers;
•the effect of changes in accounting estimates for our programs on our financial results;
•the effect of changes in pension and other postretirement plan estimates and assumptions and contributions;
•an impairment of goodwill and other intangible assets;
•the effects of climate change and climate-related regulations, customer and market demands, products and technologies; and
•the intended qualification of (1) the Raytheon merger as a tax-free reorganization and (2) the separation transactions and other internal restructurings as tax-free to us (formerly known as United Technologies Corporation (UTC)) and former UTC shareowners, in each case, for U.S. federal income tax purposes.
In addition, this Form 10-Q includes important information as to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. See “Note 16: Commitments and Contingencies” within Item 1 of this Form 10-Q and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within Item 2 of this Form 10-Q. Additional important information as to these factors is included in our Annual Report on Form 10-K in the sections titled Item 1, “Business,” Item 1A, “Risk Factors,” Item 3, “Legal Proceedings,” Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Note 17: Commitments and Contingencies” within Item 8. The forward-looking statements speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements is disclosed from time to time in our other filings with the SEC.

PART II – OTHER INFORMATION
Item 1.    Legal Proceedings
Environmental Enforcement Proceeding
As previously disclosed, the Colorado Department of Public Health and Environment (CDPHE) issued a Notice of Violation/Cease and Desist Order (NOV/CDO) to Raytheon Company on January 31, 2023, alleging violations of a water discharge permit at a former Raytheon Company facility in Boulder, Colorado. On March 27, 2024, the CDPHE informed Raytheon Company that it was seeking a penalty in the amount of approximately $1 million in connection with the alleged violations and was requiring Raytheon Company to undertake a compliance program. In order to resolve the NOV/CDO, on October 6, 2025, Raytheon Company signed a Compliance Order on Consent (COC) with CDPHE under which, without any admission of fault or liability, it has agreed to pay $458,211 in civil penalties and to perform certain remediation work at the former facility under an agreed upon compliance schedule. While this agreement is subject to a public comment period, Raytheon Company believes the COC terms are unlikely to change and expects the penalty to be paid during the fourth quarter of 2025.
See “Note 16: Commitments and Contingencies” within Item 1 of this Form 10-Q for a discussion regarding additional material legal proceedings.
Except as otherwise noted above, there have been no material developments in legal proceedings. For previously reported information about legal proceedings refer to Part I, Item 3, “Legal Proceedings,” of our 2024 Annual Report on Form 10-K.
Item 1A.    Risk Factors
You should carefully review and consider the information regarding certain factors which could materially affect our business, financial condition, or future results set forth under Item 1A in our 2024 Annual Report on Form 10-K (2024 Form 10-K). There have been no material changes from the factors disclosed in our 2024 Form 10-K, although we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the Securities and Exchange Commission (SEC).
54
Table of Contents
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table provides information about our purchases of equity securities that are registered by us pursuant to Section 12 of the Exchange Act during the quarter ended September 30, 2025.
2025Total Number of Shares Purchased
(000’s)		Average Price Paid per Share
(dollars)		Total Number of Shares Purchased as Part of a Publicly Announced Program
(000’s)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
(dollars in millions)
July 1 - July 31— $— — $615 
August 1 - August 31— — — 615 
September 1 - September 30— — — 615 
Total— $— — 
On October 21, 2023, our Board of Directors authorized a share repurchase program for up to $11 billion of our common stock, replacing the previous program announced on December 12, 2022. Under the 2023 program, shares may be purchased on the open market, in privately negotiated transactions, under accelerated share repurchase programs, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.
We may also reacquire shares outside of the program in connection with the surrender of shares to cover taxes on vesting of restricted stock. Our ability to repurchase shares is subject to applicable law. During the quarter ended September 30, 2025, we did not repurchase shares outside of the program.
Item 5.        Other Information
During the quarter ended September 30, 2025, no director or “officer” (as defined in Rule 16a-1(f)) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6.        Exhibits
Exhibit
Number		Exhibit Description
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*
101.SCHInline XBRL Taxonomy Extension Schema Document.*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
Notes to Exhibits List:
*    Submitted electronically herewith.
55
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RTX CORPORATION
(Registrant)
Dated:October 21, 2025By:/s/ NEIL G. MITCHILL, JR.
Neil G. Mitchill, Jr.
Executive Vice President and Chief Financial Officer
(on behalf of the Registrant and as the Registrant’s Principal Financial Officer)
Dated:October 21, 2025By:/s/ AMY L. JOHNSON
Amy L. Johnson
 Corporate Vice President and Controller
(on behalf of the Registrant and as the Registrant’s Principal Accounting Officer)

56

RTX CORPORATION
COMPENSATION DEFERRAL PLAN

(As Amended and Restated as of June 1, 2025)

ARTICLE I – PREAMBLE
Section 1.1 – Purpose of the Plan
The purpose of the RTX Corporation Compensation Deferral Plan (the “CDP” or the “Plan”) is to provide eligible employees of an RTX Company with:
(a)the opportunity to electively defer directly into the CDP a portion of their Eligible Earnings without regard to elective deferrals under the RTX Corporation Employee Savings Plan (the “RTX Qualified Savings Plan”);
(b)the opportunity to electively defer a portion of their Compensation in excess of the limitation imposed by Section 401(a)(17) (the “IRS Compensation Limit”) of the Internal Revenue Code of 1986, as amended (“IRC”);
(c)the accrual of benefits not provided under the RTX Qualified Savings Plan due to limitations imposed by IRC Section 415 (the “IRS Contribution Limit”) and IRC Section 401(a)(17); and
(d)the accrual of benefits due to the reduction in the value of Company Matching Contributions and Company Retirement Contributions under the RTX Qualified Savings Plan, as a result of the reduction of a Participant’s compensation (as defined in the RTX Qualified Savings Plan) due to an elective deferral made pursuant to this Plan.
Section 1.2 – Effective Date of Plan and Amendments
(a)The Raytheon Technologies Corporation Compensation Deferral Plan was established effective as of January 1, 2023, for the benefit of certain RTX Company Employees.
(b) The Plan was amended and restated, effective as of October 1, 2023, for the purpose of renaming the Plan, the RTX Corporation Compensation Deferral Plan, changing all company references from ‘Raytheon Technologies Corporation’ to ‘RTX Corporation’, and certain other minor administrative changes.
(c)The Plan was amended and restated, effective as of November 1, 2023, for certain other minor administrative changes.
(d)The Plan is hereby amended and restated, effective for Separation from Service on or after June 1, 2025, to allow a Participant to vest in the value of Company Contributions (other than


Discretionary Contributions) upon a Separation from Service on or after attainment of age fifty-five (55).
ARTICLE II - DEFINITIONS
Unless otherwise indicated, capitalized terms used herein shall have the same meanings ascribed under the RTX Qualified Savings Plan.
Account Establishment Year means, with respect to each Specified Year Account, the first calendar year in which deferred compensation credited to such Specified Year Account pursuant to the first deferral election made with respect to such Specified Year Account would have been paid if no deferral election under this Plan had been made. By way of example, if a Participant’s first deferral election with respect to a Specified Year Account is made in 2022 with respect to compensation that would have been paid in 2023 if such deferral election had not been made, then the Account Establishment Year for such Specified Year Account is 2023.
Annual Incentive Award means compensation amounts awarded to a Participant pursuant to the RTX Corporation Executive Annual Incentive Plan (or any successor plan) and/or the RTX Corporation Broad-Based Incentive Plan (or any successor plan), that is payable in the next following calendar year with respect to services performed in the current calendar year.
Beneficiary means the person, persons or entity designated on an electronic or written form by the Participant to receive the value of his or her Plan Account in the event of the Participant’s death in accordance with Section 7.5 of this Plan.
Benefit Reduction Contribution means an amount credited by the Corporation to a Participant’s Plan Account in accordance with Section 5.4 of the Plan to restore the reduction in the Company Matching Contribution and/or the Company Retirement Contribution credited to a Participant’s Plan Account under the RTX Qualified Savings Plan as a result of the reduction of such Participant’s Eligible Earnings under the RTX Qualified Savings Plan due to an Elective Compensation Deferral by the Participant under this Plan.
Cause means (a) “Cause” as defined in the Company’s 2018 Long-Term Incentive Plan, as amended and restated, and as further amended from time to time; (b) violation of the Company’s Code of Conduct; (c) such other actions or omissions that constitute willful misconduct, willful failure to perform, or gross negligence in the performance of, reasonable duties of employment; (d) disruptive behavior, or other such actions on the part of the Participant that renders his or her employment untenable as determined by the Committee; or (e) Participant’s loss or failure to maintain any security clearance required for the Participant’s position.
Code or IRC means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. References to any section of the Internal Revenue Code shall include any final regulations or other applicable guidance. References to “Section 409A” shall refer to Section 409A of the Code and any final regulations and guidance issued thereunder by the Internal Revenue Service from time to time in effect.
-2-

Committee means the Deferred Compensation Committee (or successor committee), which is responsible for the administration of the Plan.
Company Contributions means the Company Retirement Contribution, the Company Matching Contribution, and Discretionary Contributions, including any Benefit Reduction Contributions.
Company Matching Contribution means the matching contribution credited to the Plan on behalf of a Participant in accordance with Sections 5.2, 5.3 and 5.4 of the Plan. Where referring to the Company Matching Contributions under the RTX Qualified Savings Plan, the definition of such term in the RTX Qualified Savings Plan shall apply.
Company Retirement Contribution means the non-matching contribution credited to the Plan on behalf of a Participant in accordance with Sections 5.1 and 5.4 of the Plan. Where referring to Company Retirement Contribution under the RTX Qualified Savings Plan, the definition of such term in the RTX Qualified Savings Plan shall apply.
Corporation means RTX Corporation, or any successor thereto.
Default Investment Option means the Investment Fund designated by the Committee on behalf of a Participant in the absence of an investment option election by a Participant. The Default Investment Option shall be determined at the sole discretion of the Committee and shall be communicated to Participants annually.
Disability means permanent and total disability as determined under the Corporation’s long-term disability plan applicable to the Participant, or if there is no such plan applicable to the Participant, “Disability” means a determination of total disability by the Social Security Administration; provided that, in either case, the Participant’s condition also qualifies as a “disability” for purposes of Section 409A(a)(2)(C) of the Code.
Discretionary Contribution means the contributions credited to the Plan on behalf of a Participant in accordance with Section 5.6 of the Plan.
Election Form means the form or process provided by the Committee to a Participant electronically or in paper form for the purpose of specifying elective deferrals, method of distribution and/or the percentage allocation among the Investment Funds with respect to a Participant’s Plan Account.
Elective Compensation Deferral means the percentage of Eligible Earnings to be deferred to a Participant’s Specified Year Account and/or Separation from Service Account in accordance with Section 4.1 of the Plan.
Eligible Earnings means the total compensation paid with respect to a Plan Year to a Participant meeting the definition of “compensation” as set forth in the RTX Qualified Savings Plan but modified by disregarding the IRS Compensation Limit in such definition and including amounts the Participant elects to defer for such Plan Year under Section 4.1 of the Plan.
-3-

Eligible Employee for any Plan Year means an Employee at a level of either: (i) F2-3, M7/P7 or E1-5 as of the date on which deferral elections are solicited by the Committee for such Plan Year, or (ii) F1, and whose combined annual salary and target annual incentive compensation, as of the April 15 prior to the date on which deferral elections are solicited by the Committee for such Plan Year, are determined to exceed the then current IRC Section 401(a)(17) limit; and who is paid from a US payroll and receives Eligible Earnings subject to U.S. federal income tax withholding.
Employee means an employee of the Corporation or an RTX Company but excluding any employee who is not eligible to participate in the RTX Qualified Savings Plan and any Represented Employee (as defined in the RTX Qualified Savings Plan).
ERISA means the Employee Retirement Income Security Act of 1974, as amended.
Investment Fund means a hypothetical fund that tracks the value of an investment option offered under the RTX Qualified Savings Plan or other such investment option as determined by the Committee. Investment Funds offered under the CDP may be changed from time to time by the Committee and shall be valued in the manner set forth in Section 6.2. Available investments are described at https://www.newportgroup.com. The value of Participants’ Accounts shall be adjusted to replicate the performance of the applicable Investment Funds. Amounts credited to any Investment Fund shall not be required to be invested in actual assets corresponding to the Investment Fund.
IRS Compensation Limit means the limitation imposed by Section 401(a)(17) of the Code.
IRS Contribution Limit means the limitation imposed by Section 415(c) of the Code.
Maximum Deferral Period means, with regard to a Specified Year Account, a period of fifteen (15) consecutive calendar years (or such other number of calendar years as is specified by the Committee from time to time) commencing with, and including, the Account Establishment Year. By way of illustration, for a Specified Year Account with an Account Establishment Year of 2023, the Maximum Deferral Period is calendar years 2023 through 2037, with distribution commencing in April of the Specific Deferral Year of 2038.
Minimum Deferral Period means, with regard to a Specified Year Account, a period of three (3) consecutive calendar years (or such other number of calendar years as is specified by the Committee from time to time) commencing with, and including, the Account Establishment Year. By way of illustration, for a Specified Year Account with an Account Establishment Year of 2023, the Minimum Deferral Period is calendar years 2023 through 2025, with distribution commencing in April of the Specific Deferral Year of 2026.
Participant means an Employee who meets the criteria detailed in Article III. A Participant who previously elected to defer Eligible Earnings under the Plan, and/or who received an allocation of benefits under the Plan, but who ceases to meet the criteria detailed in Article III, shall not be eligible to continue to elect to defer under Article IV, and/or to receive contributions under Article V, but shall remain a Participant under the Plan with respect to his or her Plan Account until it is distributed or forfeited in accordance with the terms of the Plan.
-4-

Plan or CDP means the RTX Corporation Compensation Deferral Plan, as amended from time to time.
Plan Account means, for each Participant, the aggregate value of all of such Participant’s Specified Year Accounts and such Participant’s Separation from Service Account.
Plan Year means the calendar year.
RTX Company means the Corporation, or any entity controlled by or under common control with the Corporation within the meaning of Section 414(b) or (c) of the Code (but substituting “at least 20 percent” for “at least 80 percent” as the control threshold used in applying Sections 414(b) and (c)).
RTX Qualified Savings Plan means the RTX Corporation Savings Plan, as amended from time to time.
Separation from Service means a Participant’s termination of employment with all RTX Companies, other than by reason of death. A Separation from Service will be deemed to occur where the Participant and the RTX Company that employs the Participant reasonably anticipate that the bona fide level of services the Participant will perform (whether as an employee or as an independent contractor) for RTX Companies will be permanently reduced to a level that is less than thirty-seven and a half percent (37.5%) of the average level of bona fide services the Participant performed during the immediately preceding thirty-six (36) months (or the entire period the Participant has provided services if the Participant has been providing services to RTX Companies for less than thirty-six (36) months). A Participant shall not be considered to have had a Separation from Service as a result of a transfer from one RTX Company to another RTX Company.
Separation from Service Account means a Plan Account maintained on behalf of the Participant, for the purpose of crediting Elective Compensation Deferrals and Company Contributions that is targeted for distribution following the Participant’s Separation from Service. The Committee may establish categories of Separation from Service Accounts to reflect different sources of deferrals.
Specified Year Account means a Plan Account maintained on behalf of the Participant for the purpose of crediting Elective Compensation Deferrals with a targeted distribution date in April of the calendar year specified by the Participant. A Participant shall be allowed a maximum of five (5) active Specified Year Accounts under the Plan at one time and when any Specified Year Account is fully paid, it shall no longer be considered an active Specified Year Account.
Specific Deferral Year means, with respect to a Specified Year Account, a specified calendar year in which an entire lump sum payment will be distributed, or installment payments will begin to be distributed to the Participant. The Specific Deferral Year shall be no earlier than the calendar year immediately following the Minimum Deferral Period and no later than the calendar year immediately following the Maximum Deferral Period.
-5-

Specified Employee means each of the fifty (50) highest-paid officers and other Employees of the Corporation and its affiliates (determined for this purpose under Treas. Regs. §1.409A-1(g)), effective annually as of April 1st, based on compensation reported in Box 1 of Form W-2 for the immediately preceding calendar year, but including amounts that are excluded from taxable income as a result of elective deferrals to qualified plans and pre-tax contributions. For these purposes, compensation shall not include foreign compensation earned by a nonresident alien that is not effectively connected with the conduct of a trade or business in the United States.
ARTICLE III - ELIGIBILITY AND PARTICIPATION
Section 3.1 - Eligibility
Each Employee (i) who is classified by the Committee as an Eligible Employee at the time of the deferral election will be eligible to defer Eligible Earnings in accordance with the terms of the Plan; and/or (ii) whose Company Retirement Contributions and Company Matching Contributions under the RTX Qualified Savings Plan are limited by the IRS Contribution Limit is eligible to participate in the Plan subject to the terms and conditions of this Article III and/or (iii) whose Company Retirement Contributions under the RTX Qualified Savings Plan are limited by the IRS Compensation Limit is eligible to participate in the Plan subject to the terms and conditions of this Article III. The Committee shall determine which Eligible Employees are permitted to make deferral elections.
Section 3.2 - Participation for Company Retirement Contributions and/or Company Matching Contributions
An Employee who becomes eligible to participate in the Plan with respect to Company Retirement Contributions and/or Company Matching Contributions shall be automatically enrolled in the Plan within thirty (30) days of the Employee’s first eligible pay date.
Section 3.3 – Participation for Elective Compensation Deferrals
An Eligible Employee may elect to participate in the Plan with respect to Elective Compensation Deferrals for any calendar year for which the Committee offers the Eligible Employee the opportunity to make such deferrals by timely completing and submitting an Election Form to the Committee, in accordance with Section 4.1. Participation in the Plan with respect to Elective Compensation Deferrals is entirely voluntary.
ARTICLE IV - PARTICIPATION ELECTIONS AND DESIGNATIONS
Section 4.1 - Elective Compensation Deferral
(a)Election. An Eligible Employee may, on or before the election deadline established by the Committee, make an Elective Compensation Deferral in accordance with this paragraph (a) on
-6-

the Election Form provided by the Committee for the immediately following calendar year, as follows:
(i)Direct Deferral. Elect to defer a portion of his or her Eligible Earnings before any deferral under the RTX Qualified Savings Plan; and/or
(ii)Excess Deferral. Elect to defer a portion of his or her base salary in excess of the IRS Compensation Limit.
(b)Election Amount. An Eligible Employee who makes an Elective Compensation Deferral election as provided under Section 4.1(a), must designate on the Election Form at least one of the following:
(i)Direct Deferral of Base Salary. The percentage of base salary to be deferred in a whole percentage between one (1) and fifty (50) percent;
(ii)Excess Deferral of Base Salary. The percentage of base salary in excess of the IRS Compensation Limit to be deferred in a whole percentage between one (1) and fifty (50) percent; and/or
(iii)Direct Deferral of Annual Incentive Award. The percentage of any Annual Incentive Award to be deferred in a whole percentage between one (1) and eighty (80) percent.
(iv)Base Salary Limitation. The maximum combined percentage of base salary that an Eligible Employee may elect to defer for any calendar year under both paragraphs (i) and (ii) of Section 4.1(b) shall not exceed fifty (50) percent.
(c)Election Date. For an election to defer base salary, an Election Form must be completed and submitted to the Committee no later than the December 31 immediately preceding the calendar year to which the election applies, or such earlier date as the Committee may specify. For an election to defer an Annual Incentive Award with respect to services to be performed in the current calendar year and otherwise payable in the immediately following calendar year, an Election Form must be completed and submitted to the Committee no later than the June 30 of the current calendar year, or such earlier date as the Committee may specify. A new Election Form must be completed each year to defer either base salary and/or an Annual Incentive Award.
Except as provided below in Section 4.6 (Change in Distribution Election), the payment choices reflected on the Election Form shall be irrevocable on the election deadline specified by the Committee. If an Eligible Employee or Participant fails to submit a properly completed Election Form by the election deadline, the Eligible Employee or Participant will be ineligible to make an Elective Compensation Deferral.
(d)Deferral Allocation. An Eligible Employee or Participant shall specify in the Election Form, in whole percentages, how the amounts to be deferred in the immediately following calendar year are to be allocated among his or her Separation from Service Account and/or one or
-7-

more Specified Year Accounts, including among any existing active Specified Year Accounts. A Participant may allocate to an existing active Specified Year Account so long as the Specified Deferral Year for such Specified Year Account is no earlier than the second calendar year following the calendar year in which such compensation is otherwise payable. By way of illustration, a Participant may use a Specified Year Account with a Specified Deferral Year of 2027 to defer compensation otherwise payable in 2025 but may not use such Specified Year Account with respect to compensation otherwise payable in 2026.  To the extent that the Eligible Employee or Participant fails to make an effective allocation among the available accounts, the deferral shall be allocated entirely to her or her Separation from Service Account.
(e)Deferral Period. For each Specified Year Account, an Eligible Employee or Participant may elect a Specified Deferral Year that is no earlier than the calendar year immediately following the Minimum Deferral Period and no later than the calendar year immediately following the Maximum Deferral Period. Failure to specify a Specific Deferral Year for a Specified Year Account shall result in a deferral for the Minimum Deferral Period with a Specific Deferral Year that is the calendar year immediately following the Minimum Deferral Period. For the Separation from Service Account, the Deferral Period will end on the date of Participant’s Separation from Service.
Section 4.2 - Distribution Election
(a)Separation from Service Account. At the first to occur of (i) the first Elective Compensation Deferral under Section 4.1 to the Participant’s Separation from Service Account, or (ii) within 30 days of notification of participation for Company Retirement Contributions and/or Company Matching Contribution under Section 3.2, respectively, the Participant must, on or before the election deadline established by the Committee, specify in the Election Form a distribution election to have the Participant’s Separation from Service Account distributed in a lump sum or in two (2) to fifteen (15) annual installments.
(b)Specified Year Accounts. At the time the Participant makes an Elective Compensation Deferral to a Specified Year Account under Section 4.1, the Participant must, on or before the election deadline established by the Committee, specify in the Election Form a distribution election to have the Participant’s Specified Year Account distributed in a lump sum or in two (2) to fifteen (15) annual installments.
(c)Default Form of Distribution. To the extent no distribution election is made with respect to a Participant’s Plan Account as provided in paragraphs (a) or (b) of this Section 4.2, the default form of distribution will be ten (10) annual installments. Except as provided below in Section 4.6 (Change in Distribution Election), the choices reflected on the Participant’s Election Form shall be irrevocable on the election deadline.
Section 4.3 - Timing of Elective Contributions

-8-

Allocation of Elective Contribution Deferrals by the Corporation to a Participant’s Separation from Service Account or any Specified Year Account, as applicable, shall be made no less frequently than annually with respect to each Plan Year.
Section 4.4 - Vesting
A Participant shall be one hundred (100) percent vested in his or her Elective Compensation Deferrals into the Plan and any associated earnings.
Section 4.5 - Investment Fund Allocations
Elective Contribution Deferrals credited to a Participants Separation from Service Account or any Specified Year Accounts, as applicable, shall be allocated to the Default Investment Option, unless the Participant has made alternative investment elections. Participants may change the asset allocation of their existing Separation from Service Account or Specified Year Accounts, or the Investment Funds to which new contributions are allocated, as permitted by the Committee.
Section 4.6 - Change in Distribution Election
A Participant may make an irrevocable election to change the time or form of distribution, either by changing the number of installments (including changing to or from a lump sum), the commencement date, or both, for his or her Separation from Service Account or any of his or her Specified Year Accounts. A change to the time or form of distribution must meet all of the following requirements:
(a)The new election must be made at least twelve (12) months prior to the date on which distributions will commence under the current election (and the new election shall be ineffective if the Participant incurs a Separation from Service within twelve (12) months after the date of the new election);
(b)The new election shall not take effect until at least twelve (12) months after the date when the new election is submitted in a manner acceptable to the Committee; and
(c)The new distribution commencement date must be at least five (5) years later than the date on which distributions would commence under the current election.
A maximum of three change elections shall be allowed under the Plan.

ARTICLE V - COMPANY CONTRIBUTIONS
Section 5.1 - Company Retirement Contributions
(a)Eligibility. Each Eligible Employee or Participant who is eligible for a Company Retirement Contribution under the terms of the RTX Qualified Savings Plan for a Plan Year shall be eligible for a Company Retirement Contribution under this Plan upon the first to occur of the
-9-

Participant reaching the IRS Contribution Limit or the IRS Compensation Limit under the RTX Qualified Savings Plan for such Plan Year, regardless of whether the Eligible Employee or Participant has elected to contribute to this Plan.
(b)Allocation. Company Retirement Contributions shall be allocated exclusively to a Participant’s Separation from Service Account.
(c)Amount. The Company Retirement Contribution made pursuant to this Section 5.1 shall be an amount equal to (1) minus (2) where (1) equals the Company Retirement Contribution that would have been made on behalf of such Participant under the RTX Qualified Savings Plan in the absence of the IRS Contribution Limit or the IRS Compensation Limit for the Plan Year and (2) equals the actual Company Retirement Contribution made on behalf of such Participant under the RTX Qualified Savings Plan for such Plan Year.
(d)No Duplication. In no event shall a Participant be eligible for Company Retirement Contributions under this Plan if and to the extent that (i) Company Retirement Contributions are made under the RTX Qualified Savings Plan for the same Eligible Earnings or (ii) Company Retirement Contributions under this Plan would otherwise result in a duplication of benefits (e.g., if amounts are credited under this Plan or any other Company deferred compensation plan with respect to the same Eligible Earnings).
Section 5.2 - Company Matching Contribution Eligibility to Account for IRS Compensation Limit
(a)Eligibility. Each Participant who is eligible for a Company Matching Contribution under the terms of the RTX Qualified Savings Plan for a Plan Year shall be eligible for a Company Matching Contribution under this Section 5.2 for such Plan Year commencing the next pay period following the pay period in which the IRS Compensation Limit is reached under the RTX Qualified Savings Plan, to the extent that the Participant has made an Elective Compensation Deferral under this Plan for such Plan Year and only with respect to Eligible Earnings in excess of the IRS Compensation Limit.
(b)Allocation. Company Matching Contributions shall be allocated exclusively to a Participant’s Separation from Service Account.
(c)Amount. The Company Matching Contribution made pursuant to this Section 5.2 due to the application of the IRS Compensation Limit shall be an amount equal to a percentage of the Participant’s applicable Elective Compensation Deferral (but only taking into account Eligible Earnings in excess of the IRS Compensation Limit), calculated based upon the Company Matching Contribution formula (as in effect from time to time) applicable to the Participant under the RTX Qualified Savings Plan for such Plan Year, which for the avoidance of doubt, shall be based on the percentage of Eligible Earnings in excess of the IRS Compensation Limit that would have been matched under the RTX Qualified Savings Plan without regard to the IRS Compensation Limit.
(d)No Duplication. In no event shall a Participant be eligible for Company Matching Contributions under this Plan if and to the extent that (i) Company Matching Contributions are made
-10-

under the RTX Qualified Savings Plan for the same Eligible Earnings or (ii) Company Matching Contributions under this Plan would otherwise result in a duplication of benefits (e.g., if amounts are credited under this Plan or any other Company deferred compensation plan with respect to the same Eligible Earnings).
Section 5.3 - Company Matching Contribution to Account for IRS Contribution Limit
(a)Eligibility. Each Eligible Employee or Participant who is eligible for a Company Matching Contribution under the terms of the RTX Qualified Savings Plan for a Plan Year shall be eligible for a Company Matching Contribution under this Section 5.3 commencing the next pay period following the pay period in which the Eligible Employee or Participant exceeds the IRS Contribution Limitation under the RTX Qualified Savings Plan for such Plan Year before reaching the IRS Compensation Limitation under the RTX Qualified Savings Plan for such Plan Year; provided that the Eligible Employee or Participant has made the maximum elective deferrals to the RTX Qualified Savings Plan permitted under Section 402(g) of the Code or the terms of the RTX Qualified Savings Plan for such Plan Year.
(b)Allocation. Company Matching Contributions shall be allocated exclusively to a Participant’s Separation from Service Account.
(c)Amount. The Company Matching Contribution made pursuant to this Section 5.3 due to the application of the IRS Contribution Limit shall be an amount equal to (1) minus (2) where (1) equals the Company Matching Contribution that would have been made on behalf of such Participant under the RTX Qualified Savings Plan in the absence of the IRS Contribution Limit for the Plan Year (but taking into account the IRS Compensation Limit) and (2) equals the actual Company Matching Contribution made on behalf of such Participant under the RTX Qualified Savings Plan for such Plan Year. Such contribution shall be made assuming that the Participant would have continued to contribute at least six percent (6%) of the Participant’s Eligible Earnings (or if the matching formula changes under the RTX Qualified Savings Plan, the minimum amount necessary to receive the maximum match under the RTX Qualified Savings Plan) if the Participant were permitted to do so but for the IRS Contribution Limit.
(d)No Duplication. In no event shall a Participant be eligible for Company Matching Contributions under this Plan if and to the extent that (i) Company Matching Contributions are made under the RTX Qualified Savings Plan for the same Eligible Earnings or (ii) the Company Matching Contributions under this Plan would otherwise result in a duplication of benefits (e.g., if amounts are credited under this Plan or any other Company deferred compensation plan with respect to the same Eligible Earnings).
Section 5.4 - Company Retirement Contributions and Company Matching Contributions consisting of Benefit Reduction Contributions
(a)Eligibility. To the extent that a Participant made Elective Compensation Deferrals for a Plan Year, such Participant shall receive a Benefit Reduction Contribution for such Plan Year.
-11-

(b)Allocation. Benefit Reduction Contributions shall be allocated exclusively to a Participant’s Separation from Service Account.
(c)Amount. The Benefit Reduction Contribution for a Plan Year shall be an amount equal to the reduction in the Company Matching Contribution and/or the Company Retirement Contribution for such Participant for such Plan Year under the RTX Qualified Savings Plan as a result of the reduction of such Participant’s Eligible Earnings under the RTX Qualified Savings Plan due to the Elective Compensation Deferral by the Participant under this Plan for such Plan Year; provided that for purposes of calculating the Benefit Reduction Contributions, the Company Matching Contribution shall be made only with respect to Elective Compensation Deferrals not matched under Section 5.2.
(d)No Duplication. In no event shall a Participant be eligible for a Benefit Reduction Contribution under this Plan if and to the extent that (i) Company Matching Contributions and Company Retirement Contributions are made under the RTX Qualified Savings Plan for the same Eligible Earnings or (ii) such Benefit Reduction Contribution would otherwise result in a duplication of benefits (e.g., if amounts are credited under this Plan or any other Company deferred compensation plan with respect to the same Eligible Earnings).
Section 5.5 - Timing of Company Contributions
Allocation of Company Contributions to a Participant’s Separation from Service Account shall be made no less frequently than annually with respect to each Plan Year.
Section 5.6 - Discretionary Contributions
The Corporation may in its sole discretion credit additional amounts to a Participant’s Separation from Service Account, may specify vesting requirements applicable to such additional amounts, and need not treat Participants uniformly.
Section 5.7 - Investment of Contributions
Company Contributions under Sections 5.1, 5.2, 5.3, 5.4, and 5.6 credited to a Participant’s Separation from Service Account will be allocated to the Default Investment Option, unless the Participant has made alternative investment elections. Participants may change the asset allocation of their Separation from Service Account balance, or the Investment Funds to which new contributions are allocated, as permitted by the Committee.
Section 5.8 - Vesting of Company Contributions
A Participant shall be vested in the value of Company Contributions (other than Discretionary Contributions) credited to his or her Plan Account under this Article V, upon the first to occur of the following: (a) completion of two (2) years of “Continuous Service” (as defined in the RTX Qualified Savings Plan); (b) attainment of age sixty-five (65) while employed by an RTX Company; (c) voluntary Separation from Service on or after attainment of age fifty-five (55); (d) the death or Disability of the Participant while employed by an RTX Company; (e) involuntary not for
-12-

Cause Separation from Service; or (f) the Participant’s entrance into United States military service before completing two (2) years of “Continuous Service.” For the avoidance of doubt, where a Participant is terminated for Cause, the Participant’s Company Contributions shall forfeit.

ARTICLE VI - PLAN ACCOUNTS
Section 6.1 - Accounts
A Plan Account will be established for each Participant. Elective Compensation Deferrals and Company Contributions made under the Plan shall be allocated or reallocated among Investment Funds in accordance with the Plan terms and each Participant’s instructions in the manner set forth in Section 4.5 and Section 5.7.
Section 6.2 - Valuation of Investment Funds
Elective Compensation Deferrals and Company Contributions allocated to Investment Funds will be converted to the applicable Investment Fund units based on the closing share price of that Investment Fund as of the date the contribution is credited to the applicable Investment Fund. The value of the units of an Investment Fund will fluctuate on each business day based on the performance of the applicable Investment Fund.
Section 6.3 - Reports to Participants
The Committee will make available detailed information to Participants regarding the credited value of Plan Accounts, distribution elections, Beneficiary designations, and Investment Fund allocations. Such information may be provided via electronic media as determined by the Committee. No RTX Company, no director, officer or employee of an RTX Company, and no entity retained by an RTX Company to provide Plan services, shall have any liability to any Participant or Beneficiary for any failure or delay in providing such information, or for the results of any error (including the failure to implement any Investment Fund allocation) disclosed in such information.

ARTICLE VII - VALUATION & DISTRIBUTION OF PLAN ACCOUNTS
Section 7.1 - Timing of Plan Distributions
Except as provided in Section 4.6 (Change in Distribution Election), Section 7.4 (Separation from Service of Specified Employees), Section 7.5 (Death), and Section 7.6 (Accelerated Distribution in the Case of an Unforeseeable Emergency), the value of a Participant’s Plan Account will be distributed (or begin to be distributed) to the Participant in (a) April of the calendar year immediately following the calendar year of the Participant’s Separation from Service, with respect to
-13-

a Separation from Service Account or (b) April of the Specific Deferral Year, with respect to a Specified Year Account.
Section 7.2 - Method of Distribution
Except as provided in Section 7.5 (Death) and Section 7.6 (Accelerated Distribution in the Case of an Unforeseeable Emergency), a Participant’s accounts under a Plan Account will be distributed to the Participant in a series of annual installment distributions, or in a single lump-sum distribution, in accordance with the Participant’s elections on file. For purposes of determining the amount to be distributed, except as otherwise expressly provided in this Plan or as otherwise determined by the Committee from time to time, the value of the Participant’s Plan Account shall be determined as of the 25th day of the month preceding the month in which the applicable distribution occurs.
Annual installment distributions shall be payable to the Participant beginning on the distribution commencement date and continuing as of each anniversary of the distribution commencement date thereafter until all installments have been distributed. To determine the amount of each installment, the value of the Participant’s Plan Account will be multiplied by a fraction, the numerator of which is one and the denominator of which is the remaining number of scheduled installments. By way of illustration, if a Participant elects ten (10) annual installments, the amount of the first installment will be determined using one tenth (1/10th) of the Plan Account balance as of the valuation date, and the second distribution will be determined using one ninth (1/9th) of the Plan Account balance as of the valuation date and so on, until all installments have been distributed.
Section 7.3 - Form of Distribution
Plan Account distributions will be made in cash.
Section 7.4 - Separation from Service of Specified Employees
Distributions to a Participant, who is a Specified Employee at the time of Separation from Service, on account of such Separation from Service, will not be made or commence earlier than the first day of the seventh month following the date of Separation from Service. A Plan Account shall continue to accrue hypothetical investment gains and losses as provided in Article VI. For purposes of determining the amount to be distributed, the value of the Participant’s Plan Account will be determined as of the 25th day of the month (or as otherwise determined by the Committee from time to time) preceding the month in which the distribution occurs. Distribution shall be made in the first pay cycle on or after the first day of the seventh month following the Separation from Service. In the case of a distribution in installments, the date of subsequent installments shall not be affected by the delay of any installment hereunder.
Section 7.5 - Death
(a)Death Benefit. In the event of the death of a Participant before the Participant’s Plan Account has been fully distributed, the full remaining value of the Participant’s Plan Account will be distributed to the designated Beneficiary (if applicable), or the Participant’s estate, in a lump sum on
-14-

the first business day of the third month following the Participant’s death. Upon notification of death, pending distribution, the value of the Participant’s Plan Account will be allocated to the Default Investment Option.
(b)Beneficiary. Each Participant shall designate a Beneficiary for his or her Plan Account on an electronic or written form provided by the Committee. A Participant may change such designation on an electronic or written form acceptable to the Committee and any change will be effective on the date received by the Committee. Designations received after the date of the Participant’s death shall not be effective. If a Beneficiary designation is not filed with the Committee before the Participant’s death, or if the Beneficiary (and any contingent Beneficiary) does not survive the Participant, the value of the Participant’s Plan Account shall be paid to the Participant’s estate. If a Participant designates the Participant’s spouse as the Participant’s Beneficiary, that designation shall not be revoked or otherwise altered or affected by any (a) change in the marital status of the Participant; (b) agreement between the Participant and such spouse; or (c) judicial decree (such as a divorce decree) affecting any rights that the Participant and such spouse might have as a result of their marriage, separation, or divorce; it being the intent of the Plan that any change in the designation of a Beneficiary hereunder may be made by the Participant only in accordance with the procedures set forth in this Section 7.5.
Section 7.6 - Accelerated Distribution in the Case of an Unforeseeable Emergency
(a)The Committee may, upon a Participant’s written application, agree to an accelerated distribution of some or all of the value of a Participant’s Plan Account upon the occurrence of an Unforeseeable Emergency. An “Unforeseeable Emergency” is a severe financial hardship to the Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in IRC Section 152, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)); (ii) loss of the Participant’s property due to casualty; or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Whether a Participant is faced with an Unforeseeable Emergency permitting a distribution to be made under the Plan is to be determined by the Committee based on the relevant facts and circumstances of each case. Acceleration will not be granted if (1) the Committee determines that the facts and circumstances do not meet the Plan requirements for an Unforeseeable Emergency, or (2) the emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not cause severe financial hardship).
(b)Distributions on account of an Unforeseeable Emergency shall be limited to the amount reasonably necessary to satisfy the emergency need, as supported by documentation submitted to the Committee. Such amount may include amounts necessary to pay any federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution.
The Committee will determine from which Investment Funds hardship distributions will be made. Any Participant who is an officer or director of the Corporation within the meaning of Section 16 of the Securities Exchange Act of 1934 is not eligible for distributions on account of an Unforeseeable Emergency, pursuant to this Section 7.6.
-15-

Section 7.7 - Disability
In the event of the Disability of a Participant that qualifies as a “Separation from Service” for purposes of Section 409A, the Participant’s Plan Account will be distributed in accordance with the Participant’s elections on file. The Participant’s Specified Year Accounts that are designated to be deferred to a Specific Deferral Year will be maintained and distributed in accordance with Section 7.1. The Participant’s Separation from Service Account will be distributed as if such Participant had a Separation from Service on the date of the Participant’s Disability.
Section 7.8 - Administrative Adjustments in Distribution Date
A distribution is treated as being made on the date when it is due under the Plan if the distribution is made on the due date specified by the Plan, or on a later date that is either (a) in the same calendar year (for a distribution whose specified due date is on or before September 30), or (b) by the fifteenth (15th) day of the third (3rd) calendar month following the date specified by the Plan (for a distribution whose specified due date is on or after October 1). A distribution is also treated as being made on the date when it is due under the Plan if the distribution is made not more than thirty (30) days before the due date specified by the Plan. In no event will a distribution to a Specified Employee due to a “Separation from Service” be made or commence earlier than the first business day of the seventh (7th) month following the date of Separation from Service. A Participant may not, directly or indirectly, designate the taxable year of a distribution made in reliance on the administrative rules in this Section 7.8.
Section 7.9 - Minimum Balance Payout Provision
If a Participant’s aggregate Plan Account balance under this Plan (and under all other nonqualified deferred compensation plans of the Corporation and its affiliates (determined for this purpose under Treas. Regs. §1.409A-1(g))that are required to be aggregated with this Plan under Section 409A), , is less than the amount set as the limit on elective deferrals under Section 402(g)(1)(B) of the Code in effect for the year in which the Participant’s Separation from Service occurs, the Committee retains discretion to distribute the Participant’s entire Plan Account (and the Participant’s entire interest in any other nonqualified deferred compensation plan that is required to be aggregated with this Plan) in a lump sum in the month of April following the year of the Participant’s Separation from Service, even if the Participant has elected to receive a different form of distribution. Any exercise of the Committee’s discretion taken pursuant to this Section 7.9 shall be evidenced in writing, no later than the distribution date.

ARTICLE VIII - AMENDMENT AND TERMINATION OF PLAN
Section 8.1 - Amendment
The Committee may, at any time, amend the Plan in whole or in part, provided that no amendment may directly decrease the value of any Plan Accounts as of the date of such amendment. In the event of any change in law or regulation relating to the Plan or the tax treatment of Plan
-16-

Accounts, the Plan shall, without further action by the Committee, be deemed to be amended to comply with any such change in law or regulation effective as of the first date necessary to prevent the taxation, constructive receipt or deemed distribution of Plan Accounts prior to the date Plan Accounts would be distributed under the provisions of Article VII. To the extent any rule or procedure adopted by the Committee is inconsistent with a provision of the Plan that is administrative, technical or ministerial in nature, the Plan shall be deemed amended to the extent of the inconsistency.
Section 8.2 - Plan Suspension and Termination
(a)The Committee may, at any time, suspend or terminate the Plan if, in its sole judgment, the continuance of the Plan, the tax, accounting, or other effects thereof, or potential distributions thereunder would not be in the best interest of the Corporation or for any other reason.
(b)In the event of the suspension of the Plan, no additional contributions shall be made under the Plan. All previous contributions shall be distributed in accordance with the otherwise applicable provisions of the Plan and the applicable elections on file.
(c)Upon the termination of the Plan with respect to all Participants, and the termination of all arrangements sponsored by the Corporation or its affiliates that would be aggregated with the Plan under Section 409A, the Corporation shall have the right, in its sole discretion, and notwithstanding any elections made by the Participant, to pay the Participant’s Plan Account in a lump sum, to the extent permitted under Section 409A. All distributions that may be made pursuant to this Section 8.2(c) shall be made no earlier than the thirteenth (13th) month and no later than the twenty-fourth (24th) month after the termination of the Plan. The Corporation may not accelerate distributions pursuant to this Section 8.2(c) if the termination of the Plan is proximate to a downturn in the Corporation’s financial health within the meaning of Treas. Regs. § 1.409A-3(j)(4)(ix)(C)(1). If the Corporation exercises its discretion to accelerate distributions under this Section 8.2(c), it shall not adopt any new arrangement that would have been aggregated with the Plan under Section 409A within three (3) years following the date of the Plan’s termination. The Committee may also provide for distribution of Plan Accounts following a termination of the Plan under any other circumstances permitted by Section 409A, including without limitation in connection with the occurrence of a change in control event in accordance with Treas. Regs. § 1.409A-3(j)(4)(ix)(B).
Section 8.3 - No Consent Required
The consent of any Participant, Beneficiary, or other person shall not be required with respect to any amendment, suspension, or termination of the Plan.

ARTICLE IX - GENERAL PROVISIONS
Section 9.1 - Withholding Taxes
-17-

The Committee may make any appropriate arrangements to deduct from all deferrals, contributions, vested Plan Accounts and distributions under the Plan any taxes that the Committee reasonably determines to be required by law to be withheld from such credits and distributions.
Section 9.2 - Unsecured General Creditor
The Corporation’s obligations under the Plan constitute an unfunded and unsecured promise to pay money in the future. Participants’ and Beneficiaries’ rights under the Plan are solely those of a general unsecured creditor of the Corporation. No assets will be required to be placed in trust, set aside or otherwise segregated to fund or offset liabilities in respect of the Plan or Participants’ Plan Accounts. The Corporation may, however, at its sole and exclusive option, elect to place in trust, set aside or otherwise segregate assets to fund or offset liabilities in respect of the Plan or Participants’ Plan accounts. Any such assets would be and must remain general assets of the Corporation subject to the claims of its creditors. Neither the Corporation nor this Plan gives a Participant any beneficial ownership interest in any assets of the Corporation.
Section 9.3 - Nonassignability
(a)No Participant or Beneficiary or any other person shall have the right to sell, assign, transfer, pledge, or otherwise encumber any interest in the Plan. All Plan Accounts and the rights to all distributions are unassignable and non-transferable. Plan Accounts or payments hereunder, prior to actual distribution, will not be subject to attachment or seizure for the payment of any debts, judgments or other obligations. Plan Accounts or any other Plan benefit will not be transferred by operation of law in the event of a Participant’s or any Beneficiary’s bankruptcy or insolvency.
(b)To the extent that any Participant, Beneficiary or other person receives an excess or erroneous distribution under the Plan, the amount of such excess or erroneous distribution shall be held in a constructive trust for the benefit of the Corporation and the Plan and shall be repaid by such person upon demand. The Committee may reduce any other benefit payable to such person or may pursue any remedy available at law or equity to recover the amount of such excess or erroneous distribution or the proceeds thereof. Notwithstanding the foregoing, the amount payable to a Participant or Beneficiary may be offset by any amount owed to any RTX Company to the extent permitted by Section 409A.
(c)The Plan shall comply with the terms of any valid domestic relations order submitted to the Committee. Any payment of a Participant’s Plan Account to a party other than the Participant pursuant to the terms of a domestic relations order shall be charged against and reduce the Participant’s Plan Account. Neither the Plan, the Corporation, the Committee, nor any other party shall be liable in any manner to any person, including but not limited to any Participant or Beneficiary, for complying with the terms of a domestic relations order.
Section 9.4 - No Contract of Employment
Participation in the Plan shall not be construed to constitute a direct or indirect contract of employment between any RTX Company and any Participant. Participants and Beneficiaries will have no rights against any RTX Company resulting from participation in the Plan other than as
-18-

specifically provided herein. Nothing in the Plan shall be deemed to give a Participant the right to be retained in the service of any RTX Company for any length of time or to interfere with the right of any RTX Company to terminate a Participant’s employment.
Section 9.5 - Governing Law
The provisions of the Plan will be construed and interpreted according to the laws of the State of Delaware, to the extent not preempted by federal law.
Section 9.6 - Validity
If any provision of the Plan is held to be illegal or invalid for any reason, the remaining provisions of the Plan will be construed and enforced as if such illegal and invalid provision had never been inserted herein.
Section 9.7 - Notice
Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if drafted to the attention of the Deferred Compensation Committee, and sent by first-class mail to RTX Corporation, c/o Vice President, Executive Compensation, 4 Farm Springs Road, Farmington, Connecticut 06032. Any notice or filing required or permitted to be given to any Participant or Beneficiary under the Plan shall be sufficient if provided either electronically, hand-delivered, or mailed to the address (or email address, as the case may be) of the Participant or Beneficiary then listed on the records of the Corporation. Any such notice will be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or email system.
Section 9.8 - Successors
The provisions of the Plan shall bind and inure to the benefit of the Corporation and its successors and assigns. The term “successors” as used herein shall include any corporate or other business entity, which by merger, consolidation, purchase or otherwise acquires all or substantially all of the business and assets of the Corporation, and successors of any such corporation or other business entity.
Section 9.9 - Incompetence
If the Committee determines, upon evidence satisfactory to the Committee, that any Participant or Beneficiary to whom a benefit is payable under the Plan is unable to care for his or her affairs because of illness or accident, any payment due (unless prior claim therefore shall have been made by a duly authorized guardian or other legal representative) may be paid, upon appropriate indemnification of the Committee and the Corporation, to the spouse of the Participant or other person deemed by the Committee to have incurred expenses for the benefit of and on behalf of such Participant or Beneficiary. Any such distribution from a Participant’s Plan Account shall be a complete discharge of any liability under the Plan with respect to the amount so paid.

-19-

Section 9.10 - Section 409A Compliance
To the extent that rights or distributions under this Plan are subject to Section 409A, the Plan shall be construed and administered in compliance with the conditions of Section 409A, and regulations and other guidance issued pursuant to Section 409A for deferral of income taxation. Each payment that constitutes “nonqualified deferred compensation” subject to Section 409A of the Code shall be treated as a separate payment for purposes of Section 409A of the Code. Any distribution election that would not comply with Section 409A shall not be effective for purposes of this Plan. To the extent that a provision of this Plan does not comply with Section 409A, such provision shall be void and without effect. The Corporation does not warrant that the Plan will comply with Section 409A with respect to any Participant or with respect to any distribution. In no event shall any RTX Company; any director, officer, or employee of a RTX Company (other than the Participant); or any member of the Committee be liable for any additional tax, interest, or penalty incurred by a Participant or Beneficiary as a result of the Plan’s failure to satisfy the requirements of Section 409A, or as a result of the Plan’s failure to satisfy any other requirements of applicable tax laws.

ARTICLE X - ADMINISTRATION AND CLAIMS
Section 10.1 - Plan Administration
The Committee shall be solely responsible for the administration and operation of the Plan and shall be the “administrator” of the Plan for purposes of ERISA. The Committee shall have full and exclusive authority and discretion to interpret the provisions of the Plan and to establish such administrative procedures as it deems necessary and appropriate to carry out the purposes of the Plan. All decisions and interpretations of the Committee shall be final and binding on all parties.
Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the attention of the Deferred Compensation Committee via email to the RTX Total Rewards mailbox at RTXTotalRewards@rtx.com (preferred) or via postal mail to RTX Corporation, c/o Vice President, Executive Compensation, 4 Farm Springs Road, Farmington, CT 06032. The Committee shall respond in writing as soon as practicable.
Section 10.2 - Claim Procedures
A Participant or Beneficiary who believes that he or she has been denied a benefit to which he or she is entitled under the Plan (referred to in this Section 10.2 as a “Claimant”) may file a written request with the Committee setting forth the claim. The Committee shall consider and resolve the claim as set forth below. In making a claim for benefits, a Participant must fully and finally exhaust the administrative claim and appeal procedures set out in this Section 10.2; failure to do so will cause the denial of benefits to be final and binding and preclude the Participant from filing suit in a court of law with respect to such claim.
-20-

(a)Upon receipt of a claim, the Committee shall advise the Claimant that a response will be forthcoming within ninety (90) days. The Committee may, however, extend the response period for up to an additional ninety (90) days for reasonable cause, and shall notify the Claimant of the reason for the extension and the expected response date. The Committee shall respond to the claim within the specified period.
(b)If the claim is denied in whole or in part, the Committee shall provide the Claimant with a written decision, using language calculated to be understood by the Claimant, setting forth (i) the specific reason or reasons for such denial; (ii) the specific reference to relevant provisions of this Plan on which such denial is based; (iii) a description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary; (iv) appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; (v) the time limits for requesting a review of the claim; and (vi) the Claimant’s right to bring an action for benefits under Section 502(a) of ERISA.
(c)Within sixty (60) days after the Claimant’s receipt of the written decision denying the claim in whole or in part, the Claimant may request in writing that the Committee review the determination. The Claimant or his or her duly authorized representative may, but need not, review the relevant documents and submit issues and comments in writing for consideration by the Committee. If the Claimant does not request a review of the initial determination within such sixty (60)-day period, the Claimant shall be barred from challenging the determination.
(d)Within sixty (60) days after the Committee receives a request for review, it will review the initial determination. If special circumstances require that the sixty (60)-day time period be extended, the Committee will so notify the Claimant and will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review.
(e)All decisions on review shall be final and binding with respect to all concerned parties, unless determined to be arbitrary and capricious by a court having jurisdiction. The decision on review shall set forth, in a manner calculated to be understood by the Claimant, (i) the specific reasons for the decision, including references to the relevant Plan provisions upon which the decision is based; (ii) the Claimant’s right to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information, relevant to his or her benefits; and (iii) the Claimant’s right to bring an action for benefits under Section 502(a) of ERISA.
(f)A Claimant who has exhausted all of the above claim procedures in this Section 10.1 and continues to contest the final determination of the Committee must bring an action for benefits under Section 502(a) of ERISA within one-year of the Committee’s final determination of a denial for benefits under Section 10.1(e).

-21-

CERTAIN REGULATORY MATTERS
The Plan is subject to ERISA. However, because the Plan is an unfunded plan maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, the Plan is exempt from most of ERISA’s requirements. Although the Plan is subject to Part 1 (Reporting and Disclosure) and Part 5 (Administration and Enforcement) of Title I, Subtitle B of ERISA, the Department of Labor has issued a regulation that exempts the Plan from most of ERISA’s reporting and disclosure requirements. A portion of this Plan constitutes an “excess benefit plan” as defined in Section 3(36) of ERISA.
TO WHOM SHOULD QUESTIONS CONCERNING THE PLAN BE DIRECTED?
All questions concerning the operation of the Plan (including information concerning the administrators of the Plan) should be directed to the RTX Total Rewards mailbox to the attention of the Deferred Compensation Committee at RTXTotalRewards@rtx.com (preferred) or via postal mail to:
RTX Corporation
4 Farm Springs Road
Farmington, CT 06032
Attn: Vice President, Executive Compensation
RTX CORPORATION
By: /s/ Steve Stevenson
Steve Stevenson
Corporate Vice President, Total Rewards
Attest: /s/ Christine L. Hill
Christine L. Hill
Vice President & Associate General Counsel,
Executive & Global Compensation & Benefits
-22-

Exhibit 15





October 21, 2025


Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549

Commissioners:

We are aware that our report dated October 21, 2025 on our review of interim financial information of RTX Corporation, which appears in this Quarterly Report on Form 10-Q, is incorporated by reference in the Registration Statements on Form S-3 (No. 333-290364) and S-8 (Nos. 333-273420, 333-273414, 333-234085, 333-228649, 333-225839, 333-197704, 333-175781, 333-150643, 333-125293, 333-110020, and 333-100724) of RTX Corporation.



Very truly yours,

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts

Exhibit 31.1
CERTIFICATION
I, Christopher T. Calio, certify that:
1.I have reviewed this quarterly report on Form 10-Q of RTX Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:October 21, 2025 /s/ CHRISTOPHER T. CALIO
 Christopher T. Calio
 
Chairman and Chief Executive Officer

Exhibit 31.2
CERTIFICATION
I, Neil G. Mitchill, Jr., certify that:
1.I have reviewed this quarterly report on Form 10-Q of RTX Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:October 21, 2025 /s/ NEIL G. MITCHILL, JR.
 Neil G. Mitchill, Jr.
 Executive Vice President and Chief Financial Officer

Exhibit 31.3
CERTIFICATION
I, Amy L. Johnson, certify that:
1.I have reviewed this quarterly report on Form 10-Q of RTX Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:October 21, 2025 /s/ AMY L. JOHNSON
 Amy L. Johnson
 Corporate Vice President and Controller

Exhibit 32
Section 1350 Certifications
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)
Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of RTX Corporation, a Delaware corporation (the “Corporation”), does hereby certify that:
The Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the “Form 10-Q”) of the Corporation fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Corporation as of and for the periods presented in the Form 10-Q.

Date:October 21, 2025/s/ CHRISTOPHER T. CALIO
Christopher T. Calio
Chairman and Chief Executive Officer
Date:October 21, 2025/s/ NEIL G. MITCHILL, JR.
Neil G. Mitchill, Jr.
Executive Vice President and Chief Financial Officer
Date:October 21, 2025/s/ AMY L. JOHNSON
Amy L. Johnson
Corporate Vice President and Controller