Company profile
SEC EDGAR ↗- Industry
- Aircraft Engines & Engine Parts
- Listed
- NYSE: RTX
- Incorporated
- DE
- Headquarters
- Arlington, VA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $88.6B
- Net income
- $6.73B
- Total assets
- $171.1B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $88.6B | $6.73B | $171.1B |
| FY2024 | $80.7B | $4.77B | $162.9B |
| FY2023 | $68.9B | $3.19B | $161.9B |
| FY2022 | $67.1B | $5.20B | $158.9B |
| FY2021 | $64.4B | $3.86B | $161.4B |
| FY2020 | $56.6B | −$3.52B | $162.2B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
Raytheon's Boldest Expansion Was Actually a Retreat to Its Core
The 2020 merger that created RTX is sold as Raytheon leaping into new adjacencies. Read the filings: it was a legal merger of equals worth ~$74 billion in sales, and both sides spent decades shedding everything that wasn't aerospace and defense to get there.
8 min
The Adjacency Expansion · Growth & Portfolio
They Called It a Merger of Equals. The Ownership Split Says Otherwise.
United Technologies and Raytheon merged in 2020 in what both sides called a 'merger of equals.' UTC shareowners got ~57%, eight of fifteen board seats, and were the legal survivor. The label was optics. The deal was a defensive hedge — and it closed the week COVID gutted aviation.
8 min
The Money Machine · Business Model
RTX Has a $268 Billion Backlog. About a Quarter of It Is Next Year's Revenue.
RTX's backlog hit $268B at the end of 2025, and the story sells itself as locked-in defense visibility. But the company's own 10-K says only ~25% converts to revenue within 12 months — and most of the backlog isn't even defense.
7 min
The Crisis Response · Crisis & Reinvention
RTX Took a $3B Engine Hit and Kept Its Guidance. The Disclosure Was the Strategy.
A powder-metal flaw grounded hundreds of Pratt & Whitney jets. RTX disclosed the damage in two tranches across seven weeks, booked a $2.9B charge as an 83% sales collapse at Pratt - and still raised buybacks to $10B.
8 min