Company file · RTX
RTX
RTX's net income rose in 2025 as commercial aerospace sales grew
Net sales rose 9.7% to $88.6B, and net income rose 41.0% to $6.7B. Commercial aerospace and other commercial customers made up 48% of sales.
Key facts
RTX (NYSE: RTX) closed fiscal 2025 on Dec 31, 2025 with net sales of $88.6B, up 9.7% from a year before; net income to common shareowners came to $6.7B, up 41.0%. Its newest quarterly report covers the three months to Sep 30, 2026: net sales of $25.0B, up 11.1% on the same stretch of the prior year, and net income of $2.6B. Broken down by segment (external sales), Pratt & Whitney led with 37% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026).
Source: 10-K FY2025, filed Feb 6, 2026
Source: 10-Q filed Apr 21, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 20, 2026
How it makes money
By segment (external sales), FY2025
- LineAmountSharevs FY2024
- Pratt & Whitney$32.9B37%+17.3%
- Collins Aerospace$27.6B31%+6.4%
- Raytheon$27.9B31%+5.0%
- Other$210M0%+20.0%
Source: 10-K FY2025, XBRL breakdown
Pratt & Whitney was 37% of 2025 net sales, Collins Aerospace 31% and Raytheon 31%. By customer, commercial aerospace and other commercial was 48%, the US government 38% and foreign governments the rest. The United States was 53% of sales.
Source: 10-K FY2025
By customer, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: RTX 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026
By segment
Source: RTX 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026
The bull case and the bear case
The bull case
- Net income rose 41.0% in 2025 to $6.7B, on net sales up 9.7%. 10-K, FY2025
- Pratt & Whitney sales grew 17.3% in 2025 to $32.9B. 10-K, FY2025
- Net sales in the quarter ended Sep 30, 2026 were $25.0B, up 11.1% on a year earlier, and net income rose 34.7% to $2.6B. 10-Q, quarter ended Sep 30, 2026
- Operating cash flow rose 47.6% in 2025 to $10.6B. 10-K, FY2025
The bear case
- Sales to the US government grew 3.2% in 2025, slower than total sales. 10-K, FY2025
- Raytheon sales grew 5.0% in 2025, also slower than the total. 10-K, FY2025
- Total debt was $37.9B at the end of 2025. 10-K, FY2025
- The 10-K lists government spending decisions, supply-chain problems, fixed-price contracts and engine quality issues among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
RTX makes aircraft engines, aerospace systems and defense equipment through three businesses: Pratt & Whitney, Collins Aerospace and Raytheon.
Pratt & Whitney makes jet engines for commercial and military aircraft and services them. Collins Aerospace makes aircraft systems such as avionics, interiors, landing gear and power controls. Raytheon makes defense systems such as missiles, air and missile defense radars and sensors.
Its customers range from airlines and aircraft makers to the US government and other governments. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in RTX's latest 10-K. Read the original for the full list.
- Government spendingDefense sales depend on US and foreign government budgets and contract decisions.
- Commercial air travelEngine and aircraft systems sales depend on airline traffic and aircraft production.
- Supply chainShortages of parts, materials and skilled labor can delay deliveries.
- ContractsFixed-price contracts can lose money if costs run above plan.
- Product qualityEngine and product quality issues can lead to costly inspections, repairs and customer compensation.
- InternationalForeign sales are exposed to export rules, trade policy and geopolitics.
- Legal and cyberInvestigations, litigation and cyberattacks can raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net sales | $68.9B | $80.7B | $88.6B |
| Net income to common shareowners | $3.2B | $4.8B | $6.7B |
| Operating cash flow | $7.9B | $7.2B | $10.6B |
| Cash & equivalents (year end) | $6.6B | $5.6B | $7.4B |
| Total debt (year end) | $43.8B | $41.3B | $37.9B |
| Diluted shares | 1.44B | 1.34B | 1.36B |
- Net sales: Sales of aircraft engines, aerospace systems, defense systems and related services.
- Net income to common shareowners: Net income attributable to RTX common shareowners, after the share belonging to minority owners.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings plus long-term debt including the part due within a year and finance leases, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Segment figures are sales to outside customers, as RTX tags them, so they add up to total net sales.
- Net income is net income attributable to common shareowners, the figure RTX headlines.
Recent filings
Latest filings
- Oct 206:57 AM ET
8-K
RTX files an 8-K on quarterly results
RTX filed a Form 8-K on Oct 20, 2026 at 6:57 AM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 55:02 PM ET
Form 4
RTX Senior VP Amy L. Johnson reports exercising or converting 84 shares
The filing reports 84 shares in an exercise or conversion of a derivative security (code M) and 84 shares withheld to pay the exercise price or tax (code F).
- Oct 55:02 PM ET
Form 4
RTX Senior VP Kevin G. DaSilva reports exercising or converting 143 shares
The filing reports 143 shares in an exercise or conversion of a derivative security (code M) and 143 shares withheld to pay the exercise price or tax (code F).
Common questions about RTX
How does RTX make money?
Fiscal 2025 net sales: $88.6B. Pratt & Whitney was 37% of 2025 net sales, Collins Aerospace 31% and Raytheon 31%. By customer, commercial aerospace and other commercial was 48%, the US government 38% and foreign governments the rest. The United States was 53% of sales. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What was RTX's revenue in fiscal 2025?
$88.6B, up 9.7% from fiscal 2024 ($80.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $68.9B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
Is RTX profitable?
Net income to common shareowners was $6.7B in fiscal 2025 (up 41.0%; fiscal 2024 was $4.8B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $2.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What did RTX report in its latest quarterly filing?
For the three months to Sep 30, 2026: net sales $25.0B (up 11.1% from $22.5B) and net income $2.6B (up 34.7% from $1.9B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026.
How much cash and debt does RTX have?
As of Sep 30, 2026: $9.2B of cash and cash equivalents, $37.4B of total debt. Total debt here is short-term borrowings plus long-term debt including the part due within a year and finance leases, at carrying value. Source: 10-Q filed Oct 20, 2026.
What are the main risks RTX lists?
The risk factors are in Item 1A of the 10-K filed Feb 6, 2026. This page sorts them into 7 groups (Government spending; commercial air travel; supply chain; contracts; product quality; international; legal and cyber). The first group in plain English: Defense sales depend on US and foreign government budgets and contract decisions. Source: 10-K, Item 1A Risk Factors.
Where do these RTX numbers come from?
The 10-K filed Feb 6, 2026 (fiscal 2025) and the 10-Q filed Oct 20, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in RTX
- The editor holds no position in RTX (RTX). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell RTX from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold RTX, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| RTX | FY2025 | $88.6B | +9.7% | $6.7B |
| GE AerospaceGE | FY2025 | $45.9B | +18.5% | $8.7B |
| Lockheed MartinLMT | FY2025 | $75.0B | +5.6% | $5.0B |
| BoeingBA | FY2025 | $89.5B | +34.5% | $2.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.