RTX Reports Q2 2025 Results
RTX (NYSE: RTX) reported strong Q2 2025 results with sales of $21.6 billion, up 9% year-over-year. The company achieved adjusted EPS of $1.56, an 11% increase, while maintaining a robust backlog of $236 billion. Commercial aftermarket growth was particularly strong at 16%.
Key segment performance included Collins Aerospace with 9% sales growth to $7.6 billion, Pratt & Whitney showing 12% growth to $7.6 billion despite a four-week work stoppage, and Raytheon delivering 8% growth to $7.0 billion. The company updated its 2025 outlook, projecting adjusted sales of $84.75-85.5 billion and adjusted EPS of $5.80-5.95, while maintaining free cash flow guidance of $7.0-7.5 billion.
RTX (NYSE: RTX) ha riportato risultati solidi nel secondo trimestre del 2025 con vendite pari a 21,6 miliardi di dollari, in aumento del 9% rispetto all'anno precedente. L'azienda ha raggiunto un utile per azione rettificato di 1,56 dollari, con un incremento dell'11%, mantenendo un robusto portafoglio ordini di 236 miliardi di dollari. La crescita del mercato aftermarket commerciale 猫 stata particolarmente forte, con un aumento del 16%.
Le performance chiave dei segmenti includono Collins Aerospace con una crescita delle vendite del 9% a 7,6 miliardi di dollari, Pratt & Whitney che ha registrato un aumento del 12% a 7,6 miliardi di dollari nonostante uno sciopero di quattro settimane, e Raytheon con una crescita dell'8% a 7,0 miliardi di dollari. L'azienda ha aggiornato le previsioni per il 2025, prevedendo vendite rettificate tra 84,75 e 85,5 miliardi di dollari e un utile per azione rettificato tra 5,80 e 5,95 dollari, mantenendo la guida sul flusso di cassa libero tra 7,0 e 7,5 miliardi di dollari.
RTX (NYSE: RTX) report贸 s贸lidos resultados en el segundo trimestre de 2025 con ventas de 21.6 mil millones de d贸lares, un aumento del 9% interanual. La compa帽铆a logr贸 un beneficio por acci贸n ajustado de 1.56 d贸lares, un incremento del 11%, manteniendo una s贸lida cartera de pedidos de 236 mil millones de d贸lares. El crecimiento del mercado posventa comercial fue especialmente fuerte, con un aumento del 16%.
El desempe帽o clave por segmentos incluy贸 a Collins Aerospace con un crecimiento de ventas del 9% hasta 7.6 mil millones de d贸lares, Pratt & Whitney mostrando un crecimiento del 12% hasta 7.6 mil millones de d贸lares a pesar de una huelga de cuatro semanas, y Raytheon con un crecimiento del 8% hasta 7.0 mil millones de d贸lares. La compa帽铆a actualiz贸 sus perspectivas para 2025, proyectando ventas ajustadas entre 84.75 y 85.5 mil millones de d贸lares y un beneficio por acci贸n ajustado entre 5.80 y 5.95 d贸lares, manteniendo la gu铆a de flujo de caja libre entre 7.0 y 7.5 mil millones de d贸lares.
RTX (NYSE: RTX)電� 2025雲� 2攵勱赴鞐� 216鞏� 雼煬鞚� 毵れ稖鞚� 旮半頃橂┌ 鞝勲厔 雽�牍� 9% 靹膘灔頃� 臧曤牓頃� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� 臁办爼 欤茧嫻靾滌澊鞚�(EPS) 1.56雼煬搿� 11% 歃濌皜頄堨溂氅�, 瓴碃頃� 靾橃＜ 鞛旉碃 2,360鞏� 雼煬毳� 鞙犾頄堨姷雼堧嫟. 韸鬼瀳 靸侅梾鞖� 鞎犿攧韯半旒� 攵�氍胳澊 16%鞚� 臧曧暅 靹膘灔鞚� 氤挫榾鞀惦媹雼�.
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RTX (NYSE : RTX) a annonc茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec des ventes de 21,6 milliards de dollars, en hausse de 9 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a r茅alis茅 un b茅n茅fice par action ajust茅 de 1,56 dollar, soit une augmentation de 11 %, tout en maintenant un carnet de commandes solide de 236 milliards de dollars. La croissance du march茅 apr猫s-vente commercial a 茅t茅 particuli猫rement forte, atteignant 16 %.
Les performances cl茅s par segment comprenaient Collins Aerospace avec une croissance des ventes de 9 % 脿 7,6 milliards de dollars, Pratt & Whitney affichant une croissance de 12 % 脿 7,6 milliards de dollars malgr茅 une gr猫ve de quatre semaines, et Raytheon enregistrant une croissance de 8 % 脿 7,0 milliards de dollars. La soci茅t茅 a mis 脿 jour ses pr茅visions pour 2025, pr茅voyant des ventes ajust茅es entre 84,75 et 85,5 milliards de dollars et un b茅n茅fice par action ajust茅 entre 5,80 et 5,95 dollars, tout en maintenant ses pr茅visions de flux de tr茅sorerie disponible entre 7,0 et 7,5 milliards de dollars.
RTX (NYSE: RTX) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit Ums盲tzen von 21,6 Milliarden US-Dollar, was einem Anstieg von 9 % im Jahresvergleich entspricht. Das Unternehmen erzielte ein bereinigtes Ergebnis je Aktie (EPS) von 1,56 US-Dollar, ein Anstieg von 11 %, und hielt einen robusten Auftragsbestand von 236 Milliarden US-Dollar. Das Wachstum im kommerziellen Aftermarket war mit 16 % besonders stark.
Die wichtigsten Segmentergebnisse umfassen Collins Aerospace mit einem Umsatzwachstum von 9 % auf 7,6 Milliarden US-Dollar, Pratt & Whitney mit einem Wachstum von 12 % auf 7,6 Milliarden US-Dollar trotz eines vierw枚chigen Arbeitsstopps, und Raytheon mit einem Wachstum von 8 % auf 7,0 Milliarden US-Dollar. Das Unternehmen aktualisierte seine Prognose f眉r 2025 und erwartet bereinigte Ums盲tze von 84,75 bis 85,5 Milliarden US-Dollar und ein bereinigtes EPS von 5,80 bis 5,95 US-Dollar, w盲hrend die Free-Cashflow-Prognose von 7,0 bis 7,5 Milliarden US-Dollar beibehalten wurde.
- Sales grew 9% to $21.6 billion, with organic growth across all segments
- Strong commercial aftermarket growth of 16%
- Backlog increased 15% year-over-year to $236 billion
- Quarterly dividend raised by 8%
- Agreement to sell Collins' Simmonds Precision Products for $765 million
- Adjusted net income increased 12% to $2.1 billion
- Adjusted EPS outlook reduced to $5.80-5.95 from $6.00-6.15
- Free cash outflow of $0.1 billion due to Pratt & Whitney work stoppage
- Operating cash flow decreased 83% to $458 million
- $100 million charge at Pratt & Whitney related to customer bankruptcy
Insights
RTX reported strong Q2 results with 9% sales growth, raised revenue outlook, but lowered EPS guidance due to tariff impacts.
RTX delivered impressive Q2 2025 results with
Commercial aftermarket performance was particularly strong across segments, with Collins Aerospace seeing
On the challenging side, RTX faced headwinds including a four-week work stoppage at Pratt & Whitney that significantly impacted quarterly cash flow. Operating cash flow plummeted to
The revised 2025 guidance presents a mixed picture: RTX raised its sales outlook to
RTX delivers
Second quarter 2025
- Sales of
$21.6 billion - GAAP EPS of
$1.22 $0.28 $0.06 - Adjusted EPS* of
$1.56 - Operating cash flow of
$0.5 billion $0.1 billion - Company backlog of
$236 billion $144 billion $92 billion - Returned
$0.9 billion - Reached agreement to sell Collins' Simmonds Precision Products business for
$765 million
Updates outlook for full year 2025
- Outlook reflects strong first half operational performance and incorporates the expected impact of tariffs and changes associated with recently enacted tax legislation
- Adjusted sales* of
$84.75 $85.5 billion $83.0 $84.0 billion - Organic sales growth* of 6 to 7 percent, up from 4 to 6 percent
- Adjusted EPS* of
$5.80 $5.95 $6.00 $6.15 - Confirms free cash flow* of
$7.0 $7.5 billion
"We continued our momentum in the second quarter with organic sales and profit growth* across all three segments, including 16 percent commercial aftermarket growth," said RTX Chairman and CEO Chris Calio. "Our backlog grew to
"Our updated outlook reflects strong operational performance in the first half and incorporates our current assessment of the impact of tariffs. We are focused on delivering on the strong growth in our commercial and defense end markets and remain well positioned to drive long term profitable growth."
*Adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), adjusted segment operating profit (loss) and margin percentage (ROS), adjusted net income, adjusted earnings per share ("EPS"), adjusted effective tax rate, and free cash flow are non-GAAP financial measures. When we provide our expectation for adjusted net sales (also referred to as adjusted sales), adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures (expected diluted EPS and expected cash flow from operations) is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. See "Use and Definitions of Non-GAAP Financial Measures" below for information regarding non-GAAP financial measures. |
Second quarter 2025
RTX second quarter reported and adjusted sales were
The company reported net income attributable to common shareowners in the second quarter of
Summary Financial Results 鈥� Operations Attributable to Common Shareowners
2nd Quarter | ||||
($ in millions, except EPS) | 2025 | 2024 | % Change | |
Reported | ||||
Sales | $听听听 21,581 | $听听听 19,721 | 9听% | |
Net Income | $听听听听听 1,657 | $听听听听听听听听 111 | NM | |
EPS | $听听听听听听听 1.22 | $听听听听听听听 0.08 | NM | |
Adjusted* | ||||
Sales | $听听听 21,581 | $听听听 19,791 | 9听% | |
Net Income | $听听听听听 2,118 | $听听听听听 1,895 | 12听% | |
EPS | $听听听听听听听 1.56 | $听听听听听听听 1.41 | 11听% | |
Operating Cash Flow | $听听听听听听听听 458 | $听听听听听 2,733 | (83)听% | |
Free Cash Flow* | $听听听听听听听听 (72) | $听听听听听 2,196 | NM | |
NM = Not Meaningful | ||||
Segment Results听
Collins Aerospace
2nd Quarter | |||||
($ in millions) | 2025 | 2024 | % Change | ||
Reported | |||||
Sales | $听听 7,622 | $听听 6,999 | 9听% | ||
Operating Profit | $听听 1,173 | $听听 1,118 | 5听% | ||
ROS | 15.4听% | 16.0听% | (60) | bps | |
Adjusted* | |||||
Sales | $听听 7,622 | $听听 6,999 | 9听% | ||
Operating Profit | $听听 1,249 | $听听 1,145 | 9听% | ||
ROS | 16.4听% | 16.4听% | 鈥� | bps | |
Collins Aerospace second quarter 2025 reported and adjusted sales of
Collins Aerospace reported operating profit of
Pratt & Whitney
2nd Quarter | |||||
($ in millions) | 2025 | 2024 | % Change | ||
Reported | |||||
Sales | $听听 7,631 | $听听 6,802 | 12听% | ||
Operating Profit | $听听听听听 492 | $听听听听听 542 | (9)听% | ||
ROS | 6.4听% | 8.0听% | (160) | bps | |
Adjusted* | |||||
Sales | $听听 7,631 | $听听 6,802 | 12听% | ||
Operating Profit | $听听听听听 608 | $听听听听听 537 | 13听% | ||
ROS | 8.0听% | 7.9听% | 10 | bps | |
Pratt & Whitney second quarter reported and adjusted sales of
Pratt & Whitney reported operating profit of听
Raytheon
2nd Quarter | |||||
($ in millions) | 2025 | 2024 | % Change | ||
Reported | |||||
Sales | $听听 7,001 | $听听 6,511 | 8听% | ||
Operating Profit | $听听听听听 805 | $听听听听听 127 | 534听% | ||
ROS | 11.5听% | 2.0听% | 950 | bps | |
Adjusted* | |||||
Sales | $听听 7,001 | $听听 6,581 | 6听% | ||
Operating Profit | $听听听听听 809 | $听听听听听 709 | 14听% | ||
ROS | 11.6听% | 10.8听% | 80 | bps | |
Raytheon second quarter reported sales of
Raytheon reported operating profit of听
About RTX
RTX is the world's largest aerospace and defense company. With approximately 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses 鈥� Collins Aerospace, Pratt & Whitney, and Raytheon 鈥� we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than
Conference Call on the Second Quarter 2025 Financial Results
RTX's financial results conference call will be held on Tuesday, July听22, 2025 at 8:30 a.m. ET. The conference call will be webcast live on the company's website at and will be available for replay following the call. The corresponding presentation slides will be available for downloading prior to the call.
Use and Definitions of Non-GAAP Financial Measures
RTX Corporation ("RTX" or "the Company") reports its financial results in accordance with accounting principles generally accepted in
Non-GAAP measure | Definition |
Adjusted net sales / Adjusted sales | Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinafter referred to as "net significant and/or non-recurring items"). |
Organic sales | Organic sales represents the change in consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and net significant and/or non-recurring items. |
Adjusted operating profit (loss) and margin percentage (ROS) | Adjusted operating profit (loss) represents operating profit (loss) (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Adjusted operating profit margin percentage听represents adjusted operating profit (loss) as a percentage of adjusted net sales. |
Segment operating profit (loss) and margin percentage (ROS) | Segment operating profit (loss) represents operating profit (loss) (a GAAP measure) excluding acquisition accounting adjustments2, the FAS/CAS operating adjustment3, Corporate expenses and other unallocated items, and Eliminations and other. Segment operating profit margin percentage represents segment operating profit (loss) as a percentage of segment sales (net sales, excluding Eliminations and other). |
Adjusted segment sales | Represents consolidated net sales (a GAAP measure) excluding eliminations and other and net significant and/or non-recurring items. |
Adjusted segment operating profit (loss) and margin percentage (ROS) | Adjusted segment operating profit (loss) represents segment operating profit (loss) excluding restructuring costs, and net significant and/or non-recurring items. Adjusted segment operating profit margin percentage represents adjusted segment operating profit (loss) as a percentage of adjusted segment sales (adjusted net sales excluding Eliminations and other). |
Adjusted net income | Adjusted net income represents net income (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. |
Adjusted earnings per share (EPS) | Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. |
Adjusted effective tax rate | Adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding the tax impact of restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. |
Free cash flow | Free cash flow represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing RTX's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of RTX's common stock, and distribution of earnings to shareowners. |
1听Net significant and/or non-recurring items represent significant nonoperational items and/or significant operational items that may occur at irregular intervals. |
2 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.听 |
3 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 GAAP and our pension and PRB expense under |
When we provide our expectation for adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), adjusted segment operating profit (loss) and margin percentage (ROS), adjusted EPS, adjusted effective tax rate, and free cash flow, on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally are not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Cautionary Statement Regarding Forward-Looking Statements This press release contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide RTX Corporation ("RTX") 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," "anticipate," "will," "should," "see," "guidance," "outlook," "goals," "objectives," "confident," "on track," "designed to, " "commit," "commitment" 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 Pratt powder metal matter and related matters and activities, including without limitation other engine models that may be impacted, the merger (the "merger") between United Technologies Corporation ("UTC") and Raytheon Company ("Raytheon") or the spin-offs by UTC of Otis Worldwide Corporation and Carrier Global Corporation into separate independent companies (the "separation transactions") in 2020, the pending disposition of Collins' actuation and flight control business, targets and commitments (including for share repurchases or otherwise), and other statements that are not solely historical facts. All forward-looking statements involve risks, uncertainties and other factors that 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
听
RTX Corporation Condensed Consolidated听Statement of Operations 听 | ||||||||
Quarter Ended June听30, | Six Months Ended June听30, | |||||||
(Unaudited) | (Unaudited) | |||||||
(dollars in millions, except per share amounts; shares in millions) | 2025 | 2024 | 2025 | 2024 | ||||
Net Sales | $听听听听听 21,581 | $听听听听听 19,721 | $听听听听听 41,887 | $听听听听听 39,026 | ||||
Costs and expenses: | ||||||||
Cost of sales | 17,205 | 16,141 | 33,395 | 31,885 | ||||
Research and development | 697 | 706 | 1,334 | 1,375 | ||||
Selling, general, and administrative | 1,573 | 1,449 | 3,021 | 2,843 | ||||
Total costs and expenses | 19,475 | 18,296 | 37,750 | 36,103 | ||||
Other income (expense), net | 40 | (896) | 44 | (524) | ||||
Operating profit | 2,146 | 529 | 4,181 | 2,399 | ||||
Non-service pension income | (351) | (374) | (717) | (760) | ||||
Interest expense, net | 457 | 475 | 900 | 880 | ||||
Income before income taxes | 2,040 | 428 | 3,998 | 2,279 | ||||
Income tax expense | 315 | 253 | 648 | 361 | ||||
Net income | 1,725 | 175 | 3,350 | 1,918 | ||||
Less: Noncontrolling interest in subsidiaries' earnings | 68 | 64 | 158 | 98 | ||||
Net income attributable to common shareowners | $听听听听听听听 1,657 | $听听听听听听听听听听 111 | $听听听听听听听 3,192 | $听听听听听听听 1,820 | ||||
Earnings Per Share attributable to common shareowners: | ||||||||
Basic | $听听听听听听听听听 1.24 | $听听听听听听听听听 0.08 | $听听听听听听听听听 2.38 | $听听听听听听听听听 1.37 | ||||
Diluted | $听听听听听听听听听 1.22 | $听听听听听听听听听 0.08 | $听听听听听听听听听 2.36 | $听听听听听听听听听 1.36 | ||||
Weighted Average Shares Outstanding: | ||||||||
Basic shares | 1,340.6 | 1,331.8 | 1,338.8 | 1,330.5 | ||||
Diluted shares | 1,354.0 | 1,342.1 | 1,352.9 | 1,339.7 | ||||
听
RTX Corporation Segment Net Sales and Operating Profit (Loss) 听 | |||||||||||
Quarter Ended | Six Months Ended | ||||||||||
(Unaudited) | (Unaudited) | ||||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||
(dollars in millions) | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |||
Net Sales | |||||||||||
Collins Aerospace | $听 7,622 | $听 7,622 | $听 6,999 | $听 6,999 | $听 14,839 | $听 14,839 | $听 13,672 | $听 13,672 | |||
Pratt听& Whitney | 7,631 | 7,631 | 6,802 | 6,802 | 14,997 | 14,997 | 13,258 | 13,258 | |||
Raytheon | 7,001 | 7,001 | 6,511 | 6,581 | 13,341 | 13,341 | 13,170 | 13,240 | |||
Total segments | 22,254 | 22,254 | 20,312 | 20,382 | 43,177 | 43,177 | 40,100 | 40,170 | |||
Eliminations and other | (673) | (673) | (591) | (591) | (1,290) | (1,290) | (1,074) | (1,074) | |||
Consolidated | $听 21,581 | $听 21,581 | $听 19,721 | $听 19,791 | $听 41,887 | $听 41,887 | $听 39,026 | $听 39,096 | |||
Operating Profit (Loss) | |||||||||||
Collins Aerospace | $听 1,173 | $听 1,249 | $听 1,118 | $听 1,145 | $听 2,261 | $听 2,476 | $听 1,967 | $听 2,193 | |||
Pratt听& Whitney | 492 | 608 | 542 | 537 | 1,072 | 1,198 | 954 | 967 | |||
Raytheon | 805 | 809 | 127 | 709 | 1,483 | 1,487 | 1,123 | 1,339 | |||
Total segments | 2,470 | 2,666 | 1,787 | 2,391 | 4,816 | 5,161 | 4,044 | 4,499 | |||
Eliminations and other | 24 | (17) | (36) | (36) | 36 | (5) | (41) | (41) | |||
Corporate expenses and other unallocated items | (47) | (42) | (930) | (7) | (85) | (71) | (1,026) | (32) | |||
FAS/CAS operating adjustment | 186 | 186 | 212 | 212 | 371 | 371 | 426 | 426 | |||
Acquisition accounting adjustments | (487) | 鈥� | (504) | 鈥� | (957) | 鈥� | (1,004) | 鈥� | |||
Consolidated | $听 2,146 | $听 2,793 | $听听听听 529 | $听 2,560 | $听 4,181 | $听 5,456 | $听 2,399 | $听 4,852 | |||
Segment Operating Profit Margin | |||||||||||
Collins Aerospace | 15.4听% | 16.4听% | 16.0听% | 16.4听% | 15.2听% | 16.7听% | 14.4听% | 16.0听% | |||
Pratt听& Whitney | 6.4听% | 8.0听% | 8.0听% | 7.9听% | 7.1听% | 8.0听% | 7.2听% | 7.3听% | |||
Raytheon | 11.5听% | 11.6听% | 2.0听% | 10.8听% | 11.1听% | 11.1听% | 8.5听% | 10.1听% | |||
Total segment | 11.1听% | 12.0听% | 8.8听% | 11.7听% | 11.2听% | 12.0听% | 10.1听% | 11.2听% | |||
听
RTX Corporation Condensed Consolidated听Balance Sheet 听 | |||
June 30, 2025 | December 31, 2024 | ||
(dollars in millions) | (Unaudited) | (Unaudited) | |
Assets | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听 4,782 | $听听听听听听听听听听听听听听听听听 5,578 | |
Accounts receivable, net | 12,385 | 10,976 | |
Contract assets, net | 15,686 | 14,570 | |
Inventory, net | 14,012 | 12,768 | |
Other assets, current | 7,792 | 7,241 | |
Total current assets | 54,657 | 51,133 | |
Customer financing assets | 2,104 | 2,246 | |
Fixed assets, net | 16,205 | 16,089 | |
Operating lease right-of-use assets | 1,869 | 1,864 | |
Goodwill | 53,327 | 52,789 | |
Intangible assets, net | 32,748 | 33,443 | |
Other assets | 6,229 | 5,297 | |
Total assets | $听听听听听听听听听听听听 167,139 | $听听听听听听听听听听听听 162,861 | |
Liabilities, Redeemable Noncontrolling Interest, and Equity | |||
Short-term borrowings | $听听听听听听听听听听听听听听听听听 1,635 | $听听听听听听听听听听听听听听听听听听听听 183 | |
Accounts payable | 13,433 | 12,897 | |
Accrued employee compensation | 2,133 | 2,620 | |
Other accrued liabilities | 15,861 | 14,831 | |
Contract liabilities | 19,186 | 18,616 | |
Long-term debt currently due | 2,084 | 2,352 | |
Total current liabilities | 54,332 | 51,499 | |
Long-term debt | 38,259 | 38,726 | |
Operating lease liabilities, non-current | 1,617 | 1,632 | |
Future pension and postretirement benefit obligations | 2,038 | 2,104 | |
Other long-term liabilities | 6,646 | 6,942 | |
Total liabilities | 102,892 | 100,903 | |
Redeemable noncontrolling interest | 41 | 35 | |
Shareowners' Equity: | |||
Common stock | 37,680 | 37,434 | |
Treasury stock | (26,995) | (27,112) | |
Retained earnings | 54,104 | 53,589 | |
Accumulated other comprehensive loss | (2,391) | (3,755) | |
Total shareowners' equity | 62,398 | 60,156 | |
Noncontrolling interest | 1,808 | 1,767 | |
Total equity | 64,206 | 61,923 | |
Total liabilities, redeemable noncontrolling interest, and equity | $听听听听听听听听听听听听 167,139 | $听听听听听听听听听听听听 162,861 | |
听
RTX Corporation Condensed Consolidated听Statement of Cash Flows 听 | |||||||
Quarter Ended June听30, | Six Months Ended June听30, | ||||||
(Unaudited) | (Unaudited) | ||||||
(dollars in millions) | 2025 | 2024 | 2025 | 2024 | |||
Operating Activities: | |||||||
Net income | $听听听听听 1,725 | $听听听听听听听听 175 | $听听听听听听听 3,350 | $听听听听听听听 1,918 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities from: | |||||||
Depreciation and amortization | 1,076 | 1,072 | 2,128 | 2,131 | |||
Deferred income tax provision | 54 | 299 | 121 | 185 | |||
Stock compensation cost | 113 | 111 | 224 | 223 | |||
Net periodic pension income | (312) | (328) | (636) | (666) | |||
Share-based 401(k) matching contributions | 140 | 64 | 307 | 146 | |||
Gain on sale of Cybersecurity, Intelligence and Services business, net of transaction costs | 鈥� | 鈥� | 鈥� | (415) | |||
Change in: | |||||||
Accounts receivable | (765) | 156 | (1,137) | 587 | |||
Contract assets | (484) | (479) | (1,190) | (1,457) | |||
Inventory | (384) | (715) | (1,197) | (1,361) | |||
Other current assets | 25 | 442 | (100) | 217 | |||
Accounts payable and accrued liabilities | (538) | 1,463 | (141) | 1,245 | |||
Contract liabilities | (30) | 566 | 343 | 512 | |||
Other operating activities, net | (162) | (93) | (309) | (190) | |||
Net cash flows provided by operating activities | 458 | 2,733 | 1,763 | 3,075 | |||
Investing Activities: | |||||||
Capital expenditures | (530) | (537) | (1,043) | (1,004) | |||
Dispositions of businesses, net of cash transferred | 鈥� | 鈥� | 鈥� | 1,283 | |||
Increase in other intangible assets | (122) | (155) | (226) | (318) | |||
Receipts (payments) from settlements of derivative contracts, net | 192 | (28) | 145 | (29) | |||
Other investing activities, net | (49) | (13) | (63) | 28 | |||
Net cash flows used in investing activities | (509) | (733) | (1,187) | (40) | |||
Financing Activities: | |||||||
Repayment of long-term debt | (780) | (750) | (789) | (1,700) | |||
Change in commercial paper, net | 1,432 | 鈥� | 1,432 | 鈥� | |||
Change in other short-term borrowings, net | (10) | 65 | 18 | 43 | |||
Dividends paid | (910) | (823) | (1,750) | (1,592) | |||
Repurchase of common stock | 鈥� | (44) | (50) | (100) | |||
Other financing activities, net | (85) | (32) | (270) | (242) | |||
Net cash flows used in financing activities | (353) | (1,584) | (1,409) | (3,591) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | 38 | (4) | 54 | (12) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | (366) | 412 | (779) | (568) | |||
Cash, cash equivalents and restricted cash, beginning of period | 5,193 | 5,646 | 5,606 | 6,626 | |||
Cash, cash equivalents and restricted cash, end of period | 4,827 | 6,058 | 4,827 | 6,058 | |||
Less: Restricted cash, included in Other assets, current and Other assets | 45 | 47 | 45 | 47 | |||
Cash and cash equivalents, end of period | $听听听听听 4,782 | $听听听听听 6,011 | $听听听听听听听 4,782 | $听听听听听听听 6,011 | |||
听
RTX Corporation Reconciliation of Adjusted (Non-GAAP) Results Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin 听 | |||||||
Quarter Ended | Six Months Ended | ||||||
(Unaudited) | (Unaudited) | ||||||
(dollars in millions - Income (Expense)) | 2025 | 2024 | 2025 | 2024 | |||
Collins Aerospace | |||||||
Net sales | $听听听听 7,622 | $听听听听 6,999 | $听听 14,839 | $听听 13,672 | |||
Operating profit | $听听听听 1,173 | $听听听听 1,118 | $听听听听 2,261 | $听听听听 1,967 | |||
Restructuring | (39) | (12) | (152) | (18) | |||
Charge associated with initiating alternative titanium sources (1) | 鈥� | 鈥� | 鈥� | (175) | |||
Segment and portfolio transformation and divestiture costs (1) | (37) | (15) | (63) | (33) | |||
Adjusted operating profit | $听听听听 1,249 | $听听听听 1,145 | $听听听听 2,476 | $听听听听 2,193 | |||
Adjusted operating profit margin | 16.4听% | 16.4听% | 16.7听% | 16.0听% | |||
Pratt & Whitney | |||||||
Net sales | $听听听听 7,631 | $听听听听 6,802 | $听听 14,997 | $听听 13,258 | |||
Operating profit | $听听听听听听听 492 | $听听听听听听听 542 | $听听听听 1,072 | $听听听听听听听 954 | |||
Restructuring | (8) | (15) | (18) | (33) | |||
Insurance settlement | 鈥� | 20 | 鈥� | 20 | |||
Customer bankruptcy (1) | (108) | 鈥� | (108) | 鈥� | |||
Adjusted operating profit | $听听听听听听听 608 | $听听听听听听听 537 | $听听听听 1,198 | $听听听听听听听 967 | |||
Adjusted operating profit margin | 8.0听% | 7.9听% | 8.0听% | 7.3听% | |||
Raytheon | |||||||
Net sales | $听听听听 7,001 | $听听听听 6,511 | $听听 13,341 | $听听 13,170 | |||
Contract termination (1) | 鈥� | (70) | 鈥� | (70) | |||
Adjusted net sales | $听听听听 7,001 | $听听听听 6,581 | $听听 13,341 | $听听 13,240 | |||
Operating profit | $听听听听听听听 805 | $听听听听听听听 127 | $听听听听 1,483 | $听听听听 1,123 | |||
Restructuring | (4) | (7) | (4) | (16) | |||
Gain on sale of business, net of transaction and other related costs (1) | 鈥� | 鈥� | 鈥� | 375 | |||
Contract termination (1) | 鈥� | (575) | 鈥� | (575) | |||
Adjusted operating profit | $听听听听听听听 809 | $听听听听听听听 709 | $听听听听 1,487 | $听听听听 1,339 | |||
Adjusted operating profit margin | 11.6听% | 10.8听% | 11.1听% | 10.1听% | |||
Eliminations and Other | |||||||
Net sales | $听听听 (673) | $听听听 (591) | |||||
Operating profit (loss) | $听听听听听听听听听 24 | $听听听听听 (36) | $听听听听听听听听听 36 | $听听听听听 (41) | |||
Gain on Investment (1) | 41 | 鈥� | 41 | 鈥� | |||
Adjusted operating profit (loss) | $听听听听听 (17) | $听听听听听 (36) | $听听听听听听听 (5) | $听听听听听 (41) | |||
Corporate expenses and other unallocated items | |||||||
Operating loss | $听听听听听 (47) | $听听听 (930) | $听听听听听 (85) | ||||
Restructuring | 鈥� | (2) | (9) | (3) | |||
Tax audit settlements and closures (1) | (5) | 鈥� | (5) | (68) | |||
Segment and portfolio transformation and divestiture costs (1) | 鈥� | (3) | 鈥� | (5) | |||
Legal matters (1) | 鈥� | (918) | 鈥� | (918) | |||
Adjusted operating loss | $听听听听听 (42) | $听听听听听听听 (7) | $听听听听听 (71) | $听听听听听 (32) | |||
FAS/CAS Operating Adjustment | |||||||
Operating profit | $听听听听听听听 186 | $听听听听听听听 212 | $听听听听听听听 371 | $听听听听听听听 426 | |||
Acquisition Accounting Adjustments | |||||||
Operating loss | $听听听 (487) | $听听听 (504) | $听听听 (957) | ||||
Acquisition accounting adjustments | (487) | (504) | (957) | (1,004) | |||
Adjusted operating profit | $听听听听听听听听听 鈥� | $听听听听听听听听听 鈥� | $听听听听听听听听听 鈥� | $听听听听听听听听听 鈥� | |||
RTX Consolidated | |||||||
Net sales | $听听 21,581 | $听听 19,721 | $听听 41,887 | $听听 39,026 | |||
Total net significant and/or non-recurring items included in Net sales above (1) | 鈥� | (70) | 鈥� | (70) | |||
Adjusted net sales | $听听 21,581 | $听听 19,791 | $听听 41,887 | $听听 39,096 | |||
Operating profit | $听听听听 2,146 | $听听听听听听听 529 | $听听听听 4,181 | $听听听听 2,399 | |||
Restructuring | (51) | (36) | (183) | (70) | |||
Acquisition accounting adjustments | (487) | (504) | (957) | (1,004) | |||
Total net significant and/or non-recurring items included in Operating profit above (1) | (109) | (1,491) | (135) | (1,379) | |||
Adjusted operating profit | $听听听听 2,793 | $听听听听 2,560 | $听听听听 5,456 | $听听听听 4,852 | |||
(1)听听 Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments. | |||||||
听
RTX Corporation Reconciliation of Adjusted (Non-GAAP) Results Adjusted Income, Earnings Per Share, and Effective Tax Rate 听 | |||||||
Quarter Ended | Six Months Ended | ||||||
(Unaudited) | (Unaudited) | ||||||
(dollars in millions - Income (Expense)) | 2025 | 2024 | 2025 | 2024 | |||
Net income attributable to common shareowners | $听听听 1,657 | $听听听听听听 111 | $听听听听 3,192 | $听听听听 1,820 | |||
Total Restructuring | (51) | (36) | (183) | (70) | |||
Total Acquisition accounting adjustments | (487) | (504) | (957) | (1,004) | |||
Total net significant and/or non-recurring items included in Operating profit (1) | (109) | (1,491) | (135) | (1,379) | |||
Significant and/or non-recurring items included in Non-service Pension Income | |||||||
Non-service pension restructuring | 鈥� | (3) | 鈥� | (5) | |||
Pension curtailment related to sale of business (1) | 鈥� | 鈥� | 鈥� | 9 | |||
Significant non-recurring and non-operational items included in Interest Expense, Net | |||||||
Tax audit settlements and closures (1) | 11 | 鈥� | 54 | 78 | |||
International tax matter (1) | 鈥� | 鈥� | (35) | 鈥� | |||
Tax effect of restructuring and net significant and/or non-recurring items above | 142 | 257 | 280 | 216 | |||
Significant and/or non-recurring items included in Income Tax Expense | |||||||
Tax audit settlements and closures (1) | 33 | 鈥� | 59 | 296 | |||
Significant and/or non-recurring items included in Noncontrolling Interest | |||||||
Noncontrolling interest share of charges related to an insurance settlement | 鈥� | (7) | 鈥� | (7) | |||
Less: Impact on net income attributable to common shareowners | (461) | (1,784) | (917) | (1,866) | |||
Adjusted net income attributable to common shareowners | $听听听 2,118 | $听听听 1,895 | $听听听听 4,109 | $听听听听 3,686 | |||
Diluted Earnings Per Share | $听听听听听 1.22 | $听听听听听 0.08 | $听听听听听听 2.36 | $听听听听听听 1.36 | |||
Impact on Diluted Earnings Per Share | (0.34) | (1.33) | (0.68) | (1.39) | |||
Adjusted Diluted Earnings Per Share | $听听听听听 1.56 | $听听听听听 1.41 | $听听听听听听 3.04 | $听听听听听听 2.75 | |||
Weighted Average Number of Shares Outstanding | |||||||
Reported Diluted | 1,354.0 | 1,342.1 | 1,352.9 | 1,339.7 | |||
Impact of dilutive shares | 鈥� | 鈥� | 鈥� | 鈥� | |||
Adjusted Diluted | 1,354.0 | 1,342.1 | 1,352.9 | 1,339.7 | |||
Effective Tax Rate | 15.4听% | 59.1听% | 16.2听% | 15.8听% | |||
Impact on Effective Tax Rate | (2.9)听% | 38.4听% | (2.6)听% | (3.0)听% | |||
Adjusted Effective Tax Rate | 18.3听% | 20.7听% | 18.8听% | 18.8听% | |||
(1)听听 Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments. | |||||||
听
RTX Corporation Reconciliation of Adjusted (Non-GAAP) Results Segment Operating Profit Margin and Adjusted Segment Operating Profit Margin 听 | |||||||
Quarter Ended June听30, | Six Months Ended June听30, | ||||||
(Unaudited) | (Unaudited) | ||||||
(dollars in millions) | 2025 | 2024 | 2025 | 2024 | |||
Net Sales | $听听 21,581 | $听听 19,721 | $听听 41,887 | $听听 39,026 | |||
Reconciliation to segment net sales: | |||||||
Eliminations and other | 673 | 591 | 1,290 | 1,074 | |||
Segment Net Sales | $听听 22,254 | $听听 20,312 | $听听 43,177 | $听听 40,100 | |||
Reconciliation to adjusted segment net sales: | |||||||
Net significant and/or non-recurring items (1) | 鈥� | (70) | 鈥� | (70) | |||
Adjusted Segment Net Sales | $听听 22,254 | $听听 20,382 | $听听 43,177 | $听听 40,170 | |||
Operating Profit | $听听听听 2,146 | $听听听听听听听 529 | $听听听听 4,181 | $听听听听 2,399 | |||
Operating Profit Margin | 9.9听% | 2.7听% | 10.0听% | 6.1听% | |||
Reconciliation to segment operating profit: | |||||||
Eliminations and other | (24) | 36 | (36) | 41 | |||
Corporate expenses and other unallocated items | 47 | 930 | 85 | 1,026 | |||
FAS/CAS operating adjustment | (186) | (212) | (371) | (426) | |||
Acquisition accounting adjustments | 487 | 504 | 957 | 1,004 | |||
Segment Operating Profit | $听听听听 2,470 | $听听听听 1,787 | $听听听听 4,816 | $听听听听 4,044 | |||
Segment Operating Profit Margin | 11.1听% | 8.8听% | 11.2听% | 10.1听% | |||
Reconciliation to adjusted segment operating profit: | |||||||
Restructuring | (51) | (34) | (174) | (67) | |||
Net significant and/or non-recurring items (1) | (145) | (570) | (171) | (388) | |||
Adjusted Segment Operating Profit | $听听听听 2,666 | $听听听听 2,391 | $听听听听 5,161 | $听听听听 4,499 | |||
Adjusted Segment Operating Profit Margin | 12.0听% | 11.7听% | 12.0听% | 11.2听% | |||
(1)听听 Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments. | |||||||
听
RTX Corporation Free Cash Flow Reconciliation 听 | |||
Quarter Ended June听30, | |||
(Unaudited) | |||
(dollars in millions) | 2025 | 2024 | |
Net cash flows provided by operating activities | $听听听听听听听听听听听听听听听听 458 | $听听听听听听听听听听听听听 2,733 | |
Capital expenditures | (530) | (537) | |
Free cash flow | $听听听听听听听听听听听听听听听听听 (72) | $听听听听听听听听听听听听听 2,196 | |
Six Months Ended June听30, | |||
(Unaudited) | |||
(dollars in millions) | 2025 | 2024 | |
Net cash flows provided by operating activities | $听听听听听听听听听听听听听 1,763 | $听听听听听听听听听听听听听 3,075 | |
Capital expenditures | (1,043) | (1,004) | |
Free cash flow | $听听听听听听听听听听听听听听听听 720 | $听听听听听听听听听听听听听 2,071 | |
听
RTX Corporation Reconciliation of Adjusted (Non-GAAP) Results Organic Sales Reconciliation 听 | |||||||
Quarter ended June听30, 2025听compared to the Quarter Ended June听30, 2024 | |||||||
(Unaudited) | |||||||
(dollars in millions) | Total Reported | Acquisitions & | FX / Other | Organic Change | Prior Year | Organic Change | |
Collins Aerospace | $听听听听听听听听听听听听听听听听 623 | $听听听听听听听听听听听听听听听听 (31) | $听听听听听听听听听听听听听听听听听听 23 | $听听听听听听听听听听听听听听听听 631 | $听听听听听听听听听听听听听 6,999 | 9听% | |
Pratt & Whitney | 829 | 鈥� | 18 | 811 | 6,802 | 12听% | |
Raytheon | 490 | 鈥� | 75 | 415 | 6,581 | 6听% | |
Eliminations and Other (3) | (82) | 1 | (9) | (74) | (591) | 13听% | |
Consolidated | $听听听听听听听听听听听听听 1,860 | $听听听听听听听听听听听听听听听听 (30) | $听听听听听听听听听听听听听听听听 107 | $听听听听听听听听听听听听听 1,783 | $听听听听听听听听听听听 19,791 | 9听% | |
(1) | For the full Non-GAAP reconciliation of adjusted sales refer to "Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin." |
(2) | Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals. |
(3) | FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney's FX/Other Change, but excluded for Consolidated RTX. |
听
Six Months Ended June听30, 2025听compared to the Six Months Ended June听30, 2024 | |||||||
(Unaudited) | |||||||
(dollars in millions) | Total Reported | Acquisitions & | FX / Other | Organic Change | Prior Year | Organic Change | |
Collins Aerospace | $听听听听听听听听听听听听听 1,167 | $听听听听听听听听听听听听听听听听 (63) | $听听听听听听听听听听听听听听听听听听听听 7 | $听听听听听听听听听听听听听 1,223 | $听听听听听听听听听听听 13,672 | 9听% | |
Pratt & Whitney | 1,739 | 鈥� | (2) | 1,741 | 13,258 | 13听% | |
Raytheon | 171 | (460) | 70 | 561 | 13,240 | 4听% | |
Eliminations and Other (3) | (216) | 1 | 4 | (221) | (1,074) | 21听% | |
Consolidated | $听听听听听听听听听听听听听 2,861 | $听听听听听听听听听听听听听听 (522) | $听听听听听听听听听听听听听听听听听听 79 | $听听听听听听听听听听听听听 3,304 | $听听听听听听听听听听听 39,096 | 8听% | |
(1) | For the full Non-GAAP reconciliation of adjusted sales refer to "Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin." |
(2) | Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals. |
(3) | FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney's FX/Other Change, but excluded for Consolidated RTX. |
听
Non-GAAP Financial Adjustments
Non-GAAP Adjustments | Description |
Segment and portfolio transformation and divestiture costs | The quarters and six months ended June听30, 2025 and 2024 include certain segment and portfolio transformation costs incurred in connection with the 2023 completed segment realignment as well as separation costs incurred in advance of the completion of certain divestitures.听 |
Charge associated with initiating alternative titanium sources | The six months ended June 30, 2024 includes a net pre-tax charge of |
Customer bankruptcy | The quarter and six months ended June 30, 2025 include a net pre-tax charge of approximately |
Contract termination | The quarter and six months ended June 30, 2024 includes a pre-tax charge of |
Gain on sale of business, net of transaction and other related costs | The six months ended June听30, 2024 includes a pre-tax gain, net of transaction and other related costs, of |
Gain on investment | The quarter and six months ended June 30, 2025 includes a pre-tax gain of |
Tax audit settlements and closures | The six months ended June 30, 2025 includes a tax benefit of |
International tax matter | The six months ended June 30, 2025 includes the impact of an unfavorable decision related to an international tax matter for the years ended December 31, 2015 to December 31, 2019, which resulted in interest expense, net of |
Legal matters | The quarter and six months ended June 30, 2024 includes charges of |
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