On this page of StockholderLetter.com we present the latest annual shareholder letter from RTX Corp — ticker symbol RTX. Reading current and past RTX letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
By the numbers 2025 FINANCIALS1 Dollars in billions, except per share data $88.6 $6.29 $7.7 $10.6 $2.67 $268 Adjusted net sales1 Adjusted earnings per share1 Research and development2 Cash flow from operating activities Dividends paid per common share Backlog BACKLOG MIX SALES MIX TOTAL BACKLOG SALES BY TYPE SALES BY GEOGRAPHY Commercial $161B Commercial 48% United States 53% Defense $107B Defense 52% Europe 21% Asia Pacific 16% Middle East and North Africa 4% Other 6% ABOUT RTX With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company is headquartered in Arlington, Virginia. To learn more, visit www.rtx.com. 1 Adjusted net sales and adjusted earnings per share are non-GAAP financial measures. For the corresponding measures calculated in accordance with generally accepted accounting principles (GAAP) and a reconciliation of the di erences between the non-GAAP and GAAP measures, please refer to pages 7 and 8 in this Annual Report. 2 Amounts include company- and customer-funded research and development.
Dear Shareowners, Our mission remains unwavering: to connect and protect the world. We deliver technology solutions that ensure safe air travel for millions of passengers each day and support the U.S. and its allies in defending freedom. Demand for our products remains strong. The evolving threat landscape intensifies the urgent need for modernized, integrated defense capabilities. At the same time, passenger air tra c continues to grow, signaling increasing travel demand in the years ahead. We have what it takes to meet this moment head-on with an exceptional, performance-driven team delivering for our customers and creating value for our shareowners. Executing on our commitments This past year, we made significant strides executing for our customers by employing our Customer Oriented Results and Excellence (CORE) operating system. Pratt & Whitney boosted maintenance, repair and overhaul (MRO) output on the PW1100G Geared Turbofan (GTF) engine by 26% to support the growing GTF fleet. Collins Aerospace increased production at its factories supporting the airframers ramp-up in commercial original equipment manufacturer (OEM) rates. And Raytheon increased output by 20% across a number of critical programs to support munitions replenishment, including Guidance Enhanced Missile (GEM-T) for the Patriot air and missile defense system, the AMRAAM missile, which is the premier air-to-air combatproven e ector, and the Coyote unmanned aircraft system (UAS) to support counter-UAS capabilities. Our focus on execution delivered strong financial performance last year, with adjusted net sales* of $88.6 billion and adjusted earnings per share* of $6.29. Our $268 billion backlog reflects the trust our customers put in RTX in both commercial and defense sectors. Additionally, we generated $10.6 billion in cash flow from operating activities, which resulted in $7.9 billion in free cash flow* for the year. Investing in our growth We invested over $10 billion last year in capital expenditures and company- and customer-funded research and development to advance our ability to deliver on our commitments. This includes investing in manufacturing and expansion projects like in Tucson, Arizona, where we re creating additional production capacity for munitions and sensors, and in Asheville, North Carolina, where we re standing up an advanced casting foundry to support turbine airfoils essential for both commercial and defense engines. We also continue to invest in our digital footprint to enable more informed decisions, reduce costs and improve output. For instance, across RTX, digitally connected factories represent over 50% of annual manufacturing hours, and in 2026, we re connecting even more equipment and expanding coverage across our footprint. Innovating for today and tomorrow We re enhancing existing products for our customers, while also developing capabilities for new platforms. Our team achieved some remarkable milestones last year, including certification of Pratt & Whitney s GTF Advantage engine, which delivers more takeo thrust, better fuel e ciency and increased time on wing. Many of its advancements in durability and fuel e ciency are also being o ered as upgrades to existing GTF engines. We advanced Collins next-generation braking system for A321XLR aircraft, which will extend brake life by 50%. And we designed, developed and tested Raytheon s ground-launched StormBreaker demonstrator in just 50 days, accelerating the development of capabilities needed to satisfy new missions. Leveraging our unique scale In all of this, we consistently leverage RTX s unique breadth and scale to unlock value. Our expertise across commercial aerospace and defense technology positions us to meet customer needs faster and at lower cost. For instance, the communication and navigation systems we supply for commercial aircraft share a common architecture with those used by our defense customers, enabling scale and a ordability. It is ultimately our global team of 180,000 employees that drives RTX forward. They embody our values safety, trust, respect, accountability, collaboration and innovation. They keep our customers at the forefront of everything we do. They help make the world safer and more connected. Thank you to each of them for their continued dedication and commitment to our mission. Christopher T. Calio Chairman, Chief Executive O cer * See pages 7 and 8 for additional information regarding non-GAAP financial measures. RTX 2025 ANNUAL REPORT 1
2025 business highlights RTX s three businesses drive best-in-class performance by leveraging our breadth and scale to execute on our customer commitments and innovate for future growth. COLLINS AEROSPACE A leader in integrated and intelligent solutions for the global aerospace and defense industries. Secured more than $4 billion in combined long-term agreements to provide new MRO services and long-term contracts to supply spare parts for several airlines, including United Airlines, Japan Airlines and Qatar Airways. Awarded a $438 million contract by the Federal Aviation Administration (FAA) to support the Radar System Replacement program, a cornerstone of the agency s e ort to modernize the U.S. National Airspace System. The program is a key part of the Department of Transportation s Brand New Air Tra c Control System. Received a follow-on contract with the potential for up to $904 million over five years to continue development of the U.S. Navy s Cooperative Engagement Capability (CEC), a system that integrates sensors across surface, land and air platforms to enable Integrated Fire Controls. RTX has been the sole provider of the CEC since 1985. 2 RTX 2025 ANNUAL REPORT $30.2B Adjusted net sales* $4.9B Adjusted operating profit* * See pages 7 and 8 for additional information regarding non-GAAP financial measures.
PRATT & WHITNEY A world leader in the design, manufacture and service of aircraft engines and auxiliary power units. Secured more than 1,500 GTF engine orders and commitments from customers. Pratt & Whitney s GTF Advantage engine achieved U.S. FAA and European Union Aviation Safety Agency (EASA) type certification, paving the way for entry into service in 2026. In 2025, more than 2,500 aircraft across more than 90 operators were powered by GTF engines. $32.9B Adjusted net sales* Received $5.3 billion in F135 engine orders, including $2.9 billion for F135 production contracts and $2.4 billion for F135 sustainment contracts. The F135 engine powers all three variants of the F-35 Lightning II. Pratt & Whitney Canada delivered 2,318 engines, expanding the installed base to more than 71,000 engines worldwide. $2.7B Adjusted operating profit* RAYTHEON A leading provider of defense solutions to help the U.S. government, its allies and its partners defend national sovereignty and ensure security. Awarded a $1.1 billion contract from the U.S. Navy to produce AIM-9X Block II missiles the largest contract awarded for the program which will increase production to 2,500 missiles per year. Received a U.S. Army contract valued at $1.5 billion to deliver nine Lower Tier Air and Missile Defense Sensor (LTAMDS) radars to the U.S. Army and Poland, which is the first international LTAMDS customer. This next-generation air and missile defense radar provides dramatically more performance against a range of threats, from manned and unmanned aircraft to cruise missiles, ballistic missiles and hypersonics. Awarded a $3.5 billion contract for the AMRAAM missile, the largest contract in program history. This contract involves foreign military sales to several countries, including Japan, Canada, Germany, Ukraine and the United Kingdom. * See pages 7 and 8 for additional information regarding non-GAAP financial measures. $28.0B Adjusted net sales* $3.2B Adjusted operating profit* RTX 2025 ANNUAL REPORT 3
 • shareholder letter icon 3/9/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/13/2023 RTX Stockholder Letter
 • stockholder letter icon 3/11/2024 RTX Stockholder Letter
 • stockholder letter icon 3/10/2025 RTX Stockholder Letter
 • stockholder letter icon More "Aerospace & Defense" Category Stockholder Letters
 • Benford's Law Stocks icon RTX Benford's Law Stock Score = 64


RTX Shareholder/Stockholder Letter Transcript:

2025 Annual Report

By the numbers
2025 FINANCIALS1
Dollars in billions, except per share data
$88.6
$6.29
$7.7
$10.6
$2.67
$268
Adjusted
net sales1
Adjusted earnings
per share1
Research and
development2
Cash flow from
operating
activities
Dividends paid
per common share
Backlog
BACKLOG MIX
SALES MIX
TOTAL BACKLOG
SALES BY TYPE
SALES BY GEOGRAPHY
Commercial
$161B
Commercial
48%
United States
53%
Defense
$107B
Defense
52%
Europe
21%
Asia Pacific
16%
Middle East and North Africa
4%
Other
6%
ABOUT RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we
connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated
defense systems for operational success and develop next-generation technology solutions and manufacturing to
help global customers address their most critical challenges. The company is headquartered in Arlington, Virginia.
To learn more, visit www.rtx.com.
1 Adjusted net sales and adjusted earnings per share are non-GAAP financial measures. For the corresponding measures calculated in accordance with generally
accepted accounting principles (GAAP) and a reconciliation of the di   erences between the non-GAAP and GAAP measures, please refer to pages 7 and 8 in this
Annual Report.
2 Amounts include company- and customer-funded research and development.

Dear Shareowners,
Our mission remains unwavering: to connect
and protect the world.
We deliver technology solutions that ensure safe air travel for
millions of passengers each day and support the U.S. and its
allies in defending freedom. Demand for our products remains
strong. The evolving threat landscape intensifies the urgent
need for modernized, integrated defense capabilities. At the
same time, passenger air tra   c continues to grow, signaling
increasing travel demand in the years ahead. We have what
it takes to meet this moment head-on with an exceptional,
performance-driven team delivering for our customers and
creating value for our shareowners.
Executing on our commitments
This past year, we made significant strides executing for
our customers by employing our Customer Oriented Results
and Excellence (CORE) operating system. Pratt & Whitney
boosted maintenance, repair and overhaul (MRO) output
on the PW1100G Geared Turbofan (GTF) engine by 26% to
support the growing GTF fleet. Collins Aerospace increased
production at its factories supporting the airframers   
ramp-up in commercial original equipment manufacturer
(OEM) rates. And Raytheon increased output by 20%
across a number of critical programs to support munitions
replenishment, including Guidance Enhanced Missile
(GEM-T) for the Patriot air and missile defense system, the
AMRAAM missile, which is the premier air-to-air combatproven e   ector, and the Coyote unmanned aircraft system
(UAS) to support counter-UAS capabilities.
Our focus on execution delivered strong financial performance
last year, with adjusted net sales* of $88.6 billion and adjusted
earnings per share* of $6.29. Our $268 billion backlog reflects
the trust our customers put in RTX in both commercial and
defense sectors. Additionally, we generated $10.6 billion
in cash flow from operating activities, which resulted in
$7.9 billion in free cash flow* for the year.
Investing in our growth
We invested over $10 billion last year in capital expenditures
and company- and customer-funded research and development
to advance our ability to deliver on our commitments. This
includes investing in manufacturing and expansion projects like
in Tucson, Arizona, where we   re creating additional production
capacity for munitions and sensors, and in Asheville, North
Carolina, where we   re standing up an advanced casting foundry
to support turbine airfoils essential for both commercial and
defense engines.
We also continue to invest in our digital footprint to enable
more informed decisions, reduce costs and improve output.
For instance, across RTX, digitally connected factories
represent over 50% of annual manufacturing hours, and in
2026, we   re connecting even more equipment and expanding
coverage across our footprint.
Innovating for today and tomorrow
We   re enhancing existing products for our customers, while
also developing capabilities for new platforms. Our team
achieved some remarkable milestones last year, including
certification of Pratt & Whitney   s GTF Advantage engine,
which delivers more takeo    thrust, better fuel e   ciency
and increased time on wing. Many of its advancements
in durability and fuel e   ciency are also being o   ered as
upgrades to existing GTF engines. We advanced Collins   
next-generation braking system for A321XLR aircraft, which
will extend brake life by 50%. And we designed, developed
and tested Raytheon   s ground-launched StormBreaker
demonstrator in just 50 days, accelerating the development
of capabilities needed to satisfy new missions.
Leveraging our unique scale
In all of this, we consistently leverage RTX   s unique breadth
and scale to unlock value. Our expertise across commercial
aerospace and defense technology positions us to meet
customer needs faster and at lower cost. For instance, the
communication and navigation systems we supply for
commercial aircraft share a common architecture with those
used by our defense customers, enabling scale and a   ordability.
It is ultimately our global team of 180,000 employees that
drives RTX forward. They embody our values     safety, trust,
respect, accountability, collaboration and innovation. They
keep our customers at the forefront of everything we do.
They help make the world safer and more connected. Thank
you to each of them for their continued dedication and
commitment to our mission.
Christopher T. Calio
Chairman, Chief Executive O   cer
* See pages 7 and 8 for additional information regarding non-GAAP financial measures.
RTX 2025 ANNUAL REPORT
1

2025 business highlights
RTX   s three businesses drive best-in-class performance by leveraging
our breadth and scale to execute on our customer commitments and
innovate for future growth.
COLLINS AEROSPACE
A leader in integrated and intelligent solutions for the global aerospace and
defense industries.
   Secured more than $4 billion in combined long-term agreements to provide new MRO
services and long-term contracts to supply spare parts for several airlines, including United
Airlines, Japan Airlines and Qatar Airways.
   Awarded a $438 million contract by the Federal Aviation Administration (FAA) to support
the Radar System Replacement program, a cornerstone of the agency   s e   ort to modernize
the U.S. National Airspace System. The program is a key part of the Department of
Transportation   s Brand New Air Tra   c Control System.
   Received a follow-on contract with the potential for up to $904 million over five years
to continue development of the U.S. Navy   s Cooperative Engagement Capability (CEC), a
system that integrates sensors across surface, land and air platforms to enable Integrated
Fire Controls. RTX has been the sole provider of the CEC since 1985.
2
RTX 2025 ANNUAL REPORT
$30.2B
Adjusted
net sales*
$4.9B
Adjusted
operating
profit*
* See pages 7 and 8 for additional information regarding non-GAAP financial measures.

PRATT & WHITNEY
A world leader in the design, manufacture and service of aircraft engines and auxiliary
power units.
   Secured more than 1,500 GTF engine orders and commitments from customers.
Pratt & Whitney   s GTF Advantage engine achieved U.S. FAA and European Union Aviation
Safety Agency (EASA) type certification, paving the way for entry into service in 2026. In
2025, more than 2,500 aircraft across more than 90 operators were powered by GTF engines.
$32.9B
Adjusted
net sales*
   Received $5.3 billion in F135 engine orders, including $2.9 billion for F135 production
contracts and $2.4 billion for F135 sustainment contracts. The F135 engine powers all three
variants of the F-35 Lightning II.
   Pratt & Whitney Canada delivered 2,318 engines, expanding the installed base to
more than 71,000 engines worldwide.
$2.7B
Adjusted
operating
profit*
RAYTHEON
A leading provider of defense solutions to help the U.S. government, its allies and its
partners defend national sovereignty and ensure security.
   Awarded a $1.1 billion contract from the U.S. Navy to produce AIM-9X Block II missiles    
the largest contract awarded for the program     which will increase production to 2,500
missiles per year.
   Received a U.S. Army contract valued at $1.5 billion to deliver nine Lower Tier Air and
Missile Defense Sensor (LTAMDS) radars to the U.S. Army and Poland, which is the first
international LTAMDS customer. This next-generation air and missile defense radar provides
dramatically more performance against a range of threats, from manned and unmanned
aircraft to cruise missiles, ballistic missiles and hypersonics.
   Awarded a $3.5 billion contract for the AMRAAM missile, the largest contract in program
history. This contract involves foreign military sales to several countries, including Japan,
Canada, Germany, Ukraine and the United Kingdom.
* See pages 7 and 8 for additional information regarding non-GAAP financial measures.
$28.0B
Adjusted
net sales*
$3.2B
Adjusted
operating
profit*
RTX 2025 ANNUAL REPORT
3


shareholder letter icon 3/9/2026 Letter Continued (Full PDF)
 

RTX Stockholder/Shareholder Letter (RTX Corp) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.