RTX Corporation stands as a global powerhouse in the aerospace and defense industries, renowned for its innovative technologies and unwavering commitment to connecting and protecting the world. With a legacy spanning over a century, RTX has solidified its position as a leader through a diverse portfolio that serves commercial, military, and government customers worldwide. In 2024, the company achieved remarkable milestones, reflecting its resilience, adaptability, and strategic vision in a dynamic global landscape. Boasting a record-breaking backlog of $218 billion, RTX continues to drive advancements that enhance safety, security, and connectivity on a global scale.
Detailed Company Profile
RTX Corporation’s journey began in 1922 when it was founded as the United Aircraft and Transport Corporation. Over the decades, the company has undergone significant transformations, evolving through strategic mergers, acquisitions, and divestitures to become the modern-day giant it is today. A pivotal moment in its history came in 2020, when RTX completed a landmark merger with Raytheon Company and simultaneously separated its commercial businesses, Otis Elevator Company and Carrier Corporation, into independent entities. This restructuring sharpened RTX’s focus on aerospace and defense, aligning its operations with the needs of a rapidly changing world.
Today, RTX operates through three primary business units: Collins Aerospace, Pratt & Whitney, and Raytheon. Each unit is a leader in its respective field, contributing to RTX’s reputation as an industry trailblazer. The company employs approximately 185,000 people globally, with operations spanning North America, Europe, Asia, and beyond. Its headquarters in Arlington, Virginia, serves as the nerve center for a vast network of facilities, including manufacturing plants, research labs, and service centers.
RTX’s mission is to deliver cutting-edge solutions that connect and protect its customers, guided by a set of core values: safety, trust, respect, accountability, collaboration, and innovation. These principles underpin every aspect of the company’s operations, from designing next-generation aircraft engines to developing advanced missile defense systems. RTX’s customer base is diverse, encompassing commercial airlines, defense ministries, and government agencies, all of whom rely on the company’s expertise to address their most pressing challenges.
The company’s global footprint is a testament to its influence. With a presence in over 50 countries, RTX supports a wide range of industries, from aviation to national defense. Its success is driven by a relentless pursuit of excellence, evidenced by its investment in research and development, which fuels breakthroughs in areas like artificial intelligence, hypersonics, and sustainable aviation. In 2024 alone, RTX’s backlog reached $218 billion, a clear indicator of the trust placed in its capabilities by customers worldwide.
Historically, RTX has navigated numerous challenges, including economic downturns, geopolitical shifts, and technological disruptions. Yet, it has consistently emerged stronger, leveraging its adaptability and forward-thinking approach. For instance, the recovery of commercial air travel post-pandemic provided a significant boost to its aerospace businesses, while heightened global security concerns drove demand for its defense solutions. This dual strength—serving both commercial and defense markets—positions RTX as a uniquely resilient player in its sector.
RTX’s culture emphasizes collaboration and innovation, fostering an environment where engineers, scientists, and business leaders work together to push the boundaries of what’s possible. The company has received numerous accolades for its contributions to technology and industry, further solidifying its status as a trusted partner to its stakeholders. As RTX looks to the future, it remains committed to addressing global challenges, from climate change to cybersecurity, through its advanced technological offerings.
Products and Services Offered by RTX Corporation
RTX Corporation’s product and service offerings are vast and varied, reflecting the specialized expertise of its three main business units. Below, we explore the key contributions of Collins Aerospace, Pratt & Whitney, and Raytheon, highlighting their innovative solutions and market impact.
Collins Aerospace
Collins Aerospace is a global leader in aerospace systems and components, delivering integrated and intelligent solutions that enhance the performance and safety of aircraft worldwide. With an installed base valued at $170 billion and systems on over 115,000 aircraft, Collins Aerospace plays a critical role in both commercial and military aviation.
One of its standout achievements in 2024 was the development of the Enhanced Power and Cooling System (EPACS) for the F-35 fighter jet. This system achieved a cooling capacity of 80 kilowatts, effectively doubling the aircraft’s thermal management capabilities. This breakthrough supports the F-35’s modernization efforts, ensuring it remains a cutting-edge platform for decades to come. The EPACS exemplifies Collins Aerospace’s ability to solve complex engineering challenges, delivering solutions that meet the evolving needs of military customers.
In the commercial sector, Collins Aerospace secured a 10-year maintenance, repair, and overhaul (MRO) contract with Air Europa for the Boeing 787 Dreamliner fleet. This agreement highlights the company’s growing presence in the aftermarket services market, where it provides comprehensive support to ensure aircraft reliability and longevity. Additionally, an exclusive agreement with VietJet Air to supply wheels and carbon brakes for its Airbus A320neo fleet further underscores Collins’ leadership in aviation components.
The business’s product portfolio is extensive, encompassing avionics, power systems, aerostructures, and interiors. Its avionics systems, for example, include flight controls, navigation tools, and communication equipment that enhance pilot situational awareness and operational efficiency. Meanwhile, its power systems, such as electric generators and distribution networks, provide reliable energy solutions for aircraft of all sizes. Collins Aerospace’s commitment to innovation is evident in its development of sustainable technologies, such as lightweight materials and energy-efficient systems, which align with the aviation industry’s push toward greener operations.
Pratt & Whitney
Pratt & Whitney is a titan in the realm of aircraft propulsion, designing, manufacturing, and servicing engines that power more than 90,000 aircraft globally. Its portfolio includes some of the most advanced and reliable engines in the industry, serving both commercial and military customers.
In 2024, Pratt & Whitney achieved a significant milestone with over 950 orders and commitments for its Geared Turbofan (GTF) engines. These engines are renowned for their fuel efficiency, reduced emissions, and lower noise levels, making them a preferred choice for airlines seeking to optimize operations while minimizing environmental impact. The GTF engine powers aircraft like the Airbus A320neo, Boeing 737 MAX, and Embraer E-Jets, demonstrating its versatility across different platforms.
The business also expanded its aftermarket network to 18 facilities worldwide, boosting output by approximately 30% to meet growing demand for engine maintenance and overhaul services. This expansion reflects Pratt & Whitney’s focus on supporting its customers throughout the lifecycle of their engines, ensuring maximum performance and uptime. A notable development in its military portfolio was the completion of the F135 Engine Core Upgrade, which enhances the durability and capability of engines powering the F-35 Lightning II.
Additionally, Pratt & Whitney opened a new Customer Service Center in Oklahoma City, strengthening its support infrastructure for military customers like the U.S. Air Force and Navy. This facility complements the company’s existing network, which includes engine production sites in Connecticut, Canada, and Singapore. Beyond engines, Pratt & Whitney offers auxiliary power units (APUs) that provide onboard electricity and air conditioning, further diversifying its contributions to aviation.
Raytheon
Raytheon is a premier provider of defense solutions, delivering advanced systems and services that protect national sovereignty and ensure security for customers in over 50 countries. Its portfolio spans missile defense, radar, electronic warfare, and precision weapons, positioning it as a cornerstone of global defense.
In 2024, Raytheon secured $2.4 billion in contracts for its Patriot air and missile defense systems, which serve as the backbone of air defense for 19 nations. The Patriot system’s ability to intercept ballistic missiles, cruise missiles, and aircraft makes it a critical asset in an era of evolving threats. Raytheon also won $2 billion to commence production of the Lower-Tier Air and Missile Defense System (LTAMDS), a next-generation radar designed to detect and track advanced hypersonic and ballistic missiles.
The business achieved full-rate production for the Standard Missile 3 Block IIA, a key component of the U.S. Missile Defense Agency’s sea-based defense architecture. Additionally, a $737 million contract for AIM-9X SIDEWINDER missiles reinforced Raytheon’s leadership in precision-guided munitions. These achievements highlight the company’s ability to deliver reliable, battle-tested solutions that meet the demands of modern warfare.
Raytheon’s technological expertise extends to electronic warfare and cybersecurity, where it develops systems to counter electronic threats and protect critical infrastructure. Its investments in hypersonics and directed energy weapons further demonstrate its forward-looking approach, ensuring it remains at the forefront of defense innovation.
Board of Directors
RTX Corporation’s Board of Directors comprises a distinguished group of leaders with diverse expertise in aerospace, defense, finance, and governance. Their collective experience guides the company’s strategic direction and ensures robust oversight of its operations. Below is an overview of the board members as of 2024:
- Gregory J. Hayes, Executive Chairman – Hayes has served as a key figure in RTX’s leadership, steering the company through its transformative merger with Raytheon. He is set to step down as Chairman on April 30, 2025, transitioning to a role as Special Advisor to the CEO.
- Christopher T. Calio, President and CEO – Calio assumed the role of CEO in 2024 and will succeed Hayes as Chairman in 2025. His leadership emphasizes innovation, customer focus, and operational excellence.
- Tracy A. Atkinson – A retired Executive Vice President and Chief Administrative Officer of State Street Corporation, Atkinson brings extensive financial and operational expertise to the board.
- Leanne G. Caret – Formerly Executive Vice President of The Boeing Company and CEO of Boeing Defense, Space and Security, Caret offers deep insights into the aerospace and defense sectors.
- Bernard A. Harris, Jr. – As CEO and Managing Partner of Vesalius Ventures, Inc., Harris contributes a unique perspective from his background as a physician, astronaut, and venture capitalist.
- George R. Oliver – Chairman and CEO of Johnson Controls International plc, Oliver provides expertise in global business management and technology-driven industries.
- Ellen M. Pawlikowski – A retired U.S. Air Force General and former Commander of Air Force Materiel Command, Pawlikowski brings unparalleled military and technical knowledge.
- Denise L. Ramos – Retired CEO and President of ITT Inc., Ramos offers a wealth of experience in industrial manufacturing and corporate strategy.
- Fredric G. Reynolds, Independent Lead Director – A retired Executive Vice President and CFO of CBS Corporation, Reynolds ensures strong governance and financial oversight.
- Brian C. Rogers – Retired Chairman of T. Rowe Price Group, Inc., Rogers contributes expertise in investment management and corporate finance.
- James A. Winnefeld, Jr. – A retired U.S. Navy Admiral and former Vice Chairman of the Joint Chiefs of Staff, Winnefeld provides strategic military insights.
- Robert O. Work – A retired Deputy Secretary of Defense for the U.S. Department of Defense, Work enhances the board’s understanding of defense policy and technology.
This diverse board collectively oversees RTX’s strategic initiatives, risk management, and long-term growth, ensuring the company remains a leader in its field.
Subsidiaries
RTX Corporation operates through three principal subsidiaries, each integral to its success and global reach. These subsidiaries maintain operational autonomy while benefiting from RTX’s resources and strategic direction.
Collins Aerospace
Collins Aerospace is a cornerstone of RTX’s aerospace operations, specializing in systems and components for commercial and military aircraft. With a workforce of over 70,000 employees and facilities across the globe, it serves as a vital supplier to major aircraft manufacturers like Boeing and Airbus. Its $170 billion installed base reflects its deep integration into the aviation ecosystem, providing everything from avionics to cabin interiors.
The subsidiary’s strategic focus includes expanding its aftermarket services, as evidenced by its contracts with Air Europa and VietJet Air. By leveraging its expertise in sustainable technologies, Collins Aerospace also contributes to RTX’s broader goals of reducing aviation’s environmental footprint.
Pratt & Whitney
Pratt & Whitney is RTX’s propulsion powerhouse, employing approximately 43,000 people and operating a network of manufacturing and service facilities worldwide. Its 90,000+ engines in service power a diverse range of aircraft, from regional jets to wide-body airliners and military fighters. The GTF engine, a flagship product, has revolutionized commercial aviation with its efficiency and performance.
The subsidiary’s investments in military engine upgrades, such as the F135, and its expanded aftermarket network position it as a key player in both defense and commercial markets. Pratt & Whitney’s global supply chain and customer service infrastructure ensure it meets the needs of its extensive client base.
Raytheon
Raytheon is RTX’s defense arm, with a workforce of around 70,000 and a focus on advanced defense technologies. Headquartered in Tucson, Arizona, it operates facilities across the U.S. and internationally, producing systems like the Patriot, LTAMDS, and Standard Missile 3. Raytheon’s role within RTX is to deliver mission-critical solutions that protect nations and their citizens.
The subsidiary’s growth is fueled by significant defense contracts and its investments in emerging technologies like hypersonics and directed energy. Raytheon’s integration with RTX enhances its ability to innovate and respond to global security challenges.
Financial Information
RTX Corporation’s financial performance in 2024 reflects its strength and stability across its diverse operations. Below, we detail its consolidated profit and loss, balance sheet, and cash flow statement, providing a comprehensive view of its fiscal health.
Consolidated Profit & Loss
In 2024, RTX reported adjusted net sales of $80.8 billion, a robust figure driven by strong demand in both commercial and defense sectors. The commercial segment, accounting for 46% of sales, benefited from a sustained recovery in air travel, while the defense segment, comprising 54%, saw increased orders amid global security concerns.
Breaking down the performance by business unit:
- Collins Aerospace: Generated adjusted net sales of $28.3 billion and an adjusted operating profit of $4.5 billion, reflecting its strong position in aerospace markets.
- Pratt & Whitney: Achieved adjusted net sales of $28.1 billion and an adjusted operating profit of $2.3 billion, bolstered by GTF engine sales and aftermarket growth.
- Raytheon: Delivered adjusted net sales of $26.8 billion and an adjusted operating profit of $2.7 billion, driven by major defense contracts.
Total revenue reached $X billion, with cost of sales at $Y billion, yielding a gross profit of $Z billion. Operating expenses, including research and development and administrative costs, totaled $A billion, resulting in an operating income of $B billion. After accounting for interest and other expenses, RTX posted a net income of $C billion, with adjusted earnings per share of $5.73.
Balance Sheet
As of December 31, 2024, RTX’s total assets stood at $D billion, underpinned by a solid mix of current and non-current assets. Current assets included $E billion in cash and cash equivalents, alongside significant accounts receivable and inventory, reflecting the company’s operational scale. Non-current assets encompassed property, plant, and equipment, as well as intangible assets from its business units.
Total liabilities were $F billion, comprising short-term debt, accounts payable, and long-term borrowings. RTX’s strategic use of leverage supports its growth initiatives, including investments in technology and capacity. Shareholders’ equity was $G billion, providing a strong foundation for future expansion and resilience against market fluctuations.
Cash Flow Statement
RTX generated $7.2 billion in cash flow from operations in 2024, highlighting its ability to efficiently convert earnings into cash. This cash flow was driven by strong sales and effective working capital management across its business units.
The company invested $H billion in capital expenditures and research and development, focusing on next-generation technologies and facility expansions. These investments position RTX for long-term growth in areas like sustainable aviation and advanced defense systems. Financing activities included $I billion returned to shareholders through dividends and share repurchases, balancing capital allocation with shareholder value creation. Free cash flow for the year was $4.5 billion, providing flexibility for strategic initiatives.
Strategic Initiatives and Future Outlook
Beyond its core operations, RTX is committed to advancing its technological capabilities and market position. In 2024, the company invested $10.3 billion in research and development and capital expenditures, targeting innovations in propulsion, hypersonics, and artificial intelligence. Notable expansions included a 50% increase in factory space at the Redstone Raytheon Missile Integration Facility in Huntsville, Alabama, enhancing its defense production capacity.
RTX’s strategic priorities include executing for its customers, driving operational efficiency, and investing in future growth. CEO Christopher T. Calio has emphasized, “Our team is united by our values and driven by our mission to connect and protect the world.” With a balanced sales mix and a $218 billion backlog, RTX is well-equipped to capitalize on opportunities in both commercial and defense markets.
Looking ahead, RTX aims to maintain its leadership by addressing global challenges like climate change and cybersecurity. Its focus on sustainability, evidenced by advancements in fuel-efficient engines and lightweight materials, aligns with industry trends and customer expectations. As the company navigates an increasingly complex world, its resilience, innovation, and customer-centric approach will continue to drive its success.
