RTX CorpRTX
RTX Corp Segments Disclosure
NOTE 20: SEGMENT FINANCIAL DATA
Our operations, for the periods presented herein, are classified into three principal segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon. Our segments are generally based on the management structure of the businesses and the grouping of similar operating companies, where each management organization has general operating autonomy over diversified products and services.
Collins Aerospace is a leading global provider of technologically advanced aerospace and defense products. Collins’ solutions include aftermarket services for civil and military aircraft manufacturers, commercial airlines, and regional, business, and general aviation, as well as for defense and commercial space operations. Aftermarket services include spare parts, overhaul and repair, engineering and technical support, training and fleet management solutions, asset management services, and information management services. Collins designs, manufactures, and supplies electric power generation, management and distribution systems, environmental control systems, flight control systems, air data and aircraft sensing systems, engine control systems, engine components, engine nacelle systems, including thrust reversers and mounting pylons, interior and exterior aircraft lighting, aircraft cargo systems, evacuation systems, landing systems (including landing gear, wheels, and braking systems), communication, navigation, surveillance systems, fire and ice detection and protection systems, integrated avionics, and propeller systems. Collins also designs, manufactures, and supports complete cabin interiors, including seating, oxygen systems, food and beverage preparation, storage and galley systems, lavatory, and wastewater management systems. Collins’ solutions support human space exploration with environmental control and power systems and extravehicular activity suits. Collins also provides connected aviation solutions and services through worldwide voice and data communication networks, airport systems and integrations, and air traffic management solutions. Collins supports government and defense customer missions by providing systems solutions for connected battlespace, test and training range systems, crew escape systems, and simulation and training.
Pratt & Whitney is among the world’s leading suppliers of aircraft engines for commercial, military, business jet, and general aviation customers. Pratt & Whitney designs, manufactures, and services large engines for widebody, narrowbody, and large regional aircraft for commercial customers and for fighter, bomber, tanker, and transport aircraft for military customers. Pratt & Whitney also designs, manufactures, and services small engines powering regional airlines, general and business aviation, and
helicopters. Pratt & Whitney produces, sells, and services military and commercial auxiliary power units. Pratt & Whitney provides fleet management services and aftermarket maintenance, repair, and overhaul services in all of these product segments.
Raytheon is a leading provider of defensive and offensive threat detection, tracking and mitigation capabilities for U.S. and foreign government and commercial customers. Raytheon designs, develops, and provides advanced capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics, and missile defense across land, air, sea, and space. Raytheon provides air-to-air and air-to-ground sensors, command and control and weapons including the Advanced Medium Range Air-to-Air Missile (AMRAAM), StormBreaker smart weapon, Long Range Stand Off Weapon (LRSO), and the Early Warning Radar. Raytheon also provides advanced naval sensors, command and control and weapons including classified naval radars, the Next Generation Jammer (NGJ), shipboard missiles including the Tomahawk and Standard Missile 6 (SM-6), air-to-air missiles such as the AIM-9X SIDEWINDER missile, and integrated systems such as the SPY-6 radar. In addition, Raytheon provides advanced systems and products that span layered land and integrated air and missile defense, including the Patriot air and missile defense system, the Lower Tier Air and Missile Defense Sensor (LTAMDS), the National Advanced Surface-to-Air Missile System (NASAMS), Javelin, Excalibur, Stinger, and High-Energy Lasers. Raytheon also provides technologically advanced sensors, satellites, and interceptors, including the AN/TPY-2 radar, and Standard Missile 3 (SM-3). Raytheon delivers integrated space solutions including sensors, mission orchestration, satellite control, and software. Raytheon also focuses on the development and early introduction of next-generation technologies and systems, including hypersonics, counter-hypersonics, next-generation radars, sensor experimentation, and electro-optical/infrared (EO/IR) advancements, and aligns products that use shared technologies, including fire control radars, surveillance radars, EO/IR, space-qualified satellite components, and electronics.
Segment Information. RTX’s chief operating decision maker (CODM) is our Chairman and Chief Executive Officer. The CODM uses segment operating profit as a profitability measure to assess actual and forecasted segment performance to make decisions regarding incentive compensation and the allocation of capital and other investments. Total net sales and operating profit (loss) by segment include inter-segment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. These pricing arrangements may result in margins different than what the purchasing segment realizes on the ultimate third-party sales.
We present a FAS/CAS operating adjustment outside of segment results, which represents the difference between the service cost component of our pension and PRB expense under the Financial Accounting Standards (FAS) requirements of U.S. GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment. While the ultimate liability for pension and PRB costs under FAS and CAS is similar, the pattern of cost recognition is different. Over time, we generally expect to recover the related Raytheon pension and PRB liabilities through the pricing of our products and services to the U.S. government. Collins and Pratt & Whitney generally record pension and PRB expense on a FAS basis.
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. These adjustments are not considered part of management’s evaluation of segment results.
Segment information for the years ended December 31 are as follows:
| 2025 | ||||||||||||||||||||||||||||||||
| (dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit (Loss) | Operating Profit (Loss) Margins | |||||||||||||||||||||||||||
| Collins Aerospace | $ | 30,196 | $ | (1,301) | $ | (23,972) | $ | 4,923 | 16.3 | % | ||||||||||||||||||||||
| Pratt & Whitney | 32,916 | (1,034) | (29,286) | 2,596 | 7.9 | % | ||||||||||||||||||||||||||
| Raytheon | 28,043 | (483) | (24,333) | 3,227 | 11.5 | % | ||||||||||||||||||||||||||
| Total segment | 91,155 | (2,818) | (77,591) | 10,746 | 11.8 | % | ||||||||||||||||||||||||||
Eliminations and other (2) | (2,552) | 54 | ||||||||||||||||||||||||||||||
| Corporate expenses and other unallocated items | — | (248) | ||||||||||||||||||||||||||||||
| FAS/CAS operating adjustment | — | 753 | ||||||||||||||||||||||||||||||
| Acquisition accounting adjustments | — | (2,005) | ||||||||||||||||||||||||||||||
| Consolidated | $ | 88,603 | $ | 9,300 | 10.5 | % | ||||||||||||||||||||||||||
(1) Includes Cost of sales, Selling, General, and Administrative expenses, and Other income (expense), net.
(2) Includes the operating results of certain smaller operations.
| 2024 | ||||||||||||||||||||||||||||||||
| (dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit (Loss) | Operating Profit (Loss) Margins | |||||||||||||||||||||||||||
| Collins Aerospace | $ | 28,284 | $ | (1,408) | $ | (22,741) | $ | 4,135 | 14.6 | % | ||||||||||||||||||||||
| Pratt & Whitney | 28,066 | (1,086) | (24,965) | 2,015 | 7.2 | % | ||||||||||||||||||||||||||
| Raytheon | 26,713 | (452) | (23,667) | 2,594 | 9.7 | % | ||||||||||||||||||||||||||
| Total segment | 83,063 | (2,946) | (71,373) | 8,744 | 10.5 | % | ||||||||||||||||||||||||||
Eliminations and other (2) | (2,325) | (48) | ||||||||||||||||||||||||||||||
Corporate expenses and other unallocated items (3) | — | (933) | ||||||||||||||||||||||||||||||
| FAS/CAS operating adjustment | — | 833 | ||||||||||||||||||||||||||||||
| Acquisition accounting adjustments | — | (2,058) | ||||||||||||||||||||||||||||||
| Consolidated | $ | 80,738 | $ | 6,538 | 8.1 | % | ||||||||||||||||||||||||||
(1) Includes Cost of sales, Selling, General, and Administrative expenses, and Other income (expense), net.
(2) Includes the operating results of certain smaller operations.
(3) Includes a $0.9 billion charge in the second quarter of 2024 related to the Resolution of Certain Legal Matters. See “Note 1: Basis of Presentation and Summary of Accounting Principles” for additional information.
| 2023 | ||||||||||||||||||||||||||||||||
| (dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit (Loss) | Operating Profit (Loss) Margins | |||||||||||||||||||||||||||
| Collins Aerospace | $ | 26,253 | $ | (1,317) | $ | (21,111) | $ | 3,825 | 14.6 | % | ||||||||||||||||||||||
Pratt & Whitney (3) | 18,296 | (1,001) | (18,750) | (1,455) | (8.0) | % | ||||||||||||||||||||||||||
| Raytheon | 26,350 | (500) | (23,471) | 2,379 | 9.0 | % | ||||||||||||||||||||||||||
| Total segment | 70,899 | (2,818) | (63,332) | 4,749 | 6.7 | % | ||||||||||||||||||||||||||
Eliminations and other (2) | (1,979) | (42) | ||||||||||||||||||||||||||||||
| Corporate expenses and other unallocated items | — | (275) | ||||||||||||||||||||||||||||||
| FAS/CAS operating adjustment | — | 1,127 | ||||||||||||||||||||||||||||||
| Acquisition accounting adjustments | — | (1,998) | ||||||||||||||||||||||||||||||
| Consolidated | $ | 68,920 | $ | 3,561 | 5.2 | % | ||||||||||||||||||||||||||
(1) Includes Cost of sales, Selling, General, and Administrative expenses, and Other income (expense), net.
(2) Includes the operating results of certain smaller operations.
(3) Includes the impact of the Powder Metal Matter
| Total Assets | Capital Expenditures | Depreciation & Amortization | |||||||||||||||||||||||||||||||||||||||||||||
| (dollars in millions) | 2025 | 2024 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||
Collins Aerospace (1) | $ | 71,680 | $ | 72,372 | $ | 793 | $ | 786 | $ | 628 | $ | 873 | $ | 841 | $ | 724 | |||||||||||||||||||||||||||||||
Pratt & Whitney (1) | 52,482 | 44,307 | 994 | 968 | 1,025 | 786 | 784 | 736 | |||||||||||||||||||||||||||||||||||||||
Raytheon (1) | 44,795 | 44,936 | 644 | 771 | 637 | 542 | 520 | 544 | |||||||||||||||||||||||||||||||||||||||
| Total segment | 168,957 | 161,615 | 2,431 | 2,525 | 2,290 | 2,201 | 2,145 | 2,004 | |||||||||||||||||||||||||||||||||||||||
| Corporate, eliminations, and other | 2,122 | 1,246 | 196 | 100 | 125 | 94 | 80 | 126 | |||||||||||||||||||||||||||||||||||||||
| Acquisition accounting adjustments | 2,083 | 2,139 | 2,081 | ||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 171,079 | $ | 162,861 | $ | 2,627 | $ | 2,625 | $ | 2,415 | $ | 4,378 | $ | 4,364 | $ | 4,211 | |||||||||||||||||||||||||||||||
(1) Total assets include acquired intangible assets and the property, plant, and equipment fair value adjustment. Related amortization expense is included in Acquisition accounting adjustments.
Geographic External Sales by Origin and Long-Lived Assets. Geographic external sales are attributed to the geographic regions based on their location of origin. U.S. external sales include export sales to commercial customers outside the U.S., as well as sales to the U.S. government, commercial and affiliated customers, which are known to be for resale to customers outside the U.S. Long-lived assets are Fixed assets, net attributed to the specific geographic regions.
| External Net Sales | Long-Lived Assets | |||||||||||||||||||||||||||||||
| (dollars in millions) | 2025 | 2024 | 2023 | 2025 | 2024 | |||||||||||||||||||||||||||
United States (1) | $ | 74,778 | $ | 67,701 | $ | 57,539 | $ | 13,791 | $ | 13,041 | ||||||||||||||||||||||
| International | ||||||||||||||||||||||||||||||||
| Europe | 5,438 | 5,493 | 4,849 | 1,135 | 1,189 | |||||||||||||||||||||||||||
| Asia Pacific | 2,864 | 2,587 | 2,182 | 899 | 834 | |||||||||||||||||||||||||||
| Middle East and North Africa | 348 | 486 | 492 | 101 | 98 | |||||||||||||||||||||||||||
| Other regions | 5,175 | 4,471 | 3,858 | 942 | 927 | |||||||||||||||||||||||||||
| Consolidated | $ | 88,603 | $ | 80,738 | $ | 68,920 | $ | 16,868 | $ | 16,089 | ||||||||||||||||||||||
(1) 2023 external net sales includes the reduction in sales from the Powder Metal Matter.
Disaggregation of Revenue. We also disaggregate our contracts from customers by geographic region based on customer location, by type of customer, and by sales type. Our geographic region based on customer location uses end user customer location where known or practical to determine, or in instances where the end user customer is not known or not practical to determine, uses “ship to” location as the customer location. In addition, for our Raytheon segment, we disaggregate our contracts from customers by contract type. We believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors.
Segment sales disaggregated by geographic region based on customer location for the years ended December 31 are as follows:
| 2025 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
| United States | $ | 14,136 | $ | 13,636 | $ | 19,313 | $ | 206 | $ | 47,291 | |||||||
| Europe | 6,852 | 7,669 | 4,275 | 3 | 18,799 | ||||||||||||
| Asia Pacific | 3,779 | 7,625 | 2,377 | 1 | 13,782 | ||||||||||||
| Middle East and North Africa | 1,076 | 821 | 1,724 | — | 3,621 | ||||||||||||
| Other regions | 1,742 | 3,165 | 203 | — | 5,110 | ||||||||||||
| Consolidated net sales | 27,585 | 32,916 | 27,892 | 210 | 88,603 | ||||||||||||
| Inter-segment sales | 2,611 | — | 151 | (2,762) | — | ||||||||||||
| Business segment sales | $ | 30,196 | $ | 32,916 | $ | 28,043 | $ | (2,552) | $ | 88,603 | |||||||
| 2024 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
| United States | $ | 13,668 | $ | 13,025 | $ | 19,224 | $ | 170 | $ | 46,087 | |||||||
| Europe | 6,634 | 6,376 | 2,962 | 3 | 15,975 | ||||||||||||
| Asia Pacific | 3,185 | 5,461 | 2,245 | 2 | 10,893 | ||||||||||||
| Middle East and North Africa | 840 | 650 | 1,968 | — | 3,458 | ||||||||||||
| Other regions | 1,602 | 2,552 | 171 | — | 4,325 | ||||||||||||
| Consolidated net sales | 25,929 | 28,064 | 26,570 | 175 | 80,738 | ||||||||||||
| Inter-segment sales | 2,355 | 2 | 143 | (2,500) | — | ||||||||||||
| Business segment sales | $ | 28,284 | $ | 28,066 | $ | 26,713 | $ | (2,325) | $ | 80,738 | |||||||
| 2023 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
| United States | $ | 13,185 | $ | 11,403 | $ | 20,187 | $ | 106 | $ | 44,881 | |||||||
| Europe | 6,423 | 5,433 | 1,642 | 3 | 13,501 | ||||||||||||
| Asia Pacific | 2,625 | 4,227 | 2,196 | 1 | 9,049 | ||||||||||||
| Middle East and North Africa | 684 | 539 | 2,014 | — | 3,237 | ||||||||||||
| Other regions | 1,377 | 2,095 | 181 | — | 3,653 | ||||||||||||
| Powder Metal Matter | — | (5,401) | — | — | (5,401) | ||||||||||||
| Consolidated net sales | 24,294 | 18,296 | 26,220 | 110 | 68,920 | ||||||||||||
| Inter-segment sales | 1,959 | — | 130 | (2,089) | — | ||||||||||||
| Business segment sales | $ | 26,253 | $ | 18,296 | $ | 26,350 | $ | (1,979) | $ | 68,920 | |||||||
Segment sales disaggregated by type of customer for the years ended December 31 are as follows:
| 2025 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
Sales to the U.S. government (1) | $ | 7,061 | $ | 6,778 | $ | 19,237 | $ | 203 | $ | 33,279 | |||||||
| Foreign military sales through the U.S. government | 436 | 1,786 | 4,480 | — | 6,702 | ||||||||||||
| Foreign government direct commercial sales | 1,230 | 792 | 4,099 | 2 | 6,123 | ||||||||||||
| Commercial aerospace and other commercial sales | 18,858 | 23,560 | 76 | 5 | 42,499 | ||||||||||||
| Consolidated net sales | 27,585 | 32,916 | 27,892 | 210 | 88,603 | ||||||||||||
| Inter-segment sales | 2,611 | — | 151 | (2,762) | — | ||||||||||||
| Business segment sales | $ | 30,196 | $ | 32,916 | $ | 28,043 | $ | (2,552) | $ | 88,603 | |||||||
(1) Excludes foreign military sales through the U.S. government.
| 2024 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
Sales to the U.S. government (1) | $ | 6,850 | $ | 6,086 | $ | 19,142 | $ | 168 | $ | 32,246 | |||||||
| Foreign military sales through the U.S. government | 384 | 1,528 | 3,853 | — | 5,765 | ||||||||||||
| Foreign government direct commercial sales | 1,242 | 712 | 3,361 | 2 | 5,317 | ||||||||||||
| Commercial aerospace and other commercial sales | 17,453 | 19,738 | 214 | 5 | 37,410 | ||||||||||||
| Consolidated net sales | 25,929 | 28,064 | 26,570 | 175 | 80,738 | ||||||||||||
| Inter-segment sales | 2,355 | 2 | 143 | (2,500) | — | ||||||||||||
| Business segment sales | $ | 28,284 | $ | 28,066 | $ | 26,713 | $ | (2,325) | $ | 80,738 | |||||||
(1) Excludes foreign military sales through the U.S. government.
| 2023 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
Sales to the U.S. government (1) | $ | 6,357 | $ | 5,206 | $ | 19,965 | $ | 100 | $ | 31,628 | |||||||
| Foreign military sales through the U.S. government | 304 | 1,442 | 3,228 | — | 4,974 | ||||||||||||
| Foreign government direct commercial sales | 1,110 | 515 | 2,620 | 4 | 4,249 | ||||||||||||
Commercial aerospace and other commercial sales (2) | 16,523 | 11,133 | 407 | 6 | 28,069 | ||||||||||||
| Consolidated net sales | 24,294 | 18,296 | 26,220 | 110 | 68,920 | ||||||||||||
| Inter-segment sales | 1,959 | — | 130 | (2,089) | — | ||||||||||||
| Business segment sales | $ | 26,253 | $ | 18,296 | $ | 26,350 | $ | (1,979) | $ | 68,920 | |||||||
(1) Excludes foreign military sales through the U.S. government.
(2) Includes the reduction in sales from the Powder Metal Matter.
The largest contributor to our Commercial aerospace and other commercial sales is Airbus. Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 14%, 14%, and 17% of total net sales in 2025, 2024, and 2023, respectively. Total net sales in 2023 includes the reduction in sales from the Powder Metal Matter.
Segment sales disaggregated by sales type for the years ended December 31 are as follows:
| 2025 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
| Products | $ | 21,467 | $ | 18,467 | $ | 24,063 | $ | 174 | $ | 64,171 | |||||||
| Services | 6,118 | 14,449 | 3,829 | 36 | 24,432 | ||||||||||||
| Consolidated net sales | 27,585 | 32,916 | 27,892 | 210 | 88,603 | ||||||||||||
| Inter-segment sales | 2,611 | — | 151 | (2,762) | — | ||||||||||||
| Business segment sales | $ | 30,196 | $ | 32,916 | $ | 28,043 | $ | (2,552) | $ | 88,603 | |||||||
| 2024 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total | ||||||||||||
| Products | $ | 20,272 | $ | 16,316 | $ | 22,872 | $ | 152 | $ | 59,612 | |||||||
| Services | 5,657 | 11,748 | 3,698 | 23 | 21,126 | ||||||||||||
| Consolidated net sales | 25,929 | 28,064 | 26,570 | 175 | 80,738 | ||||||||||||
| Inter-segment sales | 2,355 | 2 | 143 | (2,500) | — | ||||||||||||
| Business segment sales | $ | 28,284 | $ | 28,066 | $ | 26,713 | $ | (2,325) | $ | 80,738 | |||||||
| 2023 | |||||||||||||||||
| (dollars in millions) | Collins Aerospace | Pratt & Whitney (1) | Raytheon | Other | Total | ||||||||||||
| Products | $ | 19,034 | $ | 8,579 | $ | 21,847 | $ | 111 | $ | 49,571 | |||||||
| Services | 5,260 | 9,717 | 4,373 | (1) | 19,349 | ||||||||||||
| Consolidated net sales | 24,294 | 18,296 | 26,220 | 110 | 68,920 | ||||||||||||
| Inter-segment sales | 1,959 | — | 130 | (2,089) | — | ||||||||||||
| Business segment sales | $ | 26,253 | $ | 18,296 | $ | 26,350 | $ | (1,979) | $ | 68,920 | |||||||
(1) Includes the reduction in sales from the Powder Metal Matter.
Raytheon segment sales disaggregated by contract type for the years ended December 31 are as follows:
| (dollars in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Fixed-price | $ | 16,647 | $ | 14,515 | $ | 13,164 | |||||||||||
| Cost-type | 11,245 | 12,055 | 13,056 | ||||||||||||||
| Consolidated net sales | 27,892 | 26,570 | 26,220 | ||||||||||||||
| Inter-segment sales | 151 | 143 | 130 | ||||||||||||||
| Business segment sales | $ | 28,043 | $ | 26,713 | $ | 26,350 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 3, 2025 | |
| 2023 | Feb 5, 2024 | |
| 2022 | Feb 7, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 8, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2017 | Feb 9, 2018 | |
| 2015 | Feb 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.