RTX (Raytheon Technologies) could be described as:

• Boeing meets Lockheed Martin
• The General Electric of aerospace and defense

• Aircraft Engines: Develops, manufactures, and services jet engines for commercial, military, and business aviation platforms.
• Aerospace Systems: Provides a wide range of integrated systems and components for commercial and military aircraft, including avionics, interiors, and power and control systems.
• Missile Defense & Weapons: Produces advanced missile defense systems, precision-guided munitions, and integrated defense solutions for air and ground applications.
• Intelligence & Space Solutions: Offers advanced sensors, secure communications, cyber solutions, and command & control systems for defense, intelligence, and civil applications.

RTX (Raytheon Technologies) primarily sells to governments and other companies, rather than directly to individuals. Its business model is largely Business-to-Government (B2G) and Business-to-Business (B2B).

Its major customers include:

• Governments: The U.S. Government, particularly the Department of Defense, is RTX's largest single customer. Various international governments and defense ministries also represent significant customers globally for defense systems, missile systems, and intelligence solutions. These are not public companies.
• Commercial Aerospace Companies:
  • The Boeing Company (symbol: BA): A major customer for aircraft engines (via its Pratt & Whitney division), avionics, and various aerospace systems across its commercial and defense platforms.
  • Airbus SE (symbol: EADSY): A significant customer for aircraft engines (via its Pratt & Whitney division) and other aerospace components for its commercial aircraft.
  • Other aircraft manufacturers and major airlines (for maintenance, repair, and overhaul services or direct parts supply) are also customers.

• Howmet Aerospace (HWM)
• ATI Inc. (ATI)
• Carpenter Technology Corporation (CRS)
• Parker-Hannifin Corporation (PH)
• Eaton Corporation (ETN)
• Safran S. A. (SAF.PA)
• Honeywell International (HON)
• Spirit AeroSystems (SPR)

Christopher T. Calio, Chairman & Chief Executive Officer

Christopher T. Calio is the Chairman and Chief Executive Officer of RTX, having been appointed President and CEO in May 2024 and elected Chairman effective April 30, 2025. He leads a global team of over 185,000 employees. Calio joined the former United Technologies Corporation (UTC) in 2005 and has held numerous leadership positions within UTC and its aerospace businesses. His previous roles include Chief Operating Officer for RTX, where he managed the realignment of the company into three business segments, and President of Pratt & Whitney, an RTX subsidiary. While Calio has not founded or managed other independent companies, he led Pratt & Whitney's Commercial Engines Legal Department during key developments and acquisitions, including the company's acquisition of Rolls-Royce's share in the International Aero Engines collaboration. RTX, under Calio's leadership, agreed to sell its cybersecurity, intelligence, and services business segment to the private equity firm Blackstone in 2025.

Neil G. Mitchill Jr., Chief Financial Officer

Neil G. Mitchill Jr. is the Chief Financial Officer of RTX, a position he has held since April 2021. His responsibilities encompass financial reporting and controls, planning and analysis, investor relations, internal audit, tax, and treasury. Mitchill joined United Technologies Corporation (UTC) in 2014 and served in various financial leadership capacities, including acting Senior Vice President and CFO of UTC, and Vice President and CFO of UTC's Pratt & Whitney business, prior to the merger with Raytheon Company in 2020. Before joining UTC, he spent 17 years at PricewaterhouseCoopers LLP, where he held client service and lead partner roles for industrial products companies. No information is available regarding him founding or managing other companies, selling companies he was previously involved with to an acquirer, or a pattern of managing companies backed by private equity firms.

Shane G. Eddy, President, Pratt & Whitney

Shane G. Eddy is the President of Pratt & Whitney, an RTX business, a role he assumed on March 1, 2022. He brings over 35 years of experience in the aerospace industry, leading more than 40,000 employees in the design, manufacture, and service of aircraft engines and auxiliary power units. Prior to his current position, Eddy served as Pratt & Whitney's Senior Vice President and Chief Operations Officer. His extensive career also includes leadership roles at GE Aviation, Sikorsky Aircraft Corporation, and Bell Helicopter Textron. He joined Pratt & Whitney in 2016.

Philip Jasper, President, Raytheon

Philip Jasper serves as the President of Raytheon, one of RTX's three business segments. In this role, he leads the Raytheon unit, which combines the company's weapons and space arms.

Troy D. Brunk, President, Collins Aerospace

Troy D. Brunk is the President of Collins Aerospace, another key business segment of RTX. Collins Aerospace provides technologically advanced aerospace products and aftermarket service solutions for a wide range of customers.

Key Risks to RTX Business

1. Pratt & Whitney GTF Engine Powdered Metal Issue: This represents a significant financial drain and operational disruption for RTX. The crisis necessitates accelerated inspections and repairs for a major portion of the PW1100 engine fleet, leading to estimated impacts of approximately $1.5 billion to free cash flow in 2025 and a total pre-tax operating profit impact of $3 billion to $3.5 billion over several years.
2. Supply Chain Constraints and Inflation: RTX faces ongoing challenges from supply chain issues, particularly concerning structural castings and isothermal forgings. These disruptions, coupled with persistent inflation, contribute to increased material, component, and labor costs, which in turn impact operating profits and margins.
3. Geopolitical Risks and Dependence on Government Contracts: The company is exposed to risks stemming from geopolitical factors, including potential changes in U.S. government defense spending and international trade policies, which can negatively affect sales and operations. Risks associated with U.S. government contracts include potential terminations, performance delays, and cost overruns, particularly with fixed-price agreements. Additionally, tariffs are noted as a financial headwind, with an anticipated $500 million in tariff-related costs for 2025.

The widespread proliferation and effective deployment of low-cost, mass-produced autonomous systems and drones in modern conflicts present a clear emerging threat. This trend challenges the traditional paradigm of high-value, sophisticated defense platforms and precision weaponry, which comprise a significant portion of RTX's portfolio. The demonstrated ability of inexpensive, readily available drones to impact military operations could lead to a fundamental shift in defense spending priorities towards distributed, expendable, and more cost-effective solutions, potentially reducing demand for some of RTX's core high-cost, high-technology products and systems if they are seen as economically inefficient against such evolving threats.

RTX (symbol: RTX) operates through three primary business segments: Collins Aerospace, Pratt & Whitney, and Raytheon. Each segment addresses significant markets within the global aerospace and defense industries.

Collins Aerospace

Collins Aerospace designs, manufactures, and services systems and components for commercial, regional, business, and military aircraft, as well as space operations. Its offerings include aerospace systems, avionics, aerostructures, interiors, mechanical systems, mission systems, power and controls, and information management services.

• Commercial Aerospace Systems, Avionics, Interiors: The global commercial aerospace market was valued at approximately USD 986.25 billion in 2024. The North American commercial aerospace market alone was valued at USD 415.0 billion in 2024.
• Military Aerospace Systems: The global military aircraft & aerospace manufacturing industry is estimated to be USD 280.9 billion in 2025.
• Space Systems: As a supplier for international space programs, Collins Aerospace addresses a portion of the global space technology market, which stood at USD 290.45 billion in 2025 and is projected to reach USD 392.73 billion by 2030.

Pratt & Whitney

Pratt & Whitney specializes in the design, manufacture, and service of aircraft engines for commercial, military, business jet, and general aviation customers, along with auxiliary power units.

• Commercial Aircraft Engines: The global commercial aviation market was valued at USD 450 billion in 2024 and is projected to advance to USD 605 billion by 2035.
• Military Aircraft Engines: The global military aircraft & aerospace manufacturing industry, for which Pratt & Whitney supplies engines, is estimated at USD 280.9 billion in 2025.

Raytheon

Raytheon focuses on advanced defense systems, including missile systems, air defense systems, precision weapons, radars, advanced sensors, cyber solutions, intelligence systems, and space technologies.

• Missile Systems, Air Defense Systems, Precision Weapons: The global missile market was estimated at USD 55.70 billion in 2023 and is projected to reach USD 93.56 billion by 2030. Specifically, the global missile defense system market was valued at USD 27.81 billion in 2024 and is projected to reach USD 33.60 billion in 2030. The U.S. rocket and missile market was valued at USD 16.25 billion in 2023.
• Defense Systems (General, including radars, sensors): The global military aircraft & aerospace manufacturing industry, encompassing many of Raytheon's defense products, is estimated at USD 280.9 billion in 2025.
• Intelligence Systems, Space Technologies: The global space technology market stood at USD 290.45 billion in 2025 and is on course to reach USD 392.73 billion by 2030. The global space intelligence services market was valued at USD 8.6 billion in 2024 and is projected to reach USD 28.7 billion by 2033.

Here are 3-5 expected drivers of future revenue growth for RTX over the next 2-3 years:

1. Robust Defense Backlog and Increased Global Defense Spending: RTX is benefiting from a record backlog, with strong global demand for integrated air and missile defense capabilities and advanced technology programs. Geopolitical tensions are driving increased government defense spending, providing a consistent and growing revenue stream for RTX's Raytheon segment. For instance, Raytheon booked a record $16.6 billion in awards in Q3 2024, with 45% for international customers, driven by demand for products like Patriot and SM-3.
2. Strong Commercial Aerospace Aftermarket Growth: The rebound in global air travel is fueling significant growth in commercial aftermarket sales across Collins Aerospace and Pratt & Whitney segments. Collins Aerospace saw a 9% increase in commercial aftermarket sales in Q3 2024, while Pratt & Whitney's commercial aftermarket sales surged by 19%. RTX expects commercial aftermarket sales to grow in the low teens.
3. New Product Development and Technological Advancements: Continuous innovation and the launch of new products and upgraded systems are expected to drive future revenue. Examples include increased production of the 360-degree sensor suite for the F-35 (EO DAS) and development contracts for the F-135 engine core upgrade. The company is also investing in advanced manufacturing technologies and automation to expand capacity and improve throughput.
4. Resolution of Pratt & Whitney GTF Engine Issues: Addressing the "powder metal matter" at Pratt & Whitney, which previously impacted sales and net income, is crucial for unlocking future growth in this segment. RTX has reached support agreements with a significant portion of affected customers and is implementing core practices to optimize inspection and assembly, which is expected to return the Pratt & Whitney business to profitability and robust growth.

Share Repurchases

• RTX authorized a $5 billion share repurchase program in December 2020, which was subsequently replaced by a $6 billion authorization in December 2021, and another $6 billion authorization in December 2022.
• In October 2023, the company announced a $10 billion accelerated share repurchase program.
• From 2020 through the third quarter of 2022, RTX repurchased $6.8 billion of shares, and returned $3.7 billion of capital to shareholders in full year 2024.

Share Issuance

• Raytheon Technologies (now RTX) was formed in April 2020 through a merger.
• Since the merger, the diluted share count has decreased by 12% as of early 2024, attributed to share buybacks.
• Shares outstanding declined from 1.486 billion in 2022 to 1.344 billion in 2024, though they saw a slight 0.91% increase year-over-year to 1.358 billion for the quarter ending September 30, 2025.

Outbound Investments

• In November 2020, RTX acquired Blue Canyon Technologies for $432 million.
• During 2021, investments in businesses totaled $1.1 billion, primarily for the acquisitions of FlightAware and SEAKR Engineering Inc.
• In July 2022, RTX acquired NORSS, a provider of space services.

Capital Expenditures

• Capital expenditures were $2.1 billion in 2021, $2.3 billion in 2022, and $2.4 billion in 2023.
• For 2024, capital expenditures were approximately $2.7 billion, and are expected to be around $2.622 billion in 2025.
• The primary focus of these expenditures includes investments in production facilities for Pratt & Whitney and Raytheon, operational capacity in strategic global locations for Collins Aerospace, and over $500 million towards critical defense programs such as expanding the Redstone Raytheon Missile Integration Facility.