What is RTX?
The world's largest aerospace and defense company — building the systems that protect and connect the world.
- Category
- Aerospace & Defense
- Headquarters
- Arlington, Virginia, USA
- Founded
- 2020 (merger); legacy roots to 1922
- Employees
- ~185,000 globally
- Status
- Publicly traded — NYSE: RTX
- Market Cap (Jun 2026)
- ~$250 billion
What is RTX?
RTX Corporation (NYSE: RTX) is the world's largest aerospace and defense company, formed in April 2020 by the merger of Raytheon Company and United Technologies Corporation, and officially rebranded RTX in June 2023. With $88.6 billion in fiscal year 2025 revenue, a $271 billion order backlog as of Q1 2026, and roughly 185,000 employees, RTX serves governments, militaries, and commercial airlines across more than 180 countries. Its three segments — Collins Aerospace, Pratt & Whitney, and Raytheon — collectively span the full aerospace and defense value chain from jet engines and avionics to missiles, sensors, and integrated air defense systems.
RTX operates through three business segments that together generated $88.6 billion in 2025 revenue: Collins Aerospace ($30.2 billion; avionics, aircraft systems, and MRO services), Pratt & Whitney ($32.9 billion; commercial and military jet engines), and Raytheon ($28.0 billion; missiles, sensors, cyber, and integrated air and missile defense). Pratt & Whitney was the fastest-growing segment in 2025, benefiting from an approximately 18% surge in commercial OEM engine deliveries plus growing aftermarket shop visits as the post-COVID airline recovery accelerated narrow-body production. Collins Aerospace commercial aftermarket, which typically runs 25–35% segment margins vs. 10–15% for OEM hardware, underpins the company's overall profitability.
The company's $271 billion backlog as of Q1 2026 — composed of $162 billion in commercial programs and $109 billion in defense — provides multi-year revenue visibility that is unusual even among large industrials. The August 2025 award of a $50 billion Patriot missile defense sustainment contract through 2045 is a singular anchor in that backlog, locking in defense cash flows two decades forward. In Q1 2026, RTX posted $22.1 billion in quarterly revenue (up 8.7% year-over-year) and raised full-year 2026 sales guidance to $92.5–$93.5 billion — the strongest forward guidance in the company's history.
RTX's legacy traces to Raytheon Company, founded on July 7, 1922, in Cambridge, Massachusetts by Laurence K. Marshall, Dr. Vannevar Bush, and Dr. Charles G. Smith, and to United Technologies Corporation, which traces its roots to 1934. The April 2020 merger was one of the largest aerospace transactions ever completed, creating an entity with approximately $74 billion in combined 2019 pro-forma revenues at close. With more than 60,000 engineers and scientists on staff, RTX sustains a deep R&D moat in hypersonics, directed energy, quantum sensing, and next-generation engine architectures.
What does RTX offer?
RTX's product portfolio spans commercial aviation systems, military missiles and sensors, jet engines, cyber and electronic warfare, and aftermarket MRO services — organized across three business units serving airlines, militaries, and government agencies in more than 180 countries.
- GTF Commercial Jet Engines· Pratt & Whitney
- F135 Military Engines· Pratt & Whitney
- Auxiliary Power Units (APUs)· Pratt & Whitney
- MRO & Engine Shop Visits· Pratt & Whitney
- Avionics & Flight Controls· Collins Aerospace
- Aircraft Actuation & Landing Gear· Collins Aerospace
- Cabin Interior & IFE Systems· Collins Aerospace
- Mission Systems & ISR Sensors· Collins Aerospace
- Patriot Air & Missile Defense Systems· Raytheon
- NASAMS Ground-Based Air Defense· Raytheon
- AMRAAM Air-to-Air Missiles· Raytheon
- Stinger MANPADS· Raytheon
- Javelin Anti-Tank Missiles (JV with Lockheed)· Raytheon
- Electronic Warfare & Jamming Systems· Raytheon
- Cyber & Software-Defined Systems· Raytheon
- Space & Satellite Mission Systems· Raytheon
- Hypersonics R&D· Advanced Technology
- Directed Energy Weapons· Advanced Technology
- Quantum Sensing· Advanced Technology
How does RTX make money?
RTX generates revenue through three interlocking streams: long-cycle government defense contracts, commercial aerospace OEM hardware sales, and high-margin recurring aftermarket and MRO services. This model combines upfront platform wins with decades of profitable sustainment revenue, producing operating cash flow of $10.6 billion and free cash flow of $7.9 billion in fiscal year 2025.
On the defense side, RTX is primarily a cost-plus and fixed-price government prime contractor. Raytheon's $28.0 billion in 2025 segment revenue came overwhelmingly from the U.S. Department of Defense and Foreign Military Sales (FMS) customers — contracts awarded under FAR/DFARS regulations that lock in multi-year production and sustainment at negotiated rates. The August 2025 award of a $50 billion indefinite-delivery/indefinite-quantity umbrella contract to sustain the Patriot missile defense system through July 2045 exemplifies RTX's locked-in government revenue: 20-year performance periods, negotiated pricing across C-type subsumable contract vehicles, with the Defense Logistics Agency and U.S. Army as the contracting activity. Defense backlog stood at $109 billion as of Q1 2026, with Patriot deployed across 18+ nations and AMRAAM operated by 40+ air forces. Defense contracts do not carry public per-unit list prices but are awarded competitively or on a sole-source basis.
On the commercial side, Pratt & Whitney's GTF engine family powers more than 2,700 aircraft at 90+ airline customers worldwide. The segment's $32.9 billion in 2025 revenue was driven by an approximately 18% surge in commercial OEM engine deliveries and by growing aftermarket shop visits — the highly profitable recurring event that generates MRO revenue over the 20–30 year life of each engine. Collins Aerospace's $30.2 billion in 2025 revenue came from avionics and systems OEM sales to Airbus, Boeing, and bizjet OEMs, plus aftermarket MRO under multi-year Fleet Hour Agreements (FHAs). Collins commercial aftermarket typically runs 25–35% segment margins, well above OEM margins of 10–15%, creating a structural margin expansion engine as installed fleets age into their first major MRO cycles.
RTX's net income in fiscal year 2025 was $6.73 billion on $88.6 billion in revenue (approximately 7.6% net margin), up 41% year-over-year. Free cash flow for 2025 was $7.9 billion, up $3.4 billion versus 2024, reflecting the resolution of early powder-metal inspection charges at Pratt & Whitney. For 2026, RTX guides free cash flow to $8.25–$8.75 billion and total adjusted sales to $92.5–$93.5 billion, implying continued revenue growth of roughly 5–6% organically as both defense demand and commercial aviation aftermarket remain at cycle highs.
Who leads RTX?
RTX is led by Chairman and CEO Christopher T. Calio, who took the helm as CEO in May 2024 and assumed the chairmanship in April 2025. He is supported by segment presidents Brunk (Collins Aerospace), Eddy (Pratt & Whitney), and Jasper (Raytheon), each of whom runs a largely autonomous business with its own supply chain and capital budget.
- Christopher T. CalioChairman & Chief Executive OfficerCEO since May 2024; Chairman since April 2025Joined UTC in 2005 as assistant counsel; rose through Collins Aerospace, Pratt & Whitney president, and RTX COO before becoming CEO, succeeding Gregory J. Hayes.
- Neil G. Mitchill, Jr.Executive Vice President & Chief Financial OfficerCFO since 2022Career RTX/UTC finance executive overseeing capital allocation, investor relations, and global accounting across all three segments.
- Juan M. de BedoutChief Technology OfficerCTO since January 1, 2024PhD mechanical engineer (Purdue); 18 years at GE; oversees RTX Technology Research Center and BBN Technologies, driving hypersonics, quantum sensing, and directed energy roadmaps.
- Vincent M. CampisiSVP, Enterprise Services & Chief Digital OfficerCDO since 2016 (UTC/RTX)Former COO/CIO at GE Digital; leads RTX's digital transformation including SAP S/4HANA, AWS cloud infrastructure, and enterprise cybersecurity.
- Troy BrunkPresident, Collins AerospacePresident since July 202430-year aerospace veteran; led Avionics, Interiors, and Mission Systems SBUs at Collins before becoming segment president.
- Shane G. EddyPresident, Pratt & WhitneyPresident since 2022Directs design, manufacture, and global service of the GTF commercial and F135/F100 military engine families.
- Phil JasperPresident, RaytheonPresident since January 202431-year aerospace and defense veteran; previously president of Collins Aerospace Mission Systems SBU; succeeded Wesley D. Kremer who retired Q1 2024.
How do you contact RTX's leadership?
RTX's verified corporate email domain is @rtx.com. The dominant format is firstname.lastname@rtx.com (confirmed as the primary pattern per RocketReach). Published functional emails exist for Investor Relations (investors@rtx.com) and Corporate PR (corporatepr@rtx.com). Executive personal emails listed below follow the verified company format but are not individually confirmed — treat them as directional outreach addresses for initial cold contact.
firstname.lastname@rtx.comHow much funding has RTX raised?
RTX Corporation is a publicly traded company (NYSE: RTX) with a market capitalization of approximately $250 billion and an enterprise value of approximately $282 billion as of June 2026. It does not raise private funding; capital formation is through NYSE equity markets, investment-grade corporate debt, and $88.6 billion in annual revenues.
RTX emerged from the April 2020 all-stock merger-of-equals between Raytheon Company (founded 1922) and United Technologies Corporation (founded 1934). The combined entity listed on the NYSE under the ticker RTX on April 3, 2020, with a combined enterprise value at close of approximately $121 billion. The most significant prior capital-allocation event in the modern RTX lineage was United Technologies' acquisition of Rockwell Collins, announced in September 2017 and completed November 26, 2018, at a total consideration of approximately $30 billion (cash and UTC stock) — creating the Collins Aerospace segment and bringing 70,000 additional employees across 300 sites. RTX carries approximately $38.9 billion in gross debt and $6.8 billion in cash as of mid-2026, yielding net debt of roughly $32 billion — a legacy of that Rockwell Collins transaction.
Since its 2020 NYSE listing, RTX has returned capital through growing dividends and share buybacks rather than dilutive equity raises. The company's enterprise value has roughly doubled from approximately $121 billion at the 2020 merger to approximately $282 billion by June 2026. Three structural drivers explain this re-rating: NATO and global defense budgets stepped up materially after Russia's 2022 invasion of Ukraine, creating unprecedented demand for Patriot, AMRAAM, and Stinger; the post-COVID commercial aviation recovery drove Pratt & Whitney aftermarket shop visits and Collins MRO revenue to record levels; and RTX's 2023 segment consolidation improved margin transparency and analyst confidence.
As of Q1 2026, RTX's $271 billion backlog — including $109 billion in defense and $162 billion in commercial — provides a level of revenue visibility rare in industrial equities. The August 2025 $50 billion Patriot sustainment contract locks in defense revenue through 2045, giving analysts an extraordinary long-range cash flow anchor. RTX generated $10.6 billion in operating cash flow in 2025 and $7.9 billion in free cash flow, and targets free cash flow of $8.25–$8.75 billion in 2026.
How did RTX get here?
RTX's lineage traces to 1922 (Raytheon's founding in Cambridge, MA) and 1934 (UTC's founding). Its modern chapter opened in April 2020 with the merger, and accelerated through a 2022 HQ relocation, a 2023 rebrand and segment consolidation, a 2024 CEO transition, and a record-backlog era through 2026.
- July 7, 1922Raytheon Founded in Cambridge, MassachusettsLaurence K. Marshall, Dr. Vannevar Bush, and Dr. Charles G. Smith found the American Appliance Company near MIT; their breakthrough rectifier tube transforms the home radio and prompts a rename to Raytheon — Old French and Greek for 'light from the gods.'
- September 2017 / November 2018UTC Acquires Rockwell Collins for ~$30 BillionUnited Technologies announces in September 2017 and completes in November 2018 the acquisition of Rockwell Collins at approximately $30 billion total consideration (cash and UTC stock), merging UTC Aerospace Systems and Rockwell Collins to create Collins Aerospace — the largest aerospace deal in history at the time.
- April 3, 2020Raytheon + UTC Merger Closes; NYSE: RTXThe all-stock merger of Raytheon Company and United Technologies creates Raytheon Technologies Corporation, the world's largest aerospace and defense company. The combined entity lists on the NYSE as RTX with a pro-forma enterprise value of approximately $121 billion and approximately 195,000 employees across Collins Aerospace, Pratt & Whitney, and two Raytheon segments.
- June 2022Headquarters Relocates to Arlington, VirginiaRaytheon Technologies moves its global corporate headquarters from Waltham, Massachusetts to 1000 Wilson Blvd., Arlington, VA, cementing proximity to the Pentagon (approximately 1.5 miles) and the Washington defense-contracting ecosystem.
- June 20, 2023Rebrand to RTX; Four Segments Consolidated to ThreeAt the Paris Air Show, Raytheon Technologies officially rebrands as RTX Corporation and consolidates Raytheon Intelligence & Space and Raytheon Missiles & Defense into a single Raytheon segment, improving margin transparency and simplifying the organizational structure.
- May 2, 2024Christopher Calio Becomes CEO; Phil Jasper Named Raytheon PresidentChristopher T. Calio succeeds Gregory J. Hayes as President & CEO; Hayes transitions to Executive Chairman before fully departing January 2, 2026. Phil Jasper is named President of Raytheon (January 2024), completing the transition to the current segment-leadership team.
- August 2025$50B Patriot Sustainment Contract AwardedThe U.S. Defense Logistics Agency awards RTX a $50 billion indefinite-delivery/indefinite-quantity umbrella contract to sustain the Patriot missile defense system through July 31, 2045 — the largest single defense contract in RTX's history and a 20-year backlog anchor.
- Q1 2026Record $271B Backlog; Full-Year Guidance Raised to $92.5–$93.5BRTX posts $22.1 billion in Q1 2026 revenue (+8.7% YoY), beats adjusted EPS estimates by 17% ($1.78 actual vs. $1.52 consensus), and raises full-year 2026 adjusted sales guidance to $92.5–$93.5 billion with free cash flow guidance of $8.25–$8.75 billion.
Who are RTX's competitors?
RTX competes across three distinct arenas: commercial jet engines (vs. GE Aerospace / CFM International), defense systems (vs. Lockheed Martin, Northrop Grumman, General Dynamics), and avionics and aircraft systems (vs. Honeywell Aerospace, L3Harris Technologies, BAE Systems).
- Lockheed MartinWorld's largest pure-play defense contractor (approximately $75B 2025 revenue); overlaps with RTX in integrated air and missile defense and advanced sensors — but lacks RTX's commercial jet engine segment, creating a different risk profile for investors.
- Northrop GrummanFocuses on space systems, strategic deterrence (B-21 bomber), and autonomous systems (approximately $42B 2025 revenue); competes with Raytheon on defense electronics, C2 systems, and electronic warfare payloads.
- GE AerospaceRTX's most direct commercial-engine rival — the LEAP engine (via CFM International JV with Safran) competes head-to-head with Pratt & Whitney's GTF for Airbus A320neo and Boeing 737 MAX narrow-body production slots.
- BoeingBoeing Defense competes with Collins Aerospace and Raytheon on military platforms and satellites; Boeing is simultaneously a key OEM customer of Collins Aerospace, creating a complex partner-competitor dynamic across the same contracts.
- General DynamicsCompetes in combat vehicle electronics, C4ISR, and defense electronics (approximately $52.5B 2025 revenue); less overlap in jet engines and commercial aerospace than other top-5 defense primes.
- L3Harris TechnologiesMission systems, tactical radios, and space payloads rival RTX's Collins and Raytheon segments in ISR and electronic warfare; focused entirely on government customers with no commercial aviation OEM exposure.
RTX — frequently asked questions
