RTX
RTX NYSE Aerospace & Defense Financials FY2016–FY2025
RTX's revenue rose 9.7% to $88.6 billion in fiscal 2025. Its operating margin was 10.5%, up from 8.1% a year earlier. Free cash flow was $7.9 billion, up 75.1%. It paid out $3.6 billion in dividends and buybacks, 46% of free cash flow. The diluted share count rose 0.9%.
What RTX does
RTX is an aerospace and defense company that sells systems and services to commercial, military and government customers worldwide. It has three main segments. Collins Aerospace makes aircraft systems such as power systems, flight controls, landing gear, avionics and complete cabin interiors, and provides spare parts, repairs and other aftermarket services. Pratt & Whitney designs, makes and services aircraft engines, including the GTF engine family that powers the Airbus A320neo family and the F135 engine for the F-35 fighter jet. Raytheon makes missiles, air and missile defense systems, radars and sensors, including the Patriot system and Tomahawk and AMRAAM missiles.
The U.S. government is RTX's largest customer, representing a substantial majority of its defense sales, and all three segments also have substantial international sales. Boeing and Airbus are Collins' largest commercial customers, with combined sales of 16% of Collins segment sales in 2025, before discounts and incentives. Airbus accounted for 29% of Pratt & Whitney segment sales in 2025, also before discounts and incentives. Total backlog, meaning firm orders not yet filled, was $268 billion at the end of 2025. RTX says all of its businesses face significant competition from U.S. and foreign companies.
As of December 31, 2025, RTX had approximately 180,000 employees in 52 countries, including approximately 54,000 engineering professionals, with 69% of its employees in the U.S. It makes and services its products in approximately 225 facilities in approximately 25 countries.
- Legal name
- RTX CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 6, 2026
- Accession · CIK
- 0000101829-26-000006
0000101829
Revenue and margins
RTX had $88.6B of revenue in fiscal 2025, up 9.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −2.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $7.9B in fiscal 2025, 9.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
RTX returned $3.6B to shareholders in fiscal 2025, 46% of free cash flow. The diluted share count rose 1.0%.
Value RTX yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$29.7B and divides by 1,356.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 31.0x · peers 27.8x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably RTX can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.8B | $7.0B | $7.3B | $6.4B | $8.2B |
| Debt incl. finance leases | $31.5B | $31.9B | $43.8B | $41.3B | $37.9B |
| Net debt / EBITDA | 2.3x | 2.6x | 4.7x | 3.2x | 2.2x |
| Debt / equity | 0.4x | 0.4x | 0.7x | 0.7x | 0.6x |
| Interest coverage | 3.9x | 4.3x | 2.4x | 3.5x | 5.0x |
| Current ratio | 1.2x | 1.1x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.9x | 0.8x | 0.8x | 0.7x | 0.8x |
| Total assets | $161.4B | $158.9B | $161.9B | $162.9B | $171.1B |
| Total liabilities | $86.7B | $84.7B | $100.4B | $100.9B | $103.9B |
| Shareholders' equity | $73.1B | $72.6B | $59.8B | $60.2B | $65.2B |
| Net debt (− = net cash) | $22.7B | $24.9B | $36.5B | $34.9B | $29.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$39.5M
9 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Ramsaran MaharajhEVP and General Counsel | Sold | 13,655 | $223.92 | $3.1M | Form 4 |
| Jul 28, 2026 | Kevin G DaSilvaSenior VP and Treasurer | Sold | 2,250 | $216.93 | $0.5M | Form 4 |
| Jul 27, 2026 | Tracy A AtkinsonDirector | Sold | 2,295 | $218.05 | $0.5M | Form 4 |
| Jul 24, 2026 | Kevin G DaSilvaSenior VP and Treasurer | Sold | 4,760 | $213.62 | $1.0M | Form 4 |
| Jul 24, 2026 | Troy D BrunkPresident, Collins Aerospace | Sold | 8,557 | $210.30 | $1.8M | Form 4 |
| Feb 23, 2026 | Dantaya M WilliamsEVP & Chief HR Officer | Sold | 12,713 | $202.83 | $2.6M | Form 4 |
| Feb 19, 2026 | Christopher T. CalioChairman, President and CEO, Director | Sold | 63,568 | $203.80 | $13.0M | Form 4 |
| Feb 19, 2026 | Neil G. Mitchill JREVP, Chief Financial Officer | Sold | 35,755 | $205.57 | $7.4M | Form 4 |
| Feb 19, 2026 | Ramsaran MaharajhEVP and General Counsel | Sold | 15,124 | $204.65 | $3.1M | Form 4 |
| Feb 13, 2026 | Kevin G DaSilvaSenior VP and Treasurer | Sold | 8,136 | $201.30 | $1.6M | Form 4 |
| Feb 12, 2026 | Shane G EddyPresident, P&w | Sold | 17,527 | $199.16 | $3.5M | Form 4 |
| Feb 10, 2026 | Amy L JohnsonSenior VP and Controller | Sold | 8,088 | $195.03 | $1.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 5 / 8 | 7 / 8 | 7 / 8 |
| Accruals ratio | −2.9% | −1.5% | −2.3% |
| Altman Z'' | 1.91 | 1.97 | 2.18 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| RTX RTX | $261.3B | 9.7% | 10.5% | 9.0% | 7.8% | 31.0x | 7 | |
| Boeing BA | $148.9B | 34.5% | 4.8% | −2.1% | 13.5% | 67.0x | 6 | Compare → |
| Lockheed Martin LMT | $139.9B | 5.6% | 10.3% | 9.2% | 27.1% | 21.5x | 5 | Compare → |
| General Dynamics GD | $95.8B | 10.1% | 10.2% | 7.5% | 14.4% | 22.6x | 8 | Compare → |
| GE Aerospace GE | $297.4B | 18.5% | — | 15.8% | 35.8% | 33.0x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $57.2B | $59.8B | $34.7B | $45.3B | $56.6B | $64.4B | $67.1B | $68.9B | $80.7B | $88.6B |
| Gross profit | $26.9B | $28.8B | — | — | — | — | — | — | — | — |
| Research and development | $2.4B | $2.4B | $1.9B | $2.5B | $2.6B | $2.7B | $2.7B | $2.8B | $2.9B | $2.8B |
| Operating income | $8.2B | $8.1B | $2.9B | $4.9B | −$1.9B | $5.1B | $5.5B | $3.6B | $6.5B | $9.3B |
| Interest expense | $1.0B | $909M | $1.0B | $1.6B | $1.4B | $1.3B | $1.3B | $1.5B | $1.9B | $1.9B |
| Pretax income | $7.1B | $7.8B | $2.5B | $4.2B | −$2.4B | $5.1B | $6.1B | $3.8B | $6.2B | $8.7B |
| Income tax | $1.7B | $2.8B | $1.1B | $421M | $575M | $964M | $790M | $456M | $1.2B | $1.7B |
| Net income | $5.1B | $4.6B | $5.3B | $5.5B | −$3.5B | $3.9B | $5.2B | $3.2B | $4.8B | $6.7B |
| Diluted EPS | $6.12 | $5.70 | $6.50 | $6.41 | −$2.59 | $2.56 | $3.50 | $2.23 | $3.55 | $4.96 |
| Diluted shares | 0.83B | 0.80B | 0.81B | 0.86B | 1.36B | 1.51B | 1.49B | 1.44B | 1.34B | 1.36B |
| Cash flow | ||||||||||
| Cash from operations | $6.4B | $5.6B | $2.7B | $5.8B | $4.3B | $7.1B | $7.2B | $7.9B | $7.2B | $10.6B |
| Capital expenditure | $1.7B | $2.0B | $1.5B | $1.9B | $1.8B | $2.1B | $2.3B | $2.4B | $2.6B | $2.6B |
| Free cash flow | $4.7B | $3.6B | $1.2B | $4.0B | $2.5B | $5.0B | $4.9B | $5.5B | $4.5B | $7.9B |
| Depreciation and amortization | $2.0B | $2.1B | $1.9B | $2.7B | $4.2B | $4.6B | $4.1B | $4.2B | $4.4B | $4.4B |
| Stock-based compensation | $152M | $192M | $169M | $268M | $330M | $442M | $420M | $425M | $437M | $519M |
| Acquisitions | $710M | $231M | $15.0B | $9.0M | $419M | $1.1B | $66.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $2.3B | $1.5B | $325M | $151M | $47.0M | $2.3B | $2.8B | $12.9B | $444M | $50.0M |
| Dividends paid | $2.1B | $2.1B | $2.2B | $2.4B | $2.7B | $3.0B | $3.1B | $3.2B | $3.2B | $3.6B |
| Dividends and buybacks | $4.3B | $3.5B | $2.5B | $2.6B | $2.8B | $5.3B | $5.9B | $16.1B | $3.7B | $3.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $7.2B | $9.0B | $3.7B | $4.9B | $9.7B | $8.8B | $7.0B | $7.3B | $6.4B | $8.2B |
| Total debt | $23.9B | $27.5B | $45.5B | $43.3B | $31.8B | $31.5B | $31.9B | $43.8B | $41.3B | $37.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $84.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $28.6B | $32.9B | $35.5B | $61.6B | $43.4B | $42.1B | $42.4B | $48.4B | $51.1B | $60.3B |
| Current liabilities | $21.9B | $24.4B | $31.4B | $46.6B | $35.8B | $35.4B | $39.1B | $46.8B | $51.5B | $58.8B |
| Inventory | $8.7B | $9.9B | $10.1B | $9.0B | $9.4B | $9.2B | $10.6B | $11.8B | $12.8B | $13.4B |
| Property and equipment, net | $9.2B | $10.2B | $12.3B | $10.3B | $15.0B | $15.0B | $15.2B | $15.7B | $16.1B | $16.9B |
| Total assets | $89.7B | $96.9B | $134.2B | $139.6B | $162.2B | $161.4B | $158.9B | $161.9B | $162.9B | $171.1B |
| Total liabilities | $60.2B | $65.4B | $93.5B | $95.3B | $88.3B | $86.7B | $84.7B | $100.4B | $100.9B | $103.9B |
| Shareholders' equity | $27.6B | $29.6B | $38.4B | $41.8B | $72.2B | $73.1B | $72.6B | $59.8B | $60.2B | $65.2B |
| Margins | ||||||||||
| Gross margin | 47.0% | 48.2% | — | — | — | — | — | — | — | — |
| Operating margin | 14.4% | 13.6% | 8.3% | 10.8% | −3.3% | 8.0% | 8.2% | 5.2% | 8.1% | 10.5% |
| EBITDA margin | 17.8% | 17.2% | 13.8% | 16.8% | 4.0% | 15.1% | 14.3% | 11.3% | 13.5% | 15.4% |
| Net margin | 8.8% | 7.6% | 15.2% | 12.2% | −6.2% | 6.0% | 7.8% | 4.6% | 5.9% | 7.6% |
| FCF margin | 8.2% | 6.0% | 3.5% | 8.7% | 4.5% | 7.8% | 7.3% | 7.9% | 5.6% | 9.0% |
| Returns | ||||||||||
| Return on capital | 14.2% | 10.8% | 2.4% | 5.4% | −1.7% | 4.3% | 4.9% | 3.2% | 5.4% | 7.8% |
| Return on capital employed | 12.4% | 11.6% | 3.3% | 5.0% | −1.7% | 4.1% | 4.5% | 3.0% | 5.8% | 8.3% |
| Return on equity | 18.4% | 15.9% | 15.5% | 13.8% | −6.2% | 5.3% | 7.1% | 4.8% | 8.0% | 10.7% |
| Return on assets | 5.7% | 4.9% | 4.6% | 4.0% | −2.3% | 2.4% | 3.3% | 2.0% | 2.9% | 4.0% |
| Growth | ||||||||||
| Revenue growth | 2.0% | 4.5% | −42.0% | 30.7% | 24.8% | 13.8% | 4.2% | 2.8% | 17.2% | 9.7% |
| Net income growth | −33.6% | −10.0% | 15.8% | 5.1% | −163.6% | — | 34.5% | −38.5% | 49.4% | 41.0% |
| EPS growth | −28.9% | −6.9% | 14.0% | −1.4% | −140.4% | — | 36.7% | −36.3% | 59.2% | 39.7% |
| FCF growth | −7.6% | −23.3% | −66.7% | 228.6% | −35.8% | 97.2% | −2.6% | 12.1% | −17.1% | 75.1% |
| Share count change | −6.5% | −3.3% | 1.4% | 6.6% | 57.2% | 11.1% | −1.5% | −3.4% | −6.4% | 1.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.6x | 1.8x | 8.8x | 5.0x | 9.8x | 2.3x | 2.6x | 4.7x | 3.2x | 2.2x |
| Debt / equity | 0.9x | 0.9x | 1.2x | 1.0x | 0.4x | 0.4x | 0.4x | 0.7x | 0.7x | 0.6x |
| Interest coverage | 7.9x | 9.0x | 2.8x | 3.1x | −1.4x | 3.9x | 4.3x | 2.4x | 3.5x | 5.0x |
| Current ratio | 1.3x | 1.4x | 1.1x | 1.3x | 1.2x | 1.2x | 1.1x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.9x | 0.9x | 0.8x | 1.1x | 1.0x | 0.9x | 0.8x | 0.8x | 0.7x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.0% | 3.4% | 4.2% | 4.1% | 3.2% | 3.3% | 3.4% | 3.5% | 3.3% | 3.0% |
| Stock comp / revenue | 0.3% | 0.3% | 0.5% | 0.6% | 0.6% | 0.7% | 0.6% | 0.6% | 0.5% | 0.6% |
| Payouts / FCF | 91.7% | 97.5% | 207.4% | 65.6% | 109.5% | 105.5% | 121.5% | 294.6% | 80.8% | 45.6% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 7.0 | 3.0 | 5.0 | 4.0 | 5.0 | 6.0 | 5.0 | 7.0 | 7.0 |
| Altman Z'' | 3.5 | 3.5 | 2.2 | 2.9 | 2.1 | 2.4 | 2.4 | 1.9 | 2.0 | 2.2 |
| Accruals ratio | −1.5% | −1.2% | 2.3% | −0.2% | −5.2% | −2.0% | −1.2% | −2.9% | −1.5% | −2.3% |
Source: SEC EDGAR XBRL filings (CIK 0000101829). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.