Slides
Page 1
Earnings conference call 4th quarter 2025 © 2026 RTX Corporation. All rights reserved. January 27, 2026
Page 2
2 Forward looking statements Note: This investor webcast presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide RTX Corporation ("RTX") management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid and are not statements of historical fact. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "goals," "objectives," "confident," "on track," "designed to, " "commit," "commitment" and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax payments and rates, research and development spending, cost savings, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, the Pratt powder metal matter and related matters and activities, including without limitation other engine models that may be impacted, targets and commitments (including for share repurchases or otherwise), and other statements which are not solely historical facts. All forward-looking statements involve risks, uncertainties, changes in circumstances and other factors that are hard to predict, and each of which may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, as amended. Such risks, uncertainties and other factors include, without limitation: (1) changes in economic, capital market, and political conditions in the U.S. and globally; (2) changes in U.S. government defense spending, national priorities, and policy positions; (3) our performance on our contracts and programs, including our ability to control costs, and our dependence on U.S. government approvals for certain international contracts; (4) challenges in the development, certification, production, delivery, support, and performance of RTX's advanced technologies and new products and services and the realization of anticipated benefits; (5) challenges of operating in RTX's highly-competitive industries both domestically and abroad; (6) our reliance on U.S. and non- U.S. suppliers and commodity markets, including cost increases and disruptions in the delivery of materials and services to RTX or our suppliers; (7) changes in trade policies, implementation of sanctions, imposition of tariffs (and counter-tariffs), and other trade measures and restrictions, foreign currency fluctuations, and sales methods; (8) the economic condition of the aerospace industry; (9) the ability of RTX to attract, train, qualify, and retain qualified personnel and maintain its culture and high ethical standards, and the ability of our personnel to continue to operate our facilities and businesses around the world; (10) the scope, nature, timing, and challenges of managing and completing acquisitions, investments, divestitures, and other transactions; (11) compliance with legal, environmental, regulatory, and other requirements in the U.S. and other countries in which RTX and its businesses operate; (12) pending, threatened, and future legal proceedings, investigations, audits, and other contingencies; (13) the previously-disclosed deferred prosecution agreements entered into between the Company and the Department of Justice (DOJ), the Securities and Exchange Commission (SEC) administrative order imposed on the Company, and the related investigations by the SEC and DOJ, and the consent agreement between the Company and the Department of State; (14) RTX's ability to engage in desirable capital-raising or strategic transactions; (15) repurchases by RTX of its common stock, or declarations of cash dividends, which may be discontinued, accelerated, suspended, or delayed at any time due to various factors; (16) realizing expected benefits from, incurring costs for, and successfully managing strategic initiatives such as cost reduction, restructuring, digital transformation, and other operational initiatives; (17) additional tax exposures due to new tax legislation or other developments in the U.S. and other countries in which RTX and its businesses operate; (18) the identified rare condition in powder metal used to manufacture certain Pratt & Whitney engine parts requiring accelerated removals and inspections of a significant portion of the PW1100G-JM Geared Turbofan (GTF) fleet; (19) changes in production volumes of one or more of our significant customers as a result of business, labor, or other challenges, and the resulting effect on its or their demand for our products and services; (20) an RTX product safety failure, quality issue, or other failure affecting RTX's or its customers' or suppliers' products or systems; (21) cybersecurity, including cyber-attacks on RTX's information technology infrastructure, products, suppliers, customers and partners, and cybersecurity-related regulations; (22) insufficient indemnity or insurance coverage; (23) our intellectual property and certain third-party intellectual property; (24) threats to RTX facilities and personnel, or those of its suppliers or customers, as well as public health crises, damaging weather, acts of nature, or other similar events outside of RTX's control that may affect RTX or its suppliers or customers; (25) changes in accounting estimates for our programs on our financial results; (26) changes in pension and other postretirement plan estimates and assumptions and contributions; (27) an impairment of goodwill and other intangible assets; and (28) climate change and climate-related regulations, and any related customer and market demands, products and technologies. For additional information on identifying factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, see the reports of RTX filed with or furnished to the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and RTX assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Page 3
$268B 3 Strong 2025 positions RTX well for 2026 *See Appendix for additional information regarding these non-GAAP financial measures Adjusted sales:* $92.0B - $93.0B Organic sales growth:* 5% - 6% Adjusted EPS:* $6.60 - $6.80 Free cash flow:* $8.25B - $8.75B 2026 Outlook RTX backlog ▲23% growth ▲$138B of new awards received in 2025, with a full year book-to-bill of 1.56 2025 adjusted sales* ▲11% organic* growth $88.6B 2025 free cash flow* ▲$3.4B growth* $7.9B 2025 adjusted EPS* ▲10% growth* ▲14% growth in segment operating profit* ▲50 bps of consolidated segment margin expansion* $6.29
Page 4
DRIVING BEST-IN-CLASS PERFORMANCE THROUGH: 4 ► Executing on our commitments ► Innovating for future growth ► Leveraging our breadth and scale ► Increased munitions output by 20% across a number of critical programs at Raytheon in 2025, including GEM-T, AMRAAM and Coyote ► Digitally connected factories that represent over 50% of annual manufacturing hours ► Increased PW1100 MRO output by 26% in 2025 ► Invested over $10B in capex and company and customer-funded R&D in 2025 ► Received the European Union’s certification of the GTF Advantage engine in 4Q Performance highlights
Page 5
$4.2B ($1.0B) $3.2B • 14% organic sales growth* ▲18% commercial OE** ▲17% commercial aftermarket** ▲10% defense** • 9% adjusted segment operating profit growth* • $3.2B free cash flow* 4Q 2025 results GAAP EPS EXCLUDES: Acq. Accounting Adj. ($0.30) ($0.31) Restructuring and Other ($0.14) ($0.05) CASH FLOW ADJUSTED EPS* ADJUSTED SALES* 12% Adjusted growth* 14% Organic growth* ▲8% GAAP ▲1% Adjusted* Operating Cash Flow CapEx Free Cash Flow* KEY TAKEAWAYS $21.6B $24.2B REPORTED SALES $21.6B $24.2B 2024 2025 $1.10 $1.19 2024 2025 $1.54 $1.55 2024 2025 *See Appendix for additional information regarding these non-GAAP financial measures **Excluding Acquisitions, Divestitures, and FX/Other 5
Page 6
▲3% Adjusted sales* • Commercial OE up 9%** • Commercial aftermarket up 13%** • Defense up 2%** ▲1% Adjusted operating profit* • Higher commercial aftermarket volume • Higher commercial OE volume • Impact of completed divestitures • Impact of higher tariffs ADJUSTED SALES* ADJUSTED OPERATING PROFIT* ADJUSTED ROS* *See Appendix for additional information regarding these non-GAAP financial measures **Excluding Acquisitions, Divestitures, and FX/Other Collins Aerospace 4Q 2025 results HIGHLIGHTS $7,537 $7,736 $1,106 $1,402 14.7% 18.1% REPORTED REPORTED REPORTED ($ millions) ▲8% Organic sales* $7,537 $7,736 2024 2025 $1,207 $1,223 2024 2025 Collins was awarded a $438 million contract by the Federal Aviation Administration to support the Radar System Replacement program, a key part of the Department of Transportation’s efforts to modernize the U.S. Air Traffic Control System. 6 16.0% 15.8% 2024 2025
Page 7
▲25% Adjusted sales* • Commercial OE up 28% • Commercial aftermarket up 21% • Military up 30% ▲8% Adjusted operating profit* • Higher military and commercial aftermarket volume • Favorable military and commercial OE mix • Impact of commercial aftermarket mix • Impact of higher tariffs • Higher SG&A expense • Absence of a prior year insurance recovery ADJUSTED SALES* ADJUSTED OPERATING PROFIT* ADJUSTED ROS* *See Appendix for additional information regarding these non-GAAP financial measures Pratt & Whitney 4Q 2025 results HIGHLIGHTS ▲25% Organic sales* $7,569 $9,496 $504 $773 6.7% 8.1% REPORTED REPORTED REPORTED $7,569 $9,496 2024 2025 $717 $776 2024 2025 ($ millions) Pratt & Whitney has been awarded a $1.6 billion contract for F135 sustainment. The contract funds sustainment activities, including maintenance and repair, spare parts, engineering support and software sustainment for the U.S. and international customers. 7 9.5% 8.2% 2024 2025
Page 8
▲7% Adjusted sales* • Higher volume on land and air defense systems • Higher volume on naval programs • Absence of a prior year benefit related to the restart of contracts with a Middle East customer ▲22% Adjusted operating profit* • Improved net productivity • Higher volume • Favorable program mix $75B Backlog • $1.2B Tamir missile production • $1.2B Spain Patriot • $0.9B Classified awards • $0.6B NASAMS • 1.35 4Q book-to-bill • 1.43 FY book-to-bill Raytheon 4Q 2025 results HIGHLIGHTS The Raytheon-Rafael Protection Systems (R2S) joint venture was awarded a $1.2 billion contract to supply Israel with Tamir surface-to-air missiles. In November, R2S completed a new production facility in Camden, Arkansas which is the first all-up-round production facility in the U.S. manufacturing Tamir and SkyHunter missiles. ADJUSTED SALES* ADJUSTED OPERATING PROFIT* ADJUSTED ROS* $7,157 $7,657 ▲7% Organic sales* REPORTED REPORTED REPORTED *See Appendix for additional information regarding these non-GAAP financial measures $7,157 $7,657 2024 2025 $728 $885 2024 2025 10.2% 11.6% 2024 2025 ($ millions) 8 $824 $885 11.5% 11.6%
Page 9
2026 RTX outlook 2025 Operational GrowthPowder Metal Impact CapEx All Other 2026E 2025 Segments Interest Pension Share Count All Other 2026E FREE CASH FLOW* ~$0.7B total 2026 powder metal impact ADJUSTED SALES* $92.0B - $93.0B ORGANIC SALES GROWTH %* 5% - 6% ADJUSTED EPS* $6.60 - $6.80 FREE CASH FLOW* $8.25B - $8.75B 9 *See Appendix for additional information regarding these non-GAAP financial measures $6.29 ADJUSTED EPS* Up ~7% at mid-point (up 5% - 8%) ($0.5B) $0.59 $0.06 ($0.13) ($0.05) ($0.06) $6.60 - $6.80 ($0.3B) $8.25B - $8.75B Up ~$0.6B at mid-point$0.3B $1.1B $7.9B Divestitures ~($0.03)
Page 10
*See Appendix for additional information regarding these non-GAAP financial measures ADJUSTED SALES VPY%* ORGANIC SALES VPY%* ADJUSTED OPERATING PROFIT VPY* ($M) COLLINS AEROSPACE Up mid-single digits Up high-single digits $425 - $525 PRATT & WHITNEY Up mid-single digits Up mid-single digits $225 - $325 RAYTHEON Up mid to high-single digits Up mid to high-single digits $200 - $300 2026 segment outlook 10
Page 11
Strong 2025 fourth quarter and full year financial results Executing strategic priorities to drive sustainable growth Key takeaways $268B backlog driven by resilient end markets and the durable demand for RTX products 2026 outlook reflects strong demand and relentless focus on operational execution 11
Page 12
12
Page 13
Appendix 13
Page 14
1 Net significant and/or non-recurring items represent significant nonoperational items and/or significant operational items that may occur at irregular intervals. 2 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. 3 The FAS/CAS operating adjustment represents the difference between the service cost component of our pension and postretirement benefit (PRB) expense under the Financial Accounting Standards (FAS) requirements of GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment. When we provide our expectation for adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), adjusted segment operating profit (loss) and margin percentage (ROS), adjusted EPS, adjusted effective tax rate, and free cash flow, on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally are not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. RTX Corporation (“RTX” or “the Company”) reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that these non-GAAP measures provide investors with additional insight into the Company’s ongoing business performance. Other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. Certain non-GAAP financial adjustments are also described in this Appendix. To the right are our non- GAAP financial measures: NON-GAAP MEASURE DEFINITION Adjusted net sales / Adjusted sales Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinafter referred to as “net significant and/or non-recurring items”). Organic sales Organic sales represents the change in consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and net significant and/or non-recurring items. Adjusted operating profit (loss) and margin percentage (ROS) Adjusted operating profit (loss) represents operating profit (loss) (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Adjusted operating profit margin percentage represents adjusted operating profit (loss) as a percentage of adjusted net sales. Segment operating profit (loss) and margin percentage (ROS) Segment operating profit (loss) represents operating profit (loss) (a GAAP measure) excluding acquisition accounting adjustments2, the FAS/ CAS operating adjustment3, Corporate expenses and other unallocated items, and Eliminations and other. Segment operating profit margin percentage represents segment operating profit (loss) as a percentage of segment sales (net sales, excluding Eliminations and other). Adjusted segment sales Represents consolidated net sales (a GAAP measure) excluding eliminations and other and net significant and/or non-recurring items. Adjusted segment operating profit (loss) and margin percentage (ROS) Adjusted segment operating profit (loss) represents segment operating profit (loss) excluding restructuring costs, and net significant and/or non- recurring items. Adjusted segment operating profit margin percentage represents adjusted segment operating profit (loss) as a percentage of adjusted segment sales (adjusted net sales excluding Eliminations and other). Adjusted net income Adjusted net income represents net income (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Adjusted earnings per share (EPS) Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Adjusted effective tax rate Adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding the tax impact of restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Free cash flow Free cash flow represents cash flow from operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing RTX’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of RTX’s common stock, and distribution of earnings to shareowners. Use and definitions of non-GAAP financial measures 14
Page 15
*All items on an adjusted basis **See Appendix for additional information regarding these non-GAAP financial measures 15 Additional 2026 items* ADJUSTED EFFECTIVE TAX RATE** ~18.0% - 18.5% INTEREST EXPENSE ~$1,700M CORPORATE EXPENSE AND OTHER UNALLOCATED ITEMS ~$250M FAS/CAS OPERATING ADJUSTMENT ~$650M NON-SERVICE PENSION INCOME ~$1,325M CAPEX SPENDING ~$3.1B FY 2026 Outlook
Page 16
2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY MILITARY 43 37 34 66 180 51 40 63 73 227 LARGE COMMERCIAL 232 236 252 276 996 250 227 266 312 1,055 PRATT & WHITNEY CANADA1 496 474 521 587 2,078 518 521 516 571 2,126 1Excludes APUs RTX: P&W engine shipments to customers 16
Page 17
4Q 2025: RTX free cash flow reconciliation 4Q 2025 FY 2025 NET INCOME $1,713 $7,069 DEPRECIATION & AMORTIZATION 1,159 4,378 CHANGE IN WORKING CAPITAL 907 (1,274) OTHER 386 394 CASH FLOW FROM OPERATING ACTIVITIES $4,165 $10,567 CAPITAL EXPENDITURES (970) (2,627) FREE CASH FLOW $3,195 $7,940 ($ millions) 17
Page 18
4Q 2025: RTX sales reconciliation TOTAL REPORTED CHANGE ACQUISITIONS & DIVESTITURES FX/OTHER ORGANIC CHANGE 4Q 2024 ADJUSTED SALES1 ORGANIC CHANGE AS A % OF ADJUSTED SALES COLLINS AEROSPACE $199 ($428) $27 $600 $7,537 8% PRATT & WHITNEY 1,927 — 38 1,889 7,569 25% RAYTHEON 500 — 5 495 7,157 7% ELIMS & OTHER (11) 26 (25) (12) (640) 2% TOTAL $2,615 ($402) $45 $2,972 $21,623 14% 1 For the full non-GAAP reconciliation of our sales refer to slide 20 ($ millions) 18
Page 19
RTX: restructuring costs ($ MILLIONS) 2025 2024 RESTRUCTURING IMPACT TO: Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 OPERATING PROFIT (LOSS) COLLINS AEROSPACE ($113) ($39) ($17) ($35) ($204) ($6) ($12) ($12) ($17) ($47) PRATT & WHITNEY (10) (8) — (3) (21) (18) (15) (13) (56) (102) RAYTHEON — (4) — — (4) (9) (7) (14) (6) (36) TOTAL SEGMENT OPERATING PROFIT (LOSS) (123) (51) (17) (38) (229) (33) (34) (39) (79) (185) CORPORATE EXPENSES AND OTHER UNALLOCATED ITEMS (9) — (2) (6) (17) (1) (2) (6) — (9) ELIMINATIONS AND OTHER — — — — — — — — — — TOTAL CONSOLIDATED OPERATING PROFIT (LOSS) (132) (51) (19) (44) (246) (34) (36) (45) (79) (194) NON-SERVICE PENSION INCOME — — — — — (2) (3) (4) — (9) INCOME BEFORE INCOME TAXES ($132) ($51) ($19) ($44) ($246) ($36) ($39) ($49) ($79) ($203) 19
Page 20
1 For the full non-GAAP reconciliation of our segment net sales and operating profit, refer to slides 22-24. For the full reconciliation of our non-operating results, net income and EPS refer to slide 26 RTX: 2024 reported to adjusted ($ MILLIONS) REPORTED (UNAUDITED) RESTRUCTURING & NET SIGNIFICANT AND/OR NON-RECURRING ITEMS1 ADJUSTED1 (UNAUDITED) NET SALES Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 COLLINS AEROSPACE $6,673 $6,999 $7,075 $7,537 $28,284 $— $— $— $— $— $6,673 $6,999 $7,075 $7,537 $28,284 PRATT & WHITNEY 6,456 6,802 7,239 7,569 28,066 — — — — — 6,456 6,802 7,239 7,569 28,066 RAYTHEON 6,659 6,511 6,386 7,157 26,713 — (70) — — (70) 6,659 6,581 6,386 7,157 26,783 TOTAL SEGMENT NET SALES 19,788 20,312 20,700 22,263 83,063 — (70) — — (70) 19,788 20,382 20,700 22,263 83,133 ELIMINATIONS AND OTHER (483) (591) (611) (640) (2,325) — — — — — (483) (591) (611) (640) (2,325) CONSOLIDATED NET SALES $19,305 $19,721 $20,089 $21,623 $80,738 $— ($70) $— $— ($70) $19,305 $19,791 $20,089 $21,623 $80,808 OPERATING PROFIT (LOSS) COLLINS AEROSPACE $849 $1,118 $1,062 $1,106 $4,135 ($199) ($27) ($34) ($101) ($361) $1,048 $1,145 $1,096 $1,207 $4,496 PRATT & WHITNEY 412 542 557 504 2,015 (18) 5 (40) (213) (266) 430 537 597 717 2,281 RAYTHEON 996 127 647 824 2,594 366 (582) (14) 96 (134) 630 709 661 728 2,728 TOTAL SEGMENT OPERATING PROFIT 2,257 1,787 2,266 2,434 8,744 149 (604) (88) (218) (761) 2,108 2,391 2,354 2,652 9,505 ELIMINATIONS AND OTHER (5) (36) (14) 7 (48) — — — — — (5) (36) (14) 7 (48) CORPORATE EXPENSES AND OTHER UNALLOCATED ITEMS (96) (930) 100 (7) (933) (71) (923) 171 (3) (826) (25) (7) (71) (4) (107) FAS/CAS OPERATING ADJUSTMENT 214 212 210 197 833 — — — — — 214 212 210 197 833 ACQUISITION ACCOUNTING ADJUSTMENTS (500) (504) (534) (520) (2,058) (500) (504) (534) (520) (2,058) — — — — — CONSOLIDATED OPERATING PROFIT $1,870 $529 $2,028 $2,111 $6,538 ($422) ($2,031) ($451) ($741) ($3,645) $2,292 $2,560 $2,479 $2,852 $10,183 NON-SERVICE PENSION INCOME ($386) ($374) ($374) ($384) ($1,518) ($7) $3 $4 $— $— ($379) ($377) ($378) ($384) ($1,518) INTEREST EXPENSE, NET 405 475 496 486 1,862 (78) — 11 — (67) 483 475 485 486 1,929 INCOME BEFORE INCOME TAXES 1,851 428 1,906 2,009 6,194 (337) (2,034) (466) (741) (3,578) 2,188 2,462 2,372 2,750 9,772 INCOME TAX EXPENSE 108 253 371 449 1,181 (255) (257) 8 (152) (656) 363 510 363 601 1,837 NET INCOME 1,743 175 1,535 1,560 5,013 (82) (1,777) (474) (589) (2,922) 1,825 1,952 2,009 2,149 7,935 LESS: NONCONTROLLING INTEREST IN SUBSIDARIES’ EARNINGS 34 64 63 78 239 — 7 2 — 9 34 57 61 78 230 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $1,709 $111 $1,472 $1,482 $4,774 ($82) ($1,784) ($476) ($589) ($2,931) $1,791 $1,895 $1,948 $2,071 $7,705 EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREOWNERS BASIC EARNINGS PER SHARE $1.29 $0.08 $1.10 $1.11 $3.58 $1.35 $1.42 $1.46 $1.55 $5.78 DILUTED EARNINGS PER SHARE $1.28 $0.08 $1.09 $1.10 $3.55 $1.34 $1.41 $1.45 $1.54 $5.73 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (MILLIONS) BASIC SHARES 1,329.4 1,331.8 1,333.2 1,334.4 1,334.4 1,329.4 1,331.8 1,333.2 1,334.4 1,332.1 DILUTED SHARES 1,337.3 1,342.1 1,346.2 1,348.9 1,348.9 1,337.3 1,342.1 1,346.2 1,348.9 1,343.6 20
Page 21
($ MILLIONS) REPORTED (UNAUDITED) RESTRUCTURING & NET SIGNIFICANT AND/OR NON-RECURRING ITEMS1 ADJUSTED1 (UNAUDITED) NET SALES Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 COLLINS AEROSPACE $7,217 $7,622 $7,621 $7,736 $30,196 $— $— $— $— $— $7,217 $7,622 $7,621 $7,736 $30,196 PRATT & WHITNEY 7,366 7,631 8,423 9,496 32,916 — — — — — 7,366 7,631 8,423 9,496 32,916 RAYTHEON 6,340 7,001 7,045 7,657 28,043 — — — — — 6,340 7,001 7,045 7,657 28,043 TOTAL SEGMENT NET SALES 20,923 22,254 23,089 24,889 91,155 — — — — — 20,923 22,254 23,089 24,889 91,155 ELIMINATIONS AND OTHER (617) (673) (611) (651) (2,552) — — — — — (617) (673) (611) (651) (2,552) CONSOLIDATED NET SALES $20,306 $21,581 $22,478 $24,238 $88,603 $— $— $— $— $— $20,306 $21,581 $22,478 $24,238 $88,603 OPERATING PROFIT (LOSS) COLLINS AEROSPACE $1,088 $1,173 $1,260 $1,402 $4,923 ($139) ($76) $66 $179 $30 $1,227 $1,249 $1,194 $1,223 $4,893 PRATT & WHITNEY 580 492 751 773 2,596 (10) (116) — (3) (129) 590 608 751 776 2,725 RAYTHEON 678 805 859 885 3,227 — (4) — — (4) 678 809 859 885 3,231 TOTAL SEGMENT OPERATING PROFIT 2,346 2,470 2,870 3,060 10,746 (149) (196) 66 176 (103) 2,495 2,666 2,804 2,884 10,849 ELIMINATIONS AND OTHER 12 24 (14) 32 54 — 41 — — 41 12 (17) (14) 32 13 CORPORATE EXPENSES AND OTHER UNALLOCATED ITEMS (38) (47) (25) (138) (248) (9) (5) (2) (6) (22) (29) (42) (23) (132) (226) FAS/CAS OPERATING ADJUSTMENT 185 186 199 183 753 — — — — — 185 186 199 183 753 ACQUISITION ACCOUNTING ADJUSTMENTS (470) (487) (507) (541) (2,005) (470) (487) (507) (541) (2,005) — — — — — CONSOLIDATED OPERATING PROFIT $2,035 $2,146 $2,523 $2,596 $9,300 ($628) ($647) ($443) ($371) ($2,089) $2,663 $2,793 $2,966 $2,967 $11,389 NON-SERVICE PENSION INCOME ($366) ($351) ($364) ($101) ($1,182) $— $— $— $261 $261 ($366) ($351) ($364) ($362) ($1,443) INTEREST EXPENSE, NET 443 457 449 400 1,749 (8) (11) — (35) (54) 451 468 449 435 1,803 INCOME BEFORE INCOME TAXES 1,958 2,040 2,438 2,297 8,733 (620) (636) (443) (597) (2,296) 2,578 2,676 2,881 2,894 11,029 INCOME TAX EXPENSE 333 315 432 584 1,664 (164) (175) (50) (108) (497) 497 490 482 692 2,161 NET INCOME 1,625 1,725 2,006 1,713 7,069 (456) (461) (393) (489) (1,799) 2,081 2,186 2,399 2,202 8,868 LESS: NONCONTROLLING INTEREST IN SUBSIDIARIES’ EARNINGS 90 68 88 91 337 — — — — — 90 68 88 91 337 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $1,535 $1,657 $1,918 $1,622 $6,732 ($456) ($461) ($393) ($489) ($1,799) $1,991 $2,118 $2,311 $2,111 $8,531 EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREOWNERS BASIC EARNINGS PER SHARE $1.15 $1.24 $1.43 $1.21 $5.02 $1.49 $1.58 $1.72 $1.57 $6.36 DILUTED EARNINGS PER SHARE $1.14 $1.22 $1.41 $1.19 $4.96 $1.47 $1.56 $1.70 $1.55 $6.29 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (MILLIONS) BASIC SHARES 1,337.1 1,340.6 1,343.1 1,344.9 1,341.4 1,337.1 1,340.6 1,343.1 1,344.9 1,341.4 DILUTED SHARES 1,351.8 1,354.0 1,358.4 1,361.7 1,356.4 1,351.8 1,354.0 1,358.4 1,361.7 1,356.4 1 For the full non-GAAP reconciliation of our segment net sales and operating profit, refer to slides 22-24. For the full reconciliation of our non-operating results, net income, and EPS refer to slide 26 21 RTX: 2025 reported to adjusted
Page 22
RTX: reconciliation of GAAP to adjusted COLLINS AEROSPACE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 COLLINS AEROSPACE Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,217 $7,622 $7,621 $7,736 $30,196 $6,673 $6,999 $7,075 $7,537 $28,284 OPERATING PROFIT $1,088 $1,173 $1,260 $1,402 $4,923 $849 $1,118 $1,062 $1,106 $4,135 RESTRUCTURING (113) (39) (17) (35) (204) (6) (12) (12) (17) (47) GAIN ON SALE OF BUSINESSES, NET OF TRANSACTION AND OTHER RELATED COSTS — — 95 214 309 — — — 99 99 CHARGE ASSOCIATED WITH INITIATING ALTERNATIVE TITANIUM SOURCES — — — — — (175) — — — (175) SEGMENT AND PORTFOLIO TRANSFORMATION AND DIVESTITURE COSTS (26) (37) (12) — (75) (18) (15) (22) (28) (83) IMPAIRMENT OF CONTRACT FULFILLMENT COSTS — — — — — — — — (155) (155) ADJUSTED OPERATING PROFIT $1,227 $1,249 $1,194 $1,223 $4,893 $1,048 $1,145 $1,096 $1,207 $4,496 ADJUSTED OPERATING PROFIT MARGIN 17.0% 16.4% 15.7% 15.8% 16.2% 15.7% 16.4% 15.5% 16.0% 15.9% TOTAL OPERATING PROFIT ADJUSTMENTS ($139) ($76) $66 $179 $30 ($199) ($27) ($34) ($101) ($361) 22
Page 23
RTX: reconciliation of GAAP to adjusted (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 PRATT & WHITNEY Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,366 $7,631 $8,423 $9,496 $32,916 $6,456 $6,802 $7,239 $7,569 $28,066 OPERATING PROFIT $580 $492 $751 $773 $2,596 $412 $542 $557 $504 $2,015 RESTRUCTURING (10) (8) — (3) (21) (18) (15) (13) (56) (102) INSURANCE SETTLEMENT — — — — — — 20 7 — 27 EXPECTED SETTLEMENT OF A LITIGATION MATTER — — — — — — — (34) — (34) CUSTOMER BANKRUPTCY — (108) — — (108) — — — (157) (157) ADJUSTED OPERATING PROFIT $590 $608 $751 $776 $2,725 $430 $537 $597 $717 $2,281 ADJUSTED OPERATING PROFIT MARGIN 8.0% 8.0% 8.9% 8.2% 8.3% 6.7% 7.9% 8.2% 9.5% 8.1% TOTAL OPERATING PROFIT ADJUSTMENTS ($10) ($116) $— ($3) ($129) ($18) $5 ($40) ($213) ($266) PRATT & WHITNEY 23
Page 24
(UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 RAYTHEON Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $6,340 $7,001 $7,045 $7,657 $28,043 $6,659 $6,511 $6,386 $7,157 $26,713 CONTRACT TERMINATION — — — — — — (70) — — (70) ADJUSTED NET SALES $6,340 $7,001 $7,045 $7,657 $28,043 $6,659 $6,581 $6,386 $7,157 $26,783 OPERATING PROFIT $678 $805 $859 $885 $3,227 $996 $127 $647 $824 $2,594 RESTRUCTURING — (4) — — (4) (9) (7) (14) (6) (36) GAIN ON SALE OF BUSINESS, NET OF TRANSACTION AND OTHER RELATED COSTS — — — — — 375 — — — 375 CONTRACT TERMINATION — — — — — — (575) — — (575) MIDDLE EAST CONTRACTS RESTART ADJUSTMENTS — — — — — — — — 102 102 ADJUSTED OPERATING PROFIT $678 $809 $859 $885 $3,231 $630 $709 $661 $728 $2,728 ADJUSTED OPERATING PROFIT MARGIN 10.7% 11.6% 12.2% 11.6% 11.5% 9.5% 10.8% 10.4% 10.2% 10.2% TOTAL NET SALES ADJUSTMENTS $— $— $— $— $— $— ($70) $— $— ($70) TOTAL OPERATING PROFIT ADJUSTMENTS $— $(4) $— $— $(4) $366 ($582) ($14) $96 ($134) RAYTHEON RTX: reconciliation of GAAP to adjusted 24
Page 25
NON-SEGMENT OPERATING PROFIT (LOSS) (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 ELIMINATIONS AND OTHER Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES ($617) ($673) ($611) ($651) ($2,552) ($483) ($591) ($611) ($640) ($2,325) OPERATING PROFIT (LOSS) $12 $24 ($14) $32 $54 ($5) ($36) ($14) $7 ($48) GAIN ON INVESTMENT — 41 — — 41 — — — — — ADJUSTED OPERATING PROFIT (LOSS) $12 ($17) ($14) $32 $13 ($5) ($36) ($14) $7 ($48) CORPORATE AND OTHER UNALLOCATED ITEMS OPERATING PROFIT (LOSS) ($38) ($47) ($25) ($138) ($248) ($96) ($930) $100 ($7) ($933) RESTRUCTURING (9) — (2) (6) (17) (1) (2) (6) — (9) TAX AUDIT SETTLEMENTS AND CLOSURES — (5) — — (5) (68) — — — (68) SEGMENT AND PORTFOLIO TRANSFORMATION AND DIVESTITURE COSTS — — — — — (2) (3) (3) (3) (11) LEGAL MATTERS — — — — — — (918) — — (918) TAX MATTERS AND RELATED INDEMNIFICATION — — — — — — — 180 — 180 ADJUSTED OPERATING LOSS ($29) ($42) ($23) ($132) ($226) ($25) ($7) ($71) ($4) ($107) FAS/CAS OPERATING ADJUSTMENT OPERATING PROFIT $185 $186 $199 $183 $753 $214 $212 $210 $197 $833 ACQUISITION ACCOUNTING ADJUSTMENTS OPERATING LOSS ($470) ($487) ($507) ($541) ($2,005) ($500) ($504) ($534) ($520) ($2,058) ACQUISITION ACCOUNTING ADJUSTMENTS (470) (487) (507) (541) (2,005) (500) (504) (534) (520) (2,058) ADJUSTED OPERATING PROFIT $— $— $— $— $— $— $— $— $— $— TOTAL OPERATING PROFIT (LOSS) ADJUSTMENTS – ELIMINATIONS AND OTHER $— $41 $— $— $— $— $— $— $— $— TOTAL OPERATING PROFIT (LOSS) ADJUSTMENTS – CORPORATE AND OTHER UNALLOCATED ITEMS ($9) ($5) ($2) ($6) ($22) $(71) $(923) $171 $(3) ($826) TOTAL OPERATING PROFIT (LOSS) ADJUSTMENTS – ACQUISITIONS ACCOUNTING ADJUSTMENTS ($470) ($487) ($507) ($541) ($2,005) ($500) ($504) ($534) ($520) ($2,058) RTX: reconciliation of GAAP to adjusted 25
Page 26
1 Refer to slides 22-24 for individual segment operating profit adjustments CONSOLIDATED INCOME, EARNINGS PER SHARE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $1,535 $1,657 $1,918 $1,622 $6,732 $1,709 $111 $1,472 $1,482 $4,774 TOTAL RESTRUCTURING INCLUDED IN OPERATING PROFIT ($132) ($51) ($19) ($44) ($246) ($34) ($36) ($45) ($79) ($194) TOTAL ACQUISITION ACCOUNTING ADJUSTMENTS (470) (487) (507) (541) (2,005) (500) (504) (534) (520) (2,058) TOTAL NET SIGNIFICANT AND/OR NON-RECURRING ITEMS INCLUDED IN OPERATING PROFIT (1) (26) (109) 83 214 162 112 (1,491) 128 (142) (1,393) SIGNIFICANT AND/OR NON-RECURRING ITEMS INCLUDED IN NON-SERVICE PENSION INCOME NON-SERVICE PENSION INCOME $366 $351 $364 $101 $1,182 $386 $374 $374 $384 $1,518 NON-SERVICE PENSION RESTRUCTURING — — — — — (2) (3) (4) — (9) PENSION SETTLEMENT CHARGE — — — (260) (260) — — — — — PENSION CURTAILMENT RELATED TO SALE OF BUSINESS — — — (1) (1) 9 — — — 9 ADJUSTED NON-SERVICE PENSION INCOME $366 $351 $364 $362 $1,443 $379 $377 $378 $384 $1,518 SIGNIFICANT NON-RECURRING AND NON-OPERATIONAL ITEMS INCLUDED IN INTEREST EXPENSE, NET INTEREST EXPENSE, NET ($443) ($457) ($449) ($400) ($1,749) ($405) ($475) ($496) ($486) ($1,862) TAX AUDIT SETTLEMENTS AND CLOSURES 43 11 — — 54 78 — — — 78 TAX MATTERS AND RELATED INDEMNIFICATION — — — — — — — (11) — (11) INTERNATIONAL TAX MATTER (35) — — 35 — — — — — — ADJUSTED INTEREST EXPENSE, NET ($451) ($468) ($449) ($435) ($1,803) ($483) ($475) ($485) ($486) ($1,929) SIGNIFICANT AND/OR NON-RECURRING ITEMS INCLUDED IN INCOME TAX EXPENSE INCOME TAX EXPENSE ($333) ($315) ($432) ($584) ($1,664) ($108) ($253) ($371) ($449) ($1,181) TAX EFFECT OF RESTRUCTURING AND NET SIGNIFICANT AND/OR NON-RECURRING ITEMS ABOVE 138 142 50 108 438 (41) 257 148 152 516 TAX AUDIT SETTLEMENTS AND CLOSURES 26 33 — — 59 296 — — — 296 TAX MATTERS AND RELATED INDEMNIFICATION — — — — — — — (156) — (156) ADJUSTED INCOME TAX EXPENSE ($497) ($490) ($482) ($692) ($2,161) ($363) ($510) ($363) ($601) ($1,837) SIGNIFICANT AND/OR NON-RECURRING ITEMS INCLUDED IN NONCONTROLLING INTEREST NONCONTROLLING INTEREST IN SUBSIDIARIES’ EARNINGS $90 $68 $88 $91 $337 $34 $64 $63 $78 $239 ADJUSTMENTS TO NONCONTROLLING INTEREST — — — — — — 7 2 — 9 ADJUSTED NONCONTROLLING INTEREST IN SUBSIDIARIES’ EARNINGS $90 $68 $88 $91 $337 $34 $57 $61 $78 $230 LESS: IMPACT ON NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS (456) (461) (393) (489) (1,799) (82) (1,784) (476) (589) (2,931) ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $1,991 $2,118 $2,311 $2,111 $8,531 $1,791 $1,895 $1,948 $2,071 $7,705 DILUTED EARNINGS PER SHARE $1.14 $1.22 $1.41 $1.19 $4.96 $1.28 $0.08 $1.09 $1.10 $3.55 IMPACT ON DILUTED EARNINGS PER SHARE (0.33) (0.34) (0.29) (0.36) (1.33) (0.06) (1.33) (0.36) (0.44) (2.18) ADJUSTED DILUTED EARNINGS PER SHARE $1.47 $1.56 $1.70 $1.55 $6.29 $1.34 $1.41 $1.45 $1.54 $5.73 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING REPORTED DILUTED 1,351.8 1,354.0 1,358.4 1,361.7 1,356.4 1,337.3 1,342.1 1,346.2 1,348.9 1,343.6 IMPACT OF DILUTIVE SHARES — — — — — — — — — — ADJUSTED DILUTED 1,351.8 1,354.0 1,358.4 1,361.7 1,356.4 1,337.3 1,342.1 1,346.2 1,348.9 1,343.6 TOTAL NON-SERVICE PENSION INCOME ADJUSTMENTS $— $— $— ($261) ($261) $7 ($3) ($4) $— $— TOTAL INTEREST EXPENSE ADJUSTMENTS $8 $11 $— $35 $54 $78 $— ($11) $— $67 TOTAL INCOME TAX ADJUSTMENTS $164 $175 $50 $108 $497 $255 $257 ($8) $152 $656 TOTAL NONCONTROLLING INTEREST ADJUSTMENTS $— $— $— $— $— $— $7 $2 $— $9 RTX: reconciliation of GAAP to adjusted 26
Page 27
SEGMENT NET SALES AND OPERATING PROFIT AND MARGIN (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $20,306 $21,581 $22,478 $24,238 $88,603 $19,305 $19,721 $20,089 $21,623 $80,738 RECONCILIATION TO SEGMENT NET SALES: ELIMINATIONS AND OTHER 617 673 611 651 2,552 483 591 611 640 2,325 SEGMENT NET SALES 20,923 22,254 23,089 24,889 91,155 19,788 20,312 20,700 22,263 83,063 RECONCILIATION TO ADJUSTED SEGMENT NET SALES: NET SIGNIFICANT AND/OR NON-RESTRUCTURING ITEMS (1) — — — — — — (70) — — (70) ADJUSTED SEGMENT NET SALES $20,923 $22,254 $23,089 $24,889 $91,155 $19,788 $20,382 $20,700 $22,263 $83,133 OPERATING PROFIT $2,035 $2,146 $2,523 $2,596 $9,300 $1,870 $529 $2,028 $2,111 $6,538 OPERATING PROFIT MARGIN 10.0% 9.9% 11.2% 10.7% 10.5% 9.7% 2.7% 10.1% 9.8% 8.1% RECONCILIATION TO SEGMENT OPERATING PROFIT: ELIMINATIONS AND OTHER (12) (24) 14 (32) (54) 5 36 14 (7) 48 CORPORATE EXPENSES AND OTHER UNALLOCATED ITEMS 38 47 25 138 248 96 930 (100) 7 933 FAS/CAS OPERATING ADJUSTMENT (185) (186) (199) (183) (753) (214) (212) (210) (197) (833) ACQUISITION ACCOUNTING ADJUSTMENTS 470 487 507 541 2,005 500 504 534 520 2,058 SEGMENT OPERATING PROFIT 2,346 2,470 2,870 3,060 10,746 2,257 1,787 2,266 2,434 8,744 SEGMENT OPERATING PROFIT MARGIN 11.2% 11.1% 12.4% 12.3% 11.8% 11.4% 8.8% 10.9% 10.9% 10.5% RECONCILIATION TO ADJUSTED SEGMENT OPERATING PROFIT: RESTRUCTURING AND NET SIGNIFICANT AND/OR NON-RECURRING ITEMS (1) (149) (196) 66 176 (103) 149 (604) (88) (218) (761) ADJUSTED SEGMENT OPERATING PROFIT $2,495 $2,666 $2,804 $2,884 $10,849 2,108 $2,391 $2,354 $2,652 $9,505 ADJUSTED SEGMENT OPERATING PROFIT MARGIN 11.9% 12.0% 12.1% 11.6% 11.9% 10.7% 11.7% 11.4% 11.9% 11.4% RTX: reconciliation of GAAP to adjusted 1 Refer to slides 22-24 for individual segment net sales and operating profit adjustments 27