v3.26.1
Segment Financial Data
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Financial Data
Note 18: Segment Financial Data
Our operations, for the periods presented herein, are classified into three principal segments: 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.
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 sales and operating profit 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 sale.
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. Generally Accepted Accounting Principles (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.
Results for the quarters ended June 30, 2026 and 2025 are as follows:
2026
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$8,210 $(334)$(6,570)$1,306 15.9 %
Pratt & Whitney8,889 (252)(7,899)738 8.3 %
Raytheon8,269 (140)(7,087)1,042 12.6 %
Total segment25,368 $(726)$(21,556)3,086 12.2 %
Eliminations and other (2)
(660)98 
Corporate expenses and other unallocated items— (70)
FAS/CAS operating adjustment— 171 
Acquisition accounting adjustments— (474)
Consolidated$24,708 $2,811 11.4 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.
(2)    Includes the operating results of certain smaller operations.

2025
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$7,622 $(329)$(6,120)$1,173 15.4 %
Pratt & Whitney7,631 (249)(6,890)492 6.4 %
Raytheon7,001 (121)(6,075)805 11.5 %
Total segment22,254 $(699)$(19,085)2,470 11.1 %
Eliminations and other (2)
(673)24 
Corporate expenses and other unallocated items— (47)
FAS/CAS operating adjustment— 186 
Acquisition accounting adjustments— (487)
Consolidated$21,581 $2,146 9.9 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.
(2)    Includes the operating results of certain smaller operations.
Results for the six months ended June 30, 2026 and 2025 are as follows:
2026
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$15,812 $(629)$(12,570)$2,613 16.5 %
Pratt & Whitney17,062 (472)(15,142)1,448 8.5 %
Raytheon15,214 (254)(13,077)1,883 12.4 %
Total segment48,088 $(1,355)$(40,789)5,944 12.4 %
Eliminations and other (2)
(1,304)136 
Corporate expenses and other unallocated items— (112)
FAS/CAS operating adjustment— 343 
Acquisition accounting adjustments— (945)
Consolidated$46,784 $5,366 11.5 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.
(2)    Includes the operating results of certain smaller operations.
2025
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$14,839 $(641)$(11,937)$2,261 15.2 %
Pratt & Whitney14,997 (479)(13,446)1,072 7.1 %
Raytheon13,341 (219)(11,639)1,483 11.1 %
Total segment43,177 $(1,339)$(37,022)4,816 11.2 %
Eliminations and other (2)
(1,290)36 
Corporate expenses and other unallocated items— (85)
FAS/CAS operating adjustment— 371 
Acquisition accounting adjustments— (957)
Consolidated$41,887 $4,181 10.0 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.
(2)    Includes the operating results of certain smaller operations.
Capital Expenditures and Depreciation and Amortization segment information for the quarters ended June 30, 2026 and 2025 are as follows:
 Capital ExpendituresDepreciation & Amortization
(dollars in millions)2026202520262025
Collins Aerospace$219 $171 $230 $220 
Pratt & Whitney193 180 203 194 
Raytheon194 134 133 135 
Total segment606 485 566 549 
Corporate, eliminations, and other63 45 25 21 
Acquisition accounting adjustments488 506 
Consolidated$669 $530 $1,079 $1,076 
Capital Expenditures and Depreciation and Amortization segment information for the six months ended June 30, 2026 and 2025 are as follows:
 Capital ExpendituresDepreciation & Amortization
(dollars in millions)2026202520262025
Collins Aerospace$374 $283 $462 $437 
Pratt & Whitney367 333 404 388
Raytheon365 359 259 266
Total segment1,106 975 1,125 1,091 
Corporate, eliminations, and other109 68 49 42
Acquisition accounting adjustments976 995 
Consolidated$1,215 $1,043 $2,150 $2,128 
Total assets by segment are as follows:
(dollars in millions)June 30, 2026December 31, 2025
Collins Aerospace (1)
$71,451 $71,680 
Pratt & Whitney (1)
54,656 52,482 
Raytheon (1)
44,858 44,795 
Total segment170,965 168,957 
Corporate, eliminations, and other3,007 2,122 
Consolidated$173,972 $171,079 
(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.
We 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 quarters ended June 30, 2026 and 2025 are as follows:
20262025
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
United States$3,949 $3,305 $5,784 $55 $13,093 $3,514 $3,260 $4,909 $54 $11,737 
Europe1,829 2,325 1,196 — 5,350 1,750 1,539 916 — 4,205 
Asia Pacific1,039 2,005 612 — 3,656 934 1,870 606 — 3,410 
Middle East and North Africa264 208 570 — 1,042 271 150 483 — 904 
Other regions471 1,038 58 — 1,567 460 812 53 — 1,325 
Consolidated net sales7,552 8,881 8,220 55 24,708 6,929 7,631 6,967 54 21,581 
Inter-segment sales658 8 49 (715)— 693 — 34 (727)— 
Business segment sales$8,210 $8,889 $8,269 $(660)$24,708 $7,622 $7,631 $7,001 $(673)$21,581 
Segment sales disaggregated by geographic region for the six months ended June 30, 2026 and 2025 are as follows:
20262025
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
United States$7,628 $6,908 $10,362 $108 $25,006 $6,862 $6,678 $9,356 $107 $23,003 
Europe3,577 4,264 2,389 2 10,232 3,480 3,378 1,759 1 8,618 
Asia Pacific1,873 3,404 1,183 — 6,460 1,760 3,111 1,131 — 6,002 
Middle East and North Africa464 451 1,057 — 1,972 510 325 917 — 1,752 
Other regions944 2,027 143 — 3,114 904 1,504 104 — 2,512 
Consolidated net sales14,486 17,054 15,134 110 46,784 13,516 14,996 13,267 108 41,887 
Inter-segment sales1,326 8 80 (1,414)— 1,323 1 74 (1,398)— 
Business segment sales$15,812 $17,062 $15,214 $(1,304)$46,784 $14,839 $14,997 $13,341 $(1,290)$41,887 
Segment sales disaggregated by type of customer for the quarters ended June 30, 2026 and 2025 are as follows:
20262025
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins Aerospace Pratt & WhitneyRaytheonOtherTotal
Sales to the U.S. government (1)
$1,871 $1,606 $5,768 $53 $9,298 $1,852 $1,470 $4,900 $51 $8,273 
Foreign military sales through the U.S. government107 703 1,210 — 2,020 104 404 1,127 — 1,635 
Foreign government direct commercial sales275 210 1,228 5 1,718 321 180 932 — 1,433 
Commercial aerospace and other commercial sales5,299 6,362 14 (3)11,672 4,652 5,577 8 3 10,240 
Consolidated net sales7,552 8,881 8,220 55 24,708 6,929 7,631 6,967 54 21,581 
Inter-segment sales658 8 49 (715)— 693 — 34 (727)— 
Business segment sales$8,210 $8,889 $8,269 $(660)$24,708 $7,622 $7,631 $7,001 $(673)$21,581 
(1)    Excludes foreign military sales through the U.S. government.
Segment sales disaggregated by type of customer for the six months ended June 30, 2026 and 2025 are as follows:
20262025
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
Sales to the U.S. government (1)
$3,588 $3,279 $10,296 $105 $17,268 $3,511 $3,055 $9,335 $104 $16,005 
Foreign military sales through the U.S. government242 1,114 2,445 — 3,801 220 783 2,103 — 3,106 
Foreign government direct commercial sales541 390 2,328 6 3,265 648 328 1,808 1 2,785 
Commercial aerospace and other commercial sales10,115 12,271 65 (1)22,450 9,137 10,830 21 3 19,991 
Consolidated net sales14,486 17,054 15,134 110 46,784 13,516 14,996 13,267 108 41,887 
Inter-segment sales1,326 8 80 (1,414)— 1,323 1 74 (1,398)— 
Business segment sales$15,812 $17,062 $15,214 $(1,304)$46,784 $14,839 $14,997 $13,341 $(1,290)$41,887 
(1)    Excludes foreign military sales through the U.S. government as above.
Segment sales disaggregated by sales type for the quarters ended June 30, 2026 and 2025 are as follows:
20262025
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
Products$5,941 $4,660 $7,297 $46 $17,944 $5,408 $4,123 $5,975 $45 $15,551 
Services1,611 4,221 923 9 6,764 1,521 3,508 992 9 6,030 
Consolidated net sales7,552 8,881 8,220 55 24,708 6,929 7,631 6,967 54 21,581 
Inter-segment sales658 8 49 (715)— 693 — 34 (727)— 
Business segment sales$8,210 $8,889 $8,269 $(660)$24,708 $7,622 $7,631 $7,001 $(673)$21,581 
Segment sales disaggregated by sales type for the six months ended June 30, 2026 and 2025 are as follows:
20262025
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
Products $11,365 $8,948 $13,303 $93 $33,709 $10,518 $8,155 $11,381 $88 $30,142 
Services 3,121 8,106 1,831 17 13,075 2,998 6,841 1,886 20 11,745 
Consolidated net sales14,486 17,054 15,134 110 46,784 13,516 14,996 13,267 108 41,887 
Inter-segment sales1,326 8 80 (1,414)— 1,323 1 74 (1,398)— 
Business segment sales$15,812 $17,062 $15,214 $(1,304)$46,784 $14,839 $14,997 $13,341 $(1,290)$41,887 
Raytheon segment sales disaggregated by contract type for the quarters ended June 30, 2026 and 2025 are as follows:
(dollars in millions)20262025
Fixed-price$5,106 $3,991 
Cost-type3,114 2,976 
Consolidated net sales8,220 6,967 
Inter-segment sales49 34 
Business segment sales$8,269 $7,001 
Raytheon segment sales disaggregated by contract type for the six months ended June 30, 2026 and 2025 are as follows:
(dollars in millions)20262025
Fixed-price$9,168 $7,596 
Cost-type5,966 5,671 
Consolidated net sales15,134 13,267 
Inter-segment sales80 74 
Business segment sales$15,214 $13,341