At a glance
Raytheon Technologies Corp is worth $273.65B, about 41 times its fiscal 2025 earnings. Revenue grew 9.7% to $88.60B in fiscal 2025, with 7.6% kept as profit; over 5 years it has grown 9.4% a year. It pays a 1.39% dividend yield, raised every year for at least 4 years, and returned $34.61B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +15.3% over the past year with dividends reinvested and +20.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.5% in the 2020 crash (S&P 500: 33.7%) and 21.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 19 months and 7 months after the lows.
The business in plain English
RTX Corp, formerly named Raytheon Technologies and before that United Technologies, makes jet engines, aircraft systems and defense equipment. Customers include Airbus, Boeing, airlines, aircraft leasing companies, and the U.S. and foreign governments. It earns money by delivering new equipment and then, for years afterward, supplying spare parts, repairs and overhauls, known as the aftermarket. Fiscal 2025 revenue (year ended December 31, 2025) was $88.6 billion: 72% products, 28% services.
Its three segments are similar in size. Pratt & Whitney ($32.9 billion of fiscal 2025 sales) builds and services jet engines. These include the GTF family, which powers more than 2,600 aircraft such as the Airbus A320neo, and the F135, the only engine used in the F-35 fighter. Collins Aerospace ($30.2 billion) supplies landing gear, avionics (cockpit electronics), power systems, seats and galleys. Raytheon ($28.0 billion) makes missiles, radars and air defense systems such as Patriot and Tomahawk. Segment figures include sales between segments, so they add up to more than the company total.
The United States accounted for 53% of fiscal 2025 revenue, Europe 21% and Asia Pacific 16%. To spread the cost and risk of new engines, Pratt & Whitney brings in partners whose combined stakes range from 13% to 49% per program. Those partners also share the revenue.
Price history
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RTX +15.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products | $64.17B | 72.4% |
| Services | $24.43B | 27.6% |
By business segment
| Pratt & Whitney | $32.92B | 37.1% |
| Collins Aerospace | $30.20B | 34.1% |
| Raytheon | $28.04B | 31.7% |
| Other | $210.0M | 0.2% |
By geography
| United States | $47.29B | 53.4% |
| Europe | $18.80B | 21.2% |
| Asia Pacific | $13.78B | 15.6% |
| Other regions | $5.11B | 5.8% |
| Middle East and North Africa | $3.62B | 4.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $24.96B, up 11.1% from a year earlier, and net income was $2.58B (+34.7%).
- For fiscal 2025, revenue was $88.60B (+9.7% year over year; +9.4% a year from FY2020 to FY2025) with a 7.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.4% good |
|---|---|
| Operating margin | 10.5% watch |
| Free cash flow margin | 9% watch |
| Return on equity (FY2025) | 10.3% watch |
| Return on assets (FY2025) | 3.9% watch |
| Net cash (cash minus debt) | $-27.50B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $56.59B | $-3.52B | $2.54B |
| FY2021 | $64.39B | $3.86B | $5.01B |
| FY2022 | $67.07B | $5.20B | $4.88B |
| FY2023 | $68.92B | $3.19B | $5.47B |
| FY2024 | $80.74B | $4.77B | $4.53B |
| FY2025 | $88.60B | $6.73B | $7.94B |
Valuation snapshot
| Market value | $273.65B |
|---|---|
| P/E ratio | 40.9 |
| Dividend yield | 1.39% |
Rank among 1514 US companies
Market value at each year end
Raytheon Technologies’s market value went from $56.77B at the end of 2016 to $273.65B on Nov 2, 2026, about 4.8 times as much; since the end of 2025 it is up 11%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $273.65B | +11.2% |
| 2025 | $246.18B | +59.7% |
| 2024 | $154.15B | +27.4% |
| 2023 | $120.99B | -18.5% |
| 2022 | $148.36B | +15.2% |
| 2021 | $128.81B | +18.6% |
| 2020 | $108.60B | +33.6% |
| 2019 | $81.31B | +51.6% |
| 2018 | $53.64B | -16.3% |
| 2017 | $64.07B | +12.9% |
| 2016 | $56.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RTX price data to Nov 2, 2026 | +11.8% | +15.3% | +37.5% | +20.8% | +14.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.8% |
| 2025 | +61.5% |
| 2024 | +40.8% |
| 2023 | -14.4% |
| 2022 | +20.0% |
| 2021 | +23.3% |
| 2020 | -21.9% |
| 2019 | +43.8% |
| 2018 | -14.7% |
| 2017 | +19.1% |
| 2016 | +17.1% |
| 2015 | -14.4% |
| 2014 | +3.2% |
| 2013 | +41.9% |
| 2012 | +15.2% |
| 2011 | -5.0% |
| 2010 | +16.2% |
| 2009 | +33.3% |
| 2008 | -28.5% |
| 2007 | +24.1% |
| 2006 | +13.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 52.1% over that stretch · deepest drop along the way 52.1%, back to its old high 13.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.3% over that stretch · deepest drop along the way 50.5%, back to its old high 18.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 2.9% over that stretch · deepest drop along the way 21.9%, back to its old high 6.6 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 14 sales ($32.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 19, 2026 | Christopher T. Calio Chairman, President and CEO, Director | sell | $10.4M |
| Feb 19, 2026 | Neil G. JR Mitchill EVP, Chief Financial Officer | sell | $4.8M |
| Feb 19, 2026 | Ramsaran Maharajh EVP and General Counsel | sell | $3.1M |
| Aug 18, 2026 | Ramsaran Maharajh EVP and General Counsel | sell | $3.1M |
| Feb 23, 2026 | Dantaya M Williams EVP & Chief HR Officer | sell | $2.6M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| Capital Research Global Investors | 3.9% | Mar 31, 2026 |
ETFs with the most weight in RTX
| ITA iShares U.S. Aerospace & Defense ETF | 16.48% |
| MISL First Trust Indxx Aerospace & Defense ETF | 9.15% |
| PPA Invesco Aerospace & Defense ETF | 7.66% |
| SHLD Global X Defense Tech ETF | 7.08% |
| PKW Invesco BuyBack Achievers™ ETF | 6.06% |
| NATO Themes Transatlantic Defense ETF | 5.39% |
| CGDV Capital Group Dividend Value ETF | 5.03% |
| TGLR LAFFER TENGLER Equity Income ETF | 5.03% |
What could go wrong
- Obligations under 2024 deals with prosecutors. Raytheon Company and RTX are bound by deferred prosecution agreements and an SEC order announced October 16, 2024. Under such agreements, prosecutors hold off on charges if conditions are met. A violation could hurt the business.
- Air travel slumps and Airbus dependence. A slump in air travel or plane production could hurt Collins and Pratt & Whitney. Airbus alone was about 29% of Pratt & Whitney's 2025 sales. Boeing and Airbus together were 16% of Collins'.
- Reliance on U.S. defense budgets. U.S. government sales are a significant portion of revenue. Budget standoffs, shutdowns and stopgap funding bills can delay contracts and payments. Defense spending is hard to predict beyond the near term.
- Cost overruns and canceled government contracts. The government can cancel contracts for its own convenience. Advanced weapons work can run late or over budget. RTX may also spend its own money before winning a contract, with no guarantee of payback.
- Safety or quality failures in critical products. RTX builds jet engines, flight systems and missiles. A safety or quality failure in its own, its customers' or its suppliers' products could seriously harm the business.
- Supply chain problems have already caused delays. RTX relies on a global network of suppliers for materials and parts. The company says supply chain disruptions have already caused delays, raised costs and hurt its performance.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Other company announcement
For income and retirement investors
RTX pays a quarterly dividend. Dividends per share fell from $2.16 in fiscal 2020 to $2.005 in fiscal 2021, then rose four years in a row to $2.67 in fiscal 2025. That dividend used 53% of earnings and 45% of free cash flow (the cash left over after operating costs and capital spending). The yield was 1.45% as of October 27, 2026. Buybacks totaled $18.5 billion over fiscal 2021–2025, but $12.9 billion of that came in fiscal 2023 alone and only $50 million in fiscal 2025. The share count fell 9.6% from January 2022 to September 2026.
The shares have dropped hard in crises. They fell 52% in the 2008 financial crisis and took about 13 months to recover from the low. In the 2020 COVID crash they fell 50% and took about 19 months to recover. Over the 2022 bear market they lost only 3%, though they were down 22% at the worst point. Like any single stock, RTX carries more risk than a diversified fund.
Questions investors ask
How does RTX make money?
RTX makes money by building and servicing aerospace and defense equipment through three segments. In fiscal 2025, Pratt & Whitney (jet engines) had $32.9 billion of sales. Collins Aerospace (aircraft systems, cockpit electronics and cabin interiors) had $30.2 billion, and Raytheon (missiles, radars and air defense) had $28.0 billion. Total revenue was $88.6 billion: 72% from products and 28% from services such as maintenance, repair and overhaul work. Segment figures include sales between segments, so they add up to more than the total.
Is RTX the same company as Raytheon?
Not exactly. RTX Corp was incorporated in Delaware in 1934 and was previously named Raytheon Technologies and, before that, United Technologies. Raytheon is one of its three business segments. It makes missiles, radars and air defense systems such as Patriot, Tomahawk and the Standard Missile 6, and it had $28.0 billion of sales in fiscal 2025. The other two segments are Pratt & Whitney, which makes jet engines, and Collins Aerospace, which makes aircraft systems. Owning RTX shares means owning all three.
Who are RTX's biggest customers?
RTX's main customers are the U.S. government and the planemakers Airbus and Boeing. On the government side, the largest customer is the Department of War (formerly the Department of Defense). The company says U.S. government sales make up a significant portion of its revenue. Airbus accounted for about 29% of Pratt & Whitney's 2025 sales. Airbus and Boeing together made up 16% of Collins Aerospace sales. Airlines, leasing companies and foreign governments are also customers. The United States produced 53% of fiscal 2025 revenue.
Does RTX raise its dividend every year?
No. RTX has raised its dividend four years in a row, but not every year. Dividends per share fell from $2.16 in fiscal 2020 to $2.005 in fiscal 2021, then climbed to $2.67 in fiscal 2025. That works out to about 4.3% a year over the five years. The fiscal 2025 dividend used 53% of earnings and 45% of free cash flow. The yield was 1.45% as of October 27, 2026. RTX had $37.4 billion of debt and $9.9 billion of cash and investments as of September 30, 2026.
How has RTX stock performed over the long term?
It has risen over the long run, with sharp drops along the way. As of October 27, 2026, the share price was up about 10% over one year. It was up 143% over five years (19.4% a year) and 288% over ten years (14.5% a year). It gained 61% in 2025 but lost 14% in 2023. Its deepest fall in about 21 years of price history was 53%. The price-to-earnings ratio was 39.2 on that date. That means investors paid about $39 for each $1 of fiscal 2025 earnings.