RTX Corporation

RTX Corporation is the world's largest aerospace and defense company by revenue, formed in 2020 from the merger of Raytheon Company and the aerospace businesses of United Technologies Corporation, generating $88.6 billion in revenue in fiscal 2025 across three segments: Collins Aerospace (aviation systems), Pratt & Whitney (propulsion), and Raytheon (defense electronics and missiles). RTX sits at the intersection of two of the defining capital-allocation stories of the decade — the commercial aerospace recovery and the global defense replenishment cycle — with a record $271 billion backlog providing visibility that few industrial companies can match.

This is a story about an enormous conglomerate finally hitting its stride after a merger that was immediately stress-tested by a pandemic, a powder-metal manufacturing crisis that grounded hundreds of aircraft, and a tariff regime that penalized its globally distributed supply chain. Each of these headwinds has either receded or is being managed with growing competence, and the backlog suggests the demand side of the equation is not the question. The Q1 2026 10-Q confirms the trajectory: organic revenue growth of 10%, segment profit up 14%, and free cash flow more than 60% higher than the prior-year quarter. The file turns on a narrower set of debates: whether Pratt & Whitney's GTF engine program can convert its dominant market share into positive economics, whether Raytheon's margin trajectory is structural rather than cyclical, and whether the sum-of-parts valuation adequately discounts the political and operational complexity of running a $180,000-person enterprise that answers to both the Department of War and Airbus.