Slide 1: 4th quarter 2025 Earnings conference call
4th quarter 2025 Earnings conference call January 27, 2026 © 2026 RTX Corporation. All rights reserved.
Slide 2: Forward looking statements
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 Corporat
Slide 3: Strong 2025 positions RTX well for 2026
Strong 2025 $88.6B $6.29 $7.9B positions RTX 2025 adjusted sales* 2025 adjusted EPS* 2025 free cash flow* well for 2026 ▲11% organic* growth ▲10% growth* ▲$3.4B growth* ▲14% growth in segment operating profit* ▲50 bps of consolidated segment margin expansion* $268B 2026 Outlook RTX backlog Adjusted
Slide 4: Performance highlights
Performance ► Increased munitions output by 20% across a number of critical programs at Raytheon in 2025, highlights including GEM-T, AMRAAM and Coyote ► Digitally connected factories that represent over 50% of annual manufacturing hours DRIVING BEST-IN-CLASS PERFORMANCE THROUGH: ► Increased PW1100
Slide 5: 4Q 2025 results
ADJUSTED SALES* GAAP EPS $24.2B 12% $21.6B $1.10 $1.19 4Q 2025 Adjusted growth* ▲8% results 14% GAAP Organic growth* 2024 2025 2024 2025 REPORTED SALES ADJUSTED EPS* $21.6B $24.2B $1.54 $1.55 KEY TAKEAWAYS • 14% organic sales growth* CASH FLOW ▲1% Adjusted* ▲18% commercial OE** Operating Free CapEx
Slide 6: Collins Aerospace
HIGHLIGHTS ($ millions) ▲3% ▲1% Collins Adjusted sales* Adjusted operating profit* Aerospace ▲8% • Commercial OE up 9%** • Commercial aftermarket up 13%** • Higher commercial aftermarket volume • Higher commercial OE volume Organic sales* • Defense up 2%** • Impact of completed divestitures • Impact
Slide 7: Pratt & Whitney
HIGHLIGHTS ($ millions) ▲25% ▲8% Pratt & Adjusted sales* Adjusted operating profit* Whitney ▲25% • Commercial OE up 28% • Commercial aftermarket up 21% • Higher military and commercial aftermarket volume • Favorable military and commercial OE mix Organic sales* • Military up 30% • Impact of commerci
Slide 8: Raytheon
HIGHLIGHTS ($ millions) ▲7% ▲22% $75B Raytheon Adjusted sales* Adjusted operating profit* Backlog ▲7% • Higher volume on land and air defense systems • Improved net productivity • Higher volume • $1.2B Tamir missile production • $1.2B Spain Patriot Organic sales* • Higher volume on naval • Favorable
Slide 9: 2026 RTX outlook
2026 RTX outlook Up ~7% at ADJUSTED SALES* ADJUSTED EPS* mid-point (up 5% - 8%) $0.59 $0.06 ($0.13) $92.0B - $93.0B ($0.05) ($0.06) $6.60 - $6.80 $6.29 Divestitures ~($0.03) ORGANIC SALES GROWTH %* 5% - 6% 2025 Segments Interest Pension Share Count All Other 2026E ADJUSTED EPS* FREE CASH FLOW* Up ~$
Slide 10: 2026 segment outlook
2026 segment outlook ADJUSTED SALES ORGANIC SALES ADJUSTED OPERATING VPY%* VPY%* 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
Slide 11: Key takeaways
Key takeaways Strong 2025 fourth quarter and full year financial results $268B backlog driven by resilient end markets and the durable demand for RTX products Executing strategic priorities to drive sustainable growth 2026 outlook reflects strong demand and relentless focus on operational execution
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Slide 13: Appendix
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Slide 14: Use and definitions of non-GAAP financial measures
Use and definitions of non-GAAP financial measures NON-GAAP MEASURE DEFINITION RTX Corporation (“RTX” or “the Company”) reports its financial results in accordance Adjusted net sales / Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinaf
Slide 15: Additional 2026 items
Additional 2026 items* FY 2026 Outlook ADJUSTED EFFECTIVE TAX RATE** FAS/CAS OPERATING ADJUSTMENT ~18.0% - 18.5% ~$650M INTEREST EXPENSE NON-SERVICE PENSION INCOME ~$1,700M ~$1,325M CORPORATE EXPENSE AND OTHER UNALLOCATED ITEMS CAPEX SPENDING ~$250M ~$3.1B *All items on an adjusted basis **See Appen
Slide 16: P&W engine shipments to customers
RTX: P&W engine shipments to customers 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY MILITARY 43 37 34 66 180 51 40 63 73 227 LARGE COMMERCIAL 232 236 252 276 996 250 227 266 312 1,055 PRATT & WHITNEY CANADA1 496 474 521 587 2,078 518 521 516 571 2,126 1Excludes APUs 16
Slide 17: 4Q 2025: RTX free cash flow reconciliation
4Q 2025: RTX free cash flow reconciliation ($ millions) 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 $7,
Slide 18: 4Q 2025: RTX sales reconciliation
4Q 2025: RTX sales reconciliation ($ millions) TOTAL ACQUISITIONS & ORGANIC 4Q 2024 ORGANIC CHANGE AS A % REPORTED FX/OTHER DIVESTITURES CHANGE ADJUSTED SALES1 OF ADJUSTED SALES CHANGE COLLINS AEROSPACE $199 ($428) $27 $600 $7,537 8% PRATT & WHITNEY 1,927 — 38 1,889 7,569 25% RAYTHEON 500 — 5 495 7,
Slide 19: RTX: restructuring costs
RTX: restructuring costs ($ 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) ($47) PRATT & WHITNEY (10) (8) — (3) (21) (18) (15
Slide 20: 2024 reported to adjusted
RTX: 2024 reported to adjusted ($ MILLIONS) REPORTED RESTRUCTURING & NET SIGNIFICANT ADJUSTED1 (UNAUDITED) AND/OR NON-RECURRING ITEMS1 (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 $6,67
Slide 21: 2025 reported to adjusted
RTX: 2025 reported to adjusted ($ MILLIONS) REPORTED RESTRUCTURING & NET SIGNIFICANT ADJUSTED1 (UNAUDITED) AND/OR NON-RECURRING ITEMS1 (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 $7,21
Slide 22: Reconciliation of GAAP to adjusted: Collins Aerospace
RTX: reconciliation of GAAP to adjusted COLLINS AEROSPACE (UNAUDITED) (UNAUDITED) ($ 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 $28,284 OPERATING PROFI
Slide 23: Reconciliation of GAAP to adjusted: Pratt & Whitney
RTX: reconciliation of GAAP to adjusted PRATT & WHITNEY (UNAUDITED) (UNAUDITED) ($ 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 $5
Slide 24: Reconciliation of GAAP to adjusted: Raytheon
RTX: reconciliation of GAAP to adjusted RAYTHEON (UNAUDITED) (UNAUDITED) ($ 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 $26,713 CONTRACT TERMINATION — — — — — —
Slide 25: Reconciliation of GAAP to adjusted: non-segment operating profit
RTX: reconciliation of GAAP to adjusted NON-SEGMENT OPERATING PROFIT (LOSS) (UNAUDITED) (UNAUDITED) ($ 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) ($640)
Slide 26: Reconciliation of GAAP to adjusted: consolidated income, EPS
RTX: reconciliation of GAAP to adjusted CONSOLIDATED INCOME, EARNINGS PER SHARE (UNAUDITED) (UNAUDITED) ($ 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 $
Slide 27: Reconciliation of GAAP to adjusted: segment net sales and operating profit
RTX: reconciliation of GAAP to adjusted 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