Slide 1: 2nd quarter 2025 Earnings conference call
2nd quarter 2025 Earnings conference call July 22, 2025 © 2025 RTX Corporation. All rights reserved.
Slide 2: Forward looking statements
Forward looking statements Note: This press release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. From time to time, oral or written forward-looking statements may also be included in
Slide 3: 2Q 2025 highlights
2Q 2025 $21.6B $2.7B $236B highlights Adjusted sales* Adjusted segment profit* RTX backlog ▲9% organic* growth ▲12% growth* Pratt secured orders for over 1,000 ▲16% commercial aftermarket ▲30 bps of margin expansion* GTF engines, Raytheon received growth over $5B of integrated air and missile defens
Slide 4: Strategic priorities
Driving best-in-class performance through: Strategic Executing on our Innovating for future Leveraging our priorities commitments growth breadth and scale • PW1100 MRO output on • Partnering with Shield AI to • Proprietary data and AI track for over a 30 percent integrate AI-based platform supportin
Slide 5: 2Q 2025 results
ADJUSTED SALES* GAAP EPS $21.6B $1.22 9% $19.8B 2Q 2025 Adjusted growth* ▲$1.14 $0.08 results 9% GAAP 2024 2025 Organic growth* 2024 2025 REPORTED SALES ADJUSTED EPS* $19.7B $21.6B $1.56 $1.41 KEY TAKEAWAYS • 9% organic sales growth* CASH FLOW ▲11% Adjusted* ▲16% commercial aftermarket** Operating F
Slide 6: RTX 2025 outlook
ADJUSTED SALES* RTX 2025 ▲ $84.75B - $85.5B outlook Prior: $83.0B - $84.0B ORGANIC SALES GROWTH %* ▲ 6% - 7% KEY TAKEAWAYS Prior: 4% - 6% • Strong first half operational performance and demand ADJUSTED EPS* • Expected impact of tariffs ▼ $5.80 - $5.95 Prior: $6.00 - $6.15 • Changes associated with r
Slide 7: Collins Aerospace
HIGHLIGHTS ($ millions) ▲9% ▲9% Collins Adjusted sales* Adjusted operating profit* Aerospace ▲9% • Commercial aftermarket up 13%** • Defense up 11%** • Higher commercial aftermarket and defense volume • Favorable defense mix Organic sales* • Commercial OE up 1%** • Lower R&D expense • Unfavorable co
Slide 8: Pratt & Whitney
HIGHLIGHTS ($ millions) ▲12% ▲13% Pratt & Adjusted sales* Adjusted operating profit* Whitney ▲12% • Commercial aftermarket up 19% • Commercial OE up 15% • Favorable commercial OE mix • Higher commercial aftermarket volume Organic sales* • Military flat • Lower R&D expense • Unfavorable commercial af
Slide 9: Raytheon
HIGHLIGHTS ($ millions) ▲6% ▲14% $63.5B Raytheon Adjusted sales* Adjusted operating profit* Backlog ▲6% • Higher volume on land and air defense systems • Favorable program mix, including international Patriot • $1.2B Standard Missile III • $1.1B AIM-9X Organic sales* • Higher volume on naval • Highe
Slide 10: Key takeaways
Key takeaways Solid second quarter results with strong momentum across RTX $236B backlog and well positioned to capitalize on growing end market demand Driving strategic priorities across the company Continuing targeted portfolio actions and on track to return $37B of capital since the merger 10
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Slide 12: Appendix
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Slide 13: Use and definitions of non-GAAP financial measures
Use and definitions of non-GAAP financial measures NON-GAAP MEASURE DEFINITION RTX Corporation (“RTX” or “the Company”) reports its financial results in accordance Adjusted net sales / Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinaf
Slide 14: 2025 segment outlook
2025 segment outlook ADJUSTED ADJUSTED SALES ORGANIC SALES OPERATING VPY%* VPY%* PROFIT VPY* ($M) Current Up mid-single digits1 Up high-single digits $275 - $3501 COLLINS AEROSPACE Prior Up low-single digits1 Up mid-single digits $500 - $6001 Current Up low double digits Up low double digits $200 -
Slide 15: Additional 2025 items
Additional 2025 items* FY 2025 Outlook ADJUSTED TAX RATE** FAS/CAS OPERATING ADJUSTMENT ~19.5% ~$700M Prior: ~19.5% Prior: ~$700M INTEREST EXPENSE NON-SERVICE PENSION INCOME ~$1,850M ~$1,400M Prior: ~$1,850M Prior: ~$1,400M CORPORATE EXPENSE AND OTHER UNALLOCATED ITEMS CAPEX SPENDING ~$200M - $225M
Slide 16: P&W engine shipments to customers
RTX: P&W engine shipments to customers 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 MILITARY 43 37 34 66 180 51 40 LARGE COMMERCIAL 232 236 252 276 996 250 227 PRATT & WHITNEY CANADA1 496 474 521 587 2,078 518 521 1 Excludes APUs 16
Slide 17: 2Q 2025: RTX free cash flow reconciliation
2Q 2025: RTX free cash flow reconciliation ($ millions) 2Q 2025 NET INCOME $1,725 DEPRECIATION & AMORTIZATION 1,076 CHANGE IN WORKING CAPITAL (2,176) OTHER (167) CASH FLOW FROM OPERATING ACTIVITIES $458 CAPITAL EXPENDITURES (530) FREE CASH FLOW ($72) 17
Slide 18: 2Q 2025: RTX sales reconciliation
2Q 2025: RTX sales reconciliation ($ millions) TOTAL ACQUISITIONS & ORGANIC 2Q 2024 ORGANIC CHANGE AS A % REPORTED FX/OTHER DIVESTITURES CHANGE ADJUSTED SALES1 OF ADJUSTED SALES CHANGE COLLINS AEROSPACE $623 ($31) $23 $631 $6,999 9% PRATT & WHITNEY 829 — 18 811 6,802 12% RAYTHEON 490 — 75 415 6,581
Slide 19: RTX: restructuring costs
RTX: restructuring costs ($ MILLIONS) 2025 2024 RESTRUCTURING IMPACT TO: Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 OPERATING PROFIT (LOSS) COLLINS AEROSPACE ($113) ($39) ($6) ($12) ($12) ($17) ($47) PRATT & WHITNEY (10) (8) (18) (15) (13) (56) (102) RAYTHEON — (4) (9) (7) (14) (6) (36)
Slide 20: 2024 reported to adjusted
RTX: 2024 reported to adjusted ($ 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 Q1 2025 Q2 2025 Q1 2025 Q2 2025 COLLINS AEROSPACE $7,217 $7,622 $— $— $7,217 $7,622 PRATT & WHITNEY 7,366 7,631 — — 7,366 7,631
Slide 22: Reconciliation of GAAP to adjusted: Collins Aerospace
RTX: reconciliation of GAAP to adjusted COLLINS AEROSPACE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 COLLINS AEROSPACE Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,217 $7,622 $6,673 $6,999 $7,075 $7,537 $28,284 OPERATING PROFIT $1,088 $1,173 $849 $1,118 $1,062 $1,106 $4,1
Slide 23: Reconciliation of GAAP to adjusted: Pratt & Whitney
RTX: reconciliation of GAAP to adjusted PRATT & WHITNEY (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 PRATT & WHITNEY Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,366 $7,631 $6,456 $6,802 $7,239 $7,569 $28,066 OPERATING PROFIT $580 $492 $412 $542 $557 $504 $2,015 RESTRUCTURI
Slide 24: Reconciliation of GAAP to adjusted: Raytheon
RTX: reconciliation of GAAP to adjusted RAYTHEON (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 RAYTHEON Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $6,340 $7,001 $6,659 $6,511 $6,386 $7,157 $26,713 CONTRACT TERMINATION — — — (70) — — (70) ADJUSTED NET SALES $6,340 $7,001 $6,65
Slide 25: Reconciliation of GAAP to adjusted: non-segment operating profit
RTX: reconciliation of GAAP to adjusted NON-SEGMENT OPERATING PROFIT (LOSS) (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 ELIMINATIONS AND OTHER Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES ($617) ($673) ($483) ($591) ($611) ($640) ($2,325) OPERATING PROFIT (LOSS) $12 $24 ($5)
Slide 26: Reconciliation of GAAP to adjusted: income and EPS
RTX: reconciliation of GAAP to adjusted CONSOLIDATED INCOME, EARNINGS PER SHARE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $1,535 $1,657 $1,709 $111 $1,472 $1,482 $4,774 TOTAL
Slide 27: Reconciliation of GAAP to adjusted: segment sales and profit
RTX: reconciliation of GAAP to adjusted SEGMENT NET SALES AND OPERATING PROFIT AND MARGIN (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $20,306 $21,581 $19,305 $19,721 $20,089 $21,623 $80,738 RECONCILIATION TO SEGME