Slide 1: 3rd quarter 2025 earnings conference call
3rd quarter 2025 Earnings conference call October 21, 2025 © 2025 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: 3Q 2025 highlights
3Q 2025 $22.5B $2.8B $4.0B highlights Adjusted sales* Adjusted segment profit* Free cash flow* ▲13% organic* growth ▲19% growth* ▲104% growth* ▲70 bps of margin expansion* $251B Outlook RTX backlog Raising adjusted sales* and adjusted ▲13% growth EPS*; maintaining free cash flow* ▲$37B of new awards
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 • CORE operating system • Designing and integrating a • Continuing to develop and enabling six consecutive hybrid-electric propulsion deploy data
Slide 5: 3Q 2025 results
ADJUSTED SALES* GAAP EPS $22.5B 12% $20.1B $1.09 $1.41 3Q 2025 Adjusted growth* ▲29% results 13% GAAP Organic growth* 2024 2025 2024 2025 REPORTED SALES ADJUSTED EPS* $20.1B $22.5B $1.70 $1.45 KEY TAKEAWAYS • 13% organic sales growth* CASH FLOW ▲17% Adjusted* ▲10% commercial OE** Operating Free CapE
Slide 6: RTX 2025 outlook
ADJUSTED SALES* RTX 2025 ▲ $86.5B - $87.0B outlook Prior: $84.75B - $85.5B ORGANIC SALES GROWTH %* ▲ 8% - 9% Prior: 6% - 7% ADJUSTED EPS* ▲ $6.10 - $6.20 Prior: $5.80 - $5.95 FREE CASH FLOW* $7.0B - $7.5B Prior: $7.0B - $7.5B *See Appendix for additional information regarding these non-GAAP financia
Slide 7: Collins Aerospace
HIGHLIGHTS ($ millions) ▲8% ▲9% Collins Adjusted sales* Adjusted operating profit* Aerospace ▲11% • Commercial OE up 16%** • Commercial aftermarket up 13%** • Higher commercial aftermarket and OE volume • Higher defense volume Organic sales* • Defense up 6%** • Lower R&D expense • Unfavorable commer
Slide 8: Pratt & Whitney
HIGHLIGHTS ($ millions) ▲16% ▲26% Pratt & Adjusted sales* Adjusted operating profit* Whitney ▲16% • Commercial OE up 5% • Commercial aftermarket up 23% • Higher commercial aftermarket and military volume • Higher large commercial engine OE delivery volume Organic sales* • Military up 15%, including
Slide 9: Raytheon
HIGHLIGHTS ($ millions) ▲10% ▲30% $72B Raytheon Adjusted sales* Adjusted operating profit* Backlog ▲10% • Higher volume on land and air defense systems • Favorable program mix, including international Patriot • $2.5B GEM-T • $2.1B AMRAAM Organic sales* • Higher volume on naval • Improved net product
Slide 10: Key takeaways
Key takeaways Strong third quarter results with continued momentum across RTX Raising 2025 outlook for adjusted sales* and adjusted EPS*, confirming free cash flow* outlook $251B backlog and positioned to capitalize on the growing demand for RTX products Executing strategic priorities across the com
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Slide 12: Appendix
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Slide 13: Use and definitions of non-GAAP financial measures
Use and definitions of non-GAAP financial measures NON-GAAP MEASURE DEFINITION RTX Corporation (“RTX” or “the Company”) reports its financial results in accordance Adjusted net sales / Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinaf
Slide 14: 2025 segment outlook
2025 segment outlook ADJUSTED ADJUSTED SALES ORGANIC SALES OPERATING VPY%* VPY%* PROFIT VPY* ($M) Current Up mid-single digits1 Up high-single digits $325 - $3751 COLLINS AEROSPACE Prior Up mid-single digits1 Up high-single digits $275 - $3501 Current Up low to mid teens Up low to mid teens $350 - $
Slide 15: Additional 2025 items
Additional 2025 items* FY 2025 Outlook ADJUSTED TAX RATE** FAS/CAS OPERATING ADJUSTMENT ~19.3% - 19.5% ~$740M Prior: ~19.5% Prior: ~$700M INTEREST EXPENSE NON-SERVICE PENSION INCOME ~$1,825M ~$1,435M Prior: ~$1,850M Prior: ~$1,400M CORPORATE EXPENSE AND OTHER UNALLOCATED ITEMS CAPEX SPENDING ~$175M
Slide 16: P&W engine shipments to customers
RTX: P&W engine shipments to customers 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 MILITARY 43 37 34 66 180 51 40 63 LARGE COMMERCIAL 232 236 252 276 996 250 227 266 PRATT & WHITNEY CANADA1 496 474 521 587 2,078 518 521 516 1Excludes APUs 16
Slide 17: 3Q 2025: RTX free cash flow reconciliation
3Q 2025: RTX free cash flow reconciliation ($ millions) 3Q 2025 NET INCOME $2,006 DEPRECIATION & AMORTIZATION 1,091 CHANGE IN WORKING CAPITAL 1,241 OTHER 301 CASH FLOW FROM OPERATING ACTIVITIES $4,639 CAPITAL EXPENDITURES (614) FREE CASH FLOW $4,025 17
Slide 18: 3Q 2025: RTX sales reconciliation
3Q 2025: RTX sales reconciliation ($ millions) TOTAL ACQUISITIONS & ORGANIC 3Q 2024 ORGANIC CHANGE AS A % REPORTED FX/OTHER DIVESTITURES CHANGE ADJUSTED SALES1 OF ADJUSTED SALES CHANGE COLLINS AEROSPACE $546 ($263) $26 $783 $7,075 11% PRATT & WHITNEY 1,184 — 4 1,180 7,239 16% RAYTHEON 659 — — 659 6,
Slide 19: RTX: restructuring costs
RTX: restructuring costs ($ MILLIONS) 2025 2024 RESTRUCTURING IMPACT TO: Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 OPERATING PROFIT (LOSS) COLLINS AEROSPACE ($113) ($39) ($17) ($6) ($12) ($12) ($17) ($47) PRATT & WHITNEY (10) (8) — (18) (15) (13) (56) (102) RAYTHEON — (4) — (9)
Slide 20: 2024 reported to adjusted
RTX: 2024 reported to adjusted ($ 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 Q1 2025 Q2 2025 Q3 2025 Q1 2025 Q2 2025 Q3 2025 COLLINS AEROSPACE $7,217 $7,622 $7,621 $— $— $— $7,217 $7,622 $7,621 PR
Slide 22: Reconciliation of GAAP to adjusted: Collins Aerospace
RTX: reconciliation of GAAP to adjusted COLLINS AEROSPACE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 COLLINS AEROSPACE Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,217 $7,622 $7,621 $6,673 $6,999 $7,075 $7,537 $28,284 OPERATING PROFIT $1,088 $1,173 $1,260 $849 $1,
Slide 23: Reconciliation of GAAP to adjusted: Pratt & Whitney
RTX: reconciliation of GAAP to adjusted PRATT & WHITNEY (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 PRATT & WHITNEY Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,366 $7,631 $8,423 $6,456 $6,802 $7,239 $7,569 $28,066 OPERATING PROFIT $580 $492 $751 $412 $542 $557 $50
Slide 24: Reconciliation of GAAP to adjusted: Raytheon
RTX: reconciliation of GAAP to adjusted RAYTHEON (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 RAYTHEON Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $6,340 $7,001 $7,045 $6,659 $6,511 $6,386 $7,157 $26,713 CONTRACT TERMINATION — — — — (70) — — (70) ADJUSTED NET SALES $6
Slide 25: Reconciliation of GAAP to adjusted: non-segment operating profit
RTX: reconciliation of GAAP to adjusted NON-SEGMENT OPERATING PROFIT (LOSS) (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 ELIMINATIONS AND OTHER Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES ($617) ($673) ($611) ($483) ($591) ($611) ($640) ($2,325) OPERATING PROFIT (LOSS
Slide 26: Reconciliation of GAAP to adjusted: consolidated income, EPS
RTX: reconciliation of GAAP to adjusted CONSOLIDATED INCOME, EARNINGS PER SHARE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $1,535 $1,657 $1,918 $1,709 $111 $1,472 $1,48
Slide 27: Reconciliation of GAAP to adjusted: segment sales and operating profit
RTX: reconciliation of GAAP to adjusted SEGMENT NET SALES AND OPERATING PROFIT AND MARGIN (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $20,306 $21,581 $22,478 $19,305 $19,721 $20,089 $21,623 $80,738 RECONCI