Slide 1: 1st quarter 2025 earnings conference call
1st quarter 2025 Earnings conference call April 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: 1Q 2025 highlights
1Q 2025 $20.3B $2.5B $217B highlights Adjusted sales* Adjusted segment profit* RTX backlog ▲8% organic* growth ▲18% growth* ▲8% growth; received over ▲21% commercial aftermarket ▲120 bps adjusted segment $19B of new awards growth** margin expansion* Program Achievements GTF Advantage received FAA ce
Slide 4: 2025 tariff environment
2025 tariff environment BACKDROP POTENTIAL DIRECT IMPACTS1 ASSUMPTIONS Strong U.S. industrial base • Tariffs remain in place for rest of year Operating Profit • ~70% of employees Tariff Category Impact • Canada and Mexico at 25% • ~65% of product spend • China at 145% / Tariffs from China at 125% •
Slide 5: 1Q 2025 results
ADJUSTED SALES* GAAP EPS $1.28 $20.3B $1.14 5% $19.3B 1Q 2025 Adjusted growth* ▲ 11% results 8% GAAP 2024 2025 Organic growth* 2024 2025 REPORTED SALES ADJUSTED EPS* $19.3B $20.3B $1.34 $1.47 KEY TAKEAWAYS • 8% organic sales growth* CASH FLOW ▲10% Adjusted* ▲21% commercial aftermarket** Operating Ca
Slide 6: Collins Aerospace 1Q 2025 results
HIGHLIGHTS ($ millions) ▲8% ▲17% Collins Adjusted sales* Adjusted operating profit* Aerospace ▲9% • Commercial aftermarket up 13%** • Defense up 10%** • Higher commercial aftermarket volume • Higher defense volume Organic sales* • Commercial OE up 2%** 1Q 2025 results ADJUSTED SALES* ADJUSTED OPERAT
Slide 7: Pratt & Whitney 1Q 2025 results
HIGHLIGHTS ($ millions) ▲14% ▲37% Pratt & Adjusted sales* Adjusted operating profit* Whitney ▲14% • Commercial aftermarket up 28% • Military up 4% • Higher commercial aftermarket volume and favorable mix • Higher delivery volume in LCE Organic sales* • Commercial OE up 3% • Lower R&D expense more th
Slide 8: Raytheon 1Q 2025 results
HIGHLIGHTS ($ millions) ▼5% ▲8% $61B Raytheon Adjusted sales* Adjusted operating profit* Backlog ▲2% • Higher volume on land and air defense systems • Favorable mix • Improved net productivity • $0.8B Netherlands air and missile defense systems Organic sales* • Lower volume on air and space • $0.7B
Slide 9: Key takeaways
Key takeaways Strong first quarter financial results 2025 outlook does not incorporate potential tariff impacts Positioned to respond to changing environment Operationally on-track and driving strategic priorities across the company including execution, innovation, and leveraging the breadth and sca
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Slide 11: Appendix
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Slide 12: 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 13: RTX 2025 outlook
ADJUSTED SALES* RTX 2025 $83.0B - $84.0B outlook Prior: $83.0B - $84.0B ORGANIC SALES GROWTH %* 4% - 6% Prior: 4% - 6% ADJUSTED EPS* $6.00 - $6.15 Prior: $6.00 - $6.15 FREE CASH FLOW* $7.0B - $7.5B Prior: $7.0B - $7.5B *See Appendix for additional information regarding these non-GAAP financial measu
Slide 14: 2025 segment outlook
2025 segment outlook ADJUSTED ADJUSTED SALES ORGANIC SALES OPERATING VPY%* VPY%* PROFIT VPY* ($M) Current Up low-single digits1 Up mid-single digits $500 - $6001 COLLINS AEROSPACE Prior Up low-single digits1 Up mid-single digits $500 - $6001 Current Up high-single digits Up high-single digits $325 -
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 - $225M
Slide 16: P&W engine shipments to customers
RTX: P&W engine shipments to customers 2024 2025 Q1 Q2 Q3 Q4 FY Q1 MILITARY 43 37 34 66 180 51 LARGE COMMERCIAL 232 236 252 276 996 250 PRATT & WHITNEY CANADA1 496 474 521 587 2,078 518 1 Excludes APUs 16
Slide 17: 1Q 2025: RTX free cash flow reconciliation
1Q 2025: RTX free cash flow reconciliation ($ millions) 1Q 2025 NET INCOME $1,625 DEPRECIATION & AMORTIZATION 1,052 CHANGE IN WORKING CAPITAL (1,246) OTHER (126) CASH FLOW FROM OPERATING ACTIVITIES $1,305 CAPITAL EXPENDITURES (513) FREE CASH FLOW $792 17
Slide 18: 1Q 2025: RTX sales reconciliation
1Q 2025: RTX sales reconciliation ($ millions) TOTAL ACQUISITIONS & ORGANIC 1Q 2024 ORGANIC CHANGE AS A % REPORTED FX/OTHER DIVESTITURES CHANGE ADJUSTED SALES1 OF ADJUSTED SALES CHANGE COLLINS AEROSPACE $544 ($32) ($16) $592 $6,673 9% PRATT & WHITNEY 910 — (20) 930 6,456 14% RAYTHEON (319) (460) (5)
Slide 19: RTX restructuring costs
RTX: restructuring costs ($ MILLIONS) 2025 2024 RESTRUCTURING IMPACT TO: Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 OPERATING PROFIT (LOSS) COLLINS AEROSPACE ($113) ($6) ($12) ($12) ($17) ($47) PRATT & WHITNEY (10) (18) (15) (13) (56) (102) RAYTHEON — (9) (7) (14) (6) (36) TOTAL SEGMENT OPERATI
Slide 20: 2024 reported to adjusted
RTX: 2024 reported to adjusted ($ 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 Q1 2025 Q1 2025 COLLINS AEROSPACE $7,217 $— $7,217 PRATT & WHITNEY 7,366 — 7,366 RAYTHEON 6,340 — 6,340 TOTAL SEGMENT NET SALES 20,923
Slide 22: Reconciliation of GAAP to adjusted: Collins Aerospace
RTX: reconciliation of GAAP to adjusted COLLINS AEROSPACE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 COLLINS AEROSPACE Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,217 $6,673 $6,999 $7,075 $7,537 $28,284 OPERATING PROFIT $1,088 $849 $1,118 $1,062 $1,106 $4,135 RESTRUCTURING (113)
Slide 23: Reconciliation of GAAP to adjusted: Pratt & Whitney
RTX: reconciliation of GAAP to adjusted PRATT & WHITNEY (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 PRATT & WHITNEY Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $7,366 $6,456 $6,802 $7,239 $7,569 $28,066 OPERATING PROFIT $580 $412 $542 $557 $504 $2,015 RESTRUCTURING (10) (18) (15) (1
Slide 24: Reconciliation of GAAP to adjusted: Raytheon
RTX: reconciliation of GAAP to adjusted RAYTHEON (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 RAYTHEON Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $6,340 $6,659 $6,511 $6,386 $7,157 $26,713 CONTRACT TERMINATION — — (70) — — (70) ADJUSTED NET SALES $6,340 $6,659 $6,581 $6,386 $7,157 $
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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES ($617) ($483) ($591) ($611) ($640) ($2,325) OPERATING PROFIT (LOSS) $12 ($5) ($36) ($14) $7 ($48
Slide 26: Reconciliation of GAAP to adjusted: income and EPS
RTX: reconciliation of GAAP to adjusted CONSOLIDATED INCOME, EARNINGS PER SHARE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $1,535 $1,709 $111 $1,472 $1,482 $4,774 TOTAL RESTRUCTURING I
Slide 27: Reconciliation of GAAP to adjusted: segment sales and profit
RTX: reconciliation of GAAP to adjusted SEGMENT NET SALES AND OPERATING PROFIT AND MARGIN (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2025 2024 INCOME (EXPENSES) Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 NET SALES $20,306 $19,305 $19,721 $20,089 $21,623 $80,738 RECONCILIATION TO SEGMENT NET SALES: EL