RTX (RTX) 10-K risk factor changes: FY2024 vs FY2023

Our business may be adversely affected by changes in global economic, capital market, and political conditions. Our business, operating results, financial condition, and liquidity may be adversely affected by changes in global economic conditions, international relations, and geopolitical events and actions, including inflation, credit market conditions, levels of consumer and business confidence, commodity (including energy) prices and supply, trade [removed: policies,] [added: policies (including tariffs),] exchange rates, [removed: changing policy positions or priorities,] levels of government spending and deficits, the threat environment, political conditions, and actual or anticipated default on sovereign debt.

[removed: The current global supply] [added: Supply] chain challenges and inflationary pressures [removed: have negatively affected, and we expect will] continue to negatively [removed: affect,] [added: affect] our performance [removed: as well as] [added: and] the performance of our suppliers and subcontractors.

[removed: High inflation levels have] [added: Inflation has] increased material and component prices, labor rates, and supplier costs.

[removed: Similarly,] [added: In addition, high] interest [removed: rate increases have created financial market volatility and could further negatively impact financial markets, lead to an economic downturn or recession,] [added: rates can increase the cost of borrowing] and tighten the availability [removed: of, and increase the cost of,] [added: of] capital for the Company, which could have an adverse effect on our operating results, financial condition, and liquidity.

Our global business is also adversely affected by decreases in the general level of economic activity, such as decreases in business and consumer spending, air travel, the financial strength [added: and performance] of [added: airframers,] airlines and business jet operators, and government procurement.

In addition, geopolitical risks could affect government priorities, budgets, and policies, such as U.S. approvals of our foreign defense sales as well as [removed: sanctions] [added: sanctions, imposition of tariffs,] and other trade-restrictive activities, which could impact sales of defense and other products and services.

Our U.S. government revenues largely result from contracts awarded under various U.S. government programs, primarily defense-related programs with the U.S. Department of Defense (DoD), and a broad range of programs with [removed: the U.S. Intelligence Community and] other departments and agencies.

In recent years, U.S. government appropriations have been affected by larger U.S. government budgetary issues and related legislation, and the U.S. government has been unable to complete its budget process before the end of its fiscal year, resulting in both governmental shutdowns and continuing resolutions [removed: (CRs)] providing only enough funds for U.S. government agencies to continue operating at prior-year levels.

The U.S. government is currently operating under a [removed: CR] [added: continuing resolution] to keep the government funded while Congress works to enact full year fiscal year [removed: 2024 (FY24)] [added: 2025 (FY25)] appropriation bills.

[removed: While we expect Congress to complete the full year FY24 appropriations bills before the current CR expire, if] [added: If] Congress is unable to complete the [removed: FY24] [added: FY25] appropriation bills, (or pass another [removed: CR),] [added: continuing resolution),] then the U.S. government would shut [removed: down] [added: down,] during which [added: time] federal agencies would cease all non-essential functions.

Furthermore, under the Fiscal Responsibility Act of 2023, which imposes limits on discretionary spending for defense and non-defense programs in exchange for the lifting of the debt ceiling in June 2023, if Congress fails to enact all appropriation bills by April 30, [removed: 2024,] [added: 2025,] then the budget caps will be reduced and corresponding automatic reductions to agency budget accounts will be enforced through sequestration.

[added: We face risks relating to our U.S. government contracts and programs, including the mix of our U.S. government contracts and programs, our performance, and our ability to control costs. The termination of one or more of our U.S. government] contracts, or the occurrence of performance delays, cost overruns (due to inflation or otherwise), product failures, shortages in materials, components, or labor, contract definitization delays, or other failures to perform to customer expectations and contract requirements, could negatively impact our reputation and competitive position, results of operations, financial condition, and liquidity.

U.S. government contracts [added: with prime contractors] generally permit the government to terminate the contract, in whole or in part, without prior notice, at the U.S. government’s convenience or for default based on performance.

We may incur unexpected costs for various reasons, including technical and manufacturing challenges, schedule delays, [removed: shortages in] [added: the timeliness and availability of] materials, components, or labor, [added: the inaccuracy of initial contract cost estimates,] internal and subcontractor [removed: performance,] [added: performance or] product quality issues, inability to achieve the benefits of our [added: expected] cost reduction, digital transformation, manufacturing, operating, and other strategic initiatives, inflation, [added: inability to pass on tariff costs,] and changing laws or regulations, natural disasters, and public health crises.

[removed: If] [added: Our profitability could be negatively affected based on the mix of our U.S. government contracts and programs and the costs incurred of performing the work, especially if] we are unable to control costs or if our initial cost estimates are incorrect, [removed: our profitability could be negatively affected,] particularly under fixed-price development contracts.

In addition, in order to support U.S. government priorities, we may begin performance [removed: prior to completing contract negotiations for] [added: on] an undefinitized contract action with a not-to-exceed [removed: price.][added: price before completing contract]

Our U.S. government contracts also require us to comply with extensive and evolving procurement [added: laws,] rules and regulations and subject us to potential U.S. government surveillance, audits, investigations, [added: and disputes.]

Our international sales and operations are also subject to risks associated with local government laws, regulations, and policies, including with respect to investments, taxation, exchange controls, capital controls, employment regulations, [removed: and] repatriation of [removed: earnings.][added: earnings, and tariffs.]

Our international contracts, particularly for sales of defense products and services, may include offset [added: obligations] or industrial cooperation obligations requiring specific local purchases, manufacturing agreements, technology transfer agreements, financial support obligations, or other local investments, sometimes in the form of in-country industrial participation (ICIP) agreements.

Geopolitical factors and changes in policies and regulations could adversely affect our business. Our international sales and operations are sensitive to changes in foreign national priorities, foreign government budgets, and regional and local political and economic factors, including wars and armed conflicts, political or civil unrest, volatility in energy prices or supply, inflation, interest rates, changes in threat environments and political relations, [removed: geopolitical uncertainties,] and [removed: changes in U.S. foreign policy.][added: geopolitical uncertainties.]

[removed: While these factors and their impact are difficult to predict, any one or more] [added: Any] of [removed: them] [added: these] could have a material adverse effect on our competitive position, results of operations, financial condition, or liquidity.

In addition, given the role of our defense businesses in the support of the national security interests of the [removed: U. S.] [added: U.S.] and its allies, we are subject to risks and uncertainties relating to policies of the U.S. and its allies, as well as other countries, including those that are or become regarded as potential adversaries or threats.

We engage in both direct commercial sales, which generally require U.S. government licenses and approvals, as well as foreign military sales, which are government-to-government transactions [added: initiated by, and carried out at the direction of, the U.S. government.]

[removed: Of note, in] [added: In] February 2023, China announced sanctions against Raytheon Missiles & Defense (RMD) (a former RTX Corporation (RTX) business segment, which became part of Raytheon as a result of the July 1, 2023 RTX segment realignment), and previously announced it may take measures against RTX, in connection with certain foreign military sales to Taiwan.

If China were to [removed: enforce sanctions,] impose additional sanctions, [added: enforce announced sanctions,] or take other regulatory action against RTX, our suppliers, affiliates, or partners, it could potentially disrupt our business operations.

[removed: The] [added: Any] impact of [removed: the announced sanctions] [added: these] or other potential sanctions, or other actions by [removed: China] [added: China,] is uncertain.

Our businesses have sold, and are expected to sell in the future, additional defense products to Taiwan from time to time in alignment with [removed: our] U.S. government policy, and we are unable to determine the potential impact, if any, of any future sanctions or other actions by China in response to these sales.

In addition, in response to Russia’s invasion of Ukraine, the U.S. government and the governments of various jurisdictions in which we [removed: operate,] [added: operate] have imposed broad economic sanctions and export controls targeting specific industries, entities, and individuals in Russia.

We continue to closely monitor [removed: developments in the war between Israel and Hamas that began on October 7, 2023, including] potential impacts to RTX’s business, customers, suppliers, employees, and operations in Israel, the Middle East, and [removed: elsewhere.][added: the region at large due to the war in Gaza, including a recently-announced ceasefire, the related escalation of conflict and instability in the region, and the regime change in Syria.]

The [removed: potential] [added: overall] impacts to RTX [removed: are subject to change] [added: from this situation have been minimal; however,] given the volatile nature of the [removed: situation.][added: situation, the potential impacts to RTX are subject to change.]

Capital spending and demand for aircraft engines, aerospace products, and component aftermarket parts and services is limited to commercial airlines, lessors, other aircraft [removed: operators] [added: operators,] and aircraft manufacturers that are influenced by a wide variety of factors, including current and predicted traffic levels, load factors, aircraft fuel prices, labor issues, airline consolidation, bankruptcies and restructuring activities, competition, the retirement of older aircraft, corporate profitability and financial health, cost reduction efforts, tightening of credit in financial markets and the availability of aircraft leasing and financing alternatives, remaining performance obligations levels, the satisfaction of certification or other regulatory requirements for aircraft in various jurisdictions, regulatory changes, terrorism and related safety concerns, [added: political stability,] and general economic conditions.

Other factors, including future terrorist actions, aviation safety concerns, [removed: pandemic] [added: public] health issues, or major natural disasters, could also dramatically reduce the demand for commercial air travel, which could negatively impact the sales and margins of our aerospace businesses.

Additionally, because a substantial portion of product deliveries to commercial aerospace customers are scheduled for delivery in the future, changes in economic conditions may cause customers to request that firm [removed: orders be rescheduled or canceled.]

At times, our aerospace businesses also enter into [removed: firm fixed-price] [added: FFP] or cost-share development contracts with customers, which may require us to bear cost overruns related to unforeseen technical and design challenges that arise during the development and early production stages of [removed: the] [added: a] program.

[added: A reduction in spending in the commercial] aviation industry could have a significant effect on the demand for our products, which could have a material adverse effect on our competitive position, results of operations, financial condition, or liquidity.

Our ability to realize the anticipated benefits of our investments depends on a variety of factors, including [added: the competitiveness of our offerings’ performance relative to our peers;] meeting development, production, certification, and regulatory approval schedules; receiving regulatory approvals; execution of internal and external performance plans; achieving cost and production efficiencies; availability and quality of supplier- and internally-produced parts and materials; availability of supplier and internal facility capacity to perform maintenance, repair, and overhaul services; availability of test equipment; development of complex software; hiring and training of qualified personnel; identification of emerging technological trends for our target end-customers; the level of customer interest in new technologies and products; [added: requirements to provide disclosure and company intellectual property rights for certain government procurement programs; and] customer acceptance of our products and [removed: technologies; and the level of competition as described below.][added: technologies.]

For example we are investing in artificial intelligence, among other advanced technologies, and [removed: we] [added: our business] may be [added: adversely affected if we are] unable to successfully integrate the technology into our [added: internal business processes and] products and services [removed: or keep pace with this rapidly changing technology.][added: in a timely, cost-effective, compliant, and responsible manner.]

Development efforts divert resources from other potential investments in our businesses, and these efforts may not lead to the development of new technologies or products on a timely basis or meet the needs of our customers as fully as [removed: competitive offerings.][added: alternative investments.]

In particular, Pratt & Whitney’s Geared Turbofan [added: (GTF)] family of engines incorporates advanced technologies.

The level of orders received for the [removed: Geared Turbofan] [added: GTF] family of engines, coupled with a requirement to achieve mature production levels in a very short time frame, [removed: require] [added: have required] significant [added: growth in our] manufacturing and supply chain capacity.

Moreover, volatility in interest rates and financial markets can lead to economic uncertainty, an economic downturn or recession and impact the demand for our products and services as well as impact our supply chain.

It is currently uncertain whether Congress will be able to enact FY25 appropriation bills and, if such bills are passed, the spending levels and priorities for defense and other areas.

negotiations on the terms, specifications, or price between the parties.

The U.S. government has the ability to unilaterally definitize contracts, which would obligate us to perform under terms and conditions imposed by the U.S. government, affecting our ability to negotiate mutually agreeable contract terms.

While these factors and their impact are difficult to predict, any one or more of

Since that time, China has announced additional sanctions against the Raytheon business and a Collins Aerospace (Collins) joint venture.

RTX’s defense programs’ ability to receive components from Israel has not been impacted in any material respect, although we could experience future delivery delays of certain products if the ceasefire does not hold, or if further escalations arise.

orders be rescheduled or canceled.

The methods and processes we use to develop, deploy or otherwise use artificial intelligence systems may be found to not be in compliance with rapidly evolving regulatory standards thereby preventing or frustrating our use of the systems or creating liability for us.

These methods and processes may further perform in unexpected ways or be misused, jeopardizing RTX’s intellectual property or potentially resulting in unexpected loss or misappropriation of intellectual property.

Improper use of artificial intelligence could also lead to data breaches, undetected cyber-attacks, regulatory action, and reputational risks.

If we fail in our development projects or if our new products or technologies fail to achieve customer acceptance or competitors develop more capable technologies or offerings, we may be unsuccessful in obtaining new contracts or winning all or a portion of next generation programs, including in key areas such as advanced sensing solutions, next-generation aircraft engine technologies, advanced avionics solutions and hypersonics.

This issue has resulted in

increased engine removals and inspections, shop visits, aircraft on ground levels, costs to the Company, and other negative impacts described in more detail below.

If our competitors can offer lower cost services or products, or provide services or products more quickly, at equivalent or in some cases even reduced capabilities, we may lose business opportunities, which could adversely affect our future results.

Competitors may also be willing to accept more risk or lower profitability in competing for contracts than we are.

For example, the U.S. government may award large competitive contracts to other suppliers to maintain a broad industrial base.

In addition, U.S. government procurement policies and procedures and the application thereof are regularly changing.

Moreover, our potential international contract awards, particularly for sales of defense products and services, may be limited by our ability to agree to offset obligations or industrial cooperation obligations or enter into ICIP agreements, as discussed above.

For example, an increase in the use of contract structures that shift risk to the contractor (such as fixed-price development contracts and incentive-based fee arrangements), use of novel award fee criteria (such as the evaluation of environmental factors), evaluation of a bidder’s willingness to provide detailed competitively sensitive intellectual property (such as detailed RTX design, manufacturing and process information that would risk loss of competitively sensitive information), or requirements to transfer technology to domestic sources in connection with offset obligations, could adversely affect our profit rates, ability to preserve differentiated product offerings, maintain lower tier suppliers, or make it more difficult to win new contracts.

incorporated into third-party products, facilities, or infrastructure.

In addition, the inflationary environment has increased material and component prices, labor rates, and supplier costs, and negatively impacted costs.

affected our results of operations, financial condition, and liquidity.

This determination and corresponding fleet actions have resulted in, and are expected to continue to result in, an elevated level of aircraft on ground for the A320neo family of aircraft and significant incremental shop visits necessary to perform inspections on PW1100 GTF engines through the end of 2026.

dependent upon the continued services of our key technical personnel and executive officers, and the hiring, development, and retention of qualified technical, engineering, manufacturing, marketing, sales, and management personnel for our operations.

From time to time, we identify, investigate, remediate and voluntarily disclose violations or potential violations of the ITAR and EAR.

In addition, as previously disclosed, on August 29, 2024, the Company entered into a Consent Agreement (CA) with the DOS to resolve alleged civil violations of the AECA and the ITAR.

The CA, which has a three-year term, requires the Company to implement remedial compliance measures and to conduct an external audit of the Company’s ITAR compliance program.

The

CA also requires appointment of an external, independent Special Compliance Officer (SCO).

The Company appointed its SCO on September 27, 2024.

If we are unable to satisfy the requirements of the CA within three years as determined by the DOS, we may face a continuation of the CA, additional fines, or other adverse impacts.

In addition, during the term of the CA, the CA’s transaction-related requirements may impact our ability to execute potential future divestitures within expected timeframes or consistent with expected valuation metrics, which could delay or impair our ability to achieve the expected benefits from our strategic plan, or otherwise harm our competitive position, results of operations, financial condition, or liquidity.

anti-corruption laws, or export laws, as further described below), the U.S. government could suspend us from bidding on or receiving awards of new U.S. government contracts pending the completion of legal proceedings.

As discussed below and as previously disclosed, in October 2024, the Company entered into certain deferred prosecution agreements and a civil settlement agreement with the DOJ to resolve investigations relating to pricing on certain government contracts.

A violation by Raytheon Company or the Company of any one of the deferred prosecution agreements or Securities and Exchange Commission (SEC) administrative order announced on October 16, 2024 could adversely affect our business. As previously disclosed, on October 15, 2024, Raytheon Company entered into a deferred prosecution agreement (DPA) (DPA-1) with the DOJ and on October 16, 2024, the Company became subject to an administrative order issued by the SEC (the SEC Administrative Order) to resolve the previously disclosed criminal and civil government investigations into payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems (TRS), since 2012 in connection with certain Middle East contracts.

On October 16, 2024, Raytheon also entered into a DPA (DPA-2) and a False Claims Act (FCA) settlement agreement with the DOJ to resolve previously disclosed criminal and civil government investigations into defective pricing claims for certain legacy Raytheon contracts entered into between 2011 and 2013 and in 2017.

The Company made a settlement payment, criminal and civil penalties, restitution, and disgorgement, as applicable, pursuant to DPA-1, DPA-2, the SEC Administrative Order and the FCA settlement agreement as described in “Note 17: Commitments and Contingencies” within Item 8 of this Form 10-K.

Pursuant to DPA-1, among other terms, the DOJ will defer, for a period of three years, criminal prosecution of Raytheon Company related to Raytheon Company’s alleged conspiracy to violate the anti-bribery provisions of the FCPA and alleged conspiracy to violate the AECA by failing to make related disclosures of certain payments that qualified as fees, commissions and/or political contributions under Part 130 of ITAR.

Pursuant to DPA-2, among other terms, the DOJ will defer, for a period of three years, criminal prosecution of Raytheon Company related to two counts of major fraud against the United States by Raytheon Company involving two legacy contracts.

We face risks relating to our U.S. government contracts and programs, including the mix of our U.S. government contracts and programs, our performance, and our ability to control costs. The termination of one or more of our U.S. government

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and disputes.

initiated by, and carried out at the direction of, the U.S. government.

In addition, in September 2022, China indicated that it decided to sanction our Chairman and Chief Executive Officer, Gregory Hayes, in connection with another foreign military sale to Taiwan involving RTX products and services.

At this time, impacts to RTX are minimal.

The war has also not impacted our defense programs’ ability to receive components from Israel.

For some products, there could be future delivery delays because of the ongoing war.

A reduction in spending in the commercial

to secure both new engine business and the aftermarket revenues associated with these products.

Moreover, we are seeing increased government, particularly foreign, sponsorship of competitors on defense development programs.

The products and services that we provide our customers are also at risk of being adversely affected by cyber-attacks, including attempts to infiltrate them or sabotage or disable their use.

We could potentially be subject to production downtimes, operational delays, other detrimental impacts on our operations or

In addition, current high inflation levels have increased material and component prices, labor rates, and supplier costs, and put pressure on our margins.

be significant, and could result in injuries or death, property damage, loss of strategic capabilities, loss of intellectual property, loss of reputation, and other significant negative effects.

Actual and future estimated aircraft on ground levels for the A320neo family of aircraft have therefore increased.

Moreover, a significant percentage of our current workforce is nearing or eligible for retirement.

In addition, failure or

sufficiently broad to preclude our competitors from introducing technologies similar to those covered by our patents and patent applications.

We may not realize, on a timely basis or at all, the anticipated benefits of these investments and

In connection with the accelerated share repurchase (ASR) transactions, we incurred $10 billion of long-term debt.

As previously disclosed, in August 2023, S&P Global downgraded our credit rating from A-/negative to BBB+/stable, and our credit rating with Moody’s Investors Service remained at Baa1/stable.

Subsequently, in October 2023, both S&P Global and Moody’s Investors Service outlook changed from stable to negative when we entered into the ASR transactions.

In addition,

vary from historical practice or from the company’s stated expectations.

Moreover, effective July 1, 2023, we realigned our current business segment structure from four to three business segments.

In evaluating such transactions, we are required to make difficult judgments

[removed: Financial] [added: “Financial] Statements and Supplementary [removed: Data] [added: Data”] of this Form 10-K, the changes in certain key items in those financial statements between select periods, and the primary factors that accounted for those changes.

[removed: Effective July 1, 2023, we streamlined the structure of our core businesses to] [added: We operate in] three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon.

Revenue passenger miles (RPMs), available seat miles, and the general economic health of airline carriers [added: and airframers, as well as the financial strength and performance of airframers,] are key barometers for our commercial aerospace operations.

[removed: Global economic] [added: Global, economic,] and political conditions, changes in raw material and commodity prices and supply, labor availability and costs, inflation, interest rates, [added: potential changes in U.S. government policy positions, including changes in DoD policies or priorities,] geopolitical conflicts and strained intercountry relations, U.S. and [removed: non U.S.] [added: non-U.S.] tax law changes, foreign currency exchange rates, [added: sanctions, tariffs,] energy costs and supply, levels of air travel, the financial condition of commercial airlines, and the impact from natural disasters and weather conditions create uncertainties that could impact our businesses.

Pratt & Whitney Powder Metal Matter. [removed: As described further in “Note 17: Commitments and Contingencies” within Item 8 of this Form 10-K,] [added: In 2023,] Pratt & Whitney [removed: has] determined that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100G-JM (PW1100) Geared Turbofan (GTF) fleet, which powers the A320neo [added: family of aircraft (A320neo) (herein referred to as the “Powder Metal Matter”).]

Global Supply Chain. We are dependent on a global supply chain and [removed: in recent years] have experienced supply chain disruptions that resulted in delays and increased costs and adversely affected our performance.

We have implemented actions and programs to mitigate some of the impacts but anticipate supply chain disruptions to [removed: continue into 2024.][added: continue.]

Economic Environment. [removed: Current high inflation levels have] [added: The inflationary environment has] increased material and component prices, labor rates, and supplier costs and [removed: have] [added: has] negatively impacted our [removed: operating profit and margin,] [added: performance,] including [removed: impact on] [added: our] productivity expectations.

Moreover, volatility in interest rates and financial markets can lead to economic uncertainty, an economic downturn or [removed: recession] [added: recession,] and impact the demand for our products and services as well as our supply chain.

We continue to pursue strategic and operational initiatives to help address these macroeconomic pressures, including our digital transformation, operational modernization, cost reduction, and advanced [removed: technology programs, and we apply our Customer Oriented Results Excellence (CORE) operating platform to the execution of these initiatives.]

U.S. Government’s Budget. Since the end of its fiscal year [removed: 2023,] [added: 2024,] the U.S. government has been operating under [removed: a series of] [added: two] continuing [removed: resolutions] [added: resolutions, the most recent of which was signed on December 21, 2024,] to keep the government funded [added: through March 14, 2025] while Congress works to enact full year fiscal year [removed: 2024 (FY24)] [added: 2025 (FY25)] appropriation bills.

[removed: While we expect Congress to complete the full year FY24 appropriations bills before the current continuing resolution expires and for the FY24 defense appropriations bill to provide increased spending consistent with the overall funding agreement, if] [added: If] Congress is unable to complete the [removed: FY24] [added: FY25] appropriation bills (or pass another continuing [removed: resolution),] [added: resolution) by March 14, 2025,] then the U.S. government would shut [removed: down] [added: down,] during which [added: time] federal agencies would cease all non-essential functions.

In February 2023, China announced sanctions against Raytheon Missiles & Defense (RMD) (a former RTX [removed: Corporation (RTX)] business segment which became part of [added: the] Raytheon [removed: as a result of] [added: business during] the [removed: July 1, 2023 RTX segment realignment),] [added: third quarter of 2023),] and previously announced it may take measures against RTX, in connection with certain foreign military sales to Taiwan.

Any impact of these or other potential sanctions or other actions by [removed: China] [added: China,] is uncertain.

We continue to closely monitor [removed: developments in the war between Israel and Hamas that began on October 7, 2023, including] potential impacts to RTX’s business, customers, suppliers, employees, and operations in Israel, the Middle East, and [removed: elsewhere.][added: the region at large due to the war in Gaza, including a recently-announced ceasefire, the related escalation of conflict and instability in the region, and the regime change in Syria.]

The [removed: potential] [added: overall] impacts to RTX [removed: are subject to change] [added: from this situation have been minimal; however,] given the volatile nature of the [removed: situation.][added: situation, the potential impacts to RTX are subject to change.]

- Net sales: a [removed: growth] metric that measures our revenue for the current year;

- Operating profit: a measure of our profit for the year, before non-operating [removed: expenses,] [added: expenses (income),] net and income [removed: taxes;][added: tax expense;]

| (dollars in millions) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Total net sales | | | $ | [removed: 68,920] [added: 80,738] | | | | | $ | [removed: 67,074] [added: 68,920] | | | | | $ | [removed: 64,388] [added: 67,074] | |

| Operating profit | | | [removed: 3,561] [added: 6,538] | | | | | | [removed: 5,504] [added: 3,561] | | | | | | [removed: 5,136] [added: 5,504] | | |

| Operating profit [added: (loss)] margins | | | [removed: 5.2] | | [added: | 7.2 | |] % | | | | [removed: 8.2] [added: (8.0)] | | % | | | | [removed: 8.0] [added: 5.2] | | % | [added: | | | | | | | | | | | |]

| Operating cash flow from continuing operations | | | $ | [removed: 7,883] [added: 7,159] | | | | | $ | [removed: 7,168] [added: 7,883] | | | | | $ | [removed: 7,142] [added: 7,168] | |

See [removed: Results] [added: “Results] of [removed: Operations] [added: Operations”] below for our definition of the organic change in Net sales and Operating profit, which are [added: non-Generally Accepted Accounting Principles (non-GAAP) measures that are] not defined measures under U.S. Generally Accepted Accounting Principles (GAAP) and may be calculated differently by other companies.

Total backlog was [removed: $196] [added: $218] billion and [removed: $175] [added: $196] billion as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

We focus on adjusted earnings per share (EPS) and measures to assess our cash generation and the efficiency and effectiveness of our use of capital, such as free cash flow, both of which are [added: non-GAAP measures that are] not defined measures under U.S. GAAP and may be calculated differently by other companies.

A discussion of our results of operations and financial condition follows below in [removed: Results] [added: “Results] of [removed: Operations, Segment Review,] [added: Operations”, “Segment Review”,] and [removed: Liquidity] [added: “Liquidity] and Financial [removed: Condition.][added: Condition”.]

As described in our “Cautionary Note Concerning Factors That May Affect Future [removed: Results”] [added: Results and Risk Factor Summary”] of this Form 10-K, our period-to-period comparisons of our results, particularly at a segment level, may not be indicative of our future operating results.

We believe that these [removed: non-Generally Accepted Accounting Principles (non-GAAP)] [added: non-GAAP] measures are useful to investors because they provide transparency to the underlying performance of our business, which allows for better year-over-year comparability.

The organic change in Net sales, Cost of sales, and Operating profit excludes acquisitions and divestitures, net, [added: and] the effect of foreign currency exchange rate translation [removed: fluctuations,] [added: fluctuations] and other significant non-operational items and/or significant operational items that may occur at irregular intervals (Other).

Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, [removed: plant] [added: plant,] and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to [removed: loss making] [added: loss-making] or [removed: below market] [added: below-market] contracts acquired, and goodwill impairment, if applicable.

| (dollars in millions) | | | [removed: 2023] [added: 2024] | | | | | | [added: 2023 | | | | | |] 2022 | | |

| Organic (1) | | | $ | [removed: 7,343] [added: 7,816] | | | | | $ | [removed: 3,660] [added: 7,343] | |

| Acquisitions and divestitures, net | | | [removed: (143)] [added: (1,291)] | | | | | | [removed: (676)] [added: (143)] | | |

| Other | | | [removed: (5,354)] [added: 5,293] | | | | | | [removed: (298)] [added: (5,354)] | | |

| Total change | | | $ | [removed: 1,846] [added: 11,818] | | | | | $ | [removed: 2,686] [added: 1,846] | |

Net sales increased [removed: $3.7] [added: $7.8] billion organically in [removed: 2022] [added: 2024] compared to [removed: 2021,] [added: 2023,] primarily due to higher organic sales of [removed: $2.5] [added: $4.4] billion at Pratt & [removed: Whitney and] [added: Whitney,] $2.1 billion at Collins, [removed: partially offset by lower organic sales of $0.7] [added: and $1.7] billion at Raytheon.

The [removed: $0.7] [added: $1.3] billion decrease in net sales related to Acquisitions and divestitures, net in [removed: 2022] [added: 2024] compared to [removed: 2021,] [added: 2023,] was primarily driven by the sale of our [removed: global training] [added: Cybersecurity, Intelligence] and [removed: services] [added: Services (CIS)] business within our Raytheon segment [added: completed] in the [removed: fourth] [added: first] quarter of [removed: 2021.][added: 2024.]

| (dollars in millions) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Products [removed: sales] | | | $ | [removed: 49,571] [added: 59,612] | | | | | $ | [removed: 50,773] [added: 49,571] | | | | | $ | [removed: 49,270] [added: 50,773] | | | | | [removed: 72] [added: 74] | | % | | | | [removed: 76] [added: 72] | | % | | | | [removed: 77] [added: 76] | | % |

References to “Raytheon Company” mean Raytheon Company, which became a wholly owned subsidiary of RTX on April 3, 2020 through an all-stock merger transaction between United Technologies Corporation and Raytheon Company (the surviving company of which is RTX Corporation).

Legal Matters. As previously announced, in 2024 the Company resolved several outstanding legal matters, herein referred to as “Resolution of Certain Legal Matters.” The Company entered into a deferred prosecution agreement (DPA) (DPA-1) with the Department of Justice (DOJ) and the Company settled an administrative proceeding with the Securities and Exchange Commission (SEC) (the SEC Administrative Order) to resolve the previously disclosed criminal and civil government investigations into payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems (TRS), in connection with certain Middle East contracts since 2012 (Thales-Raytheon Systems and Related Matters).

The Company also entered into a DPA and a False Claims Act (FCA) settlement agreement with the DOJ to resolve previously disclosed criminal and civil government investigations into defective pricing claims for certain legacy Raytheon Company contracts entered into between 2011 and 2013 and in 2017 (DOJ Investigation and Contract Pricing Disputes).

Under these DPAs and the SEC Administrative Order, Raytheon Company and the Company are required to retain, among other things, an independent compliance monitor satisfactory to the DOJ and the SEC (for a term ending three years from the date on which the monitor is engaged) and are required to undertake certain cooperation and disclosure obligations (for a term commencing on the effective date of DPA-1 and the SEC Administrative Order, as applicable, and ending three years from the date on which the monitor is engaged).

The compliance monitor will oversee Raytheon Company’s and the Company’s compliance with their respective obligations under the DPAs and the SEC Administrative Order.

The DPAs further provide that, in the event the DOJ, in its sole discretion, determines during the period of deferral of prosecution that Raytheon Company or the Company have violated any provision of either DPA, Raytheon Company or the Company may be subject to prosecution for any federal criminal violation, including the charges against Raytheon Company in the relevant DPA.

The SEC Administrative Order further provides that, in the event of a breach of the SEC Administrative Order, the SEC may vacate the SEC Administrative Order and institute proceedings against the Company.

In the event of any such determination or breach, the Company may face additional adverse impacts.

In addition, the Company resolved certain voluntarily disclosed export controls violations primarily identified in connection with the integration of Rockwell Collins and, to a lesser extent, Raytheon Company, including certain violations that were resolved pursuant to a Consent Agreement (CA) with the Department of State (DOS) (Trade Compliance Matters).

The CA, which has a three-year term, requires the Company to implement remedial compliance measures and to conduct an external audit of the Company’s International Traffic in Arms Regulations (ITAR) compliance program.

The CA also requires appointment of an external, independent Special Compliance Officer (SCO).

The Company appointed its SCO on September 27, 2024.

As a result of the DPAs, SEC Administrative Order, FCA settlement agreement and CA, we recorded a combined pre-tax charge of $918 million during the second quarter of 2024, which included $269 million related to the DOJ Investigation and Contract Pricing Disputes (in addition to amounts previously accrued), $364 million related to Thales-Raytheon Systems and Related Matters (in addition to amounts previously accrued), and $285 million related to Trade Compliance Matters.

In the fourth quarter we made payments of $580 million related to the DOJ Investigation and Contract Pricing Dispute and $384 million related to Thales-Raytheon Systems and Related Matters.

technology programs, and we apply our Customer Oriented Results and Excellence (CORE) operating platform to the execution of these initiatives.

It is currently uncertain whether Congress will be able to enact FY25 appropriations bills and, if such bills are passed, the spending levels and priorities for defense and other areas.

In the event of a U.S. government shutdown, our business, program performance and results of operations could be impacted by the resulting disruptions to federal government offices, workers, and operations, including risks relating to the funding of certain programs, stop work orders, delays in contract awards, new program starts, payments for work performed, and other actions.

We also may experience similar impacts in the event of an extended period of continuing resolutions.

Generally, the significance of these impacts will primarily be based on the length of the shutdown or continuing resolution.

Furthermore, under the Fiscal Responsibility Act of 2023, which imposes limits on discretionary spending for defense and non-defense programs in exchange for the lifting of the debt ceiling in June 2023, if Congress fails to enact appropriation bills by April 30, 2025, budget caps will be reduced and corresponding automatic reductions to agency budget accounts will be enforced through sequestration.

Since that time, China has announced additional sanctions against the Raytheon business and a Collins joint venture.

RTX’s defense programs’ ability to receive components from Israel has not been impacted in any material respect, although we could experience future delivery delays of certain products if the ceasefire does not hold, or if further escalations arise.

On February 1, 2025, President Trump issued three executive orders directing the United States to impose new tariffs on imports from Canada, Mexico, and China, to take effect on February 4, 2025, and on February 3, 2025, President Trump announced his intention to pause tariffs on Canada and Mexico for the next month.

The tariffs impose an additional 25% *ad valorem* rate of duty on all imports from Canada and Mexico (other than imports of Canadian energy resources exports, which are subject to a 10% *ad valorem* rate of duty) and an additional 10% *ad valorem* rate of duty on all imports from China.

We are currently evaluating the potential impact of the imposition of the announced tariffs to our business and financial condition.

RTX also exports products to Canada, Mexico and China and we are currently monitoring the potential impact, if any, of actions taken in response to these tariffs by Canada, Mexico and China.

On January 28, 2025, RTX announced its full-year 2025 financial outlook, and that outlook does not reflect the impact of tariffs on imports from Canada, Mexico and China announced pursuant to the February 1, 2025 executive orders.

While we do not believe that the tariffs announced by the United States on February 1, 2025 will have a material adverse effect upon our results of operations, financial condition, or liquidity, there may be an impact to our previously issued outlook.

The actual impact of the new tariffs is subject to a number of factors including the effective date and duration of such tariffs, changes in the amount, scope and nature of the tariffs in the future, any countermeasures that the target countries may take and any mitigating actions that may become available.

| Total net sales | | | $ | 80,738 | | | | | $ | 68,920 | | | | | $ | 67,074 | |

| (dollars in millions) | | | 2024 | | | | | | 2023 | | |

The increase in Other net sales of $5.3 billion in 2024 compared to 2023, was primarily driven by the absence of the net sales charge of $5.4 billion associated with the Powder Metal Matter recognized in the third quarter of 2023.

Net products sales increased $10.0 billion in 2024 compared to 2023, primarily driven by the absence of the net sales charge of $5.3 billion associated with the Powder Metal Matter, and increases in external products sales of $2.4 billion at Pratt & Whitney, $1.2 billion at Collins, and $1.0 billion at Raytheon.

| (dollars in millions) | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| Total net sales | | | $ | 80,738 | | | | | $ | 68,920 | | | | | $ | 67,074 | | | | | 100 | | % | | | | 100 | | % | | | | 100 | | % |

| (dollars in millions) | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| (dollars in millions) | | | 2024 | | | | | | 2023 | | |

The $1.2 billion decrease in cost of sales related to

In addition, the increase in Other cost of sales includes a $0.5 billion charge at Raytheon related to the termination of a fixed price development contract with a foreign customer, herein referred to as “Raytheon Contract Termination,” in the second quarter of 2024, and $0.2 billion of charges recorded in the first quarter of 2024 at Collins related to the recognition of unfavorable purchase commitments and an impairment of contract fulfillment costs that are no longer recoverable as a result of initiating alternative titanium sources.

| (dollars in millions) | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

Effective July 17, 2023, we changed our legal name from Raytheon Technologies Corporation to RTX Corporation.

All segment information included in this Form 10-K is reflective of this new structure and prior period information has been recast to conform to our current period presentation.

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family of aircraft (A320neo) (herein referred to as the “Powder Metal Matter”).

On January 7, 2024, congressional leaders announced an overall funding agreement enabling Congress to complete action on the FY24 appropriations bills.

The current continuing resolution, signed on January 19, 2024, funds certain agencies through March 1 and others through March 8.

In addition, in September 2022, China indicated that it decided to sanction our Chairman and Chief Executive Officer, Gregory Hayes, in connection with another foreign military sale to Taiwan involving RTX products and services.

In particular, as of December 31, 2023, our Contract liabilities include approximately $405 million of advance payments received from a Middle East customer on contracts for which we no longer believe we will be able to execute on or obtain required regulatory approvals.

These advance payments may become refundable to the customer if the contracts are ultimately terminated.

At this time, impacts to RTX are minimal.

The war has also not impacted our defense programs’ ability to receive components from Israel.

For some products, there could be future delivery delays because of the ongoing war.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

The decrease in Other net sales of $0.3 billion in 2022 compared to 2021 represents the impact of foreign exchange.

The decrease in Other cost of sales of $0.2 billion in 2022 compared to 2021 was primarily driven by the impact of foreign exchange, partially offset by charges recorded during the first quarter of 2022 at Pratt & Whitney and Collins related to impairment of customer financing assets for products under lease, inventory reserves, purchase order obligations, and the impairment of contract fulfillment costs that are no longer recoverable, all due to global sanctions on and export controls with respect to Russia.

Net products cost of sales increased $0.8 billion in 2022 compared to 2021, primarily due to increases at Collins and Pratt & Whitney, partially offset by decreases at Raytheon and declines in Acquisition Accounting Adjustments.

The changes at Collins, Pratt & Whitney, and Raytheon were related to the changes in products sales noted above.

Net services cost of sales increased $0.7 billion in 2022 compared to 2021, primarily due to increases in external services cost of sales at Pratt & Whitney and Collins, partially offset by a decrease in external services cost of sales at Raytheon, all driven by the services sales changes noted above.

Company-funded research and development in 2022 was relatively consistent with 2021.

The decrease in customer-funded research and

Selling, general, and administrative expenses increased $0.5 billion in 2022 compared to 2021, primarily driven by higher information technology-related costs at Corporate, Collins, and Pratt & Whitney, and higher combined expenses at Collins and Pratt & Whitney, principally driven by higher employee-related costs and $0.1 billion of charges related to increased estimates for credit losses due to global sanctions on and export controls with respect to Russia.

The decrease in Other income, net of $303 million in 2022 compared to 2021 was primarily due to the absence of a $269 million gain on sale of Raytheon’s global training and services business recorded in 2021, $111 million of charges associated with the disposition of three businesses in 2022 including two non-core businesses at Collins and a non-core naval power business at Raytheon, and the absence of foreign government wage subsidies related to Coronavirus Disease 2019 (COVID-19) at Pratt & Whitney of $41 million in 2021.

The above items were partially offset by an accrual of $147 million in the fourth quarter of 2021 related to the ongoing Department of Justice (DOJ) investigation into contract pricing matters at Raytheon.

The increase in Operating profit of $0.4 billion in 2022 compared to 2021 was primarily driven by a decrease in Acquisition accounting adjustments, the operating performance at our operating segments, and a decrease in Corporate and Eliminations and other, partially offset by the change in our FAS/CAS operating adjustment, all of which are described below in “Segment Review.”

The change in Non-service pension income of $0.1 billion in 2022 compared to 2021 was primarily driven by the impact of an increase in interest rates, partially offset by prior years’ pension asset returns exceeding our EROA assumption.

For additional discussion of the ASR and associated funding, see “Liquidity and Financial Condition” below.

Interest expense, net in 2022 was relatively consistent with 2021.

The lower 2022 effective tax rate compared to 2021 is primarily driven by the absence of a net $108 million charge, a 2.2% tax rate increase in 2021, associated with the disposition of the Forcepoint business and the global training and services business, and the absence of a $73 million charge, a 1.5% tax rate increase in 2021, for the revaluation of deferred taxes resulting from the increase in the U.K. corporate tax rate to 25% enacted in 2021.

Additionally, the benefits associated with legal entity and operational reorganizations were lower in 2022 at $207 million, a 3.4% tax benefit in 2022, and $244 million, a 4.8% tax benefit, in 2021.

The 2021 effective tax rate also includes higher net state income taxes as compared to 2022.

- net debt extinguishment costs of $524 million, net of tax, in connection with the early repayment of outstanding principal, which had an unfavorable impact on diluted EPS from continuing operations of $0.35;

- tax benefits of $244 million associated with legal entity and operational reorganizations implemented in the third quarter 2021, which had a favorable impact on diluted EPS from continuing operations of $0.16;

- tax expense of $148 million related to the sale of our Forcepoint business in the first quarter of 2021, which had an unfavorable impact on diluted EPS from continuing operations of $0.10, and the subsequent revaluation of that tax benefit of $104 million in the fourth quarter of 2021, due to the completion of the divestiture of Raytheon’s global training and services business for a gain, which had a favorable impact on diluted EPS from continuing operations of $0.07;

As previously announced, effective July 1, 2023, we streamlined the structure of our core businesses to three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon.

All segment information is reflective of this new structure and prior period information has been recast to conform to our current period presentation.

In connection with the segment realignment, prior period results were recast in order to maintain the segment cost recognition patterns described above.

| Gross favorable | | | $ | 1,169 | | | | | $ | 1,368 | | | | | $ | 1,286 | |

| Gross unfavorable | | | (1,817) | | | | | | (1,405) | | | | | | (1,176) | | |

The change in net EAC adjustments of $147 million in 2022 compared 2021 was primarily due to unfavorable changes in net EAC adjustments at Raytheon, including the impact of acquisitions and dispositions, spread across numerous individual programs, with no individual or common significant driver, and includes the impact of continued supply chain and labor market constraints.

Our primary market exposures are to fluctuations in foreign currency exchange rates and interest rates as it relates to our market risk sensitive instruments, which are primarily cash, [removed: debt] [added: debt,] and derivative instruments.

[added: We actively manage foreign currency exposures that are] associated with committed foreign currency purchases and sales, and other assets and liabilities created in the normal course of business at the operating unit level.

The [added: present value of] aggregate notional [removed: amount] [added: principal] of our outstanding foreign currency hedges was [removed: $15.8] [added: $17] billion and [removed: $11.2] [added: $16] billion at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

A 10% unfavorable exchange rate movement in our portfolio of foreign currency contracts would have resulted in an increase in unrealized losses of $1.0 billion [removed: and $0.9 billion] at [added: both] December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

However, for our non-U.S. based entities, [removed: such as] [added: including] Pratt & Whitney [removed: Canada Corp. (P&WC),] [added: Canada,] a substantial portion of their costs are incurred in local currencies.

At [removed: P&WC] [added: Pratt & Whitney Canada] and Collins Aerospace, firm and forecasted sales for both original equipment and spare parts are hedged at varying amounts on the U.S. Dollar sales exposure as represented by the excess of U.S. Dollar sales over U.S. Dollar denominated purchases.

While the objective of the hedging program is to minimize the foreign currency exchange impact on operating results, there are typically variances between the hedging gains or losses and the translational impact due to the length of hedging contracts, changes in the sales profile, volatility in the exchange [removed: rates] [added: rates,] and other such operational considerations.

A 100 basis point unfavorable interest rate movement would have had an approximate $3 billion impact on the fair value of our fixed-rate debt at both December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

We also have variable-rate debt, including [removed: $4] [added: $2.75] billion of term loans outstanding, which is affected by changes in market interest rates.

We actively manage foreign currency exposures that are

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RTX [removed: Corporation, formerly known as Raytheon Technologies,] [added: Corporation] was incorporated in Delaware in 1934.

[removed: As previously announced, effective July 1, 2023, we streamlined the structure of our core businesses to] [added: Our operations are classified into] three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon, with each segment comprised of groups of similar operations.

[removed: Collins Aerospace is a leading global provider of technologically advanced aerospace and defense products and aftermarket service] [added: Collins’] solutions [added: include aftermarket services] for civil and military aircraft manufacturers, commercial airlines, and regional, [removed: business] [added: business,] and general aviation, as well as for defense and commercial space operations.

Collins designs, [removed: manufactures] [added: manufactures,] and supplies electric power generation, management and distribution systems, environmental control systems, flight control systems, air data and aircraft sensing systems, engine control systems, engine components, engine nacelle systems, including thrust reversers and mounting pylons, interior and exterior aircraft lighting, aircraft cargo systems, evacuation systems, landing systems (including landing gear, [removed: wheels] [added: wheels,] and braking systems), communication, navigation, surveillance systems, fire and ice detection and protection systems, actuation systems, integrated avionics, and propeller systems.

Collins sells aerospace and defense products and services to aircraft manufacturers, [removed: airlines] [added: airlines, airports] and other aircraft operators, the U.S. and foreign governments, defense contractors, maintenance, [removed: repair] [added: repair,] and overhaul providers, and independent distributors around the world.

Collins’ largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of [added: 16%,] 19%, [removed: 18%,] and [removed: 15%] [added: 18%] of total Collins segment sales in [added: 2024,] 2023, [removed: 2022,] and [removed: 2021,] [added: 2022,] respectively.

In addition, Collins continued its significant product development activities, including for major systems on the Airbus A321XLR, the Boeing 777X and 737 MAX 10, [removed: the Dassault Falcon 6X,] and systems in support of the Boeing T-7A trainer and the [removed: Boeing VC-25B.][added: Bell V 280 (FLRAA).]

Pratt & Whitney’s small engine business, Pratt & Whitney Canada, is among the world’s leading suppliers of engines powering regional airlines, general and business aviation, [removed: as well as] [added: and] helicopters.

Pratt & Whitney’s largest commercial customer by sales is Airbus, with sales, prior to discounts and incentives, of [added: 31%,] 48%, [removed: 33%,] and [removed: 31%] [added: 33%] of total Pratt & Whitney segment sales in [added: 2024,] 2023, [removed: 2022,] and [removed: 2021,] [added: 2022,] respectively.

[removed: The PW1000G] GTF engine [removed: has] [added: models have] demonstrated a significant reduction in fuel burn and noise levels and lower environmental emissions compared to prior-generation engines.

Pratt & Whitney produces and sustains the F135 engine for the U.S. government’s F-35 Joint Program Office to [added: exclusively] power the single-engine F-35 Lightning II aircraft (commonly known as the Joint Strike Fighter) produced by Lockheed Martin.

F135 propulsion system configurations are used for the [removed: U.S] [added: U.S.] Air Force’s F-35A, the U.S. Marine Corps’ F-35B, and the U.S. Navy’s F-35C jets.

F135 engines are also used on [added: all] F-35 aircraft purchased by Joint Strike Fighter partner countries and other countries through foreign military sales arrangements.

At December 31, [removed: 2023,] [added: 2024,] the interests of third-party collaboration participants in Pratt & Whitney-directed jet engine programs ranged, in the aggregate per program, from 13% to 49%.

The GTF Advantage configuration currently under [added: certification] testing is expected to extend the benefits of [removed: today’s] [added: the current] GTF engine, increasing takeoff thrust [removed: up] [added: by 4] to 8 percent and reducing fuel consumption by up to an additional 1 percent, maintaining the engine’s lead as the most efficient powerplant for the A320neo family.

The GTF family now powers more than [removed: 1,700] [added: 2,200] aircraft for [removed: 70] [added: 85] operators across three aircraft platforms: Airbus A320neo family, Airbus A220, and Embraer E-Jets E2.

[removed: The] [added: Pratt & Whitney Canada continues to progress testing of the propulsion system for the RTX] Hybrid Electric Flight Demonstrator program, [removed: targeting] [added: which targets] a 30% fuel efficiency improvement and CO2 emissions reduction compared to existing advanced regional [removed: turboprops, successfully completed a rated power test of the demonstrator's 1 megawatt electric motor, developed by Collins.][added: turboprops.]

In addition, significant activity continued on [added: military engine] development programs including the Next Generation Adaptive Propulsion [removed: Program, as well as the first flight of the B-21 Raider, which is powered by Pratt & Whitney engines.][added: Program (NGAP).]

In addition, Raytheon provides advanced systems and products that span layered land and integrated air and missile defense, including the [removed: proven] Patriot air and missile defense system, the Lower Tier Air and Missile Defense Sensor (LTAMDS), the National Advanced Surface-to-Air Missile System (NASAMS), Javelin, Excalibur, Stinger, and High-Energy Lasers.

Raytheon also provides technologically advanced sensors, [removed: satellites] [added: satellites,] and interceptors, including the AN/TPY-2 radar, and Standard Missile 3 (SM-3).

Raytheon also focuses on the development and early introduction of next-generation technologies and systems, including hypersonics, counter-hypersonics, next-generation radars, sensor [removed: experimentation] [added: experimentation,] and electro-optical/infrared (EO/IR) advancements, and aligns products that use shared technologies, including fire control radars, surveillance radars, EO/IR, space-qualified satellite components, and electronics.

Raytheon serves as a prime contractor or major subcontractor on numerous programs with the U.S. Department of Defense (DoD), including the U.S. Navy, U.S. Army, Missile Defense [removed: Agency (MDA),] [added: Agency,] U.S. Air Force, and U.S. Space Force, as well as programs with [removed: U.S] [added: U.S.] federal civil customers, and other international and classified customers.

In [removed: 2023,] [added: 2024,] Raytheon achieved key advancements in, or received contract awards for, the following programs: [removed: Naval Strike Missile (NSM), the StormBreaker smart weapon,] [added: Global Patriot program; LTAMDS program; SM-3 program;] AIM-9X and the AMRAAM [removed: program,] [added: programs;] and certain advanced technologies, including classified programs and an advanced development program.

Major new [removed: awards] [added: contracts awarded] in [removed: 2023] [added: 2024] include a [removed: NATO] contract to provide [added: Patriot Air Defense systems to Germany and Patriot launchers for Poland; a contract for low-rate initial production of LTAMDS defense systems for the U.S. Army and Poland; a contract to provide SM-3 exo-atmospheric missile defense interceptors to the U.S. Navy and international customers; a contract to provide] Guidance Enhanced Missiles (GEM-T) [added: tactical ballistic missiles] for [removed: the] NATO Support and Procurement Agency [removed: (NSPA),] [added: (NSPA); a contract to provide] AMRAAM [removed: for] [added: missiles to] the U.S. [added: Navy, U.S.] Air Force and [removed: Navy and] international customers; a contract to provide Patriot Air Defense [removed: systems] [added: systems, including GEM-T missiles,] to [removed: Switzerland,] [added: Romania;] a contract to provide [removed: StormBreaker] [added: AIM-9X Sidewinder short-range air-to-air missiles] for the U.S. [added: Navy, U.S.] Air [removed: Force] [added: Force,] and [removed: Navy,] [added: international customers;] a contract to [added: produce AN/SPY-6(V) radars for the U.S. Navy; a contract to] provide Next Generation Jammer Mid-Band (NGJ-MB) for the U.S. Navy and the [removed: government of Australia, a contract for the SPY-6 Hardware Production and Sustainment base for the U.S. Navy,] [added: Royal Australian Air Force;] a contract to provide [removed: Excalibur] [added: Javelin] guided [removed: munitions] [added: munition] for the U.S. Army and international [removed: customers,] [added: customers; and] a contract to provide [removed: the Next Generation Short Range Interceptor (NGSRI)] [added: Evolved SeaSparrow Missile (ESSM) ship self-defense missile] for the U.S. [removed: Army, and a contract to develop] [added: Navy] and [removed: produce Hypersonic Attack Cruise Missiles (HACM) for the U.S. Air Force.][added: international consortium partners.]

| (dollars in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Sales to the U.S. government (1) | | | | | | $ | [removed: 31,628] [added: 32,246] | | | | | $ | [removed: 30,317] [added: 31,628] | | | | | $ | [removed: 31,177] [added: 30,317] | |

| Sales to the U.S. government as a percentage of total net sales (1) (2) | | | | | | [removed: 46] [added: 40] | | % | | | | [removed: 45] [added: 46] | | % | | | | [removed: 48] [added: 45] | | % |

| Total international sales | | | | | | $ | [removed: 29,440] [added: 34,651] | | | | | $ | [removed: 25,884] [added: 29,440] | | | | | $ | [removed: 24,377] [added: 25,884] | |

| Total international sales as a percentage of total net sales (1) | | | | | | 43 | | % | | | | [removed: 39] [added: 43] | | % | | | | [removed: 38] [added: 39] | | % |

Backlog. Backlog, which is equivalent to our remaining performance obligations (RPO) for our sales contracts, represents the aggregate dollar value of firm orders for which products have not been provided or service has not been performed and [added: excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (IDIQ) type contracts).]

Total backlog was [removed: $196] [added: $218] billion and [removed: $175] [added: $196] billion as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Of the total RPO as of December 31, [removed: 2023,] [added: 2024,] we expect approximately 25% will be recognized as [removed: sales] [added: revenue] over the next 12 months.

Our businesses compete on a variety of factors such as price, delivery schedule, past performance, reliability, customer service, [removed: product development,] innovation, and technology.

Our aerospace businesses compete with numerous [removed: domestic] [added: U.S.] and foreign [removed: manufacturers, customers, and companies] [added: businesses] that obtain regulatory agency approval to manufacture [added: products and] spare parts.

In addition, [added: customers (including] the U.S. [removed: government’s] [added: government] and other [removed: governments’ policies of purchasing] [added: governments) may purchase] parts from suppliers other than the original equipment [removed: manufacturer affect military] [added: manufacturer, which affects] spare parts sales.

In addition, the competitive landscape in the defense industry continues to evolve with trends such as the continued increase in commercial [removed: competitors] [added: competitors, new entrants with different technology approaches] and [added: business models, governmental bid evaluation processes requesting expanded intellectual property disclosures and rights sharing that may risk the loss of competitively sensitive information, and] increased government, particularly [removed: foreign,] [added: foreign government,] sponsorship of competitors on defense development programs.

[removed: Shifts in macroeconomic, industry] [added: Macroeconomic, industry,] and labor market conditions [removed: may] [added: continue to] affect the environment for hiring and retaining employees with relevant qualifications and [removed: experience, and we have experienced, and continue to experience, challenges hiring highly qualified personnel.][added: experience.]

Workforce Demographics. As of December 31, [removed: 2023,] [added: 2024,] our global employee population consisted of a total of approximately [removed: 185,000] [added: 186,000] employees, including approximately 57,000 engineering professionals and approximately [removed: 32,000] [added: 34,000] employees represented by labor unions and other employee representative bodies.

We believe a work environment where all individuals are [added: seen,] respected, valued, and [removed: supported] [added: protected] enables them to focus on developing the most innovative solutions to our industry’s greatest challenges.

[added: Our employees were located in 52 countries, with 68% of our employees located in the U.S.] We have published our U.S. Equal Employment Opportunity EEO-1 report data as part of our Environmental Social [added: and] Governance (ESG) Report.

References to “Raytheon Company” mean Raytheon Company, which became a wholly owned subsidiary of RTX on April 3, 2020 through an all-stock merger transaction between United Technologies Corporation and Raytheon Company (the surviving company of which is RTX Corporation).

Collins Aerospace is a leading global provider of technologically advanced aerospace and defense products.

In 2024, Collins was awarded expanded contract scope for the Federal Aviation Administration (FAA) air traffic control automation system to implement technical refresh updates aimed at improving the air traffic controller work environment and system security.

Collins was also awarded contracts to supply spare parts for the Army Tactical Navigation System and to design, develop, and deliver systems and products for a new aircraft under the United States Air Force Survivable Airborne Operations Center program.

Collins was also awarded $2 billion in the aggregate for new maintenance, repair and overhaul, and spares long-term contracts with several airlines.

Collins continues to invest in sustainable technologies, such as electrical power architectures, advanced thermoplastic materials, digital trajectory optimizers, highly efficient cooling systems, and numerous other technologies that provide lower weight, drag, and carbon footprint solutions on aircraft.

Collins is also investing in higher efficiency build processes, that reduce chemical and power usage and increase the use of recycling.

Collins composite structural technology supports optimization of the design of aircraft components and equipment to minimize weight, maximize energy efficiency and reduce fuel burn.

Collins works closely with numerous other industry organizations and airframers to explore alternative energy solutions such as sustainable

aviation fuel, hydrogen, and hybrid electric power sources.

Collins also continues to invest in operational capacity in strategic locations, including in the United States, India, Mexico, Singapore, and Puerto Rico.

Pratt & Whitney produces and services the PW1000G Geared Turbofan (GTF) engine family.

The GTF aftermarket network expanded to 18 facilities worldwide, increasing PW1100G-JM shop visit output by approximately 30% year over year in 2024.

In 2024, Pratt & Whitney received FAA certification for the GTF engine that will power the Airbus A321XLR aircraft.

In 2024, RTX announced it had completed the preliminary design review of the hybrid-electric GTF engine demonstrator for the Clean Aviation SWITCH project.

2024 marked the 50th anniversary since the F-16 Fighting Falcon’s first flight, which was powered by the Pratt & Whitney F100 engine.

With more than 300 million flight hours, the F100 is a mainstay powerplant for 23 global air forces, powering approximately two-thirds of global F-16s and nearly three-quarters of F-15s.

Pratt & Whitney completed the F135 Engine Core Upgrade (ECU) preliminary design review and was awarded a new contract valued at up to $1.3 billion for continued work on the ECU.

The F135 program also added Greece and Romania as new customers, bringing the total number of global participants to 20.

The NGAP team completed a critical assessment of its offering with the U.S. Air Force, moving the program closer to completing its detailed design review.

Meanwhile, the B-21 Raider, which is powered by Pratt & Whitney engines, continued to progress its flight test program.

2024 also marked the certification of Pratt & Whitney Canada’s PW545D engine that will power the Cessna Citation Ascend business aircraft from Textron.

In connection with the RTX Hybrid Electric Flight demonstrator program, Pratt & Whitney Canada announced the development of an advanced mobile charging unit (MCU) capable of charging high-power batteries at up to 1500 volts.

Also in 2024, Airbus Helicopters selected Pratt & Whitney Canada and its PW210 helicopter engine to support the development of a hybrid-propulsion system for its PioneerLab technology demonstrator.

Raytheon has experienced increased global demand for the combat-proven Coyote system, a low-cost, expendable, unmanned aircraft system with the capability of operating in autonomous swarms.

| (dollars in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

Moreover, our potential international contract awards, particularly for sales of defense products and services, may be limited by our ability to agree to offset obligations or industrial cooperation obligations, sometimes in the form of in-country industrial participation (ICIP) agreements, designed to enhance local industry.

While competition for talent has softened, we continue to experience challenges hiring highly qualified personnel for some of our most critical roles and in specific locations.

We strive to build high-performing teams.

We also support science, technology, engineering, and mathematics initiatives to inspire the workforce of the next generation and build talent pipelines.

retain the best talent in the industry.

We regularly pursue cost

In addition, in order to support U.S. government priorities, we may begin performance on an undefinitized contract action prior to completing contract negotiations on the terms, specifications, or price between the parties.

The U.S. government has the ability to unilaterally definitize contracts, which would obligate us to perform under terms and conditions imposed by the U.S. government, affecting our ability to negotiate mutually agreeable contract terms.

Uncertainties in final contract price, specifications and terms, or loss of negotiating leverage associated with particularly long delays in contract definitization may negatively affect our profitability.

Global Trade Regulation. We must comply with various laws and regulations relating to the export and import of products, services, and technology from and into the U.S. and other countries having jurisdiction over our operations.

In the U.S., these laws and regulations include, among others, the Export Administration Regulations (EAR) administered by the U.S. Department of Commerce, the International Traffic in Arms Regulations (ITAR) and the Arms Export Control Act (AECA) provisions administered by the U.S. Department of State (DOS), embargoes and sanctions regulations administered by the U.S. Department of the Treasury, and import regulations administered by the U.S. Department of Homeland Security and the U.S. Department of Justice (DOJ).

Certain of our products, services, and technologies have military or strategic applications and are on the U.S. Munitions List of the ITAR, the Commerce Control List of the EAR, or are otherwise subject to the EAR and/or the U.S. Munitions Import List, and we are required to obtain licenses and authorizations from the appropriate U.S. government agencies before exporting these products out of the U.S. or importing these products into the U.S. Foreign policy of the U.S. or other licensing jurisdictions may affect the licensing process or otherwise prevent us from engaging in business dealings with

certain individuals, entities, or countries.

Any failure by us, our customers, or our suppliers to comply with these laws and regulations could result in civil or criminal penalties, fines, seizure of our products, adverse publicity, restrictions on our ability to engage in export or import transactions, or the suspension or debarment from doing business with the U.S. government.

All segment information included in this Form 10-K is reflective of this new structure and prior period information has been recast to conform to our current period presentation.

In 2023, Boeing selected Collins for key positions on their X-66A sustainable flight demonstrator aircraft.

Collins also achieved long-term agreements with global airlines valued at $3.5 billion in the aggregate.

Collins continued to receive numerous commercial air transport contract awards for airline selected buyer-furnished equipment installation for interiors, avionics, and wheels and brakes, and long-term FlightSense airline maintenance agreements.

Collins was selected to serve as a key supplier of Command and Control (C2) capabilities as part of the Australian Air6500 effort.

Collins achievements also include an order milestone of 6,000 routers enabling digital transformation for global airlines.

Collins also received a contract for a multi-system mobile Air Traffic Navigation Integration and Coordination System (ATNAVICS).

Collins also continues to invest in sustainable technologies, such as opening an electric airborne power research center in Rockford, IL, where a prototype 1-megawatt motor was run at its design target limit in a ground test.

Collins’ aircraft power and thermal management team demonstrated a full scale prototype cooling system which can deliver 2.5 times the current cooling capacity to enable potential F-35 block upgrades.

[Table of](#i89d3e4a6bb514adeb38ce2977a17eaa0_7) [Contents](#i89d3e4a6bb514adeb38ce2977a17eaa0_7)

Segment sales in 2023 includes the reduction in sales associated with the Powder Metal Matter discussed below.

Pratt & Whitney produces the PW1000G Geared Turbofan (GTF) engine family, the first of which, the PW1100G-JM which powers the Airbus A320neo family of aircraft, entered into service in January 2016.

GTF engine models also power the Airbus A220 and Embraer E-Jets E2 aircraft families.

In addition, Pratt & Whitney Canada’s PW800 engine has been selected to exclusively power Gulfstream’s G400, G500, and G600 business jets.

Moreover, Dassault’s Falcon 6X business jet entered into service in December 2023.

Pratt & Whitney is also under contract to build engines for the U.S. Air Force’s B-21 long-range strike bomber.

In 2023, Pratt & Whitney continued to reach significant milestones on the GTF engine program, including surpassing 1.4 billion gallons of fuel saved and 14 million metric tons of carbon emissions avoided since entry into service.

The GTF Advantage engine continues Federal Aviation Regulations Part 33 (FAR33) certification testing to operate with, and has successfully run on, 100% sustainable aviation fuel (SAF).

In 2023, Pratt & Whitney announced it will supply two GTF engines to power the Boeing X-66A sustainable flight demonstrator aircraft.

As previously disclosed, Pratt & Whitney determined this year that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100G-JM fleet (herein referred to as Powder Metal Matter) as described further in “Note 17: Commitments and Contingencies” within Item 8 of this Form 10-K.

The year also saw the certification of the PW127XT-L engine for the ATR short takeoff and landing regional turboprop, marking the 200th engine certification for Pratt & Whitney Canada.

Textron Aviation announced that the PW545D engine was selected to power the new Cessna Citation Ascend business jet.

In addition, Pratt & Whitney received a significant number of contract awards for the F135 program, including a supplemental contract for Lots 15-17 and funding to continue work on an F135 engine core upgrade.

The F135 program also added the Czech Republic as a new customer.

Pratt & Whitney also secured substantial awards for sustainment of the F117, F119, and F100 engine fleets.

excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (IDIQ) type contracts).

Our employees are located in 51 countries, with 70% of our employees located in the U.S. As of December 31, 2023, women represented 25% of our global workforce and 33% of our global executives, and people of color represented 33% of our U.S. employee population and 17% of our U.S. executives.

In addition, we had over 2,200 U.S. new hires who self-identified as veterans in 2023.

Diversity, Equity, and Inclusion (DE&I). We strive to advance a diverse, equitable, and inclusive work environment.

Our RTX DE&I Pillars for Action framework is focused on workforce diversity, supplier diversity, community engagement, and DE&I public policy.

We have a DE&I advisory board of senior leaders.

We review diversity in talent development and promotion, employee compensation practices and succession planning, and embed DE&I training into our leadership development programs.

We have nine global employee resource groups (ERGs), which are volunteer-run organizations that are open to all employees and are intended to foster an inclusive culture.

We also support science, technology, engineering, and mathematics initiatives for women and people of color, and provide opportunities to attract, develop and engage military veterans, people with disabilities, and the LGBTQ+ community.

work to address them, including by providing suppliers with raw materials and technical support.

We do not anticipate that compliance with current provisions or requirements relating to the protection of the environment or that any

See “Note 17: Commitments and

Pursuant to the Securities and Exchange Commission (SEC) regulations, for proceedings under environmental laws to which a government authority is a party and we reasonably believe such proceedings will result in monetary sanctions, we have adopted a disclosure threshold of $1 million.

*Environmental Enforcement Proceeding*

The Colorado Department of Public Health and Environment (CDPHE) issued a Notice of Violation/Cease and Desist Order (NOV/CDO) to Raytheon Company on January 31, 2023, alleging violations of a water discharge permit at a former Raytheon Company facility in Boulder, Colorado.

On March 27, 2024, the CDPHE informed Raytheon Company that it is seeking a penalty in the amount of approximately $1 million in connection with the alleged violations and is requiring Raytheon Company to undertake a compliance program.

Raytheon Company is contesting the alleged violations and the penalty demand,

and has the right to appeal the NOV/CDO and any associated penalty.

We do not expect liability related to this matter to have a material adverse impact on our results of operations, financial condition, or liquidity.

| | | | For the fiscal year ended December 31, [removed: 2023] [added: 2024] | | |

The aggregate market value of the voting Common Stock held by non-affiliates at June 30, [removed: 2023] [added: 2024] was approximately [removed: $142,484,650,285,] [added: $133,428,194,600,] based on the New York Stock Exchange closing price for such shares on that date.

At [removed: January] [added: December] 31, 2024, there were [removed: 1,326,826,896] [added: 1,332,122,758] shares of Common Stock outstanding.

Portions of the Registrant’s Definitive Proxy Statement for its [removed: 2024] [added: 2025] Annual Meeting of Shareowners are incorporated by reference in Part III of this Form 10-K.

| Item 1. | | | [removed: [Business](#i89d3e4a6bb514adeb38ce2977a17eaa0_13)] [added: [Business](#i433034c70848474cb023218d7b46eea6_13)] | | | [removed: [4](#i89d3e4a6bb514adeb38ce2977a17eaa0_13)] [added: [4](#i433034c70848474cb023218d7b46eea6_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i89d3e4a6bb514adeb38ce2977a17eaa0_19)] [added: Factors](#i433034c70848474cb023218d7b46eea6_19)] | | | [removed: [13](#i89d3e4a6bb514adeb38ce2977a17eaa0_19)] [added: [14](#i433034c70848474cb023218d7b46eea6_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i89d3e4a6bb514adeb38ce2977a17eaa0_22)] [added: Comments](#i433034c70848474cb023218d7b46eea6_22)] | | | [removed: [27](#i89d3e4a6bb514adeb38ce2977a17eaa0_22)] [added: [30](#i433034c70848474cb023218d7b46eea6_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i89d3e4a6bb514adeb38ce2977a17eaa0_549755815799)] [added: [Cybersecurity](#i433034c70848474cb023218d7b46eea6_25)] | | | [removed: [27](#i89d3e4a6bb514adeb38ce2977a17eaa0_549755815799)] [added: [30](#i433034c70848474cb023218d7b46eea6_25)] | | |

| Item 2. | | | [removed: [Properties](#i89d3e4a6bb514adeb38ce2977a17eaa0_25)] [added: [Properties](#i433034c70848474cb023218d7b46eea6_28)] | | | [removed: [30](#i89d3e4a6bb514adeb38ce2977a17eaa0_25)] [added: [32](#i433034c70848474cb023218d7b46eea6_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i89d3e4a6bb514adeb38ce2977a17eaa0_28)] [added: Proceedings](#i433034c70848474cb023218d7b46eea6_31)] | | | [removed: [30](#i89d3e4a6bb514adeb38ce2977a17eaa0_28)] [added: [32](#i433034c70848474cb023218d7b46eea6_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i89d3e4a6bb514adeb38ce2977a17eaa0_31)] [added: Disclosures](#i433034c70848474cb023218d7b46eea6_34)] | | | [removed: [30](#i89d3e4a6bb514adeb38ce2977a17eaa0_31)] [added: [33](#i433034c70848474cb023218d7b46eea6_34)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder [removed: Matters] [added: Matters,] and Issuer Purchases of Equity [removed: Securities](#i89d3e4a6bb514adeb38ce2977a17eaa0_37)] [added: Securities](#i433034c70848474cb023218d7b46eea6_40)] | | | [removed: [31](#i89d3e4a6bb514adeb38ce2977a17eaa0_37)] [added: [34](#i433034c70848474cb023218d7b46eea6_40)] | | |

| Item 6. | | | [removed: [Reserved](#i89d3e4a6bb514adeb38ce2977a17eaa0_40)] [added: [Reserved](#i433034c70848474cb023218d7b46eea6_43)] | | | [removed: [32](#i89d3e4a6bb514adeb38ce2977a17eaa0_40)] [added: [35](#i433034c70848474cb023218d7b46eea6_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i89d3e4a6bb514adeb38ce2977a17eaa0_43)] [added: Operations](#i433034c70848474cb023218d7b46eea6_46)] | | | [removed: [33](#i89d3e4a6bb514adeb38ce2977a17eaa0_43)] [added: [36](#i433034c70848474cb023218d7b46eea6_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i89d3e4a6bb514adeb38ce2977a17eaa0_145)] [added: Risk](#i433034c70848474cb023218d7b46eea6_148)] | | | [removed: [59](#i89d3e4a6bb514adeb38ce2977a17eaa0_145)] [added: [64](#i433034c70848474cb023218d7b46eea6_148)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i89d3e4a6bb514adeb38ce2977a17eaa0_148)] [added: Data](#i433034c70848474cb023218d7b46eea6_151)] | | | [removed: [61](#i89d3e4a6bb514adeb38ce2977a17eaa0_148)] [added: [65](#i433034c70848474cb023218d7b46eea6_151)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i89d3e4a6bb514adeb38ce2977a17eaa0_241)] [added: Disclosure](#i433034c70848474cb023218d7b46eea6_247)] | | | [removed: [114](#i89d3e4a6bb514adeb38ce2977a17eaa0_241)] [added: [118](#i433034c70848474cb023218d7b46eea6_247)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i89d3e4a6bb514adeb38ce2977a17eaa0_244)] [added: Procedures](#i433034c70848474cb023218d7b46eea6_250)] | | | [removed: [114](#i89d3e4a6bb514adeb38ce2977a17eaa0_244)] [added: [118](#i433034c70848474cb023218d7b46eea6_250)] | | |

| Item 9B. | | | [Other [removed: Information](#i89d3e4a6bb514adeb38ce2977a17eaa0_247)] [added: Information](#i433034c70848474cb023218d7b46eea6_253)] | | | [removed: [114](#i89d3e4a6bb514adeb38ce2977a17eaa0_247)] [added: [118](#i433034c70848474cb023218d7b46eea6_253)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i89d3e4a6bb514adeb38ce2977a17eaa0_250)] [added: Inspections](#i433034c70848474cb023218d7b46eea6_256)] | | | [removed: [114](#i89d3e4a6bb514adeb38ce2977a17eaa0_250)] [added: [118](#i433034c70848474cb023218d7b46eea6_256)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i89d3e4a6bb514adeb38ce2977a17eaa0_256)] [added: Governance](#i433034c70848474cb023218d7b46eea6_262)] | | | [removed: [115](#i89d3e4a6bb514adeb38ce2977a17eaa0_256)] [added: [119](#i433034c70848474cb023218d7b46eea6_262)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i89d3e4a6bb514adeb38ce2977a17eaa0_259)] [added: Compensation](#i433034c70848474cb023218d7b46eea6_265)] | | | [removed: [116](#i89d3e4a6bb514adeb38ce2977a17eaa0_259)] [added: [120](#i433034c70848474cb023218d7b46eea6_265)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i89d3e4a6bb514adeb38ce2977a17eaa0_262)] [added: Matters](#i433034c70848474cb023218d7b46eea6_268)] | | | [removed: [116](#i89d3e4a6bb514adeb38ce2977a17eaa0_262)] [added: [120](#i433034c70848474cb023218d7b46eea6_268)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i89d3e4a6bb514adeb38ce2977a17eaa0_265)] [added: Independence](#i433034c70848474cb023218d7b46eea6_274)] | | | [removed: [116](#i89d3e4a6bb514adeb38ce2977a17eaa0_265)] [added: [121](#i433034c70848474cb023218d7b46eea6_274)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i89d3e4a6bb514adeb38ce2977a17eaa0_268)] [added: Services](#i433034c70848474cb023218d7b46eea6_277)] | | | [removed: [116](#i89d3e4a6bb514adeb38ce2977a17eaa0_268)] [added: [121](#i433034c70848474cb023218d7b46eea6_277)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i89d3e4a6bb514adeb38ce2977a17eaa0_274)] [added: Schedules](#i433034c70848474cb023218d7b46eea6_283)] | | | [removed: [117](#i89d3e4a6bb514adeb38ce2977a17eaa0_274)] [added: [122](#i433034c70848474cb023218d7b46eea6_283)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i89d3e4a6bb514adeb38ce2977a17eaa0_277)] [added: Summary](#i433034c70848474cb023218d7b46eea6_286)] | | | [removed: [124](#i89d3e4a6bb514adeb38ce2977a17eaa0_277)] [added: [129](#i433034c70848474cb023218d7b46eea6_286)] | | |

| [SIGNATURES](#i433034c70848474cb023218d7b46eea6_289) | | | | | | [130](#i433034c70848474cb023218d7b46eea6_289) | | |

[Table of](#i89d3e4a6bb514adeb38ce2977a17eaa0_7) [Contents](#i89d3e4a6bb514adeb38ce2977a17eaa0_7)

| [SIGNATURES](#i89d3e4a6bb514adeb38ce2977a17eaa0_280) | | | | | | [125](#i89d3e4a6bb514adeb38ce2977a17eaa0_280) | | |

As a global aerospace and defense company serving commercial and government customers in the aerospace industry and domestic and international military and government customers as a defense contractor, we are the target of advanced and [added: persistent cyber-attacks from a variety of sources.]

Our products and services are highly sophisticated and specialized, involve complex advanced technologies including information technology [added: (IT)] systems, and process, store, or transmit highly sensitive unclassified and classified information.

Cybersecurity threats include attacks on, or other attempts to infiltrate, our [removed: information technology (IT)] [added: IT] infrastructure and the IT infrastructure of our customers, suppliers, [removed: subcontractors] [added: subcontractors,] and other third parties, attempting to gain unauthorized access to our confidential or other proprietary information, classified information, or information relating to our employees, customers, and other third parties, or to disrupt our systems or the systems of our customers, suppliers, subcontractors, and other third parties.

Cybersecurity threats also include attempts to infiltrate our products or services, [removed: including] [added: such as] attacks targeting the security, confidentiality, integrity [removed: and/or] [added: or] availability of the hardware, software and information installed, [removed: stored] [added: stored,] or transmitted in our products, [removed: including] [added: which may occur] after the purchase of those products [removed: and] [added: or] when they are incorporated into third-party products, facilities, or infrastructure.

Enterprise Cybersecurity. Our enterprise cybersecurity program aligns with the National Institute of Standards and Technology (NIST) [removed: standards, among others.][added: standards.]

[removed: The] [added: Our] program includes processes and controls for the deployment of new IT systems by the Company and controls over new and existing system operation.

In addition, we require our employees and contract workers to complete annual cybersecurity training, and we regularly conduct simulated phishing and cyber-related [removed: communications.][added: communications to educate individuals on the latest threats.]

Product and Services Cybersecurity. Our product development processes apply development, [removed: security] [added: security,] and operations principles aligned with applicable government and commercial [removed: standards including DO-326 and NIST standards and guideline publications,] [added: standards,] and include vulnerability scanning and static and dynamic composition analysis.

We regularly assess our product development processes, product cyber [removed: maturity] [added: maturity,] and the teams providing our secure services in relation to cybersecurity.

Many of our products also undergo industry audits and regulatory compliance certifications, and our products delivered to the Department of Defense (DoD) must comply with DoD risk management [removed: requirements where required.][added: requirements.]

Cybersecurity for [added: Systems used in Support of] U.S. Government [removed: Authorized Systems.] [added: Customers.] With respect to products and services provided to, and [removed: information technology] [added: IT] systems used in connection with programs for, the U.S. government, our cybersecurity program aligns with the NIST [removed: standard] [added: standards] and meets the requirements of 32 CFR Part 117 and other applicable U.S. government guidance.

The program includes authorization and assessment of new and existing IT systems by our [removed: customer.][added: customers and third parties.]

Incident Response. Our cybersecurity program includes monitoring for potential security threats that may lead to [added: exploitation of] vulnerabilities.

Incidents are reported internally to members of senior management [removed: and/or] [added: and] the Board of Directors as appropriate based on severity and incident type and are also analyzed for external reporting requirements.

Our incident [removed: response] [added: management] process is [removed: also] designed to coordinate functions to enable continuity of essential business operation in the event of a cyber crisis.

[removed: Third Party] [added: Third-Party] Service Providers. We engage third party service providers to expand the capabilities and capacity of our cybersecurity program, including for design, [removed: monitoring] [added: monitoring,] and testing of the program’s risk prevention and protection measures, and process execution including incident detection, investigation, analysis and response, eradication, and recovery.

Management of Third-Party Risks. Our suppliers, [removed: subcontractors] [added: subcontractors,] and [added: other] third-party service providers are subject to cybersecurity obligations and controls.

[removed: Prior to engagement, we] [added: We] assess [added: and periodically reassess] the cybersecurity posture of third-party service providers who store, process, or transmit our information as a service, or connect to our networks.

We also require our suppliers, [removed: subcontractors] [added: subcontractors,] and [added: other] third-party service providers to agree to cybersecurity-related contractual terms and conditions of purchase.

Many of these third parties are also subject to regulatory requirements in mandatory government procurement clauses, including those contained in the [removed: U.S.] Federal Acquisition Regulation [added: (FAR)] and [removed: U.S.] [added: the] Defense Federal Acquisition Regulation [removed: Supplement, which obligate adherence to a generally accepted cybersecurity framework, such as NIST, and occasional][added: Supplement (DFARS).]

Additionally, our Internal Audit function regularly assesses our program effectiveness through audits of our [removed: entities,] systems and processes to help maintain compliance with policies.

This includes assessment of our overall program, policies and processes, compliance with regulatory [removed: requirements] [added: requirements,] and [removed: an overall] assessment of key vulnerabilities.

Several external organizations also evaluate our enterprise cybersecurity program, including the [removed: U.S.] Defense Contract Management Agency (DCMA) and Cybersecurity Maturity Model [removed: Certificate (CMMC) Third Party] [added: Certification Third-Party] Assessment Organization.

The Special Activities Committee [added: of the Board] supports the Board in oversight of classified business cybersecurity, including with respect to [removed: company] [added: Company] internal information and operational technology systems.

Our CISO regularly updates the Board of Directors on cybersecurity risks as they relate to our information and operational technology [removed: systems and] [added: systems,] our [removed: suppliers] [added: suppliers,] and [removed: partners,] [added: other third-party service providers,] in addition to updates on enterprise cybersecurity incidents and key Company defenses and mitigation strategies.

Our CISO is an experienced cybersecurity senior executive with more than 25 years’ experience building and leading cybersecurity, risk management, and [removed: information technology] [added: IT] teams.

In performing his role, he regularly reviews enterprise cybersecurity risks, controls, program [removed: policy] [added: policy,] and processes, including training, oversees policy and program development, implementation and updates, and informs senior leadership on cybersecurity-related issues and activities affecting the organization.

Our CISO is regularly apprised of enterprise cybersecurity events, [removed: threats] [added: threats,] and activities, including with respect to incidents, protection vulnerabilities, software update [removed: needs] [added: needs,] and lifecycle status.

The full Board of Directors also receives periodic briefings from management [removed: on] [added: regarding] the Company’s [removed: product cybersecurity risks] [added: products] and [removed: programs.][added: services cybersecurity risks.]

Our PCO updates the Special Activities Committee on cybersecurity risks as they relate to our products and services, in addition to updates on product and service cybersecurity incidents, [removed: defenses] [added: defenses,] and mitigation strategies.

In performing her role, she regularly reviews cybersecurity risks, controls, program policy and processes, including training, and oversees and advises teams performing policy and program development, [removed: implementation] [added: implementation,] and updates.

Our PCO is regularly apprised of product and service cybersecurity events, [removed: threats] [added: threats,] and activities including with respect to incidents, protection vulnerabilities, software update [removed: needs] [added: needs,] and lifecycle status.

Our cybersecurity risk processes are a key element of our Enterprise Risk Management (ERM) process, which is designed to identify and evaluate the full range of significant risks to [removed: RTX Corporation (RTX).][added: RTX.]

The process consists of structured reviews, discussions, and mitigation planning, and includes risks identified by our Enterprise Cybersecurity and Product Cybersecurity functions as part of the overall review of significant [removed: RTX risks.][added: risks to RTX.]

[added: The top ERM risks are compiled] annually and shared with the Audit Committee of the Board of Directors as well as the full Board of Directors.

Among other things, mandatory government procurement clauses obligate adherence to a generally accepted cybersecurity framework, such as NIST, and occasional assessment of the implementation of cybersecurity controls as a condition of contract award or during contract performance.

[Table of](#i89d3e4a6bb514adeb38ce2977a17eaa0_7) [Contents](#i89d3e4a6bb514adeb38ce2977a17eaa0_7)

persistent cyber-attacks from a variety of threat actors.

assessment of their implementation of cybersecurity controls as a condition of contract award or during contract performance.

The top ERM risks are compiled

We have significant properties in approximately 25 countries, with approximately [removed: 500] [added: 450] significant properties comprising approximately 75 million square feet of productive space.

Our fixed assets as of December 31, [removed: 2023] [added: 2024] include manufacturing facilities and non-manufacturing facilities such as warehouses, laboratories, office space, and a substantial quantity of machinery and equipment, including general purpose machinery and equipment using special jigs, tools, and fixtures and in many instances having automatic control features and special adaptations.

The facilities, warehouses, [removed: machinery] [added: machinery,] and equipment in use as of December 31, [removed: 2023] [added: 2024] are in good operating condition and are well-maintained.

[Table of](#i89d3e4a6bb514adeb38ce2977a17eaa0_7) [Contents](#i89d3e4a6bb514adeb38ce2977a17eaa0_7)

RTX Corporation’s common stock is listed on the New York Stock Exchange under the ticker symbol “RTX.” There were [removed: 39,627] [added: 37,447] registered shareowners at December 31, [removed: 2023.][added: 2024.]

The following graph presents the cumulative total shareowner return for the five years ending December 31, [removed: 2023] [added: 2024] for our common stock as compared to the Standard & Poor’s 500 Stock Index and the S&P [added: 500] Aerospace & Defense (A&D) Index.

These figures assume that all dividends paid over the five-year period were reinvested, and that the starting value of each index and the investment in common stock was $100.00 on December 31, [removed: 2018.][added: 2019.]

| Company/Index | | | [removed: 12/31/2019] [added: 12/31/2020] | | | | | | [removed: 12/31/2020] [added: 12/31/2021] | | | | | | [removed: 12/31/2021] [added: 12/31/2022] | | | | | | [removed: 12/31/2022] [added: 12/31/2023] | | | | | | [removed: 12/31/2023] [added: 12/31/2024] | | |

| RTX Common Stock | | | [removed: 43.82] [added: (16.73)] | | | | | | [removed: (16.73)] [added: 23.27] | | | | | | [removed: 23.27] [added: 20.01] | | | | | | [removed: 20.01] [added: (14.44)] | | | | | | [removed: (14.44)] [added: 40.76] | | |

| S&P 500 Index | | | [removed: 31.49] [added: 18.40] | | | | | | [removed: 18.40] [added: 28.71] | | | | | | [removed: 28.71] [added: (18.11)] | | | | | | [removed: (18.11)] [added: 26.29] | | | | | | [removed: 26.29] [added: 25.02] | | |

| S&P [added: 500] Aerospace & Defense Index | | | [removed: 30.33] [added: (16.06)] | | | | | | [removed: (16.06)] [added: 13.22] | | | | | | [removed: 13.22] [added: 17.37] | | | | | | [removed: 17.37] [added: 6.77] | | | | | | [removed: 6.77] [added: 14.40] | | |

| Company/Index | | | Base Period [removed: 12/31/2018] [added: 12/31/2019] | | | | | | [removed: 12/31/2019] [added: 12/31/2020] | | | | | | [removed: 12/31/2020] [added: 12/31/2021] | | | | | | [removed: 12/31/2021] [added: 12/31/2022] | | | | | | [removed: 12/31/2022] [added: 12/31/2023] | | | | | | [removed: 12/31/2023] [added: 12/31/2024] | | |

[removed: ][added: ]

The following table provides information about our purchases [removed: during the quarter ended December 31, 2023] of equity securities that are registered by us pursuant to Section 12 of the Exchange [removed: Act.][added: Act during the quarter ended December 31, 2024.]

| [removed: 2023] [added: 2024] | | | | | | Total Number of Shares Purchased (000’s) | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of a Publicly Announced Program (000’s) | | | | | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (dollars in millions) | | | | | |

Pursuant to the ASR agreements, we made aggregate payments of $10 billion on October 26, 2023, and received initial deliveries of approximately 108.4 million shares of our common stock at a price of $78.38 per share, [removed: representing] [added: which, on that date, represented] approximately 85% of the shares expected to be repurchased.

The [removed: final number] [added: ASR agreements provided for the repurchase] of [removed: shares to be repurchased will be] [added: our common stock] based on the average of the daily volume-weighted average prices of our common stock during the term of [removed: the] [added: such] ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements.

We may also reacquire shares outside of the program in connection with the surrender of shares to cover taxes on vesting of restricted [removed: stock, and as required under our employee savings plan.][added: stock.]

| RTX Common Stock | | | $ | 100.00 | | | | | $ | 83.27 | | | | | $ | 102.65 | | | | | $ | 123.19 | | | | | $ | 105.41 | | | | | $ | 148.37 | |

| S&P 500 Index | | | 100.00 | | | | | | 118.40 | | | | | | 152.39 | | | | | | 124.79 | | | | | | 157.59 | | | | | | 197.02 | | |

| S&P 500 Aerospace & Defense Index | | | 100.00 | | | | | | 83.94 | | | | | | 95.03 | | | | | | 111.54 | | | | | | 119.09 | | | | | | 136.24 | | |

| October 1 - October 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 715 | | | | |

| November 1 - November 30 | | | | | | 416 | | | | | | 120.05 | | | | | | 416 | | | | | | 665 | | | | | |

| December 1 - December 31 | | | | | | — | | | | | | — | | | | | | — | | | | | | 665 | | | | | |

| Total | | | | | | 416 | | | | | | $ | 120.05 | | | | | 416 | | | | | | | | | | | |

The shares associated with the remaining portion of the aggregate purchase price have been settled over two tranches.

In July 2024, the first tranche was settled upon final delivery to us of 0.4 million shares of common stock.

In September 2024, with respect to the second tranche, we owed 2.2 million shares of common stock that we elected to cash settle for $261 million.

The cash payment required as a result of the second tranche settlement was due to the significant increase in the price of our common stock during the ASR term.

The final average price under the ASR was $94.28 per share.

During the quarter ended December 31, 2024, we did not repurchase shares outside of the program.

| RTX Common Stock | | | $ | 100.00 | | | | | $ | 143.82 | | | | | $ | 119.77 | | | | | $ | 147.63 | | | | | $ | 177.18 | | | | | $ | 151.60 | |

| S&P 500 Index | | | 100.00 | | | | | | 131.49 | | | | | | 155.68 | | | | | | 200.37 | | | | | | 164.08 | | | | | | 207.21 | | |

| S&P Aerospace & Defense Index | | | 100.00 | | | | | | 130.33 | | | | | | 109.39 | | | | | | 123.86 | | | | | | 145.37 | | | | | | 155.21 | | |

[Table of](#i89d3e4a6bb514adeb38ce2977a17eaa0_7) [Contents](#i89d3e4a6bb514adeb38ce2977a17eaa0_7)

| October 1 - October 31 | | | | | | 111,620 | | | | | | $ | 78.22 | | | | | 111,456 | | | | | | $ | 976 | | | | |

| November 1 - November 30 | | | | | | 149 | | | | | | 81.13 | | | | | | — | | | | | | 976 | | | | | |

| December 1 - December 31 | | | | | | 173 | | | | | | 82.20 | | | | | | — | | | | | | 976 | | | | | |

| Total | | | | | | 111,942 | | | | | | $ | 78.23 | | | | | 111,456 | | | | | | | | | | | |

We funded the payments with borrowings under a bridge credit agreement, which was repaid with the proceeds from term loan facilities, proceeds from issuances of long-term debt in the fourth quarter of 2023 and cash on hand.

Upon final settlement of the ASR, under certain circumstances, each of the counterparties may be required to deliver additional shares of common stock, or we may be required to deliver shares of common stock or to make a cash payment to the counterparties, at our election.

The final settlement of each transaction under the ASR agreements is scheduled to occur no later than the third quarter of 2024 and in each case may be accelerated at the option of the applicable counterparty.

During the quarter ended December 31, 2023, we repurchased 486 thousand shares outside of the program related to our employee savings plan.

[Table of](#i89d3e4a6bb514adeb38ce2977a17eaa0_7) [Contents](#i89d3e4a6bb514adeb38ce2977a17eaa0_7)

Management has assessed the effectiveness of RTX’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

In making its assessment, management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in its *Internal Control—Integrated Framework*, released in 2013*.* Management concluded that based on its assessment, RTX’s internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

The effectiveness of RTX’s internal control over financial reporting, as of December 31, [removed: 2023,] [added: 2024,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

| [added: President and] Chief Executive Officer | | | | | |

We have audited the accompanying consolidated balance sheets of RTX Corporation and its subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the related consolidated statements of operations, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023] [added: 2024] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Note 1 to the consolidated financial statements, the majority of the Company’s revenues of [removed: $68.9] [added: $80.7] billion for the year ended December 31, [removed: 2023,] [added: 2024,] are from long-term contracts associated with the design, development, manufacture or modification of complex aerospace or defense equipment or related services.

| (dollars in millions, except per share amounts; shares in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Products sales | | | | | | $ | [removed: 49,571] [added: 59,612] | | | | | $ | [removed: 50,773] [added: 49,571] | | | | | $ | [removed: 49,270] [added: 50,773] | |

| Services sales | | | | | | [removed: 19,349] [added: 21,126] | | | | | | [removed: 16,301] [added: 19,349] | | | | | | [removed: 15,118] [added: 16,301] | | |

| Total net sales | | | | | | [removed: 68,920] [added: 80,738] | | | | | | [removed: 67,074] [added: 68,920] | | | | | | [removed: 64,388] [added: 67,074] | | |

| Cost of sales - products | | | | | | [removed: 43,425] [added: 50,768] | | | | | | [removed: 41,927] [added: 43,425] | | | | | | [removed: 41,095] [added: 41,927] | | |

| Cost of sales - services | | | | | | [removed: 13,406] [added: 14,560] | | | | | | [removed: 11,479] [added: 13,406] | | | | | | [removed: 10,802] [added: 11,479] | | |

| Research and development | | | | | | [removed: 2,805] [added: 2,934] | | | | | | [removed: 2,711] [added: 2,805] | | | | | | [removed: 2,732] [added: 2,711] | | |

| Selling, [removed: general] [added: general,] and administrative | | | | | | [removed: 5,809] [added: 5,806] | | | | | | [removed: 5,573] [added: 5,809] | | | | | | [removed: 5,046] [added: 5,573] | | |

| Total costs and expenses | | | | | | [removed: 65,445] [added: 74,068] | | | | | | [removed: 61,690] [added: 65,445] | | | | | | [removed: 59,675] [added: 61,690] | | |

| Other [removed: income,] [added: income (expense),] net | | | | | | [removed: 86] [added: (132)] | | | | | | [removed: 120] [added: 86] | | | | | | [removed: 423] [added: 120] | | |

| Operating profit | | | | | | [removed: 3,561] [added: 6,538] | | | | | | [removed: 5,504] [added: 3,561] | | | | | | [removed: 5,136] [added: 5,504] | | |

| Non-service pension income | | | | | | [removed: (1,780)] [added: (1,518)] | | | | | | [removed: (1,889)] [added: (1,780)] | | | | | | [removed: (1,944)] [added: (1,889)] | | |

| Interest expense, net | | | | | | [removed: 1,505] [added: 1,862] | | | | | | [removed: 1,276] [added: 1,505] | | | | | | [removed: 1,322] [added: 1,276] | | |

| Total non-operating expense (income), net | | | | | | [removed: (275)] [added: 344] | | | | | | [removed: (613)] [added: (275)] | | | | | | [removed: 27] [added: (613)] | | |

| Income from continuing operations before income taxes | | | | | | [removed: 3,836] [added: 6,194] | | | | | | [removed: 6,117] [added: 3,836] | | | | | | [removed: 5,109] [added: 6,117] | | |

| Income tax expense | | | | | | [removed: 456] [added: 1,181] | | | | | | [removed: 790] [added: 456] | | | | | | [removed: 964] [added: 790] | | |

| Net income from continuing operations | | | | | | [removed: 3,380] [added: 5,013] | | | | | | [removed: 5,327] [added: 3,380] | | | | | | [removed: 4,145] [added: 5,327] | | |

| Less: Noncontrolling interest in subsidiaries’ earnings from continuing operations | | | | | | [removed: 185] [added: 239] | | | | | | [removed: 111] [added: 185] | | | | | | [removed: 248] [added: 111] | | |

| Net income from continuing operations attributable to common shareowners | | | | | | [removed: 3,195] [added: 4,774] | | | | | | [removed: 5,216] [added: 3,195] | | | | | | [removed: 3,897] [added: 5,216] | | |

| Loss from discontinued operations attributable to common shareowners | | | | | | — | | | | | | [removed: (19)] [added: —] | | | | | | [removed: (33)] [added: (19)] | | |

| Net income attributable to common shareowners | | | | | | $ | [removed: 3,195] [added: 4,774] | | | | | $ | [removed: 5,197] [added: 3,195] | | | | | $ | [removed: 3,864] [added: 5,197] | |

| Income from continuing operations attributable to common shareowners | | | | | | $ | [removed: 2.24] [added: 3.58] | | | | | $ | [removed: 3.54] [added: 2.24] | | | | | $ | [removed: 2.60] [added: 3.54] | |

| Loss from discontinued operations | | | | | | — | | | | | | [removed: (0.02)] [added: —] | | | | | | [removed: (0.03)] [added: (0.02)] | | |

| Net income attributable to common shareowners | | | | | | $ | [removed: 2.24] [added: 3.58] | | | | | $ | [removed: 3.52] [added: 2.24] | | | | | $ | [removed: 2.57] [added: 3.52] | |

| Income from continuing operations attributable to common shareowners | | | | | | $ | [removed: 2.23] [added: 3.55] | | | | | $ | [removed: 3.51] [added: 2.23] | | | | | $ | [removed: 2.58] [added: 3.51] | |

| Loss from discontinued operations | | | | | | — | | | | | | [removed: (0.01)] [added: —] | | | | | | [removed: (0.02)] [added: (0.01)] | | |

| Net income attributable to common shareowners | | | | | | $ | [removed: 2.23] [added: 3.55] | | | | | $ | [removed: 3.50] [added: 2.23] | | | | | $ | [removed: 2.56] [added: 3.50] | |

| Basic shares | | | | | | [removed: 1,426.0] [added: 1,332.1] | | | | | | [removed: 1,475.5] [added: 1,426.0] | | | | | | [removed: 1,501.6] [added: 1,475.5] | | |

| Diluted shares | | | | | | [removed: 1,435.4] [added: 1,343.6] | | | | | | [removed: 1,485.9] [added: 1,435.4] | | | | | | [removed: 1,508.5] [added: 1,485.9] | | |

| (dollars in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net income from continuing and discontinued operations | | | | | | $ | [removed: 3,380] [added: 5,013] | | | | | $ | [removed: 5,308] [added: 3,380] | | | | | $ | [removed: 4,112] [added: 5,308] | |

| /s/ CHRISTOPHER T. CALIO | | | | | |

| Christopher T. Calio | | | | | |

February 3, 2025

| Gain on sale of business, net of transaction costs (Note 2) | | | | | | (415) | | | | | | — | | | | | | — | | |

| Share-based matching contributions under defined contribution plans | | | | | | 90 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Other comprehensive loss, net of tax | | | | | | (1,336) | | | | | | (401) | | | | | | (103) | | |

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Treasury shares reissued related to matching contributions under defined contribution plans | | | | | | 1,293 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | |

References to “Raytheon Company” mean Raytheon Company, which became a wholly owned subsidiary of RTX on April 3, 2020 during an all-stock merger transaction between United Technologies Corporation and Raytheon Company (the surviving company of which is RTX Corporation).

Legal Matters. As previously announced, in 2024 the Company resolved several outstanding legal matters, herein referred to as “Resolution of Certain Legal Matters.” The Company entered into a deferred prosecution agreement (DPA) (DPA-1) with the Department of Justice (DOJ) and the Company settled an administrative proceeding with the Securities and Exchange Commission (SEC) (the SEC Administrative Order) to resolve the previously disclosed criminal and civil government investigations into payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems (TRS), in connection with certain Middle East contracts since 2012 (Thales-Raytheon Systems and Related Matters).

The Company also entered into a DPA and a False Claims Act (FCA) settlement agreement with the DOJ to resolve previously disclosed criminal and civil government investigations into defective pricing claims for certain legacy Raytheon Company contracts entered into between 2011 and 2013 and in 2017 (DOJ Investigation and Contract Pricing Disputes).

Under these DPAs and the SEC Administrative Order, Raytheon Company and the Company are required to retain, among other things, an independent compliance monitor satisfactory to the DOJ and the SEC (for a term ending three years from the date on which the monitor is engaged) and are required to undertake certain cooperation and disclosure obligations (for a term commencing on the effective date of DPA-1 and the SEC Administrative Order, as applicable, and ending three years from the date on which the monitor is engaged).

The compliance monitor will oversee Raytheon Company’s and the Company’s compliance with their respective obligations under the DPAs and the SEC Administrative Order.

The DPAs further provide that, in the event the DOJ, in its sole discretion, determines during the period of deferral of prosecution that Raytheon Company or the Company have violated any provision of either DPA, Raytheon Company or the Company may be subject to prosecution for any federal criminal violation, including the charges against Raytheon Company in the relevant DPA.

The SEC Administrative Order further provides that, in the event of a breach of the SEC Administrative Order, the SEC may vacate the SEC Administrative Order and institute proceedings against the Company.

In the event of any such determination or breach, the Company may face additional adverse impacts.

In addition, the Company resolved certain voluntarily disclosed export controls violations primarily identified in connection with the integration of Rockwell Collins and, to a lesser extent, Raytheon Company, including certain violations that were resolved pursuant to a Consent Agreement (CA) with the Department of State (DOS) (Trade Compliance Matters).

The CA, which has a three-year term, requires the Company to implement remedial compliance measures and to conduct an external audit of the Company’s International Traffic in Arms Regulations (ITAR) compliance program.

The CA also requires appointment of an external, independent Special Compliance Officer (SCO).

The Company appointed its SCO on September 27, 2024.

As a result of the DPAs, SEC Administrative Order, FCA settlement agreement and CA, we recorded a combined pre-tax charge of $918 million during the second quarter of 2024, which included $269 million related to the DOJ Investigation and Contract Pricing Disputes (in addition to amounts previously accrued), $364 million related to Thales-Raytheon Systems and Related Matters (in addition to amounts previously accrued), and $285 million related to Trade Compliance Matters.

In the fourth quarter we made payments of $580 million related to the DOJ Investigation and Contract Pricing Dispute and $384 million related to Thales-Raytheon Systems and Related Matters.

As a result of the Canadian government’s imposition of sanctions in February 2024, including those imposed on U.S.- and German-based Russian-owned entities from which we source titanium for use in our Canadian operations, we recorded charges of $175 million in the first quarter of 2024 within our Collins Aerospace

(Collins) segment.

These charges are primarily related to the recognition of unfavorable purchase commitments and an impairment of contract fulfillment costs that are no longer recoverable as a result of initiating alternative titanium sources.

units (such as engines or certain aerospace components), or spans multiple phases of the product life-cycle such as production, maintenance, and support.

Revenue is primarily recognized on a percentage-of-completion basis using costs incurred to date

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In addition to the amounts included in the table above, during the fourth quarter of 2024, as a result of obtaining critical licenses and further regulatory approvals, we restarted work under certain contracts with a Middle East customer and began recognizing revenue on these contracts.

As a result, Raytheon recognized a net operating profit benefit of $102 million primarily related to reserve and contract loss provision adjustments.

In addition to the amounts included in the table above, during the second quarter of 2024, Raytheon initiated the termination of a fixed price development contract with a foreign customer, herein referred to as “Raytheon Contract Termination,” and recognized a $575 million charge related to the impact of the termination.

The charge included the write-off of remaining contract assets and the estimated settlement with the customer.

The contract termination was completed and customer settlement occurred during the fourth quarter of 2024, in line with previously accrued amounts.

We regularly assess capitalized contract fulfillment costs for impairment.

| /s/ GREGORY J. HAYES | | | | | |

| Gregory J. Hayes | | | | | |

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February 5, 2024

| Debt extinguishment costs | | | | | | — | | | | | | — | | | | | | 649 | | |

| Debt extinguishment costs | | | | | | — | | | | | | — | | | | | | (649) | | |

| Net transfers to discontinued operations | | | | | | — | | | | | | — | | | | | | (71) | | |

| Net cash used in operating activities | | | | | | — | | | | | | — | | | | | | (71) | | |

| Net cash used in investing activities | | | | | | — | | | | | | — | | | | | | — | | |

| Net cash provided by financing activities | | | | | | — | | | | | | — | | | | | | 71 | | |

| Net cash used in discontinued operations | | | | | | — | | | | | | — | | | | | | — | | |

Effective July 17, 2023, we changed our legal name from Raytheon Technologies Corporation to RTX Corporation.

*Organizational Structure.* As previously announced, effective July 1, 2023, we streamlined the structure of our core businesses to three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon.

All segment information included in this Form 10-K is reflective of this new structure and prior period information has been recast to conform to our current period presentation.

In conjunction with the segment realignment, the Company revised its accounting policy with respect to the financial statement presentation of an immaterial amount of state income taxes allocable to U.S. government contracts related to our legacy Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD) segments.

Prior to July 1, 2023, these state income taxes were classified as Selling, general and administrative expenses.

Effective with the segment change, state income tax amounts previously reported within Selling, general, and administrative expenses were reclassified to Income tax expense (benefit) within the Consolidated Statement of Operations, and prior period amounts have been reclassified to conform to our current period presentation.

*Coronavirus Disease 2019 (COVID-19) Pandemic.* The COVID-19 pandemic had negative effects on the global economy, our business and operations, the labor market, supply chains, inflation, and the industries in which we operate.

However, we believe the long-term outlook for the aerospace industry remains positive due to the fundamental drivers of air travel demand, and we are not expecting significant additional direct COVID-19-related impacts on our business.

Our expectations regarding the effects of the COVID-19 pandemic are based on available information and assumptions that we believe are reasonable at this time; however, the actual financial impact is highly uncertain and subject to a wide range of factors and future developments.

net earnings or losses of the investee is recorded.

Customer Financing Assets.

Since billing also

As part of

The following table illustrates the

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Cash

asset to which the grant relates or recorded in Other income, net in our Consolidated Statement of Operations.

In September 2022, the FASB issued ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which requires that a buyer in a supplier finance program disclose the key terms of supplier finance programs, the amount of obligations outstanding at the end of the reporting period that the entity has confirmed as valid to the finance provider, where these obligations are recorded in the balance sheet, and a roll forward of the obligations.

The new standard is effective for fiscal years beginning after December 15, 2022, on a retrospective basis, including interim periods within those fiscal years.

The adoption of this standard did not have an impact on our disclosures as we have determined the impact of supplier finance programs is not material.

Our investments in businesses in 2022 consisted of insignificant acquisitions.

In November 2021, we completed the acquisitions of FlightAware and SEAKR Engineering Inc., for a total of approximately $1.1 billion, net of cash received.

FlightAware is a leading digital aviation company providing global flight tracking solutions, predictive technology, analytics, and decision-making tools, and is reported in the Collins segment.

SEAKR Engineering Inc. is a leading supplier of advanced space electronics and is reported in the Raytheon segment.

In connection with these acquisitions, we recorded $0.8 billion of goodwill and $0.3 billion of intangible assets.

Pro forma financial information and revenue from the date of acquisition have not been provided for these acquisitions as they are not material either individually or in the aggregate.

Our dispositions of businesses in 2021 primarily consisted of the dispositions discussed below.

These held for sale assets and liabilities, including approximately $700 million of goodwill and intangibles, are presented in Other assets, current and Other assets and Other accrued liabilities and Other long-term liabilities, respectively, on our Consolidated Balance Sheet, consistent with the nature of the assets and liabilities classification before held for sale criteria was met.

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended, we carried out an evaluation under the supervision and with the participation of our management, including the [removed: Chairman] [added: President] and Chief Executive Officer (CEO), the Executive Vice President and Chief Financial Officer [removed: (CFO)] [added: (CFO),] and the Corporate Vice President and Controller (Controller), of the effectiveness of the design and operation of our disclosure controls and procedures.

Based upon our evaluation, our CEO, [removed: CFO] [added: CFO,] and Controller concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our CEO, [removed: CFO] [added: CFO,] and Controller, as appropriate, to allow timely decisions regarding required disclosure.

Our management has assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Our management has concluded that based on its assessment, our internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report which is set forth within Item 8 of this Annual Report on Form 10-K.

There were no changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2023] [added: 2024] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter ended December 31, [removed: 2023,] [added: 2024,] no director or “officer” (as defined in Rule 16a-1(f)) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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The information required by Item 10 with respect to directors, the Audit Committee of the Board of Directors, audit committee financial experts, and the procedures by which our shareowners may recommend nominees to our Board of Directors is incorporated herein by reference to the sections of our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareowners titled “Election of Directors” (including under the subheadings “Nominees” and “How Candidates Are Identified”) and “Corporate Governance” (including under the subheading “Board Committees”).

| Name | | | | | | Title | | | | | | Other Business Experience Since [removed: 1/1/2019] [added: 1/1/2020] | | | | | | Age as of [removed: 2/5/2024] [added: 2/3/2025] | | |

| Christopher T. Calio | | | | | | President (since March 2023), Chief [removed: Operating] [added: Executive] Officer (since [removed: March 2022)] [added: May 2024)] and Director, RTX Corporation (since December 2023) | | | | | | [added: Chief Operating Officer, RTX Corporation;] President, Pratt & Whitney; President, Commercial Engines, Pratt & Whitney | | | | | | [removed: 50] [added: 51] | | |

| Kevin G. DaSilva | | | | | | Corporate Vice President, Treasurer, RTX Corporation (since April 2020) | | | | | | Vice President and Treasurer, Raytheon Company | | | | | | [removed: 60] [added: 61] | | |

| Shane G. Eddy | | | | | | President, Pratt & Whitney (since March 2022) | | | | | | Senior Vice President and Chief Operations Officer, Pratt & [removed: Whitney; Senior Vice President, Operations, Pratt &] Whitney | | | | | | [removed: 59] [added: 60] | | |

| Gregory J. Hayes | | | | | | [removed: Chairman (since June 2021) and Chief] Executive [removed: Officer,] [added: Chairman,] RTX Corporation (since [removed: November 2014)] [added: May 2024)] | | | | | | [added: Chairman and Chief Executive Officer, RTX Corporation;] Chairman, President and Chief Executive Officer, Raytheon Technologies Corporation; President, Chief Executive Officer and Director, Raytheon Technologies Corporation; Chairman, President and Chief Executive Officer, United Technologies Corporation | | | | | | [removed: 63] [added: 64] | | |

| Philip J. Jasper | | | | | | President, Raytheon (since January 2024) | | | | | | President, Mission Systems, Collins Aerospace | | | | | | [removed: 55] [added: 56] | | |

| Amy L. Johnson | | | | | | Corporate Vice President, Controller, RTX Corporation (since September 2021) | | | | | | Vice President, Finance, Pratt & Whitney Commercial Engines; Vice President and Controller, Pratt & Whitney | | | | | | [removed: 49] [added: 50] | | |

| Ramsaran Maharajh, Jr. | | | | | | Executive Vice President and General Counsel, RTX Corporation (since December 2021) | | | | | | Vice President, Legal, Raytheon Technologies Corporation; Chief of Staff, Office of the Chief Executive Officer, Raytheon Technologies Corporation; Executive Assistant to Chairman & CEO, United Technologies [removed: Corporation; Vice President & General Counsel, Pratt & Whitney] [added: Corporation] | | | | | | [removed: 52] [added: 53] | | |

| Neil G. Mitchill, Jr. | | | | | | Executive Vice President and Chief Financial Officer, RTX Corporation (since April 2021) | | | | | | Corporate Vice President, Financial Planning & Analysis & Investor Relations, Raytheon Technologies Corporation; Acting Senior Vice President & Chief Financial Officer, United Technologies [removed: Corporation; Corporate Vice President, FP&A and Investor Relations, United Technologies Corporation; Vice President & Chief Financial Officer, Pratt & Whitney] [added: Corporation] | | | | | | [removed: 48] [added: 49] | | |

| [removed: Stephen J. Timm] [added: Troy Brunk] | | | | | | President, Collins Aerospace (since [removed: February 2020)] [added: July 2024)] | | | | | | President, [added: Mission Systems, Collins Aerospace; President,] Avionics, Collins Aerospace; [added: President, Interiors, Collins Aerospace;] Vice President and General Manager, [removed: Avionics,] [added: Mission Systems,] Collins Aerospace | | | | | | 55 | | |

| Dantaya M. Williams | | | | | | Executive Vice President & Chief Human Resources Officer, RTX Corporation (since June 2020) | | | | | | Vice President, Human Resources, Pratt & Whitney Commercial Engines | | | | | | [removed: 49] [added: 50] | | |

Information concerning Section 16(a) compliance is incorporated herein by reference to the section of our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareowners titled “Other Important Information” under the heading “Delinquent Section 16(a) Reports.” We have adopted a code of conduct that applies to all our directors, officers, employees, and representatives.

Information regarding our Code of Conduct is incorporated herein by reference to the section of our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareowners titled “Other Important Information” under the heading “Corporate Governance Information, Code of [removed: Conduct,] [added: Conduct] and How to Contact the Board.” This code is publicly available on our website at http://www.rtx.com/Our-Company/ethics-and-compliance.

The Company has an insider trading policy, processes, and procedures governing transactions in the Company’s securities that apply to all Company personnel, including directors, officers, employees, and other covered persons.

We believe our insider trading policy, processes, and procedures are reasonably designed to promote compliance with insider trading laws, rules, regulations, and the listing standards of the New York Stock Exchange.

Among other things, our Securities Trading and Release of Material Nonpublic Information Policy prohibits our employees and related persons and entities from trading in RTX securities and other companies while in possession of material, nonpublic information, and prohibits our employees from disclosing material, nonpublic information to others who may trade on the basis of that information.

Our directors, executive officers, and certain employees must also comply with additional trading restrictions, including, without limitation, trading in RTX securities only during an open trading window period and after obtaining advance approval.

A copy of our Securities Trading and Release of Material Nonpublic Information Policy is filed as Exhibit 19 to this Form 10-K.

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The information required by Item 11 is incorporated herein by reference to the sections of our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareowners titled [removed: “Executive Compensation,”] “Compensation [added: Discussion & Analysis,” “Compensation] of Directors,” [added: “Equity Award Granting Policy,”] and “Report of the Human Capital & Compensation Committee.”

The information relating to security ownership of certain beneficial owners and management and the Equity Compensation Plan Information required by Item 12 is incorporated herein by reference to the [removed: sections] [added: section] of our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareowners titled “Share [removed: Ownership” and “Executive Compensation”.][added: Ownership”.]

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides information about our equity compensation plans that authorize the issuance of shares of our common stock as of December 31, 2024.

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights (a) | | | | | | Weighted average exercise price of outstanding options, warrants, and rights ($/share) (b) | | | | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | | |

| Equity compensation plans approved by shareowners | | | 20,435,784 (1) | | | | | | $ | 84.08 | | | | | 116,099,061 (2) | | |

| Equity compensation plans not approved by shareowners | | | — | | | | | | — | | | | | | — | | |

(1) Consists of shares of RTX Common Stock issuable under the Plan: (i) upon the exercise of outstanding nonqualified stock options; (ii) upon the exercise of outstanding stock appreciation rights (SARs); (iii) pursuant to outstanding restricted stock unit (RSU) awards and performance share unit (PSU) awards, reflecting actual performance for the 2022 PSU award and assuming target-level performance for the 2023 and 2024 PSU awards (up to an additional 1,842,684 shares of RTX Common Stock could be issued if maximum performance is achieved for all metrics); and (iv) upon the settlement of outstanding deferred stock units and RSUs awarded under the RTX Corporation Board of Directors Deferred Stock Unit Plan, as amended and restated effective October 1, 2023.

Under the Plan, each SAR referred to in clause (ii) is exercisable for a number of shares of RTX Common Stock having a value equal to the difference between the market price of RTX on the exercise date and the exercise price.

For purposes of determining the total number of shares to be issued in respect of outstanding SARs as reflected in column (a) above, the NYSE closing price for a share of RTX Common Stock on the last trading day of 2024 of $115.72 was used.

The weighted-average exercise price of outstanding options, warrants and rights shown in column (b) takes into account only the shares identified in clauses (i) and (ii).

(2) Represents the maximum number of shares of Common Stock available to be awarded under the Plan as of December 31, 2024.

RSUs and PSUs (full-value awards) will reduce the number of shares of Common Stock available for delivery under the Plan in an amount equal to 4.03 times the number of shares subject to the awards.

SARs and stock options are not full-value awards and will reduce the number of shares of RTX Common Stock available for delivery under the Plan on a one-for-one basis.

The information required by Item 13 is incorporated herein by reference to the sections of our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareowners titled “Corporate Governance” (under the subheading “Director Independence”) and “Other Important Information” (under the subheading “Transactions with Related Persons”).

The information required by Item 14 is incorporated by reference to the section of our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareowners titled [removed: “Appoint] [added: “Appointment of] PricewaterhouseCoopers LLP to Serve as Independent Auditor for [removed: 2024,”] [added: 2025,”] including the information provided in that section with regard to “Audit Fees,” “Audit-Related Fees,” “Tax Fees,” and “All Other Fees.”

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Consolidated Statement of Operations for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021][added: 2022]

Consolidated Statement of Comprehensive Income for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021][added: 2022]

Consolidated Balance Sheet at December 31, [removed: 2023] [added: 2024] and [removed: 2022][added: 2023]

Consolidated Statement of Cash Flows for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021][added: 2022]

Consolidated Statement of Changes in Equity for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021][added: 2022]

| 2.1 | | | [Separation and Distribution Agreement, dated as of April 2, 2020, by and among United Technologies Corporation, Otis Worldwide Corporation and Carrier Global Corporation (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on April 8, [removed: 2020).](http://www.sec.gov/ix?doc=/Archives/edgar/data/101829/000114036120008397/nc10010681x2_8k.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/101829/000114036120008397/nc10010681x2_ex2-1.htm)] | | | | | |

| 3.1 | | | [Amended and Restated Certificate of Incorporation of Raytheon Technologies Corporation, effective as of May 3, 2023 (incorporated by reference to Exhibit 3.1 of Raytheon Technologies Corporation’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on May 4, [removed: 2023).](http://www.sec.gov/Archives/edgar/data/101829/000089882223000021/certofinc.htm)] [added: 2023).](https://www.sec.gov/Archives/edgar/data/101829/000089882223000021/certofinc.htm)] | | | | | |

| 3.2 | | | [Certificate of Amendment of Amended and Restated Certificate of Incorporation of Raytheon Technologies Corporation, effective as of July 17, 2023 (incorporated by reference to Exhibit 3.1 of RTX Corporation’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on July 17, [removed: 2023).](http://www.sec.gov/Archives/edgar/data/101829/000119312523187728/d708798dex31.htm)] [added: 2023).](https://www.sec.gov/Archives/edgar/data/101829/000119312523187728/d708798dex31.htm)] | | | | | |

| 3.3 | | | [Amended and Restated Bylaws of RTX Corporation effective as of July 17, 2023 (incorporated by reference to Exhibit 3.2 of RTX Corporation’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on July 17, [removed: 2023).](http://www.sec.gov/Archives/edgar/data/101829/000119312523187728/d708798dex32.htm)] [added: 2023).](https://www.sec.gov/Archives/edgar/data/101829/000119312523187728/d708798dex32.htm)] | | | | | |

| 4.1 | | | [Amended and Restated Indenture, dated as of May 1, 2001, between UTC and The Bank of New York, as trustee, incorporated by reference to Exhibit 4(a) to the Company’s Registration Statement on Form S-3 (Commission file number 333-60276) filed with the SEC on May 4, 2001. The Company hereby agrees to furnish to the Commission upon request a copy of each other instrument defining the rights of holders of long-term debt of the Company and its consolidated subsidiaries and any unconsolidated [removed: subsidiaries.](http://www.sec.gov/Archives/edgar/data/101829/000095013001501267/dex4a.txt)] [added: subsidiaries.](https://www.sec.gov/Archives/edgar/data/101829/000095013001501267/dex4a.txt)] | | | | | |

| 4.2 | | | [Description of Securities, incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit422020-12x3110xk.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit422020-12x3110xk.htm)] | | | | | |

| 10.1 | | | [removed: United] [added: [United] Technologies Corporation [removed: Annual Executive Incentive Compensation] [added: Pension Preservation] Plan, [removed: incorporated by reference to Exhibit A to the Company’s Proxy Statement for the 1975 Annual Meeting of Shareowners, [Amendment No. 1](https://www.sec.gov/Archives/edgar/data/101829/0000101829-96-000008.txt) thereto, effective January 1, 1995, incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 1995,] [added: as amended] and [removed: [Amendment No. 2](http://www.sec.gov/Archives/edgar/data/101829/000119312509024624/dex101.htm) thereto,] [added: restated,] effective January 1, [removed: 2009,] [added: 2020,] incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, [removed: 2008.] [added: 2020.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit1022020-12x3110xk.htm)] | | | | | |