RTX (RTX) 10-K risk factor changes: FY2025 vs FY2024

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 [removed: Defense (DoD),] [added: War (DoW) (formerly referred to as the U.S. Department of Defense),] and a broad range of programs with other departments and agencies.

Our programs [added: and contracts] are subject to U.S. government policies, budget decisions, and appropriation processes, which are driven by numerous factors including U.S. domestic and broader geopolitical events, macroeconomic conditions, and the ability of the U.S. government to enact relevant legislation, such as appropriations bills.

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 [removed: programs,] [added: programs or contracts,] stop work orders, as well as delays in contract awards, new program starts, payments for work performed, and other actions.

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 [removed: overruns (due to inflation or otherwise),] [added: overruns,] 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.

Additionally, as our customers demand more mature [removed: and proven] solutions, we may be required to invest in development prior to contract award with no guarantee of award.

Fixed-price contracts are predominantly either firm fixed-price (FFP) contracts or fixed-price [removed: incentive (FPI) contracts.]

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

Moreover, over the past several years, the [removed: DoD] [added: DoW] has increased its use of Other Transaction Authority (OTA) agreements, under which it awards certain prototypes, research, and production contracts without all of the procurement requirements that typically apply to [removed: DoD] [added: DoW] contracts, including justification of sole source awards.

They may also require non-traditional subcontractor participation and impose other requirements that differ from our other [removed: DoD] [added: DoW] contracts.

In addition, in order to support U.S. government priorities, we may begin performance on an undefinitized contract action with a not-to-exceed price before completing contract [added: 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. [removed: government, affecting] [added: government without] our [removed: ability to negotiate mutually agreeable contract terms.][added: agreement.]

[removed: Our] [added: Transactions related to] non-U.S. operations [removed: transactions] may be denominated in local currencies.

Foreign currency exchange rate fluctuations (including their impact on supplier prices) may negatively affect demand for our products and our [removed: reported profits, as well as our] operating [added: profit and] margins.

The majority of our commercial aerospace sales are in U.S. Dollars, while the majority of [removed: their] [added: our] non-U.S. operating costs are incurred in the applicable local currency.

While we have robust policies and controls in place, these engagements expose us to various [removed: challenges including] risks [added: including those] associated with the Foreign Corrupt Practices Act (FCPA) and local antibribery laws and regulations.

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

We continue to closely monitor potential impacts to RTX’s business, customers, suppliers, employees, and operations in Israel, the Middle East, and the region at large due to [removed: the war in Gaza, including a recently-announced ceasefire, the related escalation of conflict and] [added: continued regional] instability [removed: in the region,] and [removed: the regime change in Syria.][added: tensions.]

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 [added: orders be rescheduled or canceled.]

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 [removed: basis or meet the needs of our customers as fully as alternative investments.]

[added: This issue has resulted in] increased engine removals and inspections, shop visits, aircraft on ground levels, [added: and] costs to the [removed: Company, and other negative impacts described in more detail below.][added: Company.]

Moreover, bid protests from unsuccessful bidders on new program awards are frequent with respect to [removed: DoD] [added: DoW] awards in particular.

We also anticipate companies continuing to enhance their competitive position against our defense businesses as a result of continued domestic and cross-border defense industry consolidation and the expansion of competitors’ [removed: capabilities throughout the supply chain through vertical integration.][added: capabilities.]

Additionally, some customers, including the [removed: DoD,] [added: DoW,] are increasingly turning to commercial contractors, [removed: rather than traditional defense contractors, for space and data science work, and we are also seeing increased activity from] other non-traditional defense [removed: contractors] [added: contractors,] and startups.

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 [removed: criteria (such as the evaluation of environmental factors),] [added: criteria,] 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 [removed: contracts.]

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

[removed: Emerging laws and increasing regulatory] requirements aimed at global supply chains may impact our ability to access certain materials and components, and otherwise adversely affect our business, and we may not only be held responsible for our compliance, but for that of our suppliers.

Our defense businesses also must require suppliers to comply with various [removed: DoD] [added: DoW] requirements, any of which requirements may further limit the suppliers and subcontractors they may utilize.

[removed: In recent years, global] [added: Global] supply chain disruptions have impacted our ability to procure raw materials, [added: including certain rare earth elements,] microelectronics, and certain commodities.

These disruptions [removed: were] [added: have been] driven by supply chain market constraints and macroeconomic conditions, including inflation and labor market shortages.

Current geopolitical conditions, including conflicts and other causes of strained intercountry relations, as well as sanctions and other trade restrictive activities, [removed: have contributed] [added: such as tariffs and export controls, are contributing] to these issues.

As a result of these procurement issues, the production flow in our factories has been negatively impacted, which has, in turn, hindered our ability to perform on our commitments to customers and negatively [added: affected our results of operations, financial condition, and liquidity.]

Furthermore, the existing supply chain issues could be compounded by other events, such as an economic downturn; changes in trade policies, such as tariffs; supplier capacity constraints for other reasons; supplier quality issues (for example, defects or fraudulent parts); supplier closing, bankruptcy, or financial difficulties; price increases for various reasons; and worsening shortages of raw materials or commodities, including as a result of war or other geopolitical actions, natural [removed: disaster (including the effects of climate change),] [added: disaster,] health [removed: pandemic] [added: pandemics] or other business continuity events, or transport and distribution issues, any of which could further negatively impact our ability to meet our commitments to customers or increase our operating costs and therefore incrementally affect our results of operations, financial condition, and liquidity.

[removed: 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.

We depend on the recruitment and retention of qualified personnel, and our failure to attract, train, and retain such personnel could seriously harm our business. Due to the specialized nature of our business, our future performance is highly [added: 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.]

Historically, we have been able to renegotiate expiring agreements without experiencing significant [added: prolonged] disruptions to business operations.

From time to time, we identify, investigate, remediate and voluntarily disclose violations or potential violations of the [removed: ITAR] [added: ITAR, EAR, or other global trade laws] and [removed: EAR.][added: regulations.]

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

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, [added: and on acceptable terms and conditions,] 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.

[removed: Such U.S. government investigations] often take years to complete and could result in administrative, civil, or criminal liabilities, including repayments, fines, treble and other damages, forfeitures, restitution, or penalties, or could lead to suspension or debarment of U.S. government contracting or of export privileges.

For instance, if we or one of our business units were charged with wrongdoing in connection with a U.S. government investigation (including fraud, or violation of certain environmental, FCPA, and other anti-bribery and [added: 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.]

incentive (FPI) contracts.

basis or meet the needs of our customers as fully as alternative investments.

contracts.

Emerging laws and increasing regulatory

This

However, the labor environment has experienced shifts that pose higher risk of future labor disruption.

Such U.S. government investigations

against the Company.

bribery and anti-corruption laws of non-U.S. countries.

other purposes, such as acquisitions, research and development, and other reinvestments in our businesses, and dividends and common stock repurchases.

In addition to ongoing examinations, there could be additional

In addition, pursuant to a January 7, 2026 Executive Order, the Secretary of War could seek to limit our ability to pay cash dividends or make share repurchases if the Secretary of War determines that we have underperformed or lacked sufficient prioritization of, investment in or production speed in carrying out / performing under our U.S. government contracts.

For example, we are undergoing significant, multi-

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 policies (including tariffs), exchange rates, levels of government spending and deficits, the threat environment, political conditions, and actual or anticipated default on sovereign debt.

Supply chain challenges and inflationary pressures continue to negatively affect our performance and the performance of our suppliers and subcontractors.

Inflation has increased material and component prices, labor rates, and supplier costs.

In addition, due to the nature of our government and commercial aerospace businesses, and their respective customer and supplier contracts, we may be unable to increase our contract value or pricing to offset cost increases, in particular on our fixed price contracts.

Our operating profits and margins under our contracts could be adversely affected by these factors.

In addition, high interest rates can increase the cost of borrowing and tighten the availability of capital for the Company, which could have an adverse effect on our operating results, financial condition, and liquidity.

Tightening of credit in financial markets also could adversely affect the ability of our customers and suppliers to obtain financing for significant purchases and operations, could result in a decrease in, or cancellation of, orders for our products and services, could impact the ability of our customers to make payments, and could increase the risk of supplier financial distress.

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.

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 and performance of 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 sanctions, imposition of tariffs, and other trade-restrictive activities, which could impact sales of defense and other products and services.

The U.S. government is currently operating under a continuing resolution to keep the government funded while Congress works to enact full year fiscal year 2025 (FY25) appropriation bills.

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.

If Congress is unable to complete the FY25 appropriation bills, (or pass another continuing resolution), then the U.S. government would shut down, during which time federal agencies would cease all non-essential functions.

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 continuing resolution or shutdown.

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, 2025, then the budget caps will be reduced and corresponding automatic reductions to agency budget accounts will be enforced through sequestration.

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

From time to time, we have disputes with such representatives regarding claimed commissions and other matters which can result in litigation or arbitration.

In addition, we face risks related to the unintended or unauthorized use of our products.

them could have a material adverse effect on our competitive position, results of operations, financial condition, or liquidity.

RTX’s commercial manufacturing facilities in Israel remain open and operational and have continued exporting products and importing critical items and raw materials.

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.

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

orders be rescheduled or canceled.

This issue has resulted in

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.

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

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

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.

Some candidates and new personnel may have job-related expectations that differ from our current workforce and are inconsistent with our corporate culture.

However, the U.S. labor environment has experienced shifts, and if we have additional challenges renegotiating agreements or if our employees pursue new collective representation, then we could experience additional costs and/or be subject to work stoppages.

Moreover, we believe that a critical element of our ability to successfully attract, train, and retain qualified personnel is our corporate culture, which we believe fosters innovation, collaboration, and a focus on execution, all in an environment of high ethical standards.

Our global operations may present challenges in maintaining these important aspects of our corporate culture, and a failure to maintain our corporate culture could negatively impact us.

Further, we rely on our key personnel to lead with integrity and to meet our high ethical standards that promote excellent performance.

To the extent any of our key personnel were to behave in a way that is inconsistent with our values, including with respect to product safety or quality, legal or regulatory compliance, financial reporting, or people management, we could experience a materially adverse impact to our reputation and our operating results.

In addition, failure or perceived failure to meet stakeholder expectations on environmental, social, and governance (ESG) matters could harm our reputation and impact demand for our products and services.

The

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.

or suspension or debarment from U.S. government contracting or subcontracting for a period of time, any of which could negatively affect our results of operations, financial position, and liquidity.

investigations in the future, which could result in criminal and civil penalties, disgorgement, further changes or enhancements to our procedures, policies and controls, personnel changes, or other remedial actions.

Our defense operations are affected by U.S. Department of [removed: Defense (DoD)] [added: War (DoW) (formerly referred to as the U.S. Department of Defense)] budget and spending levels, changes in demand, changes in policy positions or priorities, the domestic and global political and economic environment, and the evolving nature of the global and national security threat environment.

Global, economic, and political conditions, changes in raw material and commodity prices and supply, labor availability and costs, inflation, interest rates, potential changes in U.S. government policy positions, including changes in [removed: DoD] [added: DoW] policies or priorities, geopolitical conflicts and strained intercountry relations, U.S. and non-U.S. tax law changes, foreign currency exchange rates, 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.

[removed: Legal Matters. As previously announced, in 2024 the Company resolved several outstanding legal matters, herein referred to] [added: In addition,] as [removed: “Resolution] [added: described in “Note 1: Basis] of [removed: Certain Legal Matters.” The] [added: Presentation and Summary of Accounting Principles” within Item 8 of this Form 10-K, in 2024, the] Company entered into a deferred prosecution agreement (DPA) [removed: (DPA-1)] with the Department of Justice (DOJ) and the Company settled an administrative proceeding with the [removed: Securities and Exchange Commission (SEC)] [added: 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 [removed: (TRS),] [added: (TRS) since 2012,] in connection with certain Middle East [removed: contracts since 2012 (Thales-Raytheon Systems and Related Matters).][added: contracts.]

[removed: 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 [removed: 2017 (DOJ Investigation and Contract Pricing Disputes).][added: 2017.]

Under these DPAs and the SEC Administrative Order, Raytheon Company and the Company are required to [removed: 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 [added: Raytheon Company and] the [added: Company engage an independent compliance] monitor [removed: is engaged).][added: satisfactory to the DOJ and SEC).]

[removed: The] [added: A single independent] compliance monitor [removed: will] [added: was selected to] oversee Raytheon Company’s and the Company’s compliance with their respective obligations under the DPAs and the SEC Administrative [removed: Order.][added: Order, and that monitor is expected to be in place by the end of the first quarter.]

In [removed: addition,] [added: 2024,] the Company [added: also] 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 [added: U.S.] Department of State [removed: (DOS) (Trade Compliance Matters).][added: (DOS).]

See “Note [removed: 17: Commitments and Contingencies”] [added: 12: Income Taxes,”] within Item 8 of this Form [removed: 10-K] [added: 10-K,] for additional information.

Pratt & Whitney Powder Metal Matter. [removed: In] [added: As described further in “Note 17: Commitments and Contingencies,” within Item 8 of this Form 10-K, in] 2023, Pratt & Whitney 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 family of aircraft (A320neo) (herein referred to as the “Powder Metal Matter”).

These disruptions impacted our ability to procure raw materials, [added: including certain rare earth elements,] microelectronics, and certain commodities on a timely basis and/or at expected prices, and are driven by supply chain market constraints and macroeconomic conditions, including inflation and labor market shortages.

Current geopolitical conditions, including conflicts and other causes of strained intercountry relations, as well as sanctions and other trade restrictive activities, [added: such as tariffs and export controls,] are contributing to these issues.

Moreover, [removed: volatility] [added: changes] in [added: the macroeconomic environment, including volatility with respect to global trade policy,] interest [removed: rates] [added: rates,] and financial [removed: markets] [added: 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 [added: technology programs, and we apply our Customer Oriented Results and Excellence (CORE) operating platform to the execution of these initiatives.]

We continue to closely monitor potential impacts to RTX’s business, customers, suppliers, employees, and operations in Israel, the Middle East, and the region at large due to [removed: the war in Gaza, including a recently-announced ceasefire, the related escalation of conflict and] [added: continued regional] instability [removed: in the region,] and [removed: the regime change in Syria.][added: tensions.]

[removed: We] [added: As the duration, extent and enforceability of the tariffs and counter tariffs remain uncertain, we] are [removed: currently evaluating] [added: continuing to evaluate] the potential [removed: impact] [added: future impacts] of the imposition of the announced tariffs to our business and financial condition.

[removed: While] [added: Based on current conditions,] we do not believe that the tariffs announced by the [removed: United States on February 1, 2025] [added: U.S. or counter tariffs or other actions taken by other countries] will have a material adverse effect upon our results of operations, financial condition, or [removed: liquidity, there may be an impact to our previously issued outlook.][added: cash flows.]

- Operating cash [removed: flow from continuing operations:] [added: flow:] a measure of the amount of cash generated by our business operations.

| (dollars in millions) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Total net sales | | | $ | [removed: 80,738] [added: 88,603] | | | | | $ | [removed: 68,920] [added: 80,738] | | | | | $ | [removed: 67,074] [added: 68,920] | |

| Operating profit | | | [removed: 6,538] [added: 9,300] | | | | | | [removed: 3,561] [added: 6,538] | | | | | | [removed: 5,504] [added: 3,561] | | |

| Operating profit margin | | | [removed: 8.1] [added: 10.5] | | % | | | | [removed: 5.2] [added: 8.1] | | % | | | | [removed: 8.2] [added: 5.2] | | % |

| Operating cash flow [removed: from continuing operations] | | | $ | [removed: 7,159] [added: 10,567] | | | | | $ | [removed: 7,883] [added: 7,159] | | | | | $ | [removed: 7,168] [added: 7,883] | |

Total backlog was [removed: $218] [added: $268] billion and [removed: $196] [added: $218] billion as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

As described in our “Cautionary Note Concerning Factors That May Affect Future [removed: Results and Risk Factor Summary”] [added: Results”] 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.

Additionally, the organic change in Cost of sales and Operating profit excludes restructuring costs, the FAS/CAS operating adjustment, and [removed: costs related to certain] acquisition accounting adjustments.

We are continuously evaluating our cost structure and [removed: have implemented] [added: implement] restructuring actions in an effort to keep our cost structure competitive.

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

| (dollars in millions) | | | [removed: 2024] [added: 2025] | | | | | | [added: 2024 | | | | | |] 2023 | | |

| Organic (1) | | | $ | [removed: 7,816] [added: 8,894] | | | | | $ | [removed: 7,343] [added: 7,816] | |

| Acquisitions and divestitures, net | | | [removed: (1,291)] [added: (1,179)] | | | | | | [removed: (143)] [added: (1,291)] | | |

| Other | | | [removed: 5,293] [added: 150] | | | | | | [removed: (5,354)] [added: 5,293] | | |

| Total change | | | $ | [removed: 11,818] [added: 7,865] | | | | | $ | [removed: 1,846] [added: 11,818] | |

Net sales increased $7.8 billion organically in [removed: 2024 compared to 2023,] [added: 2024,] primarily due to higher organic sales of $4.4 billion at Pratt & Whitney, $2.1 billion at Collins, and $1.7 billion at Raytheon.

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

The increase in Other net sales of $5.3 billion in 2024 [removed: 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 sales increased [removed: $7.3] [added: $8.9] billion organically in [removed: 2023 compared to 2022,] [added: 2025,] primarily due to higher organic sales of [removed: $3.2 billion at Collins, $3.1] [added: $4.8] billion at Pratt & Whitney, [added: $2.6 billion at Collins,] and [removed: $1.3] [added: $1.7] billion at Raytheon.

The [removed: decrease in] Other net sales [added: decrease] of $5.4 billion in [removed: 2023] [added: 2024] compared to [removed: 2022,] [added: 2023] was primarily [removed: driven by] [added: relates to] the [removed: net sales charge] [added: absence] of [removed: $5.4 billion associated with the Powder Metal Matter] [added: a charge] recognized in the third quarter of [removed: 2023.][added: 2023 related to the Powder Metal Matter.]

| (dollars in millions) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Products | | | $ | [removed: 59,612] [added: 64,171] | | | | | $ | [removed: 49,571] [added: 59,612] | | | | | $ | [removed: 50,773] [added: 49,571] | | | | | [removed: 74] [added: 72] | | % | | | | [removed: 72] [added: 74] | | % | | | | [removed: 76] [added: 72] | | % |

| Services | | | [removed: 21,126] [added: 24,432] | | | | | | [removed: 19,349] [added: 21,126] | | | | | | [removed: 16,301] [added: 19,349] | | | | | | [removed: 26] [added: 28] | | % | | | | [removed: 28] [added: 26] | | % | | | | [removed: 24] [added: 28] | | % |

Legal Matters. As previously disclosed, in 2024 the Company resolved several outstanding legal matters, herein referred to as “Resolution of Certain Legal Matters.” See “Note 17: Commitments and Contingencies,” within Item 8 of this Form 10-K, for additional information.

The global trade environment is highly dynamic.

Since February 2025, the U.S. government has imposed tariffs on imports from all countries with which the U.S. engages in trade.

In response, certain countries have announced, and in some cases imposed, tariffs, and non-tariff countermeasures on goods that are imported from the U.S. Our businesses and suppliers import goods subject to U.S. imposed tariffs, as well as goods subject to counter tariffs imposed by other countries.

We continue to pursue available options to mitigate the impact of tariffs and countermeasures, including (i) utilizing available exemptions or exclusions to tariffs, such as trade agreements, treaties or other statutory relief, (ii) evaluating operational and supply chain changes, and (iii) where feasible, increasing the prices of our goods and services.

Our results for 2025 reflect our best estimate of the impact of the tariffs then in effect.

However, the actual financial impacts of tariffs are dependent upon various factors, most notably, the scope of goods covered by tariffs, the value of our imports subject to tariffs, the rate of tariffs applied, the timing and duration of tariffs, the enforceability of tariffs and counter-tariffs, the implementation of tariff and non-tariff countermeasures by countries subject to U.S. tariffs, and our and our suppliers’ ability to mitigate the impacts of tariffs.

Changes in any of these factors and actual tariff costs incurred could significantly affect the estimates inherent in our financial statements, including those used in our estimates-at-completion (EACs), and estimates supporting the recoverability of our inventories, contract fulfillment costs, deferred tax assets, intangible assets and goodwill, and could have a material effect on our results of operations and cash flows in the periods recognized and paid.

U.S. Government’s Budget, Tax Legislation and Executive Orders. On February 3, 2026, Congress passed and the President signed a spending package to end a U.S. government shutdown.

The spending package funds the government through the end of the government’s fiscal year, with the exception of the Department of Homeland Security, which remains subject to a continuing resolution.

On July 4, 2025, “An Act to Provide for Reconciliation Pursuant to Title II of the H.

Con.

Res.

14” (the Act) was enacted.

The Act provides for several corporate tax changes including, but not limited to, restoring full expensing of domestic research and

development costs, restoring immediate deductibility of certain capital expenditures, and changes in the computations of U.S. taxation on international earnings.

The Act also provides a supplementary $156.2 billion to the DoW for obligations through 2029, which includes $24.4 billion for the Golden Dome for America project.

The project, outlined in a January 27, 2025 Executive Order, calls for the development and deployment of a next-generation missile defense shield.

On May 20, 2025, the DoW announced a draft architecture and implementation plan for the system.

With next generation technologies across land, sea and space that build upon existing, proven defense capabilities, RTX’s portfolio is well-positioned to play a role in delivering reliable solutions for the Golden Dome for America initiative.

Whether this Executive Order or corresponding funding will have a material impact on our business or results of operations will depend on a variety of factors, including actual awards, award timelines, mission priorities, and future budget determinations.

The Act also includes $25.4 billion in funding to enhance DoW resources for munitions and supply chain resiliency.

As a leading munitions manufacturer, RTX is strategically situated to play a key role in supporting this initiative.

The President has also issued multiple executive orders, including one intended to reform the DoW’s defense acquisition processes and promote expedited and streamlined acquisitions.

Following issuance of those orders, the Secretary of War issued a memorandum and released the DoW’s Acquisition Transformation Strategy, which is aligned with the executive orders and seeks to overhaul the existing defense acquisition system through process changes that prioritize speed, flexibility, and rigorous execution.

A subsequent executive order was issued that may limit corporate distributions, share repurchases, and executive compensation incentives during periods of defense contractor underperformance, insufficient prioritization, investment or production speed under their U.S. Government contracts.

We are monitoring how these executive orders and related actions will be implemented and any potential future impacts to our business.

While those impacts are uncertain, a limitation on our ability to issue distributions or engage in share repurchases related to the defense contractor performance executive order could adversely affect the market price of our common stock.

Acquisition

| Total net sales | | | $ | 88,603 | | | | | $ | 80,738 | | | | | $ | 68,920 | |

| (dollars in millions) | | | 2025 | | | | | | 2024 | | |

The $1.2 billion decrease in net sales related to Acquisitions and divestitures, net in 2025 was primarily driven by the sale of the actuation and flight control business within our Collins segment completed in the third quarter of 2025, the sale of the Simmonds Precision Products business within our Collins segment completed in the fourth quarter of 2025, the sale of the Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment completed in the first quarter of 2024, and the sale of the Goodrich Hoist & Winch business within our Collins segment completed in the fourth quarter of 2024.

Net products sales increased $4.6 billion in 2025 compared to 2024, primarily due to increases in external products sales of $2.2 billion at Pratt & Whitney, $1.2 billion at Collins, and $1.2 billion at Raytheon.

| (dollars in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Total net sales | | | $ | 88,603 | | | | | $ | 80,738 | | | | | $ | 68,920 | | | | | 100 | | % | | | | 100 | | % | | | | 100 | | % |

| (dollars in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| (dollars in millions) | | | 2025 | | | | | | 2024 | | |

The $1.1 billion decrease in cost of sales related to Acquisitions and divestitures, net in 2025 was primarily due to the net sales decreases related to Acquisitions and divestitures, net noted above.

The decrease in Other cost of sales of $0.6 billion in 2025 was primarily driven by the absence of charges recorded in 2024, including a $0.5 billion charge recorded in the second quarter of 2024 at Raytheon related to the termination of a fixed price development contract with a foreign customer (herein referred to as “Raytheon Contract Termination”) 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 were no longer recoverable as a result of initiating alternative titanium sources.

| (dollars in millions) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

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).

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.

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 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.

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

Under a continuing resolution, federal agencies continue to operate generally at the same funding levels as the prior year, but typically new spending initiatives cannot be executed during this period.

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.

If Congress is unable to complete the FY25 appropriation bills (or pass another continuing resolution) by March 14, 2025, then the U.S. government would shut down, during which time federal agencies would cease all non-essential functions.

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.

RTX’s commercial manufacturing facilities in Israel remain open and operational and have continued exporting products and importing critical items and raw materials.

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.

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

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.

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.

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.

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

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

The $0.1 billion decrease in net sales related to Acquisitions and divestitures, net in 2023 compared to 2022, was primarily driven by the divestiture of a small non-core naval power business in the fourth quarter of 2022.

Net products sales decreased $1.2 billion in 2023 compared to 2022, primarily driven by a $3.8 billion decrease at Pratt & Whitney due to a net sales charge of $5.3 billion associated with the Powder Metal Matter, partially offset by increases of $2.1 billion at Collins and $0.6 billion at Raytheon.

The $1.2 billion decrease in cost of sales related to

The $0.1 billion decrease in cost of sales related to Acquisitions and divestitures, net in 2023 compared to 2022, was primarily driven by the divestiture of a small non-core naval power business in the fourth quarter of 2022.

The decrease in Other cost of sales of $2.6 billion in 2023 compared to 2022 was primarily driven by a net reduction in cost of sales of $2.5 billion primarily reflecting our partners’ 49% share of the Powder Metal Matter.

The increase in company-funded research and development of $0.1 billion in 2023

Selling, general, and administrative expenses in 2024 were relatively consistent with 2023, as a $0.1 billion customer bankruptcy charge recorded in the fourth quarter of 2024 was offset by the absence of a $0.1 billion customer insolvency charge recorded in the second quarter of 2023, both at Pratt & Whitney.

Selling, general, and administrative expenses increased $0.2 billion in 2023 compared to 2022, primarily driven by a $0.1 billion charge at Pratt & Whitney related to a customer insolvency in the second quarter of 2023, costs related to our segment realignment and divestitures in 2023, and increased employee-related costs, partially offset by the absence of $0.1 billion of charges recorded in the first quarter of 2022 related to increased estimates for credit losses due to global sanctions on and export controls with respect to Russia.

See “Note 1: Basis of Presentation and Summary of Accounting Principles” within Item 8 of this Form 10-K for additional information on Russia sanctions.

Other income (expense), net in 2023 was relatively consistent with 2022, as the net unfavorable year-over-year impact of foreign exchange gains and losses of $0.1 billion, was more than offset by the absence of $0.1 billion of charges associated with the disposition of three businesses in 2022 and a $0.1 billion gain on sale of land during the first quarter of 2023.

The remaining decrease was spread across individually less significant items.

The above items were partially offset by a $0.9 billion charge in the second quarter of 2024 related to the Resolution of Certain Legal Matters, a $0.6 billion charge in the second quarter of 2024 related to the Raytheon Contract Termination, and the $0.3 billion change in our FAS/CAS operating adjustment which is described below in “Segment Review.” See “Note 12: Income Taxes” within Item 8 of this Form 10-K for additional information on the indemnity receivable and the offsetting impacts to Income tax expense.

The decrease in Operating profit of $1.9 billion in 2023 compared to 2022 was primarily driven by a decrease at Pratt & Whitney primarily driven by the $2.9 billion charge associated with the Powder Metal Matter and a decrease in the change in our FAS/CAS operating adjustment, partially offset by an increase in Operating profit at Collins and Raytheon, all of which are described below in “Segment Review.”

More than insignificant exposures that cannot be naturally offset within [removed: an] [added: or among] operating [removed: unit] [added: units] are hedged with foreign currency derivatives.

The present value of aggregate notional principal of our outstanding foreign currency hedges was [removed: $17] [added: $26] billion and [removed: $16] [added: $17] billion at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

A 10% unfavorable exchange rate movement in our portfolio of foreign currency contracts would have resulted in an increase in unrealized losses of [added: $0.9 billion and] $1.0 billion at [removed: both] December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Such losses or gains would be offset by corresponding gains or losses in the remeasurement of the underlying transactions [added: and balances] being hedged.

[removed: 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 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: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

We also have variable-rate debt, including [removed: $2.75] [added: $0.9] billion of term loans outstanding, which is affected by changes in market interest rates.

The Company also uses net investment hedging to hedge the foreign currency risk of our net investment in foreign operations against adverse movements in exchange rates against the U.S. Dollar.

While the objective of the hedging program is to minimize the foreign currency exchange impact on operating results, there are typically variances

Collins designs, 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, wheels, and braking systems), communication, navigation, surveillance systems, fire and ice detection and protection systems, [removed: actuation systems,] integrated avionics, and propeller systems.

Collins’ largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of 16%, [removed: 19%,] [added: 16%,] and [removed: 18%] [added: 19%] of total Collins segment sales in [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] respectively.

Collins [removed: was also awarded $2] [added: secured over $4] billion in [removed: the aggregate for] [added: combined long-term agreements to provide] new maintenance, repair and [removed: overhaul,] [added: overhaul services,] and [removed: spares] long-term contracts [removed: with] [added: to provide spare parts, for] several airlines.

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

[removed: Collins composite] [added: Collins’ thermoplastic and carbon] structural [removed: technology supports] [added: technologies support] optimization of the design of aircraft components and equipment to minimize weight, maximize energy [removed: efficiency and] [added: efficiency,] reduce fuel [removed: burn.][added: burn, and extend brake life.]

Collins works closely with numerous other industry organizations and airframers to explore alternative energy solutions such as sustainable [added: aviation fuel, hydrogen, and hybrid electric power sources.]

Collins also continues to invest in operational capacity in strategic [removed: locations, including] [added: locations] in the United [removed: States,] [added: States (including Puerto Rico),] India, Mexico, Singapore, and [removed: Puerto Rico.][added: the Philippines.]

Pratt & [removed: Whitney’s Commercial Engines and Military Engines businesses design, develop, produce,] [added: Whitney designs, manufactures,] and [removed: maintain families of] [added: services] large engines for [removed: wide- and narrow-body] [added: widebody, narrowbody,] and large regional aircraft for commercial customers and for fighter, bomber, tanker, and transport aircraft for military customers.

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

Pratt & Whitney [removed: also] produces, sells, and services military and commercial auxiliary power units.

Pratt & Whitney provides fleet management services and aftermarket maintenance, repair, and overhaul services in all of these [added: product] segments.

Pratt & Whitney’s largest commercial customer by sales is Airbus, with sales, prior to discounts and incentives, of [added: 29%,] 31%, [removed: 48%,] and [removed: 33%] [added: 48%] of total Pratt & Whitney segment sales in [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] respectively.

The GTF aftermarket network expanded to [removed: 18] [added: 21] facilities worldwide, increasing PW1100G-JM shop visit output by approximately [removed: 30%] [added: 26%] year over year in [removed: 2024.][added: 2025.]

The GTF family now powers more than [removed: 2,200] [added: 2,600] aircraft for [removed: 85] [added: over 90] operators across three aircraft platforms: Airbus A320neo family, Airbus A220, and Embraer E-Jets E2.

[removed: The] [added: In 2025, the] GTF Advantage [removed: configuration currently under] [added: engine received FAA and European Union Safety Agency (EASA)] certification [removed: testing] [added: for the Airbus A320 neo family and] is expected to extend the benefits of the current GTF engine, increasing takeoff thrust 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.

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

[added: Additionally,] Pratt & Whitney [removed: completed] [added: continued design maturation and aircraft integration efforts for] the F135 Engine Core Upgrade [removed: (ECU) preliminary design review and was awarded a new contract valued at up to $1.3 billion for continued work on the ECU.][added: (ECU).]

[removed: In addition, significant] [added: Significant] activity continued on [added: Pratt & Whitney’s] military engine development [removed: programs] [added: programs,] including the Next Generation Adaptive Propulsion [removed: Program (NGAP).][added: (NGAP) program.]

At December 31, [removed: 2024,] [added: 2025,] the interests of third-party collaboration participants in Pratt & Whitney-directed jet engine programs ranged, in the aggregate per [removed: program, from 13% to 49%.]

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

In [removed: 2024,] [added: 2025,] Raytheon achieved key advancements in, or received contract awards for, the following programs: [removed: Global Patriot program; LTAMDS program; SM-3 program; AIM-9X and the AMRAAM programs;] [added: Patriot, LTAMDS, SM-3, AIM-9X, AMRAAM, Tomahawk,] and certain advanced technologies, including classified programs and [removed: an] advanced development [removed: program.][added: programs.]

Major new contracts awarded in [removed: 2024] [added: 2025] include [removed: a contract] [added: contracts] to provide [removed: Patriot Air Defense systems] [added: AMRAAM missiles] to [removed: Germany and Patriot launchers for Poland; a contract for low-rate initial production of LTAMDS defense systems for] the U.S. [removed: Army and Poland; a contract to provide SM-3 exo-atmospheric missile defense interceptors to the] [added: Navy,] U.S. [removed: Navy] [added: Air Force] and international customers; [removed: a contract to provide] Guidance Enhanced Missiles (GEM-T) [removed: tactical ballistic missiles] for [removed: NATO] [added: the North Atlantic Treaty Organization (NATO)] Support and Procurement Agency [removed: (NSPA); a contract to provide AMRAAM missiles to] [added: (NSPA) and an international customer; low-rate initial production of LTAMDS for] the U.S. [removed: Navy, U.S. Air Force] [added: Army] and [added: Poland; Iron Dome Tamir production for an] international [removed: customers; a contract to provide Patriot Air Defense systems, including GEM-T missiles, to Romania; a contract to provide] [added: customer;] AIM-9X Sidewinder short-range air-to-air missiles for the U.S. Navy, U.S. Air Force, and international customers; [removed: a contract] [added: SM-3 exoatmospheric missile defense interceptors] to [removed: produce AN/SPY-6(V)] [added: the Missile Defense Agency; AN/SPY-6] radars for the U.S. Navy; [removed: a contract] [added: NASAMS] to [removed: provide] [added: an international customer; Stinger missiles to the U.S. Army and an international customer;] Next Generation Jammer Mid-Band (NGJ-MB) for the U.S. Navy and the Royal Australian Air Force; [removed: a contract to provide] [added: and] Javelin guided munition for the U.S. Army and international [removed: customers; and a contract to provide Evolved SeaSparrow Missile (ESSM) ship self-defense missile for the U.S. Navy and international consortium partners.][added: customers.]

[added: In 2025,] Raytheon [removed: has experienced] [added: also continued to experience] 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) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Sales to the U.S. government (1) | | | | | | $ | [removed: 32,246] [added: 33,279] | | | | | $ | [removed: 31,628] [added: 32,246] | | | | | $ | [removed: 30,317] [added: 31,628] | |

| Sales to the U.S. government as a percentage of total net sales (1) (2) | | | | | | [removed: 40] [added: 38] | | % | | | | [removed: 46] [added: 40] | | % | | | | [removed: 45] [added: 46] | | % |

International Sales. Our sales to international [removed: customers, based on customer end use location, where known,] [added: customers] were as follows:

| Total international sales | | | | | | $ | [removed: 34,651] [added: 41,312] | | | | | $ | [removed: 29,440] [added: 34,651] | | | | | $ | [removed: 25,884] [added: 29,440] | |

| Total international sales as a percentage of total net sales (1) | | | | | | [removed: 43] [added: 47] | | % | | | | 43 | | % | | | | [removed: 39] [added: 43] | | % |

Total backlog was [removed: $218] [added: $268] billion and [removed: $196] [added: $218] billion as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Of the total RPO as of December 31, [removed: 2024,] [added: 2025,] we expect approximately 25% will be recognized as revenue over the next 12 months.

Attracting, developing, advancing, and retaining the best talent [added: while promoting trust, accountability and shared purpose,] is critical for us to execute our strategy and grow our business.

Workforce Demographics. As of December 31, [removed: 2024,] [added: 2025,] our global employee population consisted of a total of approximately [removed: 186,000] [added: 180,000] employees, including approximately [removed: 57,000] [added: 54,000] engineering professionals and approximately [removed: 34,000] [added: 32,000] employees represented by labor unions and other employee representative bodies.

Talent Acquisition, Development, and Retention; Employee Health and Safety. We continuously monitor the hiring, retention, and management of our employees by business and function with a focus to attract, develop, engage, advance, and [added: retain the best talent in the industry.]

We also provide [removed: market] competitive compensation and benefits.

We solicit employee feedback on RTX’s performance as an employer via [removed: confidential] surveys in the pre-hire, active, and exit stages of employment, and use those results to improve our workplace and employee experience.

We manufacture and service our products in approximately [removed: 230] [added: 225] manufacturing, production, or overhaul facilities in approximately [removed: 30] [added: 25] countries, including the U.S.

In recent years, we have experienced supply chain disruptions that have impacted our ability to procure raw materials, [added: including certain rare earth elements,] microelectronics, and certain commodities, resulting in delays and increased costs.

Current geopolitical conditions, including conflicts and other causes of strained intercountry relations, as well as sanctions and other trade restrictive activities, [added: such as tariffs and export controls,] are continuing to contribute to these supply chain issues.

[added: We regularly pursue cost] reductions through a number of mechanisms, including consolidating or re-sourcing our purchases, expanding the use of long-term agreements, reducing the number of suppliers generally (except as described above for important supply alternatives), strategic sourcing in cost competitive regions, capitalizing on competitions among suppliers and other low-cost sourcing initiatives, and extending our contractually negotiated raw material pricing to higher-tier suppliers in our supply chain.

In 2025, Collins was awarded a contract to deliver satellite communication systems to support survivable communications across multiple frequency bands.

Collins was also awarded a contract by the Federal Aviation Administration (FAA) to support the Radar System Replacement program as part of the Department of Transportation’s Brand New Air Traffic Control System.

Collins was selected to be the primary subcontractor for the U.S. Navy’s solution for engineering design and manufacturing of the Very Low Frequency communication subsystem, as well as mission command, control, and communications infrastructure, Advanced Extremely High Frequency and voice communications.

In addition, Collins was awarded a follow-on contract from the FAA to continue support of the Standard Terminal Automation Replacement System (STARS) which is used to manage aircraft spacing and sequencing on approach.

Finally, Collins was selected by the European Union’s Clean Aviation Joint Undertaking (Clean Aviation) to collaborate with Pratt & Whitney Canada as well as other consortium members on multiple development projects aimed at increasing fuel efficiency for next-generation regional aircraft, most notably the Powerplant Hybrid Applications Regional Segment (PHARES) project.

As part of the PHARES project, Pratt & Whitney Canada will lead the development of a hybrid-electric PW127XT-derivative engine, incorporating a Collins 250kW motor and integrated power controller.

Collins will also develop an advanced propeller system for improved fuel efficiency and reduced noise for such engine as part of PHARES.

In 2025, Pratt & Whitney’s F135 engine surpassed one million engine flight hours, and the company was awarded a $2.8 billion undefinitized contract action (UCA) for production of Lot 18 and Lot 19 long lead funding for the F135 engines to power all three variants of the F-35 Lightning II aircraft.

In early 2025, Pratt & Whitney completed the Detailed Design Review of its XA103 engine for the U.S. Air Force’s NGAP, allowing it to begin procurement of hardware for the construction of the prototype ground demonstrator.

Most recently, Pratt & Whitney announced accelerated XA103 engine development through the use of digital data packages, and continued progress toward the next major program milestone.

In 2025, Pratt & Whitney Canada was selected by the European Union's Clean Aviation to lead the PHARES project, marking the first time a Canadian company will participate in and lead a Clean Aviation program.

As part of the PHARES consortium, Pratt & Whitney Canada will collaborate with Collins, ATR, Airbus, and technology research organizations to design and integrate a hybrid-electric propulsion demonstrator, targeting up to 20% improved fuel efficiency on regional aircraft missions.

Finally, in 2025, Pratt & Whitney Canada’s PT6 E-Series™ engine family surpassed 500,000 engine flight hours since entering service.

program, from 13% to 49%.

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Our employees were located in 52 countries, with 69% of our employees located in the U.S.

These regulations provide the U.S. government with various rights, including a broad right to unilaterally terminate contracts for convenience.

respective obligations under DPA-1, DPA-2, and the SEC Administrative Order, and that monitor is expected to be in place by the end of the first quarter.

- changes in economic, capital market, and political conditions in the U.S. and globally;

- the challenges of operating in RTX’s highly-competitive industries both domestically and abroad;

- changes in trade policies, implementation of sanctions, imposition of tariffs (and counter-tariffs), and other trade measures and restrictions, foreign currency fluctuations, and sales methods;

- the scope, nature, timing, and challenges of managing and completing acquisitions, investments, divestitures, and other transactions;

- compliance with legal, environmental, regulatory, and other requirements in the U.S. and other countries in which RTX and its businesses operate;

- pending, threatened, and future legal proceedings, investigations, audits, and other contingencies;

- RTX’s ability to engage in desirable capital-raising or strategic transactions;

- the Powder Metal Matter;

The forward-looking statements speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document.

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).

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.

In addition, Collins continued its significant product development activities, including for major systems on the Airbus A321XLR, the Boeing 777X and 737 MAX 10, and systems in support of the Boeing T-7A trainer and the Bell V 280 (FLRAA).

aviation fuel, hydrogen, and hybrid electric power sources.

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.

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.

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

Pratt & Whitney Canada continues to progress testing of the propulsion system for the RTX Hybrid Electric Flight Demonstrator program, which targets a 30% fuel efficiency improvement and CO2 emissions reduction compared to existing advanced regional turboprops.

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.

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 and Governance (ESG) Report.

We strive to build high-performing teams.

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

Approximately 19% of our workforce across 31 of the countries in which we operate are members of one or more of our nine global employee resource groups (ERGs).

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.

Additional information regarding our human capital strategy is available in our “People” section of our ESG Report that can be found on our company website.

Information on our website, including our ESG Report, is not incorporated by reference into this Form 10-K.

We regularly pursue cost

U.S. government contracts are subject to termination by the government, either for convenience or for default in the event of our failure to perform under the applicable contract.

In the case of a termination for convenience, we would normally be entitled to reimbursement for our allowable costs incurred, termination costs, and a reasonable profit.

If terminated by the government as a result of our default, we could be liable for payments made to us for undelivered goods or services, additional costs the government incurs in acquiring undelivered goods or services from another source, and any other damages it suffers.

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.

certain individuals, entities, or countries.

From time to time, oral or written forward-looking statements may also be included in other information released to the public.

- the effect of changes in economic, capital market, and political conditions in the U.S. and globally, such as from the global sanctions and export controls with respect to Russia, and any changes therein, and including changes related to financial market conditions, banking industry disruptions, fluctuations in commodity prices or supply (including energy supply), inflation, interest rates and foreign currency exchange rates, disruptions in global supply chain and labor markets, levels of consumer and business confidence, the imposition of tariffs, and geopolitical risks, including, without limitation, in the Middle East and Ukraine;

- risks associated with U.S. government sales, including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a continuing resolution, a government shutdown, the debt ceiling or measures taken to avoid default, or otherwise, and uncertain funding of programs;

- risks relating to RTX’s international operations from, among other things, changes in trade policies and implementation of sanctions, foreign currency fluctuations, economic conditions, political factors, sales methods, U.S. or local government regulations, and our dependence on U.S. government approvals for international contracts;

- the scope, nature, timing, and challenges of managing acquisitions, investments, divestitures (including the pending disposition of Collins' actuation and flight control business), and other transactions, including the realization of synergies and opportunities for growth and innovation, the assumption of liabilities, and other risks and incurrence of related costs and expenses, and risks related to completion of announced divestitures;

- compliance with legal, environmental, regulatory, and other requirements, including, among other things, obtaining regulatory approvals for new technologies and products, and export and import requirements such as ITAR and EAR, anti-bribery and anticorruption requirements, such as the Foreign Corrupt Practices Act (FCPA), industrial cooperation agreement obligations, and procurement and other regulations in the U.S. and other countries in which RTX and its businesses operate;

- the outcome of pending, threatened, and future legal proceedings, investigations, and other contingencies, including those related to U.S. government audits and disputes and the potential for suspension or debarment of U.S. government contracting or export privileges as a result thereof;

- factors that could impact RTX’s ability to engage in desirable capital-raising or strategic transactions, including its credit rating, capital structure, levels of indebtedness, and related obligations, capital expenditures, and research and development spending, and capital deployment strategy including with respect to share repurchases, and the availability of credit, borrowing costs, credit market conditions, and other factors;

- risks relating to addressing the Powder Metal Matter, including, without limitation, the number and expected timing of shop visits, inspection results and scope of work to be performed, turnaround time, availability of parts, available capacity at overhaul facilities, outcomes of negotiations with impacted customers, and risks related to other engine models that may be impacted by the Powder Metal Matter, and in each case the timing and costs relating thereto, as well as other issues that could impact RTX product performance, including quality, reliability, or durability;

- risks related to artificial intelligence;

- the intended qualification of (1) the Raytheon merger as a tax-free reorganization and (2) the separation transactions and other internal restructurings as tax-free to us (formerly known as United Technologies Corporation (UTC)) and former UTC shareowners, in each case, for U.S. federal income tax purposes.

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

Multiple lawsuits [removed: have been] [added: were] filed in U.S. courts relating to the October 29, 2018 Lion Air Flight 610 and the March 10, 2019 Ethiopian Airlines Flight 302 accidents.

Certain of our Collins businesses [removed: have been] [added: were] named, along with other third parties, as parties in many of these lawsuits.

In order to resolve the NOV/CDO, on October 6, 2025, Raytheon Company signed a Compliance Order on Consent (COC) with the CDPHE under which, without any admission of fault or liability, it agreed to pay $458,211 in civil penalties and to perform certain remediation work at the former facility under an agreed upon compliance schedule.

Raytheon Company paid the civil penalties in the fourth quarter of 2025.

All lawsuits related to the Lion Air flight have been resolved, and the Collins businesses have obtained a full release.

Only one lawsuit related to the Ethiopian Airlines flight remains pending, and we anticipate during 2026 the lawsuit will either be resolved or the claims against the Collins businesses will be dismissed.

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.

We have also fully supported all governmental investigations and inquiries relating to the accidents.

We do not expect that the lawsuits or governmental investigations or inquiries will have a material adverse effect on our results of operations, financial condition, or liquidity.

| | | | For the fiscal year ended December 31, [removed: 2024] [added: 2025] | | |

The aggregate market value of the voting Common Stock held by non-affiliates at June 30, [removed: 2024] [added: 2025] was approximately [removed: $133,428,194,600,] [added: $195,405,729,090,] based on the New York Stock Exchange closing price for such shares on that date.

At December 31, [removed: 2024,] [added: 2025,] there were [removed: 1,332,122,758] [added: 1,342,287,676] shares of Common Stock outstanding.

Portions of the Registrant’s Definitive Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Shareowners are incorporated by reference in Part III of this Form 10-K.

| Item 1. | | | [removed: [Business](#i433034c70848474cb023218d7b46eea6_13)] [added: [Business](#i998617ed510543f5986a36f83c767f0b_13)] | | | [removed: [4](#i433034c70848474cb023218d7b46eea6_13)] [added: [4](#i998617ed510543f5986a36f83c767f0b_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i433034c70848474cb023218d7b46eea6_19)] [added: Factors](#i998617ed510543f5986a36f83c767f0b_19)] | | | [removed: [14](#i433034c70848474cb023218d7b46eea6_19)] [added: [13](#i998617ed510543f5986a36f83c767f0b_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i433034c70848474cb023218d7b46eea6_22)] [added: Comments](#i998617ed510543f5986a36f83c767f0b_22)] | | | [removed: [30](#i433034c70848474cb023218d7b46eea6_22)] [added: [27](#i998617ed510543f5986a36f83c767f0b_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i433034c70848474cb023218d7b46eea6_25)] [added: [Cybersecurity](#i998617ed510543f5986a36f83c767f0b_25)] | | | [removed: [30](#i433034c70848474cb023218d7b46eea6_25)] [added: [27](#i998617ed510543f5986a36f83c767f0b_25)] | | |

| Item 2. | | | [removed: [Properties](#i433034c70848474cb023218d7b46eea6_28)] [added: [Properties](#i998617ed510543f5986a36f83c767f0b_28)] | | | [removed: [32](#i433034c70848474cb023218d7b46eea6_28)] [added: [29](#i998617ed510543f5986a36f83c767f0b_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i433034c70848474cb023218d7b46eea6_31)] [added: Proceedings](#i998617ed510543f5986a36f83c767f0b_31)] | | | [removed: [32](#i433034c70848474cb023218d7b46eea6_31)] [added: [30](#i998617ed510543f5986a36f83c767f0b_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i433034c70848474cb023218d7b46eea6_34)] [added: Disclosures](#i998617ed510543f5986a36f83c767f0b_34)] | | | [removed: [33](#i433034c70848474cb023218d7b46eea6_34)] [added: [30](#i998617ed510543f5986a36f83c767f0b_34)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i433034c70848474cb023218d7b46eea6_40)] [added: Securities](#i998617ed510543f5986a36f83c767f0b_40)] | | | [removed: [34](#i433034c70848474cb023218d7b46eea6_40)] [added: [31](#i998617ed510543f5986a36f83c767f0b_40)] | | |

| Item 6. | | | [removed: [Reserved](#i433034c70848474cb023218d7b46eea6_43)] [added: [Reserved](#i998617ed510543f5986a36f83c767f0b_43)] | | | [removed: [35](#i433034c70848474cb023218d7b46eea6_43)] [added: [32](#i998617ed510543f5986a36f83c767f0b_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i433034c70848474cb023218d7b46eea6_46)] [added: Operations](#i998617ed510543f5986a36f83c767f0b_46)] | | | [removed: [36](#i433034c70848474cb023218d7b46eea6_46)] [added: [33](#i998617ed510543f5986a36f83c767f0b_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i433034c70848474cb023218d7b46eea6_148)] [added: Risk](#i998617ed510543f5986a36f83c767f0b_133)] | | | [removed: [64](#i433034c70848474cb023218d7b46eea6_148)] [added: [59](#i998617ed510543f5986a36f83c767f0b_133)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i433034c70848474cb023218d7b46eea6_151)] [added: Data](#i998617ed510543f5986a36f83c767f0b_136)] | | | [removed: [65](#i433034c70848474cb023218d7b46eea6_151)] [added: [61](#i998617ed510543f5986a36f83c767f0b_136)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i433034c70848474cb023218d7b46eea6_247)] [added: Disclosure](#i998617ed510543f5986a36f83c767f0b_223)] | | | [removed: [118](#i433034c70848474cb023218d7b46eea6_247)] [added: [112](#i998617ed510543f5986a36f83c767f0b_223)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i433034c70848474cb023218d7b46eea6_250)] [added: Procedures](#i998617ed510543f5986a36f83c767f0b_226)] | | | [removed: [118](#i433034c70848474cb023218d7b46eea6_250)] [added: [112](#i998617ed510543f5986a36f83c767f0b_226)] | | |

| Item 9B. | | | [Other [removed: Information](#i433034c70848474cb023218d7b46eea6_253)] [added: Information](#i998617ed510543f5986a36f83c767f0b_229)] | | | [removed: [118](#i433034c70848474cb023218d7b46eea6_253)] [added: [112](#i998617ed510543f5986a36f83c767f0b_229)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i433034c70848474cb023218d7b46eea6_256)] [added: Inspections](#i998617ed510543f5986a36f83c767f0b_232)] | | | [removed: [118](#i433034c70848474cb023218d7b46eea6_256)] [added: [112](#i998617ed510543f5986a36f83c767f0b_232)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i433034c70848474cb023218d7b46eea6_262)] [added: Governance](#i998617ed510543f5986a36f83c767f0b_238)] | | | [removed: [119](#i433034c70848474cb023218d7b46eea6_262)] [added: [113](#i998617ed510543f5986a36f83c767f0b_238)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i433034c70848474cb023218d7b46eea6_265)] [added: Compensation](#i998617ed510543f5986a36f83c767f0b_241)] | | | [removed: [120](#i433034c70848474cb023218d7b46eea6_265)] [added: [114](#i998617ed510543f5986a36f83c767f0b_241)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i433034c70848474cb023218d7b46eea6_268)] [added: Matters](#i998617ed510543f5986a36f83c767f0b_244)] | | | [removed: [120](#i433034c70848474cb023218d7b46eea6_268)] [added: [114](#i998617ed510543f5986a36f83c767f0b_244)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i433034c70848474cb023218d7b46eea6_274)] [added: Independence](#i998617ed510543f5986a36f83c767f0b_247)] | | | [removed: [121](#i433034c70848474cb023218d7b46eea6_274)] [added: [115](#i998617ed510543f5986a36f83c767f0b_247)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i433034c70848474cb023218d7b46eea6_277)] [added: Services](#i998617ed510543f5986a36f83c767f0b_250)] | | | [removed: [121](#i433034c70848474cb023218d7b46eea6_277)] [added: [115](#i998617ed510543f5986a36f83c767f0b_250)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i433034c70848474cb023218d7b46eea6_283)] [added: Schedules](#i998617ed510543f5986a36f83c767f0b_256)] | | | [removed: [122](#i433034c70848474cb023218d7b46eea6_283)] [added: [116](#i998617ed510543f5986a36f83c767f0b_256)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i433034c70848474cb023218d7b46eea6_286)] [added: Summary](#i998617ed510543f5986a36f83c767f0b_259)] | | | [removed: [129](#i433034c70848474cb023218d7b46eea6_286)] [added: [122](#i998617ed510543f5986a36f83c767f0b_259)] | | |

| [SIGNATURES](#i998617ed510543f5986a36f83c767f0b_262) | | | | | | [123](#i998617ed510543f5986a36f83c767f0b_262) | | |

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

Many of our products also undergo industry audits and regulatory compliance certifications, and our products delivered to the [added: U.S.] Department of [removed: Defense (DoD)] [added: War (DoW) (formerly referred to as the U.S. Department of Defense)] must comply with [removed: DoD] [added: DoW] risk management requirements.

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

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

Moreover, some of our products are audited or reviewed for regulatory compliance certification pursuant to the relevant [removed: DoD] [added: DoW] risk management framework.

Our PCO is an experienced embedded systems engineer and chief engineer with [removed: nearly] 20 years’ experience in the development, product assurance, and security of critical and highly regulated embedded and other computer systems in medical, aviation, and military products and services.

maintain compliance with policies.

Approximately 30% of our square footage related to our significant [removed: properties is leased, and 70% is owned.]

Our fixed assets as of December 31, [removed: 2024] [added: 2025] 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, machinery, and equipment in use as of December 31, [removed: 2024] [added: 2025] are in good operating condition and are well-maintained.

properties is leased, and 70% is owned.

RTX Corporation’s common stock is listed on the New York Stock Exchange under the ticker symbol “RTX.” There were [removed: 37,447] [added: 35,327] registered shareowners at December 31, [removed: 2024.][added: 2025.]

The following graph presents the cumulative total shareowner return for the five years ending December 31, [removed: 2024] [added: 2025] for our common stock as compared to the Standard & Poor’s 500 Stock Index and the S&P 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: 2019.][added: 2020.]

| Company/Index | | | [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: 12/31/2024] [added: 12/31/2025] | | |

| RTX Common Stock | | | [removed: (16.73)] [added: 23.27] | | | | | | [removed: 23.27] [added: 20.01] | | | | | | [removed: 20.01] [added: (14.44)] | | | | | | [removed: (14.44)] [added: 40.76] | | | | | | [removed: 40.76] [added: 61.44] | | |

| S&P 500 Index | | | [removed: 18.40] [added: 28.71] | | | | | | [removed: 28.71] [added: (18.11)] | | | | | | [removed: (18.11)] [added: 26.29] | | | | | | [removed: 26.29] [added: 25.02] | | | | | | [removed: 25.02] [added: 17.88] | | |

| S&P 500 Aerospace & Defense Index | | | [removed: (16.06)] [added: 13.22] | | | | | | [removed: 13.22] [added: 17.37] | | | | | | [removed: 17.37] [added: 6.77] | | | | | | [removed: 6.77] [added: 14.40] | | | | | | [removed: 14.40] [added: 41.98] | | |

| Company/Index | | | Base Period [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: 12/31/2024] [added: 12/31/2025] | | |

[removed: ][added: ]

The following table provides information about our purchases of equity securities that are registered by us pursuant to Section 12 of the Exchange Act during the quarter ended December 31, [removed: 2024.][added: 2025.]

| [removed: 2024] [added: 2025] | | | | | | 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) | | | | | |

During the quarter ended December 31, [removed: 2024,] [added: 2025,] we did not repurchase shares outside of the program.

| RTX Common Stock | | | $ | 100.00 | | | | | $ | 123.27 | | | | | $ | 147.94 | | | | | $ | 126.58 | | | | | $ | 178.17 | | | | | $ | 287.64 | |

| S&P 500 Index | | | 100.00 | | | | | | 128.71 | | | | | | 105.40 | | | | | | 133.10 | | | | | | 166.40 | | | | | | 196.16 | | |

| S&P 500 Aerospace & Defense Index | | | 100.00 | | | | | | 113.22 | | | | | | 132.89 | | | | | | 141.88 | | | | | | 162.31 | | | | | | 230.45 | | |

| October 1 - October 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 615 | | | | |

| November 1 - November 30 | | | | | | — | | | | | | — | | | | | | — | | | | | | 615 | | | | | |

| December 1 - December 31 | | | | | | — | | | | | | — | | | | | | — | | | | | | 615 | | | | | |

| Total | | | | | | — | | | | | | $ | — | | | | | — | | | | | | | | | | | |

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

On October 24, 2023, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock for an aggregate purchase price of $10 billion.

The ASR agreements provided for the repurchase of our common stock based on the average of the daily volume-weighted average prices of our common stock during the term of such ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements.

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, which, on that date, represented approximately 85% of the shares expected to be repurchased.

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.

Management has assessed the effectiveness of RTX’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

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: 2024.][added: 2025.]

The effectiveness of RTX’s internal control over financial reporting, as of December 31, [removed: 2024,] [added: 2025,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

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

| [removed: Corporate] [added: Senior] Vice President and Controller | | | | | |

We have audited the accompanying consolidated balance sheets of RTX Corporation and its subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] 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: 2024,] [added: 2025,] 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: $80.7] [added: $88.6] billion for the year ended December 31, [removed: 2024,] [added: 2025,] are from long-term contracts associated with the design, development, manufacture or modification of complex aerospace or defense equipment or related services.

As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and [removed: opportunities] [added: opportunities,] and the related changes in estimates of revenues and costs.

The risks and opportunities relate to management’s judgment about the ability and cost to achieve the schedule, consideration of [removed: customer directed] [added: customer-directed] delays or reductions in scheduled deliveries, technical requirements, customer activity levels, such as flight hours or aircraft landings, and related variable consideration.

Management [removed: makes] [added: must make] assumptions and estimates regarding contract [removed: revenue] [added: revenues] and costs, including estimates of labor productivity and availability, the complexity and scope of the work to be performed, the availability and cost of materials, including any impact from [removed: rising] [added: changing] costs or inflation, the length of time to complete the performance obligation, execution by its subcontractors, the availability and timing of funding from the customer, overhead cost rates, and current and past maintenance cost and frequency driven by estimated aircraft and engine utilization and estimated useful lives of components, among others.

| (dollars in millions, except per share amounts; shares in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Products sales | | | | | | $ | [removed: 59,612] [added: 64,171] | | | | | $ | [removed: 49,571] [added: 59,612] | | | | | $ | [removed: 50,773] [added: 49,571] | |

| Services sales | | | | | | [removed: 21,126] [added: 24,432] | | | | | | [removed: 19,349] [added: 21,126] | | | | | | [removed: 16,301] [added: 19,349] | | |

| Total net sales | | | | | | [removed: 80,738] [added: 88,603] | | | | | | [removed: 68,920] [added: 80,738] | | | | | | [removed: 67,074] [added: 68,920] | | |

| Cost of sales - products | | | | | | [removed: 50,768] [added: 53,780] | | | | | | [removed: 43,425] [added: 50,768] | | | | | | [removed: 41,927] [added: 43,425] | | |

| Cost of sales - services | | | | | | [removed: 14,560] [added: 17,034] | | | | | | [removed: 13,406] [added: 14,560] | | | | | | [removed: 11,479] [added: 13,406] | | |

| Research and development | | | | | | [removed: 2,934] [added: 2,807] | | | | | | [removed: 2,805] [added: 2,934] | | | | | | [removed: 2,711] [added: 2,805] | | |

| Selling, general, and administrative | | | | | | [removed: 5,806] [added: 6,095] | | | | | | [removed: 5,809] [added: 5,806] | | | | | | [removed: 5,573] [added: 5,809] | | |

| Total costs and expenses | | | | | | [removed: 74,068] [added: 79,716] | | | | | | [removed: 65,445] [added: 74,068] | | | | | | [removed: 61,690] [added: 65,445] | | |

| Other income (expense), net | | | | | | [removed: (132)] [added: 413] | | | | | | [removed: 86] [added: (132)] | | | | | | [removed: 120] [added: 86] | | |

| Operating profit | | | | | | [removed: 6,538] [added: 9,300] | | | | | | [removed: 3,561] [added: 6,538] | | | | | | [removed: 5,504] [added: 3,561] | | |

| Non-service pension income | | | | | | [removed: (1,518)] [added: (1,182)] | | | | | | [removed: (1,780)] [added: (1,518)] | | | | | | [removed: (1,889)] [added: (1,780)] | | |

| Interest expense, net | | | | | | [removed: 1,862] [added: 1,749] | | | | | | [removed: 1,505] [added: 1,862] | | | | | | [removed: 1,276] [added: 1,505] | | |

| Total non-operating expense (income), net | | | | | | [removed: 344] [added: 567] | | | | | | [removed: (275)] [added: 344] | | | | | | [removed: (613)] [added: (275)] | | |

| Income [removed: from continuing operations] before income taxes | | | | | | [removed: 6,194] [added: 8,733] | | | | | | [removed: 3,836] [added: 6,194] | | | | | | [removed: 6,117] [added: 3,836] | | |

| Income tax expense | | | | | | [removed: 1,181] [added: 1,664] | | | | | | [removed: 456] [added: 1,181] | | | | | | [removed: 790] [added: 456] | | |

| Net income [removed: from continuing operations] | | | | | | [removed: 5,013] [added: 7,069] | | | | | | [removed: 3,380] [added: 5,013] | | | | | | [removed: 5,327] [added: 3,380] | | |

| Less: Noncontrolling interest in subsidiaries’ earnings [removed: from continuing operations] | | | | | | [removed: 239] [added: 337] | | | | | | [removed: 185] [added: 239] | | | | | | [removed: 111] [added: 185] | | |

| Net income [removed: from continuing operations] attributable to common shareowners | | | | | | [removed: 4,774] [added: $] | [added: 6,732] | | | | | [removed: 3,195] [added: $] | [added: 4,774] | | | | | [removed: 5,216] [added: $] | [added: 3,195] | |

| Net income attributable to common shareowners | | | [removed: | | |] $ | [removed: 4,774] [added: 6,732] | | | | | $ | [removed: 3,195] [added: 4,774] | | | | | $ | [removed: 5,197] [added: 3,195] | |

| Earnings [removed: (loss) per share] [added: Per Share] attributable to common [removed: shareowners - basic] [added: shareowners:] | | | | | | | | | | | | | | | | | | | | |

| Net income attributable to common shareowners [added: (1)] | | | | | | [removed: $] [added: (305)] | [removed: 3.58] | | | | | [removed: $] [added: (374)] | [removed: 2.24] | | | | | [removed: $] [added: (512)] | [removed: 3.52] | |

| Earnings [removed: (loss) per share] [added: Per Share] attributable to common [removed: shareowners - diluted | | |] [added: shareowners:] | | | | | | | | | | | | | | | | | |

| Basic shares | | | | | | [removed: 1,332.1] [added: 1,341.4] | | | | | | [removed: 1,426.0] [added: 1,332.1] | | | | | | [removed: 1,475.5] [added: 1,426.0] | | |

| Diluted shares | | | | | | [removed: 1,343.6] [added: 1,356.4] | | | | | | [removed: 1,435.4] [added: 1,343.6] | | | | | | [removed: 1,485.9] [added: 1,435.4] | | |

| (dollars in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net actuarial [removed: (loss) gain] [added: loss] arising during period | | | | | | [removed: (645)] [added: (739)] | | | | | | [removed: (971)] [added: (645)] | | | | | | [removed: 1,291] [added: (971)] | | |

February 6, 2026

| Basic | | | | | | $ | 5.02 | | | | | $ | 3.58 | | | | | $ | 2.24 | |

| Diluted | | | | | | 4.96 | | | | | | 3.55 | | | | | | 2.23 | | |

| Net income | | | | | | $ | 7,069 | | | | | $ | 5,013 | | | | | $ | 3,380 | |

| Share-based 401(k) matching contributions | | | | | | 573 | | | | | | 353 | | | | | | 261 | | |

| Dividends paid | | | | | | (3,574) | | | | | | (3,217) | | | | | | (3,239) | | |

| Share-based 401(k) matching contributions | | | | | | 292 | | | | | | 269 | | | | | | 242 | | |

| Share-based 401(k) matching contributions | | | | | | 281 | | | | | | 90 | | | | | | — | | |

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

| Other comprehensive income (loss), net of tax | | | | | | 1,037 | | | | | | (1,336) | | | | | | (401) | | |

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

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

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

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

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

We reclassified certain immaterial prior period amounts within our Consolidated Statement of Cash Flows and Consolidated Statement of Changes in Equity related to our share-based 401(k) matching contributions to conform to our current period presentation.

Legal Matters. As previously disclosed, in 2024 the Company resolved several outstanding legal matters, herein referred to as “Resolution of Certain Legal Matters.” See “Note 17: Commitments and Contingencies” for additional information.

Under this method, we record our proportionate share of the investee’s net earnings or losses.

Transactions with equity‑method investees, which are considered related parties, were not material for the periods presented.

We also make strategic investments in companies that we believe are advancing or developing new technologies applicable to our business.

These investments are primarily in early‑stage entities and may be in the form of convertible debt or equity investments.

Most of these investments are in equity securities without readily determinable fair values.

These securities are measured at cost with adjustments recorded for observable price changes under the measurement alternative.

We evaluate these investments for indicators of impairment each reporting period.

In certain limited

For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded

Our contracts with the U.S. government are typically subject to

participation (ICIP) agreements, required under certain contracts.

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

The following table illustrates the

Derivatives are also used to hedge foreign currency translation risk arising from the net investment in certain foreign operations.

Changes in the fair value of derivatives that are designated and qualify as a hedge of the net investment in foreign operations, to the extent they are included in the assessment of effectiveness, are recorded in Foreign currency translation adjustments within Other comprehensive income (loss) (OCI) and are deferred until disposal of the underlying investment.

Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized on a straight-line basis in Other income (expense), net over the term of the hedges.

To the extent that a previously-designated hedging

Other assumptions include actuarial and demographic assumptions including mortality rates, retirement age, and rate of increase in employee compensation levels.

*Accounting Pronouncements.* In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2025-10; Accounting for Government Grants Received by Business Entities, which provides guidance on how companies should recognize, measure, and present government grants received.

The standard allows for a modified prospective, modified retrospective, or retrospective transition.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which better aligns the accounting guidance to how software is developed by eliminating project stages from capitalization criteria.

The new standard is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods.

The standard allows for prospective, modified, or retrospective transition.

February 3, 2025

| Loss from discontinued operations attributable to common shareowners | | | | | | — | | | | | | — | | | | | | (19) | | |

| Income from continuing operations attributable to common shareowners | | | | | | $ | 3.58 | | | | | $ | 2.24 | | | | | $ | 3.54 | |

| Loss from discontinued operations | | | | | | — | | | | | | — | | | | | | (0.02) | | |

| Income from continuing operations attributable to common shareowners | | | | | | $ | 3.55 | | | | | $ | 2.23 | | | | | $ | 3.51 | |

| Loss from discontinued operations | | | | | | — | | | | | | — | | | | | | (0.01) | | |

| Net income attributable to common shareowners | | | | | | $ | 3.55 | | | | | $ | 2.23 | | | | | $ | 3.50 | |

| Net income from continuing and discontinued operations | | | | | | $ | 5,013 | | | | | $ | 3,380 | | | | | $ | 5,308 | |

| Unearned ESOP shares | | | | | | — | | | | | | (15) | | |

| Investments in businesses | | | | | | — | | | | | | — | | | | | | (66) | | |

| Change in other short-term borrowings, net | | | | | | (4) | | | | | | 87 | | | | | | (29) | | |

| Dividends on common stock | | | | | | (3,217) | | | | | | (3,239) | | | | | | (3,128) | | |

| Common Stock plans activity | | | | | | 15 | | | | | | 13 | | | | | | 10 | | |

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).

We reclassified certain immaterial prior period amounts within the Income Taxes footnote to conform to our current period presentation.

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.

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.

See “Note 17: Commitments and Contingencies” for additional information.

(Collins) segment.

Additionally, as a result of the sanctions on Russia and export controls, in the first quarter of 2022, we recorded pre-tax charges of $290 million, $210 million net of tax and the impact of noncontrolling interest, within our Collins and Pratt & Whitney businesses primarily related to increased estimates for credit losses on both our accounts receivable and contract assets, inventory reserves and purchase order obligations, impairment of customer financing assets for products under lease, impairment of contract fulfillment costs that are no longer recoverable, and a loss on the exit of our investment in a Russia-based joint venture.

For investments where we do not have significant influence, we record them at cost under the measurement alternative and record adjustments for observable price changes.

We evaluate our equity investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired.

Our sales to and purchases from unconsolidated entities accounted for under the equity method, which are considered related parties, are not material.

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

| Income (loss) from continuing operations attributable to common shareowners (1) | | | | | | (374) | | | | | | (512) | | | | | | (29) | | |

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

Gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) and reclassified to earnings as a component of products sales or expenses, as applicable, when the hedged transaction occurs.

Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the segment reporting disclosures and requires disclosure of segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss,

amounts and description of its composition for other segment items, and interim disclosure of a reportable segment’s profit or loss and assets.

Additionally, the amendments require the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance and deciding how to allocate resources.

Acquisitions. Our investments in businesses, net of cash acquired, in 2022 totaled $66 million and consisted of insignificant acquisitions.

Dispositions. In 2024, 2023, and 2022 cash inflows related to dispositions of businesses were $1,795 million, $6 million, and $94 million, respectively.

Our dispositions of businesses in 2024 primarily consisted of the dispositions discussed below.

Our dispositions of businesses in 2023 and 2022 were insignificant.

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: President] [added: Chairman] and Chief Executive Officer (CEO), the Executive Vice President and Chief Financial Officer (CFO), and the [removed: Corporate] [added: Senior] Vice President and Controller (Controller), of the effectiveness of the design and operation of our disclosure controls and procedures.

Our management has assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Our management has concluded that based on its assessment, our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] 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: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter ended December 31, [removed: 2024,] [added: 2025,] 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.

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: 2025] [added: 2026] 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: 1/1/2020] [added: 1/1/2021] | | | | | | Age as of [removed: 2/3/2025] [added: 2/6/2026] | | |

| Troy Brunk | | | | | | President, Collins Aerospace (since July 2024) | | | | | | President, Mission Systems, Collins Aerospace; President, Avionics, Collins Aerospace; President, Interiors, Collins [removed: Aerospace; Vice President and General Manager, Mission Systems, Collins] Aerospace | | | | | | [removed: 55] [added: 56] | | |

| Christopher T. Calio | | | | | | [removed: President] [added: Chairman] (since [removed: March 2023),] [added: April 2025),] Chief Executive Officer (since May [removed: 2024)] [added: 2024),] and [removed: Director,] [added: President,] RTX Corporation (since [removed: December] [added: March] 2023) | | | | | | Chief Operating [removed: Officer,] [added: Officer and Director,] RTX Corporation; President, Pratt & [removed: Whitney; President, Commercial Engines, Pratt &] Whitney | | | | | | [removed: 51] [added: 52] | | |

| Kevin G. DaSilva | | | | | | [removed: Corporate] [added: Senior] Vice President, Treasurer, RTX Corporation (since April 2020) | | | | | | [removed: Vice President and Treasurer, Raytheon Company] | | | | | | [removed: 61] [added: 62] | | |

| Shane G. Eddy | | | | | | President, Pratt & Whitney (since March 2022) | | | | | | Senior Vice President and Chief Operations Officer, Pratt & Whitney | | | | | | [removed: 60] [added: 61] | | |

| Philip J. Jasper | | | | | | President, Raytheon (since January 2024) | | | | | | President, Mission Systems, Collins Aerospace | | | | | | [removed: 56] [added: 57] | | |

| Amy L. Johnson | | | | | | [removed: Corporate] [added: Senior] Vice President, Controller, RTX Corporation (since September 2021) | | | | | | Vice President, Finance, Pratt & Whitney Commercial [removed: Engines; Vice President and Controller, Pratt & Whitney] [added: Engines] | | | | | | [removed: 50] [added: 51] | | |

| 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 [removed: Corporation; Executive Assistant to Chairman & CEO, United Technologies] Corporation | | | | | | [removed: 53] [added: 54] | | |

| 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 [removed: Corporation; Acting Senior Vice President & Chief Financial Officer, United Technologies] Corporation | | | | | | [removed: 49] [added: 50] | | |

| Dantaya M. Williams | | | | | | Executive Vice President & Chief Human Resources Officer, RTX Corporation (since June 2020) | | | | | | [removed: Vice President, Human Resources, Pratt & Whitney Commercial Engines] | | | | | | [removed: 50] [added: 51] | | |

[removed: 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.

Information concerning Section 16(a) compliance is incorporated herein by reference to the section of our Proxy Statement for the [removed: 2025] [added: 2026] 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: 2025] [added: 2026] Annual Meeting of Shareowners titled “Other Important Information” under the heading “Corporate Governance Information, [added: our] Code of 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.

Our Corporate Governance Guidelines and the charters of our Board of Directors’ Audit Committee, Finance Committee, Governance and Public Policy Committee, Human Capital and Compensation Committee, and Special Activities Committee are available on our website at [removed: https://www.rtx.com/Our-Company/corporate-governance.][added: https://www.rtx.com/who-we-are/corporate-governance.]

Among other things, our Securities Trading and

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

| Gregory J. Hayes | | | | | | Executive Chairman, RTX Corporation (since May 2024) | | | | | | 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 | | | | | | 64 | | |

The information required by Item 11 is incorporated herein by reference to the sections of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareowners titled “Compensation Discussion & Analysis,” “Compensation of Directors,” “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 section of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareowners titled “Share Ownership”.

The following table provides information about our equity compensation plans that authorize the issuance of shares of our common stock as of December 31, [removed: 2024.][added: 2025.]

(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 [removed: 2022] [added: 2023] PSU award and assuming target-level performance for the [removed: 2023 and] 2024 [added: and 2025] PSU awards (up to an additional [removed: 1,842,684] [added: 1,662,337] 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.

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 [removed: 2024] [added: 2025] of [removed: $115.72] [added: $183.40] was used.

(2) Represents the maximum number of shares of Common Stock available to be awarded under the Plan as of December 31, [removed: 2024.][added: 2025.]

| Equity compensation plans approved by shareowners | | | 22,606,067 (1) | | | | | | $ | 89.57 | | | | | 101,179,202 (2) | | |

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

The information required by Item 13 is incorporated herein by reference to the sections of our Proxy Statement for the [removed: 2025] [added: 2026] 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: 2025] [added: 2026] Annual Meeting of Shareowners titled “Appointment of PricewaterhouseCoopers LLP to Serve as Independent Auditor for [removed: 2025,”] [added: 2026,”] including the information provided in that section with regard to “Audit Fees,” “Audit-Related Fees,” “Tax Fees,” and “All Other Fees.”

Consolidated Statement of Operations for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022][added: 2023]

Consolidated Statement of Comprehensive Income for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022][added: 2023]

Consolidated Balance Sheet at December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Consolidated Statement of Cash Flows for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022][added: 2023]

Consolidated Statement of Changes in Equity for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022][added: 2023]

| 10.2 | | | [removed: United] [added: [United] Technologies Corporation [removed: Senior Executive Severance] [added: Deferred Compensation] Plan, [removed: incorporated by reference to Exhibit 10(vi) to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 1992,] as amended [removed: by [Amendment thereto, effective December 10, 2003](https://www.sec.gov/Archives/edgar/data/101829/000119312504015495/dex104.htm), incorporated by reference to Exhibit 10.4 of the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2003,] and [removed: [Amendment thereto,] [added: restated,] effective [removed: June 11, 2008](https://www.sec.gov/Archives/edgar/data/101829/000119312508154825/dex104.htm),] [added: January 1, 2011,] incorporated by reference to Exhibit [removed: 10.4] [added: 10.1] of the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended June 30, [removed: 2008, and [Amendment thereto, effective February 10, 2011](https://www.sec.gov/Archives/edgar/data/101829/000119312511029695/dex104.htm), incorporated by reference to Exhibit 10.4 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2010.] [added: 2018.](https://www.sec.gov/Archives/edgar/data/101829/000010182918000027/a2018-06x3010xqexhibit101.htm)] | | | | | |

| [removed: 10.3] [added: 10.16] | | | [United Technologies Corporation [removed: Deferred Compensation Plan, as amended] [added: Savings Restoration Plan executed July 16, 2018 (amended] and [removed: restated, effective] [added: restated as of] January 1, [removed: 2011,] [added: 2011),] incorporated by reference to Exhibit [removed: 10.1 of] [added: 10.3 to] the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended June 30, [removed: 2018.](https://www.sec.gov/Archives/edgar/data/101829/000010182918000027/a2018-06x3010xqexhibit101.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/101829/000010182918000027/a2018-06x3010xqexhibit103.htm)] | | | | | |

| [removed: 10.4] [added: 10.3] | | | [United Technologies Corporation Executive Leadership Group Program, as amended and restated, effective October 15, 2013, incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended September 30, [removed: 2013; and United Technologies Executive] [added: 2013](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1011.htm); [United Technologies](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm) [Executive] Leadership Group Program, effective April 1, [removed: 2019;](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1011.htm) [Raytheon] [added: 2019](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm)[, inc](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm)[orporated by reference to Exhibit 10.5 to the C](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm)[ompany](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm)[’](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm)[s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31,](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm) [2019](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit11.htm): and [R](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit1052020-12x3110xk.htm)[aytheon] Technologies Corporation Executive Leadership Group Program, effective April 3, 2020, incorporated by reference to Exhibit 10.5 to the Company's Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit1052020-12x3110xk.htm) | | | | | |

| [removed: 10.5] [added: 10.4] | | | [Schedule of Terms for Restricted Share Unit Retention Awards relating to the United Technologies Corporation Executive Leadership Group Program (referred to above in Exhibit [removed: 10.6),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1012.htm)[3](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1012.htm)[),] incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended September 30, [removed: 2013;] [added: 2013](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1012.htm);] and [removed: Schedule] [added: [Schedule] of Terms of Restricted Share Unit Retention Awards relating to the United Technologies Leadership Group Program, effective April 1, 2019 (referred to above in Exhibit [removed: 10.5).](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1012.htm)] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit6.htm)[3](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit6.htm)[).](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit6.htm)] | | | | | |

| [removed: 10.6] [added: 10.5] | | | [Form of Award Agreement for Restricted Share Unit Retention Awards relating to the United Technologies Corporation Executive Leadership Group Program (referred to above in Exhibit [removed: 10.6),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1013.htm)[3](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1013.htm)[),] incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended September 30, [removed: 2013;] [added: 2013](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1013.htm);] and [removed: Form] [added: [Form] of Award Agreement for Restricted Share Unit Retention Awards relating to the United Technologies Leadership Group Program, effective April 1, 2019 (referred to above in Exhibit [removed: 10.5).](https://www.sec.gov/Archives/edgar/data/101829/000010182913000045/a2013-09x3010xqexhibit1013.htm)] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit2.htm)[3](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit2.htm)[).](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit2.htm)] | | | | | |

| [removed: 10.7] [added: 10.6] | | | [United Technologies Corporation Board of Directors Deferred Stock Unit Plan, as Amended and Restated, effective as of April 29, 2019, incorporated by reference to Exhibit 10.8 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2018.](https://www.sec.gov/Archives/edgar/data/101829/000010182919000007/a2018-12x3110xkexhibit108.htm) | | | | | |

| [removed: 10.8] [added: 10.7] | | | [Retainer Payment Election Form for United Technologies Corporation Board of Directors Deferred Stock Unit Plan (referred to above in Exhibit [removed: 10.8),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182919000007/a2018-12x3110xkexhibit109.htm)[6](https://www.sec.gov/Archives/edgar/data/101829/000010182919000007/a2018-12x3110xkexhibit109.htm)[),] incorporated by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2018.](https://www.sec.gov/Archives/edgar/data/101829/000010182919000007/a2018-12x3110xkexhibit109.htm) | | | | | |

| [removed: 10.9] [added: 10.8] | | | [Form of Deferred Restricted Stock Unit Award relating to the United Technologies Corporation Board of Directors Deferred Stock Unit Plan (referred to above in Exhibit [removed: 10.8),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182919000007/a2018-12x3110xkexhibit1010.htm)[6](https://www.sec.gov/Archives/edgar/data/101829/000010182919000007/a2018-12x3110xkexhibit1010.htm)[),] incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2018.](https://www.sec.gov/Archives/edgar/data/101829/000010182919000007/a2018-12x3110xkexhibit1010.htm) | | | | | |

| [removed: 10.10] [added: 10.9] | | | [United Technologies Corporation Long-Term Incentive Plan, as amended and restated effective April 28, [removed: 2014,](https://www.sec.gov/Archives/edgar/data/101829/000010182914000018/exhibit101-01.htm)] [added: 2014,] incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on May 2, [removed: 2014,] [added: 2014,](https://www.sec.gov/Archives/edgar/data/101829/000010182914000018/exhibit101-01.htm)] as further amended by [Amendment No. 1, effective as of February 5, [removed: 2016](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1012.htm),] [added: 2016,] incorporated by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, [removed: 2015.] [added: 2015.](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1012.htm)] | | | | | |

| [removed: 10.11] [added: 10.10] | | | [Schedule of Terms for non-qualified stock option awards relating to the United Technologies Corporation Long-Term Incentive Plan (referred to above in Exhibit [removed: 10.11)] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1015.htm)[9](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1015.htm)[)] (Rev. January 2016), incorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2015.](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1015.htm) | | | | | |

| [removed: 10.12] [added: 10.11] | | | [Form of Award Agreement for non-qualified stock option awards relating to the United Technologies Corporation Long-Term Incentive Plan (referred to above in Exhibit [removed: 10.11),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182917000007/a2016-12x3110xkexhibit1015.htm)[9](https://www.sec.gov/Archives/edgar/data/101829/000010182917000007/a2016-12x3110xkexhibit1015.htm)[),] incorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2016.](https://www.sec.gov/Archives/edgar/data/101829/000010182917000007/a2016-12x3110xkexhibit1015.htm) | | | | | |

| [removed: 10.13] [added: 10.12] | | | [Schedule of Terms for stock appreciation rights awards relating to the United Technologies Corporation 2005 Long-Term Incentive Plan (referred to above in Exhibit [removed: 10.11)] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1018.htm)[9](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1018.htm)[)] (Rev. January 2016), incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2015.](https://www.sec.gov/Archives/edgar/data/101829/000010182916000050/a2015-12x3110xkexhibit1018.htm) | | | | | |

| [removed: 10.14] [added: 10.13] | | | [Form of Award Agreement for restricted stock unit, performance share unit and stock appreciation rights awards relating to the United Technologies Corporation Long-Term Incentive Plan (referred to above in Exhibit [removed: 10.11),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182917000007/a2016-12x3110xkexhibit1018.htm)[9](https://www.sec.gov/Archives/edgar/data/101829/000010182917000007/a2016-12x3110xkexhibit1018.htm)[),] incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2016.](https://www.sec.gov/Archives/edgar/data/101829/000010182917000007/a2016-12x3110xkexhibit1018.htm) | | | | | |

| [removed: 10.15] [added: 10.14] | | | [United Technologies Corporation LTIP Performance Share Unit Deferral Plan, relating to the Long-Term Incentive Plan (referred to above in Exhibit [removed: 10.11)] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit10182020-12x3110xk.htm)[9](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit10182020-12x3110xk.htm)[)] as amended and restated, effective January 1, 2020, incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit10182020-12x3110xk.htm) | | | | | |

| [removed: 10.16] [added: 10.15] | | | [United Technologies Corporation Company Automatic Contribution Excess Plan, as amended and restated, effective January 1, 2020, incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit10202020-12x3110xk.htm) | | | | | |

| [removed: 10.17] [added: 10.33] | | | [removed: [United] [added: [Schedule of Terms for stock appreciation right awards relating to the Raytheon] Technologies Corporation [removed: Savings Restoration Plan executed July 16,] 2018 [removed: (amended] [added: Long-Term Incentive Plan, as amended] and restated [removed: as of January 1, 2011),] [added: (referred to in Exhibit 10.22 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2021),] incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended [removed: June 30, 2018.](https://www.sec.gov/Archives/edgar/data/101829/000010182918000027/a2018-06x3010xqexhibit103.htm)] [added: March 31, 2022.](https://www.sec.gov/Archives/edgar/data/101829/000010182922000018/exhibit1032022-03x3110xq.htm)] | | | | | |

| [removed: 10.18] [added: 10.17] | | | [Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on May 3, [removed: 2018,] [added: 2018](https://www.sec.gov/Archives/edgar/data/101829/000010182918000011/exhibit101utc2018long-term.htm),] as amended by [removed: Amendment] [added: [Amendment] No. 1, effective as of December 6, 2020, incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000008/exhibit10222020-12x3110xk.htm) | | | | | |

| [removed: 10.19] [added: 10.18] | | | [Schedule of Terms for stock appreciation right awards relating to the Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, as amended (referred to above in Exhibit [removed: 10.22),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000024/exhibit1062021-03x3110xq.htm)[17](https://www.sec.gov/Archives/edgar/data/101829/000010182921000024/exhibit1062021-03x3110xq.htm)[),] incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended March 31, 2021.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000024/exhibit1062021-03x3110xq.htm) | | | | | |

| [removed: 10.20] [added: 10.19] | | | [Schedule of Terms for stock option awards relating to the Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, as amended (referred to above in Exhibit [removed: 10.22),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000024/exhibit1072021-03x3110xq.htm)[17](https://www.sec.gov/Archives/edgar/data/101829/000010182921000024/exhibit1072021-03x3110xq.htm)[),] incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended March 31, 2021.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000024/exhibit1072021-03x3110xq.htm) | | | | | |

| 10.21 | | | [removed: [Compensation Recovery Policy acknowledgment] [added: [Rockwell Collins’ 2005 Deferred Compensation Plan, as amended] and [removed: agreement,] [added: restated as of June 27, 2017,] incorporated by reference to Exhibit [removed: 10-c-1] [added: 10-f-1] to Rockwell Collins’ Quarterly Report on Form 10-Q (Commission file number 0001-16445) for the quarterly period ended [added: June 30, 2017](https://www.sec.gov/Archives/edgar/data/1137411/000113741117000097/col_exhibitx10-fx1x6302017.htm); [Amendment No. 1 to Rockwell Collins’ 2005 Deferred Compensation Plan, incorporated by reference to Exhibit 10-f-1 to Rockwell Collins’ Quarterly Report on Form 10-Q (Commission file number 0001-16445) for the quarterly period ended] December 31, [removed: 2012.](https://www.sec.gov/Archives/edgar/data/1137411/000113741113000015/col_exhibitx10-cx1x12312012.htm)] [added: 2017](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000021/col_exhibitx10-fx1x12312017.htm); and [Amendment No. 2 to Rockwell Collins’ 2005 Deferred Compensation Plan, as amended, incorporated by reference to Exhibit 10-f-6 to Rockwell Collins’ Annual Report on Form 10-K/A (Commission file number 0001-16445) for the fiscal year ended September 30, 2018.](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000111/col_exhibitx10f6x9302018.htm)] | | | | | |

| [removed: 10.22] [added: 10.20] | | | [Rockwell Collins’ Deferred Compensation Plan, as amended, incorporated by [removed: referenced to] [added: reference](https://www.sec.gov/Archives/edgar/data/1137411/000095013707017412/c21596exv10wfw2.htm) [to] Exhibit 10-f-2 to Rockwell Collins’ Annual Report on Form 10-K (Commission file number 0001-16445) for the fiscal year ended September 30, [removed: 2007; Amendment] [added: 2007](https://www.sec.gov/Archives/edgar/data/1137411/000095013707017412/c21596exv10wfw2.htm); and [Amendment] No. 1 to Rockwell Collins’ Deferred Compensation Plan, as amended, incorporated by reference to Exhibit 10-f-2 to Rockwell Collins’ Annual Report on Form 10-K/A (Commission file number 0001-16445) for the fiscal year ended September 30, 2018.](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000111/col_exhibitx10f2x9302018.htm) | | | | | |

| [removed: 10.23] [added: 10.24] | | | [Rockwell Collins’ 2005 [removed: Deferred Compensation] [added: Non-Qualified Pension] Plan, as [removed: amended and restated as of June 27, 2017,] [added: amended,] incorporated by reference to Exhibit [removed: 10-f-1] [added: 10-h-1] to Rockwell Collins’ Quarterly Report on Form 10-Q (Commission file number 0001-16445) for the quarterly period ended June 30, [removed: 2017; Amendment] [added: 2012](https://www.sec.gov/Archives/edgar/data/1137411/000113741112000086/col_exhibitx10xhx1x6302012.htm); [Amendment] No. 1 to Rockwell Collins’ [removed: 2005 Deferred Compensation] [added: Non-Qualified Pension] Plan, [added: as amended,] incorporated by reference to Exhibit [removed: 10-f-1] [added: 10-h-1] to Rockwell Collins’ Quarterly Report on Form 10-Q (Commission file number 0001-16445) for the quarterly period ended December 31, [removed: 2017; Amendment] [added: 2015](https://www.sec.gov/Archives/edgar/data/1137411/000113741116000153/col_exhibitx10-hx1x12312015.htm); and [Amendment] No. 2 to Rockwell Collins’ 2005 [removed: Deferred Compensation] [added: Non-Qualified Pension] Plan, as amended, incorporated by reference to Exhibit [removed: 10-f-6] [added: 10-h-3] to Rockwell Collins’ Annual Report on Form 10-K/A (Commission file number 0001-16445) for the fiscal year ended September 30, [removed: 2018.](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000021/col_exhibitx10-fx1x12312017.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000111/col_exhibitx10h3x9302018.htm)] | | | | | |

| [removed: 10.24] [added: 10.22] | | | [Rockwell Collins’ Non-Qualified Savings Plan, as amended, incorporated by [removed: referenced to] [added: reference](https://www.sec.gov/Archives/edgar/data/1137411/000095013707017412/c21596exv10wgw2.htm) [to] Exhibit 10-g-2 to Rockwell Collins’ Annual Report on Form 10-K (Commission file number 0001-16445) for the fiscal year ended September 30, [removed: 2007; Amendment] [added: 2007;](https://www.sec.gov/Archives/edgar/data/1137411/000095013707017412/c21596exv10wgw2.htm) and [Amendment] No. 1 to Rockwell Collins’ Non-Qualified Savings Plan, incorporated by reference to Exhibit 10-g-2 Rockwell Collins’ Annual Report on Form 10-K/A (Commission file number 0001-16445) for the fiscal year ended September 30, 2018.](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000111/col_exhibitx10g2x9302018.htm) | | | | | |

| [removed: 10.25] [added: 10.23] | | | [Rockwell Collins’ 2005 Non-Qualified Retirement Savings Plan, as amended and restated as of July 17, 2018, incorporated by [removed: referenced to] [added: reference](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000111/col_exhibitx10g6x9302018.htm) [to] Exhibit 10-g-6 to Rockwell Collins’ Annual Report on Form 10-K/A (Commission file number 0001-16445) for the fiscal year ended September 30, 2018.](https://www.sec.gov/Archives/edgar/data/1137411/000113741118000111/col_exhibitx10g6x9302018.htm) | | | | | |

| 10.28 | | | [removed: [Employment Agreement,] [added: [First Amendment to Employee Matters Agreement (referred to above in Exhibit 10.](https://www.sec.gov/Archives/edgar/data/101829/000114036120012730/nt10011962x5_ex10-1.htm)[27](https://www.sec.gov/Archives/edgar/data/101829/000114036120012730/nt10011962x5_ex10-1.htm)[),] dated as of [removed: June 9, 2019, by and between United Technologies Corporation and Gregory J. Hayes, incorporated] [added: May 22, 2020 (incorporated] by reference to Exhibit 10.1 [added: of] the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on [removed: June 10, 2019.](https://www.sec.gov/Archives/edgar/data/101829/000114036119010707/nc10002163x1_ex10-1.htm)] [added: May 29, 2020).](https://www.sec.gov/Archives/edgar/data/101829/000114036120012730/nt10011962x5_ex10-1.htm)] | | | | | |

| [removed: 10.29] [added: 10.26] | | | [removed: [First Amendment,] [added: [Tax Matters Agreement,] dated [removed: March 4, 2021, to Employment Agreement (referred to above in Exhibit 10.38) between Gregory J. Hayes] [added: as of April 2, 2020, by] and [removed: Raytheon] [added: among United] Technologies Corporation, [removed: incorporated] [added: Otis Worldwide Corporation and Carrier Global Corporation (incorporated] by reference to Exhibit [removed: 10.1] [added: 10.2] of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on [removed: March 5, 2021.](https://www.sec.gov/Archives/edgar/data/101829/000010182921000010/a2021-03x04exhibit101.htm)] [added: April 8, 2020).](https://www.sec.gov/Archives/edgar/data/101829/000114036120008397/nc10010681x2_ex10-2.htm)] | | | | | |

| [removed: 10.30] [added: 10.25] | | | [Amendment dated February 3, 2020, to the terms of certain awards granted under the Company’s Long Term Incentive Plans (referred to above in Exhibits [removed: 10.11 and 10.22),] [added: 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit5.htm)[9](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit5.htm) [and 10.](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit5.htm)[17](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit5.htm)[),] by and between United Technologies Corporation and Judy Marks incorporated by reference to Exhibit 10.40 of the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2019.](https://www.sec.gov/Archives/edgar/data/101829/000010182920000013/a2019-12x3110xkexhibit5.htm) | | | | | |

| [removed: 10.31] [added: 10.27] | | | [removed: [Transition Services] [added: [Employee Matters] 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 [removed: 10.1] [added: 10.3] of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on April 8, [removed: 2020).](https://www.sec.gov/Archives/edgar/data/101829/000114036120008397/nc10010681x2_ex10-1.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/101829/000114036120008397/nc10010681x2_ex10-3.htm)] | | | | | |

| [removed: 10.32] [added: 10.44] | | | [removed: [Tax Matters] [added: [Bridge Credit] Agreement, dated as of [removed: April 2, 2020, by and] [added: October 24, 2023,] among [removed: United Technologies] [added: RTX] Corporation, [removed: Otis Worldwide Corporation] [added: as borrower, the lenders from time to time party thereto] and [removed: Carrier Global Corporation (incorporated] [added: Citibank, N.A., as administrative agent, incorporated] by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on [removed: April 8, 2020).](https://www.sec.gov/Archives/edgar/data/101829/000114036120008397/nc10010681x2_ex10-2.htm)] [added: October 25, 2023.](https://www.sec.gov/Archives/edgar/data/101829/000114036123049417/ny20012953x1_ex10-2.htm)] | | | | | |

| [removed: 10.33] [added: 10.43] | | | [removed: [Employee Matters Agreement, dated as] [added: [Form] of [removed: April 2, 2020, by and among United Technologies Corporation, Otis Worldwide Corporation and Carrier Global Corporation (incorporated] [added: ASR Agreements, incorporated] by reference to Exhibit [removed: 10.3] [added: 10.1] of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on [removed: April 8, 2020).](https://www.sec.gov/Archives/edgar/data/101829/000114036120008397/nc10010681x2_ex10-3.htm)] [added: October 25, 2023.](https://www.sec.gov/Archives/edgar/data/101829/000114036123049417/ny20012953x1_ex10-1.htm)] | | | | | |