RTX 8-K: Smart Summary
95% reduction- RTX Corporation reported Q4 and full year 2025 earnings on January 27, 2026, with record net sales of $80.8B for the full year, up 10% versus prior year.
- The company achieved record bookings of $92B and a record backlog of $218B at year-end 2025.
- Adjusted EPS grew 14% for the full year to $5.92, and RTX returned $5.8B to shareowners in 2025.
Item 2.02: Results of Operations and Financial Condition
Financial Highlights
- Q4 2025 net sales: $21.6B, up 9% YoY; Full year 2025 net sales: $80.8B, up 10% YoY
- Q4 2025 GAAP operating profit: $1.7B (vs. $1.8B prior year); Adjusted operating profit: $2.1B, up 13% YoY
- Full year 2025 GAAP operating profit: $6.9B (vs. $6.1B prior year); Adjusted operating profit: $8.2B, up 12% YoY
- Q4 2025 GAAP EPS (continuing ops): $1.47 (vs. $1.10 prior year); Adjusted EPS: $1.47, up 12% YoY
- Full year 2025 GAAP EPS (continuing ops): $5.37 (vs. $4.16 prior year); Adjusted EPS: $5.92, up 14% YoY
- Q4 2025 net cash provided by operating activities: $3.1B; Free cash flow: $2.7B
- Full year 2025 net cash provided by operating activities: $9.3B; Free cash flow: $7.8B
Segment Results
- Collins Aerospace: Q4 2025 net sales $7.4B, up 8% YoY; Full year 2025 net sales $27.8B, up 8% YoY; Full year adjusted operating profit $3,594M, up 16%; Full year adjusted operating profit margin 12.9%, up 90 bps YoY
- Pratt & Whitney: Q4 2025 net sales $7.3B, up 20% YoY; Full year 2025 net sales $26.5B, up 17% YoY; Full year adjusted operating profit $2,200M, up 56%; Full year adjusted operating profit margin 8.3%, up 230 bps YoY
- Raytheon: Q4 2025 net sales $7.1B, up 1% YoY; Full year 2025 net sales $27.1B, up 6% YoY; Full year adjusted operating profit $2,650M, up 5%; Full year adjusted operating profit margin 9.8%, down 10 bps YoY
Capital Allocation
- Full year 2025 dividends paid: approximately $2.1B
- Full year 2025 share repurchases: approximately $3.7B; Q4 2025 share repurchases: approximately $1.2B
- Total capital returned to shareowners in 2025: $5.8B
- Debt at end of 2025: approximately $17.0B
- Cash and cash equivalents at end of 2025: approximately $8.4B
- Full year 2025 capital expenditures: approximately $1.5B; Q4 2025 capital expenditures: approximately $0.4B
Management Commentary
- Chris Calio, President and CEO: "RTX delivered strong fourth quarter and full year 2025 results, with double-digit adjusted EPS growth and record sales, bookings, and backlog. Our business continues to perform well, and we enter 2026 with strong momentum, a $218B backlog and a clear path to achieve our financial commitments."
- Neil Mitchill, Executive Vice President and CFO: "In 2025, we generated $7.8B of free cash flow and returned $5.8B to shareowners. As we enter 2026, we are well-positioned to continue to deliver top-line growth, margin expansion, and strong free cash flow."
Guidance
- Full year 2026 sales guidance: $83B – $84B
- Full year 2026 adjusted EPS guidance: $6.00 – $6.15
- Full year 2026 free cash flow guidance: $7.0B – $7.5B
- Full year 2026 net cash provided by operating activities: approximately $8.5B – $9.0B
- 2026 segment sales guidance — Collins Aerospace: $28.4B – $29.0B; Pratt & Whitney: $27.5B – $28.0B; Raytheon: $27.5B – $28.0B
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