RTX Corp
Overview
RTX operates three segments: Collins Aerospace (aircraft systems, $30.2B FY2025), Pratt & Whitney (engines, $32.9B), and Raytheon (defense systems, $28.0B). Space revenue is embedded primarily within Raytheon — covering missile-warning sensor payloads, GPS precision systems, space electro-optical sensors, and SDA-related sensor work — and within Pratt & Whitney via RL10 upper-stage engines. No separate space segment is reported.
Moat: RTX's Raytheon division is the dominant U.S. provider of space-based infrared missile-warning sensor payloads — its sensors fly on SBIRS, Next-Gen OPIR (as subcontractor to LMT), and HBTSS tracking satellites. The Pratt & Whitney RL10 upper-stage engine holds a near-monopoly on U.S. upper stages (Centaur V, ACES). Collins Aerospace avionics and space life-support systems fly on Orion and ISS.
Business
Primary customers
- Defense: U.S. Department of Defense
- Defense: U.S. Space Force
- Defense: National Reconnaissance Office
- Government: NASA
- Commercial: Commercial Airlines
Sectors
Defense & Aerospace Systems · Space Sensors · Missile Warning · Propulsion Systems · Commercial Aviation
Key Products
- Raytheon Space Infrared Sensor Payloads (SBIRS/OPIR)operational
Space-based infrared sensors for missile warning and tracking on SBIRS GEO/HEO and Next-Gen OPIR satellites; Raytheon is sensor provider to LMT prime.
First flight: 2011-05-07
- HBTSS (Hypersonic and Ballistic Tracking Space Sensor)operational
SDA-contracted proliferated LEO sensor demonstration for hypersonic glide vehicle tracking; on-orbit prototype demonstrations completed.
First flight: 2024-02-02
- Pratt & Whitney RL10 Upper Stage Engineoperational
Liquid hydrogen/liquid oxygen upper-stage rocket engine powering Centaur V (Vulcan) and ACES; sole-source workhorse of U.S. upper stages for GEO and deep-space missions.
First flight: 1963-11-27
- Collins Aerospace Space Life Support / Avionicsoperational
Environmental control and life support systems, avionics, and crew interfaces for Orion, ISS, and future commercial space stations.
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| NASA / USSF | RS-25 Engines for Space Launch System (Pratt & Whitney Rocketdyne heritage) | ~$3.5B (Aerojet acquired RS-25 program; RTX/PWR retained RL10 upper stage) | 2012 | |
| USSF | Hypersonic and Ballistic Tracking Space Sensor (HBTSS) — payload provider | $250M+ (contract announced 2023) | 2023 | |
| USSF / MDA | GPS Precision Systems and Next-Gen GPS User Equipment | Multiple contracts, multi-billion cumulative | 2001 | |
| USSF / NRO | Classified Space Electro-Optical Sensor Systems | Classified (multiple programs) | 1990 |
Near-term Catalysts
- 2026-Q2
Raytheon defense backlog conversion and margin recovery
Raytheon segment operating margin expanding from supply-chain normalization and Patriot/LTAMDS production ramp; $107B defense backlog supports 5%+ organic revenue growth through 2027.
- 2026-Q1
Pratt & Whitney GTF Advantage engine entry into service
GTF Advantage achieves FAA/EASA certification; P&W's $32.9B revenue stream and massive installed-base MRO contract wins drive the largest near-term earnings growth lever at RTX.
Top Risks
- Pratt & Whitney GTF powder-metal disk inspection program: 1,200+ engines required early removal/shop visits for inspection of defective powder-metal discs — RTX took $3B+ charges in 2023; residual liability and airline compensation claims remain a risk.
- Raytheon missile production capacity constraints limit revenue growth in the near term despite record $107B defense backlog; supply chain bottlenecks on Patriot/AMRAAM components could delay deliveries.
- Space-specific risk: RTX does not separately report space revenue, limiting investor visibility; budget cuts to classified NRO and USSF sensor programs could create unforeseeable earnings risk within the Raytheon segment.
Recent Milestones
- 2026-01
FY2025: total revenue $88.6B (+10%), backlog $268B, FCF $7.9B; EPS +10% to $6.29 adjusted
- 2025-09
Awarded $1.7B U.S. Army contract modification for LTAMDS (Lower Tier Air and Missile Defense Sensor)
- 2025-01
FY2024: total revenue $80.7B (+9%), backlog $218B, adjusted EPS $5.73 (+13%)
- 2024-05
HBTSS hypersonic tracking prototype satellites operational on orbit — tracking demonstrations successful
- 2023-03
Awarded $250M+ contract for HBTSS missile tracking satellite constellation by SDA
Recent News
- RTX FY2025: $88.6B revenue (+10%), $268B backlog, $7.9B FCF — strongest results in company historyRTX Newsroom2026-01
- 2025-09
- 2025-01
- Raytheon HBTSS hypersonic tracking satellite system declared fully operational on orbitThe Defense Post2024-05
- 2023-03
What investors should know
Q1What does RTX Corp do in space?⌄
Q2How does RTX make money in space?⌄
Q3Who are RTX's primary customers in space?⌄
Q4What is RTX's competitive moat in space?⌄
Q5What are the top risks for RTX investors?⌄
Q6What near-term catalysts could move RTX stock?⌄
Q7How does RTX compare to Lockheed Martin in space?⌄
Peers
Compare side-by-side →Sources & References
SEC Filing
- SEC 10-K FY2025 (RTX Corporation) · 2026-01-27
Investor Relations
Press Release
- RTX FY2025 Earnings Release · 2026-01-27
- RTX FY2024 Earnings Release · 2025-01-28
- RTX HBTSS Contract Award · 2023-03-02