RTX Corporation Reports $80.7 Billion in Net Sales for Fiscal Year 2024

RTX Corporation, a global aerospace and defense company, reported total net sales of $80.7 billion for the fiscal year 2024, an increase of $11.8 billion compared to 2023. This increase included $7.8 billion in organic growth, primarily driven by higher sales at Pratt & Whitney ($4.4 billion), Collins Aerospace ($2.1 billion), and Raytheon ($1.7 billion). The remaining increase resulted from the absence of a $5.4 billion net sales charge related to the Powder Metal Matter in 2023, and the sale of the Cybersecurity, Intelligence, and Services (CIS) business. Operating profit rose to $6.5 billion in 2024, up from $3.6 billion in 2023, reflecting the absence of the Powder Metal Matter charge and improved segment performance. Diluted earnings per share from continuing operations were $3.55 in 2024, compared to $2.23 in 2023.

Significant developments during 2024 included the completion of the sale of the CIS business and the Goodrich Hoist & Winch business, generating pre-tax gains of $0.4 billion and $0.1 billion, respectively. Collins Aerospace secured expanded contracts for the Federal Aviation Administration's air traffic control system and new contracts totaling $2 billion with several airlines. Pratt & Whitney received FAA certification for the GTF engine powering the Airbus A321XLR aircraft and completed the preliminary design review of a hybrid-electric GTF engine. Raytheon achieved key advancements in several programs and secured major new contracts, including agreements for Patriot Air Defense systems with Germany and Poland, and LTAMDS defense systems for the U.S. Army and Poland. The company also resolved several legal matters, resulting in a pre-tax charge of $918 million.

RTX's three principal business segments—Collins Aerospace, Pratt & Whitney, and Raytheon—each contributed to the overall financial performance. Collins Aerospace's organic net sales increased by 8% year-over-year, while Pratt & Whitney's increased by 53%, significantly impacted by the absence of the Powder Metal Matter charge. Raytheon's organic net sales increased by 1%. The company's global employee count was approximately 186,000 as of December 31, 2024, including roughly 57,000 engineering professionals. The company's total backlog increased to $218 billion as of December 31, 2024, from $196 billion at the end of 2023.

RTX's financial performance was impacted by several factors, including supply chain disruptions, inflation, and macroeconomic conditions. The company experienced increased material and component prices, labor rates, and supplier costs. Geopolitical factors, such as sanctions and trade restrictions, also affected the company's operations. The company's outlook for 2025 was announced on January 28, 2025, and did not include the impact of new tariffs imposed by the United States on imports from Canada, Mexico, and China, effective February 4, 2025. The company noted that the impact of these tariffs is uncertain. The company also highlighted various risks, including those related to U.S. government contracts, international operations, competition, cybersecurity, and intellectual property.