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Item 1. Financial Statements

2026-07-23 compared with 2026-04-21 · 207 added, 123 removed, 754 unchanged (30% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Quarter Ended March 31,

Quarter Ended June 30, Six Months Ended June 30,

(dollars in millions, except per share amounts) 2026 2025 2026 2025

23 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarter Ended March 31,

Quarter Ended June 30, Six Months Ended June 30,

(dollars in millions) 2026 2025 2026 2025

11 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEET

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Current Assets

40 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Quarter Ended March 31,

Six Months Ended June 30,

(dollars in millions) 2026 2025

3 unchanged sentences

Depreciation and amortization 2,150 2,128

Deferred income tax provision 26 67

Deferred income tax (benefit) provision ( 30 ) 121

Stock compensation cost 296 224

12 unchanged sentences

Increase in other intangible assets ( 156 ) ( 226 )

Receipts (payments) from settlements of derivative contracts, net 72 ( 47 )

Receipts from settlements of derivative contracts, net 1 145

Other investing activities, net ( 182 ) ( 63 )

2 unchanged sentences

Repayment of long-term debt ( 524 ) ( 789 )

Change in commercial paper, net (Note 9) — 1,432

Dividends paid ( 1,898 ) ( 1,750 )

3 unchanged sentences

Effect of foreign exchange rate changes on cash and cash equivalents ( 19 ) 54

Net decrease in cash, cash equivalents, and restricted cash ( 599 ) ( 413 )

Net increase (decrease) in cash, cash equivalents, and restricted cash 922 ( 779 )

Cash, cash equivalents, and restricted cash, beginning of period 7,470 5,606

3 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Quarter Ended March 31,

Quarter Ended June 30, Six Months Ended June 30,

(dollars in millions, except per share amounts;

27 unchanged sentences

Ending balance 1,739 1,808 1,739 1,808

Equity at March 31

Equity at June 30

$ 68,116 $ 64,206 $ 68,116 $ 64,206

5 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION

2 unchanged sentences

Basis of Presentation

The Condensed Consolidated Financial Statements at March 31, 2026 and for the quarters ended March 31, 2026 and 2025 are unaudited, and in the opinion of management include adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods.

The Condensed Consolidated Financial Statements at June 30, 2026 and for the quarters and six months ended June 30, 2026 and 2025 are unaudited, and in the opinion of management include adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods.

The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year.

4 unchanged sentences

Raytheon follows a fiscal calendar, while Collins and Pratt & Whitney use calendar quarter ends.

Throughout this Form 10-Q, references to the quarters ended March 31, 2026 and 2025 for Raytheon correspond to its fiscal quarter ends of March 29, 2026 and March 30, 2025, respectively.

Throughout this Form 10-Q, references to the quarters and six months ended June 30, 2026 and 2025 for Raytheon correspond to its fiscal quarter ends of June 28, 2026 and June 29, 2025, respectively.

Acquisitions and Dispositions

Dispositions.

On June 19, 2026, we entered into a definitive agreement to sell our Blue Canyon Technologies (BCT) business within our Raytheon segment for proceeds of approximately $ 0.6 billion.

The closing of the transaction is subject to regulatory approvals and other customary closing conditions.

Goodwill and Intangible Assets

Changes in our goodwill balances for the quarter ended March 31, 2026 were as follows:

(dollars in millions) Balance as of December 31, 2025 Acquisitions and Divestitures Foreign Currency Translation and Other Balance as of March 31, 2026

Changes in our goodwill balances for the six months ended June 30, 2026 were as follows:

(dollars in millions) Balance as of December 31, 2025 Acquisitions and Divestitures Foreign Currency Translation and Other Balance as of June 30, 2026

Collins Aerospace $ 32,776 $ — $ ( 222 ) $ 32,554

Pratt & Whitney 1,563 14 — 1,577

Raytheon 18,987 — 1 18,988

18,987 ( 207 ) — 18,780

Total Segments 53,326 ( 193 ) ( 222 ) 52,911

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Total $ 53,343 $ ( 193 ) $ ( 222 ) $ 52,928

1) The reduction related to Acquisitions and Divestitures includes the reclassification of goodwill to assets held for sale and presented in Other assets, current within the Condensed Consolidated Balance Sheet.

Intangible Assets.

Identifiable intangible assets are comprised of the following:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(dollars in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization

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Total $ 49,274 $ ( 18,231 ) $ 49,224 $ ( 17,379 )

Amortization of intangible assets for the quarters ended March 31, 2026 and 2025 was $ 494 million and $ 501 million, respectively.

Amortization of intangible assets for the quarters and six months ended June 30, 2026 and 2025 was $ 494 million and $ 988 million and $ 508 million and $ 1,009 million, respectively.

The following is the expected amortization of intangible assets for the remainder of 2026 through 2031:

1 unchanged sentence

Amortization expense $ 983 $ 1,894 $ 1,790 $ 1,618 $ 1,597 $ 1,520

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Earnings Per Share

Quarter Ended March 31,

Quarter Ended June 30, Six Months Ended June 30,

(dollars and shares in millions, except per share amounts) 2026 2025 2026 2025

8 unchanged sentences

In addition, the computation of diluted EPS excludes the effect of the potential release or exercise of stock awards when the awards’ assumed proceeds exceed the average market price of the common shares during the period.

For the quarters ended March 31, 2026 and 2025, the number of stock awards excluded from the computation was 2.2 million and 3.2 million, respectively.

For the quarter and six months ended June 30, 2026, the number of stock awards excluded from the computation was 1.8 million and 2.0 million, respectively.

For the quarter and six months ended June 30, 2025, the number of stock awards excluded from the computation was 1.8 million and 2.5 million, respectively.

Changes in Contract Estimates at Completion

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Our EAC adjustments also include the establishment of, and changes to, loss provisions for our contracts accounted for on a percentage-of-completion basis.

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Net EAC adjustments had the following impact on our operating results:

Quarter Ended March 31,

Quarter Ended June 30, Six Months Ended June 30,

(dollars in millions, except per share amounts) 2026 2025 2026 2025

9 unchanged sentences

Accounts receivable, net consisted of the following:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Accounts receivable $ 14,298 $ 15,041

6 unchanged sentences

Total contract assets and contract liabilities were as follows:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Contract assets $ 19,380 $ 17,768

3 unchanged sentences

Net contract liabilities $ ( 3,691 ) $ ( 4,523 )

Contract assets, net increased $ 1.0 billion during the quarter ended March 31, 2026 primarily due to sales in excess of billings on certain contracts at Pratt & Whitney.

The allowance for expected credit losses decreased $ 0.3 billion in the quarter ended March 31, 2026, primarily driven by a write-off related to unrecoverable contract assets reserved in a prior year.

Contract liabilities increased $ 0.3 billion during the quarter ended March 31, 2026 primarily due to advances received and billings in excess of sales on certain contracts at Pratt & Whitney.

We recognized revenue of $ 3.6 billion during the quarter ended March 31, 2026 related to contract liabilities outstanding as of January 1, 2026 and recognized revenue of $ 3.0 billion during the quarter ended March 31, 2025, related to contract liabilities outstanding as of January 1, 2025.

Contract assets, net increased $ 1.9 billion during the six months ended June 30, 2026 primarily due to sales in excess of billings on certain contracts at Pratt & Whitney.

The allowance for expected credit losses decreased $ 0.3 billion in the six months ended June 30, 2026, primarily driven by a write-off related to unrecoverable contract assets reserved in a prior year.

Contract liabilities increased $ 1.1 billion during the six months ended June 30, 2026 primarily due to advances received and billings in excess of sales on certain contracts at Pratt & Whitney and Raytheon.

We recognized revenue of $ 2.4 billion and $ 6.0 billion during the quarter and six months ended June 30, 2026 related to contract liabilities outstanding as of January 1, 2026 and recognized revenue of $ 2.0 billion and $ 5.0 billion during the quarter and six months ended June 30, 2025, related to contract liabilities outstanding as of January 1, 2025.

Inventory, net

Inventory, net consisted of the following:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Raw materials $ 5,146 $ 4,673

3 unchanged sentences

Borrowings and Lines of Credit

As of March 31, 2026, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $ 5.0 billion, which expires in August 2028.

As of March 31, 2026, there were no borrowings outstanding under this agreement.

From time to time, we use commercial paper borrowings for general corporate purposes, including short-term funding related to

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potential acquisitions, pension contributions, debt refinancing, dividend payments, and repurchases of our common stock.

As of June 30, 2026, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $ 5.0 billion, which expires in August 2028.

As of June 30, 2026, there were no borrowings outstanding under this agreement.

From time to time, we use commercial paper borrowings for general corporate purposes, including short-term funding related to potential acquisitions, pension contributions, debt refinancing, dividend payments, and repurchases of our common stock.

The commercial paper notes have original maturities of not more than 364 days from the date of issuance.

As of March 31, 2026, our maximum commercial paper borrowing limit was $ 5.0 billion as the commercial paper is backed by our $ 5.0 billion revolving credit agreement.

At March 31, 2026 and December 31, 2025, we had no commercial paper borrowings outstanding.

We made the following repayment of long-term debt during the quarter ended March 31, 2026:

As of June 30, 2026, our maximum commercial paper borrowing limit was $ 5.0 billion as the commercial paper is backed by our $ 5.0 billion revolving credit agreement.

At June 30, 2026 and December 31, 2025, we had no commercial paper borrowings outstanding.

There were no new borrowings or repayments of commercial paper with maturities greater than 90 days during the six months ended June 30, 2026 and 2025.

We made the following repayments of long-term debt during the six months ended June 30, 2026 and 2025:

Date Description of Notes Aggregate Principal Balance (in millions)

February 27, 2026 5.000 % notes due 2026

May 7, 2025 3 Month SOFR plus 1.225 % term loan due 2025

Long-term debt consisted of the following:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

5.000 % notes due 2026 (1)

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3.750 % notes due 2046 (1)

(dollars in millions) June 30, 2026 December 31, 2025

4.050 % notes due 2047 (1)

2 unchanged sentences

3.125 % notes due 2050 (1)

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(dollars in millions) March 31, 2026 December 31, 2025

2.820 % notes due 2051 (1)

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(1) We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.

The average maturity of our long-term debt as of March 31, 2026 is approximately 12 years.

The average maturity of our long-term debt as of June 30, 2026 is approximately 12 years.

Employee Benefit Plans

2 unchanged sentences

Contributions to our plans were as follows:

Quarter Ended March 31,

Quarter Ended June 30, Six Months Ended June 30,

(dollars in millions) 2026 2025 2026 2025

1 unchanged sentence

The amounts recognized in the Condensed Consolidated Balance Sheet consist of:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Non-current pension assets (included in Other assets) $ 2,918 $ 2,339

2 unchanged sentences

The amounts recognized in Future pension and postretirement benefit obligations consist of:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Non-current pension liabilities $ 1,415 $ 1,510

2 unchanged sentences

Future pension and postretirement benefit obligations $ 1,956 $ 2,067

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The components of net periodic income for our defined pension plans were as follows:

Quarter Ended March 31,

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in millions) 2026 2025 2026 2025

1 unchanged sentence

Service cost $ 41 $ 42 $ 82 $ 84

Non-operating expense

Non-operating expense (income)

Interest cost 509 586 1,014 1,169

2 unchanged sentences

Recognized actuarial net loss 11 5 22 10

Net settlement, curtailment, and special termination benefit gain ( 4 ) —

Net settlement, curtailment, and special termination benefit loss (gain) 2 14 ( 2 ) 14

Non-service pension income ( 346 ) ( 352 ) ( 702 ) ( 720 )

3 unchanged sentences

The fair value of marketable securities held in trusts was as follows:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Marketable securities held in trusts $ 711 $ 750

Our effective tax rate for the quarter ended March 31, 2026 was 14.4 %, as compared to 17.0 % for the quarter ended March 31, 2025.

The lower effective tax rate for the quarter ended March 31, 2026 compared to March 31, 2025 was primarily driven by a higher tax benefit from stock based compensation in the current quarter as well as a lower forecasted annualized effective tax rate for 2026 principally due to a higher Foreign Derived Deduction Eligible Income (FDDEI) benefit from the U.S.

tax legislation enacted in 2025.

Our effective tax rate for the quarter and six months ended June 30, 2026 was 18.0 % and 16.3 %, respectively, as compared to 15.4 % and 16.2 % for the quarter and six months ended June 30, 2025.

The effective tax rate for the quarter ended June 30, 2026 is higher compared to June 30, 2025.

The effective tax rate for the quarter ended June 30, 2025 included a tax benefit associated with the conclusion of the Internal Revenue Service (IRS) examination of RTX’s 2020 tax year as well as a higher tax benefit from stock based compensation as compared to the quarter ended June 30, 2026.

The effective tax rate for the quarter ended June 30, 2026 includes a net benefit associated with legal entity reorganizations.

The effective tax rate for the six months ended June 30, 2026 and June 30, 2025 are relatively consistent.

However, the effective tax rate for the six months ended June 30, 2026 includes a higher tax benefit from stock based compensation, a lower forecasted annualized effective tax rate for 2026 principally due to a higher Foreign Derived Deduction Eligible Income benefit resulting from the U.S.

tax legislation enacted in 2025, and a net tax benefit for certain legal entity reorganizations.

In addition, the effective tax rate for the six months ended June 30, 2025 includes the impact from the IRS examination noted above.

We conduct business globally and, as a result, RTX or one or more of our subsidiaries files income tax returns in the U.S.

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income tax examinations for years before 2014.

In connection with certain Internal Revenue Service (IRS) audits, the Company has previously filed protests with respect to certain IRS proposed adjustments for RTX (formerly United Technologies Corporation) tax years 2017 and 2018, pre-acquisition Rockwell Collins tax years 2016, 2017, and 2018, and pre-merger Raytheon Company tax years 2017, 2018, and 2019 as well as certain refund claims of Raytheon Company for tax years 2014, 2015, and 2016 filed prior to the Raytheon merger.

In connection with certain IRS audits, the Company has previously filed protests with respect to certain IRS proposed adjustments for RTX (formerly United Technologies Corporation) tax years 2017 and 2018, pre-acquisition Rockwell Collins tax years 2016, 2017, and 2018, and pre-merger Raytheon Company tax years 2017, 2018, and 2019 as well as certain refund claims of Raytheon Company for tax years 2014, 2015, and 2016 filed prior to the Raytheon merger.

The Company is in the process of disputing these adjustments at the Appeals Division of the IRS.

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We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, foreign exchange rates, and commodity prices.

These fluctuations can increase the costs of financing, investing, and operating the business.

These fluctuations can increase the costs

of financing, investing, and operating the business.

We have used derivative instruments, including swaps, forward contracts, and options, to manage certain foreign currency, interest rate, and commodity price exposures.

The present value of the aggregate notional principal of our outstanding foreign currency hedges was $ 26 billion at March 31, 2026 and December 31, 2025.

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The present value of the aggregate notional principal of our outstanding foreign currency hedges was $ 25 billion and $ 26 billion at June 30, 2026 and December 31, 2025, respectively.

The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheet for derivative instruments:

(dollars in millions) Balance Sheet Location March 31, 2026 December 31, 2025

(dollars in millions) Balance Sheet Location June 30, 2026 December 31, 2025

Derivatives designated as hedging instruments:

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Other accrued liabilities 141 11

At March 31, 2026, all derivative contracts accounted for as cash flow hedges will m ature by May 2036.

At June 30, 2026, all derivative contracts accounted for as cash flow hedges will m ature by May 2036.

Cash receipts or payments on derivatives designated as cash flow hedges are recorded in Other operating activities, net within the Condensed Consolidated Statement of Cash Flows.

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Cash receipts or payments on derivatives designated as net investment hedges are recorded as investing cash flows within the Condensed Consolidated Statement of Cash Flows.

As of March 31, 2026, a portion of our € 500 million euro-denominated long-term debt was designated as a net investment hedge against our investments in European businesses.

The effect of cash flow hedging and net investment hedging relationships on Accumulated other comprehensive loss and on the Condensed Consolidated Statement of Operations in the quarters ended March 31, 2026 and 2025 are presented in “Note 16:

As of June 30, 2026, a portion of our € 500 million euro-denominated long-term debt was designated as a net investment hedge against our investments in European businesses.

The effect of cash flow hedging and net investment hedging relationships on Accumulated other comprehensive loss and on the Condensed Consolidated Statement of Operations in the quarters and six months ended June 30, 2026 and 2025 are presented in “Note 17:

Equity.” The hedged items and derivatives designated as hedging instruments are highly effective.

3 unchanged sentences

The following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring basis in our Condensed Consolidated Balance Sheet:

March 31, 2026

June 30, 2026

(dollars in millions) Total Level 1 Level 2 Level 3

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Our derivative assets and liabilities include foreign exchange contracts that are measured at fair value using internal models based on observable market inputs such as forward rates, interest rates, our own credit risk, and our counterparties’ credit risks.

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As of March 31, 2026, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk.

As of June 30, 2026, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk.

Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties’ credit risks.

The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Condensed Consolidated Balance Sheet:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(dollars in millions) Carrying

2 unchanged sentences

The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Condensed Consolidated Balance Sheet:

March 31, 2026

June 30, 2026

(dollars in millions) Total Level 1 Level 2 Level 3

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The carrying amounts and classification of assets and liabilities for variable interest entities in our Condensed Consolidated Balance Sheet are as follows:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Current assets $ 16,853 $ 14,703

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Additional guarantees of project performance for which there is no stated value also remain

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A portion of our third party guarantees are subject to indemnification for our benefit for any liabilities that could arise.

As of March 31, 2026 and December 31, 2025, the following financial guarantees were outstanding:

March 31, 2026 December 31, 2025

As of June 30, 2026 and December 31, 2025, the following financial guarantees were outstanding:

June 30, 2026 December 31, 2025

(dollars in millions) Maximum Potential Payment Carrying Amount of Liability Maximum Potential Payment Carrying Amount of Liability

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Adjustments are made to accruals as claims data and historical experience warrant.

The changes in the carrying amount of service and product warranties and product performance guarantees for the quarters ended March 31, 2026 and 2025 were as follows:

The changes in the carrying amount of service and product warranties and product performance guarantees for the six months ended June 30, 2026 and 2025 were as follows:

(dollars in millions) 2026 2025

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Other ( 3 ) 7

Balance as of March 31 $ 1,017 $ 1,023

Balance as of June 30 $ 1,037 $ 1,044

Product and service guarantees incurred in connection with long term production contracts and certain aftermarket arrangements are generally accounted for within the contract estimates at completion.

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We do not expect any additional liability to have a material adverse effect on our results of operations, financial condition, or liquidity.

As of both March 31, 2026 and December 31, 2025, we had $ 0.8 billion reserved for environmental remediation.

As of both June 30, 2026 and December 31, 2025, we had $ 0.8 billion reserved for environmental remediation.

Commercial Aerospace Financing and Other Commitments.

We had commercial aerospace financing commitments and other contractual commitments of approximately $ 13 billion as of both March 31, 2026 and December 31, 2025, on a gross basis before reduction for our collaboration partners’ share.

We had commercial aerospace financing commitments and other contractual commitments of approximately $ 13 billion as of both June 30, 2026 and December 31, 2025, on a gross basis before reduction for our collaboration partners’ share.

Aircraft financing commitments, in the form of debt or lease financing, are provided to certain commercial aerospace customers.

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As a result, the fair value of these financing commitments is expected to equal the amounts funded.

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We also have other contractual commitments to make payments to secure certain contractual rights to provide product on new aircraft platforms.

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We enter into these agreements to assist certain affiliates in obtaining financing on more favorable terms, making bids on contracts, and performing their contractual and other obligations.

The stated values of these letters of credit agreements and surety bonds totaled $ 4.1 billion as of March 31, 2026.

The stated values of these letters of credit agreements and surety bonds totaled $ 4.1 billion as of June 30, 2026.

Offset / Industrial Participation Obligations.

We have entered into industrial cooperation agreements, sometimes in the form of either offset agreements or ICIP agreements, as a condition to obtaining orders for our products and services from certain customers in foreign countries.

At March 31, 2026, the aggregate amount of these agreements, both agreed to and anticipated to be agreed to, had an outstanding notional value of approximately $ 14 billion.

At June 30, 2026, the aggregate amount of these agreements, both agreed to and anticipated to be agreed to, had an outstanding notional value of approximately $ 14 billion.

These agreements are designed to return economic value to the foreign country by requiring us to engage in activities supporting local defense or commercial industries, promoting a balance of trade, developing in-country technology capabilities, or addressing other local development priorities.

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Under these DPAs and the SEC Administrative Order, Raytheon Company and the Company 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 Raytheon Company and the Company engage an

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independent compliance monitor satisfactory to the DOJ and SEC).

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The charge recorded in the third quarter of 2023 resulted in a net increase in Other accrued liabilities of $ 2.8 billion, which principally related to our 51 % share of an accrual for expected customer compensation.

At March 31, 2026 and December 31, 2025, we had other accrued liabilities of $ 0.5 billion and $ 0.7 billion, respectively, related to expected compensation to customers.

The decrease in the accrual during the quarter ended March 31, 2026 was primarily due to customer compensation in the form of credits issued to customers during the period.

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At June 30, 2026 and December 31, 2025, we had other accrued liabilities of $ 0.4 billion and $ 0.7 billion, respectively, related to expected compensation to customers.

The decrease in the accrual during the six months ended June 30, 2026 was primarily due to customer compensation in the form of credits issued to customers during the period.

Other engine models within Pratt & Whitney’s fleet contain parts manufactured with affected powder metal, but we do not currently believe there will be any resultant significant financial impact with respect to these other engine models at this time.

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Cost Accounting Standards Claims

As previously disclosed, in April 2019, a Divisional Administrative Contracting Officer (DACO) of the United States DCMA asserted a claim against Pratt & Whitney to recover alleged overpayments of approximately $ 1.7 billion plus interest ($ 1.5 billion at March 31, 2026).

The claim is based on Pratt & Whitney’s alleged noncompliance with Cost Accounting Standards (CAS) from January 1, 2007 to March 31, 2019, due to its method of allocating independent research and development costs to government contracts.

1 unchanged sentence

On September 30, 2024, a DCMA DACO issued a second claim against Pratt & Whitney that similarly alleges that Pratt & Whitney was noncompliant with CAS due to its method of allocating independent research and development costs to government contracts from April 1, 2019 to December 31, 2023.

The second claim demands payment of $ 1.1 billion plus interest ($ 437 million at March 31, 2026 ).

The second claim demands payment of $ 1.1 billion plus interest ($ 461 million at June 30, 2026 ).

Pratt & Whitney believes the second claim is without merit and filed an appeal to the ASBCA on October 15, 2024.

As previously disclosed, in December 2013, a DCMA DACO asserted a claim against Pratt & Whitney to recover alleged overpayments of approximately $ 177 million plus interest ($ 216 million at March 31, 2026).

As previously disclosed, in December 2013, a DCMA DACO asserted a claim against Pratt & Whitney to recover alleged overpayments of approximately $ 177 million plus interest ($ 222 million at June 30, 2026).

The claim is based on Pratt & Whitney’s alleged noncompliance with CAS from January 1, 2005 to December 31, 2012, due to its method of determining the cost of collaborator parts used in the calculation of material overhead costs for government contracts.

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In December 2018, a DCMA DACO issued a second claim against Pratt & Whitney that similarly alleges that its method of determining the cost of collaborator parts does not comply with the CAS for calendar years 2013 through 2017.

This second claim, which asserts the same measure of the cost of collaborator parts rejected by the ASBCA’s November 22, 2021 decision, demands payment of $ 269 million plus interest ($ 195 million at March 31, 2026).

Pratt & Whitney appealed this second claim to the ASBCA in January 2019.

In December 2023, a DCMA DACO issued a third claim against Pratt & Whitney that similarly alleges that its method of determining the cost of collaborator parts does not comply with the CAS for calendar years 2018 through 2022.

This third claim, which asserts the same measure of the cost of collaborator parts rejected by the ASBCA’s prior decision, demands payment of $ 277 million plus interest ($ 112 million at March 31, 2026).

This third claim, which asserts the same measure of the cost of collaborator parts rejected by the ASBCA’s prior decision, demands payment of $ 277 million plus interest ($ 118 million at June 30, 2026).

Pratt & Whitney appealed this third claim to the ASBCA at the end of December 2023.

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Pursuant to DPA-1, among other terms, the DOJ

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will defer, for a period of three years , criminal prosecution of Raytheon Company related to one count of conspiracy to violate the anti-bribery provisions of the FCPA and one count of conspiracy to violate the AECA by failing to make related disclosures of certain payments that qualified as fees, commissions, and/or political contributions under Part 130 of ITAR.

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As previously disclosed, the Company has determined that there is a probable risk of liability for potential penalties related to other export compliance matters which have been voluntarily disclosed to the cognizant regulators, but which are not subject to the CA.

We have $ 218 million accrued in the aggregate as of March 31, 2026 for these matters and the matters being resolved pursuant to the CA.

We have $ 218 million accrued in the aggregate as of June 30, 2026 for these matters and the matters being resolved pursuant to the CA.

We are currently unable to estimate the timing or outcome

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of the other voluntarily disclosed export compliance matters that are not subject to the CA.

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Accumulated Other Comprehensive Loss.

A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters ended March 31, 2026 and 2025 is provided below:

A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters and six months ended June 30, 2026 and 2025 is provided below:

(dollars in millions) Foreign Currency Translation (1)

Defined Benefit Pension and Postretirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Loss

Quarter Ended March 31, 2026

Quarter Ended June 30, 2026

Balance at March 31, 2026 $ 355 $ ( 3,324 ) $ 24 $ ( 2,945 )

Other comprehensive (loss) income before reclassifications, net ( 219 ) 20 ( 160 ) ( 359 )

Amounts reclassified, pre-tax — ( 25 ) ( 3 ) ( 28 )

Tax (expense) benefit ( 20 ) 6 37 23

Balance at June 30, 2026 $ 116 $ ( 3,323 ) $ ( 102 ) $ ( 3,309 )

Six Months Ended June 30, 2026

Balance at December 31, 2025 $ 492 $ ( 3,304 ) $ 94 $ ( 2,718 )

Other comprehensive loss before reclassifications, net ( 133 ) ( 3 ) ( 69 ) ( 205 )

Other comprehensive (loss) income before reclassifications, net ( 352 ) 17 ( 229 ) ( 564 )

Amounts reclassified, pre-tax — ( 49 ) ( 19 ) ( 68 )

Tax (expense) benefit ( 24 ) 13 52 41

Balance at March 31, 2026 $ 355 $ ( 3,324 ) $ 24 $ ( 2,945 )

Balance at June 30, 2026 $ 116 $ ( 3,323 ) $ ( 102 ) $ ( 3,309 )

(1) The amount of foreign currency translation recognized in Other Comprehensive (Loss) Income (OCI) includes gains (losses) relating to net investment hedges, as further discussed in “Note 12:

Financial Instruments”.

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(dollars in millions) Foreign Currency Translation (1)

Defined Benefit Pension and Postretirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Loss

Quarter Ended March 31, 2025

Quarter Ended June 30, 2025

Balance at March 31, 2025 $ ( 449 ) $ ( 2,745 ) $ ( 13 ) $ ( 3,207 )

Other comprehensive income (loss) before reclassifications, net 863 ( 143 ) 112 832

Amounts reclassified, pre-tax — ( 38 ) 26 ( 12 )

Tax benefit (expense) — 30 ( 34 ) ( 4 )

Balance at June 30, 2025 $ 414 $ ( 2,896 ) $ 91 $ ( 2,391 )

Six Months Ended June 30, 2025

Balance at December 31, 2024 $ ( 949 ) $ ( 2,679 ) $ ( 127 ) $ ( 3,755 )

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Tax benefit (expense) 1 39 ( 64 ) ( 24 )

Balance at March 31, 2025 $ ( 449 ) $ ( 2,745 ) $ ( 13 ) $ ( 3,207 )

Balance at June 30, 2025 $ 414 $ ( 2,896 ) $ 91 $ ( 2,391 )

(1) The amount of foreign currency translation recognized in OCI includes gains (losses) relating to net investment hedges, as further discussed in “Note 12:

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These adjustments are not considered part of management’s evaluation of segment results.

Results for the quarters ended March 31, 2026 and 2025 are as follows:

Results for the quarters ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Net Sales Research and Development Other Segment Items (1)

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(2) Includes the operating results of certain smaller operations.

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(dollars in millions) Net Sales Research and Development Other Segment Items (1)

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(2) Includes the operating results of certain smaller operations.

Capital Expenditures and Depreciation and Amortization segment information for the quarters ended March 31, 2026 and 2025 are as follows:

Results for the six months ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Net Sales Research and Development Other Segment Items (1)

Operating Profit Operating Profit Margin

Collins Aerospace $ 15,812 $ ( 629 ) $ ( 12,570 ) $ 2,613 16.5 %

Pratt & Whitney 17,062 ( 472 ) ( 15,142 ) 1,448 8.5 %

Raytheon 15,214 ( 254 ) ( 13,077 ) 1,883 12.4 %

Total segment 48,088 $ ( 1,355 ) $ ( 40,789 ) 5,944 12.4 %

Eliminations and other (2)

( 1,304 ) 136

Corporate expenses and other unallocated items — ( 112 )

FAS/CAS operating adjustment — 343

Acquisition accounting adjustments — ( 945 )

Consolidated $ 46,784 $ 5,366 11.5 %

(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.

(2) Includes the operating results of certain smaller operations.

(dollars in millions) Net Sales Research and Development Other Segment Items (1)

Operating Profit Operating Profit Margin

Collins Aerospace $ 14,839 $ ( 641 ) $ ( 11,937 ) $ 2,261 15.2 %

Pratt & Whitney 14,997 ( 479 ) ( 13,446 ) 1,072 7.1 %

Raytheon 13,341 ( 219 ) ( 11,639 ) 1,483 11.1 %

Total segment 43,177 $ ( 1,339 ) $ ( 37,022 ) 4,816 11.2 %

Eliminations and other (2)

Corporate expenses and other unallocated items — ( 85 )

FAS/CAS operating adjustment — 371

Acquisition accounting adjustments — ( 957 )

Consolidated $ 41,887 $ 4,181 10.0 %

(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.

(2) Includes the operating results of certain smaller operations.

Capital Expenditures and Depreciation and Amortization segment information for the quarters ended June 30, 2026 and 2025 are as follows:

Capital Expenditures Depreciation & Amortization

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Consolidated $ 669 $ 530 $ 1,079 $ 1,076

Capital Expenditures and Depreciation and Amortization segment information for the six months ended June 30, 2026 and 2025 are as follows:

Capital Expenditures Depreciation & Amortization

(dollars in millions) 2026 2025 2026 2025

Collins Aerospace $ 374 $ 283 $ 462 $ 437

Pratt & Whitney 367 333 404 388

Raytheon 365 359 259 266

Total segment 1,106 975 1,125 1,091

Corporate, eliminations, and other 109 68 49 42

Acquisition accounting adjustments 976 995

Consolidated $ 1,215 $ 1,043 $ 2,150 $ 2,128

Total assets by segment are as follows:

(dollars in millions) March 31, 2026 December 31, 2025

(dollars in millions) June 30, 2026 December 31, 2025

Collins Aerospace (1)

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We believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors.

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Segment sales disaggregated by geographic region based on customer location for the quarters ended March 31, 2026 and 2025 are as follows:

Segment sales disaggregated by geographic region based on customer location for the quarters ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Collins Aerospace Pratt & Whitney Raytheon Other Total Collins Aerospace Pratt & Whitney Raytheon Other Total

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Business segment sales $ 8,210 $ 8,889 $ 8,269 $ ( 660 ) $ 24,708 $ 7,622 $ 7,631 $ 7,001 $ ( 673 ) $ 21,581

Segment sales disaggregated by type of customer for the quarters ended March 31, 2026 and 2025 are as follows:

Segment sales disaggregated by geographic region for the six months ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Collins Aerospace Pratt & Whitney Raytheon Other Total Collins Aerospace Pratt & Whitney Raytheon Other Total

United States $ 7,628 $ 6,908 $ 10,362 $ 108 $ 25,006 $ 6,862 $ 6,678 $ 9,356 $ 107 $ 23,003

Europe 3,577 4,264 2,389 2 10,232 3,480 3,378 1,759 1 8,618

Asia Pacific 1,873 3,404 1,183 — 6,460 1,760 3,111 1,131 — 6,002

Middle East and North Africa 464 451 1,057 — 1,972 510 325 917 — 1,752

Other regions 944 2,027 143 — 3,114 904 1,504 104 — 2,512

Consolidated net sales 14,486 17,054 15,134 110 46,784 13,516 14,996 13,267 108 41,887

Inter-segment sales 1,326 8 80 ( 1,414 ) — 1,323 1 74 ( 1,398 ) —

Business segment sales $ 15,812 $ 17,062 $ 15,214 $ ( 1,304 ) $ 46,784 $ 14,839 $ 14,997 $ 13,341 $ ( 1,290 ) $ 41,887

Segment sales disaggregated by type of customer for the quarters ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Collins Aerospace Pratt & Whitney Raytheon Other Total Collins Aerospace Pratt & Whitney Raytheon Other Total

Sales to the U.S.

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(1) Excludes foreign military sales through the U.S.

Segment sales disaggregated by sales type for the quarters ended March 31, 2026 and 2025 are as follows:

Segment sales disaggregated by type of customer for the six months ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Collins Aerospace Pratt & Whitney Raytheon Other Total Collins Aerospace Pratt & Whitney Raytheon Other Total

Sales to the U.S.

government (1)

$ 3,588 $ 3,279 $ 10,296 $ 105 $ 17,268 $ 3,511 $ 3,055 $ 9,335 $ 104 $ 16,005

Foreign military sales through the U.S.

government 242 1,114 2,445 — 3,801 220 783 2,103 — 3,106

Foreign government direct commercial sales 541 390 2,328 6 3,265 648 328 1,808 1 2,785

Commercial aerospace and other commercial sales 10,115 12,271 65 ( 1 ) 22,450 9,137 10,830 21 3 19,991

Consolidated net sales 14,486 17,054 15,134 110 46,784 13,516 14,996 13,267 108 41,887

Inter-segment sales 1,326 8 80 ( 1,414 ) — 1,323 1 74 ( 1,398 ) —

Business segment sales $ 15,812 $ 17,062 $ 15,214 $ ( 1,304 ) $ 46,784 $ 14,839 $ 14,997 $ 13,341 $ ( 1,290 ) $ 41,887

(1) Excludes foreign military sales through the U.S.

government as above.

Segment sales disaggregated by sales type for the quarters ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Collins Aerospace Pratt & Whitney Raytheon Other Total Collins Aerospace Pratt & Whitney Raytheon Other Total

Products $ 5,941 $ 4,660 $ 7,297 $ 46 $ 17,944 $ 5,408 $ 4,123 $ 5,975 $ 45 $ 15,551

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Business segment sales $ 8,210 $ 8,889 $ 8,269 $ ( 660 ) $ 24,708 $ 7,622 $ 7,631 $ 7,001 $ ( 673 ) $ 21,581

Raytheon segment sales disaggregated by contract type for the quarters ended March 31, 2026 and 2025 are as follows:

Segment sales disaggregated by sales type for the six months ended June 30, 2026 and 2025 are as follows:

(dollars in millions) Collins Aerospace Pratt & Whitney Raytheon Other Total Collins Aerospace Pratt & Whitney Raytheon Other Total

Products $ 11,365 $ 8,948 $ 13,303 $ 93 $ 33,709 $ 10,518 $ 8,155 $ 11,381 $ 88 $ 30,142

Services 3,121 8,106 1,831 17 13,075 2,998 6,841 1,886 20 11,745

Consolidated net sales 14,486 17,054 15,134 110 46,784 13,516 14,996 13,267 108 41,887

Inter-segment sales 1,326 8 80 ( 1,414 ) — 1,323 1 74 ( 1,398 ) —

Business segment sales $ 15,812 $ 17,062 $ 15,214 $ ( 1,304 ) $ 46,784 $ 14,839 $ 14,997 $ 13,341 $ ( 1,290 ) $ 41,887

Raytheon segment sales disaggregated by contract type for the quarters ended June 30, 2026 and 2025 are as follows:

(dollars in millions) 2026 2025

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Business segment sales $ 8,269 $ 7,001

Raytheon segment sales disaggregated by contract type for the six months ended June 30, 2026 and 2025 are as follows:

(dollars in millions) 2026 2025

Fixed-price $ 9,168 $ 7,596

Cost-type 5,966 5,671

Consolidated net sales 15,134 13,267

Inter-segment sales 80 74

Business segment sales $ 15,214 $ 13,341

Remaining Performance Obligations (RPO)

RPO represents the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied.

Total RPO was approximately $ 271 billion as of March 31, 2026.

Of the total RPO as of March 31, 2026, we expect approximately 25 %

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will be recognized as revenue over the next 12 months.

Total RPO was approximately $ 289 billion as of June 30, 2026.

Of the total RPO as of June 30, 2026, we expect approximately 25 % will be recognized as revenue over the next 12 months.

Approximately 45 % of our RPO relates to long-term commercial aerospace maintenance contracts at Pratt & Whitney, which are generally expected to be realized over a span of up to 20 years.

Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2025-10;

In May 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2026-02;

Environmental Credits and Environmental Credit Obligations, which provides guidance on how companies should recognize, measure, and present environmental credits and environmental credit obligations in their financial statements.

The new standard is effective for annual and interim reporting periods beginning after December 15, 2027, on a modified retrospective basis.

Early adoption is permitted.

We are currently evaluating the impact of adopting this new pronouncement.

In December 2025, the FASB issued 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 new standard is effective for annual and interim reporting periods beginning after December 15, 2028.

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

The standard allows for a modified

prospective, modified retrospective, or retrospective transition.

Early adoption is permitted.

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We are currently evaluating the impact on our disclosures of adopting this new pronouncement.

Other new pronouncements issued but not effective until after March 31, 2026 are not expected to have a material impact on our results of operations, financial condition, or liquidity.

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With respect to the unaudited condensed consolidated financial information of RTX for the quarters ended March 31, 2026 and 2025, PricewaterhouseCoopers LLP (PwC) reported that it has applied limited procedures in accordance with professional standards for a review of such information.

However, its report dated April 21, 2026, appearing below, states that the firm did not audit and does not express an opinion on that unaudited condensed consolidated financial information.

Other new pronouncements issued but not effective until after June 30, 2026 are not expected to have a material impact on our results of operations, financial condition, or liquidity.

With respect to the unaudited condensed consolidated financial information of RTX for the quarters and six months ended June 30, 2026 and 2025, PricewaterhouseCoopers LLP (PwC) reported that it has applied limited procedures in accordance with professional standards for a review of such information.

However, its report dated July 23, 2026, appearing below, states that the firm did not audit and does not express an opinion on that unaudited condensed consolidated financial information.

PwC has not carried out any significant or additional audit tests beyond those that would have been necessary if their report had not been included.

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Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of RTX Corporation and its subsidiaries (the “Company”) as of March 31, 2026, and the related condensed consolidated statements of operations, of comprehensive income, of changes in equity, and of cash flows for the three-month periods ended March 31, 2026 and 2025, including the related notes (collectively referred to as the “interim financial information”).

We have reviewed the accompanying condensed consolidated balance sheet of RTX Corporation and its subsidiaries (the “Company”) as of June 30, 2026, and the related condensed consolidated statements of operations, of comprehensive income, and of changes in equity for the three-month and six-month periods ended June 30, 2026 and 2025 and the condensed consolidated statement of cash flows for the six-month periods ended June 30, 2026 and 2025, including the related notes (collectively referred to as the “interim financial information”).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of operations, of comprehensive income, of changes in equity, and of cash flows for the year then ended (not presented herein), and in our report dated February 6, 2026, we expressed an unqualified opinion on those consolidated financial statements.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of operations, of comprehensive income, of changes in equity, and of cash flows for the year then ended (not presented herein), and in our report dated February 6, 2026, we expressed an unqualified opinion on those consolidated financial statements.

In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

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This interim financial information is the responsibility of the Company’s management.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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Boston, Massachusetts

April 21, 2026

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July 23, 2026

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements