RTX

Raytheon was founded in 1922 in Cambridge, Massachusetts, as the American Appliance Company by Laurence Marshall and Charles G. Smith, and was renamed Raytheon Manufacturing Company in 1925. Raytheon made about 80 percent of the roughly one million magnetrons produced during the Second World War.⁠[1]

Frederick Rentschler founded the Pratt & Whitney Aircraft Company in 1925 and in 1929 joined Boeing and others to form the United Aircraft and Transport Corporation. After the combine was broken up in 1934, its eastern manufacturing became United Aircraft, which was renamed United Technologies (UTC) in 1975 and later bought control of Otis Elevator and acquired Carrier.⁠[2]

The Patriot missile entered full-scale production in 1976. Raytheon acquired E-Systems in 1995 and the Texas Instruments defense business in 1997.⁠[1]

Raytheon’s merger with the Hughes defense business was valued at $9.5 billion, comprising $5.46 billion in stock and $4.04 billion in assumed debt. The combined company had annual sales of more than $20 billion, making Raytheon the third-largest U.S. defense-aerospace company.⁠[3]

On July 26, 2012, United Technologies (NYSE: UTX) completed its acquisition of Goodrich and combined it with Hamilton Sundstrand to create UTC Aerospace Systems. Chairman and CEO Louis Chênevert said Goodrich was among the few that “stand out as truly transformational.”⁠[4]

Greg Hayes became chief executive of United Technologies in 2014.⁠[5]

On November 6, 2015, Lockheed Martin closed its $9 billion purchase of Black Hawk helicopter maker Sikorsky Aircraft from United Technologies.⁠[6]

UTC signed a merger agreement to acquire Rockwell Collins on September 4, 2017, and completed the deal on November 26, 2018.⁠[7]

Collins Aerospace was formed by combining UTC Aerospace Systems and Rockwell Collins. UTC also announced plans to separate Otis and Carrier into independent companies, which Greg Hayes called “a pivotal moment in our history.”⁠[8]

On June 9, 2019, United Technologies and Raytheon announced an all-stock merger of equals in which UTC shareowners would own about 57 percent of the combined company. The deal was conditioned on UTC separating Otis and Carrier, and the companies had about $74 billion in combined pro forma 2019 sales.⁠[9]

In April 2020, Raytheon Co. left the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry, while United Technologies remained in the index under the new ticker RTX.⁠[10]

On April 3, 2020, after spinning off Carrier and Otis, United Technologies completed its merger with Raytheon and was renamed Raytheon Technologies Corporation, trading on the New York Stock Exchange as RTX. The company was headquartered in Waltham, Massachusetts, led by CEO Greg Hayes and Executive Chairman Tom Kennedy, and had about 195,000 employees.⁠[11]

In August 2020, Raytheon Technologies was removed from the Dow Jones Industrial Average as Salesforce.com, Amgen and Honeywell joined. United Technologies had been in the average in some form since the 1930s.⁠[12]

In 2021 the U.S. Department of Justice brought charges against a former Pratt & Whitney executive, alleging a conspiracy to restrict the hiring of engineers and skilled workers.⁠[13]

On April 28, 2023, federal judge Victor A. Bolden in Connecticut acquitted the former executive and five other aerospace executives mid-trial, finding the alleged agreement had “so many exceptions that it could not be said to meaningfully allocate the labor market.”⁠[14]

On June 7, 2022, Raytheon Technologies announced it would move its global headquarters from Waltham, Massachusetts, to Arlington, Virginia, near its government customers in the Washington, D.C., area.⁠[15]

On June 18, 2023, Raytheon Technologies announced it would be represented as “RTX” and would realign into three businesses, Collins Aerospace, Pratt & Whitney and Raytheon, effective July 1. Gregory Hayes said, “that future is RTX.”⁠[16]

On September 11, 2023, RTX said a rare condition in powder metal used to make certain engine parts required accelerated inspection of the PW1100G-JM (GTF) fleet and that it would record a charge of approximately $3 billion in the third quarter. It expected a significant increase in grounded GTF-powered A320neo aircraft from 2024 to 2026.⁠[17]

On December 14, 2023, the RTX board elected President and Chief Operating Officer Christopher T. Calio as President and Chief Executive Officer, effective May 2, 2024, when Gregory Hayes became Executive Chairman.⁠[18]

Calio joined United Technologies in 2005 and had headed Pratt & Whitney.⁠[5]

On August 29, 2024, RTX signed a consent agreement with the U.S. Department of State resolving alleged civil violations of the Arms Export Control Act and ITAR that it had voluntarily disclosed. The civil penalty totaled $200 million, with $100 million suspended for approved remedial compliance spending. RTX neither admitted nor denied the allegations.⁠[19]

On October 16, 2024, the U.S. Department of Justice announced that Raytheon Company would pay over $950 million. Raytheon admitted that the Defense Department paid it over $111 million too much on PATRIOT and radar contracts and that it bribed a senior Qatar Emiri Air Force official from about 2012 to 2016.⁠[20]

Raytheon entered two deferred prosecution agreements that require an independent compliance monitor for three years and agreed to pay another $428 million to resolve civil claims under the False Claims Act, while the SEC imposed a $75 million penalty.⁠[21]

On February 3, 2025, the RTX board elected Christopher T. Calio as Chairman, effective April 30, 2025, with Gregory Hayes stepping down as Executive Chairman and director before the 2025 annual meeting.⁠[22]

On July 21, 2025, Safran completed its acquisition of Collins Aerospace’s flight control and actuation business, which has about 4,000 employees. The deal had been announced in July 2023.⁠[23]

As of December 31, 2025, RTX had approximately 180,000 employees worldwide, and international sales were 47 percent of 2025 net sales.⁠[24]

RTX’s 2025 sales were $88.6 billion, up 10 percent. Net income attributable to common shareowners was $6,732 million, compared with $4,774 million in 2024. Year-end backlog was $268 billion.⁠[25]

RTX’s third-quarter 2026 sales were $25.0 billion, up 11 percent, with net income attributable to common shareowners of $2.6 billion. Backlog rose to $340 billion, and the company raised its 2026 outlook.⁠[26]