RTX · 10-K filed 6 Feb 2026 · year to 31 Dec 2025

RTX

32 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns from · 38%named as a risk

U.S. government sales constitute a significant portion of our consolidated sales.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Boeing

earns from · 16%, 16%, and 19% of total Collins segment sales in 2025, 2024, and 2023named as a risk

Collins’ largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of 16%, 16%, and 19% of total Collins segment sales in 2025, 2024, and 2023, respectively.Business (Item 1)

Also named by AIR, ALK, BRK/B, CW, GNTX, RBC, TDG, TDY

Airbus

earns from · 29%, 31%, and 48% of total Pratt & Whitney segment sales in 2025, 2024, and 2023named as a risk

Pratt & Whitney’s largest commercial customer by sales is Airbus, with sales, prior to discounts and incentives, of 29%, 31%, and 48% of total Pratt & Whitney segment sales in 2025, 2024, and 2023, respectively.Business (Item 1)

Also named by BA, BRK/B, CW, GNTX, RBC, TDG, TDY

U.S. Department of War

earns fromnamed as a risk

Our U.S. government revenues largely result from contracts awarded under various U.S. government programs, primarily defense-related programs with the U.S. Department of War (DoW) (formerly referred to as the U.S. Department of Defense), and a broad range of programs with other departments and agencies.Risk factors (Item 1A)

Also named by AIR, BA, CACI, CDRE, CVLG, GD, HII, LHX and 4 more

Partners and platforms

Airbus A320neo family

earns fromnamed as a risk

In addition, in July 2023 Pratt & Whitney determined that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100G-JM (PW1100) GTF fleet, which powers the A320neo family of aircraft.Risk factors (Item 1A)

Thales-Raytheon Systems (TRS)

named as a risk

As previously disclosed, on October 15, 2024, Raytheon Company entered into a deferred prosecution agreement (DPA) (DPA-1) with the DOJ and on October 16, 2024, the Company became subject to an administrative order issued by the SEC (the SEC Administrative Order) to resolve the previously disclosed criminal and civil government investigations into payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems (TRS), since 2012 in connection with certain Middle East contracts.Risk factors (Item 1A)

Lockheed Martin

earns from

Pratt & Whitney produces and sustains the F135 engine for the U.S. government’s F-35 Joint Program Office to exclusively power the single-engine F-35 Lightning II fifth generation aircraft (commonly known as the Joint Strike Fighter) produced by Lockheed Martin.Business (Item 1)

Also named by LHX, RBC

European Union Clean Aviation Joint Undertaking (PHARES project)

In 2025, Pratt & Whitney Canada was selected by the European Union's Clean Aviation to lead the PHARES project, marking the first time a Canadian company will participate in and lead a Clean Aviation program.Business (Item 1)

Other companies

Powder Metal Matter (PW1100G-JM GTF)

named as a risk

This matter has caused reputational harm and has negatively impacted, and will continue to impact, our results of operations and financial condition.Risk factors (Item 1A)

Places

China

named as a risk

If China were to impose additional sanctions, enforce announced sanctions, or take other regulatory action against RTX, our suppliers, affiliates, or partners, it could potentially disrupt our business operations.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Taiwan

earns fromnamed as a risk

Our businesses have sold, and are expected to sell in the future, additional defense products to Taiwan from time to time in alignment with U.S. government policy, and we are unable to determine the potential impact, if any, of any future sanctions or other actions by China in response to these sales.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Russia

named as a risk

These measures have adversely affected and could continue to adversely affect the Company and/or our supply chain, business partners, or customers.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Israel

operates innamed as a risk

We continue to closely monitor potential impacts to RTX’s business, customers, suppliers, employees, and operations in Israel, the Middle East, and the region at large due to continued regional instability and tensions.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more

Pratt & Whitney Canada

operates innamed as a risk

Pratt & Whitney Canada is especially susceptible to fluctuations in exchange rates for this reason.Risk factors (Item 1A)

Commodities and inputs

Canadian Dollar

exposed to its pricenamed as a risk

Consequently, there is a foreign currency exchange impact and risk to operational results as U.S. Dollars must be converted to local currencies such as the Canadian Dollar in order to meet local currency cost obligations.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Nickel

depends onnamed as a risk

In addition, we are largely dependent upon foreign sources for certain raw materials, such as cobalt, tantalum, chromium, rhenium, nickel, and titanium, and we rely on foreign suppliers as single-source suppliers of some components.Risk factors (Item 1A)

Also named by ALSN, ATI, BWA, CRS, FLS, HON, HWM, LNG and 4 more

Rare earth elements

depends onnamed as a risk

Global supply chain disruptions have impacted our ability to procure raw materials, including certain rare earth elements, microelectronics, and certain commodities.Risk factors (Item 1A)

Also named by BBY, GM, ISRG, KLAC, LRCX, MCHP, MU, VRT

Cobalt

depends onnamed as a risk

Also named by ATI, BDX, CRS, HWM, SWK

Titanium

depends onnamed as a risk

Also named by BA, CRS, HON, HWM, ZBH

Microelectronics

depends onnamed as a risk

Global supply chain disruptions have impacted our ability to procure raw materials, including certain rare earth elements, microelectronics, and certain commodities.Risk factors (Item 1A)

Also named by NOC

Rhenium

depends onnamed as a risk

Regulators

Securities and Exchange Commission (SEC)

subject tonamed as a risk

The SEC Administrative Order further provides that, in the event of a breach of the agreement with the SEC, the SEC may vacate the Administrative Order and institute proceedings against the Company.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

U.S. Department of Justice (Deferred Prosecution Agreements)

subject tonamed as a risk

Any breach of DPA-1, DPA-2, or the SEC Administrative Order could subject Raytheon Company or the Company to criminal prosecutions and/or administrative proceedings, resulting in additional criminal and civil penalties and fines, extension of either DPA’s term(s), including the terms of the monitorship, increased future regulatory and legal scrutiny by U.S. or foreign government agencies, additional reputational harm, additional compliance costs, suspension of export privileges and/or suspension or debarment from U.S. government contracting or subcontracting for a period of time, any of which could negatively affect our results of operations, financial position, and liquidity.Risk factors (Item 1A)

Also named by AAPL, ACN, AMAT, ASO, BEN, BSX, CAH, CDNA and 21 more

U.S. Department of State Consent Agreement (AECA/ITAR)

subject tonamed as a risk

If we are unable to satisfy the requirements of the CA within three years as determined by the DOS, we may face a continuation of the CA, additional fines, or other adverse impacts.Risk factors (Item 1A)

Defense Contract Audit Agency (DCAA) / Defense Contract Management Agency (DCMA)

subject tonamed as a risk

Our final allowable incurred costs for each year are subject to audit and have from time to time resulted in disputes between us and the U.S. government, including DCMA claims to recover payments for alleged noncompliance with cost accounting standards.Risk factors (Item 1A)

Federal Aviation Administration (FAA)

subject to

Our commercial aerospace products are subject to regulations by the FAA, foreign aviation administration authorities, and international regulatory bodies, including on production and quality systems, airworthiness and installation approvals, repair procedures, and continuing operational safety.Business (Item 1)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more

Laws and programs

F-35 Lightning II (F135 engine)

earns from · $2.8 billion

In 2025, Pratt & Whitney’s F135 engine surpassed one million engine flight hours, and the company was awarded a $2.8 billion undefinitized contract action (UCA) for production of Lot 18 and Lot 19 long lead funding for the F135 engines to power all three variants of the F-35 Lightning II aircraft.Business (Item 1)

Also named by NOC

International Traffic in Arms Regulations (ITAR)

subject tonamed as a risk

Certain of our products, services, and technologies have military or strategic applications and are on the U.S. Munitions List of the ITAR, the Commerce Control List of the EAR, or are otherwise subject to the EAR and/or the U.S. Munitions Import List, and we are required to obtain licenses and authorizations from the appropriate U.S. government agencies before exporting these products out of the U.S. or importing these products into the U.S.Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more

Federal Acquisition Regulation (FAR)

subject tonamed as a risk

Our U.S. government contracts generally are subject to the Federal Acquisition Regulation (FAR), which sets forth policies, procedures, and requirements for the acquisition of goods and services by the U.S. government; department-specific regulations that implement or supplement the FAR, such as the DoW’s Defense Federal Acquisition Regulation Supplement (DFARS); and other applicable laws and regulations.Business (Item 1)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

Other Transaction Authority (OTA) agreements

subject tonamed as a risk

Our business may be negatively impacted if we are unable to bid for OTA work and/or perform on our OTA agreements, including any applicable non-traditional requirements.Risk factors (Item 1A)

Also named by CACI, HII, LHX

January 7, 2026 Executive Order on defense contractor dividends and buybacks

subject tonamed as a risk

In addition, pursuant to a January 7, 2026 Executive Order, the Secretary of War could seek to limit our ability to pay cash dividends or make share repurchases if the Secretary of War determines that we have underperformed or lacked sufficient prioritization of, investment in or production speed in carrying out / performing under our U.S. government contracts.Risk factors (Item 1A)

Comprehensive Environmental Response Compensation and Liability Act (Superfund)

subject to

In addition, we have been identified as a potentially responsible party under the Comprehensive Environmental Response Compensation and Liability Act, also known as the Superfund law, or state law counterparts to the Superfund law, for a number of sites.Business (Item 1)

Also named by ALSN, AME, BRK/B, BWA, CLH, CMI, DD, GIS and 10 more