XML 54 R41.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Financial Data (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | Results for the quarters ended September 30, 2025 and 2024 are as follows:
| 2025
(dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit | Operating Profit Margin
Collins Aerospace | $ | 7,621 |  | $ | (307) |  | $ | (6,054) |  | $ | 1,260 |  | 16.5 | %
Pratt & Whitney | 8,423 |  | (267) |  | (7,405) |  | 751 |  | 8.9 | %
Raytheon | 7,045 |  | (115) |  | (6,071) |  | 859 |  | 12.2 | %
Total segment | 23,089 |  | $ | (689) |  | $ | (19,530) |  | 2,870 |  | 12.4 | %
Eliminations and other (2) | (611) |  |  |  | (14) |  |
Corporate expenses and other unallocated items | — |  |  |  | (25) |  |
FAS/CAS operating adjustment | — |  |  |  | 199 |  |
Acquisition accounting adjustments | — |  |  |  | (507) |  |
Consolidated | $ | 22,478 |  |  |  | $ | 2,523 |  | 11.2 | %
(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net. (2) Includes the operating results of certain smaller operations.
| 2024
(dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit | Operating Profit Margin
Collins Aerospace | $ | 7,075 |  | $ | (369) |  | $ | (5,644) |  | $ | 1,062 |  | 15.0 | %
Pratt & Whitney | 7,239 |  | (257) |  | (6,425) |  | 557 |  | 7.7 | %
Raytheon | 6,386 |  | (125) |  | (5,614) |  | 647 |  | 10.1 | %
Total segment | 20,700 |  | $ | (751) |  | $ | (17,683) |  | 2,266 |  | 10.9 | %
Eliminations and other (2) | (611) |  |  |  | (14) |  |
Corporate expenses and other unallocated items | — |  |  |  | 100 |  |
FAS/CAS operating adjustment | — |  |  |  | 210 |  |
Acquisition accounting adjustments | — |  |  |  | (534) |  |
Consolidated | $ | 20,089 |  |  |  | $ | 2,028 |  | 10.1 | %
(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net. (2) Includes the operating results of certain smaller operations. Results for the nine months ended September 30, 2025 and 2024 are as follows:
| 2025
(dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit | Operating Profit Margin
Collins Aerospace | $ | 22,460 |  | $ | (948) |  | $ | (17,991) |  | $ | 3,521 |  | 15.7 | %
Pratt & Whitney | 23,420 |  | (746) |  | (20,851) |  | 1,823 |  | 7.8 | %
Raytheon | 20,386 |  | (334) |  | (17,710) |  | 2,342 |  | 11.5 | %
Total segment | 66,266 |  | $ | (2,028) |  | $ | (56,552) |  | 7,686 |  | 11.6 | %
Eliminations and other (2) | (1,901) |  |  |  | 22 |  |
Corporate expenses and other unallocated items | — |  |  |  | (110) |  |
FAS/CAS operating adjustment | — |  |  |  | 570 |  |
Acquisition accounting adjustments | — |  |  |  | (1,464) |  |
Consolidated | $ | 64,365 |  |  |  | $ | 6,704 |  | 10.4 | %
(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net. (2) Includes the operating results of certain smaller operations.
| 2024
(dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit | Operating Profit Margin
Collins Aerospace | $ | 20,747 |  | $ | (1,036) |  | $ | (16,682) |  | $ | 3,029 |  | 14.6 | %
Pratt & Whitney | 20,497 |  | (800) |  | (18,186) |  | 1,511 |  | 7.4 | %
Raytheon (3) | 19,556 |  | (294) |  | (17,492) |  | 1,770 |  | 9.1 | %
Total segment | 60,800 |  | $ | (2,130) |  | $ | (52,360) |  | 6,310 |  | 10.4 | %
Eliminations and other (2) | (1,685) |  |  |  | (55) |  |
Corporate expenses and other unallocated items (4) | — |  |  |  | (926) |  |
FAS/CAS operating adjustment | — |  |  |  | 636 |  |
Acquisition accounting adjustments | — |  |  |  | (1,538) |  |
Consolidated | $ | 59,115 |  |  |  | $ | 4,427 |  | 7.5 | %
(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income (expense), net. (2) Includes the operating results of certain smaller operations. (3) Operating Profit and Margin includes a $0.6 billion charge in the second quarter of 2024 related to the Raytheon Contract Termination and a $0.4 billion gain, net of transaction and other related costs, in the first quarter of 2024 related to the sale of our CIS business. See “Note 5: Changes in Contract Estimates at Completion” and “Note 2: Acquisitions and Dispositions,” respectively, for additional information. (4) Includes a $0.9 billion charge in the second quarter of 2024 related to the Resolution of Certain Legal Matters. Capital Expenditures and Depreciation and Amortization segment information for the quarters ended September 30, 2025 and 2024 are as follows:
| Capital Expenditures |  | Depreciation & Amortization
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Collins Aerospace | $ | 191 |  |  | $ | 165 |  |  | $ | 215 |  |  | $ | 197 |
Pratt & Whitney | 236 |  |  | 218 |  |  | 189 |  |  | 196 |
Raytheon | 128 |  |  | 142 |  |  | 138 |  |  | 128 |
Total segment | 555 |  |  | 525 |  |  | 542 |  |  | 521 |
Corporate, eliminations, and other | 59 |  |  | 27 |  |  | 23 |  |  | 20 |
Acquisition accounting adjustments |  |  |  |  | 526 |  |  | 553 |
Consolidated | $ | 614 |  |  | $ | 552 |  |  | $ | 1,091 |  |  | $ | 1,094 |
Capital Expenditures and Depreciation and Amortization segment information for the nine months ended September 30, 2025 and 2024 are as follows:
| Capital Expenditures |  | Depreciation & Amortization
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Collins Aerospace | $ | 474 |  |  | $ | 437 |  |  | $ | 652 |  |  | $ | 607 |
Pratt & Whitney | 568 |  |  | 564 |  |  | 577 |  |  | 581
Raytheon | 487 |  |  | 478 |  |  | 404 |  |  | 380
Total segment | 1,529 |  |  | 1,479 |  |  | 1,633 |  |  | 1,568 |
Corporate, eliminations, and other | 128 |  |  | 77 |  |  | 65 |  |  | 59
Acquisition accounting adjustments |  |  |  |  | 1,521 |  |  | 1,598 |
Consolidated | $ | 1,657 |  |  | $ | 1,556 |  |  | $ | 3,219 |  |  | $ | 3,225 |
Total assets by segment are as follows:
(dollars in millions) | September 30, 2025 |  | December 31, 2024
Collins Aerospace (1) | $ | 72,292 |  |  | $ | 72,372 |
Pratt & Whitney (1) | 50,082 |  |  | 44,307 |
Raytheon (1) | 44,983 |  |  | 44,936 |
Total segment | 167,357 |  |  | 161,615 |
Corporate, eliminations, and other | 1,315 |  |  | 1,246 |
Consolidated | $ | 168,672 |  |  | $ | 162,861 |
(1) Total assets include acquired intangible assets and the property, plant, and equipment fair value adjustment. Related amortization expense is included in Acquisition accounting adjustments.
Disaggregation of Revenue | Segment sales disaggregated by geographic region based on customer location for the quarters ended September 30, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 3,631 |  | $ | 3,198 |  | $ | 4,858 |  | $ | 47 |  | $ | 11,734 |  |  | $ | 3,401 |  | $ | 3,346 |  | $ | 4,615 |  | $ | 49 |  | $ | 11,411 |
Europe | 1,690 |  | 2,227 |  | 1,306 |  | 2 |  | 5,225 |  |  | 1,611 |  | 1,535 |  | 973 |  | 1 |  | 4,120 |
Asia Pacific | 1,001 |  | 2,003 |  | 561 |  | 2 |  | 3,567 |  |  | 825 |  | 1,449 |  | 515 |  | — |  | 2,789 |
Middle East and North Africa | 291 |  | 215 |  | 226 |  | — |  | 732 |  |  | 236 |  | 179 |  | 213 |  | — |  | 628 |
Other regions | 387 |  | 781 |  | 52 |  | — |  | 1,220 |  |  | 380 |  | 730 |  | 31 |  | — |  | 1,141 |
Consolidated net sales | 7,000 |  | 8,424 |  | 7,003 |  | 51 |  | 22,478 |  |  | 6,453 |  | 7,239 |  | 6,347 |  | 50 |  | 20,089 |
Inter-segment sales | 621 |  | (1) |  | 42 |  | (662) |  | — |  |  | 622 |  | — |  | 39 |  | (661) |  | — |
Business segment sales | $ | 7,621 |  | $ | 8,423 |  | $ | 7,045 |  | $ | (611) |  | $ | 22,478 |  |  | $ | 7,075 |  | $ | 7,239 |  | $ | 6,386 |  | $ | (611) |  | $ | 20,089 |
Segment sales disaggregated by geographic region for the nine months ended September 30, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 10,493 |  | $ | 9,876 |  | $ | 14,214 |  | $ | 154 |  | $ | 34,737 |  |  | $ | 10,128 |  | $ | 9,629 |  | $ | 14,511 |  | $ | 129 |  | $ | 34,397 |
Europe | 5,170 |  | 5,605 |  | 3,065 |  | 3 |  | 13,843 |  |  | 4,871 |  | 4,612 |  | 2,056 |  | 3 |  | 11,542 |
Asia Pacific | 2,761 |  | 5,114 |  | 1,692 |  | 2 |  | 9,569 |  |  | 2,296 |  | 3,977 |  | 1,603 |  | 1 |  | 7,877 |
Middle East and North Africa | 801 |  | 540 |  | 1,143 |  | — |  | 2,484 |  |  | 612 |  | 489 |  | 1,167 |  | — |  | 2,268 |
Other regions | 1,291 |  | 2,285 |  | 156 |  | — |  | 3,732 |  |  | 1,131 |  | 1,789 |  | 111 |  | — |  | 3,031 |
Consolidated net sales | 20,516 |  | 23,420 |  | 20,270 |  | 159 |  | 64,365 |  |  | 19,038 |  | 20,496 |  | 19,448 |  | 133 |  | 59,115 |
Inter-segment sales | 1,944 |  | — |  | 116 |  | (2,060) |  | — |  |  | 1,709 |  | 1 |  | 108 |  | (1,818) |  | — |
Business segment sales | $ | 22,460 |  | $ | 23,420 |  | $ | 20,386 |  | $ | (1,901) |  | $ | 64,365 |  |  | $ | 20,747 |  | $ | 20,497 |  | $ | 19,556 |  | $ | (1,685) |  | $ | 59,115 |
Segment sales disaggregated by type of customer for the quarters ended September 30, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 1,766 |  | $ | 1,759 |  | $ | 4,834 |  | $ | 50 |  | $ | 8,409 |  |  | $ | 1,757 |  | $ | 1,595 |  | $ | 4,595 |  | $ | 49 |  | $ | 7,996 |
Foreign military sales through the U.S. government | 141 |  | 607 |  | 1,119 |  | — |  | 1,867 |  |  | 85 |  | 433 |  | 984 |  | — |  | 1,502 |
Foreign government direct commercial sales | 264 |  | 188 |  | 1,025 |  | — |  | 1,477 |  |  | 319 |  | 196 |  | 702 |  | 1 |  | 1,218 |
Commercial aerospace and other commercial sales | 4,829 |  | 5,870 |  | 25 |  | 1 |  | 10,725 |  |  | 4,292 |  | 5,015 |  | 66 |  | — |  | 9,373 |
Consolidated net sales | 7,000 |  | 8,424 |  | 7,003 |  | 51 |  | 22,478 |  |  | 6,453 |  | 7,239 |  | 6,347 |  | 50 |  | 20,089 |
Inter-segment sales | 621 |  | (1) |  | 42 |  | (662) |  | — |  |  | 622 |  | — |  | 39 |  | (661) |  | — |
Business segment sales | $ | 7,621 |  | $ | 8,423 |  | $ | 7,045 |  | $ | (611) |  | $ | 22,478 |  |  | $ | 7,075 |  | $ | 7,239 |  | $ | 6,386 |  | $ | (611) |  | $ | 20,089 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by type of customer for the nine months ended September 30, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 5,277 |  | $ | 4,814 |  | $ | 14,169 |  | $ | 154 |  | $ | 24,414 |  |  | $ | 4,951 |  | $ | 4,664 |  | $ | 14,432 |  | $ | 128 |  | $ | 24,175 |
Foreign military sales through the U.S. government | 361 |  | 1,390 |  | 3,222 |  | — |  | 4,973 |  |  | 248 |  | 1,129 |  | 2,643 |  | — |  | 4,020 |
Foreign government direct commercial sales | 912 |  | 516 |  | 2,833 |  | 1 |  | 4,262 |  |  | 945 |  | 514 |  | 2,136 |  | 2 |  | 3,597 |
Commercial aerospace and other commercial sales | 13,966 |  | 16,700 |  | 46 |  | 4 |  | 30,716 |  |  | 12,894 |  | 14,189 |  | 237 |  | 3 |  | 27,323 |
Consolidated net sales | 20,516 |  | 23,420 |  | 20,270 |  | 159 |  | 64,365 |  |  | 19,038 |  | 20,496 |  | 19,448 |  | 133 |  | 59,115 |
Inter-segment sales | 1,944 |  | — |  | 116 |  | (2,060) |  | — |  |  | 1,709 |  | 1 |  | 108 |  | (1,818) |  | — |
Business segment sales | $ | 22,460 |  | $ | 23,420 |  | $ | 20,386 |  | $ | (1,901) |  | $ | 64,365 |  |  | $ | 20,747 |  | $ | 20,497 |  | $ | 19,556 |  | $ | (1,685) |  | $ | 59,115 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by sales type for the quarters ended September 30, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 5,441 |  | $ | 4,767 |  | $ | 6,013 |  | $ | 43 |  | $ | 16,264 |  |  | $ | 5,024 |  | $ | 4,119 |  | $ | 5,524 |  | $ | 41 |  | $ | 14,708 |
Services | 1,559 |  | 3,657 |  | 990 |  | 8 |  | 6,214 |  |  | 1,429 |  | 3,120 |  | 823 |  | 9 |  | 5,381 |
Consolidated net sales | 7,000 |  | 8,424 |  | 7,003 |  | 51 |  | 22,478 |  |  | 6,453 |  | 7,239 |  | 6,347 |  | 50 |  | 20,089 |
Inter-segment sales | 621 |  | (1) |  | 42 |  | (662) |  | — |  |  | 622 |  | — |  | 39 |  | (661) |  | — |
Business segment sales | $ | 7,621 |  | $ | 8,423 |  | $ | 7,045 |  | $ | (611) |  | $ | 22,478 |  |  | $ | 7,075 |  | $ | 7,239 |  | $ | 6,386 |  | $ | (611) |  | $ | 20,089 |
Segment sales disaggregated by sales type for the nine months ended September 30, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 15,959 |  | $ | 12,922 |  | $ | 17,394 |  | $ | 131 |  | $ | 46,406 |  |  | $ | 14,884 |  | $ | 11,925 |  | $ | 16,648 |  | $ | 116 |  | $ | 43,573 |
Services | 4,557 |  | 10,498 |  | 2,876 |  | 28 |  | 17,959 |  |  | 4,154 |  | 8,571 |  | 2,800 |  | 17 |  | 15,542 |
Consolidated net sales | 20,516 |  | 23,420 |  | 20,270 |  | 159 |  | 64,365 |  |  | 19,038 |  | 20,496 |  | 19,448 |  | 133 |  | 59,115 |
Inter-segment sales | 1,944 |  | — |  | 116 |  | (2,060) |  | — |  |  | 1,709 |  | 1 |  | 108 |  | (1,818) |  | — |
Business segment sales | $ | 22,460 |  | $ | 23,420 |  | $ | 20,386 |  | $ | (1,901) |  | $ | 64,365 |  |  | $ | 20,747 |  | $ | 20,497 |  | $ | 19,556 |  | $ | (1,685) |  | $ | 59,115 |
Raytheon segment sales disaggregated by contract type for the quarters ended September 30, 2025 and 2024 are as follows:
(dollars in millions) | 2025 |  | 2024
Fixed-price | $ | 4,089 |  |  | $ | 3,409 |
Cost-type | 2,914 |  |  | 2,938 |
Consolidated net sales | 7,003 |  |  | 6,347 |
Inter-segment sales | 42 |  |  | 39 |
Business segment sales | $ | 7,045 |  |  | $ | 6,386 |
Raytheon segment sales disaggregated by contract type for the nine months ended September 30, 2025 and 2024 are as follows:
(dollars in millions) | 2025 |  | 2024
Fixed-price | $ | 11,685 |  |  | $ | 10,020 |
Cost-type | 8,585 |  |  | 9,428 |
Consolidated net sales | 20,270 |  |  | 19,448 |
Inter-segment sales | 116 |  |  | 108 |
Business segment sales | $ | 20,386 |  |  | $ | 19,556 |

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration