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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

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- 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

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