RTX Corp
RTX · Aircraft Engines & Engine Parts · 1.35B shares · +14%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $12.4B (gross $12.9B, SBC $425M)
Reference price $202.83 · est. market cap ~$273.2B — last insider sale, 2026-02-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78RTX is a scaled aerospace/defense franchise with massive FCF but only mid-pack returns.
Strengths
- $7.9B FCF (98th pct), revenue +10% and net income +41% (72nd pct) across a wide-moat aero/defense portfolio
- Diversified Collins/Pratt/Raytheon franchises with deep backlog and switching costs
Risks
- ROA 3.9% and ROE 10.3% (61st pct) are unremarkable; margins only modest
- Fixed-price contract cost-overrun risk, GTF program exposure and dependence on U.S. defense budgets
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~29% of revenue from one customer/distributor — 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, re
- Chronic dilutionShare count +14%/yr over 4y (dilution, book value/share -46%)
- Strong balance sheetStrong balance sheet — $8.2B cash & investments
- Insider sellingInsider selling — 12 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$33M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
10.5%
Net margin
7.6%
Return on equity
10.3%
Return on assets
3.9%
Revenue growth (QoQ)
-8.9%
Net-income growth
41.0%
Current ratio
1.0×
Free cash flow
$7.9B
EBITDA
$13.7B
Tangible book value
-$19.9B
Cash & investments
$8.2B
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-23 | Williams Dantaya M | Sell | 13K | $202.83 |
| 2026-02-19 | Calio Christopher T. | Sell | 51K | $203.57 |
| 2026-02-19 | Calio Christopher T. | Disposition | 12K | $204.33 |
| 2026-02-19 | Mitchill Neil G. JR | Sell | 6.3K | $205.54 |
| 2026-02-19 | Mitchill Neil G. JR | Sell | 24K | $205.57 |
| 2026-02-19 | Mitchill Neil G. JR | Option exercise | 10K | $76.00 |
| 2026-02-19 | Maharajh Ramsaran | Sell | 15K | $204.65 |
| 2026-02-19 | Calio Christopher T. | Option exercise | 31K | $76.00 |
| 2026-02-19 | Calio Christopher T. | Sell | 1.0K | $205.25 |
| 2026-02-19 | Calio Christopher T. | Sell | 11K | $204.70 |
| 2026-02-19 | Mitchill Neil G. JR | Option exercise | 9.4K | $76.00 |
| 2026-02-19 | Mitchill Neil G. JR | Disposition | 3.5K | $205.53 |
| 2026-02-19 | Mitchill Neil G. JR | Disposition | 3.7K | $205.56 |
| 2026-02-19 | Mitchill Neil G. JR | Sell | 5.9K | $205.54 |
| 2026-02-13 | DaSilva Kevin G | Sell | 185 | $200.67 |
| 2026-02-13 | DaSilva Kevin G | Sell | 8.0K | $201.31 |
| 2026-02-12 | Eddy Shane G | Sell | 18K | $199.16 |
| 2026-02-10 | Johnson Amy L | Option exercise | 4.2K | $72.49 |
| 2026-02-10 | Johnson Amy L | Disposition | 6.2K | $196.19 |
| 2026-02-10 | Johnson Amy L | Sell | 8.1K | $195.03 |
| 2026-02-10 | Johnson Amy L | Option exercise | 10K | $90.73 |
| 2026-02-08 | Brunk Troy D | Grant | 3.5K | $198.66 |
| 2026-02-08 | Brunk Troy D | Option exercise | 2.4K | — |
| 2026-02-08 | Brunk Troy D | Tax withheld | 104 | $198.66 |
| 2026-02-08 | Johnson Amy L | Option exercise | 3.9K | — |
| 2026-02-08 | Johnson Amy L | Grant | 3.4K | $198.66 |
| 2026-02-08 | Johnson Amy L | Tax withheld | 1.1K | $198.66 |
| 2026-02-08 | Johnson Amy L | Tax withheld | 1.5K | $198.66 |
| 2026-02-08 | Brunk Troy D | Tax withheld | 631 | $198.66 |
| 2026-02-08 | Williams Dantaya M | Grant | 22K | $198.66 |
| 2026-02-08 | Williams Dantaya M | Tax withheld | 9.7K | $198.66 |
| 2026-02-08 | Mitchill Neil G. JR | Grant | 43K | $198.66 |
| 2026-02-08 | Mitchill Neil G. JR | Tax withheld | 19K | $198.66 |
| 2026-02-08 | Maharajh Ramsaran | Grant | 27K | $198.66 |
| 2026-02-08 | Maharajh Ramsaran | Tax withheld | 12K | $198.66 |
| 2026-02-08 | JASPER PHILIP J | Grant | 8.1K | $198.66 |
| 2026-02-08 | JASPER PHILIP J | Option exercise | 2.8K | — |
| 2026-02-08 | JASPER PHILIP J | Tax withheld | 731 | $198.66 |
| 2026-02-08 | JASPER PHILIP J | Tax withheld | 3.2K | $198.66 |
| 2026-02-08 | Eddy Shane G | Grant | 31K | $198.66 |
| 2026-02-08 | Eddy Shane G | Tax withheld | 14K | $198.66 |
| 2026-02-08 | DaSilva Kevin G | Option exercise | 3.9K | — |
| 2026-02-08 | DaSilva Kevin G | Grant | 3.4K | $198.66 |
| 2026-02-08 | DaSilva Kevin G | Tax withheld | 53 | $198.66 |
| 2026-02-08 | DaSilva Kevin G | Tax withheld | 955 | $198.66 |
| 2026-02-08 | DaSilva Kevin G | Tax withheld | 1.1K | $198.66 |
| 2026-02-08 | Calio Christopher T. | Grant | 90K | $198.66 |
| 2026-02-08 | Calio Christopher T. | Tax withheld | 211 | $198.66 |
| 2026-02-08 | Calio Christopher T. | Tax withheld | 37K | $198.66 |
| 2025-10-27 | Calio Christopher T. | Option exercise | 8.9K | $82.35 |
| 2025-10-27 | Calio Christopher T. | Disposition | 4.1K | $178.40 |
| 2025-10-27 | Calio Christopher T. | Sell | 4.8K | $178.32 |
| 2025-10-24 | Mitchill Neil G. JR | Option exercise | 8.9K | $82.35 |
| 2025-10-24 | Mitchill Neil G. JR | Disposition | 4.1K | $179.98 |
| 2025-10-24 | Mitchill Neil G. JR | Sell | 4.8K | $180.15 |
| 2025-10-24 | Atkinson Tracy A | Sell | 2.8K | $178.91 |
| 2025-10-01 | Johnson Amy L | Option exercise | 172 | — |
| 2025-10-01 | Johnson Amy L | Option exercise | 96 | — |
| 2025-10-01 | Johnson Amy L | Tax withheld | 268 | $167.20 |
| 2025-10-01 | DaSilva Kevin G | Option exercise | 185 | — |
| 2025-10-01 | DaSilva Kevin G | Option exercise | 166 | — |
| 2025-10-01 | DaSilva Kevin G | Tax withheld | 351 | $167.20 |
| 2025-10-01 | Brunk Troy D | Option exercise | 91 | — |
| 2025-10-01 | Brunk Troy D | Tax withheld | 91 | $167.20 |
| 2025-08-27 | Eddy Shane G | Option exercise | 12K | $82.35 |
| 2025-08-27 | Eddy Shane G | Option exercise | 25K | $76.00 |
| 2025-08-27 | Eddy Shane G | Option exercise | 13K | $71.62 |
| 2025-08-27 | Eddy Shane G | Disposition | 24K | $159.64 |
| 2025-08-27 | Eddy Shane G | Sell | 26K | $159.79 |
| 2025-08-12 | Brunk Troy D | Option exercise | 6.8K | $94.04 |
| 2025-08-12 | Brunk Troy D | Option exercise | 12K | $90.73 |
| 2025-08-12 | Brunk Troy D | Disposition | 11K | $155.20 |
| 2025-08-12 | Brunk Troy D | Sell | 7.7K | $155.20 |
| 2025-08-04 | JASPER PHILIP J | Option exercise | 24K | $71.62 |
| 2025-08-04 | JASPER PHILIP J | Sell | 13K | $157.82 |
| 2025-08-04 | JASPER PHILIP J | Disposition | 11K | $157.98 |
| 2025-07-24 | DaSilva Kevin G | Sell | 8.7K | $156.20 |
| 2025-07-23 | Maharajh Ramsaran | Sell | 1.5K | $152.26 |
| 2025-06-03 | Williams Dantaya M | Sell | 17K | $137.62 |
| 2025-05-20 | Williams Dantaya M | I | 1.7K | $137.18 |
| 2025-05-06 | Johnson Amy L | Disposition | 3.2K | $127.57 |
| 2025-05-06 | Johnson Amy L | Option exercise | 5.7K | $71.62 |
| 2025-05-06 | Johnson Amy L | Sell | 1.6K | $127.49 |
| 2025-05-06 | Johnson Amy L | Sell | 2.5K | $127.57 |
| 2025-04-23 | Winnefeld James A Jr | Buy | 200 | $117.90 |
| 2025-02-27 | Mitchill Neil G. JR | Sell | 16K | $130.35 |
| 2025-02-27 | Calio Christopher T. | Sell | 27K | $130.36 |
| 2025-02-25 | Maharajh Ramsaran | Option exercise | 7.8K | $82.35 |
| 2025-02-25 | Maharajh Ramsaran | Disposition | 15K | $126.77 |
| 2025-02-25 | Maharajh Ramsaran | Sell | 10K | $126.83 |
| 2025-02-25 | Maharajh Ramsaran | Sell | 9.4K | $126.81 |
| 2025-02-25 | Maharajh Ramsaran | Option exercise | 17K | $76.00 |
| 2025-02-24 | Brunk Troy D | Sell | 2.9K | $125.95 |
| 2025-02-19 | DaSilva Kevin G | Sell | 5.0K | $126.02 |
| 2025-02-19 | HAYES GREGORY | Sell | 58K | $125.36 |
| 2025-02-19 | HAYES GREGORY | Sell | 43K | $125.18 |
| 2025-02-18 | Eddy Shane G | Disposition | 5.1K | $124.87 |
| 2025-02-18 | DaSilva Kevin G | Sell | 5.4K | $124.20 |
| 2025-02-18 | Eddy Shane G | Option exercise | 8.4K | $75.79 |
| 2025-02-18 | Eddy Shane G | Sell | 16K | $124.45 |
| 2025-02-15 | DaSilva Kevin G | Grant | 2.1K | $122.41 |
| 2025-02-15 | Williams Dantaya M | Grant | 18K | $122.41 |
| 2025-02-15 | Williams Dantaya M | Tax withheld | 74 | $122.41 |
| 2025-02-15 | Williams Dantaya M | Tax withheld | 7.3K | $122.41 |
| 2025-02-15 | Mitchill Neil G. JR | Grant | 28K | $122.41 |
| 2025-02-15 | Mitchill Neil G. JR | Tax withheld | 12K | $122.41 |
| 2025-02-15 | Maharajh Ramsaran | Grant | 19K | $122.41 |
| 2025-02-15 | Maharajh Ramsaran | Tax withheld | 7.8K | $122.41 |
| 2025-02-15 | Johnson Amy L | Option exercise | 3.4K | — |
| 2025-02-15 | Johnson Amy L | Grant | 2.1K | $122.41 |
| 2025-02-15 | Johnson Amy L | Tax withheld | 661 | $122.41 |
| 2025-02-15 | Johnson Amy L | Tax withheld | 1.1K | $122.41 |
| 2025-02-15 | JASPER PHILIP J | Grant | 6.3K | $122.41 |
| 2025-02-15 | JASPER PHILIP J | Option exercise | 3.0K | — |
| 2025-02-15 | JASPER PHILIP J | Tax withheld | 764 | $122.41 |
| 2025-02-15 | JASPER PHILIP J | Tax withheld | 2.1K | $122.41 |
| 2025-02-15 | Calio Christopher T. | Grant | 49K | $122.41 |
| 2025-02-15 | Calio Christopher T. | Tax withheld | 22K | $122.41 |
| 2025-02-15 | Brunk Troy D | Option exercise | 3.9K | — |
| 2025-02-15 | Brunk Troy D | Grant | 2.5K | $122.41 |
| 2025-02-15 | Brunk Troy D | Tax withheld | 92 | $122.41 |
| 2025-02-15 | Brunk Troy D | Tax withheld | 999 | $122.41 |
| 2025-02-15 | Eddy Shane G | Grant | 21K | $122.41 |
| 2025-02-15 | Eddy Shane G | Tax withheld | 8.7K | $122.41 |
| 2025-02-15 | HAYES GREGORY | Grant | 107K | $122.41 |
| 2025-02-15 | HAYES GREGORY | Tax withheld | 49K | $122.41 |
| 2025-02-15 | DaSilva Kevin G | Option exercise | 3.4K | — |
| 2025-02-15 | DaSilva Kevin G | Tax withheld | 619 | $122.41 |
| 2025-02-15 | DaSilva Kevin G | Tax withheld | 1.1K | $122.41 |
| 2025-02-05 | Williams Dantaya M | Option exercise | 25K | $72.49 |
| 2025-02-05 | Williams Dantaya M | Option exercise | 10K | $90.73 |
| 2025-02-05 | Williams Dantaya M | Sell | 14K | $129.23 |
| 2025-02-05 | Williams Dantaya M | Disposition | 21K | $129.20 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (5)
- Airbus 29% of rev
- Boeing
- Federal Aviation Administration (FAA)
- U.S. Navy
- Lockheed Martin
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-04 | 2026-04-30 | 0001140361-26-018932 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0000101829-26-000009 ↗ |
| 10-Q | 2026-04-21 | 2026-03-31 | 0000101829-26-000011 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001140361-26-008070 ↗ |
| 10-K | 2026-02-06 | 2025-12-31 | 0000101829-26-000006 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0000101829-26-000003 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0000101829-25-000044 ↗ |
| 10-Q | 2025-10-21 | 2025-09-30 | 0000101829-25-000042 ↗ |
| 8-K | 2025-10-21 | 2025-10-21 | 0000101829-25-000040 ↗ |
| 8-K | 2025-09-24 | 2025-09-19 | 0000101829-25-000036 ↗ |
| 8-K | 2025-07-22 | 2025-07-22 | 0000101829-25-000030 ↗ |
| 10-Q | 2025-07-22 | 2025-06-30 | 0000101829-25-000032 ↗ |