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RTX CorporationFormed 2020 from Raytheon-United Technologies merger. Collins Aerospace, Pratt & Whitney, and Raytheon defense segments. Patriot, NASAMS, AMRAAM, Tomahawk, Standard Missile, F-35 P&W F135 engine.
Q1 2023-Q3 2025
| Year | Patriot System Order Status | PAC-3 MSE Interceptor Status (LMT-built; RTX-integrated) | |
|---|---|---|---|
| FY 2022 (pre-Ukraine baseline) | ~$3B Patriot system orders; baseline LTAMDS development continuing | ~350 PAC-3 MSE deliveries/year (LMT-stated) | |
| FY 2023 | ~$5B Patriot system orders (Germany + Netherlands + Switzerland + Poland) | ~400 PAC-3 MSE deliveries; capacity expansion announced | |
| FY 2024 | ~$6B+ Patriot system orders; LTAMDS LRIP starting | ~500 PAC-3 MSE deliveries (LMT-stated FY2024 rate) | |
| FY 2025 | ~$7B+ Patriot system orders projected; LTAMDS production ramping | ~550 PAC-3 MSE projected; further capacity expansion underway | |
| FY 2026 target | LTAMDS replacing AN/MPQ-65 across US Army Patriot fleet | 650+ PAC-3 MSE target (LMT stated; system-integrated by RTX) | |
| FY 2027 target | Patriot system production at expanded rate; international FMS demand sustaining | 750+ PAC-3 MSE stated long-term target rate | |
| Editorial. Why this matters | Strategic context | Patriot is the single most-deployed Western air-defense system + the marquee post-Ukraine ramp story. RTX captures Patriot system economics (battery + radar + launcher + engagement control + integration) at higher unit value than LMT's PAC-3 interceptor body. Marquee question: does the Patriot system order book continue compounding toward $10B+ annually by FY2027 as LTAMDS replaces the legacy radar + as international demand persists from Eastern Europe + Middle East + Asia? |
2021-Q2-2026-Q1
2021-Q2-2026-Q1
1993-2025
$RTX
Formed 2020 from Raytheon-United Technologies merger. $80.7B FY2024 revenue across Collins Aerospace, Pratt & Whitney, and Raytheon defense segments (~50% defense). Producer of Patriot, NASAMS, AMRAAM, Tomahawk, Standard Missile, and F-35 engine (P&W F135). $221B backlog. Patriot demand surged 4x post-Ukraine invasion.
Key Milestones
Raytheon founded by Vannevar Bush, Laurence Marshall, Charles G. Smith as American Appliance Co in Cambridge MA; renamed Raytheon Manufacturing 1925. Pioneers vacuum tubes and the proximity fuze used in WWII.
Percy Spencer at Raytheon discovers microwave heating from magnetron; commercialized as Radarange 1947: first microwave oven; Raytheon becomes world leader in microwave technology.
Raytheon Sparrow AAM enters US Navy service; first operational radar-guided air-to-air missile, foundation of Raytheon's missile business.
Patriot Air Defense System enters US Army service; debuts in Gulf War 1991 against Iraqi Scuds. Becomes Raytheon's flagship product over 4 decades.
Raytheon acquires Hughes Aircraft defense electronics from GM for $9.5B; doubles missile portfolio adding AMRAAM, TOW, Maverick to Sparrow/Stinger lineup.
Tomahawk Block IV (Tactical Tomahawk) enters US Navy service with two-way satcom link enabling in-flight retargeting; ~150 launched in OIF opening salvo Mar 2003.
Pratt & Whitney F119 engine delivers final F-22 propulsion; pivots focus to F135 for F-35 (single-engine 5th-gen powerplant standard through 2070+).
Pratt & Whitney F135 engine for F-35 enters full-rate production; eventually 3,000+ engine fleet, foundation of P&W military business.
SM-6 Block IB development begins; longer-range Standard Missile variant with bigger 21-inch motor for fleet defense and anti-ship strike.
Raytheon-United Technologies merger closes Apr 3 2020; creates RTX with $74B revenue across Collins Aerospace, Pratt & Whitney, Raytheon Missiles & Defense, Raytheon Intelligence & Space. HQ Arlington VA.
Russia invades Ukraine; Patriot/NASAMS/Stinger demand inflects; first major peer-conflict munitions test in 30+ years
Stinger MANPADS production restart announced after Ukraine donations deplete US stockpile; first new orders in 18 years
NASAMS air-defense systems delivered to Ukraine; combat-proven against cruise missile and drone threats
Patriot demand quadruples post-Ukraine; Raytheon ramps capacity from 12 to 24 fire units/year
Wins Hypersonic Attack Cruise Missile (HACM) prime contract from USAF; air-breathing scramjet hypersonic; first delivery 2027 expected.
Pratt & Whitney GTF engine powder metal contamination disclosed; ~600-700 PW1100G inspections required, ~$3.5B charge
Germany finalizes Patriot order for €1.2B+ to backfill systems donated to Ukraine
P&W announces full PW1100G recovery plan: ~$5B+ cumulative charges through 2026; AOG (aircraft on ground) days peak ~650 in 2024.
Tomahawk Block V production ramping; Maritime Strike variant qualified for fleet use
Wins $5.5B Patriot multi-year contract for 870 PAC-3 MSE missiles + radar upgrades; largest Patriot order in program history.
AMRAAM-ER (extended range, NASAMS-launched) achieves operational milestone; longer-range air defense intercept
Backlog reaches $221B (commercial + defense); defense-only ~$93B with Patriot multi-year contracts
Raytheon LTAMDS (Lower Tier Air & Missile Defense Sensor) achieves IOC; replaces Patriot radar
Pratt & Whitney F135 Engine Core Upgrade enters production for F-35 fleet retrofit
Tomahawk Block V production reaches 250/yr; US Navy and allied launch platforms add Typhon Mid-Range Capability launchers ashore.
StormBreaker (GBU-53/B SDB-II) and Ground-Based AMRAAM contracts expand; backlog hits new high $230B+ as Israel-Iran tensions sustain demand.
