RTX reported a solid start to 2024, underscored by durable top-line momentum across its three operating segments and a record backlog. The group posted revenue of $19.3 billion for Q1 2024, up 12% organically year over year, driven by strength in Collins aftermarket and OE, Pratt’s large commercial engine and military engine activity, and double-digit defense demand at Raytheon. The quarter also featured strategic portfolio actions, including the sale of the Raytheon cybersecurity business for $1.3 billion gross proceeds, contributing to debt reduction and balance-sheet deleveraging. Management reaffirmed a disciplined full-year outlook anchored to robust defense spending and continued commercial demand, while signaling a deliberate ramp of structural cost reductions and core operating-system (COS) initiatives to improve efficiency and quality. Net income rose to $1.71 billion, and adjusted EPS was $1.34, reflecting a favorable tax backdrop and acquisition accounting items in GAAP results. Free cash flow was negative $0.29 billion, as expected given working capital build tied to defense milestones, production ramp, and backlog execution. Looking ahead, RTX maintains its guidance for 2024: full-year sales of $78–$79 billion (7%–8% organic growth), adjusted EPS of $5.25–$5.40, and free cash flow around $5.7 billion, with a multi-year plan to return $36–$37 billion to shareholders since the UTC merger. The company continues to invest heavily in R&D (about $3B company-funded and $5B customer-funded) and capital expenditures (~$2.5B) to scale next‑generation technologies such as LTAMDS, and to expand manufacturing capacity to meet rising demand. Investors should monitor the GTF fleet-management progress (AOGs, turnarounds, and material flow), the pace of Collins’ aftermarket margin expansion, Raytheon’s margin trajectory amid international mix, and the evolving defense budget/tariff environment as key near-term risk and opportunity signals.