RTX delivered a solid Q4 2024 and closed 2024 with a robust backlog and encouraging 2025 guidance. In Q4, revenue was $21.623 billion, up 9% adjusted and 11% organically for the quarter, led by Pratt & Whitney (P&W) and defense strength, with Collins aftermarket and Raytheon contributing meaningfully. Full-year 2024 adjusted sales reached $80.8 billion, up 11% organically, with adjusted EPS of $5.73 and free cash flow (FCF) of $4.5 billion. Backlog stood at $218 billion, expanding 11% year over year, including $125 billion in commercial backlog and a record $93 billion in defense backlog. Raytheon’s backlog now has 44% international exposure, an 8-percentage-point year-over-year increase, highlighting the global pull of RTX’s defense portfolio. RTX guided for 2025 adjusted sales of $83–$84 billion (organic growth of 4%–6%), adjusted EPS of $6.00–$6.15, and free cash flow of $7.0–$7.5 billion, with all three segments expected to contribute to margin expansion. Management signaled ongoing productivity enhancements, AI-enabled optimization, and digital infrastructure deployment across the manufacturing and aftermarket ecosystems. The company also reaffirmed a disciplined capital deployment strategy with more than $33 billion returned to shareholders since the merger and a path to the high end of its $36–$37 billion capital return framework by year-end 2025. 2025 targets reflect continued demand resilience in commercial aerospace (IATA's ~8% RPK growth) and a strong, global defense posture.