4 new paragraphs in the 10-K, 16 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
4 paragraphs in Risk Factors of the 10-K filed Feb 6, 2026 with nothing like them in the 10-K filed Feb 3, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 81 Industrials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Our profitability could be negatively affected based on the mix of our U.S. government contracts and programs and the costs incurred of performing the work, especially if we are unable to control costs or if our initial cost estimates are incorrect, particularly under fixed-price development contracts. Our U.S. government contracts are typically either fixed-priced contracts or cost reimbursement contracts. Fixed-price contracts are predominantly either firm fixed-price (FFP) contracts or fixed-price
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We continue to closely monitor potential impacts to RTX’s business, customers, suppliers, employees, and operations in Israel, the Middle East, and the region at large due to continued regional instability and tensions.
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As a U.S. government contractor, we are subject to risks relating to U.S. government audits, investigations, and disputes. We are subject to U.S. government investigations relating to our U.S. government contracts. Such U.S. government investigations
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We may be unable to realize expected benefits from strategic initiatives. In order to operate more effectively and efficiently, from time to time we undertake strategic and other operational initiatives. For example, we are undergoing significant, multi-
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Paragraphs in the 10-Q filed Oct 20, 2026 that were not in the one before
16 paragraphs in the 10-Q filed Oct 20, 2026 with nothing like them in the 10-Q filed Jul 23, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
At September 30, 2026, there were 1,349,440,548 shares of Common Stock outstanding.
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Financial statements and notes
On July 21, 2025, we completed the sale of the actuation and flight control business within our Collins segment for gross proceeds of $ 1.8 billion. Cash received of $ 1.6 billion, net of cash transferred, included amounts attributable to continuing service agreements supporting the buyer post-closing. The sale resulted in a pre-tax gain of $ 0.1 billion in the third quarter ended September 30, 2025, which was recorded in Other income, net within the Condensed Consolidated Statement of Operations.
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2026 and recognized revenue of $ 1.5 billion and $ 6.5 billion during the quarter and nine months ended September 30, 2025, related to contract liabilities outstanding as of January 1, 2025.
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In addition to the financial instruments listed in the tables above, we also make strategic investments through RTX Ventures in companies that we believe are advancing or developing new technologies applicable to our business. These investments are primarily in early‑stage companies and may be in the form of convertible debt or equity investments. Most of these investments are in equity securities without readily determinable fair values. These securities are measured at cost with adjustments recorded for observable price changes. The carrying amounts of the investments were approximately $ 0.6 billion and $ 0.3 billion at September 30, 2026 and December 31, 2025, respectively. Net gains recorded due to adjustments in valuation and/or sales of investments were $ 0.2 billion the quarter ended September 30, 2026 and $ 0.3 billion for the nine months ended September 30, 2026.
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IAE and IAE LLC, after considering its sub-collaborator share, is 57 % and 51 %, respectively. The carrying amounts and classification of assets and liabilities for variable interest entities in our Condensed Consolidated Balance Sheet are as follows:
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Show the other 11
Related to the DPAs, FCA settlement agreement, and CA, on September 21, 2026, Raytheon Company and the Company entered into an Administrative Agreement (AA) with the Department of the Navy (DON) Acquisition Integrity Office (AIO), where DON officials determined that suspension or debarment proceedings are not necessary to protect the U.S. government’s interests. During the AA’s three-year term, Raytheon Company and the Company are required to undertake certain cooperation and disclosure obligations consistent with the obligations of the DPAs, FCA settlement agreement, and CA. The independent compliance monitor engaged in April 2026 pursuant to the DPAs and SEC Administrative Order will also act as the independent compliance monitor as required by the AA. During the term of the AA, Raytheon Company and the Company remain eligible to receive U.S. government contracts.
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In addition, as described in “Government Oversight” above, on September 21, 2026, Raytheon Company and the Company entered into an AA with the DON AIO related to DPA-1, DPA-2 and the FCA settlement agreement discussed in “DOJ Investigation and Contract Pricing Disputes” below, and the CA discussed in “Trade Compliance Matters” below.
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In addition, as described in “Government Oversight” above, on September 21, 2026, Raytheon Company and the Company entered into an AA with the DON AIO related to DPA-2 and the FCA settlement agreement, DPA-1 discussed in “Thales Raytheon Systems and Related Matters” above, and the CA discussed in “Trade Compliance Matters” below.
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In addition, as described in “Government Oversight” above, on September 21, 2026, Raytheon Company and the Company entered into an AA with the DON AIO related to the CA, DPA-1 discussed in “Thales Raytheon Systems and Related Matters” above, and DPA-2 and the FCA settlement agreement discussed in “DOJ Investigation and Contract Pricing Disputes” above.
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Company is continuing to cooperate with the SEC’s ongoing investigation. At this time, we are unable to predict the timing or outcome of this SEC investigation.
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RPO represents the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied.
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Critical Munitions Agreements. In the third quarter and early fourth quarter of 2026, the DoW awarded Raytheon four undefinitized contract actions (UCA) to substantially increase production of certain critical munitions. Specifically, the DoW awarded Raytheon a seven-year UCA valued at up to approximately $23 billion for Tomahawk cruise missiles and the following five-year UCAs, each with two one-year options: Advanced Medium-Range Air-to-Air Missiles (AMRAAM) with a total value of up to $20.7 billion, Standard Missile 6 (SM-6) with a total value of up to $24.4 billion, and Standard Missile-3 Block IB interceptors (SM-3 IB) with a total value of up to $6.3 billion. Funding for each UCA is subject to Congressional appropriations made on a fiscal year basis. The Company has and will continue to invest in technology, capacity expansion, and hiring, while also executing long-term agreements with suppliers to support the increased production levels required by the UCAs. If appropriate funding is not provided, Raytheon has certain contractual recovery remedies.
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our financial results, but we will continue to monitor future developments, including additional measures that could adversely affect the Company and/or our supply chain, business partners, or customers.
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Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 20, 2026 against Item 1A of the 10-K filed Feb 6, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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You should carefully review and consider the information regarding certain factors which could materially affect our business, financial condition, or future results set forth under Item 1A in our 2025 Annual Report on Form 10-K (2025 Form 10-K). There have been no material changes from the factors disclosed in our 2025 Form 10-K, although we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the Securities and Exchange Commission (SEC).
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.