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tariffs, the rate of tariffs applied, the timing and duration of tariffs, the recoverability and timing of refunds, the enforceability of tariffs and counter-tariffs, the implementation of tariff and non-tariff countermeasures by countries subject to U.S. tariffs, and our and our suppliers’ ability to mitigate the impacts of tariffs. Changes in any of these factors and actual tariff costs incurred could significantly affect the estimates inherent in our financial statements, including those used in our estimates-at-completion (EACs), and estimates supporting the recoverability of our inventories, contract fulfillment costs, deferred tax assets, intangible assets and goodwill, and could have a material effect on our results of operations and cash flows in the periods recognized and paid.
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upon various factors, most notably, the scope of goods covered by tariffs, the value of our imports subject to tariffs, the rate of tariffs applied, the timing and duration of tariffs, the recoverability and timing of refunds, the enforceability of tariffs and counter-tariffs, the implementation of tariff and non-tariff countermeasures by countries subject to U.S. tariffs, and our and our suppliers’ ability to mitigate the impacts of tariffs. Changes in any of these factors and actual tariff costs incurred could significantly affect the estimates inherent in our financial statements, including those used in our estimates-at-completion (EACs), and estimates supporting the recoverability of our inventories, contract fulfillment costs, deferred tax assets, intangible assets and goodwill, and could have a material effect on our results of operations and cash flows in the periods recognized and paid.
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… However, the actual financial impacts of tariffs are dependent upon various factors, most notably, the scope of goods covered by tariffs, the value of our imports subject to tariffs, the rate of tariffs applied, the timing and duration of tariffs, the enforceability of tariffs and counter-tariffs, the implementation of tariff and non-tariff countermeasures by countries subject to U …
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… However, the actual financial impacts of tariffs are dependent upon various factors, most notably, the scope of goods covered by tariffs, the value of our imports subject to tariffs, the rate of tariffs applied, the timing and duration of tariffs, the enforceability of tariffs and counter-tariffs, the implementation of tariff and non-tariff countermeasures by countries subject to U …
Read in the filing ↗ Also in 10-Q of Apr 21, 2026, 10-Q of Oct 20, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 21, 2025
applied, the timing and duration of tariffs, the enforceability of tariffs and counter-tariffs, the implementation of tariff and non-tariff countermeasures by countries subject to U.S. tariffs, and our and our suppliers’ ability to mitigate the impacts of tariffs. Changes in any of these factors and actual tariff costs incurred could significantly affect the estimates inherent in our financial statements, including those used in our estimates-at-completion (EACs), and estimates supporting the recoverability of our inventories, contract fulfillment costs, deferred tax assets, intangible assets and goodwill, and could have a material effect on our results of operations and cash flows in the periods recognized and paid.
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We continue to pursue available options to mitigate the impact of tariffs and countermeasures, including (i) utilizing available exemptions or exclusions to tariffs, such as trade agreements, treaties or other statutory relief, (ii) evaluating operational and supply chain changes, and (iii) where feasible, increasing the prices of our goods and services. Our results for the quarter ended March 31, 2026, reflect our best estimate of the impact of the tariffs then in effect. As the duration, extent and enforceability of the tariffs and counter tariffs in effect remain uncertain, we are continuing to evaluate the potential future impacts of the imposition of tariffs to our business and financial condition. Based on current conditions, we do not believe that the tariffs announced by the U.S. or counter tariffs or other actions taken by other countries will have a material adverse effect upon our results of operations, financial condition, or cash flows. However, the actual financial impacts of tariffs are dependent upon various factors, most notably, the scope of goods covered by tariffs, the value of our imports subject to tariffs, the rate of tariffs
Read in the filing ↗ Also in 10-Q of Oct 20, 2026, 10-Q of Jul 23, 2026
• changes in trade policies, implementation of sanctions, imposition of tariffs (and counter-tariffs) and other trade measures and restrictions, foreign currency fluctuations, and sales methods;
Read in the filing ↗ Also in 10-K of Feb 6, 2026, 10-Q of Apr 21, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 20, 2026
On February 1, 2025, President Trump issued three executive orders directing the United States to impose new tariffs on imports from Canada, Mexico, and China, to take effect on February 4, 2025, and on February 3, 2025, President Trump announced his intention to pause tariffs on Canada and Mexico for the next month. The tariffs impose an additional 25% ad …
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• Management will provide additional details of potential tariff impacts on the Q1 2025 earnings call
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• Outlook does not incorporate the impact of the recently enacted incremental U.S. and non-U.S. tariffs
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• tariff refunds of $0.3 billion, net of tax, which had a favorable impact on diluted EPS of $0.25;
Read in the filing ↗ Also in 10-Q of Oct 20, 2026
• Outlook reflects strong first half operational performance and incorporates the expected impact of tariffs and changes associated with recently enacted tax legislation
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currency exchange rates, sanctions, tariffs, energy costs and supply, levels of air travel, the financial condition of commercial airlines, and the impact from natural disasters and weather conditions create uncertainties that could impact our businesses.
Read in the filing ↗ Also in 10-Q of Jul 23, 2026, 10-Q of Oct 20, 2026
• risks relating to RTX’s reliance on U.S. and non-U.S. suppliers and commodity markets, including the effect of sanctions, tariffs, delays, and disruptions in the delivery of materials and services to RTX or its suppliers and cost increases;
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Pratt & Whitney reported operating profit of $710 million was up 22 percent versus the prior year. Adjusted operating profit* of $711 million was up 21 percent versus the prior year. The increase was driven by drop through on higher commercial aftermarket and military volume. This growth was partially offset by higher operational costs, including tariffs, and higher SG&A expense.
Read in the filing ↗ Also in 8-K of Oct 21, 2025, 8-K of Jan 27, 2026
The organic operating profit increase of $0.1 billion in the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025 was primarily due to the commercial and defense sales volume increases as discussed above, partially offset by the impact of higher tariffs and unfavorable commercial OEM mix. Operating profit also benefited from lower research and development expenses.
Read in the filing ↗ Also in 10-Q of Apr 21, 2026
Net products cost of sales increased $0.9 billion in the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025, primarily driven by increases in external products cost of sales at Raytheon, Collins, and Pratt & Whitney each driven by the products sales changes noted above partially offset by $0.4 billion of tariff refunds recognized at Pratt & Whitney and Collins.
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Other Applicable Regulations. We conduct our businesses through subsidiaries and affiliates worldwide. As a result, our businesses and operations are subject to both U.S. and non-U.S. government laws, regulations, and procurement policies and practices, including regulations relating to tariffs, taxes, investment, sanctions, exchange controls, anti-corruption, privacy, and cash repatriation. Our international sales are also subject to varying currency, political, and economic risks.
Read in the filing ↗ Also in 10-K of Feb 3, 2025
Net products cost of sales increased $3.4 billion in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by increases in external products cost of sales at Raytheon, Collins, and Pratt & Whitney, each driven by the products sales changes noted above partially offset by $0.4 billion of tariff refunds recognized at Pratt & Whitney and Collins.
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Collins Aerospace reported operating profit of $1,173 million was up 5 percent versus the prior year. On an adjusted basis, operating profit* of $1,249 million was up 9 percent versus the prior year. Drop through on higher commercial aftermarket and defense volume, favorable defense mix, and lower R&D expense more than offset unfavorable commercial OE mix and the impact of higher tariffs across the business.
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Total cost of sales increased $1.4 billion and $5.8 billion organically for the quarter and nine months ended September 30, 2026, respectively, primarily driven by the organic net sales increases at Raytheon, Pratt & Whitney and Collins noted above. Organic cost of sales for the quarter and nine months ended September 30, 2026 at Pratt & Whitney and Collins includes the benefit of $0.4 billion of tariff refunds.
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Collins Aerospace reported operating profit of $1,402 million was up 27 percent versus the prior year. Reported operating profit included a gain on the sale of the Simmonds Precision Products business. Adjusted operating profit* of $1,223 million was up 1 percent versus the prior year. Drop through on higher commercial aftermarket and commercial OE volume was partially offset by the impact of divestitures completed during the year and higher tariffs across the business.
Read in the filing ↗ Also in 8-K of Oct 21, 2025
The organic operating profit increase of $0.5 billion in 2025 compared to 2024 was primarily due to higher commercial aerospace operating profit of $0.3 billion, principally driven by the higher sales volume discussed above, partially offset by the impact of tariffs and unfavorable commercial OEM mix. Defense operating profit increased $0.1 billion in 2025 compared to 2024 due to higher sales volume. Lower research and development expenses were partially offset by higher selling, general and administrative expenses.
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The organic operating profit increase of $0.6 billion in the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025 was due to higher commercial aerospace operating profit of $0.4 billion and tariff refunds of $0.2 billion. The increase in commercial aerospace operating profit was driven by the higher sales volume discussed above and favorable mix. Defense operating profit was relatively flat, as the impact from higher sales volume discussed above was mostly offset by mix.
Read in the filing ↗ Also in 10-Q of Oct 20, 2026, 10-Q of Oct 21, 2025, 10-Q of Oct 21, 2025
Global, economic, and political conditions, changes in raw material and commodity prices and supply, labor availability and costs, inflation, interest rates, potential changes in U.S. government policy positions, including changes in DoD policies or priorities, geopolitical conflicts and strained intercountry relations, U.S. and non-U.S. tax law changes, foreign currency exchange rates, sanctions, tariffs, energy costs and supply, levels of air travel, the financial condition of commercial airlines, and the impact from natural disasters and weather conditions create uncertainties that could impact our businesses.
Read in the filing ↗ Also in 10-Q of Oct 21, 2025, 10-K of Feb 6, 2026
• the effect of changes in economic, capital market, and political conditions in the U.S. and globally, such as from the global sanctions and export controls with respect to Russia, and any changes therein, and including changes related to financial market conditions, banking industry disruptions, fluctuations in commodity prices or supply (including energy supply), inflation, interest rates and foreign currency exchange rates, disruptions in global supply chain and labor markets, levels of consumer and business confidence, the imposition of tariffs, and geopolitical risks, including, without limitation, in the Middle East and Ukraine;
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Pratt & Whitney reported operating profit of $492 million was down 9 percent versus the prior year. Reported operating profit included a charge of approximately $100 million related to a customer bankruptcy. On an adjusted basis, operating profit* of $608 million was up 13 percent versus the prior year. The increase was driven by favorable commercial OE mix, drop through on higher commercial aftermarket volume, and lower R&D expense which more than offset the impact of commercial aftermarket mix, higher tariffs across the business, and the four week work stoppage. 3 Raytheon
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The organic operating profit increase of $0.4 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to higher commercial aerospace operating profit of $0.2 billion, principally driven by the higher sales volume discussed above partially offset by unfavorable commercial OEM mix and the impact of tariffs. Defense operating profit increased $0.2 billion in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to higher sales volume and favorable mix. Operating profit also benefited from lower research and development expenses.
Read in the filing ↗ Also in 10-Q of Oct 21, 2025, 10-Q of Oct 20, 2026, 10-Q of Oct 20, 2026
The organic operating profit increase of $0.3 billion in the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to higher commercial aerospace operating profit of $0.2 billion primarily due to the volume increases discussed above, partially offset by the impact of higher tariffs. Defense operating profit in the six months ended June 30, 2026 compared to the six months ended June 30, 2025 increased $0.1 billion as the benefit of higher volume was partially offset by mix. Operating profit was also impacted by higher selling, general and administrative expenses.
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In recent years, we have experienced supply chain disruptions that have impacted our ability to procure raw materials, including certain rare earth elements, microelectronics, and certain commodities, resulting in delays and increased costs. These disruptions have been driven by supply chain market constraints and macroeconomic conditions, including inflation and labor market shortages. The high inflationary environment has increased material and component prices, labor rates and supplier costs, which has negatively impacted our costs. Current geopolitical conditions, including conflicts and other causes of strained intercountry relations, as well as sanctions and other trade restrictive activities, such as tariffs and export controls, are continuing to contribute to these supply chain issues.
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The increase in Operating profit of $0.8 billion for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025 was primarily driven by an increase in the organic operating profit of our segments of approximately $1.1 billion which includes the benefit of $0.4 billion of tariff refunds. Operating profit also benefited from gains on investments of $0.2 billion. These increases were partially offset by a $0.4 billion charge at Pratt & Whitney related to a customer bankruptcy during the third quarter of 2026 and the absence of a $0.1 billion gain on sale of the actuation and flight control business in third quarter of 2025.
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The increase in Operating profit of $2.0 billion for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by an increase in the organic operating profit of our segments of approximately $2.0 billion, which includes the benefit of $0.4 billion of tariff refunds. Operating profit also benefited from gains on investments of $0.2 billion and lower restructuring costs in 2026 as compared to 2025. These items were partially offset by a $0.3 billion increase in customer bankruptcy related charges recorded at Pratt & Whitney and the absence of a $0.1 billion gain on sale of the actuation and flight control business in the third quarter of 2025.
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The organic operating profit increase of $0.4 billion in 2025 compared to 2024 reflects higher commercial aerospace operating profit of $0.5 billion and higher military operating profit of $0.2 billion. Higher commercial aftermarket volume and favorable commercial OEM mix more than offset the impacts of unfavorable aftermarket mix and higher tariffs and production costs. The increase in military operating profit was driven by the higher sales volume discussed above, as well as favorable mix and the absence of an unfavorable EAC adjustment of approximately $50 million in the fourth quarter of 2024, partially offset by higher production costs. These increases were partially offset by higher selling and general administrative expenses of $0.2 billion and the absence of a fourth quarter 2024 insurance recovery of approximately $0.1 billion.
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Our international sales and operations are also subject to risks associated with local government laws, regulations, and policies, including with respect to investments, taxation, exchange controls, capital controls, employment regulations, repatriation of earnings, and tariffs. Differing legal systems, customs, and contract laws and regulations pose additional risk. International transactions may include contractual terms that differ from those of similar contracts in the U.S. or that may be interpreted differently in foreign countries. In addition, in certain foreign countries, we engage foreign non-employee representatives and consultants for international sales and teaming with international subcontractors, partners, and suppliers for international programs. While we have robust policies and controls in place, these engagements expose us to various risks including those associated with the Foreign Corrupt Practices Act (FCPA) and local antibribery laws and regulations.
Read in the filing ↗ Also in 10-K of Feb 3, 2025
Global Supply Chain. We are dependent on a global supply chain and have experienced supply chain disruptions that resulted in delays and increased costs and adversely affected our performance. These disruptions impacted our ability to procure raw materials, including certain rare earth elements, microelectronics, and certain commodities on a timely basis and/or at expected prices, and are driven by supply chain market constraints and macroeconomic conditions, including inflation and labor market shortages. Current geopolitical conditions, including conflicts and other causes of strained intercountry relations, as well as sanctions and other trade restrictive activities, such as tariffs and export controls, are contributing to these issues. Furthermore, our suppliers and subcontractors have been impacted by these same issues. We have implemented actions and programs to mitigate some of the impacts but anticipate supply chain disruptions to continue.
Read in the filing ↗ Also in 10-K of Feb 6, 2026, 10-Q of Apr 21, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 20, 2026
The timing of the impacts of these supply chain risks and issues and our ability to mitigate them are uncertain and difficult to predict. However, we expect the current supply chain, inflation, and price issues, and their negative impacts on our business, to continue. In particular, we expect to experience prolonged delays for certain critical component parts and sub-systems. Furthermore, the existing supply chain issues could be compounded by other events, such as an economic downturn; changes in trade policies, such as tariffs; supplier capacity constraints for other reasons; supplier quality issues (for example, defects or fraudulent parts); supplier closing, bankruptcy, or financial difficulties; price increases for various reasons; and worsening shortages of raw materials or commodities, including as a result of war or other geopolitical actions, natural disaster, health pandemics or other business continuity events, or transport and distribution issues, any of which could further negatively impact our ability to meet our commitments to customers or increase our operating costs and therefore incrementally affect our results of operations, financial condition, and liquidity.
Read in the filing ↗ Also in 10-K of Feb 3, 2025
… Our business, operating results, financial condition, and liquidity may be adversely affected by changes in global economic conditions, international relations, and geopolitical events and actions, including inflation, credit market conditions, levels of consumer and business confidence, commodity (including energy) prices and supply, trade policies (including tariffs), exchange rates, levels of government spending and deficits, the threat environment, political conditions, and …
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Collins Aerospace first quarter 2026 reported and adjusted sales* of $7,602 million were up 5 percent versus the prior year. Excluding the impact of divestitures, the increase in adjusted sales* was driv en by a 15 percent increase in commercial OE, a 7 percent increase in commercial aftermarket, and a 9 percent increase in defense . The increase in commercial OE sales was driven by higher volume on narrowbody and widebody platforms, and the increase in commercial aftermarket sales was driven by growth in provisioning and parts and repairs which was partially offset by lower volume in modifications and upgrades. The increase in defense sales was driven by higher volume across multiple programs. 2 Collins Aerospace reported operating profit of $1,307 million was up 20 percent versus the prior year. Adjusted operating profit* of $1,298 million was up 6 percent versus the prior year. The increase was driven by drop through on higher commercial and defense volume, and lower R&D expense. This was partially offset by unfavorable commercial OE mix, the impact of divestitures completed in 2025, and higher tariffs across the business. Reported operating profit in Q1 2025 included higher restructuring charges associated with cost transformation initiatives.
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… or foreign government laws, regulations, and policies, including those related to tariffs, sanctions, embargoes, export and import controls, other trade restrictions, and trade agreements. Events such as increased trade restrictions, retaliatory trade policies, or regime change can affect demand for our products and services, the competitive position of our products, our supply chain, and our ability to manufacture or sell …
Read in the filing ↗ Also in 10-K of Feb 6, 2026
… Current geopolitical conditions, including conflicts and other causes of strained intercountry relations, as well as sanctions and other trade restrictive activities, such as tariffs and export controls, are contributing to these issues. In addition, the inflationary environment has increased material and component prices, labor rates, and supplier costs, and negatively impacted costs. Credit market conditions, including higher interest rates and …
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“Our updated outlook reflects strong operational performance in the first half and incorporates our current assessment of the impact of tariffs. We are focused on delivering on the strong growth in our commercial and defense end markets and remain well positioned to drive long term profitable growth.” 1 *Adjusted net sales (also referred to as adjusted sales), organic sales, adjusted …
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… suppliers and commodity markets, including the effect of sanctions, tariffs (and counter tariffs) and other trade measures and the duration thereof, delays and disruptions in the delivery of materials and services to RTX or its suppliers and cost increases, and the inability of RTX to mitigate U.S. tariffs and countermeasures including by exemptions, exclusions, operational changes or otherwise; (6 …
Read in the filing ↗ Also in 8-K of Apr 22, 2025, 8-K of Jan 27, 2026, 8-K of Apr 21, 2026, 8-K of Jul 23, 2026, 8-K of Oct 20, 2026, 8-K of Oct 21, 2025, 8-K of Jan 28, 2025
… subcontractor performance or product quality issues, inability to achieve the benefits of our expected cost reduction, digital transformation, manufacturing, operating, and other strategic initiatives, inflation, inability to pass on tariff costs, and changing laws or regulations, natural disasters, and public health crises. We may also experience cost underruns which would reduce contract value and related expected revenues, and we may …
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… We may incur unexpected costs for various reasons, including technical and manufacturing challenges, schedule delays, the timeliness and availability of materials, components, or labor, the inaccuracy of initial contract cost estimates, internal and subcontractor performance or product quality issues, inability to achieve expected cost reduction, digital transformation, manufacturing, operating, and other strategic initiatives, inflation, inability to pass on tariff costs …
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