Full-Year Revenue and Organic Growth
Adjusted sales of $88.6 billion for FY2025, up $9.0 billion year-over-year and +11% organic growth.
Strong Earnings and Cash Generation
Adjusted EPS of $6.29 for FY2025, up 10% year-over-year; free cash flow of $7.9 billion, up $3.4 billion year-over-year.
Robust Backlog and Book-to-Bill
Full-year book-to-bill of 1.56 and record backlog of $268 billion, up 23% year-over-year (≈$161B commercial, $107B defense).
2026 Financial Outlook
Guidance for 2026: adjusted sales $92.0–$93.0 billion (5–6% organic growth), adjusted EPS $6.60–$6.80, and free cash flow $8.25–$8.75 billion.
Quarterly Performance and Channel Strength
Q4 adjusted sales $24.2 billion (+12% adjusted, +14% organic). Organic growth drivers: commercial OE +18%, commercial aftermarket +17%, defense +10%.
Segment Wins and Order Flow
Notable awards include 1,500 GTF engines and >2,400 Pratt Canada engines orders, Raytheon $1.2B Spain Patriot award and $1.2B Tamir missile contract; Raytheon booked $40B of awards in the year; international backlog mix at Raytheon 47% (up 3 points).
Exceptional Pratt & Whitney Momentum
Pratt & Whitney FY sales $32.9B (+17% organic), Q4 sales $9.5B (+25% Y/Y); Q4 operating profit $776M (+$59M) driven by strong OEM, aftermarket and military engine volumes.
Raytheon Operational and Margin Improvement
Raytheon Q4 sales $7.7B (+7%), Q4 operating profit $885M (+$157M). FY Raytheon sales $28B (+6% organic) with 130 bps year-over-year margin expansion driven by productivity and mix.
Operational Productivity and Digital Deployment
Factory digital connectivity covering >50% of manufacturing hours; examples include 45% aged inventory reduction at Pratt Lansing and 35% circuit card cycle-time reduction at Raytheon Andover; munitions output up ~20% on critical programs.
GTF Fleet Management Progress
GTF MRO output up 26% for the year and +39% in Q4; AOGs down >20% from 2025 highs; heavier shop visits up 40% in 2025; new MRO partners added (UAE Sinad, ITP Aero).
Capital Investment Program
Invested $2.6B CapEx in 2025 and over $10B in CapEx + company/customer-funded R&D in aggregate in 2025; planning ~$10.5B of combined R&D/CapEx investment in 2026 including ~$3.1B CapEx to expand capacity.