RTX · CIK 101829
What RTX Corporation told the SEC could break it.
Two heavy concentrations define RTX's register, and both are geopolitical. On the demand side, it leans on government buyers — direct U.S. government sales were $33.3 billion, or 38% of 2025 net sales, and adding foreign military and foreign-government direct sales pushes government-driven demand past half of revenue. On the supply side, it is largely dependent on foreign sources for scarce raw materials — cobalt, tantalum, chromium, rhenium, nickel and titanium — and single-source components, some historically from now-sanctioned Russia or currently from China. Those same tensions cut back at it directly: China has sanctioned the Raytheon business and a Collins Aerospace joint venture over arms sales to Taiwan, and it monitors exposure to instability in Israel and the broader Middle East.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- foreign-source dependence for scarce raw materials (cobalt, tantalum, chromium, rhenium, nickel, titanium) incl. Russia/China-sanction-risk areashigh
RTX is largely dependent on foreign sources for scarce raw materials — cobalt, tantalum, chromium, rhenium, nickel and titanium — and on single-source suppliers for some components; some inputs were sourced from now-sanctioned areas such as Russia or from China, which is at risk of sanctions/trade restrictions.
“we are largely dependent upon foreign sources for certain raw materials, such as cobalt, tantalum, chromium, rhenium, nickel, and titanium, and we rely on foreign suppliers as single-source suppliers of some components. Some raw materials and components have been in the past sourced from areas now under sanctions, such as Russia, or are currently sourced from areas which are at risk of sanctions or other trade restrictive actions, such as China.”
Customer concentration
- U.S. government = 38% of net sales ($33.3B); +8% FMS +7% foreign-gov directhigh
Sales to the U.S. government were $33.3 billion, or 38% of RTX total net sales in 2025 (excluding foreign military sales); adding 8% foreign military sales through the U.S. government and 7% foreign-government direct commercial sales, government demand drives over half of revenue.
“Sales to the U.S. government (1) $ 33,279 $ 32,246 $ 31,628 38 % 40 % 46 %”
SEC filing →As of 2026
Regulatory & policy
- China sanctions against Raytheon/RMD and a Collins JV over Taiwan arms salesmedium
Since February 2023 China has imposed sanctions on Raytheon Missiles & Defense — including a fine equal to twice the value of arms sold to Taiwan since September 2020 — and additional sanctions on the Raytheon business and a Collins Aerospace JV, with risk of further action disrupting RTX operations.
“The Chinese sanctions against RMD included a fine equal to twice the value of the arms that RMD sold to Taiwan since September 2020. Since that time, China has announced additional sanctions against the Raytheon business and a Collins Aerospace (Collins) joint venture.”
Geographic concentration
- operations exposure in Israel and the Middle Eastlow
RTX continues to closely monitor potential impacts to its business, customers, suppliers, employees and operations in Israel, the Middle East and the broader region due to continued regional instability and tensions.
“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.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our current dependence on four specific types of aircraft and engines for all of our flights makes us vulnerable to any significant problems associated with Pratt & Whitney Geared Turbofan Engines (the "PW1100G")”
Cited →“Our engine portfolio primarily consists of noise-compliant Stage IV commercial jet engines manufactured by CFMI, General Electric, Pratt & Whitney”
Cited →Airbus SE
“The largest contributor to our Commercial aerospace and other commercial sales is Airbus. Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 14 %, 14 %, and 17 % of total net sales in 2025, 2024, and 2023, respectively.”
Cited →
Its suppliers
“For 2025, Boeing and RTX Corporation (f/k/a Raytheon Technologies Corporation) (“RTX”) were our largest customers, with Boeing generating 13% and RTX generating 18% of our 2025 net revenues.”
Cited →“Our top customers include BAE Systems, KORD Technologies, Mazak, Northrop Grumman, QinetiQ Limited, Raytheon Technologies, and the U.S. Government.”
Cited →“RTX Corporation comprised 13%, 10%, and 14% of our revenues in each of the fiscal years 2025, 2024 and 2023, respectively.”
Cited →“RTX Corporation and GE Aerospace each represented approximately 11 % of the Company's third-party sales for the year ended December 31, 2025.”
Cited →
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