Major ClientsNarrow moat

RTX (RTX) — moat facet

RTX sells half to governments and half to aerospace companies, but its backlog belongs mostly to airlines on long maintenance contracts.

RTX's customers split almost evenly between governments and companies. In 2025 the U.S. government bought $33,279 million, 38% of net sales1; foreign military sales through Washington added $6,702 million and foreign governments buying directly $6,123 million2. Governments together took about 52%3. Commercial aerospace and other commercial sales were $42,499 million, the other 48%45.

RTX net sales by customer type, 2025U.S. government — 38%Foreign military sales — 8%Foreign governments direct — 7%Commercial — 48%RTX Form 10-K FY2025, Note 20 ($M)
Governments just over half.

Only one company is a disclosed large customer. Sales to Airbus, before discounts and incentives, were about 14% of RTX's net sales in 2025 and 2024 and 17% in 20236.

Revenue concentration and backlog concentration tell different stories. By revenue, governments lead. By backlog, Pratt & Whitney's airline maintenance contracts lead: $151 billion of the $268 billion backlog at the end of 2025 was Pratt & Whitney's7, 56%8, and about 45% of remaining performance obligations in June 2026 were its long-term commercial maintenance contracts9.

The customer base is broad but not diverse in kind. Governments that buy weapons, airframers that buy parts and engines, and airlines that buy maintenance each respond to different cycles, which is the protection. Within each group, a few buyers decide a lot.

The concentration disclosures cover revenue, not risk. About half of RTX's purchase obligations, roughly $47 billion in total, are under U.S. government contracts that allow it to recover costs if the government terminates10. The government is therefore both RTX's largest customer and the party whose contracts shape what RTX commits to its own suppliers.

The clients verdict is narrow and stable. The share to watch is the U.S. government's, 38% in 2025 from 46% in 202311; a further fall below a third would make RTX more a commercial aerospace company than a defence one, with the cyclicality that brings.

Moat trajectory: Holding steady

U.S. government share 46% (2023) to 38% (2025).

The number that tests this moat
Moat Explorer calc
Government share of net sales, full year
About 52% (2025: U.S. 38%, foreign military sales 8%, foreign direct 7%)

The defence ballast; a fall below 45% would make RTX mainly a commercial aerospace company.

How it's calculated: Sales to the U.S. government ($33,279M) plus foreign military sales ($6,702M) plus direct foreign government sales ($6,123M) divided by net sales ($88,603M) in 2025, from Note 20 of the FY2025 10-K.
Source: Moat Explorer calculation: RTX backlog and customers ↗
Dig deeper
DIG DEEPER 01
The U.S. Government: 38% of Sales
The U.S. government bought $33 billion from RTX in 2025 across all three segments, and it is also the auditor that caps the margin on much of it.
DIG DEEPER 02
Airbus: 48% of Pratt in 2023, 29% in 2025
Airbus fell from 48% to 29% of Pratt & Whitney's sales in two years, a sign the engine maker is becoming a maintenance business.
DIG DEEPER 03
The Backlog Belongs to Pratt's Maintenance Contracts
RTX's revenue is half government, but its backlog is mostly Pratt & Whitney's airline maintenance contracts running up to 20 years.
DIG DEEPER 04
Foreign Governments: Direct and Through Washington
Allied governments bought about $12.8 billion from RTX in 2025, and they now hold nearly half of Raytheon's backlog.
References
  1. ReportedIn 2025 the U.S. government bought $33,279 million, 38% of net sales; foreign military sales through Washington added $6,702 million and foreign governments buying directly $6,123 million.
    RTX Form 10-K for fiscal 2025 - customers and backlog: sales to the U.S. government (38%, 40%, 46% of net sales in 2025-2023), Airbus (about 14%, 14%, 17% before discounts and incentives; 29%, 31%, 48% of Pratt & Whitney sales), Boeing and Airbus at 16% of Collins sales, international sales of 47%, and total, commercial and defence backlog with remaining performance obligations. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
  2. ReportedIn 2025 the U.S. government bought $33,279 million, 38% of net sales; foreign military sales through Washington added $6,702 million and foreign governments buying directly $6,123 million.
    RTX Form 10-K for fiscal 2025 - Item 7 segment review and Note 20: net sales and operating profit by segment for 2023-2025, organic sales drivers (commercial aftermarket, OEM, military), sales by customer type, products and services, segment assets, capital expenditure and research and development - totals across segments: segment sales and profit, eliminations, acquisition accounting and FAS/CAS adjustments. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
  3. Moat Explorer calcGovernments together took about 52%.
    Moat Explorer calculation from RTX's Forms 10-K FY2023-FY2025, Form 10-Q Q2 2026 and Q2 2026 earnings call. GTF aircraft: more than 2,600 against more than 1,700, about 900 more, 2,600 / 1,700 - 1 = 53%; operators 70 to over 90. Raytheon backlog 86 / 52 - 1 = 65% (December 2023 to June 2026); 86 / 28.043 = 3.1 years of 2025 sales. Total backlog 289 / 93.5 = 3.1 years of trailing sales. Pratt & Whitney share of backlog 151 / 268 = 56% (December 2025). Commercial share of backlog 170 / 289 = 59%; defence 119 / 289 = 41% (June 2026). Defence backlog 119 / 78 - 1 = 53% (December 2023 to June 2026). Government share of 2025 net sales (33,279 + 6,702 + 6,123) / 88,603 = 46,104 / 88,603 = 52%; foreign governments 6,702 + 6,123 = 12,825, 12,825 / 88,603 = 14.5%. — 2023-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in RTX's Forms 10-K and 10-Q, earnings releases, earnings call and market data; operands shown in the source line.
  4. ReportedCommercial aerospace and other commercial sales were $42,499 million, the other 48%.
    RTX Form 10-K for fiscal 2025 - Item 7 segment review and Note 20: net sales and operating profit by segment for 2023-2025, organic sales drivers (commercial aftermarket, OEM, military), sales by customer type, products and services, segment assets, capital expenditure and research and development - totals across segments: segment sales and profit, eliminations, acquisition accounting and FAS/CAS adjustments. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
  5. ReportedCommercial aerospace and other commercial sales were $42,499 million, the other 48%.
    RTX Form 10-K for fiscal 2025 - customers and backlog: sales to the U.S. government (38%, 40%, 46% of net sales in 2025-2023), Airbus (about 14%, 14%, 17% before discounts and incentives; 29%, 31%, 48% of Pratt & Whitney sales), Boeing and Airbus at 16% of Collins sales, international sales of 47%, and total, commercial and defence backlog with remaining performance obligations. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
  6. ReportedSales to Airbus, before discounts and incentives, were about 14% of RTX's net sales in 2025 and 2024 and 17% in 2023.
    RTX Form 10-K for fiscal 2025 - customers and backlog: sales to the U.S. government (38%, 40%, 46% of net sales in 2025-2023), Airbus (about 14%, 14%, 17% before discounts and incentives; 29%, 31%, 48% of Pratt & Whitney sales), Boeing and Airbus at 16% of Collins sales, international sales of 47%, and total, commercial and defence backlog with remaining performance obligations. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
  7. ReportedBy backlog, Pratt & Whitney's airline maintenance contracts lead: $151 billion of the $268 billion backlog at the end of 2025 was Pratt & Whitney's, 56%, and about 45% of remaining performance obligations in June 2026 were its long-term commercial maintenance contracts.
    RTX Form 10-K for fiscal 2025 - customers and backlog: sales to the U.S. government (38%, 40%, 46% of net sales in 2025-2023), Airbus (about 14%, 14%, 17% before discounts and incentives; 29%, 31%, 48% of Pratt & Whitney sales), Boeing and Airbus at 16% of Collins sales, international sales of 47%, and total, commercial and defence backlog with remaining performance obligations. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
  8. Moat Explorer calcBy backlog, Pratt & Whitney's airline maintenance contracts lead: $151 billion of the $268 billion backlog at the end of 2025 was Pratt & Whitney's, 56%, and about 45% of remaining performance obligations in June 2026 were its long-term commercial maintenance contracts.
    Moat Explorer calculation from RTX's Forms 10-K FY2023-FY2025, Form 10-Q Q2 2026 and Q2 2026 earnings call. GTF aircraft: more than 2,600 against more than 1,700, about 900 more, 2,600 / 1,700 - 1 = 53%; operators 70 to over 90. Raytheon backlog 86 / 52 - 1 = 65% (December 2023 to June 2026); 86 / 28.043 = 3.1 years of 2025 sales. Total backlog 289 / 93.5 = 3.1 years of trailing sales. Pratt & Whitney share of backlog 151 / 268 = 56% (December 2025). Commercial share of backlog 170 / 289 = 59%; defence 119 / 289 = 41% (June 2026). Defence backlog 119 / 78 - 1 = 53% (December 2023 to June 2026). Government share of 2025 net sales (33,279 + 6,702 + 6,123) / 88,603 = 46,104 / 88,603 = 52%; foreign governments 6,702 + 6,123 = 12,825, 12,825 / 88,603 = 14.5%. — 2023-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in RTX's Forms 10-K and 10-Q, earnings releases, earnings call and market data; operands shown in the source line.
  9. ReportedBy backlog, Pratt & Whitney's airline maintenance contracts lead: $151 billion of the $268 billion backlog at the end of 2025 was Pratt & Whitney's, 56%, and about 45% of remaining performance obligations in June 2026 were its long-term commercial maintenance contracts.
    RTX Form 10-Q for the quarter ended 30 June 2026 - backlog of $289 billion ($170 billion commercial, $119 billion defence), remaining performance obligations, the $0.4 billion powder-metal accrual, the Blue Canyon Technologies sale, Patriot awards and the remaining repurchase authority. — Q2 2026 · publ. 23 July 2026 · source ↗
  10. ReportedAbout half of RTX's purchase obligations, roughly $47 billion in total, are under U.S. government contracts that allow it to recover costs if the government terminates.
    RTX Form 10-K for fiscal 2025 - consolidated financial statements and notes: income statement, cash flow, dividends and repurchases, long-term debt of $37,700 million, goodwill by segment, pension income, the 2024 resolution of certain legal matters, the Raytheon contract termination and the accelerated share repurchase. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
  11. ReportedThe share to watch is the U.S. government's, 38% in 2025 from 46% in 2023; a further fall below a third would make RTX more a commercial aerospace company than a defence one, with the cyclicality that brings.
    RTX Form 10-K for fiscal 2025 - customers and backlog: sales to the U.S. government (38%, 40%, 46% of net sales in 2025-2023), Airbus (about 14%, 14%, 17% before discounts and incentives; 29%, 31%, 48% of Pratt & Whitney sales), Boeing and Airbus at 16% of Collins sales, international sales of 47%, and total, commercial and defence backlog with remaining performance obligations. — FY2023-FY2025 · publ. 6 February 2026 · source ↗
Sources
Generated September 28, 2026