Airbus: 48% of Pratt in 2023, 29% in 2025Narrow moat

RTX (RTX) — moat facet

Airbus fell from 48% to 29% of Pratt & Whitney's sales in two years, a sign the engine maker is becoming a maintenance business.

Airbus is RTX's largest commercial customer and the only company named in its concentration disclosures. Sales to Airbus, before discounts and incentives, were about 14% of RTX's net sales in 2025 and 2024 and 17% in 20231. They come from Pratt & Whitney's engines and Collins's systems2.

Airbus share of Pratt & Whitney sales (%)48%202331%202429%2025RTX Form 10-K FY2025; before discounts and incentives
Down 19 points in two years.

Inside Pratt & Whitney the dependence is sharper and falling fast. Airbus was 48% of Pratt & Whitney's sales in 2023, 31% in 2024 and 29% in 20253. The 2023 figure is inflated by the powder-metal sales reduction, which cut other revenue that year; the trend since is the aftermarket growing faster than new engines.

That falling share is good news for the moat. A new engine is sold to Airbus at a discount; the aftermarket is sold to airlines over decades. The more of Pratt & Whitney's revenue that comes from airlines, the less its year depends on one airframer's production line.

Airbus is also a demanding customer. It selects the engines offered on each aircraft, sets delivery schedules and, through its production rate, decides how many new engines Pratt & Whitney ships. RTX lists customer production volumes among its forward-looking risks4.

Collins's exposure to the airframers is much smaller. Boeing and Airbus together were 16% of Collins's sales in 2025, before discounts5. RTX's dependence on Airbus runs almost entirely through the engine business.

The share to watch is Airbus's portion of Pratt & Whitney sales, 29% in 2025; a return above a third would mean new engines are again outgrowing the aftermarket, and margins with them would tilt the wrong way.

Moat trajectory: Widening

Airbus share of Pratt sales 48% (2023) to 29% (2025).

The number that tests this moat
Reported
Airbus share of Pratt & Whitney sales, full year
29% (2025, before discounts)

Dependence on one airframer; above a third would mean new engines are outgrowing the aftermarket.

Source: RTX Form 10-K FY2025, customers and backlog ↗
References
  1. 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 ↗
  2. ReportedThey come from Pratt & Whitney's engines and Collins's systems.
    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 ↗
  3. ReportedAirbus was 48% of Pratt & Whitney's sales in 2023, 31% in 2024 and 29% in 2025.
    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 ↗
  4. ReportedRTX lists customer production volumes among its forward-looking risks.
    RTX second-quarter 2026 earnings release, Form 8-K exhibit 99 - sales of $24.7 billion, segment results, cash flow, balance sheet and raised 2026 outlook. — Q2 2026 · publ. 23 July 2026 · source ↗
  5. ReportedBoeing and Airbus together were 16% of Collins's sales in 2025, before discounts.
    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