⚠ The MUSE IncidentLow threat

RTX (RTX) — threat to the moat

A ransomware attack on Collins's airport check-in software in 2025 showed how far the segment's reputational exposure reaches.

Collins's breadth reaches beyond the aircraft. In September 2025 a ransomware incident affected MUSE, Collins's software for airport passenger check-in, and RTX reported it in an 8-K while stating the matter had "not had a material impact" on its financial results1.

Collins sales by customer type, 2025 ($M)18,858Commercial8,727GovernmentsRTX Form 10-K FY2025, Note 20; governments incl. FMS
Commercial customers dominate Collins.

The episode matters less for its cost than for what it shows. A company whose products are embedded in airports and aircraft carries operational and reputational risks far from its factories. RTX's filings already note that the powder-metal matter "has caused reputational harm"2; a second visible failure in a different business would compound it.

Collins's customers buy on reliability. A certified part is hard to replace unless it fails in public.

RTX filed the incident as an 8-K under Item 8.013, a voluntary disclosure rather than a report of a material event. That choice is itself informative: management judged the episode worth telling investors about while stating it had not had a material financial impact.

There is no single number for this risk. The practical test is whether Collins's aftermarket and services orders keep growing after the incident; its commercial aftermarket rose 10% in the second quarter of 20264. A fall in services renewals attributed to reliability would mean the damage reached the franchise.

References
  1. ReportedIn September 2025 a ransomware incident affected MUSE, Collins's software for airport passenger check-in, and RTX reported it in an 8-K while stating the matter had "not had a material impact" on its financial results.
    RTX Form 8-K of September 2025, Item 8.01 - the ransomware incident affecting Collins's MUSE airport passenger-processing software. — September 2025 · publ. September 2025 · source ↗
  2. ReportedRTX's filings already note that the powder-metal matter "has caused reputational harm"; a second visible failure in a different business would compound it.
    RTX Form 10-K for fiscal 2025 - Item 1A risk factors: competition on price, delivery and technology; customers buying parts from suppliers other than the original equipment manufacturer; discounts and guarantees to win engine positions; new defence entrants; GTF durability; reputational harm; pension sensitivity to the discount rate; tariffs. — FY2025 · publ. 6 February 2026 · source ↗
  3. ReportedRTX filed the incident as an 8-K under Item 8.01, a voluntary disclosure rather than a report of a material event.
    RTX Form 8-K of September 2025, Item 8.01 - the ransomware incident affecting Collins's MUSE airport passenger-processing software. — September 2025 · publ. September 2025 · source ↗
  4. ReportedThe practical test is whether Collins's aftermarket and services orders keep growing after the incident; its commercial aftermarket rose 10% in the second quarter of 2026.
    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 ↗
Sources
Generated September 28, 2026