Read the segment table. RTX's 2021 Form 10-K, filed in February 2022, again splits the defense side of the company into two reportable segments — Raytheon Intelligence & Space and Raytheon Missiles & Defense — and the line between them is where a lot of analytical confusion lives.
The simplest way to hold the distinction: Intelligence & Space is largely about sensing, space systems, and command-and-control — the parts of a kill chain that find, track, and connect. Missiles & Defense is largely about effectors and the radars that cue them — the parts that intercept and defeat. Funded backlog and revenue are reported within each.
Why split the analysis this way? Because the two segments respond to different budget drivers. Space and sensing spending and munitions spending do not always move together, so a consolidated defense number can mask a strong quarter in one segment offsetting a soft one in the other. The segment is the honest unit.
The 10-K also presents contract-type mix — fixed-price versus cost-type — within these segments. That matters for risk: fixed-price work concentrates execution risk on the contractor, while cost-type work shifts more of it to the customer. The segment detail is where that risk profile becomes visible.
For anyone tracking a specific RTX program, the practical move is to map it to its segment first, then read that segment's backlog and contract mix, then ignore the consolidated line. The 10-K is the primary record, surfaced via EdgarBeast, with the filing on sec.gov.
The takeaway: RTX's defense business is two engines, not one. The 2021 10-K reports them separately for a reason — and reading them separately is the difference between understanding the company and just reading its top line.