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.

“We operate in four principal business segments: Collins Aerospace Systems (Collins Aerospace), Pratt & Whitney, Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD).”— SEC filing (10-K) source

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 SEC filings, 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.