Here's the thread that ties it together: when Raytheon and United Technologies combined, the resulting company, RTX, had to tell investors how the merged business is actually organized. Its 2020 Form 10-K, filed in February 2021, answers that by splitting the company into four reportable segments — and the segment map is the key to reading everything else in the filing.
Two of the four segments are aerospace-commercial in character: Collins Aerospace and Pratt & Whitney. The other two carry the defense and space identity that matters to this readership: Raytheon Intelligence & Space, and Raytheon Missiles & Defense (RMD). The filing describes RMD as a leading designer of missile and defense systems, and notes work tied to customers including the Defense Advanced Research Projects Agency.
Why does segment structure deserve a whole article? Because a diversified contractor's headline revenue tells you almost nothing about where its growth or risk lives. Three documents, one story: the segment table, the backlog by segment, and the customer-concentration disclosure together show whether the company is leaning commercial-aerospace or defense — two businesses with very different cycles.
For space and missile-defense watchers, the relevant lines sit inside Intelligence & Space (sensors, space systems, C2) and Missiles & Defense (interceptors, effectors, radars). When a prime reports results, reading the segment that owns the program you care about is more informative than the consolidated number, which blends a jet-engine cycle with a missile cycle.
Zoom out for a second: the merger also reset the comparison baseline, so year-over-year figures in this first full annual report span a discontinuous history. That's a reading caution, not a red flag — it just means early post-merger trends should be read carefully. The 10-K is the primary record; we surfaced it via EdgarBeast, with the filing on sec.gov.
The practical lesson: when a large defense-and-aerospace company files, find the segment that owns your program before you read a single growth number. The segment is the unit of analysis. RTX's 2020 10-K makes that map explicit.