AGM 2026

Apr 30, 2026

Good morning, and welcome to the 2026 annual meeting of the shareowners of RTX Corporation. I'm Chris Calio, Chairman of the Board. I am now calling the annual meeting to order. As indicated in our 2026 proxy statement, this is a virtual meeting. Shareowners, as of the March 3, 2026 meeting record date, who enter their control number are able to join the meeting as participants who can vote and post live questions online via the meeting webpage. Those without a control number are joining the call as attendees who may listen in. Joining me today are Raja Maharajh, our Executive Vice President and General Counsel, and Ted Perreault, our Senior Vice President and Secretary. Also joining the meeting are other members of the management team: Chief Financial Officer Neil G. Mitchill, Jr., Chief Human Resources Officer Dantaya Williams, and Chief Communications Officer Pamela Erickson, as well as the other directors who currently serve on the board and are standing for reelection with me. I'd like to introduce them individually. Tracy A. Atkinson, retired Executive Vice President of State Street Corporation. Leanne G. Caret, retired Executive Vice President, The Boeing Company, and former Chief Executive Officer, Boeing Defense, Space & Security. Bernard A. Harris Jr., Chief Executive Officer and Managing Partner of Vesalius Ventures. George Oliver, retired Chairman and Chief Executive Officer, Johnson Controls International. Ellen M. Pawlikowski, retired General U.S. Air Force and former Commander, Air Force Materiel Command. Denise L. Ramos, retired Chief Executive Officer and President, ITT. Fredric G. Reynolds, retired Executive Vice President and Chief Financial Officer, CBS Corporation, who serves as our independent Lead Director. Brian Rogers, retired Chairman, T. Rowe Price Group. Robert Work, retired Deputy Secretary of Defense, U.S. Department of Defense. We will now turn to the business of the meeting. In addition to the agenda and live audio of the proceedings, the meeting webpage provides shareowners with a method for submitting questions and casting votes, subject to the provisions governing voting found in the company's proxy statement. The order of business will be in accordance with the agenda. After the matters to be voted upon have been presented, I will share some remarks on key company accomplishments and initiatives, following which a period of time has been set aside to address questions submitted by shareowners. If time does not allow us to answer all of the questions relevant to the business of the meeting, we will post answers to the remaining questions on the company's website in the coming days. The polls close, and we will announce the preliminary voting results and adjourn the meeting. The Inspector of Election at today's meeting is Michael Barbera, who has been appointed by the board to act in that capacity. Mr. Barbera has signed the customary oath of office, which will be an exhibit to the meeting minutes. Mr. Barbera has informed us that a quorum is represented in person or by proxy at the meeting. Because proper notice was given and a quorum is present, the meeting is now duly convened to transact such business as may properly come before it. The polls are now open for voting on the total of the three matters as set forth in the proxy statement and reflected on the agenda. The first proposal is the election of the director nominees. There are 10 nominees listed in the proxy statement for election to the board. They are myself and the nine directors I introduced earlier. In addition to the director nominations, there are two items on the ballot and proxy card proposed by the board and discussed in the proxy statement. They are as follows. Proposal 2, the advisory vote to approve executive compensation, and Proposal 3, the vote to appoint PricewaterhouseCoopers to serve as RTX's independent auditor until the next annual meeting. The election of the director nominees and the other company proposals are now placed before the meeting. Now we'll turn to the state of the business. Thank you to our shareowners for joining us today. It's remarkable to think about the evolution of the aerospace and defense industry and a substantial change in the global landscape we operate in from just a few years ago. In commercial aerospace, millions of global airline passengers take to the sky each day. That figure grows larger by the year, signaling tremendous demand ahead for both our new aircraft products and aftermarket services. In defense, the current landscape clearly underscores the need for critical munitions depth, integrated air and missile defense technology, and more advanced capabilities to counter evolving threats. Our products across RTX are well-positioned to support these needs. Today, our mandate is clear. Our customers need more of what we offer, and they need it faster. The demand for our products and services is reflected in our record $271 billion backlog, which has increased 25% over the last year. Our 180,000 RTX employees are truly world-class. Grounded in our values of safety, trust, respect, accountability, collaboration, and innovation, our global team shows up each and every day focused on our mission of connecting and protecting the world. Our company, Collins Aerospace, Pratt & Whitney, and Raytheon, is second to none. We have the right positions on the fastest-growing platforms, enabling us to enhance existing products for our customers while also developing new capabilities. Our balance sheet allows us to invest in the capacity and technology needed to deliver what our customers need today and to innovate to bring new capabilities to market. Last year alone, we invested more than $10 billion in capital expenditures and company and customer-funded research and development. Underpinning all of this is our relentless focus on execution, and I'm proud of the progress we've made. Last year, leveraging our CORE Operating System, Pratt & Whitney boosted MRO output on the PW1100 GTF engine by 26% to support the growing GTF fleet. Collins Aerospace increased production at its factories, supporting the airframers' ramp-up in commercial aircraft delivery rates. Raytheon increased output by 20% across a number of critical programs to support munitions replenishment, including GEM-T for the Patriot Air and Missile Defense System, AMRAAM, which is the premier air-to-air combat proven effector, and Coyote, which supports counter UAS capabilities. We have more work to do in providing our customers what they need when they need it. We understand our products and capabilities are essential, and we are committed to supporting both our defense and commercial customers in accelerating output. To build on our progress, we remain focused this year on our three strategic priorities: executing on our commitments, innovating for future growth, and leveraging our breadth and scale. First, let me touch on execution. Already this year, Raytheon entered into 5 landmark framework agreements with the Department of War to significantly expand production of critical munitions, including Tomahawk, AMRAAM, and the Standard Missile family, increasing production to 2 to 4 times existing rates over the next decade. We also remain focused on ramping production today, with total munitions output in the 1st quarter up over 40% compared to last year. MRO output on the PW1100 GTF also continues to grow. It was up 23% year-over-year in Q1 and remains the key enabler to reducing the number of aircraft on ground. In addition, our business units continue to collaborate on future capabilities. Collins, Pratt & Whitney, and the RTX Research Center continue to drive progress on hybrid electric engine technology, successfully testing the propulsion system and battery pack for a turboprop demonstrator at full power in Q1. Our focus on execution and continuous improvement comes to life through our CORE Operating System. Our teams held almost 12,000 CORE events last year, working together to tackle opportunities across RTX. CORE is instrumental in driving continuous improvements every day as we work to become as efficient and productive as we can and ultimately improve the results that we deliver to our stakeholders. In 2026, this emphasis on efficiency and execution will remain central to meeting our commitments and reaching our full potential as a company. Our second strategic priority is innovating for future growth. This year, we're investing more than $10.5 billion in CapEx in company and customer-funded R&D. This includes a year-over-year increase in investment in CapEx to meet the growing end market demand. These investments are accelerating production capacity and factory automation across RTX. This includes an expansion in Columbus, Georgia, that will increase output of critical parts for the GTF and F135 engine programs by 30%. We will also complete a project in Huntsville, Alabama, that increases missile integration and delivery capacity by over 50%, and we will expand a facility at Collins Aerospace to support radar systems and air traffic modernization opportunities. We also continue to drive progress on our 10 cross-company technology roadmaps, which are aligned to key upcoming pursuits and cover next-gen capabilities, ranging from advanced propulsion to microelectronics to integrated battlespace. These roadmaps underscore our unique position as a technology company that serves both commercial and defense customers. All span across two of our businesses, and seven are relevant to all three, ensuring faster advancements with greater impact across RTX. For example, Raytheon successfully demonstrated a new variant of the Coyote system during a U.S. Army test event. Building upon the battle-tested variant of Coyote, this innovation is a lower-cost counter-unmanned aircraft system that can be recalled after completing its mission and redeployed for additional engagements, addressing a growing need for our customers. Finally, our third strategic priority is leveraging our breadth and scale. This is an advantage in how we develop and share technology. Our scale enables us to recruit, develop, and retain the world's best and brightest minds and leverage that expertise across our different businesses. It also gets to the CORE of how we operate, deploying best-in-class processes that unlock value in everything from supply chain to program management. Take our growing digital footprint, which speeds decision-making, reduces costs, and increases output. We've now connected factories that represent over 50% of our annual manufacturing hours to our proprietary data and analytics platform, and we're seeing the benefits. For example, within Raytheon's Andover, Massachusetts, facility, we're able to reduce circuit card production cycle times by about 35% in 2025, and we are on track to expand that coverage to connect 60% of our manufacturing hours by the end of this year. The opportunities, both this year and beyond, are immense. In closing, no matter the global environment, I'm confident about RTX's future. We have all the elements in place to reach our full potential and continue to deliver long-term value for all of our stakeholders. Thank you again to our 180,000 employees for your focus, dedication, and ingenuity. I couldn't be prouder to be part of this team. Thank you to our share owners for your continued support as we deliver on our mission of connecting and protecting the world. I would now like to turn the microphone over to Corporate Secretary, Ted Perreault, who will make some preliminary remarks before we proceed to respond to questions submitted by share owners. Ted? Thank you, Chris. Statements made earlier and during the upcoming question and answer period may contain forward-looking statements, which include projections or other statements about future events based on current expectations and assumptions. Actual results may differ materially from these forward-looking statements because of a variety of risks and uncertainties which are discussed today or described in our filings with the Securities and Exchange Commission, including our forms 10-K and 10-Q. We do not undertake any duty to update forward-looking statements. We will be responding to questions submitted by share owners either before or during the meeting. Similar questions may be grouped together. In some cases, Chris may call upon me or others to provide a response. We will only address questions relevant to the business of the annual meeting. Here is our first question: Chris, our share owners are interested in rising demand for our defense products and our efforts to both increase and expedite production. What steps is RTX taking to satisfy demand for defense products, and how are we balancing those steps with the needs of our commercial customers? Thank you for the question. RTX products are critical to national security, and we are proud of the role we play in defending the United States and our allies around the world. We feel a powerful responsibility to execute for all of our customers. During 2025, we increased production on critical defense programs by over 20%. This year, we expect to increase production significantly again and saw total munitions output increase over 40% in Q1 compared to last year. As I mentioned previously, we also announced a number of agreements with the U.S. Department of War that include investments to substantially increase production capacity for several critical munitions, including Tomahawk, AMRAAM, and the Standard Missile family. These agreements are a significant step in the Department of War's transformation agenda and are expected to provide firm demand signals for RTX and our supply chain to invest and ramp production 2 to 4 times existing rates across each program. We also continue to invest to be able to execute on our commitments to our commercial customers. In Q1 alone this year, Pratt & Whitney announced a $200 million investment in manufacturing capability in Columbus, Georgia. Collins announced a $40 million investment to modernize our facilities in Puerto Rico. We made an additional $139 million investment in both Collins and Pratt & Whitney aerospace facilities in Singapore. We are privileged to have a combined $271 billion backlog across our defense and commercial businesses. Operationally, we will apply relentless focus to execute on this backlog and to continue to earn the confidence of both our defense and commercial aerospace customers as we deliver long-term value to our share owners. Thanks, Chris. Our next question is for our Executive Vice President and Chief Human Resources Officer, Dantaya Williams. Dantaya, our share owners have expressed support for how we compensate our most senior executive officers but would like to better understand how we incentivize performance by our other executive and non-executive employees. Would you please comment on RTX's approach to compensation for our people? The success of RTX is driven by our employees and their achievements. Our compensation philosophy for our broader workforce is designed to motivate, recognize, and reward contributions that drive our business results and enable us to meet customer commitments. We also ensure fair and competitive pay across roles, levels, and geographies. The design also balances employee needs with our responsibilities to our customers and share owners, and it reinforces our culture of performance, accountability, and integrity. To support these goals, more than 105,000 employees participate in annual bonus plans. These plans are structured to be aligned to the business, which means awards are tied to strategic objectives, linking individual contributions to company and business unit results. They are performance-driven, and incentives are based on measurable results, reinforcing the connection between goals, performance, and outcomes, and they are differentiated. Rewards vary based on individual impact, ensuring they fairly reflect individual contributions to company success. By aligning pay with performance across RTX, we ensure our employees are motivated, recognized, and rewarded for driving results that matter. This approach supports our mission, reinforces our culture of accountability and excellence, and ultimately benefits our employees, customers, and share owners alike. Our next question is for our General Counsel, Raja Maharajh. Raja, our share owners are very aware of the critical role our products play in conflicts around the world. They would like to understand how RTX fulfills its ethical and governance responsibilities related to defense product sales and mitigates reputational risk related to human rights. Thanks, Ted. We take our responsibility to protect human rights very seriously and are committed to mitigating human rights risk at every level of our business, including in the sale of our products. Let me explain how. Everything we do begins with our core values of safety, trust, respect, accountability, collaboration, and innovation. These are reflected in our code of conduct. That code guides how we approach our work, how we interact with our customers and each other, and how we decide both what we can do and what we should do when we sell our products. Our board of directors, the audit committee, governance and public policy committee, and our special activities committee all play a role in overseeing the elements of our product sales, including how those sales comply with applicable law and our internal policies. RTX has a human rights policy. That policy establishes a due diligence program focused on identifying and mitigating human rights risks associated with potential product sales. This program operates at all of our business units and our corporate division and is overseen by our senior leaders. Finally, we promote a strong speak-up culture, where we expect employees to raise questions and concerns, including regarding our product sales. Our employees understand that they can do so without the fear of retaliation. When employees do speak up about a concern, every one of those matters is taken seriously and investigated in an unbiased and thorough way. Thank you, Raja. Our next question is for Dantaya Williams. Dantaya, our shareowners recognize the importance of employee engagement and the retention to our business. How do we help employees thrive at RTX? At RTX, we are committed to building a healthy, supportive, and high-performing organization where every employee can succeed. This commitment guides how we recruit, develop, reward, and care for our workforce, and defines our culture, where each of us plays a critical role in safety and in looking out for one another. Our emphasis on excellence enables our employees to grow and lead, reflected in strong retention and engagement. With a global footprint, we help employees understand how they can thrive and continue building meaningful careers at RTX. For those stepping into new people leadership roles, we offer a structured development program that provides the tools and confidence needed to lead effectively. Our performance evaluation process aligns individual goals with business priorities, and we have development resources, including the Employee Scholar Program, Individual Development Plans, and RTX Career Development Week, which all support continuous learning and career advancement. RTX Talent Match further strengthens internal mobility by connecting employees with roles that fit their skills and aspirations. Our mentoring offerings and employee feedback program ensure employees feel valued, supported, and heard, helping us stay connected to what they need to reach their full potential. In addition, our employee networks create space for people to collaborate, share best practices, and foster meaningful connections across regions and across the global enterprise. Our people know their work makes the world safer and more connected, and they are deeply committed to our mission. Our goal remains clear: to create an environment where employees feel empowered, supported, and inspired to do their best work. Thank you, Dontaya. We've reached the end of the period we've set aside for questions. As noted earlier, questions relevant to the business of the meeting to which we have not provided a response will be addressed on the company's website in the coming days. I'll now hand it back to our Chairman, Chris Calio. Thank you, Ted. With all proposals having been formally placed before the meeting, the polls are now closed for voting. Mr. Barbera, may we please have the preliminary voting results? Mr. Chairman, the preliminary voting results are as follows. One, election of directors. Each of the director nominees has been elected to the board with a majority of the votes cast. Two, the advisory vote to approve executive compensation. With regard to the advisory vote to approve executive compensation of the senior executives named in the proxy statement, the proposal was approved, having received 96.24% of the votes in favor. The appointment of PricewaterhouseCoopers to serve as independent auditor has been approved with 95.17% of the votes in favor. My certificate as Inspector of Election will be executed and delivered to the Corporate Secretary. Thank you, Mr. Barbera. Please note that these are all preliminary voting results. The final votes will be certified by the Inspector of Election and reported on a Form 8-K that RTX will file in the coming days with the Securities and Exchange Commission. There being no other official business before the meeting, the 2026 annual meeting of the shareowners is now adjourned. In closing, thank you for your participation in today's meeting, and we appreciate your continued support of our team.