RTX and the Iron Dome for America: Q4 2025 earnings explained - 1.27.2026 (023)

RTX just closed the year with a massive record backlog of $268 billion, effectively insulating itself from demand shocks for years to come. But the real story in this Q4 report isn't just about orders; it’s about the sheer brute force of Raytheon's cash generation. In this episode, Susie and Miro unpack how the defense giant managed to pay out $1 billion in cash compensation to airlines for the GTF engine crisis in a single quarter and *still* generate $3.2 billion in Free Cash Flow. 💸We dig past the headline beat to find the "lumpy" truth hidden in the footnotes: a $157M charge from a customer bankruptcy at Pratt & Whitney versus a convenient $102M profit boost from a "restarted" Middle East contract. Plus, we look at the $600M "geopolitics tax" RTX paid in tariffs, the reality of the manufacturing ramp (munitions output is finally up 20%), and the massive "Iron Dome for America" project lurking in the 10-Q. Is RTX a messy conglomerate or the ultimate defense utility? Tune in to find out. 🚀