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Raytheon Company
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About Raytheon Company

Raytheon Company regularly places among the Pentagon's top ten prime contractors. Its air, land, sea, space, and cyber defense offerings include reconnaissance, targeting, and navigation systems, as well as missile systems (Patriot, Sidewinder, and Tomahawk), unmanned ground and aerial systems, sensing technologies, and radars. Additionally, Raytheon makes systems for communications (satellite) and intelligence, radios, cybersecurity, and air traffic control. The company serves both domestic and international customers primarily as a prime contractor or subcontractor on a broad portfolio of defense and related programs for government customers. The US government accounts for about 70% of sales. In early 2019, Raytheon agreed to merge with leading aerospace and defense giant United Technologies Corporation (UTC). The combined company will be renamed Raytheon Technologies Corporation.



To support its customers worldwide, Raytheon serves defense and intelligence markets via five business segments: Integrated Defense Systems (IDS), Intelligence, Information and Services (ISS), Missile Systems (MS), Space and Airborne Systems (SAS), and Forcepoint.

Missile Systems represents about 30% of the company's revenue. It develops missile and combat systems for US armed forces and those of its allies. It provides and supports advanced weapon systems including missiles, smart munitions, close-in weapon systems, projectiles, kinetic kill vehicles, and advanced combat sensor solutions.

Space and Airborne Systems (about 25%) makes integrated sensor and communication systems for advanced missions. These include but are not limited to civil and military electro-optical/infrared (EO/IR) sensors, airborne radars for surveillance and fire control applications, lasers, precision guidance systems, electronic warfare systems; and tactical and strategic communications.

The Intelligence, Information, and Services segment accounts for about 25% of revenue and provides technical and professional services to intelligence, defense, federal, and commercial customers worldwide. It specializes in things like global intelligence, surveillance, and reconnaissance (ISR), navigation, DoD space and weather solutions, and domestic air traffic management (ATM) systems. 

Integrated Defense Systems (20%) delivers products that protect against airborne and ballistic missile threats and develops and produces products such as large land- and sea-based radar solutions, cyber and intelligence solutions, and naval combat and ship electronic and sensing systems.

Forcepoint (less than 5%) develops cybersecurity products and serves commercial and government organizations worldwide. It makes a range of human-centric cybersecurity capabilities that incorporate behavior-based insights including data loss prevention, user and entity behavior analytics (UEBA), and cloud and on-premise web and email security to name a few.

Geographic Reach

Raytheon maintains offices in nearly 20 countries and has established global subsidiaries to serve customers in Australia, Canada, Germany, the US, and the UK. It sells products and services to customers in about 80 countries, although the US, primarily the US government, accounts for about 70% of net sales.

Sales and Marketing

Although more than 70% of Raytheon's products are sold to the US government, the company also counts among its customers the US Federal Aviation Administration (FAA), the Federal Bureau of Investigation (FBI), and NASA, as well as members of the US military and US intelligence communities. In addition, Raytheon has some key international customers.

Financial Performance

Raytheon has seen steady and significant revenue growth over the last several years with an increase of 19% since 2014.

Sales in 2018 reached a record $27.1 billion, a 7% increase from $25.4 billion in 2017. The increase was a result of higher net sales in on classified programs, particularly in the cyber and space divisions in the Intelligence, Information, and Services (ISS) segment. Two large programs were for the Department of Homeland Security (DHS) and the US Army's Warfighter Field Operations Customer Support (Warfighter FOCUS) program.

Profits in 2018 spiked 44% to $2.9 billion after hovering just above the $2 billion level in previous years. This was primarily due to a decrease of $850 million in income tax expenses due to the Tax Cuts and Jobs act.

Cash at the end of fiscal 2018 was $3.6 billion, an increase of $209 million from the prior year. Cash from operations contributed $3.4 billion to the coffers, while investing activities used $521 million, mainly for additions to property, plant, and equipment. Financing activities used another $2.4 billion for dividends to stockholders and the company's stock repurchase program.


Raytheon's diverse product lineup puts it in a better position to weather budget cuts than some of its competitors that handle a limited number of defense products and services. Its business is also contingent, to a great extent, on the federal defense budget. Besides focusing resources on emerging opportunities within the Department of Defense, Raytheon aims to extend sales of its cyber solutions capabilities beyond the US government and target key countries as individual markets with multiple customers.

Within the Air and Missile Defense segment, the company continues to capitalize on its Patriot Air and Missile Defense System program internationally with bookings in the three new countries of Romania, Poland, and Sweden. In 2018, the company opened a new, 30,000 square foot radar development facility that uses advanced automation technology for building and testing complex radar integrations.

Raytheon's commercial arm, Forcepoint, sells cybersecurity products for enterprises, defense departments, and civil agencies. To grow this business, the company established its global Cyber Academy program that provides education and training to help governments, organizations, and large-scale companies protect themselves against increasing cyber threats.

Mergers and Acquisitions

In early 2019, Raytheon agreed to merge with leading aerospace and defense giant United Technologies Corporation (UTC) in an all-stock transaction valued at $121 billion. The combined company is projected to have combined sales of $74 billion and create a systems provider with advanced technologies for both the defense and aerospace industries that are platform-agnostic. The new company will be named Raytheon Technologies Corporation and would take United's Collins Aerospace and Pratt & Whitney units and pair them with Raytheon's defense products, which include the Patriot and Sidewinder missile systems. It does not include UTC's Otis and Carrier divisions, which UTC still plans to spin off as separate companies in 2020.


Company Background

In 1922 Laurence Marshall and several others founded American Appliance Company to produce home refrigerators. When their invention failed, Marshall began making Raytheon (meaning "light of/from the gods") radio tubes. Raytheon was adopted as the company's name in 1925. It bought the radio division of Chicago's Q. R. S. Company in 1928 and formed Raytheon Production Company with National Carbon Company (makers of the Eveready battery) to market Eveready Raytheon tubes in 1929.

It entered the defense technology business in 1940 when it began developing magnetrons, (tubes used in microwave radar systems) and contracted with the US Navy for 100 ship radar systems.

In 1965, the company acquired Amana Refrigeration and developed the first countertop microwave (it later divested its home appliances business).

Raytheon's Patriot missile defense systems program began operations in 1976 and is still one of the main components of its product portfolio. 

In 2019, the company agreed to merge with leading aerospace systems manufacturer United Technologies Corporation. The combined entity will be renamed Raytheon Technologies Corporation.

Raytheon Company

870 Winter St
Waltham, MA 02451-1449
Phone: 1 (781) 522-3000

Firm Stats

Employer Type: Publicly Owned
Chairman and CEO: Thomas A. Kennedy
CIO: Kevin T. Neifert
VP and CFO: Anthony F. O?Brien
Employees (This Location): 450
Employees (All Locations): 70,000

Major Office Locations

Waltham, MA

Other Locations

Hazel Green, AL
Huntsville, AL
Camden, AR
Little Rock, AR
Tucson, AZ
Vail, AZ
Anaheim, CA
Buena Park, CA
Covina, CA
El Dorado Hills, CA
El Segundo, CA
Fort Irwin, CA
Fullerton, CA
Goleta, CA
Huntington Beach, CA
Lompoc, CA
Los Angeles, CA
Los Gatos, CA
Oceanside, CA
Port Hueneme, CA
Rancho Cucamonga, CA
Ridgecrest, CA
San Diego, CA
Santa Fe Springs, CA
Sunnyvale, CA
Torrance, CA
Aurora, CO
Centennial, CO
Colorado Springs, CO
Greenwood Village, CO
Mystic, CT
Wilmington, DE
Cocoa, FL
Eglin Afb, FL
Fort Walton Beach, FL
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Orlando, FL
Patrick Afb, FL
Saint Petersburg, FL
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Tyndall Afb, FL
Albany, GA
Augusta, GA
Byron, GA
Columbus, GA
Fort Benning, GA
Warner Robins, GA
Rolling Meadows, IL
Rosemont, IL
Fort Wayne, IN
Indianapolis, IN
Fairdale, KY
Fort Campbell, KY
Louisville, KY
Deridder, LA
Lake Charles, LA
New Orleans, LA
Andover, MA
Billerica, MA
Burlington, MA
Cambridge, MA
Chelmsford, MA
Framingham, MA
Lexington, MA
Marlborough, MA
Pittsfield, MA
Quincy, MA
Tewksbury, MA
Watertown, MA
Woburn, MA
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Ã…kersberga, Sweden
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Singapore, Singapore
Studen, Switzerland