The capital read starts with structure, and few annual reports embody a structural change as directly as Raytheon Technologies’ first combined 10-K. The Form 10-K for the year ended December 31, 2020 was filed on February 8, 2021 under accession number 0000101829-21-000008, and its revenue line — $56.6 billion against $45.3 billion for 2019 — is the first full-year figure to reflect the company that emerged from the United Technologies and Raytheon combination during the year.

A year-over-year move from $45.3 billion to $56.6 billion is not an organic growth story; it is the arithmetic of a changed enterprise. The filing reports the combined revenue base as the new starting point, and for a desk reading capital structure that reframing is the headline: the company that files this 10-K is a different one from the entity that filed a year earlier, and the revenue line is the cleanest single marker of that.

The quarterly detail in the filing also captures the disruption the year carried for aerospace. Revenue ran $11.4 billion in the first quarter and $14.1 billion in the second, with the periodic figures reflecting a year in which commercial aerospace demand was under pressure even as the defense side held. The annual report records the mix as a fact of the consolidated statements rather than as a forward thesis.

What the document does not do is project the integration’s payoff. The 10-K certifies the combined results through December 31, 2020 and leaves the synergy and segment-rationalization questions to the quarters ahead. The discipline for a capital desk is to mark the new revenue base and the merged structure without assuming how the combination compounds from here.

For a filing-first markets desk, the value is that the new baseline is documented rather than asserted. The $56.6 billion combined figure, the prior-year comparison, and the quarterly path are pulled from the company’s own annual report. The discovery layer that surfaced the filing and its accession trail was SEC filings, the SEC filing data API and evidence index; the record itself is the SEC filing.

Provenance for this read: the primary source is Raytheon Technologies’ Form 10-K for fiscal 2020 at sec.gov, with the revenue and period figures drawn from the structured XBRL data in the company’s own filing. See the SEC filing on sec.gov for the primary record, discovered via SEC filings, the SEC filing data API & evidence index.