RTX Corporation
- Open
- 195.01
- Day high
- 195.01
- Day low
- 192.59
- Prev close
- 195.20
- Volume
- 562K
- Mkt cap
- $262.5B
- P/E (TTM)
- 36.0
- EPS (TTM)
- $5.41
- P/B
- 4.0
- P/S
- 2.9
- Yield
- 1.42%
- Per share
- $2.77
RTX Corporation (RTX) is a Industrials company listed on NYSE. The stock is up 33% over the past year. Drillr has 22 published research articles covering RTX.
RTX Corporation (RTX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RTX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $1.51 | $1.78 | +17.9% | $22.1B | +2.9% |
| Jan 27, 2026 | $1.47 | $1.55 | +5.4% | $24.2B | +6.8% |
| Oct 21, 2025 | $1.41 | $1.70 | +20.6% | $22.5B | +5.5% |
| Jul 22, 2025 | $1.44 | $1.56 | +8.3% | $21.6B | +4.6% |
| Jan 28, 2025 | $1.38 | $1.54 | +11.6% | $21.6B | +5.3% |
| Oct 22, 2024 | $1.34 | $1.45 | +8.2% | $20.1B | +1.2% |
| Jul 25, 2024 | $1.30 | $1.41 | +8.5% | $19.7B | +2.2% |
| Jan 23, 2024 | $1.24 | $1.29 | +4.0% | $19.9B | +1.0% |
| Jul 25, 2023 | $1.17 | $1.29 | +10.3% | $18.3B | +3.6% |
| Jan 24, 2023 | $1.24 | $1.27 | +2.4% | $18.1B | -0.3% |
| Jul 26, 2022 | $1.12 | $1.16 | +3.6% | $16.3B | -1.7% |
| Jan 25, 2022 | $1.01 | $1.08 | +6.9% | $17.0B | +7.3% |
RTX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | JASPER PHILIP Jofficer: President, Raytheon | Grant | 20,860 | — |
| May 4, 2026 | Pawlikowski Ellen Mdirector | Grant | 1,261 | — |
| May 4, 2026 | Atkinson Tracy Adirector | Grant | 1,295 | — |
| May 4, 2026 | Oliver Georgedirector | Grant | 1,261 | — |
| May 4, 2026 | ROGERS BRIAN Cdirector | Grant | 2,101 | — |
| May 4, 2026 | Ramos Denise Ldirector | Grant | 1,959 | — |
| May 4, 2026 | Reynolds Fredricdirector | Grant | 1,346 | — |
| May 4, 2026 | Harris Bernard A Jrdirector | Grant | 1,176 | — |
| May 4, 2026 | Caret Leanne Gdirector | Grant | 1,312 | — |
| May 4, 2026 | Work Robert Odirector | Grant | 1,176 | — |
| Feb 23, 2026 | Calio Christopher T.director, officer: Chairman, President and CEO | Sell | 51,107 | $203.57 |
| Feb 23, 2026 | Maharajh Ramsaranofficer: EVP and General Counsel | Sell | 15,124 | $204.65 |
| Feb 23, 2026 | Mitchill Neil G. JRofficer: EVP, Chief Financial Officer | Sell | 5,921 | $205.54 |
| Feb 23, 2026 | Williams Dantaya Mofficer: EVP & Chief HR Officer | Sell | 12,713 | $202.83 |
| Feb 23, 2026 | Calio Christopher T.director, officer: Chairman, President and CEO | Sell | 11,420 | $204.70 |
Source: RTX SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full RTX insider & 13F page →RTX research & analysis
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RTX Corporation company profile
Overview
RTX Corporation (NYSE:RTX) is a major American aerospace and defense conglomerate headquartered in Arlington, Virginia. The company was formed through the 2020 merger of Raytheon Company and United Technologies Corporation, creating one of the world's largest aerospace and defense companies. Originally incorporated in 1934 and publicly traded since 1952, RTX was formerly known as Raytheon Technologies Corporation until changing its name in July 2023. The company operates through three primary business segments serving commercial aviation, military, and government customers globally, with a substantial backlog of $217 billion as of early 2025.
Business
RTX Corporation operates in the aerospace and defense industry through three distinct business segments, each serving different markets and customer bases. Collins Aerospace represents the company's aerospace systems and services division, generating approximately 35% of total revenue. This segment designs and manufactures critical aircraft components including cabin interiors, oxygen systems, food and beverage preparation equipment, avionics, flight controls, and landing systems. Collins also provides aftermarket services such as spare parts, maintenance, repair, and overhaul (MRO) services to commercial airlines, business aviation operators, and military customers. The aftermarket business is particularly valuable as it provides recurring revenue streams throughout an aircraft's operational life. Pratt & Whitney is the company's aircraft engine division, contributing roughly 37% of total revenue. This segment designs, manufactures, and services jet engines for commercial airlines, military aircraft, business jets, and general aviation. Their flagship product is the Geared Turbofan (GTF) engine, an advanced commercial aircraft engine that uses a gear reduction system to improve fuel efficiency and reduce noise. Pratt & Whitney also produces auxiliary power units (APUs) - small engines that provide power to aircraft systems when the main engines are not running. Raytheon is the defense and intelligence systems segment, accounting for approximately 31% of revenue. This division develops and manufactures advanced defense technologies including missile defense systems, radar systems, electronic warfare equipment, cybersecurity solutions, and precision-guided munitions. Key products include the Patriot air defense system, Tomahawk cruise missiles, and various radar and sensor systems used by the U.S. military and allied nations. The segment also provides intelligence, surveillance, and reconnaissance capabilities. The aerospace industry involves designing, manufacturing, and maintaining aircraft, engines, and related systems. Companies in this sector serve both commercial aviation markets (airlines, cargo carriers) and defense markets (military, government agencies). The industry is characterized by long development cycles, high barriers to entry due to certification requirements, and significant aftermarket service opportunities.
Revenue model
RTX Corporation generates revenue through multiple business models across its three segments, with different customer bases and revenue recognition patterns. Product Sales constitute the primary revenue source, including new aircraft engines, aerospace systems, and defense equipment. Collins Aerospace sells original equipment (OE) to aircraft manufacturers like Boeing and Airbus, while Pratt & Whitney sells engines to commercial airlines and military customers. Raytheon sells defense systems directly to government customers through contracts that can span multiple years. Aftermarket Services provide highly profitable recurring revenue streams. Collins generates significant income from spare parts, maintenance, and repair services for the installed base of aircraft systems. Pratt & Whitney earns substantial revenue from engine maintenance, overhaul services, and spare parts throughout an engine's 20-30 year operational life. These services typically carry higher margins than original equipment sales because customers have limited alternatives once systems are installed. Long-term Service Agreements represent a growing portion of revenue, particularly for Pratt & Whitney's GTF engines where approximately 75% are sold under long-term contracts that bundle engine sales with maintenance services. These agreements provide predictable cash flows and help manage customer relationships. Several factors influence RTX's profitability margins. Positive factors include the growing commercial aviation market driving aftermarket demand, increasing defense spending globally, the company's strong market positions in critical technologies, and operational improvements through automation and digitalization. Negative factors include supply chain constraints affecting production costs, labor inflation, commodity price volatility, potential trade tariffs (estimated at $850 million impact for 2025), and the significant costs associated with the GTF engine powder metal inspection program. The company's margins also benefit from the high switching costs in aerospace, where customers are reluctant to change suppliers due to certification requirements and operational complexity.
Competitive moat
RTX Corporation possesses several competitive advantages that create meaningful barriers to entry, though the strength varies across its business segments. Regulatory and Certification Moats represent the strongest competitive protection. In aerospace, obtaining certification from aviation authorities like the FAA requires years of testing, documentation, and substantial investment. Once certified, aircraft manufacturers and airlines face significant switching costs to change suppliers, as new components require recertification. This creates strong customer stickiness, particularly evident in Collins Aerospace's position on major aircraft platforms and Pratt & Whitney's engine installations. Installed Base and Aftermarket Lock-in provide substantial recurring revenue protection. With thousands of aircraft using RTX components and engines, the company enjoys a captive aftermarket for spare parts and services over 20-30 year aircraft lifespans. This installed base generates predictable cash flows and high margins, as customers have limited alternatives for genuine parts and certified maintenance. Technological Leadership and R&D Scale create competitive advantages through the company's $7.5 billion annual R&D investment. RTX's size enables development of complex, integrated systems that smaller competitors cannot match. The Raytheon segment particularly benefits from advanced defense technologies that require significant investment and security clearances. Scale and Integration Benefits allow RTX to offer comprehensive solutions across multiple aircraft systems, potentially reducing customer procurement complexity and costs. The company's size also provides negotiating power with suppliers and ability to invest in advanced manufacturing capabilities. However, RTX faces meaningful competitive threats. In commercial aerospace, European competitor Airbus and engine manufacturers like Rolls-Royce and Safran provide alternative solutions. The defense market faces potential disruption from emerging technology companies and changing warfare requirements favoring smaller, more agile systems. Additionally, the company's moat is somewhat weakened by the recent GTF engine quality issues, which have damaged customer confidence and required substantial remediation costs. While RTX maintains strong competitive positions, the moat strength is moderate rather than exceptional, particularly given the cyclical nature of aerospace markets and ongoing competitive pressures.
Risks & safety
RTX Corporation presents a moderate margin of safety profile with manageable financial risks but some operational challenges. Liquidity and Solvency: • Cash and short-term investments of $5.2 billion provides adequate liquidity buffer • Current ratio of 1.01 indicates tight but manageable short-term liquidity • Debt-to-equity ratio of 0.67 represents moderate leverage levels • Strong free cash flow generation of $4.5 billion annually supports debt service • No immediate solvency concerns given stable cash flows Valuation Metrics: • Price-to-earnings ratio of 28.8x appears elevated relative to industrial averages • EV/EBITDA of 14.9x suggests moderate valuation premium • Price-to-book ratio of 2.9x indicates market confidence in asset productivity • Graham number of $34.47 versus current price suggests potential overvaluation Other Considerations: • Substantial $217 billion backlog provides revenue visibility • GTF engine remediation costs create near-term cash flow pressure • Potential $850 million tariff impact adds uncertainty • Strong market positions in oligopolistic industries support pricing power • Cyclical aerospace markets create earnings volatility risk
Recent development
Over the past several years, RTX has undergone significant strategic transformation and operational improvements while managing major challenges. Organizational Restructuring: The company completed a major business realignment, consolidating from four segments into three focused divisions: Collins Aerospace, Pratt & Whitney, and Raytheon. This restructuring aimed to better align with customer needs and optimize operational efficiency while reducing complexity. GTF Engine Crisis Management: RTX has been managing a significant quality issue with its Geared Turbofan engines involving rare manufacturing defects in powder metal parts. The company has inspected over 6,000 parts with fallout rates below 1%, reached support agreements with 28 customers covering 75% of the affected fleet, and is ramping up production of replacement parts. This crisis has required substantial financial resources but appears to be under control with improving maintenance, repair, and overhaul output. Digital Transformation and Automation: The company has invested heavily in Industry 4.0 initiatives, connecting 40 factories with digital analytics technology and implementing artificial intelligence applications across operations. These investments aim to improve productivity, quality, and operational efficiency while reducing labor dependency. Defense Market Expansion: RTX has significantly strengthened its international defense presence, with 44% of Raytheon's backlog now international compared to historically lower levels. The company has secured major contracts including the LTAMDS radar program and various missile defense systems, positioning for growth in global defense spending. Technology Innovation: The company continues substantial R&D investment exceeding $7.5 billion annually, focusing on next-generation technologies including hybrid electric propulsion, advanced materials, and integrated defense systems. The GTF Advantage engine program received FAA certification, representing the next evolution of their commercial engine technology. Supply Chain Improvements: RTX has made significant progress addressing supply chain constraints that plagued the industry post-COVID, with particular focus on structural castings and improving supplier relationships through forward-deployed engineering teams.
RTX company profile · for informational purposes only — not investment advice.
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