RTX Corporation (RTX) Earnings
RTX Corporation is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $1.66. RTX has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +13.1% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Started year strong with adjusted sales $22.1B, up 10% organic. Adjusted EPS $1.78, up 21% YOY. Free cash flow $1.3B, up 500M from Q1 last year. • Backlog a record 271B, up 25% YOY. • Commercial aerospace underlying demand durable, no changes to outlook. • Defense side sees need for munitions depth, integrated air and missile defense tech. Raising full year adjusted sales and EPS outlook. • Operational execution: GTF fleet management plan on track, AOGs down 15% Q1. Munitions output at Raytheon up over 40% YOY. Automation efforts at Pratt, connecting 60% of manufacturing hours to data platform by end of year. • Innovation and future growth: Investments in capacity expansion across segments. Achieved milestones in technology roadmaps like Coyote effector demonstration, Collins mission autonomy software flight test, hybrid electric solutions progress.
Guidance
• Raised full year adjusted sales outlook by $500M to $92.5B - $93.5B. • Increased adjusted EPS outlook 10 cents to $6.70 - $6.90. • Maintained free cash flow outlook of $8.25B - $8.75B. • Collins expects sales mid single-digit growth adjusted, high single-digit organic, operating profit growth $425M - $525M vs 2025. • Pratt expects sales mid-single digit growth adjusted and organic, operating profit growth $225M - $325M vs 2025. • Raytheon expects sales high single-digit growth adjusted and organic, operating profit growth $275M - $375M vs 2025
Segment performance
Collins: Sales $7.6 billion in Q1, up 5% adjusted and 10% organic. Adjusted operating profit $1.3 billion, up $71M. Expect sales mid single-digit growth adjusted, high single-digit organic, operating profit growth $425M - $525M vs 2025. Pratt & Whitney: Sales $8.2 billion in Q1, up 11% adjusted and 10% organic. Adjusted operating profit $711M, up $121M. Expect sales mid-single digit growth adjusted and organic, operating profit growth $225M - $325M vs 2025. Raytheon: Sales $6.9 billion in Q1, up 10% adjusted and 9% organic. Adjusted operating profit $845M, up $167M. Expect sales high single-digit growth adjusted and organic, operating profit growth $275M - $375M vs 2025
Risks & headwinds
• Supply chain risks in keeping up with missile system demand, especially with concentrated supply bases for rocket motors and microelectronics. • Tariff impact monitoring, with no change to current outlook but monitoring refunds and potential impacts. • Uncertainty in air travel growth affecting aftermarket businesses, though current portfolio has good line of sight to demand but watching implications of airline capacity adjustments.
Analyst Q&A
Q: Concern about supply chain keeping up with missile demand and rare earths risk.
A: Pleased with Q1 production, Raytheon had 12 consecutive quarters of material growth, but continued ramp needs supply chain growth. Framework agreements provide long-term demand but need step change in supply chain. Covered near and medium term on critical minerals, department a strong partner.
Q: Thoughts on framework agreements impact on margins and mix.
A: Investing in capacity to meet demand. Framework agreements give long-term visibility, allow bundling materials, leverage economy of scale, drive production efficiencies. Still in negotiation process.
Q: Growth in Raytheon's sensors and effectors.
A: Effectors account for over 40% of Raytheon sales, sensors a large portion. Double-digit growth in munitions, effectors, sensors in Q1, expecting continuation.
Q: Solutions for lower-cost drones and integration into Golden Dome.
A: Coyote system in demand, non-kinetic version introduced. Opportunities to be platform agnostic supplier of systems on solutions like mission systems, autonomy, propulsion.
Q: Tariff impact after new metal tariffs and Supreme Court ruling.
A: No change to current P&L tariff outlook. IEPA tariffs court ruling overturned, now monitoring refunds, no income recorded yet.
Q: Pricing strategy for Hot Section Plus and impact on engine margin.
A: Aircraft certification on GTF Advantage paves way for Hot Section Plus. Intent to get value for investment, pricing strategy depends on contract and environment. GTF Advantage has more capability but also more pricing, expecting no major headwind per engine as ramp up, with aftermarket ramping.
Q: Raytheon defense trends and guidance.
A: Strong start to year for Raytheon, $500M increase in RTX sales outlook due to Raytheon performance. Good mix and productivity, expecting continuation as supply chain keeps pace.
Q: Impact of lower air travel growth on aftermarket businesses.
A: Aftermarket started strong in Q1. Airlines' capacity adjustments and engine retirements have limited impact on certain parts of the business. Pratt's aftermarket strong with V2500 and GTF. Collins' aftermarket watched for potential impacts on provisioning and mods and upgrades, but no current impact seen.
Q: Collins margins and Pratt V2500 retirement rates.
A: Collins margins healthy despite tariff impact and OE growth mix, expecting margins relatively steady. Pratt's V2500 fleet young, 50% not having first or second shop visit, expecting 1%-2% retirements, shop visits on track.
Q: AOGs on GTF.
A: AOGs down 15% Q1, MRO performance solid. 1100 output up 23% YOY, inductions up 7% sequentially. Material growth in key value streams. Downward trajectory expected to continue.
Q: Retaining employees with high valuations in defense tech startups.
A: Focus on competitive compensation and core mission. RTX has 180,000 people with a third engineers. People value mission of connecting and protecting, though some may leave, but generally retaining top folks.
Q: Large commercial engine deliveries cadence and supply chain risk.
A: OE deliveries to step up throughout year, record number of GTF engines expected. Supply chain focused on ramping critical elements, no new major risks reported.
Q: Negotiations with Airbus and Collins interiors.
A: Ongoing discussions with Airbus on volumes and supply chain. Collins interiors had good quarter, expecting solid growth for full year with good line of sight to mods and upgrades.