Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1765.4%
Neutral934.6%
Bearish00.0%
RTX Corporation · RTX · FY2025 Q4 · Calendar Q1 2026
RTX: Strong backlog supports outlook, but execution risks remain
RTX's latest transcript analysis supports a constructive demand picture: record backlog, commercial aerospace activity and global defense spending underpin the maintained 2026 outlook. The case is less straightforward than demand alone suggests because higher investment, GTF cash obligations, tariffs, debt maturities and execution requirements could temper cash-flow and margin progress.
Reported Before market openNYSEIndustrials
$251.95B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.55
Consensus $1.47
EPS surprise
+5.4%
Reported versus consensus
Reported revenue
$24.24B
Consensus $22.69B
Revenue surprise
+6.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.7%
Event window
SPY move
+0.4%
Same window
Abnormal move
+3.3%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-2.6%
Up to 20 sessions
RTXSPY benchmark
Ask FN2 about RTX FY2025 Q4
Transcript, numbers and history already loaded
Why did RTX rise 3.7% after beating EPS estimates in FY2025 Q4?What changed in RTX's guidance and outlook in FY2025 Q4?Give me the bull and bear case for RTX after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the backlog increased from $251 billion to a record $268 billion, while management maintained the 2026 outlook and emphasized higher 2026 capital spending, expanded GTF MRO capacity and digital factory productivity.
Guidance delta
Maintained: 2026 sales outlook of $92–$93 billion, adjusted EPS of $6.60–$6.80, and free cash flow of $8.25–$8.75 billion.
Key takeaways
- Management highlighted a record $268 billion backlog and strong commercial and defense order flow.
- The 2026 outlook is supported by commercial air travel, defense spending, GTF aftermarket expansion and productivity gains.
- Capital spending is expected to rise to $10.5 billion in 2026 for capacity, automation and new products.
- Tariffs, higher CapEx, cash compensation obligations, debt maturities and supply constraints remain key watch items.
Management priorities
- Expand GTF maintenance, repair and overhaul capacity with new international partners.
- Increase manufacturing capacity and automation across Raytheon, Collins and Pratt.
- Scale digital factory connectivity and productivity tools.
- Advance the GTF Advantage engine and other new product initiatives.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$185.65Current
$85Low
$174.22Average
$250High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Bernstein | Market Perform | Market Perform | Maintain | Sep 23, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 27, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 24, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 24, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 24, 2026 |
| Jefferies | Buy | Hold | Upgrade | Jun 4, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 22, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 2, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jan 28, 2026 |
| B of A Securities | Buy | Buy | Maintain | Oct 27, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 22, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 29, 2025 |
| Baird | Outperform | Neutral | Upgrade | Mar 19, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 2, 2025 |
| Alembic Global | Overweight | Neutral | Upgrade | Jul 30, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Nov 15, 2023 |
| DZ Bank | Hold | Buy | Downgrade | Sep 14, 2023 |
| Argus Research | Hold | Buy | Downgrade | Jul 31, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 26, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 12, 2023 |
| Vertical Research | Buy | Hold | Upgrade | Jul 10, 2020 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jun 2, 2020 |
| CFRA | Buy | Buy | Maintain | May 7, 2020 |
| Drexel Hamilton | Buy | Buy | Maintain | Mar 19, 2012 |
| Sterne Agee | Buy | Buy | Maintain | Mar 11, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $185.65. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Douglas Harned | $223 | $190.99 | +20.1% | Sep 23, 2026 |
| Bernstein | Douglas Harned | $232 | $215.22 | +25.0% | Aug 3, 2026 |
| Argus Research | Analyst unavailable | $245 | $211.9 | +32.0% | Jul 30, 2026 |
| Deutsche Bank | Analyst unavailable | $238 | $217.52 | +28.2% | Jul 27, 2026 |
| Jefferies | Analyst unavailable | $250 | $212.79 | +34.7% | Jul 26, 2026 |
| RBC Capital | Analyst unavailable | $250 | $213.55 | +34.7% | Jul 24, 2026 |
| Susquehanna | Charles Minervino | $245 | $213.24 | +32.0% | Jul 24, 2026 |
| Robert W. Baird | Analyst unavailable | $240 | $209.16 | +29.3% | Jul 24, 2026 |
| Morgan Stanley | Kristine Liwag | $240 | $209.16 | +29.3% | Jul 24, 2026 |
| UBS | Gavin Parsons | $215 | $209.16 | +15.8% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $230 | $209.16 | +23.9% | Jul 24, 2026 |
| Jefferies | Sheila Kahyaoglu | $220 | $172.55 | +18.5% | Jun 4, 2026 |
| Deutsche Bank | Scott Deuschle | $240 | $203.77 | +29.3% | Mar 5, 2026 |
| Bernstein | Analyst unavailable | $204 | $201.38 | +9.9% | Jan 29, 2026 |
| Jefferies | Sheila Kahyaoglu | $225 | $199.46 | +21.2% | Jan 28, 2026 |
| RBC Capital | Analyst unavailable | $230 | $200.88 | +23.9% | Jan 28, 2026 |
| Robert W. Baird | Peter Arment | $225 | $201.28 | +21.2% | Jan 28, 2026 |
| UBS | Gavin Parsons | $208 | $201.28 | +12.0% | Jan 28, 2026 |
| Morgan Stanley | Analyst unavailable | $235 | $201.28 | +26.6% | Jan 28, 2026 |
| UBS | Analyst unavailable | $225 | $201.28 | +21.2% | Jan 27, 2026 |
| Vertical Research | Robert Stallard | $227 | $201.28 | +22.3% | Jan 27, 2026 |
| Susquehanna | Charles Minervino | $230 | $198.13 | +23.9% | Jan 15, 2026 |
| Bernstein | Analyst unavailable | $189 | $188.61 | +1.8% | Jan 6, 2026 |
| UBS | Analyst unavailable | $199 | $187.25 | +7.2% | Jan 5, 2026 |
| Jefferies | Analyst unavailable | $190 | $172.35 | +2.3% | Nov 25, 2025 |
| UBS | Gavin Parsons | $202 | $173.04 | +8.8% | Oct 22, 2025 |
| Morgan Stanley | Analyst unavailable | $215 | $173.04 | +15.8% | Oct 22, 2025 |
| Robert W. Baird | Peter Arment | $203 | $178 | +9.3% | Oct 22, 2025 |
| Susquehanna | Analyst unavailable | $205 | $173.04 | +10.4% | Oct 22, 2025 |
| Goldman Sachs | Noah Poponak | $168 | $173.04 | -9.5% | Oct 22, 2025 |
| Deutsche Bank | Analyst unavailable | $195 | $169.27 | +5.0% | Oct 8, 2025 |
| Bernstein | Douglas Harned | $181 | $166.58 | -2.5% | Oct 6, 2025 |
| Bernstein | Douglas Harned | $157 | $152.61 | -15.4% | Sep 10, 2025 |
| Bernstein | Douglas Harned | $154 | $146.87 | -17.0% | Jul 11, 2025 |
| Deutsche Bank | Scott Deuschle | $140 | $116.01 | -24.6% | Jan 2, 2025 |
| RBC Capital | Ken Herbert | $140 | $117.61 | -24.6% | Dec 19, 2024 |
| Deutsche Bank | Scott Deuschle | $131 | $125.43 | -29.4% | Oct 29, 2024 |
| Barclays | David Strauss | $130 | $125.43 | -30.0% | Oct 29, 2024 |
| Jefferies | Sheila Kahyaoglu | $120 | $127.21 | -35.4% | Oct 24, 2024 |
| Morgan Stanley | Kristine Liwag | $130 | $125.53 | -30.0% | Oct 23, 2024 |
| Susquehanna | Christopher Rolland | $150 | $125.53 | -19.2% | Oct 23, 2024 |
| RBC Capital | Ken Herbert | $130 | $125.53 | -30.0% | Oct 23, 2024 |
| UBS | Gavin Parsons | $133 | $125.53 | -28.4% | Oct 23, 2024 |
| Goldman Sachs | Noah Poponak | $113 | $125.53 | -39.1% | Oct 23, 2024 |
| Bank of America Securities | Ronald Epstein | $145 | $125.53 | -21.9% | Oct 23, 2024 |
| Deutsche Bank | Scott Deuschle | $129 | $123.67 | -30.5% | Oct 3, 2024 |
| Bank of America Securities | Ronald Epstein | $140 | $117.49 | -24.6% | Jul 31, 2024 |
| US Capital Advisors | Pete Skibitski | $134 | $116.88 | -27.8% | Jul 30, 2024 |
| RBC Capital | Ken Herbert | $115 | $114.98 | -38.1% | Jul 26, 2024 |
| RBC Capital | Ken Herbert | $102 | $104.99 | -45.1% | Jul 18, 2024 |
| Barclays | David Strauss | $100 | $102.44 | -46.1% | Apr 30, 2024 |
| Wells Fargo | Matthew Akers | $119 | $101.02 | -35.9% | Apr 25, 2024 |
| RBC Capital | Ken Herbert | $96 | $100.71 | -48.3% | Apr 19, 2024 |
| Jefferies | Sheila Kahyaoglu | $105 | $100.78 | -43.4% | Apr 11, 2024 |
| Wells Fargo | Matthew Akers | $120 | $97.53 | -35.4% | Apr 1, 2024 |
| RBC Capital | Ken Herbert | $82 | $75.1 | -55.8% | Sep 12, 2023 |
| Goldman Sachs | Analyst unavailable | $105 | $98.18 | -43.4% | Jan 13, 2023 |
| Credit Suisse | Analyst unavailable | $103 | $99.87 | -44.5% | Jan 12, 2023 |
| J.P. Morgan | Analyst unavailable | $107 | $98.78 | -42.4% | Dec 12, 2022 |
| Citigroup | Analyst unavailable | $104 | $99.63 | -44.0% | Dec 8, 2022 |
| Wells Fargo | Analyst unavailable | $98 | $90.27 | -47.2% | Jul 27, 2022 |
| Argus Research | John Eade | $112 | $94.91 | -39.7% | May 1, 2022 |
| Wells Fargo | Analyst unavailable | $106 | $99.19 | -42.9% | Apr 27, 2022 |
| RBC Capital | Ken Herbert | $125 | $102.11 | -32.7% | Apr 11, 2022 |
| Barclays | David Strauss | $107 | $97.04 | -42.4% | Mar 14, 2022 |
| Wolfe Research | Michael Maugeri | $111 | $94.36 | -40.2% | Feb 17, 2022 |
| Robert W. Baird | Peter Arment | $106 | $88.98 | -42.9% | Jan 26, 2022 |
| Credit Suisse | Robert Spingarn | $101 | $86.7 | -45.6% | Jul 27, 2021 |
| Cowen & Co. | Cai von Rumohr | $105 | $86.7 | -43.4% | Jul 27, 2021 |
| Langenberg & Co. | Brian Langenberg | $100 | $82.2 | -46.1% | May 3, 2021 |
| UBS | Myles Walton | $96 | $81.16 | -48.3% | Apr 28, 2021 |
| Capital One Financial | Jonathan Raviv | $85 | $81.16 | -54.2% | Apr 28, 2021 |
Track every rating change on RTX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationRTX Corporation, a major player in the aerospace and defense sectors, provides sophisticated systems and extensive services to a diverse global clientele. This includes commercial entities, military organizations, and government agencies, both within the United States and internationally. The company's operations are divided into three primary business units: Collins Aerospace, Pratt & Whitney, and Raytheon. The Collins Aerospace segment delivers a broad range of aerospace and defense products, alongside comprehensive aftermarket support solutions. Its customer base spans manufacturers of civil and military aircraft, commercial airlines, and operators in regional, business, general aviation, defense, and commercial space ventures. This division's offerings cover the design, production, and maintenance of aircraft interior components, such as oxygen systems, food and beverage preparation and storage facilities, galley systems, and lavatory and wastewater management.…
Historical context
All RTX earningsIndustrials peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- CCLFY2026 Q3 · September 29, 2026+5.9% EPS+13.4% move
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- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
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- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
Get the RTX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-01T00:36:07.787144+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T00:36:07.784183+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.