RTX Corporation · RTX · FY2026 Q2 · Calendar Q3 2026

RTX Q2 2026: Record $289B Backlog, Raised Guidance as Defense and GTF Aftermarket Accelerate

RTX delivered broad-based strength in Q2 2026, beating consensus on both revenue and EPS while raising full-year guidance across all three metrics. The results were driven by accelerating defense awards, robust GTF aftermarket demand, and 16% organic sales growth, up from 10% in Q1. A record $289B backlog, the first domestic GEM-T order in over 30 years, and GTF Advantage engine certification underscore multiple growth vectors. Management's confident tone and continued capex investments signal conviction in the demand trajectory, though working-capital buildup and supply-chain constraints for high-rate production remain watch items. The stock surged 7.3% on the print with continued positive drift of 4.4% in subsequent sessions.

Reported Before market openNYSEIndustrials $294.38B market cap
100quality score

Company context

Snapshot as of publication

RTX 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.…

Earnings scorecard

Reported versus consensus
Reported EPS $1.89 Consensus $2
EPS surprise +13.9% Reported versus consensus
Reported revenue $24.71B Consensus $22.89B
Revenue surprise +7.9% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +7.3% Event window
SPY move -1.2% Same window
Abnormal move +8.6% Stock minus SPY
Volume 2.3× Versus trailing sessions
Subsequent drift +4.4% Up to 20 sessions
RTXSPY benchmark

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Transcript intelligence

What changed

Adjusted EPS of $1.89 beat consensus estimate of $1.66 by 13.9%. Revenue of $24.7B exceeded consensus of $22.9B by 7.9%. Organic sales grew 16% YoY, accelerating from 10% in Q1. Record backlog of $289B, up from $271B in Q1. Full-year guidance raised: sales to $95-96B, EPS to $7.10-$7.25, FCF to $8.5-$8.75B. Blue Canyon Technologies divested for $620M. GTF Advantage engine received aircraft certification.

Guidance delta

Full-year guidance raised across all metrics: adjusted sales to $95-96B, adjusted EPS to $7.10-$7.25, and free cash flow to $8.5-$8.75B. Capex outlook is increasing, with $100M for GEM-T production, $100M for Pratt MRO expansion, and additional capacity for LTAMDS and GTF Advantage.

Key takeaways

  • Q2 delivered record backlog ($289B) and strong organic growth across commercial, aftermarket, and defense segments
  • Full-year adjusted sales, EPS and free cash flow forecasts were raised, reflecting higher defense awards and GTF aftermarket volume
  • Defense spending outlook is positive with a projected 25% YoY increase in the 2027 U.S. budget and growing international demand
  • Significant capital investments announced: $100M for GEM-T production, $100M for Pratt MRO expansion, and additional capacity for LTAMDS and GTF Advantage
  • Divestiture of Blue Canyon Technologies to sharpen focus on core capabilities

Management priorities

  • Continue GTF fleet management to reduce AOGs and improve turnaround times
  • Scale up GEM-T component production and accelerate LTAMDS test capabilities
  • Deliver record numbers of GTF engines to Airbus and launch GTF Advantage into service later this year
  • Convert framework agreements into multiyear contracts and expand European supplier base for AMRAAM and Patriot
  • Advance the StormBreaker longer-range effector flight test within the next 12 months

Related earnings events

Industrials
GEV · FY2026 Q2 · Calendar Q3 2026GE Vernova Q2 2026: Orders Surge 88%, Backlog Hits $176B, but EPS Miss Weighs on SharesGE · FY2026 Q2 · Calendar Q3 2026GE Aerospace Beats on Q2, Raises Full-Year Guidance on Strong Aftermarket Demand

Sources

  1. Earnings call transcript and parsed analysis · 2026-07-23T17:03:43.980531+00:00
  2. FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
  3. Polygon adjusted daily market bars · 2026-07-28T10:31:54.089684+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T10:31:54.086791+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.

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 . For educational purposes only; not investment advice.