Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1869.2%
Neutral830.8%
Bearish00.0%
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
Earnings scorecard
Reported versus consensus
Reported EPS
$1.89
Consensus $1.66
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
Ask FN2 about RTX FY2026 Q2
Transcript, numbers and history already loaded
Why did RTX rise 7.3% after beating EPS estimates in FY2026 Q2?What changed in RTX's guidance and outlook in FY2026 Q2?Give me the bull and bear case for RTX after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
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
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Analyst 52W Price Targets
$196.25Current
$85Low
$177.76Average
$250High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 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 |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Oct 21, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 21, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 15, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Oct 15, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 9, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| Susquehanna | Positive | Positive | 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 |
| 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 $196.26. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Gavin Parsons | $212 | $191.92 | +8.0% | Oct 21, 2026 |
| Barclays | Analyst unavailable | $235 | $193.34 | +19.7% | Oct 21, 2026 |
| RBC Capital | Ken Herbert | $235 | $186.77 | +19.7% | Oct 15, 2026 |
| Bernstein | Analyst unavailable | $214 | $186.47 | +9.0% | Oct 15, 2026 |
| Deutsche Bank | Scott Deuschle | $208 | $186.66 | +6.0% | Oct 13, 2026 |
| Barclays | Analyst unavailable | $223 | $184.32 | +13.6% | Oct 8, 2026 |
| Bernstein | Douglas Harned | $223 | $190.99 | +13.6% | Sep 23, 2026 |
| Bernstein | Douglas Harned | $232 | $215.22 | +18.2% | Aug 3, 2026 |
| Argus Research | Analyst unavailable | $245 | $211.9 | +24.8% | Jul 30, 2026 |
| Deutsche Bank | Analyst unavailable | $238 | $217.52 | +21.3% | Jul 27, 2026 |
| Jefferies | Analyst unavailable | $250 | $212.79 | +27.4% | Jul 26, 2026 |
| RBC Capital | Analyst unavailable | $250 | $213.55 | +27.4% | Jul 24, 2026 |
| Susquehanna | Charles Minervino | $245 | $213.24 | +24.8% | Jul 24, 2026 |
| Robert W. Baird | Analyst unavailable | $240 | $209.16 | +22.3% | Jul 24, 2026 |
| Morgan Stanley | Kristine Liwag | $240 | $209.16 | +22.3% | Jul 24, 2026 |
| UBS | Gavin Parsons | $215 | $209.16 | +9.6% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $230 | $209.16 | +17.2% | Jul 24, 2026 |
| Jefferies | Sheila Kahyaoglu | $220 | $172.55 | +12.1% | Jun 4, 2026 |
| Deutsche Bank | Scott Deuschle | $240 | $203.77 | +22.3% | Mar 5, 2026 |
| Bernstein | Analyst unavailable | $204 | $201.38 | +3.9% | Jan 29, 2026 |
| Jefferies | Sheila Kahyaoglu | $225 | $199.46 | +14.6% | Jan 28, 2026 |
| RBC Capital | Analyst unavailable | $230 | $200.88 | +17.2% | Jan 28, 2026 |
| Robert W. Baird | Peter Arment | $225 | $201.28 | +14.6% | Jan 28, 2026 |
| UBS | Gavin Parsons | $208 | $201.28 | +6.0% | Jan 28, 2026 |
| Morgan Stanley | Analyst unavailable | $235 | $201.28 | +19.7% | Jan 28, 2026 |
| UBS | Analyst unavailable | $225 | $201.28 | +14.6% | Jan 27, 2026 |
| Vertical Research | Robert Stallard | $227 | $201.28 | +15.7% | Jan 27, 2026 |
| Susquehanna | Charles Minervino | $230 | $198.13 | +17.2% | Jan 15, 2026 |
| Bernstein | Analyst unavailable | $189 | $188.61 | -3.7% | Jan 6, 2026 |
| UBS | Analyst unavailable | $199 | $187.25 | +1.4% | Jan 5, 2026 |
| Jefferies | Analyst unavailable | $190 | $172.35 | -3.2% | Nov 25, 2025 |
| UBS | Gavin Parsons | $202 | $173.04 | +2.9% | Oct 22, 2025 |
| Morgan Stanley | Analyst unavailable | $215 | $173.04 | +9.6% | Oct 22, 2025 |
| Robert W. Baird | Peter Arment | $203 | $178 | +3.4% | Oct 22, 2025 |
| Susquehanna | Analyst unavailable | $205 | $173.04 | +4.5% | Oct 22, 2025 |
| Goldman Sachs | Noah Poponak | $168 | $173.04 | -14.4% | Oct 22, 2025 |
| Deutsche Bank | Analyst unavailable | $195 | $169.27 | -0.6% | Oct 8, 2025 |
| Bernstein | Douglas Harned | $181 | $166.58 | -7.8% | Oct 6, 2025 |
| Bernstein | Douglas Harned | $157 | $152.61 | -20.0% | Sep 10, 2025 |
| Bernstein | Douglas Harned | $154 | $146.87 | -21.5% | Jul 11, 2025 |
| Deutsche Bank | Scott Deuschle | $140 | $116.01 | -28.7% | Jan 2, 2025 |
| RBC Capital | Ken Herbert | $140 | $117.61 | -28.7% | Dec 19, 2024 |
| Deutsche Bank | Scott Deuschle | $131 | $125.43 | -33.3% | Oct 29, 2024 |
| Barclays | David Strauss | $130 | $125.43 | -33.8% | Oct 29, 2024 |
| Jefferies | Sheila Kahyaoglu | $120 | $127.21 | -38.9% | Oct 24, 2024 |
| Morgan Stanley | Kristine Liwag | $130 | $125.53 | -33.8% | Oct 23, 2024 |
| Susquehanna | Christopher Rolland | $150 | $125.53 | -23.6% | Oct 23, 2024 |
| RBC Capital | Ken Herbert | $130 | $125.53 | -33.8% | Oct 23, 2024 |
| UBS | Gavin Parsons | $133 | $125.53 | -32.2% | Oct 23, 2024 |
| Goldman Sachs | Noah Poponak | $113 | $125.53 | -42.4% | Oct 23, 2024 |
| Bank of America Securities | Ronald Epstein | $145 | $125.53 | -26.1% | Oct 23, 2024 |
| Deutsche Bank | Scott Deuschle | $129 | $123.67 | -34.3% | Oct 3, 2024 |
| Bank of America Securities | Ronald Epstein | $140 | $117.49 | -28.7% | Jul 31, 2024 |
| US Capital Advisors | Pete Skibitski | $134 | $116.88 | -31.7% | Jul 30, 2024 |
| RBC Capital | Ken Herbert | $115 | $114.98 | -41.4% | Jul 26, 2024 |
| RBC Capital | Ken Herbert | $102 | $104.99 | -48.0% | Jul 18, 2024 |
| Barclays | David Strauss | $100 | $102.44 | -49.0% | Apr 30, 2024 |
| Wells Fargo | Matthew Akers | $119 | $101.02 | -39.4% | Apr 25, 2024 |
| RBC Capital | Ken Herbert | $96 | $100.71 | -51.1% | Apr 19, 2024 |
| Jefferies | Sheila Kahyaoglu | $105 | $100.78 | -46.5% | Apr 11, 2024 |
| Wells Fargo | Matthew Akers | $120 | $97.53 | -38.9% | Apr 1, 2024 |
| RBC Capital | Ken Herbert | $82 | $75.1 | -58.2% | Sep 12, 2023 |
| Goldman Sachs | Analyst unavailable | $105 | $98.18 | -46.5% | Jan 13, 2023 |
| Credit Suisse | Analyst unavailable | $103 | $99.87 | -47.5% | Jan 12, 2023 |
| J.P. Morgan | Analyst unavailable | $107 | $98.78 | -45.5% | Dec 12, 2022 |
| Citigroup | Analyst unavailable | $104 | $99.63 | -47.0% | Dec 8, 2022 |
| Wells Fargo | Analyst unavailable | $98 | $90.27 | -50.1% | Jul 27, 2022 |
| Argus Research | John Eade | $112 | $94.91 | -42.9% | May 1, 2022 |
| Wells Fargo | Analyst unavailable | $106 | $99.19 | -46.0% | Apr 27, 2022 |
| RBC Capital | Ken Herbert | $125 | $102.11 | -36.3% | Apr 11, 2022 |
| Barclays | David Strauss | $107 | $97.04 | -45.5% | Mar 14, 2022 |
| Wolfe Research | Michael Maugeri | $111 | $94.36 | -43.4% | Feb 17, 2022 |
| Robert W. Baird | Peter Arment | $106 | $88.98 | -46.0% | Jan 26, 2022 |
| Credit Suisse | Robert Spingarn | $101 | $86.7 | -48.5% | Jul 27, 2021 |
| Cowen & Co. | Cai von Rumohr | $105 | $86.7 | -46.5% | Jul 27, 2021 |
| Langenberg & Co. | Brian Langenberg | $100 | $82.2 | -49.0% | May 3, 2021 |
| UBS | Myles Walton | $96 | $81.16 | -51.1% | Apr 28, 2021 |
| Capital One Financial | Jonathan Raviv | $85 | $81.16 | -56.7% | 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
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% 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 · 2026-07-23T17:03:43.980531+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T10:31:54.089684+00:00
- 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.
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 2026-07-28. For educational purposes only; not investment advice.