Raytheon Technologies Corporation Earnings Recaps
Q2 2026
Jul 25, 2026
RTX shares rallied 9.2% following better-than-expected bookings and a raised full-year outlook driven by strong demand across commercial aerospace and defense segments.
Key takeaways
- Adjusted sales reached $24.7 billion, up 16% organically, with commercial aftermarket and defense both delivering double-digit growth.
- Adjusted EPS grew 21% year-over-year to $1.89, supported by an 18% increase in segment operating profit.
- Backlog hit a record $289 billion, up 22% year-over-year, with a book-to-bill ratio of 2.42 in Q2 driven by nearly $20 billion in Raytheon awards, including significant GEM-T Patriot effectors and classified programs.
- Commercial orders remained strong, highlighted by AirAsia’s 150 A220 aircraft order powered exclusively by GTF engines and a new 5-year MRO deal with Air New Zealand.
- Management raised full-year guidance on sales, EPS, and free cash flow based on sustained demand and operational execution improvements, including expanded manufacturing capacity and digital initiatives.
Q1 2026
Apr 21, 2026
RTX delivered a robust Q1, with 10% organic sales growth and a 21% increase in adjusted EPS driven by strong defense awards and continued commercial aerospace recovery.
Key takeaways
- Adjusted sales rose to $22.1 billion, up 10% organically, with broad-based growth across all channels.
- Record backlog of $271 billion increased 25% YoY, supported by significant defense awards and GTF engine wins.
- Defense segment secured over $6.6 billion in awards, including key munitions and missile contracts, reinforcing long-term growth prospects.
- Commercial aerospace demand remains durable with expectations for mid-to-high single-digit GTF delivery growth; GTF program hits 10 years in service with 50 million flight hours.
- Free cash flow of $1.3 billion, up $500 million YoY, underpins disciplined capital deployment amidst expanding production capacity.