EarningsQ2 2026 Earnings Report
MX:RTX Q2 2026 EPS Results
Actual EPS$32.15
Consensus EPS$28.22
Beat/MissBeat by +$3.93
One Year Ago EPS$26.53
MX:RTX Q2 2026 Revenue Results
Actual Revenue$420.23B
Expected Revenue$389.34B
Beat/MissBeat by +$30.89B
YoY Revenue Growth+14.49%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:RTX Upcoming Earnings
RTX's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:RTX Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a decidedly positive tone: strong organic revenue growth, record backlog, substantial defense and commercial bookings, margin expansion, operational improvements (notably at Pratt MRO and Raytheon production), and an upgraded full-year outlook for sales, EPS and free cash flow. Near-term headwinds include OE mix pressure at Pratt, working capital/inventory builds to support higher production, some one-time costs and tariff/SG&A pressures, and the fact that key framework agreements are not yet in backlog. On balance the financial results, upgraded guidance, large backlog and clear operational progress outweigh the challenges.Company Guidance
Strong Top-Line Growth and Raised Outlook
Adjusted sales of $24.7B in Q2, up 16% organically (14% on adjusted basis). Company raised full-year adjusted sales guidance by $2.5B to $95.0B–$96.0B, implying organic sales growth of 8%–9% (up from prior 5%–6%).
Earnings, Margin Expansion and Cash Generation
Adjusted EPS of $1.89, up 21% YoY; adjusted segment operating profit up 18% YoY with segment margins expanding ~40 basis points in the quarter. Generated $2.9B of free cash flow in Q2; full-year free cash flow guidance increased to $8.5B–$8.75B.
Record Backlog and Exceptional Bookings
Company backlog reached $289B, up 22% YoY and 6% sequentially. Raytheon booked nearly $20B in Q2 with a book-to-bill of ~2.42 and Raytheon backlog of $86B; international backlog now 48% and H1 international awards exceeded $10B ( >2x YoY).
Raytheon: Robust Defense Performance
Raytheon sales $8.3B, up 18% YoY; adjusted operating profit ~$1B (up $234M YoY) and margins expanded ~100 bps. Notable awards include >$5B in GEM-T/Patriot effectors, $1.8B AMRAAM, $1.1B AIM-9X and ~$800M LTAMDS.
Pratt & Whitney Operational Turnaround
GTF PW1100 AOGs down 25% YTD; MRO output up >40% YoY with turnaround time reduced 23%. Pratt Q2 aftermarket up 25% and military engines up 23%. Pratt received certification and began deliveries of the GTF Advantage engine.
Collins Growth and Profit Improvement
Collins sales $8.2B, up 13% organically (adjusted +8%); commercial OE up 26% (adjusted for divestitures), aftermarket +10%. Adjusted operating profit rose ~$121M and margins expanded ~30 bps. Full-year outlook raised to mid‑to‑high single digit sales growth and $550M–$625M operating profit improvement vs 2025.
Targeted Investments to Increase Capacity
Investments announced to expand capacity and throughput: Raytheon adding $100M for GEM‑T and LTAMDS test capability; Pratt investing >$100M in U.S. GTF MRO capacity; Collins expanded MRO in Malaysia. Connected factory network now covers ~30M manufacturing hours and AI platform usage up 30% since end-2025.
Portfolio Optimization and Non-Core Monetization
Agreement to sell Blue Canyon Technologies for $620M, demonstrating active portfolio management and focus on core capabilities.
MX:RTX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed