RTX (RTX) · Aerospace
RTX Q2 2026 earnings: summary, key numbers & outlook
Results filed 23 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Sales of $24.7 billion, up 14 percent versus prior year, and up 16 percent organically*; Adjusted EPS* of $1.89, up 21 percent versus prior year; GAAP EPS of $1.57
RTX had a strong second quarter. Sales were $24.7 billion, up 14 percent from a year ago and 16 percent on an organic basis. Adjusted EPS rose 21 percent to $1.89, and GAAP EPS was $1.57. All three segments, Collins Aerospace, Pratt & Whitney and Raytheon, grew sales and expanded margins. Operating cash flow was $3.5 billion and free cash flow was $2.9 billion, versus roughly breakeven a year ago. Backlog reached $289 billion.
Management raised its 2026 outlook: adjusted sales of $95.0 - $96.0 billion, adjusted EPS of $7.10 - $7.25, and free cash flow of $8.50 - $8.75 billion. It says demand is robust and the backlog supports growth. The main tension is execution: RTX must turn a large backlog into deliveries while expanding capacity and productivity, and it still faces risks such as the Pratt powder metal matter, supplier constraints and trade policy.
Key numbers
- Sales · GAAP
- $24.7 billion
- Net income attributable to common shareowners · GAAP
- $2.1B
- GAAP diluted EPS · GAAP
- $1.57
- Adjusted EPS · non-GAAP
- $1.89
- Operating profit · GAAP
- $2.8B
- Operating cash flow · GAAP
- $3.5 billion
- Free cash flow · non-GAAP
- $2.9 billion
- Adjusted net income · non-GAAP
- $2.6 billion
up 14 percent versus prior year, and up 16 percent organically
29%
29%
up 21 percent versus prior year
674%
up 22 percent versus the prior year
| Segment or metric | Value | Change |
|---|---|---|
| Collins Aerospace sales | $8.2B | 8% |
| Pratt & Whitney sales | $8.9B | 16% |
| Raytheon sales | $8.3B | 18% |
| Collins Aerospace adjusted ROS | 16.7% | 30bps |
| Pratt & Whitney adjusted ROS | 8.3% | 30bps |
| Raytheon adjusted ROS | 12.6% | 100bps |
| Total backlog | $289 billion | up 22 percent year over year |
Where each number comes from
- Sales: “RTX second quarter reported and adjusted sales* were $24.7 billion, up 14 percent over the prior year and 16 percent organically.*”
- Net income attributable to common shareowners: “Reported Sales | $24,708 | $21,581 | 14% Net Income | $2,139 | $1,657 | 29% EPS | $1.57 | $1.22 | 29%”
- GAAP diluted EPS: “GAAP EPS of $1.57, including $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items”
- Adjusted EPS: “Adjusted EPS* of $1.89 was up 21 percent versus the prior year.”
- Operating profit: “Other income, net | 62 | 40 | 126 | 44 Operating profit | 2,811 | 2,146 | 5,366 | 4,181 Non-service pension income | (348) | (351)”
- Operating cash flow: “Operating cash flow in the second quarter was $3.5 billion and capital expenditures were $0.7 billion, resulting in free cash flow* of $2.9 billion.”
- Free cash flow: “Operating cash flow in the second quarter was $3.5 billion and capital expenditures were $0.7 billion, resulting in free cash flow* of $2.9 billion.”
- Adjusted net income: “Adjusted net income* of $2.6 billion was up 22 percent versus the prior year driven by adjusted segment operating profit growth* across all three segments.”
- Collins Aerospace sales: “Collins Aerospace second quarter 2026 reported and adjusted sales* of $8,210 million were up 8 percent versus the prior year.”
- Pratt & Whitney sales: “Pratt & Whitney second quarter reported and adjusted sales* of $8,889 million were up 16 percent versus the prior year.”
- Raytheon sales: “Raytheon second quarter reported and adjusted sales* of $8,269 million were up 18 percent versus the prior year.”
- Collins Aerospace adjusted ROS: “Adjusted* Sales | $8,210 | $7,622 | 8% Operating Profit | $1,370 | $1,249 | 10% ROS | 16.7% | 16.4% | 30bps”
- Pratt & Whitney adjusted ROS: “Adjusted* Sales | $8,889 | $7,631 | 16% Operating Profit | $740 | $608 | 22% ROS | 8.3% | 8.0% | 30bps”
- Raytheon adjusted ROS: “Adjusted* Sales | $8,269 | $7,001 | 18% Operating Profit | $1,043 | $809 | 29% ROS | 12.6% | 11.6% | 100bps”
- Total backlog: “Company backlog of $289 billion, including $170 billion of commercial and $119 billion of defense”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $24.7B | +14.5% | +11.9% |
| Operating income | $2.8B | +31.0% | +10.0% |
| Net income | $2.1B | +29.1% | +3.9% |
| Diluted EPS | $1.57 | +28.7% | +4.0% |
| Free cash flow | $2.9B | — | +119.9% |
| Operating margin | 11.4% | +1.5 pts | −0.2 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted sales | full year 2026 | $95.0 - $96.0 billion |
| Organic sales growth | full year 2026 | 8 to 9 percent |
| Adjusted EPS | full year 2026 | $7.10 - $7.25 |
| Free cash flow | full year 2026 | $8.50 - $8.75 billion |
Key takeaways
Organic sales growth reached 16 percent
Sales were $24.7 billion, up 14 percent versus prior year, and up 16 percent organically*. Divestitures at Collins Aerospace account for the gap.
All three segments expanded margins
Adjusted ROS was 16.7% at Collins Aerospace, 8.3% at Pratt & Whitney and 12.6% at Raytheon, each higher than a year ago.
Free cash flow swung from negative
Free cash flow* was $2.9 billion versus $(72) million a year earlier, on operating cash flow of $3.5 billion.
Backlog is $289 billion, up 22 percent
It includes $170 billion of commercial and $119 billion of defense, which underpins the raised outlook.
Full-year outlook raised across key measures
Adjusted EPS* is now $7.10 - $7.25, up from $6.70 - $6.90, and organic sales growth* is 8 to 9 percent, up from 5 to 6 percent.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $21.6B * |
| Q1 2025 | $20.3B |
| Q2 2025 | $21.6B |
| Q3 2025 | $22.5B |
| Q4 2025 | $24.2B * |
| Q1 2026 | $22.1B |
| Q2 2026 | $24.7B |
| Q3 2026 | $25.0B |
Data
| Q1 2025 | $1.14 |
| Q2 2025 | $1.22 |
| Q3 2025 | $1.41 |
| Q1 2026 | $1.51 |
| Q2 2026 | $1.57 |
| Q3 2026 | $1.89 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 9.8% |
| Q1 2025 | 10.0% |
| Q2 2025 | 9.9% |
| Q3 2025 | 11.2% |
| Q4 2025 | 10.7% |
| Q1 2026 | 11.6% |
| Q2 2026 | 11.4% |
| Q3 2026 | 13.4% |
Data
| Q4 2024 | $492.0M |
| Q1 2025 | $792.0M |
| Q2 2025 | -$72.0M |
| Q3 2025 | $4.0B |
| Q4 2025 | $3.2B |
| Q1 2026 | $1.3B |
| Q2 2026 | $2.9B |
| Q3 2026 | $2.1B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were RTX's second quarter 2026 results?
Sales were $24.7 billion, up 14 percent and up 16 percent organically. GAAP EPS was $1.57 and adjusted EPS was $1.89, up 21 percent.
Did RTX raise its 2026 guidance?
Yes. Adjusted sales are now $95.0 - $96.0 billion (from $92.5 - $93.5 billion), adjusted EPS $7.10 - $7.25 (from $6.70 - $6.90), and free cash flow $8.50 - $8.75 billion (from $8.25 - $8.75 billion).
How did RTX's three segments perform?
Sales rose 18% at Raytheon to $8,269 million, 16% at Pratt & Whitney to $8,889 million, and 8% at Collins Aerospace to $8,210 million. Adjusted operating margins expanded at all three.
How much cash did RTX generate?
Operating cash flow was $3.5 billion and free cash flow was $2.9 billion, compared with $458 million and $(72) million a year earlier.
How large is RTX's backlog?
Backlog was $289 billion, including $170 billion of commercial and $119 billion of defense, up 22 percent year over year.
Documents
SEC filing