TLDR
- RTX posted Q2 EPS of $1.89, beating the $1.66 estimate by $0.23
- Revenue hit $24.7 billion, up 16% organically, topping the $22.88 billion consensus
- Full-year EPS guidance raised to $7.10–$7.25, up from $6.70–$6.90
- Revenue guidance lifted to $95–$96 billion; organic sales growth now expected at 8–9%
- Backlog grew 22% to $289 billion, including $170 billion in commercial orders
RTX Corp jumped 5.8% in premarket trading Thursday after posting a strong second quarter that beat on both earnings and revenue, and raising its full-year outlook.
The stock was up 5.8% by 6:21 a.m. ET.
RTX reported non-GAAP EPS of $1.89 for Q2, clearing the Wall Street estimate of $1.66 by $0.23. Revenue came in at $24.7 billion, a 14.5% increase year-over-year, and well above the $22.88 billion consensus by $1.82 billion.
$RTX Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $24.7B (Est. $22.6B) 🟢; +14% YoY
🔹 Adj. EPS: $1.89 (Est. $1.66) 🟢; +21% YoY
🔹 Free Cash Flow: $2.9B
🔹 Company Backlog: $289B; +22% YoYRaises Adj FY26 Guide:
🔹 Sales: $95.0B-$96.0B (Est. $94B) 🟢
🔹 EPS: $7.10-$7.25 (Est.… pic.twitter.com/W0o3WuY9VK— Wall St Engine (@wallstengine) July 23, 2026
Free cash flow for the quarter was $2.9 billion, with operating cash flow at $3.5 billion.
CEO Chris Calio said the company is “exceptionally well positioned to drive continued growth” as it works through its backlog, expands capacity, and brings new technologies to customers.
Guidance Gets a Lift
RTX raised its full-year 2026 EPS guidance to $7.10–$7.25, up from the prior range of $6.70–$6.90, and above the $6.92 analyst consensus.
Revenue guidance was lifted to $95–$96 billion, from $92.5–$93.5 billion, versus a consensus of $94.1 billion.
Organic sales growth is now expected at 8–9%, compared to the previous forecast of 5–6%.
Free cash flow guidance was also nudged up to $8.50–$8.75 billion, from $8.25–$8.75 billion.
Backlog Hits $289 Billion
The company’s total backlog rose 22% during the quarter to $289 billion. That breaks down to $170 billion in commercial orders and $119 billion in defense.
That backlog number is hard to ignore — it points to a long runway of contracted work ahead.
On the valuation side, RTX currently trades at a P/E ratio of 36.56, which sits well above its historical median of 27.4. GuruFocus rates it as significantly overvalued on their GF Value model.
Insiders have sold approximately $43.86 million in stock over the past 12 months, with no insider buys recorded in the same period.
RTX’s GF Score stands at 84 out of 100, with a Growth Rank of 8/10 and a Profitability Rank of 7/10. The company’s market cap sits at approximately $262.44 billion.
The Piotroski F-Score of 8 points to a healthy financial position heading into the back half of 2026.
