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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $21.62B | +8.5% | $1.10 | +4.8% | 19.6% | 9.8% | 6.9% | $492M |
| FY2025 Q1 | $20.31B | +5.2% | $1.14 | -10.9% | 20.3% | 10.0% | 7.6% | $792M |
| FY2025 Q2 | $21.58B | +9.4% | $1.22 | +1425.0% | 20.3% | 9.9% | 7.7% | $-72M |
| FY2025 Q3 | $22.48B | +11.9% | $1.41 | +29.4% | 20.4% | 11.2% | 8.5% | $4.03B |
| FY2025 Q4 | $24.24B | +12.1% | $1.19 | +8.2% | 19.5% | 10.7% | 6.7% | $3.19B |
| FY2026 Q1 | $22.08B | +8.7% | $1.51 | +32.5% | 20.8% | 11.6% | 9.3% | $1.21B |
| FY2026 Q2 | $24.71B | +14.5% | $1.57 | +28.7% | 20.8% | 11.4% | 8.7% | $3.59B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
RTX delivered Q1 adjusted sales of $22.1 billion, up 10% organically, with adjusted EPS of $1.78 growing 21% year-over-year. Record backlog reached $271 billion, up 25%, and Raytheon munitions output surged over 40%. Management raised FY2026 EPS guidance from $6.60-$6.80 to $6.70-$6.90 and sales by $500 million, as defense framework agreements signaled long-term demand.
Demand | Margin | Supply Chain | Trade Tariffs | Cost Pressure | Revenue Growth | Guidance Reliability | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 6 | 2 | 3 | 3 | 3 | 1 | |
| 2025Q1 | 6 | 2 | 5 | 6 | 2 | 1 | ||
| 2025Q2 | 6 | 4 | 4 | 3 | 2 | 2 | 1 | |
| 2025Q3 | 7 | 5 | 1 | 1 | 1 | 2 | 2 | 3 |
| 2025Q4 | 4 | 4 | 3 | 1 | 1 | 1 | 2 | 4 |
| 2026Q1 | 7 | 3 | 3 | 1 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 6 | 6 | 7 | 4 | 7 |
| Margin | 6 | 2 | 4 | 5 | 4 | 3 |
| Supply Chain | 2 | 5 | 4 | 1 | 3 | 3 |
| Trade Tariffs | 6 | 3 | 1 | 1 | 1 | |
| Cost Pressure | 3 | 2 | 2 | 1 | 1 | 1 |
| Revenue Growth | 3 | 2 | 2 | 1 | 2 | |
| Guidance Reliability | 3 | 1 | 2 | 2 | 1 | |
| Capital Allocation | 1 | 1 | 3 | 4 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Scott Deuschle | Deutsche Bank | 8 (25%) |
| Gautam Khanna | TD Cowen | 7 (0%) |
| Seth Seifman | JPMorgan |
| Rob Stallard | Vertical Research Partners | 7 (29%) |
| Peter Arment | Robert W. Baird | 7 (0%) |
| Sheila Kahyaoglu | Jefferies | 7 (43%) |
| Myles Walton | Wolfe Research | 7 (14%) |
| Scott Mikus | Melius Research | 7 (14%) |
| Ron Epstein | Bank of America | 6 (0%) |
| Kristine Liwag | Morgan Stanley | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Deutsche Bank | 1 | 8 (25%) |
| Robert W. Baird | 1 | 7 (0%) |
| Bank of America | 2 | 7 (0%) |
| TD Cowen | 1 | 7 (0%) |
| Melius Research | 1 | 7 (14%) |
| Jefferies | 1 | 7 (43%) |
| JPMorgan | 1 | 7 (0%) |
| Vertical Research Partners | 1 | 7 (29%) |
What RTX and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Rocket Lab and Raytheon have been selected to demonstrate advanced capabilities for the space-based Interceptor program.”
Rocket Lab and Raytheon were jointly selected for the Golden Dome Space-Based Interceptor program, teaming Rocket Lab with RTX on a marquee missile-defense demonstration.
“as a supplier providing the solid rocket motors to the 2 major primes, Lockheed and Raytheon specifically”
L3Harris supplies solid rocket motors to Raytheon (RTX) as a subcontractor on Munitions Acceleration Council programs, implying strong missile/munitions demand at Raytheon.
“Anduril is looking to raise capital at a $60 billion valuation.”
Analyst cited Anduril's $60B target valuation among defense-tech startups competing with RTX for talent and defense budget share.
“We've also seen Shield AI raise capital to $12 billion valuation.”
Analyst cited Shield AI's $12B fundraising valuation as evidence of well-capitalized defense-tech entrants competing for engineering talent.
“SpaceX is going public at a very lofty valuation and its IPO will probably create generational wealth for a lot of its employees.”
Analyst framed SpaceX's high-valuation IPO as a talent-retention competitive risk for established defense primes like RTX.
“LHX laid out this almost 20% CAGR through 2030 for the missiles business.”
An analyst cited L3Harris's stated ~20% missiles CAGR through 2030 as a benchmark for RTX's Raytheon effector/missiles growth.
“Finnair announced their intention to purchase up to 46 GTF-powered Embraer [ E2 ] aircraft.”
Embraer's E2 aircraft (GTF-powered) is the platform behind Finnair's planned 46-aircraft order, a read-through of demand for Embraer's narrowbody.
“Finnair announced their intention to purchase up to 46 GTF-powered Embraer [ E2 ] aircraft.”
Finnair signaled intent to buy up to 46 GTF-powered Embraer E2 aircraft, adding to Pratt's commercial GTF backlog.
“including Vietjet Air, which selected the GTF engine to power an additional 44 aircraft.”
Vietjet Air selected Pratt's GTF engine for 44 additional aircraft, a notable commercial engine win for RTX.
“continue to deliver to our end customer, Airbus.”
Airbus is the airframe customer for Pratt & Whitney's GTF engines; RTX is ramping OE deliveries and negotiating engine volumes with Airbus amid GTF fleet-health management.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
RTX RTX Corporation | 9 | +8.7% | |
| AXON Axon Enterprise Inc. | 10 | +33.8% | |
| BA The Boeing Company | 7 | +14.0% | |
| GD General Dynamics | 8 | +10.3% | |
| GE GE Aerospace | 7 | +24.7% | |
| HII Huntington Ingalls Industries | 6 | +13.3% | |
| LHX L3Harris | 8 | +11.9% | |
| LMT Lockheed Martin | 4 | +0.3% | |
| NOC Northrop Grumman | 6 | +4.4% | |
| RKLB Rocket Lab USA, Inc. | 8 | +63.5% | |
| SPCX Space Exploration Technologies Corp. | · | n/a | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |