Released
FY2026 Q1
Earnings ReviewRTX
BEATRTX Corporation
RTX Corporation · Defense/Aerospace
Tue, April 21, 2026·Before Market Open
DefenseRTXEarnings
01Wall Street Consensus
EPS$1.52
Revenue$22.8B
02Earnings Results
EPS$1.78+17.1%
Revenue$22.1B-3.1%
After-Hours Reaction-4% (tariff concerns of $850M impact despite solid fundamentals)
Key Takeaways
- Adj. EPS $1.78 — beat consensus $1.52 by +17.1%
- Revenue $22.1B (+9% YoY, +10% organic) — all three segments grew
- Raytheon operating profit +25% YoY — air defense and naval programs strength
- Collins Aerospace revenue $7.6B (+5% YoY) — commercial aftermarket solid
- FCF $1.3B — continued buybacks and dividends
Key Checkpoints
- 01Defense order backlog $210B+ expansion — Q4 2025 $213B all-time record
- 02Pratt & Whitney GTF engine MRO progress — processing speed among 1,400 targeted engines
- 03Raytheon missile/air defense orders — reflecting Iran conflict demand surge
- 04Collins Aerospace commercial aviation aftermarket growth rate 15%+ maintenance
- 05Operating margin improvement — whether Q1 reaches 12%+ vs Q4 2025 11.8%
- 06FY2026 guidance raise potential — reflecting accelerating defense spending
Upside Catalysts
- Iran war = RTX's defining moment: Patriot PAC-3 MSE and NASAMS are the primary assets for Iranian ballistic missile defense - urgent orders from Middle East allies + NATO members creating historic order backlog expansion
- NATO defense spending targets rising to 3%+ of GDP - European allied weapons exports accelerating
- Hormuz Strait crisis (35-40 nation summit, no resolution): sustained naval missile defense (SM-3/SM-6) demand surge benefiting Raytheon
- FY2026 guidance raise highly likely - defense spending acceleration not yet fully reflected in estimates
- Commercial air travel demand recovery - Collins Aerospace high-margin aftermarket revenue expansion
Risk Factors
- GTF engine recall: $7B+ estimated inspection costs for 1,400 PW1100G engines - long-term cost uncertainty
- Supply chain bottlenecks: 18-24 month lead times for defense components, persistent skilled labor shortage
- Iran war production capacity crisis: Trump's 4/2 speech confirming 2-3 more weeks of energy facility strikes creates unprecedented demand for Patriot/NASAMS systems - production capacity severely strained, risking delivery delays and margin pressure on urgent orders
- Commercial aviation cycle: Boeing/Airbus delivery delays creating headwinds for Pratt & Whitney OE revenue
- Government budget uncertainty: new program starts delayed under continuing resolution regime
Detail
EEPS History (Last 12 Quarters)
Actual EPS vs Consensus — Green Beat · Red Miss
Beat12
Miss0
Beat rate100%
1Earnings Summary
RTX Corporation (RTX) FY2026 Q1 Earnings Released.
Adj. EPS: $1.78 (vs. consensus $1.52, +17.1% beat) Revenue: $22.1B (+9% YoY) Net Income: $2.1B (including $0.4B acquisition accounting adjustments) Adj. Net Income: $2.4B (+22% YoY) FCF: $1.3B
### Segment Performance
- Raytheon: Operating profit $845M (+25% YoY) — air defense and naval programs strength
- Collins Aerospace: Revenue $7.6B (+5% YoY) — commercial aftermarket solid
- Pratt & Whitney: Revenue growth continues, GTF MRO progress
### FY2026 Guidance Raised
- Adj. EPS: $6.70-$6.90 (from $6.60-$6.80)
- Revenue: $92.5-$93.5B
- FCF: $8.25-$8.75B (maintained)
Detail
SEPS 서프라이즈 히스토리
Beat12Miss0Beat률 100%
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)