GE Aerospace and RTX both report third-quarter results on Tuesday, October 20, 2026, before the opening bell, giving investors a simultaneous read on aerospace and defense demand.
Because both companies release earnings the same morning, the paired results will reveal how durable aftermarket momentum and defense spending truly are heading into year-end.
GE Aerospace posted second-quarter adjusted earnings per share of $2.02, well ahead of the $1.86 consensus, as revenue climbed 21.1% to $13.35 billion.
Free cash flow reached $3.03 billion last quarter, and management raised its full-year adjusted EPS guidance to a range of $7.65 to $7.85.
RTX also cleared estimates, reporting $1.89 per share against a $1.66 consensus, with CEO Chris Calio citing “16 percent organic sales growth” and “$2.9 billion of free cash flow.”
Calio also noted that the RTX backlog was “up 22 percent year over year,” and the company raised its adjusted EPS guidance to a range of $7.10 to $7.25.
Analysts now expect GE Aerospace to earn $1.99 per share on $12.84 billion in revenue for the third quarter, implying roughly 19.9% EPS growth versus the year-ago period.
RTX consensus sits at $1.78 per share on $24.11 billion in revenue, representing implied EPS growth of approximately 4.7% compared to the $1.70 reported a year earlier.
Full-year consensus already exceeds the high end of guidance at both companies, with analysts projecting $7.92 for GE Aerospace against a $7.85 ceiling and $7.25 for RTX matching its own guidance ceiling exactly.
For GE Aerospace, commercial services revenue rose 26% last quarter, and the full-year plan calls for services growth in the low 20s, making aftermarket performance the single most important line to watch.
Supply chain execution is the other key variable, particularly after GE Aerospace spent nearly $12 billion to acquire castings manufacturer Consolidated Precision Products, which Jim Cramer described as critical for commercial aircraft and defense, “both of which are booming now.”
LEAP engine deliveries face a difficult comparison against the 40% jump recorded a year ago, and free cash flow needs to remain on pace for the company’s $8.9 to $9.2 billion full-year target.
At RTX, the Raytheon segment grew 18% last quarter on Patriot, Standard Missile, and AMRAAM volume, while Pratt and Whitney’s commercial aftermarket rose 25%, though GTF powder metal inspections and tariffs remain open risks.
A guest on Odd Lots, Chris Power, described the underlying capacity constraint on September 21, 2026: “You can have the best Raytheon missile, but if you literally can’t just make mass, which is ultimately a production issue, there’s no choice.”
RTX faces a notably tough comparison, having booked $37 billion in new awards and generated $4.03 billion of free cash flow in the same quarter a year ago.
The two stocks have diverged sharply over the past year despite both beating estimates last quarter, with RTX gaining 20.7% and GE Aerospace rising only 4.7%.
On October 9, 2026, Cramer said of RTX, “Instead of Microsoft, I want to go with RTX and I’m going to go with RTX,” reflecting continued warm sentiment toward the defense and aerospace conglomerate.
If either company holds guidance flat rather than raising it, that decision will carry more market weight than whether they beat the quarterly earnings consensus.
