RTX posted second-quarter 2026 sales of $24.71 billion, marking a 14.5% year-over-year increase driven by 16% organic growth across its business segments.
The company’s total backlog climbed to a record $289 billion, comprising $170 billion in commercial orders and $119 billion in defense orders, representing a 22% increase year over year.
CEO Chris Calio described demand as “robust,” underscoring the confidence RTX leadership has in the company’s sustained revenue pipeline heading into the second half of 2026.
RTX raised its full-year 2026 revenue guidance to approximately $95.5 billion, with adjusted earnings per share guidance set between $7.10 and $7.25 for the year.
The $289 billion backlog represents roughly three times the company’s projected annual revenue, signaling a substantial runway of secured future business and a meaningful buffer against near-term economic uncertainty.
Defense results were particularly striking, with Raytheon bookings reaching $19.9 billion for the quarter and a book-to-bill ratio of 2.42, one of the strongest readings in recent memory.
That defense order surge was driven by $5 billion in GEM-T Patriot effector orders along with an additional $4 billion in classified awards booked during the quarter.
Adjusted earnings per share reached $1.89, a 21% increase year over year, supported by 18% growth in segment operating profit across the company’s diversified business units.
Free cash flow for the quarter came in at $2.9 billion, providing RTX with meaningful financial flexibility to invest in production capacity and return capital to shareholders.
RTX’s backlog is split roughly 60% commercial aerospace and 40% defense, a division that has proven to be a strategic advantage, allowing the company to be more selective when bidding on defense contracts.
The company’s structure, combining Raytheon’s missile systems expertise with Pratt & Whitney’s commercial engines and Collins Aerospace’s avionics, provides diversification that pure-play defense contractors cannot replicate.
Several analyst firms lifted price targets into the $235 to $250 range after RTX raised multi-year guidance for 2026 sales, earnings per share, and free cash flow.
With backlog growth continuing to outpace revenue growth, RTX’s forward revenue visibility is becoming one of its most compelling investment characteristics heading deeper into 2026.
