Key Takeaways for RTX Stock as of July 2026
- Revenue of $24.71 billion beat the $22.88 billion Street estimate by 8%, while adjusted EPS of $1.89 cleared estimates by 14% and rose 21% year over year.
- Guiding for the back half, RTX lifted its full-year adjusted EPS range to $7.10 to $7.25 from $6.70 to $6.90 and raised full-year sales to $95 billion to $96 billion.
- With bookings of $19.9 billion in the quarter, Raytheon posted a 2.42 book-to-bill and pushed RTX’s total backlog to a record $289 billion, up 22% year over year.
RTX stock just cleared every number the Street set for it, and management didn’t stop at a clean beat. Increase your investing edge on TIKR for free →
RTX’s Q2 Earnings Crush Estimates, and the Guide Goes Up Again
RTX (RTX) posted adjusted sales of $24.71 billion in the second quarter, up 14.49% year over year and 8% ahead of the $22.88 billion Street estimate, as of the July 23, 2026 earnings call. Adjusted EPS of $1.89 came in 14% above the $1.66 estimate and 21% higher than a year ago, while GAAP EPS reached $1.57. EBIT margins expanded 65 basis points year over year to 13.59%, and free cash flow hit $2.9 billion for the quarter.
That strength followed a stretch where RTX stock had shed nearly a fifth of its value from its highs even as the business kept beating estimates, a gap this quarter’s results just closed further.
Every segment contributed to the beat, not just one or two. Collins Aerospace sales rose 13% organically on strength across commercial OE, aftermarket, and defense channels, while Pratt & Whitney grew 17% organically on a 25% jump in commercial aftermarket volume tied to heavier MRO shop visits. Raytheon led the pack, growing 18% organically as bookings hit $19.9 billion for a 2.42 book-to-bill, driven by GEM-T Patriot orders, classified awards, and AMRAAM demand. That performance pushed total company backlog to a record $289 billion, up 22% year over year and 48% weighted toward international customers at Raytheon specifically.
RTX did not treat that quarter as a one-off. Management raised full-year adjusted sales guidance to $95 billion to $96 billion from $92.5 billion to $93.5 billion, and lifted the organic growth outlook to 8% to 9% from a prior 5% to 6%. The EPS range moved to $7.10 to $7.25 from $6.70 to $6.90, and free cash flow guidance rose to $8.5 billion to $8.75 billion. CEO Chris Calio explained the decision on the Q2 earnings call: “So based on our first half execution and the demand strength we’re seeing across our commercial and defense markets, we’re raising our full year outlook for adjusted sales, EPS and free cash flow.” That statement wasn’t hedged, and the guidance math backs it: at the midpoint, roughly $0.26 of the EPS increase traces directly to higher segment operating profit, not one-time items.
The one line moving against the grain is Pratt’s commercial OE, now guided down in the low single digits for the year as material gets redirected from spare-engine sales toward MRO shops working through a 25% year-to-date drop in GTF aircraft-on-ground counts. Management framed that trade as deliberate, prioritizing aftermarket margin over OE volume while still expecting a record number of GTF deliveries to Airbus in 2026.
RTX’s Q2 numbers gave investors little to argue with, and the raised guide extends that story through year-end. See what’s driving the estimates on TIKR for free →
TIKR Values RTX Stock at $217, Pricing In Modest Upside From Here
TIKR’s mid-case model values RTX stock at $217 by December 2030, implying 4% total return from the current price of $209, or 1% annualized over 4.4 years.
That return sits well below what the operating momentum in the earnings section would suggest, signaling that RTX stock’s current price already reflects much of the backlog growth and margin expansion management just guided toward. The market has priced in the beat.
The model’s modest upside is reachable precisely because RTX delivered it already: a record $289 billion backlog, a raised EPS range, and margin expansion across all three segments give the business the earnings power the target assumes, leaving further re-rating dependent on execution against that backlog rather than a change in the underlying story.
RTX stock cleared its estimates by a wide margin, but the TIKR model suggests the easy re-rating has already happened. Compare the target to your own numbers on TIKR for free →
Should You Invest in RTX Corporation?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
