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RTX Corporation (NYSE: RTX) lifts 2026 outlook after strong Q2 results

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

RTX Corporation reported strong second quarter 2026 results, with sales of $24.7 billion, up 14% year over year and 16% organically. GAAP EPS was $1.57, including $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other items. Adjusted EPS was $1.89, up 21%. Net income attributable to common shareowners reached $2.1 billion, while adjusted net income was $2.6 billion. Operating cash flow was $3.5 billion and free cash flow was $2.9 billion, a sharp improvement from the prior year. Total backlog was $289 billion, split between $170 billion commercial and $119 billion defense, and the company agreed to sell Raytheon’s Blue Canyon Technologies business for $620 million.

All three segments grew: Collins Aerospace sales rose 8%, Pratt & Whitney 16%, and Raytheon 18%, each delivering higher operating profit and margin expansion. Based on first-half performance and backlog, RTX raised its 2026 outlook to adjusted sales of $95.0–$96.0 billion, adjusted EPS of $7.10–$7.25, and free cash flow of $8.50–$8.75 billion, with organic sales growth now expected at 8–9%.

Positive

  • Q2 2026 sales $24.7 billion, adjusted EPS $1.89, and free cash flow $2.9 billion all increased strongly year over year.
  • RTX raised 2026 outlook for adjusted sales to $95.0–$96.0 billion, adjusted EPS to $7.10–$7.25, and free cash flow to $8.50–$8.75 billion.

Negative

  • None.

Filing Explained

At June 30, 2026, RTX reported its cash and debt balances on the condensed balance sheet.

The July 23 Form 8-K furnishes RTX’s second-quarter 2026 results under Item 2.02; the attached press release is not filed for Section 18 purposes and is not incorporated by reference unless a later filing expressly says so.

RTX defines free cash flow as operating cash flow less capital expenditures, while adjusted EPS and adjusted net income exclude restructuring costs, acquisition accounting adjustments, and specified significant or non-recurring items.

For the forward-looking adjusted sales, adjusted EPS, and free-cash-flow outlook, RTX says a GAAP reconciliation is unavailable without unreasonable effort because excluded items may vary materially and unpredictably.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Sales $24.7 billion Second quarter 2026 sales, up 14 percent year over year and 16 percent organically
Q2 2026 GAAP EPS $1.57 Second quarter 2026 GAAP earnings per share, including $0.27 acquisition accounting and $0.05 restructuring/non-recurring
Q2 2026 Adjusted EPS $1.89 Second quarter 2026 adjusted EPS, up 21 percent versus prior year
Q2 2026 Operating Cash Flow $3,547 million Operating cash flow for the quarter ended June 30, 2026
Q2 2026 Free Cash Flow $2,878 million Free cash flow for the quarter ended June 30, 2026, versus $(72) million in 2025
Total Backlog $289 billion Company backlog after Q2 2026, including $170 billion commercial and $119 billion defense
2026 Adjusted EPS Outlook $7.10–$7.25 Updated full-year 2026 adjusted EPS guidance, raised from $6.70–$6.90
2026 Free Cash Flow Outlook $8.50–$8.75 billion Updated full-year 2026 free cash flow guidance, up from $8.25–$8.75 billion
free cash flow financial
"Free cash flow represents cash flow from operating activities (a GAAP measure) less capital expenditures."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
organic sales financial
"Organic sales represents the change in consolidated net sales ... excluding the impact of foreign currency translation, acquisitions and divestitures."
Organic sales are the change in a company’s revenue that comes from its existing business operations, excluding effects of acquisitions, divestitures, and currency swings. Think of it like measuring how much a garden grows from the plants you already tended, rather than adding new pots; investors use organic sales to judge whether demand and core business performance are genuinely improving or if growth is driven by one‑time deals or accounting shifts.
FAS/CAS operating adjustment financial
"The FAS/CAS operating adjustment represents the difference between the service cost component of our pension and postretirement benefit expense under FAS and CAS."
non-GAAP financial measures financial
"We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
segment operating profit financial
"Segment operating profit represents operating profit excluding acquisition accounting adjustments, the FAS/CAS operating adjustment, Corporate expenses and other unallocated items."
Segment operating profit is the profit generated by a specific business unit or division from its normal activities, measured before interest, taxes and often before corporate-level allocations or one-time items. It shows how well a particular part of a company turns sales into operating earnings, helping investors compare which divisions are healthy or efficient — like checking how one store in a chain performs independently of the whole company.
Sales $24.7 billion up 14% versus prior year and 16% organically
GAAP EPS $1.57 up 29% versus $1.22 in Q2 2025
Adjusted EPS $1.89 up 21% versus $1.56 in Q2 2025
Operating cash flow $3,547 million up 674% versus $458 million in Q2 2025
Free cash flow $2,878 million improved from $(72) million in Q2 2025
Backlog $289 billion backlog up 22 percent year over year as stated by management
Guidance

For full year 2026, RTX guides adjusted sales to $95.0–$96.0 billion, organic sales growth to 8–9%, adjusted EPS to $7.10–$7.25, and free cash flow to $8.50–$8.75 billion, all raised from prior ranges.

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FAQ

What were RTX (RTX) Q2 2026 sales and earnings?
RTX reported Q2 2026 sales of $24.7 billion and GAAP EPS of $1.57. Adjusted EPS was $1.89, up 21% versus 2025, with net income attributable to common shareowners of $2.1 billion and adjusted net income of $2.6 billion, driven by growth across all segments.

How did RTX (RTX) cash flow perform in Q2 2026?
Operating cash flow in Q2 2026 was $3,547 million and free cash flow was $2,878 million. This compares with operating cash flow of $458 million and free cash flow of $(72) million in Q2 2025, reflecting a substantial year-over-year cash generation improvement.

How did RTX (RTX) business segments perform in Q2 2026?
Collins Aerospace sales were $8,210 million, up 8%; Pratt & Whitney sales were $8,889 million, up 16%; and Raytheon sales were $8,269 million, up 18%. Each segment increased operating profit and achieved margin expansion, supported by commercial aftermarket and defense volume growth.

What is RTX (RTX) 2026 guidance after the Q2 2026 update?
RTX now guides 2026 adjusted sales to $95.0–$96.0 billion, adjusted EPS to $7.10–$7.25, and free cash flow to $8.50–$8.75 billion. This is higher than prior ranges of $92.5–$93.5 billion for sales and $6.70–$6.90 for adjusted EPS.

What is RTX (RTX) backlog following Q2 2026 results?
RTX reported a total company backlog of $289 billion after Q2 2026. This includes $170 billion of commercial backlog and $119 billion of defense backlog, and management noted backlog is up 22 percent year over year, supporting future revenue visibility.

What strategic portfolio move did RTX (RTX) announce in Q2 2026?
RTX reached an agreement to sell Raytheon’s Blue Canyon Technologies business for $620 million. This divestiture is part of ongoing portfolio management and follows earlier transformation actions, aligning the company’s focus on core aerospace and defense capabilities.

How does RTX (RTX) define key non-GAAP metrics like adjusted EPS and free cash flow?
Adjusted EPS excludes restructuring costs, acquisition accounting adjustments, and other net significant or non-recurring items. Free cash flow is defined as cash flow from operating activities less capital expenditures, used to assess liquidity and capacity for acquisitions, debt service, and shareholder returns.
false000010182900001018292026-07-232026-07-230000101829us-gaap:CommonStockMember2026-07-232026-07-230000101829rtx:Notes2.150Due2030Member2026-07-232026-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
FORM 8-K
____________________________________ 

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2026
____________________________________ 
RTX CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________ 
Delaware001-0081206-0570975
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
1000 Wilson Boulevard,Arlington,Virginia22209
(Address of principal executive offices, including zip code)
(781)522-3000
(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($1 par value)RTXNew York Stock Exchange
(CUSIP 75513E 101)
2.150% Notes due 2030RTX 30New York Stock Exchange
(CUSIP 75513E AB7)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨
Section 2—Financial Information
Item 2.02. Results of Operations and Financial Condition.
On July 23, 2026, RTX Corporation (the “Company”) issued a press release announcing its second quarter 2026 results.
The press release issued July 23, 2026 is furnished herewith as Exhibit No. 99 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 9—Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
Exhibit Description
99
Press release, dated July 23, 2026, issued by RTX Corporation.
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RTX CORPORATION
(Registrant)
Date: July 23, 2026
By:/s/ NEIL G. MITCHILL JR.
Neil G. Mitchill Jr.
Executive Vice President and Chief Financial Officer


Exhibit 99

rtx-logo_rgbxblack.jpg
Media Contact
202.384.2474
Investor Contact
781.522.5123


RTX Reports Q2 2026 Results

RTX delivers double-digit sales and earnings growth in Q2;
Raises 2026 outlook for adjusted sales,* adjusted EPS,* and free cash flow*

ARLINGTON, Va., July 23, 2026 – RTX (NYSE: RTX) reports second quarter 2026 results.

Second quarter 2026
•Sales of $24.7 billion, up 14 percent versus prior year, and up 16 percent organically*
•GAAP EPS of $1.57, including $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items
•Adjusted EPS* of $1.89, up 21 percent versus prior year
•Operating cash flow of $3.5 billion; free cash flow* of $2.9 billion
•Company backlog of $289 billion, including $170 billion of commercial and $119 billion of defense
•Reached an agreement to sell Raytheon’s Blue Canyon Technologies business for $620 million

Updates outlook for full year 2026
•Adjusted sales* of $95.0 - $96.0 billion, up from $92.5 - $93.5 billion
•Organic sales growth* of 8 to 9 percent, up from 5 to 6 percent
•Adjusted EPS* of $7.10 - $7.25, up from $6.70 - $6.90
•Free cash flow* of $8.50 - $8.75 billion, up from $8.25 - $8.75 billion

“RTX delivered very strong second quarter results with 16 percent organic sales growth,* including double-digit commercial aftermarket and defense growth, margin expansion across all three segments, and $2.9 billion of free cash flow.* Demand remains robust, and our backlog is up 22 percent year over year,” said RTX Chairman and CEO Chris Calio.

“Given our first half performance and current backlog, we are raising our full year outlook for adjusted sales,* adjusted EPS,* and free cash flow.* RTX is exceptionally well positioned to drive continued growth as we execute on our backlog, increase productivity, expand capacity, and introduce new technologies to our customers.”














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*Adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), segment operating profit (loss) and margin percentage (ROS), adjusted segment sales, adjusted segment operating profit (loss) and margin percentage (ROS), adjusted net income, adjusted earnings per share (“EPS”), adjusted effective tax rate, and free cash flow are non-GAAP financial measures. When we provide our expectation for adjusted net sales (also referred to as adjusted sales), adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures (expected diluted EPS and expected cash flow from operations) is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. See “Use and Definitions of Non-GAAP Financial Measures” below for information regarding non-GAAP financial measures.

.

Second quarter 2026
RTX second quarter reported and adjusted sales* were $24.7 billion, up 14 percent over the prior year and 16 percent organically.* GAAP EPS of $1.57 included $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items. Adjusted EPS* of $1.89 was up 21 percent versus the prior year.

The company reported net income attributable to common shareowners in the second quarter of $2.1 billion which included $0.4 billion of acquisition accounting adjustments and $0.1 billion of restructuring and other net significant and/or non-recurring items. Adjusted net income* of $2.6 billion was up 22 percent versus the prior year driven by adjusted segment operating profit growth* across all three segments. Operating cash flow in the second quarter was $3.5 billion and capital expenditures were $0.7 billion, resulting in free cash flow* of $2.9 billion.

Summary Financial Results
2nd Quarter
($ in millions, except EPS)20262025% Change
Reported
Sales$24,708 $21,581 14 %
Net Income$2,139 $1,657 29 %
EPS$1.57 $1.22 29 %
Adjusted*
Sales$24,708 $21,581 14 %
Net Income$2,579 $2,118 22 %
EPS$1.89 $1.56 21 %
Operating Cash Flow$3,547 $458 674 %
Free Cash Flow*$2,878 $(72)NM
NM = Not Meaningful

Segment Results

Collins Aerospace
2nd Quarter
($ in millions)20262025% Change
Reported
Sales$8,210 $7,622 8 %
Operating Profit$1,306 $1,173 11 %
ROS15.9 %15.4 %50 bps
Adjusted*
Sales$8,210 $7,622 8 %
Operating Profit$1,370 $1,249 10 %
ROS16.7 %16.4 %30 bps

Collins Aerospace second quarter 2026 reported and adjusted sales* of $8,210 million were up 8 percent versus the prior year. Excluding the impact of divestitures, sales increased 13 percent organically* driven by a 26 percent



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increase in commercial OE, a 10 percent increase in commercial aftermarket, and a 7 percent increase in defense. The increase in commercial OE sales was driven by higher volume on narrowbody and widebody platforms, and the increase in commercial aftermarket sales was primarily driven by growth in parts and repair and modifications and upgrades. The increase in defense sales was driven by higher volume across multiple programs.

Collins Aerospace reported operating profit of $1,306 million was up 11 percent versus the prior year. Adjusted operating profit* of $1,370 million was up 10 percent versus the prior year. The growth was driven by drop through on higher commercial and defense volume, which was partially offset by defense mix, higher SG&A expense, and the impact of divestitures completed in 2025. Reported operating profit in Q2 2026 included higher restructuring charges associated with cost transformation initiatives.

Pratt & Whitney
2nd Quarter
($ in millions)20262025% Change
Reported
Sales$8,889 $7,631 16 %
Operating Profit$738 $492 50 %
ROS8.3 %6.4 %190 bps
Adjusted*
Sales$8,889 $7,631 16 %
Operating Profit$740 $608 22 %
ROS8.3 %8.0 %30 bps

Pratt & Whitney second quarter reported and adjusted sales* of $8,889 million were up 16 percent versus the prior year. The sales growth was driven by a 25 percent increase in commercial aftermarket and a 23 percent increase in military, partially offset by an 8 percent decrease in commercial OE. The increase in commercial aftermarket was driven by higher volume, while the increase in military sales was driven by higher F135 volume, including the benefit of prior year contract award timing. The decrease in commercial OE sales was driven by large commercial engine mix which more than offset increased large commercial engine deliveries.

Pratt & Whitney reported operating profit of $738 million was up 50 percent versus the prior year. Q2 2025 reported profit included an approximately $100 million charge related to a customer bankruptcy. Adjusted operating profit* of $740 million was up 22 percent versus the prior year. The increase was driven by drop through on higher commercial aftermarket and military volume, as well as military mix. This growth was partially offset by increased large commercial engine deliveries, large commercial engine mix, and higher SG&A expense.




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Raytheon
2nd Quarter
($ in millions)20262025% Change
Reported
Sales$8,269 $7,001 18 %
Operating Profit$1,042 $805 29 %
ROS12.6 %11.5 %110 bps
Adjusted*
Sales$8,269 $7,001 18 %
Operating Profit$1,043 $809 29 %
ROS12.6 %11.6 %100 bps

Raytheon second quarter reported and adjusted sales* of $8,269 million were up 18 percent versus the prior year. This increase was driven by higher volume on land and air defense systems, naval programs, and air and space defense systems, including Patriot, Standard Missile, and AMRAAM.

Raytheon reported operating profit of $1,042 million was up 29 percent versus the prior year. Adjusted operating profit* of $1,043 million was up 29 percent versus the prior year. The increase was driven by higher volume, favorable mix, including Patriot programs, and improved net productivity.

About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.

Conference Call on the Second Quarter 2026 Financial Results
RTX’s financial results conference call will be held on Thursday, July 23, 2026 at 7:30 a.m. ET. The conference call will be webcast live on the company's website at www.rtx.com and will be available for replay following the call. The corresponding presentation slides will be available for downloading prior to the call.

Use and Definitions of Non-GAAP Financial Measures
RTX Corporation (“RTX” or “the Company”) reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that these non-GAAP measures provide investors with additional insight into the Company’s ongoing business performance. Other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. Certain non-GAAP financial adjustments are also described in this Appendix. Below are our non-GAAP financial measures:




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Non-GAAP measure
Definition
Adjusted net sales / Adjusted sales
Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinafter referred to as “net significant and/or non-recurring items”).
Organic sales
Organic sales represents the change in consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and net significant and/or non-recurring items.
Adjusted operating profit (loss) and margin percentage (ROS)

Adjusted operating profit (loss) represents operating profit (loss) (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Adjusted operating profit margin percentage represents adjusted operating profit (loss) as a percentage of adjusted net sales.
Segment operating profit (loss) and margin percentage (ROS)

Segment operating profit (loss) represents operating profit (loss) (a GAAP measure) excluding acquisition accounting adjustments2, the FAS/CAS operating adjustment3, Corporate expenses and other unallocated items, and Eliminations and other. Segment operating profit margin percentage represents segment operating profit (loss) as a percentage of segment sales (net sales, excluding Eliminations and other).
Adjusted segment sales
Represents consolidated net sales (a GAAP measure) excluding eliminations and other and net significant and/or non-recurring items.
Adjusted segment operating profit (loss) and margin percentage (ROS)

Adjusted segment operating profit (loss) represents segment operating profit (loss) excluding restructuring costs, and net significant and/or non-recurring items. Adjusted segment operating profit margin percentage represents adjusted segment operating profit (loss) as a percentage of adjusted segment sales (adjusted net sales excluding Eliminations and other).
Adjusted net income
Adjusted net income represents net income (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.
Adjusted earnings per share (EPS)
Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.
Adjusted effective tax rate
Adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding the tax impact of restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.
Free cash flow

Free cash flow represents cash flow from operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing RTX’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of RTX’s common stock, and distribution of earnings to shareowners.
1 Net significant and/or non-recurring items represent significant nonoperational items and/or significant operational items that may occur at irregular intervals.

2 Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable.

3 The FAS/CAS operating adjustment represents the difference between the service cost component of our pension and postretirement benefit (PRB) expense under the Financial Accounting Standards (FAS) requirements of GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment.

When we provide our expectation for adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), adjusted segment operating profit (loss) and margin percentage (ROS), adjusted EPS, adjusted effective tax rate, and free cash flow, on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally are not available without unreasonable effort due to potentially high



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variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Cautionary Statement Regarding Forward-Looking Statements This press release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide RTX Corporation (“RTX”) management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid and are not statements of historical fact. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “goals,” “objectives,” “confident,” “on track,” “designed to,” “commit,” “commitment” and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax payments and rates, research and development spending, cost savings, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, the Pratt powder metal matter and related matters and activities, including without limitation other engine models that may be impacted, targets and commitments (including for share repurchases or otherwise), and other statements which are not solely historical facts. All forward-looking statements involve risks, uncertainties, changes in circumstances and other factors that are hard to predict, and each of which may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, as amended. Such risks, uncertainties and other factors include, without limitation: (1) changes in economic, capital market, and political conditions in the U.S. and globally; (2) changes in U.S. or foreign government defense spending, national priorities, and policy positions; (3) our performance on our contracts and programs, including our ability to control costs, and our dependence on U.S. government approvals for certain international contracts; (4) challenges in the development, certification, production, delivery, support, and performance of RTX's advanced technologies and new products and services and the realization of anticipated benefits; (5) challenges of operating in RTX's highly-competitive industries both domestically and abroad; (6) our reliance on U.S. and non-U.S. suppliers and commodity markets, including cost increases and disruptions in the delivery of materials and services to RTX or our suppliers; (7) changes in trade policies, implementation of sanctions, imposition of tariffs (and counter-tariffs), and other trade measures and restrictions, foreign currency fluctuations, and sales methods; (8) the economic condition of the aerospace industry; (9) the ability of RTX to attract, train, qualify, and retain qualified personnel and maintain its culture and high ethical standards, and the ability of our personnel to continue to operate our facilities and businesses around the world; (10) the scope, nature, timing, and challenges of managing and completing acquisitions, investments, divestitures, and other transactions; (11) compliance with legal, environmental, regulatory, and other requirements in the U.S. and other countries in which RTX and its businesses operate; (12) pending, threatened, and future legal proceedings, investigations, audits, and other contingencies; (13) the previously-disclosed deferred prosecution agreements entered into between the Company and the Department of Justice (DOJ), the Securities and Exchange Commission (SEC) administrative order imposed on the Company, and the related investigations by the SEC and DOJ, and the consent agreement between the Company and the Department of State; (14) RTX's ability to engage in desirable capital-raising or strategic transactions; (15) repurchases by RTX of its common stock, or declarations of cash dividends, which may be discontinued, accelerated, suspended, or delayed at any time due to various factors; (16) realizing expected benefits from, incurring costs for, and successfully managing strategic initiatives such as cost reduction, restructuring, digital transformation, and other operational initiatives; (17) additional tax exposures due to new tax legislation or other developments in the U.S. and other countries in which RTX and its businesses operate; (18) the identified rare condition in powder metal used to manufacture certain Pratt & Whitney engine parts requiring accelerated removals and inspections of a significant portion of the PW1100G-JM Geared Turbofan (GTF) fleet; (19) changes in production volumes of one or more of our significant customers as a result of business, labor, or other challenges, and the resulting effect on its or their demand for our products and services; (20) an RTX product safety failure, quality issue, or other failure affecting RTX's or its customers' or suppliers' products or systems; (21) cybersecurity, including cyber-attacks on RTX's information technology infrastructure, products, suppliers, customers and partners, and cybersecurity-related regulations; (22) insufficient indemnity or insurance coverage; (23) our intellectual property and certain third-party intellectual property; (24) threats to RTX facilities and



6

personnel, or those of its suppliers or customers, as well as public health crises, damaging weather, acts of nature, or other similar events outside of RTX's control that may affect RTX or its suppliers or customers; (25) changes in accounting estimates for our programs on our financial results; (26) changes in pension and other postretirement plan estimates and assumptions and contributions; (27) an impairment of goodwill and other intangible assets; and (28) climate change and climate-related regulations, and any related customer and market demands, products and technologies. For additional information on identifying factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, see the reports of RTX filed with or furnished to the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and RTX assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.




7

RTX Corporation
Condensed Consolidated Statement of Operations
Quarter Ended June 30,Six Months Ended June 30,
(Unaudited)(Unaudited)
(dollars in millions, except per share amounts; shares in millions)2026202520262025
Net Sales$24,708 $21,581 $46,784 $41,887 
Costs and expenses:
Cost of sales19,575 17,205 37,057 33,395 
Research and development726 697 1,353 1,334 
Selling, general, and administrative1,658 1,573 3,134 3,021 
Total costs and expenses21,959 19,475 41,544 37,750 
Other income, net62 40 126 44 
Operating profit2,811 2,146 5,366 4,181 
Non-service pension income(348)(351)(703)(717)
Interest expense, net417 457 807 900 
Income before income taxes2,742 2,040 5,262 3,998 
Income tax expense493 315 856 648 
Net income2,249 1,725 4,406 3,350 
Less: Noncontrolling interest in subsidiaries’ earnings110 68 208 158 
Net income attributable to common shareowners$2,139 $1,657 $4,198 $3,192 
Earnings Per Share attributable to common shareowners:
Basic$1.58 $1.24 $3.11 $2.38 
Diluted$1.57 $1.22 $3.08 $2.36 
Weighted Average Shares Outstanding:
Basic shares1,350.7 1,340.6 1,349.2 1,338.8 
Diluted shares1,365.0 1,354.0 1,364.7 1,352.9 



8

RTX Corporation
Segment Net Sales and Operating Profit (Loss)
Quarter EndedSix Months Ended
(Unaudited)(Unaudited)
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(dollars in millions)ReportedAdjustedReportedAdjustedReportedAdjustedReportedAdjusted
Net Sales
Collins Aerospace$8,210 $8,210 $7,622 $7,622 $15,812 $15,812 $14,839 $14,839 
Pratt & Whitney8,889 8,889 7,631 7,631 17,062 17,062 14,997 14,997 
Raytheon8,269 8,269 7,001 7,001 15,214 15,214 13,341 13,341 
Total segments25,368 25,368 22,254 22,254 48,088 48,088 43,177 43,177 
Eliminations and other(660)(660)(673)(673)(1,304)(1,304)(1,290)(1,290)
Consolidated$24,708 $24,708 $21,581 $21,581 $46,784 $46,784 $41,887 $41,887 
Operating Profit (Loss)
Collins Aerospace$1,306 $1,370 $1,173 $1,249 $2,613 $2,668 $2,261 $2,476 
Pratt & Whitney738 740 492 608 1,448 1,451 1,072 1,198 
Raytheon1,042 1,043 805 809 1,883 1,888 1,483 1,487 
Total segments3,086 3,153 2,470 2,666 5,944 6,007 4,816 5,161 
Eliminations and other98 28 24 (17)136 66 36 (5)
Corporate expenses and other unallocated items(70)7 (47)(42)(112)(34)(85)(71)
FAS/CAS operating adjustment171 171 186 186 343 343 371 371 
Acquisition accounting adjustments(474)— (487)— (945)— (957)— 
Consolidated$2,811 $3,359 $2,146 $2,793 $5,366 $6,382 $4,181 $5,456 
Segment Operating Profit Margin
Collins Aerospace15.9 %16.7 %15.4 %16.4 %16.5 %16.9 %15.2 %16.7 %
Pratt & Whitney8.3 %8.3 %6.4 %8.0 %8.5 %8.5 %7.1 %8.0 %
Raytheon12.6 %12.6 %11.5 %11.6 %12.4 %12.4 %11.1 %11.1 %
Total segment12.2 %12.4 %11.1 %12.0 %12.4 %12.5 %11.2 %12.0 %




9

RTX Corporation
Condensed Consolidated Balance Sheet
June 30, 2026December 31, 2025
(dollars in millions)(Unaudited)(Unaudited)
Assets
Cash and cash equivalents$8,305 $7,435 
Accounts receivable, net13,942 14,701 
Contract assets, net18,980 17,092 
Inventory, net14,409 13,364 
Other assets, current8,276 7,740 
Total current assets63,912 60,332 
Customer financing assets1,902 2,132 
Fixed assets, net16,965 16,868 
Operating lease right-of-use assets1,727 1,887 
Goodwill52,928 53,343 
Intangible assets, net31,043 31,845 
Other assets5,495 4,672 
Total assets$173,972 $171,079 
Liabilities, Redeemable Noncontrolling Interest, and Equity
Short-term borrowings$229 $204 
Accounts payable16,998 15,895 
Accrued employee compensation2,356 3,308 
Other accrued liabilities15,695 14,350 
Contract liabilities22,671 21,615 
Long-term debt currently due5,296 3,412 
Total current liabilities63,245 58,784 
Long-term debt31,858 34,288 
Operating lease liabilities, non-current1,473 1,602 
Future pension and postretirement benefit obligations1,956 2,067 
Other long-term liabilities7,296 7,200 
Total liabilities105,828 103,941 
Redeemable noncontrolling interest28 36 
Shareowners’ Equity:
Common stock38,424 38,126 
Treasury stock(26,758)(26,881)
Retained earnings58,020 56,718 
Accumulated other comprehensive loss(3,309)(2,718)
Total shareowners’ equity66,377 65,245 
Noncontrolling interest1,739 1,857 
Total equity68,116 67,102 
Total liabilities, redeemable noncontrolling interest, and equity$173,972 $171,079 




10

RTX Corporation
Condensed Consolidated Statement of Cash Flows
Quarter Ended June 30,Six Months Ended June 30,
(Unaudited)(Unaudited)
(dollars in millions)2026202520262025
Operating Activities:
Net income$2,249 $1,725 $4,406 $3,350 
Adjustments to reconcile net income to net cash flows provided by operating activities from:
Depreciation and amortization1,079 1,076 2,150 2,128 
Deferred income tax (benefit) provision(56)54 (30)121 
Stock compensation cost164 113 296 224 
Net periodic pension and other postretirement income(303)(312)(616)(636)
Share-based 401(k) matching contributions147 140 339 307 
Change in:
Accounts receivable(729)(765)1,094 (1,137)
Contract assets(963)(484)(1,942)(1,190)
Inventory(330)(384)(1,143)(1,197)
Other current assets47 25 (422)(100)
Accounts payable and accrued liabilities2,102 (538)947 (141)
Contract liabilities198 (30)292 343 
Other operating activities, net(58)(162)31 (309)
Net cash flows provided by operating activities3,547 458 5,402 1,763 
Investing Activities:
Capital expenditures(669)(530)(1,215)(1,043)
Increase in other intangible assets(58)(122)(156)(226)
(Payments) receipts from settlements of derivative contracts, net(71)192 1 145 
Other investing activities, net(146)(49)(182)(63)
Net cash flows used in investing activities(944)(509)(1,552)(1,187)
Financing Activities:
Repayment of long-term debt(24)(780)(524)(789)
Change in commercial paper, net— 1,432 — 1,432 
Dividends paid(983)(910)(1,898)(1,750)
Repurchase of common stock— — — (50)
Other financing activities, net(62)(95)(487)(252)
Net cash flows used in financing activities(1,069)(353)(2,909)(1,409)
Effect of foreign exchange rate changes on cash and cash equivalents(13)38 (19)54 
Net increase (decrease) in cash, cash equivalents, and restricted cash1,521 (366)922 (779)
Cash, cash equivalents and restricted cash, beginning of period6,871 5,193 7,470 5,606 
Cash, cash equivalents and restricted cash, end of period8,392 4,827 8,392 4,827 
Less: Restricted cash, included in Other assets, current and Other assets87 45 87 45 
Cash and cash equivalents, end of period$8,305 $4,782 $8,305 $4,782 
11

RTX Corporation
Reconciliation of Adjusted (Non-GAAP) Results
Adjusted Sales, Adjusted Operating Profit (Loss) & Operating Profit (Loss) Margin
Quarter Ended June 30,Six Months Ended June 30,
(Unaudited)(Unaudited)
(dollars in millions - Income (Expense))2026202520262025
Collins Aerospace
Net sales$8,210$7,622$15,812$14,839
Operating profit$1,306$1,173$2,613$2,261
Restructuring(64)(39)(55)(152)
Segment and portfolio transformation and divestiture costs (1)
—(37)—(63)
Adjusted operating profit$1,370$1,249$2,668$2,476
Adjusted operating profit margin16.7%16.4%16.9%16.7%
Pratt & Whitney
Net sales$8,889$7,631$17,062$14,997
Operating profit$738$492$1,448$1,072
Restructuring(2)(8)(3)(18)
Customer bankruptcy (1)
—(108)—(108)
Adjusted operating profit$740$608$1,451$1,198
Adjusted operating profit margin8.3%8.0%8.5%8.0%
Raytheon
Net sales$8,269$7,001$15,214$13,341
Operating profit$1,042$805$1,883$1,483
Restructuring(1)(4)(5)(4)
Adjusted operating profit$1,043$809$1,888$1,487
Adjusted operating profit margin12.6%11.6%12.4%11.1%
Eliminations and Other
Net sales$(660)$(673)$(1,304)$(1,290)
Operating profit $98$24$136$36
Gain on investment (1)
70417041
Adjusted operating profit (loss)$28$(17)$66$(5)
Corporate expenses and other unallocated items
Operating loss$(70)$(47)$(112)$(85)
Restructuring(8)—(9)(9)
Tax audit settlements and closures (1)
—(5)—(5)
Litigation matter (1)
(69)—(69)—
Adjusted operating profit (loss)$7$—$(42)$(34)$—$(71)
FAS/CAS Operating Adjustment
Operating profit$171$186$343$371
Acquisition Accounting Adjustments
Operating loss$(474)$(487)$(945)$(957)
Acquisition accounting adjustments(474)(487)(945)(957)
Adjusted operating loss$—$—$—$—
RTX Consolidated
Net sales$24,708$21,581$46,784$41,887
Operating profit $2,811$2,146$5,366$4,181
Restructuring(75)(51)(72)(183)
Acquisition accounting adjustments(474)(487)(945)(957)
Total net significant and/or non-recurring items included in Operating profit above (1)
1(109)1(135)
Adjusted operating profit$3,359$2,793$6,382$5,456
(1)    Refer to “Non-GAAP Financial Adjustments” below for a description of these adjustments.
12

RTX Corporation
Reconciliation of Adjusted (Non-GAAP) Results
Adjusted Income, Earnings Per Share, and Effective Tax Rate
Quarter Ended June 30,Six Months Ended June 30,
(Unaudited)(Unaudited)
(dollars in millions - Income (Expense))2026202520262025
Net income attributable to common shareowners$2,139$1,657$4,198$3,192
Total Restructuring(75)(51)(72)(183)
Total Acquisition accounting adjustments(474)(487)(945)(957)
Total net significant and/or non-recurring items included in Operating profit (1)
1(109)1(135)
Significant and/or non-recurring items included in Non-service Pension Income
Non-service pension restructuring(2)—(4)—
Significant non-recurring and non-operational items included in Interest Expense, Net
Tax audit settlements and closures (1)
—11—54
International tax matter (1)
———(35)
Tax effect of restructuring and net significant and/or non-recurring items above110142214280
Significant and/or non-recurring items included in Income Tax Expense
Tax audit settlements and closures (1)
—33—59
Less: Impact on net income attributable to common shareowners(440)(461)(806)(917)
Adjusted net income attributable to common shareowners$2,579$2,118$5,004$4,109
Diluted Earnings Per Share$1.57$1.22$3.08$2.36
Impact on Diluted Earnings Per Share(0.32)(0.34)(0.59)(0.68)
Adjusted Diluted Earnings Per Share$1.89$1.56$3.67$3.04
Effective Tax Rate 18.0%15.4%16.3%16.2%
Impact on Effective Tax Rate (0.3)%(2.9)%(0.7)%(2.6)%
Adjusted Effective Tax Rate 18.3%18.3%17.0%18.8%
(1)    Refer to “Non-GAAP Financial Adjustments” below for a description of these adjustments.
13

RTX Corporation
Reconciliation of Adjusted (Non-GAAP) Results
Segment Operating Profit Margin and Adjusted Segment Operating Profit Margin
Quarter Ended June 30,Six Months Ended June 30,
(Unaudited)(Unaudited)
(dollars in millions)2026202520262025
Net Sales$24,708 $21,581 $46,784 $41,887 
Reconciliation to segment net sales:
Eliminations and other660 673 1,304 1,290 
Segment Net Sales$25,368 $22,254 $48,088 $43,177 
Operating Profit$2,811 $2,146 $5,366 $4,181 
Operating Profit Margin11.4 %9.9 %11.5 %10.0 %
Reconciliation to segment operating profit:
Eliminations and other(98)(24)(136)(36)
Corporate expenses and other unallocated items70 47 112 85 
FAS/CAS operating adjustment(171)(186)(343)(371)
Acquisition accounting adjustments474 487 945 957 
Segment Operating Profit$3,086 $2,470 $5,944 $4,816 
Segment Operating Profit Margin12.2 %11.1 %12.4 %11.2 %
Reconciliation to adjusted segment operating profit:
Restructuring (67)(51)(63)(174)
Net significant and/or non-recurring items (1)
— (145)— (171)
Adjusted Segment Operating Profit$3,153 $2,666 $6,007 $5,161 
Adjusted Segment Operating Profit Margin12.4 %12.0 %12.5 %12.0 %
(1)    Refer to “Non-GAAP Financial Adjustments” below for a description of these adjustments.
14

RTX Corporation
Free Cash Flow Reconciliation
Quarter Ended June 30,
(Unaudited)
(dollars in millions)
20262025
Net cash flows provided by operating activities$3,547 $458 
Capital expenditures(669)(530)
Free cash flow $2,878 $(72)
Six Months Ended June 30,
(Unaudited)
(dollars in millions)20262025
Net cash flows provided by operating activities$5,402 $1,763 
Capital expenditures(1,215)(1,043)
Free cash flow$4,187 $720 
15

RTX Corporation
Reconciliation of Adjusted (Non-GAAP) Results
Organic Sales Reconciliation
Quarter ended June 30, 2026 compared to the Quarter Ended June 30, 2025
(Unaudited)
(dollars in millions)
Total Reported ChangeAcquisitions & Divestitures Change
FX / Other Change (2)
Organic Change
Prior Year Adjusted Sales (1)
Organic Change as a % of Adjusted Sales
Collins Aerospace$588 $(404)$11 $981 $7,622 13 %
Pratt & Whitney1,258 — (16)1,274 7,631 17 %
Raytheon1,268 — 12 1,256 7,001 18 %
Eliminations and Other (3)
13 13 — — (673)— %
Consolidated$3,127 $(391)$7 $3,511 $21,581 16 %
(1)    For the full Non-GAAP reconciliation of adjusted sales refer to “Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin.”
(2)    Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals.
(3)    FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney’s FX/Other Change, but excluded for Consolidated RTX.


Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025
(Unaudited)
(dollars in millions)
Total Reported ChangeAcquisitions & Divestitures Change
FX / Other Change (2)
Organic Change
Prior Year Adjusted Sales (1)
Organic Change as a % of Adjusted Sales
Collins Aerospace$973 $(787)$51 $1,709 $14,839 12 %
Pratt & Whitney2,065 — 21 2,044 14,997 14 %
Raytheon1,873 — 29 1,844 13,341 14 %
Eliminations and Other (3)
(14)26 (31)(9)(1,290)1 %
Consolidated$4,897 $(761)$70 $5,588 $41,887 13 %
(1)    For the full Non-GAAP reconciliation of adjusted sales refer to “Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin.”
(2)    Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals.
(3)    FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney’s FX/Other Change, but excluded for Consolidated RTX.
16

Non-GAAP Financial Adjustments

Non-GAAP AdjustmentsDescription
Segment and portfolio transformation and divestiture costs
The quarter and six months ended June 30, 2025 include separation costs incurred in advance of the completion of certain divestitures.
Customer bankruptcy
The quarter and six months ended June 30, 2025 include a net pre-tax charge of approximately $0.1 billion related to a customer bankruptcy at Pratt & Whitney. The charge primarily relates to contract asset exposures with a customer. Management has determined that the nature and significance of the charge is considered unusual and, therefore, not indicative of the Company’s ongoing operational performance.
Gain on investment
The quarter and six months ended June 30, 2026 and quarter and six months ended June 30, 2025, include a pre-tax gain of $70 million and $41 million, respectively, related to the increase in fair value on an investment. Management has determined that the nature of the gain on investment to be significant and non-operational, and, therefore, not indicative of the Company’s ongoing operational performance.
Tax audit settlements and closures
The quarter and six months ended June 30, 2025 include a tax benefit of $59 million and a pre-tax benefit on the reversal of $54 million of interest accruals both recognized as a result of the closure of the examination phase of multiple state tax audits. In addition, in the quarter and six months ended June 30, 2025, there was a tax benefit of $33 million and a net pre-tax benefit of $6 million from the
reversal of interest accruals and the write-off of certain tax related indemnity receivables associated
with the closure of a federal tax audit.
Litigation matter
The quarter and six months ended June 30, 2026 include a pre-tax charge of $69 million related to a litigation matter. Management considers this charge non-operational and directly attributable to the litigation matter and, therefore, not indicative of the Company’s ongoing operational performance.
International tax matter
During the six months ended June 30, 2025, the Company recorded the impact of an unfavorable decision related to an international tax matter for the years ended December 31, 2015 to December 31, 2019, resulting in interest expense, net of $35 million and a tax benefit of $8 million. Management has determined that the nature of this impact related to the tax matter is considered significant and non-operational, and, therefore, not indicative of the Company’s ongoing operational performance.
17

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