Raytheon Technologies Stock Earnings Reports

RTX reported a strong start to FY2026: adjusted Q1 sales were $22.1 billion (organic +10%), adjusted EPS $1.78 (+21% YoY), and free cash flow $1.3 billion (up $500M YoY). Book-to-bill was 1.14 and backlog reached a record $271 billion (+25% YoY) with broad commercial and defense awards. Commercial strength included continued GTF engine demand and certification progress for the GTF Advantage; Pratt expects mid-to-high single-digit OE delivery growth and robust aftermarket activity. Defense momentum was a major driver — Raytheon bookings and deliveries increased, munitions output rose >40% YoY, and Raytheon signed five framework agreements with the U.S. government aimed at long-term munitions production ramps. Management is investing in capacity (notable CapEx at Pratt, Raytheon and Collins facilities) and automation/digital to sustain output and productivity. As a result of the quarter’s performance and defense strength, RTX raised its FY adjusted sales outlook by $0.5 billion to $92.5–93.5 billion, increased adjusted EPS guidance by $0.10 to $6.70–6.90, and maintained the free cash flow target of $8.25–8.75 billion. Management acknowledged supply-chain and critical-minerals risks tied to increased defense production but noted mitigation progress and collaboration with the Department of Defense. Tariff-related cash outlays (~$500M paid) remain under review for refunds; no guidance change yet.