RTX Corp
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+ FollowMarket Cap$268.36B
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Earnings Call Q3 2026
October 20, 2026 - AI Summary
Strong Q3 results; broad-based growth
- Adjusted sales: $25.0B, +12% organically (and +11% YoY adjusted).
- Adjusted EPS: $2.26, +33% YoY (includes ~$0.25 from IEPA cost recovery).
- Free cash flow (FCF): $2.1B in the quarter (includes ~$300M IEPA recovery and ~$165M related to powder metal compensation).
- Operating momentum / backlog: Record backlog $340B, +36% YoY and +18% sequentially; underscores demand visibility and execution strength.
Defense surge: record bookings and major munition ramps
- Defense bookings: ~$59B in Q3 with book-to-bill 4.57x.
- Key conversions into production contracts:
- Tomahawk (~$23B) and AMRAAM (~$14B) framework agreements converted to multiyear agreements.
- Additional multiyear contracts signed for SM-6 and SM-3 IIA (per management commentary).
- Execution/ramp plan: Expect production rates to increase ~2x to 4x over time as the supply chain/tools/testing capacity is expanded.
- Margin expectation: Management believes these contracts can support margin expansion at Raytheon as scale efficiencies build, though near-term optics are impacted by ramp investments and accounting mechanics.
2026 outlook raised (earnings and cash), driven by defense + commercial strength
- Adjusted sales outlook: raised to $97.0B–$97.5B (from $95.0B–$96.0B).
- Implies ~10%–11% full-year organic growth (up from 8%–9% previously).
- Adjusted EPS outlook: raised to $7.65–$7.75 (from $7.10–$7.25)
- Increase attributed mainly to operational performance + IEPA cost recovery (midpoint impact discussed as roughly $28M operational and $25M IEPA—i.e., IEPA remains a meaningful contributor).
- FCF outlook: raised to $9.0B–$9.2B (from $8.5B–$8.75B), driven primarily by EBITDA recovery.
- Channel guidance nuance: commercial OE now expected high single digits, commercial aftermarket low double digits to low teens, defense low double digits.
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$185.81
6.4% downside
Current Fair Value
6.4% downsideOvervalued by 6.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $268.36 Billion |
|---|---|
| Enterprise Value | $319.27 Billion |
| Annual dividend | $2.82 |
| Dividend yield | 1.41% |
| Earnings per Share | $5.02 |
| Beta | 0.31 |
| Outstanding Shares | 1,352,200,000 |
Return
| Return on Equity | 12.24% |
|---|---|
| Return on Assets | 4.80% |
| Return on Invested Capital | 10.31% |
Valuation & Multiples
| P/E Ratio | 32.07 |
|---|---|
| PEG | 90.1 |
| Price to Sales | 2.8 |
| Price to Book Ratio | 3.82 |
| Enterprise Value to Revenue | 3.32 |
| Enterprise Value to EBIT | 27.5 |
| Enterprise Value to Net Income | 37 |
| Total Debt to Enterprise | 0.19 |
| Debt to Equity | 0.87 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 20, 2026
EPS Estimate
$1.78
Consensus analyst estimateRevenue Estimate
$24.11 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 26, 2027
EPS Estimate
$1.82
Consensus analyst estimateRevenue Estimate
$25.91 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.31, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3115▼ 82.79% |
|---|---|
| Total Calls | 6,100▼ 99.91% |
| Total Puts | 1,900▼ 99.98% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.55%▼ 77.43% |
|---|---|
| Total Invested | $8.85B▼ 95.73% |
| Investors Holding | 1,563▼ 2000.00% |
About Raytheon Technologies Corporation
180,000 employees
CEO: Gregory Hayes
RTX Corporation, an aerospace and defense powerhouse established in 1934 and based in Arlington, Virginia, delivers an extensive range of advanced systems and crucial services. Its diverse client base includes commercial, military, and g...