RTX Corp

Strong Q2 performance (beat on momentum across segments) - Adjusted sales: $24.7B, +16% organically (+14% adjusted YoY). - Adjusted EPS: $1.89, +21% YoY (driven by +18% growth in segment operating profit). - Free cash flow (FCF): $2.9B in the quarter. - Cash/earnings notes (GAAP): GAAP EPS from continuing operations $1.57, including $0.27 acquisition accounting, $0.05 restructuring/other nonrecurring. - Good/investor takeaway: Execution and “drop-through” from volume continue to translate to cash and profit.

Backlog + bookings signal strong demand (especially Raytheon / defense + international) - RTX backlog: $289B, +22% YoY and +6% sequentially (record). - Raytheon Q2 bookings: ~$19.9B, book-to-bill: 2.42. - Notable awards mentioned: - > $5B GEM‑T Patriot effectors (incl. first domestic GEM‑T production order in 30+ years). - > $4B classified/confidential awards. - $1.8B AMRAAM. - International demand: Raytheon ~48% international backlog, and Raytheon backlog international up 4 points YoY; $10B+ international awards in H1 (>2x YoY), including $7B+ Europe. - Opportunity: International air/missile defense demand plus continued NATO/Europe supply ramp is a major tailwind.

Full-year financial guidance raised (but FCF top-end not increased) - Adjusted sales outlook: raised +$2.5B to $95B–$96B (from $92.5B–$93.5B). - Implies organic sales growth ~8%–9% (up from 5%–6%). - Commercial OE: now mid-to-high single digits (up from mid-single digits). - Commercial aftermarket: low double digits (up from high single digits). - Defense: high single digits (higher end of prior mid-to-high single digits). - Adjusted EPS outlook: raised by ~$0.35–$0.40, now $7.10–$7.25 (from $6.70–$6.90). - FCF outlook: $8.5B–$8.75B (raised bottom end; top end unchanged vs prior range). - Good: profit and sales upside is broad-based; cash flow expectations still strong.