RTX (RTX) Company Report

RTX’s Raytheon-Rafael Protection Systems (R2S) joint venture secured a $1.25 billion direct commercial sales agreement to supply Israel with Tamir surface-to-air missiles, missile kits, and test equipment.
R2S opened a new factory in East Camden, Arkansas, backed by a $33 million capital investment to accelerate Iron Dome interceptor production for both the Israeli MOD and the U.S. SkyHunter® program.
This marks the joint venture’s first all-up-round production facility and inaugural production contract, supporting both Iron Dome and the Marine Corps’ Medium-Range Intercept Capability program.

34 minutes ago

Press Release

RTX outlines Q3 performance and full-year guidance

RTX

Guidance Update

Accounting Changes

New Projects/Investments

RTX posted 13% organic Q3 sales growth with $4 billion free cash flow, leading to a full-year sales outlook of $86.5–87 billion and adjusted EPS guidance of $6.10–6.20.
The company holds a $251 billion backlog and expects 2026 to deliver top-line growth that converts into margin expansion at all segments alongside increasing free cash flow.
RTX will transfer $2.5 billion of pension liabilities to an insurer, incurring a one-time pre-tax charge of ~$300 million in Q4 (non-cash, excluded from adjusted EPS) and a $200 million headwind to non-service pension income in 2026.
Defense segment is expanding capacity—$300 million invested at Raytheon this year—to meet surging munitions and integrated air defense demand, evidenced by a 1.94 book-to-bill ratio in Q3.
Capital allocation prioritizes $2.5–3 billion CapEx, R&D, dividends, and continued debt reduction (already repaid $5.78 billion, $4 billion remaining) before resuming share buybacks.

8 days ago

Transcript

RTX outlines Q3 performance and strategic priorities at Baird conference

RTX

Guidance Update

Accounting Changes

Share Buyback

Strong Q3 performance: 13% organic sales growth, aftermarket +18%, defense and OE +10% each; $4 billion free cash flow; raising full-year sales to $86.5–87 billion and adj. EPS to $6.10–6.20
Q4 execution and pension de-risking: $251 billion backlog supports Q4; limited government shutdown impact; one-time $300 million pre-tax pension settlement transferring $2.5 billion obligation to an insurer with no effect on adj. EPS
Working capital focus: elevated inventory from growth; deploying digital tools for better material allocation and supplier visibility; expect Q4 inventory reduction alongside extended payables
2026 outlook: anticipate top-line growth, margin expansion across all segments, and higher free cash flow driven by powder-metal payment completion and working capital improvements
Capital allocation strategy: investing ~$2.5 billion in CapEx and ~$3 billion in R&D annually; dividend remains priority; $5.78 billion of debt repaid with ~$4 billion left before resuming share repurchases

8 days ago

Transcript

RTX affirms 2025 guidance after strong Q3 performance at Baird conference

RTX

Guidance Update

New Projects/Investments

RTX delivered 13% organic sales growth in Q3, with aftermarket up 18% and both defense and OE up 10%; Q3 free cash flow was $4 billion, and full-year guidance remains $86.5–87 billion in sales, $6.10–6.20 in adjusted EPS, and $7–7.5 billion in free cash flow.
Plans to transfer $2.5 billion of pension obligations to an insurer, incurring a one-time $300 million pre-tax, non-cash Q4 charge (excluded from adjusted EPS) and reducing 2026 non-service pension income by about $200 million.
With a backlog of $250 billion, RTX expects continued top-line growth, margin expansion, and higher free cash flow in 2026; 2025 investments include $2.5 billion in CapEx, $3 billion in R&D, while capital allocation will prioritize dividends and paying down the remaining $4 billion of debt before resuming share buybacks.
Defense book-to-bill was 1.94 in Q3, driving capacity investments in munitions and air‐defense systems; commercial operations saw OE engine output up 8–10% and GTF production up 55% versus 2019, with aftermarket material flow on track for 30% growth.

8 days ago

Transcript

RTX reaffirms GTF engine partnership and outlines next-gen propulsion roadmap

RTX

New Projects/Investments

The IAE consortium—composed of Japanese Aero Engines Corporation, MTU Aero Engines and Pratt & Whitney—reaffirmed their commitment to evolve geared turbofan (GTF) technology for next-generation single-aisle aircraft.
The GTF program has achieved over 300 million flight hours, powers approximately 2,800 aircraft with more than 150 operators, and is projected to reach 300 million hours by the mid-2030s.
MTU has been part of the GTF maintenance, repair and overhaul network since 2015 and is expanding operations and facilities to meet rising global demand for GTF MRO services.
IAE is investing in next-generation GTF enhancements, including advanced materials, high-performance-computing aerodynamics, a small high-speed core and hybrid-electric propulsion technologies.

Nov 13, 2025, 10:00 AM

Press Release

RTX to build U.S. solid rocket motor facility with Avio by 2028

RTX

New Projects/Investments

RTX signed a memorandum of understanding with Avio to establish a solid rocket motor facility in the U.S., granting Raytheon preferred access to production capacity to meet rising defense demand.
The new plant, due to be operational by early 2028, will also serve as a vertically integrated merchant supplier, enhancing U.S. supply chain diversity for advanced SRMs.
This partnership builds on prior contracts for Mk104 rocket motor engineering and procurement, aligning with growing global military spending on missile and tactical weapon systems.
Supported by defense leaders including Lockheed Martin, the collaboration underscores RTX’s strategic emphasis on strengthening its Raytheon segment amid tariff and budgetary risks.

Nov 10, 2025, 2:12 PM

Morningstar

RTX signs MoU with Avio to establish US solid rocket motor facility

RTX

New Projects/Investments

RTX’s Raytheon business and Avio signed a Memorandum of Understanding to build a state-of-the-art solid rocket motor facility in the U.S., creating a vertically integrated merchant supplier.
Under the deal, Raytheon will secure preferred access to a share of the plant’s production capacity to meet growing SRM demand.
This partnership expands on a July 2024 contract for preliminary engineering on the Mk 104 rocket motor and funds critical design review and long-lead material procurement.
The new facility will bolster domestic SRM supply and strengthen defense readiness for the U.S. and its allies.

Nov 10, 2025, 1:00 PM

Press Release

RTX reports Q3 2025 results

RTX

Earnings

Guidance Update

Adjusted sales were $22.5 billion, up 13% organically, driven by commercial aftermarket (+18%), OE (+10%), and defense (+10%) growth
Adjusted segment operating profit increased 19% to $2.8 billion, with 70 bps margin expansion; adjusted EPS was $1.70, up 17%
Free cash flow reached $4 billion in Q3, supporting a full-year free cash flow outlook of $7–7.5 billion
Book-to-bill was 1.63, with backlog growing 13% y/y to $251 billion on $37 billion of new awards (defense $23 billion, commercial $14 billion)
Full-year guidance raised: adjusted sales to $86.5–87 billion (8–9% organic growth) and EPS to $6.10–6.20

Oct 21, 2025, 12:30 PM

Transcript

RTX announces Q3 2025 results

RTX

Earnings

Guidance Update

$22.5 billion in adjusted sales, up 13% organic year-over-year.
$2.8 billion in adjusted segment profit, a 19% increase with 70 bps margin expansion.
$4.0 billion of free cash flow, up 104%.
Order backlog reached $251 billion, up 13%, including $37 billion of new awards (over $8 billion in munitions and $3 billion supporting the F135 engine).
Raised 2025 outlook: adjusted sales to $86.5 – $87.0 billion and adjusted EPS to $6.10 – $6.20, while maintaining free cash flow guidance.

Oct 21, 2025, 12:30 PM

Presentation

RTX reports Q3 2025 earnings

RTX

Earnings

Guidance Update

Dividends

Q3 adjusted sales $22.5 B (+12% adj, +13% organically); adjusted operating profit $2.8 B (+19%); EPS $1.70 (+17%); free cash flow $4.0 B.
Raised FY 2025 adjusted sales outlook to $86.5 B – $87.0 B (8 – 9% organic growth) and EPS to $6.10 – $6.20; FCF guidance maintained at $7.0 B – $7.5 B.
Segment performance: Collins sales $7.6 B (+11% organic), profit +$98 M; Pratt sales $8.4 B (+16% organic), profit +$154 M; Raytheon sales $7.0 B (+10%), profit +$198 M.
Book-to-bill 1.63 for RTX (1.71 YTD) and 2.27 for Raytheon; backlog $251 B (+13% YoY) after $37 B in Q3 orders.
Returned $900 M via dividends and paid down $2.9 B of debt; completed divestitures including actuation and Simmons Precision for $765 M.

Oct 21, 2025, 12:30 PM

Transcript

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