RTX Corporation
- What it sells
- Products is 72% of revenue (fiscal year to Dec 2025), the same as two years earlier.
- Growing?
- Yes: revenue up 11% on a year earlier (quarter ended Sep 2026); earnings per share up 26% over the last four quarters.
- Expensive?
- Cheaper than usual: 32.2× trailing earnings; its five-year median is 36.1×. Priced 50% above the peer median of 21.5x.
- Analysts?
- 67% of 24 say buy; average 12-month target $228, 15% above today's price.
- Risky?
- About average for a large company: its price swung 26% over the past year (the S&P 500's 14%), and it fell as much as 34% since Nov 2021.
RTX Corporation (RTX) is an aerospace and defense company that designs and manufactures aircraft engines, aerospace systems, and missile/air-defense and sensor solutions, with revenue primarily from original equipment sales and long-duration aftermarket and U.S./allied government contract services.
More about RTX
Market Position
RTX is a scale incumbent across commercial aerospace and defense, differentiated by a broad installed base that drives recurring spares, maintenance, and upgrades, and by program positions on major platforms (e.g., Patriot air and missile defense).
Key Segments
RTX reports three principal segments: Collins Aerospace, Pratt & Whitney, and Raytheon.
How has the stock done?
Over the past month RTX rose 6.3%; the aerospace & defense ETF (ITA) rose 4.4% and the S&P 500 fell 2.7%.
Over the past six months RTX rose 10.9%; the aerospace & defense ETF (ITA) fell 4.5% and the S&P 500 rose 2.6%.
Over the past year RTX rose 11.6%; the aerospace & defense ETF (ITA) rose 2.6% and the S&P 500 rose 10.8%.
Over five years RTX rose 123.2%; the aerospace & defense ETF (ITA) rose 101.4% and the S&P 500 rose 62.0%.
From Apr 20, 2022 to Oct 5, 2023, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.3% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 20, 2026 | ended Sep 2026 | $25.0B (+11% vs a year earlier) | $2.26 vs $1.78 (beat) | −0.3% | +1.3% |
| Jul 23, 2026 | ended Jun 2026 | $24.7B (+14% vs a year earlier) | $1.89 vs $1.66 (beat) | +9.2% | +10.0% |
| Apr 21, 2026 | ended Mar 2026 | $22.1B (+9% vs a year earlier) | $1.78 vs $1.52 (beat) | −7.6% | −10.3% |
| Jan 27, 2026 | ended Dec 2025 | $24.2B (+12% vs a year earlier) | $1.55 vs $1.47 (beat) | +2.7% | +4.8% |
| Oct 21, 2025 | ended Sep 2025 | $22.5B (+12% vs a year earlier) | — | +10.7% | +11.2% |
| Jul 22, 2025 | ended Jun 2025 | $21.6B (+9% vs a year earlier) | — | +3.3% | +3.7% |
| Apr 22, 2025 | ended Mar 2025 | $20.3B (+5% vs a year earlier) | — | −4.6% | −0.3% |
| Jan 28, 2025 | ended Dec 2024 | $21.6B (+9% vs a year earlier) | — | +0.1% | +2.7% |
| Oct 22, 2024 | ended Sep 2024 | $20.1B (+49% vs a year earlier) | — | +1.0% | −2.5% |
| Jul 25, 2024 | ended Jun 2024 | $19.7B (+8% vs a year earlier) | — | +8.7% | +11.4% |
| Apr 23, 2024 | ended Mar 2024 | $19.3B (+12% vs a year earlier) | — | −0.5% | 0.0% |
| Jan 23, 2024 | ended Dec 2023 | $19.9B (+10% vs a year earlier) | — | +5.3% | +6.6% |
| Oct 24, 2023 | ended Sep 2023 | $13.5B (−21% vs a year earlier) | — | +7.2% | +11.3% |
| Jul 25, 2023 | ended Jun 2023 | $18.3B (+12% vs a year earlier) | — | −11.0% | −9.3% |
| Apr 25, 2023 | ended Mar 2023 | $17.2B (+10% vs a year earlier) | — | −4.7% | −3.5% |
| Jan 24, 2023 | ended Dec 2022 | $18.1B (+6% vs a year earlier) | — | +3.9% | +3.7% |
| Oct 25, 2022 | ended Sep 2022 | $17.0B (+5% vs a year earlier) | — | +0.9% | +6.5% |
| Jul 26, 2022 | ended Jun 2022 | $16.3B (+3% vs a year earlier) | — | −4.5% | −0.9% |
| Apr 26, 2022 | ended Mar 2022 | $15.7B (+3% vs a year earlier) | — | −0.8% | −4.2% |
| Jan 25, 2022 | ended Dec 2021 | $17.0B (+4% vs a year earlier) | — | +1.0% | +3.0% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $25.0B in the quarter ended Sep 2026, up 11% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $18.1B | +6% |
| Mar 2023 | $17.2B | +10% |
| Jun 2023 | $18.3B | +12% |
| Sep 2023 | $13.5B | −21% |
| Dec 2023 | $19.9B | +10% |
| Mar 2024 | $19.3B | +12% |
| Jun 2024 | $19.7B | +8% |
| Sep 2024 | $20.1B | +49% |
| Dec 2024 | $21.6B | +9% |
| Mar 2025 | $20.3B | +5% |
| Jun 2025 | $21.6B | +9% |
| Sep 2025 | $22.5B | +12% |
| Dec 2025 | $24.2B | +12% |
| Mar 2026 | $22.1B | +9% |
| Jun 2026 | $24.7B | +14% |
| Sep 2026 | $25.0B | +11% |
Revenue went from $67.1B in FY22 to $88.6B in FY25; net income from $5.2B to $6.7B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $67.1B | $5.2B |
| FY23 | $68.9B | $3.2B |
| FY24 | $80.7B | $4.8B |
| FY25 | $88.6B | $6.7B |
In the fiscal year to Dec 2025, Products was 72% and Services was 28% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Products | $49.6B | 72% |
| FY2023 | Services | $19.3B | 28% |
| FY2024 | Products | $59.6B | 74% |
| FY2024 | Services | $21.1B | 26% |
| FY2025 | Products | $64.2B | 72% |
| FY2025 | Services | $24.4B | 28% |
In the fiscal year to Dec 2025, United States was 53% and Europe was 21% of revenue; United States fell from 57% in the fiscal year to Dec 2024.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2024 | United States | $46.1B | 57% |
| FY2024 | Europe | $16.0B | 20% |
| FY2024 | Asia Pacific | $10.9B | 13% |
| FY2024 | Other regions | $4.3B | 5% |
| FY2024 | Middle East and North Africa | $3.5B | 4% |
| FY2025 | United States | $47.3B | 53% |
| FY2025 | Europe | $18.8B | 21% |
| FY2025 | Asia Pacific | $13.8B | 16% |
| FY2025 | Other regions | $5.1B | 6% |
| FY2025 | Middle East and North Africa | $3.6B | 4% |
A year earlier $1.41
Diluted, from SEC filings
The P/E of 32.2× over the 26% EPS growth of the last four quarters; near 1 or below is cheap for the growth
Quarters: RTX Corporation's SEC filings, named by the month they end. Fiscal years: RTX Corporation's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $7.6 ends up as net income. Net margin was roughly flat over the past 3 years.
Roughly flat over 3 years
+2.4 pts over 3 years
Roughly flat over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: RTX Corporation's annual reports to the SEC.
How much work is already signed?
Customers had signed $340.0B of work RTX has not yet delivered at the end of Sep 2026: 3.5 years of revenue at the last four quarters' pace. New orders over those four quarters were about 1.9× revenue, so the backlog grew.
At the end of Sep 2026
Backlog over the last four quarters' revenue
New orders over revenue: above 1, more work comes in than goes out
Show the data
| Quarter ended | Backlog | Years of revenue | Book-to-bill |
|---|---|---|---|
| Dec 2021 | $156.0B | 2.4 years | 1.0× |
| Mar 2022 | $154.0B | 2.4 years | 0.9× |
| Jun 2022 | $161.0B | 2.5 years | 1.4× |
| Sep 2022 | $168.0B | 2.5 years | 1.4× |
| Dec 2022 | $175.0B | 2.6 years | 1.4× |
| Mar 2023 | $180.0B | 2.6 years | 1.3× |
| Jun 2023 | $185.0B | 2.6 years | 1.3× |
| Sep 2023 | $190.0B | 2.8 years | 1.4× |
| Dec 2023 | $196.0B | 2.8 years | 1.3× |
| Mar 2024 | $202.0B | 2.8 years | 1.3× |
| Jun 2024 | $206.0B | 2.8 years | 1.2× |
| Sep 2024 | $221.0B | 2.8 years | 1.7× |
| Dec 2024 | $218.0B | 2.7 years | 0.9× |
| Mar 2025 | $217.0B | 2.7 years | 1.0× |
| Jun 2025 | $236.0B | 2.8 years | 1.9× |
| Sep 2025 | $251.0B | 2.9 years | 1.7× |
| Dec 2025 | $268.0B | 3.0 years | 1.7× |
| Mar 2026 | $271.0B | 3.0 years | 1.1× |
| Jun 2026 | $289.0B | 3.1 years | 1.7× |
| Sep 2026 | $340.0B | 3.5 years | 3.0× |
Backlog: remaining performance obligations in RTX Corporation's SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.
Customers and suppliers
In its latest annual report RTX buys from Prudential; sells to Boeing, Airbus, the U.S. government.
Their suppliers
Suppliers
RTXCustomers
Partners
Airbus AIR.PADesigns and integrates hybrid-electric propulsion demonstrator
GE Aerospace GECo-owns GP7000 engine aftermarket support ventureChanges since the previous annual report (10-K filed Feb 3, 2025)
Prudential PRUNamed for the first time, as a supplierApproximately $2.3 billion of gross pension obligations transferred in December 2025
Boeing BANamed for the first time, as a customerCombined with Airbus: 16% of Collins segment sales in 2025, prior to discounts and incentives
U.S. governmentCustomer, share of revenue40% → 38%
Lockheed Martin LMT
Xanadu Quantum Technologies XNDUShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Boeing | customer | “Collins’ largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of 16%, 16%, and 19% of total Collins segment sales in 2025, 2024, and 2023, respectively.” |
| Airbus | customer | “Pratt & Whitney’s largest commercial customer by sales is Airbus, with sales, prior to discounts and incentives, of 29%, 31%, and 48% of total Pratt & Whitney segment sales in 2025, 2024, and 2023, respectively.” |
| ATR | partner · co-develops with it | “As part of the PHARES consortium, Pratt & Whitney Canada will collaborate with Collins, ATR, Airbus, and technology research organizations to design and integrate a hybrid-electric propulsion demonstrator, targeting up to 20% improved fuel efficiency on regional aircraft missions.” |
| Airbus | partner · co-develops with it | “As part of the PHARES consortium, Pratt & Whitney Canada will collaborate with Collins, ATR, Airbus, and technology research organizations to design and integrate a hybrid-electric propulsion demonstrator, targeting up to 20% improved fuel efficiency on regional aircraft missions.” |
| U.S. government | customer | “Sales to the U.S. government (1) $ 33,279 $ 32,246 $ 31,628 38 % 40 % 46 %” |
| TRS | partner · joint venture with it | “As previously disclosed, on October 15, 2024, Raytheon Company entered into a deferred prosecution agreement (DPA) (DPA-1) with the DOJ and on October 16, 2024, the Company became subject to an administrative order issued by the SEC (the SEC Administrative Order) to resolve the previously disclosed criminal and civil government investigations into payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems (TRS), since 2012 in connection with certain Middle East contracts.” |
| GE Aerospace | partner · joint venture with it | “Pratt & Whitney is the principal participant in all existing collaborative arrangements, with the exception of the Engine Alliance (EA), a joint venture with GE Aviation, which provides aftermarket support, spare parts, and service for the GP7000 engine for the Airbus A380 aircraft.” |
| EA | partner · joint venture with it | “Pratt & Whitney is the principal participant in all existing collaborative arrangements, with the exception of the Engine Alliance (EA), a joint venture with GE Aviation, which provides aftermarket support, spare parts, and service for the GP7000 engine for the Airbus A380 aircraft.” |
| MTU | partner · co-develops with it | “Pratt & Whitney holds a 61% program share interest in the International Aero Engines AG (IAE) collaboration with MTU Aero Engines AG (MTU) and Japanese Aero Engines Corporation (JAEC), and a 49.5% ownership interest in IAE. IAE’s business purpose is to coordinate the design, development, manufacturing, and product support of the V2500 engine program through involvement with the collaborators.” |
| JAEC | partner · co-develops with it | “Pratt & Whitney holds a 61% program share interest in the International Aero Engines AG (IAE) collaboration with MTU Aero Engines AG (MTU) and Japanese Aero Engines Corporation (JAEC), and a 49.5% ownership interest in IAE. IAE’s business purpose is to coordinate the design, development, manufacturing, and product support of the V2500 engine program through involvement with the collaborators.” |
| Prudential | supplier | “In December 2025, we completed a buy-out conversion of a group annuity contract previously purchased by the Plan from The Prudential Insurance Company of America (Prudential) transferring approximately $2.3 billion of gross pension obligations from the Plan to Prudential.” |
| Berkshire Hathaway (10-K filed Mar 2, 2026) | calls it a customer | “PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).” |
| Howmet Aerospace (10-K filed Feb 12, 2026) | calls it a customer | “RTX Corporation and GE Aerospace each represented approximately 11% of the Company’s third-party sales for the year ended December 31, 2025. These sales were primarily from the Engine Products segment.” |
| Kratos Defense & Security Solutions (10-K filed Feb 23, 2026) | calls it a customer | “A representative list of non-government customers during 2025 included tier one, large U.S. Government contractors and system integrators such as Northrop Grumman, Lockheed Martin, General Dynamics, Raytheon Technologies, BAE Systems, and L3Harris, as well as Intelsat (acquired by SES), Blue Halo (acquired by AeroVironment), Microsoft, Amazon, Airbus, Siemens, Rolls Royce, Boom, GE Aerospace and others.” |
| Lockheed Martin (10-K filed Jan 29, 2026) | joint venture with it | “Javelin was developed and is currently produced for the U.S. Army and U.S. Marine Corps by a joint venture between Lockheed Martin and RTX Corporation.” |
| Xanadu Quantum Technologies (20-F filed Apr 9, 2026) | co-develops with it | “Current collaborations include leading organizations such as Volkswagen, Toyota, Mitsubishi Chemical, Rolls-Royce, Raytheon Technologies, Corning, as well as national laboratories in Canada, the United States, and Europe. These partnerships are designed to co-develop quantum algorithms, validate commercial use cases, and ensure that our technology is aligned with real-world demand.” |
Only the companies RTX names in its 10-K filed Feb 6, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names RTX. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 32.2x, above the peer median of 21.5x, so it needs earnings to keep growing to hold up.
Priced 50% above the peer median of 21.5x.
Show the data
| Company | P/E (trailing) |
|---|---|
| SPCX · Space Exploration Technologies Corp. | 608× |
| GE · GE Aerospace | 38.2× |
| RTX · RTX Corporation | 32.2× |
| LMT · Lockheed Martin Corporation | 21.5× |
| GD · General Dynamics Corporation | 21.4× |
| BA · The Boeing Company | 17.7× |
At 32.2× trailing earnings RTX is below most of its five-year range; the five-year median is 36.1×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 41.2× |
| Feb 8, 2022 | 37.0× |
| May 10, 2022 | 32.9× |
| Aug 10, 2022 | 31.2× |
| Nov 8, 2022 | 32.1× |
| Feb 9, 2023 | 28.0× |
| May 11, 2023 | 25.5× |
| Aug 11, 2023 | 23.0× |
| Nov 9, 2023 | 38.3× |
| Feb 12, 2024 | 40.5× |
| May 13, 2024 | 41.3× |
| Aug 13, 2024 | 67.2× |
| Nov 11, 2024 | 35.5× |
| Feb 13, 2025 | 35.4× |
| May 15, 2025 | 39.7× |
| Aug 15, 2025 | 33.9× |
| Nov 13, 2025 | 35.7× |
| Feb 17, 2026 | 41.0× |
| May 18, 2026 | 33.0× |
| Aug 18, 2026 | 39.7× |
| Nov 12, 2026 | 32.2× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $228, 15% above the current price; 67% of 24 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 16 analysts (67%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $183.10 to $227.00 (+24%), while RTX went from $173.96 to $198.36 (+14%). In the past three months targets were raised twice and cut 4 times. 1 upgrade and 1 downgrade over the year; the latest: Jefferies moved it to Buy from Hold on Jun 4, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 21, 2026 | UBS | Target raised | Neutral | $212.00, was $209.00 |
| Oct 21, 2026 | Barclays | Target raised | Overweight | $235.00, was $223.00 |
| Oct 15, 2026 | RBC Capital | Target cut | Outperform | $235.00, was $250.00 |
| Oct 15, 2026 | Bernstein | Target cut | Market Perform | $214.00, was $223.00 |
| Oct 9, 2026 | TD Cowen | Target cut | Buy | $225.00, was $240.00 |
| Oct 9, 2026 | Barclays | Began coverage | Overweight | $223.00 |
| Sep 23, 2026 | Bernstein | Target cut | Market Perform | $223.00, was $232.00 |
| Aug 3, 2026 | Bernstein | Target raised | Market Perform | $232.00, was $213.00 |
| Jul 27, 2026 | TD Cowen | Target raised | Buy | $240.00, was $225.00 |
| Jul 25, 2026 | UBS | Target raised | Neutral | $215.00, was $198.00 |
| Jul 24, 2026 | RBC Capital | Target raised | Outperform | $250.00, was $230.00 |
| Jul 24, 2026 | Susquehanna | Target raised | Positive | $245.00, was $235.00 |
| Jul 24, 2026 | Wells Fargo | Target raised | Equal-Weight | $230.00, was $200.00 |
| Jun 4, 2026 | Jefferies | Upgrade | Buy, was Hold | $220.00, was $210.00 |
| Apr 22, 2026 | UBS | Target cut | Neutral | $199.00, was $209.00 |
| Apr 22, 2026 | Morgan Stanley | Target cut | Overweight | $220.00, was $235.00 |
| Apr 13, 2026 | Jefferies | Target cut | Hold | $210.00, was $225.00 |
| Apr 2, 2026 | Citigroup | Target cut | Buy | $226.00, was $238.00 |
| Apr 1, 2026 | Wells Fargo | Began coverage | Equal-Weight | $200.00 |
| Feb 5, 2026 | Citigroup | Target raised | Buy | $238.00, was $227.00 |
| Jan 28, 2026 | JP Morgan | Target raised | Overweight | $215.00, was $200.00 |
| Jan 28, 2026 | RBC Capital | Target raised | Outperform | $230.00, was $220.00 |
| Jan 28, 2026 | UBS | Target raised | Neutral | $208.00, was $199.00 |
| Jan 13, 2026 | Citigroup | Target raised | Buy | $227.00, was $211.00 |
| Jan 5, 2026 | UBS | Downgrade | Neutral, was Buy | $199.00, was $202.00 |
| Dec 19, 2025 | JP Morgan | Target raised | Overweight | $200.00, was $195.00 |
| Dec 12, 2025 | Citigroup | Began coverage | Buy | $211.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $1.47 | $1.55 | +5.4% |
| Mar ’26 | $1.52 | $1.78 | +17.1% |
| Jun ’26 | $1.66 | $1.89 | +13.9% |
| Sep ’26 | $1.78 | $2.26 | +27.0% |
The day after each of these reports the stock moved +2.7% (Dec 2025, beat); −7.6% (Mar 2026, beat); +9.2% (Jun 2026, beat); −0.3% (Sep 2026, beat).
For the quarter ending Dec 2026 (RTX reports on Jan 26, 2027), analysts expect adjusted earnings of $1.84 a share, 18% more than the $1.55 of a year earlier, and revenue of $25.9B, up 7% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $8.09 a share, 5% more than the year before's estimate of $7.70, and revenue of $105.0B, up 8% on the year before's estimate.
Adjusted. Dec 2025: $1.55; range $1.76 to $1.93; 19 analysts
Dec 2025: $24.2B; range $25.3B to $26.4B; 17 analysts
Adjusted. The year to Dec 2026: $7.70 expected; range $7.56 to $8.50; 24 analysts
The year to Dec 2026: $97.4B expected; range $101.1B to $108.2B; 22 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 26, 2027 | EPS (adjusted) | $1.84 | $1.76 to $1.93 | 19 | $1.55 (Dec 2025) | +18% |
| Quarter ending Dec 2026, results Jan 26, 2027 | Revenue | $25.9B | $25.3B to $26.4B | 17 | $24.2B (Dec 2025) | +7% |
| Quarter ending Mar 2027 | EPS (adjusted) | $1.81 | $1.78 to $1.86 | 9 | $1.78 (Mar 2026) | +2% |
| Quarter ending Mar 2027 | Revenue | $23.8B | $23.2B to $24.1B | 8 | $22.1B (Mar 2026) | +8% |
| Year ending Dec 2026 | EPS (adjusted) | $7.70 | $7.25 to $8.12 | 24 | — | — |
| Year ending Dec 2026 | Revenue | $97.4B | $96.0B to $98.2B | 22 | $88.6B (year to Dec 2025) | +10% |
| Year ending Dec 2027 | EPS (adjusted) | $8.09 | $7.56 to $8.50 | 24 | $7.70 (expected, year to Dec 2026) | +5% |
| Year ending Dec 2027 | Revenue | $105.0B | $101.1B to $108.2B | 22 | $97.4B (expected, year to Dec 2026) | +8% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $9.5B in free cash flow over the year, of which $3.8B went back to shareholders (dividends plus buybacks), leaving $5.7B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $12.4B |
| Capex | −$2.9B |
| Free cash flow | $9.5B |
| Dividends | −$3.8B |
| Buybacks | — |
| Cash retained | $5.7B |
For every $100 of market cap, the company generates about $3.5 in free cash flow a year.
For every $100 of market cap, you receive about $1.4 in dividends a year.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $3.9B | $767M | $10.3B |
| Mar 2024 | −$125M | $769M | $56M |
| Jun 2024 | $2.2B | $823M | $44M |
| Sep 2024 | $2.0B | $823M | $294M |
| Dec 2024 | $492M | $802M | $50M |
| Mar 2025 | $792M | $840M | $50M |
| Jun 2025 | −$72M | $910M | $0 |
| Sep 2025 | $4.0B | $910M | $0 |
| Dec 2025 | $3.2B | $914M | $0 |
| Mar 2026 | $1.3B | $915M | $0 |
| Jun 2026 | $2.9B | $983M | $0 |
| Sep 2026 | $2.1B | $984M | $0 |
RTX had 1.37B diluted shares in the quarter ended Sep 2026, 0.7% more than a year earlier, and 1.5% fewer each year on average since Jun 2020. Over the last four quarters its earnings per share rose 26.5% and its net income rose 27.5%: more shares took about 1 point off.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 1.50B |
| Sep 2020 | 1.51B |
| Mar 2021 | 1.51B |
| Jun 2021 | 1.51B |
| Sep 2021 | 1.51B |
| Mar 2022 | 1.50B |
| Jun 2022 | 1.49B |
| Sep 2022 | 1.48B |
| Mar 2023 | 1.47B |
| Jun 2023 | 1.47B |
| Sep 2023 | 1.45B |
| Mar 2024 | 1.34B |
| Jun 2024 | 1.34B |
| Sep 2024 | 1.35B |
| Mar 2025 | 1.35B |
| Jun 2025 | 1.35B |
| Sep 2025 | 1.36B |
| Mar 2026 | 1.36B |
| Jun 2026 | 1.36B |
| Sep 2026 | 1.37B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.0, short-term debt is manageable; debt-to-equity 0.6, debt is moderate.
Assets that can be turned into cash soon are 1.0x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.6 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $7.4B against debt of $37.9B. Lease obligations of $1.6B are not counted: they are rent owed, not money borrowed. It also holds $2.1B of long-term investments, all of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 1 member of Congress and 7 funds whose copy leaves RTX out (not traded on the exchange): Maverick Capital, Fisher Asset Management, Norges Bank, Swiss National Bank, Canada Pension Plan Investment Board, Rob Bresnahan and 2 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 14 held RTX at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 4 cut, 2 bought new, 1 sold all and 1 held the same. The largest of them is Dodge & Cox, 35.11M shares worth $6.7B at Jun 30, 2026, 1.0% fewer than a quarter earlier.
2 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Dodge & Cox | Q2 2026 | 35.11M | $6.7B | −360,130 | −1.0% | Aug 13, 2026 |
| Fisher Asset Management | Q3 2026 | 23.43M | $4.3B | +553,627 | +2.4% | Nov 6, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 19.95M | $3.8B | +2.68M | +16% | Aug 12, 2026 |
| Swiss National Bank | Q3 2026 | 3.68M | $684M | −112,800 | −3.0% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 2.95M | $547M | +15,889 | +0.5% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 2.54M | $483M | +2.54M | New | Aug 14, 2026 |
| Maverick Capital | Q2 2026 | 1.55M | $294M | +185,645 | +14% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 995,658 | $189M | −21,382 | −2.1% | Aug 12, 2026 |
| Renaissance Technologies | Q3 2026 | 410,146 | $76.1M | +176,100 | +75% | Nov 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 381,739 | $70.9M | +40,750 | +12% | Nov 3, 2026 |
| Appaloosa | Q2 2026 | 0 | — | −342,000 | Sold all | Aug 14, 2026 |
| Markel Group | Q3 2026 | 224,000 | $41.6M | 0 | 0.0% | Oct 30, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 192,218 | $36.5M | −28,577 | −13% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 126,947 | $24.1M | +76,492 | +152% | Aug 14, 2026 |
| Bridgewater Associates | Q2 2026 | 26,182 | $5.0M | +26,182 | New | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of RTX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.