Raytheon Technologies Q3 2026 Earnings Analysis
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Raytheon Technologies Q3 2026 Earnings Analysis
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Groups: INDUSTRIALS (https://betafinch.com/groups/INDUSTRIALS)
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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex.
JORDAN: And I'm Jordan. Today we're diving into RTX's third quarter 2026 results, and Alex, this one's got some big numbers.
ALEX: It really does. But before we jump in, quick note — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
JORDAN: Important stuff. Okay, let's get into it.
ALEX: So RTX — the parent company of Raytheon, Pratt & Whitney, and Collins Aerospace — reported adjusted sales of $25 billion for Q3, up 12% organically. That's growth across all three segments, which is pretty rare to see all firing at once.
JORDAN: And the EPS number really jumps out — $2.26, up 33% year-over-year. But here's the asterisk: $0.25 of that came from something called IEEPA cost recovery. That's basically tariff-related cost reimbursement, not pure operational performance.
ALEX: Right, so strip that out and you're still looking at really solid underlying growth — about 43 cents of that EPS gain came from actual segment operating profit improvement.
JORDAN: And free cash flow was strong too — $2.1 billion for the quarter. The company also raised full-year guidance across the board. New sales range is $97 to $97.5 billion, up from $95-96 billion. EPS guidance jumped to $7.65-$7.75, up from $7.10-$7.25.
ALEX: Now let's talk backlog, because this is the headline for me. $340 billion — up 36% year-over-year, 18% just sequentially. That's a massive number.
JORDAN: It's driven largely by defense. Raytheon booked almost $59 billion in awards this quarter alone — a book-to-bill ratio of 4.57 times. The big drivers were converting framework agreements into actual multi-year production contracts — about $23 billion for Tomahawk missiles and over $14 billion for AMRAAM.
ALEX: And they followed that up with multi-year contracts for SM-6 and SM-3 IIA missiles too. Management described this whole munitions push as converting nearly a decade's worth of demand visibility into firm contracts.
JORDAN: Which is great, but it comes with execution risk. CEO Christopher Calio talked about needing to ramp production 2x to 4x on some of these munitions. That means supply chain expansion, new suppliers — they added 150 new suppliers at Raytheon in 2025 alone — and working through bottlenecks like castings and solid rocket motors.
ALEX: Yeah, one analyst actually asked about printed circuit boards and capacitors being hard to source because of the AI data center buildout competing for the same components. Calio acknowledged it's a real constraint they're actively managing with the Department of Defense.
JORDAN: On the commercial side, let's talk Pratt & Whitney and the GTF engine story, because that's been the long-running saga for RTX.
ALEX: Right, the GTF — Geared Turbofan — has had durability issues for years that required extra maintenance checks. The good news this quarter: MRO output on the PW1100 engine was up 37% year-over-year, and critically, the GTF Advantage — the next-gen version with double the time-on-wing performance — just entered service with United Airlines.
JORDAN: That's a real milestone. And there's also a retrofit kit called Hot Section Plus coming next year that'll bring most of those durability benefits to the existing fleet without needing a whole new engine.
ALEX: Commercial aftermarket overall grew 16% organically, which is impressive given that global air traffic — RPKs — actually declined slightly. CFO Neil Mitchill noted about 60% of the Pratt Canada business jet fleet hasn't even had its first shop visit yet, so there's a long runway there.
JORDAN: Collins Aerospace also had a strong quarter — margins expanded 560 basis
This episode includes AI-generated content.
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