RTX Corp: revenue accelerates to +14.5%, backlog up 22% — guidance raised

23 июля RTX Corp раскрыла результаты за второй квартал 2026 года: выручка выросла на 14,5% год к году, до 24 708 млн долл., EBITDA — на 31,9%, чистая прибыль — на 29,1%. Компания повысила годовой прогноз по продажам, EPS и свободному денежному потоку, а портфель заказов достиг 289 млрд долл., что на 22% больше год к году. Акции выглядят привлекательно: мультипликатор EV/EBITDA 19,9 лишь немного выше собственного трёхлетнего среднего 19,2, при этом темпы роста ускоряются, а долговая нагрузка остаётся умеренной.

Key takeaways

— Q2 revenue grew 14.5% — the fastest in four quarters

— EBITDA margin expanded to 17.2% from 14.9% a year earlier

— Operating cash flow of $3.5 billion in the quarter, free cash flow of $2.9 billion

— Net debt fell $2.7 billion in the quarter and $11.5 billion over the year

— Backlog reached $289 billion, up 22% year over year

— Company raised full-year guidance for sales, EPS, and free cash flow

Attractiveness

Key figures, USD bn

Q2 revenue grew 14.5% — the fastest in four quarters

In Q2 2026, RTX Corp revenue reached $24,708 million, up 14.5% year over year. This is an acceleration from prior quarters: Q1 2026 growth was 8.7%, Q4 2025 was 12.1%.

Organic growth, excluding divestitures and currency effects, was 16%. All three segments contributed: Collins Aerospace 8% (organic 13%), Pratt & Whitney 16% (organic 17%), Raytheon 18% (organic 18%). At Pratt & Whitney, commercial aftermarket grew 25% and military sales 23%, offsetting an 8% decline in commercial OE due to engine mix.

EBITDA margin expanded to 17.2% from 14.9% a year earlier

EBITDA in Q2 grew 31.9% year over year to $3,890 million, with margin expanding from 14.9% to 17.2%. Net margin also improved from 7.7% to 8.7%.

The report shows factors supporting profit: at Pratt & Whitney, last year included a one-time charge of about $100 million related to a customer bankruptcy, while this year includes a $70 million gain on investment in Eliminations and other. Operating profit rose 31% to $2,811 million, with all three segments expanding margins: Collins Aerospace from 15.4% to 15.9%, Pratt & Whitney from 6.4% to 8.3%, Raytheon from 11.5% to 12.6%.

Operating cash flow of $3.5 billion in the quarter, free cash flow of $2.9 billion

In Q2 2026, RTX Corp operating cash flow was $3,547 million versus $458 million a year earlier. Capital expenditures rose from $530 million to $669 million, resulting in free cash flow of $2,878 million versus negative $72 million in Q2 2025.

The improvement reflects higher profit and favorable working capital: accounts payable and accrued liabilities increased $2,102 million in the quarter, versus a $538 million decline a year ago.

Net debt fell $2.7 billion in the quarter and $11.5 billion over the year

At the end of Q2 2026, RTX Corp net debt was $24,544 million, down $2.7 billion from the prior reporting date and $11.5 billion lower than a year ago. Net debt to EBITDA for the trailing twelve months stood at 1.93.

Debt reduction occurred alongside higher cash flow and moderate capex. Quarterly dividends were $983 million, covered by free cash flow.

Backlog reached $289 billion, up 22% year over year

At the end of Q2 2026, RTX Corp backlog was $289 billion, including $170 billion commercial and $119 billion defense. The 22% year-over-year growth confirms robust demand, particularly in defense.

CEO Chris Calio attributed the guidance raise to strong first-half performance and current backlog. The company also agreed to sell Blue Canyon Technologies for $620 million, which could further boost cash flow.

Company raised full-year guidance for sales, EPS, and free cash flow

RTX Corp raised its 2026 outlook: adjusted sales now expected at $95.0–96.0 billion (previously $92.5–93.5 billion), organic sales growth 8–9% (previously 5–6%). Adjusted EPS raised to $7.10–7.25 from $6.70–6.90, free cash flow to $8.50–8.75 billion from $8.25–8.75 billion.

The guidance raise reflects management confidence in continued growth, backed by backlog and operational momentum. Shares rose 7.3% on the release day and another 3.0% from release to September 4.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report is strong: revenue accelerated to 14.5%, EBITDA margin expanded to 17.2%, free cash flow reached $2.9 billion, and net debt fell to $24.5 billion. The raised annual guidance and 22% backlog growth point to a sustainable trend. One-off items (investment gain, absence of last year's customer bankruptcy charge) added to profit, but even without them operating growth was double-digit. The shares look attractive: EV/EBITDA of 19.9 is close to its own three-year average (19.2), and the portal's model implies +19% upside. The key question for holders is whether the company can convert its growing backlog into stable cash flow without new issues at Pratt & Whitney.