RTX Corporation (NYSE:RTX) reported stronger-than-expected first-quarter 2026 results, delivering an earnings and revenue beat driven by broad-based strength across its defense and commercial aerospace businesses.
The company reported adjusted earnings per share (EPS) of $1.78, ahead of analyst expectations of roughly $1.52.
Revenue came in at $22.08 billion, also above consensus estimates of about $21.5 billion. Revenue increased 8.7% year-over-year, or about 10% on an organic basis, reflecting growth across all three business segments.
RTX also reported a record backlog of $271 billion, including $162 billion in commercial aerospace and $109 billion in defense, underscoring sustained demand visibility.
Operating cash flow for the quarter was $1.9 billion, while free cash flow totaled $1.3 billion. Management continued to highlight investment in production capacity and program execution as key priorities.
CEO Chris Calio described the quarter as a strong start to the year, citing execution across segments and ongoing strength in the company’s backlog as key drivers of performance.
"Our differentiated products across RTX are well positioned to support our customers' needs and we're making significant investments to increase output and accelerate the fielding of new capabilities,” Calio said.
RTX raised its full-year 2026 guidance, increasing adjusted EPS to $6.70 to $6.90 from $6.60 to $6.80, and lifting adjusted sales expectations to $92.5 to $93.5 billion. Free cash flow guidance was reaffirmed at $8.25 to $8.75 billion.
However, shares declined more than 4% following the report as investors weighed several factors against the strong earnings print. Management commentary pointing to an expected $850 million impact from newly announced tariffs weighed on sentiment.
In addition, geopolitical dynamics added pressure, with optimism around a potential ceasefire in the US-Iran conflict seen as reducing the “defense premium” that had supported the stock in recent months.