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Rich Duprey
Fri, April 17, 2026 astatine 11:03 AM CDT 5 min read
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RTX (RTX) reports Q1 2026 net connected April 21 with statement estimates for $1.51 adjusted EPS and $21.55B revenue, pursuing a 12.1% gross surge and 549% escaped currency travel leap successful Q4 2025 driven by $268B full backlog ($161B commercial, $107B defense) and 20% maturation successful Raytheon munitions output crossed captious programs similar SM-6 and Tomahawk.
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Iran-driven defence request acceleration and elevated geopolitical uncertainty are forcing RTX to beryllium execution credibility connected a premium 40 P/E valuation, with the full-year usher and backlog conversion rates determining whether the stock’s upside to $215.66 expert targets holds oregon invites skepticism.
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RTX (NYSE:RTX) reports first-quarter 2026 results earlier the marketplace opens connected Tuesday, April 21. With the Iran War driving elevated defence request and a monolithic commercialized aerospace backlog down it, this people volition archer america whether execution is keeping gait with the geopolitical tailwind.
Last quarter, RTX delivered adjusted EPS of $1.55 against a $1.47 estimate, a 5.44% beat, portion gross of $24.24 cardinal topped the $22.63 cardinal estimation by 7.10% and roseate 12.1% twelvemonth implicit year. Free currency travel surged to $3.195 billion, up 549.39% twelvemonth implicit year, and the full backlog reached $268 billion, divided betwixt $161 cardinal commercialized and $107 cardinal defense.
Since that January report, the geopolitical backdrop has lone intensified. WTI crude lipid spiked to $114.58 connected April 7 earlier pulling backmost to astir $100.72, a signifier that reflects precisely the benignant of conflict-driven uncertainty that accelerates defence procurement timelines. CEO Chris Calio acceptable the code connected the Q4 call: "We recognize that our products are captious to maintaining information astir the world, and we afloat enactment the Department of War's translation objectives to importantly summation capableness and accelerate accumulation implicit a sustained period."
READ: The expert who called NVIDIA successful 2010 just named his apical 10 AI stocks
The year-ago 4th sets a manageable bar. Q1 2025 adjusted EPS came successful astatine $1.47 connected gross of $20.306 billion, with operating income of $2.035 cardinal up 35.85% twelvemonth implicit year. Tariff interaction was excluded from that guidance, with an estimated $850 cardinal operating nett headwind flagged separately. How absorption frames tariff vulnerability this 4th volition matter.
| Adjusted EPS | $1.51 | $1.47 | +2.7% |
| Revenue | $21.55B | $20.306B | +6.1% |
| Adjusted EPS | $6.70 | $6.29 | +6.5% |
| Revenue | $92.5B | $88.603B | +4.4% |
Raytheon conception show is the astir captious ticker item. Management guided for Raytheon adjusted operating nett maturation of $200 to $300 cardinal versus the anterior twelvemonth successful 2026, with 85% of 2026 income already successful backlog and a book-to-bill of 1.43 for afloat twelvemonth 2025. Munitions output crossed captious programs roseate 20% successful 2025, and absorption expects SM-6 and Tomahawk output to summation again successful 2026. A $904.6 cardinal declaration modification for the Lower Tier Air and Missile Defense System was awarded conscionable this week, bringing the full declaration worth to $5.36 billion, signaling continued request conversion.
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