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RTX
FY2025 Q4
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Отчётный звонок RTX Corporation
Вывод Buzzberg
Full-year book-to-bill of 1.56 and record backlog of $268 billion
RTX reported strong FY2025 Q4 and full-year results, with revenue up 11% to $88.6B, EPS $6.29, and FCF $7.9B. The 2026 outlook calls for continued growth (organic revenue +5-6%, EPS $6.60-$6.80, FCF $8.25-$8.75B) driven by commercial aftermarket and defense demand. Management highlighted improving GTF MRO output, declining AOGs, and significant capacity investments. Full-year 2025 revenue $88.6B (+11% organic), EPS $6.29 (+10%), FCF $7.9B (+$3.4B).
Вывод Buzzberg Full-year book-to-bill of 1.56 and record backlog of $268 billion RTX reported strong FY2025 Q4 and full-year results, with revenue up 11% to $88.6B, EPS $6.29, and FCF $7.9B. The 2026 outlook calls for continued growth (organic revenue +5-6%, EPS $6.60-$6.80, FCF $8.25-$8.75B) driven by commercial aftermarket and defense demand. Management highlighted improving GTF MRO output, declining AOGs, and significant capacity investments. Full-year 2025 revenue $88.6B (+11% organic), EPS $6.29 (+10%), FCF $7.9B (+$3.4B). Читать полный анализСвернуть анализ
RTX reported strong FY2025 Q4 and full-year results, with revenue up 11% to $88.6B, EPS $6.29, and FCF $7.9B. The 2026 outlook calls for continued growth (organic revenue +5-6%, EPS $6.60-$6.80, FCF $8.25-$8.75B) driven by commercial aftermarket and defense demand. Management highlighted improving GTF MRO output, declining AOGs, and significant capacity investments. Full-year 2025 revenue $88.6B (+11% organic), EPS $6.29 (+10%), FCF $7.9B (+$3.4B).
- 2026 guidance: revenue $92-93B, EPS $6.60-6.80, FCF $8.25-8.75B, CapEx $3.1B.
- GTF MRO output up 26% in 2025 (39% in Q4); AOGs declined and expected to continue falling.
- Raytheon munitions output up 20% in 2025, with further increases planned in 2026.
Выручка$24.238B+8% к/к
EPS$1.55-9% к/к
Валовая маржа19.46%Факт
Операционная маржа10.71%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Operations
Raytheon munitions output up 20% in 2025, further increases planned for 2026
Supply
GTF AOGs declined in Q4 and expected to continue decreasing in 2026
Показать ещё 3 тезиса
Capex
2026 capex raised to $3.1 billion to support capacity expansion
Guidance
Commercial aftermarket expected to grow high single digits in 2026
Demand
Raytheon backlog mix international now 47%, up 3 points
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $24.238B | +8% к/к |
| EPS | $1.55 | -9% к/к |
| Валовая маржа | 19.46% | Факт |
| Операционная маржа | 10.71% | Факт |
| Свободный денежный поток | $3.195B | -21% к/к |
| Капзатраты | $0.97B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $3.1B | $3.1B | Начат |
| EPS | FY2026 | $6.60–$6.80В соответствии с консенсусом | $6.70 | Подтверждён |
| Свободный денежный поток | FY2026 | $8.25B–$8.75BВ соответствии с консенсусом | $8.5B | Подтверждён |
| Операционная маржаCOLLINS | FY2026 | 0.8% | 0.8% | Подтверждён |
| Выручка | FY2026 | $92B–$93BВ соответствии с консенсусом | $92.5B | Подтверждён |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management repeatedly emphasized strong demand, record backlog, and momentum, while framing challenges like GTF and tariffs as manageable.
Оценка AI от менеджмента
Management mentioned deploying proprietary data analytics and AI tools across factories to monitor KPIs, identify bottlenecks, and track equipment health, noting benefits such as reduced cycle times and inventory. They plan to expand coverage across their footprint in 2026.
Инвестиции и мощности
Management raised 2026 capex guidance to $3.1 billion, up from $2.6 billion in 2025, investing in capacity expansion across Raytheon, Collins, and Pratt, including munitions, sensors, castings, and forging production.
все упомянутые компании ниже: 2
Компаниис момента звонка
Клиенты
Клиенты
Neil Mitchell
Pratt & Whitney GTF MRO output rose 26% in FY2025 and 39% in Q4, accelerating despite a 40% rise in heavy shop visits, signaling improving repair capacity and falling AOGs. — Faster MRO turnaround reduces AOGs for A320neo operators, boosting fleet availability for Airbus and lessors, and may ease pressure on Pratt's spares supply.
Доказательства
“the rest will go between Airbus and spares.”
Цепочка поставок
Цепочка поставок
Chris Calio
Pratt & Whitney GTF MRO output rose 26% in FY2025 and 39% in Q4, accelerating despite a 40% rise in heavy shop visits, signaling improving repair capacity and falling AOGs. — Faster MRO turnaround reduces AOGs for A320neo operators, boosting fleet availability for Airbus and lessors, and may ease pressure on Pratt's spares supply.
Доказательства
“MRO output was up 39% in the fourth quarter and up 26% for the full year, even as heavier shop visits increased 40% in 2025.”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
Pratt & Whitney GTF MRO output rose 26% in FY2025 and 39% in Q4, accelerating despite a 40% rise in heavy shop visits, signaling improving repair capacity and falling AOGs.
Collins experienced a 90 bps tariff drag on margins in 2025 but expects a $75 million year-over-year tailwind in 2026 as tariffs moderate, indicating direct tariff exposure is now abating.
Доказательства
“That was a 90 basis point drag. So if you were to add that back, you know, we saw Collins … about $75 million lower than [2025].”
Raytheon output on critical munitions (GEMT, AMRAAM, Coyote) rose over 20% in 2025, and the company plans further significant increases in 2026 on SM-6 and Tomahawk, underscoring capacity ramp in high-demand defense programs.
Доказательства
“We saw output increase by 20% across a number of our critical programs, including GEMT, AMRAAM, and Coyote … In 2026, we expect to significantly increase output again.”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 2. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.