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RTX
FY2026 Q1
Повышен
Отчётный звонок RTX Corporation
Вывод Buzzberg
Munitions deliveries up over 40% year-over-year
RTX reported a strong Q1 with 10% organic sales growth, raised full-year revenue and EPS guidance on defense strength, and affirmed FCF outlook. Management highlighted robust demand across commercial and defense, with notable GTF wins (Finnair) and supply chain progress on powder metal issues. Adjusted sales $22.1B (+10% organic), EPS $1.78 (+21%), FCF $1.3B (+$0.5B YoY).
Вывод Buzzberg Munitions deliveries up over 40% year-over-year RTX reported a strong Q1 with 10% organic sales growth, raised full-year revenue and EPS guidance on defense strength, and affirmed FCF outlook. Management highlighted robust demand across commercial and defense, with notable GTF wins (Finnair) and supply chain progress on powder metal issues. Adjusted sales $22.1B (+10% organic), EPS $1.78 (+21%), FCF $1.3B (+$0.5B YoY). Читать полный анализСвернуть анализ
RTX reported a strong Q1 with 10% organic sales growth, raised full-year revenue and EPS guidance on defense strength, and affirmed FCF outlook. Management highlighted robust demand across commercial and defense, with notable GTF wins (Finnair) and supply chain progress on powder metal issues. Adjusted sales $22.1B (+10% organic), EPS $1.78 (+21%), FCF $1.3B (+$0.5B YoY).
- Raised FY2026 revenue outlook to $92.5-93.5B and EPS to $6.70-6.90; FCF maintained at $8.25-8.75B.
- Backlog hit a record $271B (+25% YoY) with book-to-bill of 1.14x.
- Defense demand strong: Raytheon munitions output +40% YoY, five framework agreements with DoD for critical munitions.
Выручка$22.076B-9% к/к
EPS$1.78+15% к/к
Валовая маржа20.81%Факт
Операционная маржа11.57%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
Record backlog of $271 billion, up 25% year-over-year
Demand
Framework agreements to boost munitions production over next decade
Показать ещё 3 тезиса
Guidance
No change to commercial outlook despite Middle East volatility
Product
GTF Advantage certification received, entry into service later this year
Operations
Grounded engines down 15% from end of last year
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $22.076B | -9% к/к |
| EPS | $1.78 | +15% к/к |
| Валовая маржа | 20.81% | Факт |
| Операционная маржа | 11.57% | Факт |
| Свободный денежный поток | $1.211B | Факт |
| Капзатраты | $0.644B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2026 | $6.70–$6.90 | $6.80 | Повышен |
| Свободный денежный поток | FY2026 | $8.25B–$8.75B | $8.5B | Подтверждён |
| Выручка | FY2026 | $92.5B–$93.5B | $93B | Повышен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed confidence in strong demand and execution, raising full-year guidance while acknowledging dynamic market conditions.
Инвестиции и мощности
Management highlighted ongoing investments to expand capacity, including a $200 million expansion at Pratt's Columbus, Georgia facility, a $115 million expansion of Raytheon's Redstone Missile Integration Facility, and nearly $900 million in capex over the last three years for munitions capacity, with additional significant investments planned to support framework agreements.
все упомянутые компании ниже: 5
Компаниис момента звонка
Клиенты
Клиенты
Chris Kellio
Finnair selected the GTF engine for up to 46 Embraer E-2 aircraft, a notable win that underscores customer confidence despite ongoing powder metal durability issues. — The order validates that RTX's engine is competitive in the regional market and provides a direct boost to Embraer's E-Jet E2 backlog.
Доказательства
“Finnair announced their intention to purchase up to 46 GTF-powered Embraer E-2 aircraft.”
Партнёры
Партнёры
Chris Kellio
Ongoing negotiations with Airbus on GTF delivery levels and allocations reflect the balancing act between OE requirements and fleet health, but the relationship remains constructive.
Доказательства
“We will continue to work through our issues as we always do in a constructive and transparent manner.”
Цепочка поставок
Цепочка поставок
Chris Kellio
Pratt & Whitney powered approximately 45% of A320 deliveries in the quarter, exceeding its ~40% program share, indicating share gains versus CFM engines. — This suggests RTX is capturing more than its contractual share on the hotly contested A320 narrowbody platform, pressuring GE and Safran on their CFM product.
Доказательства
“Pratt powering about 45% of the A320 deliveries to date ahead of our roughly 40% sold program share.”
Внешние сигналы
Альфа цепочки поставок · 2с момента звонка
Pratt & Whitney powered approximately 45% of A320 deliveries in the quarter, exceeding its ~40% program share, indicating share gains versus CFM engines.
Finnair selected the GTF engine for up to 46 Embraer E-2 aircraft, a notable win that underscores customer confidence despite ongoing powder metal durability issues.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 5. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.