Demand
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RTX
FY2026 Q2
Повышен
Отчётный звонок RTX Corporation
Вывод Buzzberg
Record backlog of $289 billion
RTX reported a strong Q2 with 16% organic sales growth, record backlog of $289B, and raised full-year guidance across sales, EPS, and free cash flow. Management highlighted exceptional demand in both commercial aftermarket and defense, with significant international awards and progress on GTF fleet management. Adjusted sales of $24.7B (+16% organic) and EPS of $1.89 (+21% YoY) beat expectations, driven by double-digit commercial aftermarket and defense growth.
Вывод Buzzberg Record backlog of $289 billion RTX reported a strong Q2 with 16% organic sales growth, record backlog of $289B, and raised full-year guidance across sales, EPS, and free cash flow. Management highlighted exceptional demand in both commercial aftermarket and defense, with significant international awards and progress on GTF fleet management. Adjusted sales of $24.7B (+16% organic) and EPS of $1.89 (+21% YoY) beat expectations, driven by double-digit commercial aftermarket and defense growth. Читать полный анализСвернуть анализ
RTX reported a strong Q2 with 16% organic sales growth, record backlog of $289B, and raised full-year guidance across sales, EPS, and free cash flow. Management highlighted exceptional demand in both commercial aftermarket and defense, with significant international awards and progress on GTF fleet management. Adjusted sales of $24.7B (+16% organic) and EPS of $1.89 (+21% YoY) beat expectations, driven by double-digit commercial aftermarket and defense growth.
- Backlog hit a record $289B (+22% YoY), with Raytheon booking $19.9B in awards including $5B+ in GEMT Patriot Effectors and $1.8B in AMRAAM.
- Guidance raised: FY2026 adjusted sales to $95-96B (from $92.5-93.5B), EPS to $7.10-7.25 (from $6.70-6.90), FCF to $8.5-8.75B (from $8.25-8.75B).
- Pratt aftermarket strength: AOGs down 25% YTD, MRO output up 40% YoY, turnaround time reduced 23% YoY.
COLLINS Выручка$8.2BФакт
PRATT Выручка$8.9BФакт
RAYTHEON Выручка$8.3BФакт
Выручка$24.708B+12% к/к
5 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Guidance
Full-year adjusted EPS raised to $7.10-$7.25
Demand
Raytheon international awards up more than 2x
Показать ещё 2 тезиса
Other
GTF MRO output up over 40% year-over-year
Demand
Framework agreements not yet in backlog
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| COLLINS Выручка | $8.2B | Факт |
| PRATT Выручка | $8.9B | Факт |
| RAYTHEON Выручка | $8.3B | Факт |
| Выручка | $24.708B | +12% к/к |
| EPS | $1.89 | +6% к/к |
| Валовая маржа | 20.77% | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2026 | $7.10–$7.25 | $7.17 | Повышен |
| Свободный денежный поток | FY2026 | $8.5B–$8.75B | $8.625B | Повышен |
| Операционная маржаCOLLINS | FY2026 | $550M–$625M | $587.5M | Повышен |
| Операционная маржаPRATT | FY2026 | $275M–$350M | $312.5M | Повышен |
| Операционная маржаRAYTHEON | FY2026 | $575M–$650M | $612.5M | Повышен |
| Выручка | FY2026 | $95B–$96B | $95.5B | Повышен |
| Выручка | FY2026 | 8%–9% | 8.5% | Повышен |
AI, капзатраты и спрос
Оценка менеджмента
confident
Management expressed strong confidence driven by record backlog, double-digit organic growth, raised full-year guidance, and robust demand across commercial and defense markets.
Оценка AI от менеджмента
Management mentioned that their connected factory network includes over 30 million annual manufacturing hours in their proprietary data and AI platform, which is strengthening operational performance by enabling faster cycle times, better quality, and improved decision-making.
Инвестиции и мощности
Management discussed investments of $100 million at Raytheon for GemT component production and LTAMs test capabilities, and over $100 million at Pratt for GTF MRO capacity expansion, as well as a commercial MRO expansion in Malaysia.
все упомянутые компании ниже: 5
Компаниис момента звонка
Клиенты
Клиенты
Chris Calio
Strong order for A220 validates Airbus demand and supports further GTF engine deliveries, a positive for Airbus's narrowbody backlog.
Доказательства
“AirAsia placed an order for 150 A220 aircraft, which are exclusively powered by GTF engines, adding a new GTF operator”
Клиенты
Chris Calio
Continued aftermarket support for the 787 fleet underscores Boeing's widebody utilization and MRO demand.
Доказательства
“Collins signed a new five-year agreement with Air New Zealand to provide MRO services for engine nacelles on their full fleet of 787 aircraft”
Цепочка поставок
ANDURIL
Цепочка поставок
Chris Calio
Raytheon more than doubled output across critical munitions and Coyote counter-UAS effector, indicating major capacity expansion that pressures competitors like Anduril in the counter-UAS market. — RTX's rapid scaling of munitions production sets a new tempo for the defense supply chain and may force rivals to accelerate their own capacity investments.
Доказательства
“We've more than doubled year over year output across our critical munitions through the first half of the year”
Цепочка поставок
Chris Calio
Raytheon received the first domestic GEMT production order in over 30 years, a rare reset of U.S. Patriot missile procurement that could reshape the missile defense industrial base. — Signals a multi-decade ramp in domestic Patriot missile purchases, driving extended production lines and component demand that competitors Lockheed and Northrop may also benefit from or seek to replicate.
Доказательства
“Our first domestic GEMT production order in over 30 years”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
Raytheon more than doubled output across critical munitions and Coyote counter-UAS effector, indicating major capacity expansion that pressures competitors like Anduril in the counter-UAS market.
Pratt's MRO turnaround time dropped 23% YoY and AOGs are down 25% YTD, directly improving aircraft availability for GTF operators and reducing financial burden on airlines.
Доказательства
“PW1100 AOGs are down again sequentially and down 25% year to date. The improvement is driven by MRO output, which was up over 40% year over year, supported by a 23% reduction in turnaround time.”
Raytheon received the first domestic GEMT production order in over 30 years, a rare reset of U.S. Patriot missile procurement that could reshape the missile defense industrial base.
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.