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RTX: Better Earnings, But Not Enough Upside

Writer: Brigette Mwaura
Brigette Mwaura
1 day ago
8 min read

Summary

  • I am downgrading RTX from STRONG BUY to HOLD. I like the company more after earnings, but I do not see enough valuation support to keep the old rating.


  • RTX delivered Q2 sales of $24.7Bn and adjusted EPS of $1.89, up 14% and 21% y/y. Both beat consensus, while free cash flow reached $2.9Bn. 


  • The original defense and commercial aftermarket thesis strengthened. Backlog rose to $289Bn, Raytheon bookings reached $19.9Bn, and Pratt's GTF recovery showed better shop output and fewer aircraft on ground. 


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Stealth fighter jets fly in formation through a glowing sunset sky, with one large jet in front and smaller jets behind.
Collins Aerospace’s collaborative mission 2025 2026 autonomy software, Sidekick, was down-selected for the competitive production phase of the U.S. Air Force’s Collaborative Combat Aircraft (CCA) program. Sidekick enables human to machine teaming, is resilient in contested environments, and is modular for seamless integration. Source: RTX Q226 Presentation

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