RTX: Raising our outlook ahead of Q2 - Key questions

研报英文原文证据摘录

RTX: Raising our outlook ahead of Q2 - Key questions

16 July 2026

Douglas S. Harned, Ph.D.

+1 917 344 8430

Global Aerospace & Defense douglas.harned@bernsteinsg.com

Adrien RabierRTX Corporation

+44 20 7676 6820

Rating adrien.rabier@bernsteinsg.com

Market-Perform Nestor Wester

+44 20 7676 7067

Price Target nestor.wester@bernsteinsg.com

RTX 213.00 USD (208.00 OLD) Specialist Sales

Steve Song

+1 917 344 8401

steve.song@bernsteinsg.com

RTX will report Q2 earnings on July 23, with the conference call at 7:30 ET. We are raising

Close Date 16 Jul 2026

our outlook at Raytheon and Collins. Our price target is now $213, up from $208. We are

RTX Close Price (USD) 194.36

adjusting our 2026 outlook ahead of earnings, raising our adjusted EPS estimates for

Price Target (USD) 213.00

FY2026 and FY2027 from $6.95 to $6.97 and from $7.42 to $7.51, respectively.

Upside/(Downside) 10%

Raytheon growth appears stronger, on high demand for tactical missiles and missile defense 52-Week Range 214.50/143.56

reflecting replenishment of depleted US missile inventories on top of Golden Dome-related SPX 7,572.40

and export demand. We expect the mix shift to more mature fixed-price work and export FYE Dec

sales to move Raytheon margins above the 12% level. We still look to understand the space Div Yield 1.5%

strategy, particularly in light of the Blue Canyon divestiture (which we view positively). Market Cap (USD) (M) 261,741

EV (USD) (M) 295,612

Pratt & Whitney is finally getting grounded PW1100-powered AOGs below 600. The Performance YTD 1M 6M 12M

progress comes in large part from high spare engine deliveries, plus improvement on MRO Absolute (%) 6.0 4.1 (3.7) 29.4

throughput. But, MRO throughput still faces constraints from parts availability. While the SPX (%) 10.6 0.2 9.0 21.3