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RTX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A strong defense-cycle quarter — sales up 14.5% with products leading (+15.4%), operating profit up 31% as volume outran cost growth; pension income and lower interest expense pushed pre-tax income up 34%.
Net income (shareowners)
$2,139M
up 29.1% y/y
Net sales
$24,708M
up 14.5% y/y
Operating profit
$2,811M
up 31.0% y/y
Gross profit
$5,133M
up 17.3% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Products | $17,944 · +15.4% · 73% of sales |
| Services | $6,764 · +12.2% |
| Net sales | $24,708 · +14.5% y/y |
| Cost of sales | $19,575 · +13.8% · 79.2% of sales |
| Gross profit | $5,133 · +17.3% · margin 20.8% |
| R&D | $726 · +4.2% |
| SG&A | $1,658 · +5.4% · 6.7% of sales |
| Operating profit | $2,811 · +31.0% · margin 11.4% |
| Other income, net | $62 |
| Non-service pension income | $348 · −0.9% |
| Net interest expense | $417 · −8.8% |
| Pre-tax income | $2,742 · +34.4% |
| Income tax | $493 · +56.5% · rate 18.0% |
| Minority interest | $110 · +61.8% |
| Net income (shareowners) | $2,139 · +29.1% · EPS $1.57 · +28.7% |
Verdict: a strong defense-cycle quarter — sales up 14.5% with products leading (+15.4%), operating profit up 31% as volume outran cost growth; pension income and lower interest expense pushed pre-tax income up 34%.
H1'26: OCF $5.4B (vs $1.8B H1'25) · dividends $1.9B in Q2 · dividend $1.46/sh (+7.4%) · no buybacks in H1 · Blue Canyon Technologies sale agreed 06/19/2026
Source and notation
* marks non-cash / ≈ estimated. Source: RTX 10-Q (SEC EDGAR).
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- Products sales ($17.9B, +15.4%) outgrew services ($6.8B, +12.2%) — the defense ramp is volume-driven; cost of products rose 14.0%, slightly slower than the related sales.
- Non-service pension income of $348M sits below operating profit and adds ~13% to pre-tax income — a recurring but non-operational tailwind.
- Net interest expense fell 8.8% y/y to $417M as debt taken for the Raytheon merger continues to roll off.
- Effective tax rate rose to 18.0% from 15.4% a year ago — tax expense grew 56% on 34% pre-tax growth.
- Minority interest ($110M, +62%) takes a growing bite: net income attributable to shareholders (+29.1%) grew slower than total net income (+30.4%).
- H1 operating cash flow tripled y/y to $5.4B — the powder-metal compensation outflows that depressed 2025 are fading; no share repurchases in H1.
What distorts the picture in this report and what to watch beyond the headlines.
RTX — RTX Corporation is a global aerospace and defense technology company, owning businesses such as Raytheon and Collins Aerospace.
It is headquartered in Arlington, Virginia, and provides advanced systems and services worldwide.
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