RTX CorporationRTX cites $289B backlog, $23B Tomahawk contract, rising international defense demand, and record GTF engine deliveries.

RTX Chairman and Chief Executive Chris Calio said strong demand for air travel and rising global defense spending should support the aerospace and defense company's growth for years, speaking Tuesday with Morgan Stanley analyst Christine Liwag at the firm's 14th Annual Laguna Conference. Calio said RTX has a backlog of about $289 billion, a figure that does not include five framework agreements covering major munitions programs or a recently awarded seven-year, $23 billion Tomahawk contract, and that volumes under the five agreements could rise by two to four times. About 48% of Raytheon's backlog is international, up four percentage points from a year earlier, and sensors and effectors account for about 70% of the unit's sales, with the Coyote counter-drone system having recorded more than 600 drone defeats in operational settings. On the commercial side, RTX expects to deliver a record number of geared turbofan engines this year, and GTF maintenance output rose 40% from a year earlier in the second quarter, helping reduce aircraft-on-ground levels by 25% since the end of 2025. RTX continues to target a medium-term operating margin of 19% to 20% at Collins Aerospace and expects 2026 free cash flow of about $8.6 billion at the midpoint of its forecast, with Calio describing the dividend as sacrosanct.
RTX CorporationRTX cites $289B backlog, $23B Tomahawk contract, rising international defense demand, and record GTF engine deliveries.
Morgan Stanley