RTX CEO: $289B Backlog, 2-4x Framework Upside, and 19-20% Collins Margin Target
RTX sits 26% above its 52-week low of $155.64 on light trading volume (0.2× avg).
Summary
CEO Chris Calio laid out a bullish multi-year outlook at Morgan Stanley's Laguna Conference. Backlog stands at $289B excluding five framework agreements and the $23B Tomahawk award; volumes under those frameworks could rise 2-4x. Raytheon's international backlog is now 48% of total, up 4 points year-over-year. On commercial aerospace, GTF maintenance output jumped 40% YoY and aircraft-on-ground fell 25% since end-2025. Management reiterated 2026 free cash flow of ~$8.6B and a medium-term Collins margin target of 19-20%. Debt is expected to return to pre-ASR levels by year-end, with the dividend called 'sacrosanct.' This follows the July guidance raise and a string of major defense contract wins, reinforcing the demand narrative.
At the time of this announcement, RTX was trading at $196.73 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $265.1B. The 52-week trading range was $155.64 to $226.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.