RTX (RTX) Q1 FY2026 earnings: revenue $22.1 billion, up 8.7% on the year

RTX Corp. (RTX) reported revenue of $22.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 8.7% on the same quarter a year earlier. Net income was $2.1 billion, up 34.1% on the year, and diluted earnings per share $1.51. The figures are the company's own, from the 10-Q it filed with the SEC on 21 April 2026.

Revenue

$22.1 billion

+8.7% on the year · -8.9% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

11.6%

10.0% a year earlier

Q2 FY2024Q1 FY2026

Net income

$2.1 billion

+34.1% on the year · +26.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.51

+32.5% on the year · +26.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 kept.

Sales up 9 percent, organic up 10: Sales were $22.1 billion, up 9 percent versus the prior year and 10 percent organically.
Adjusted EPS up 21 percent: Adjusted EPS was $1.78 against $1.47 a year earlier. GAAP diluted EPS was $1.51.
Pratt & Whitney sales up 11 percent: Pratt & Whitney sales were $8,173 million, up 11 percent. Commercial aftermarket rose 19 percent and military 7 percent, while commercial OE fell 1 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	22,076	24,238	20,306	-8.9%	+8.7%
Cost of revenue	17,482	19,521	16,190	-10.4%	+8.0%
Gross profit	4,594	4,717	4,116	-2.6%	+11.6%
Gross margin	20.8%	19.5%	20.3%
Research and development	627	789	637	-20.5%	-1.6%
Selling, general and administrative	1,476	1,638	1,448	-9.9%	+1.9%
Operating income	2,555	2,596	2,035	-1.6%	+25.6%
Operating margin	11.6%	10.7%	10.0%
Interest expense	390	400	443	-2.5%	-12.0%
Pre-tax income	2,520	2,297	1,958	+9.7%	+28.7%
Income tax	363	584	333	-37.8%	+9.0%
Effective tax rate	14.4%	25.4%	17.0%
Net income	2,059	1,622	1,535	+26.9%	+34.1%
Net margin	9.3%	6.7%	7.6%
Diluted EPS	$1.51	$1.19	$1.14	+26.9%	+32.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,855	4,165	1,305	-55.5%	+42.1%
Capital expenditure	546	970	513	-43.7%	+6.4%
Free cash flow	1,309	3,195	792	-59.0%	+65.3%
Free cash flow margin	5.9%	13.2%	3.9%
Cash from investing	-608	-549	-678
Cash from financing	-1,840	-2,154	-1,056
Depreciation and amortisation	1,071	1,159	1,052	-7.6%	+1.8%
Share-based compensation	132	182	111	-27.5%	+18.9%
Buybacks	0.0	0.0	50.0
Dividends paid	915	914	840	+0.1%	+8.9%
Dividend per share	$0.68	n/a	$0.63		+7.9%
Diluted shares, weighted	1,365m	1,362m	1,352m	+0.2%	+0.9%
Shares outstanding at period end	1,347m	1,342m	1,336m	+0.3%	+0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	66,280	65,245	61,516	+1.6%	+7.7%
Non-controlling interest	1,717	1,857	1,791	-7.5%	-4.1%
Redeemable equity	37.0	36.0	37.0	+2.8%	0.0%
Debt	37,413	37,904	41,300	-1.3%	-9.4%
Operating lease liabilities	1,522	1,602	1,646	-5.0%	-7.5%
Other liabilities	63,462	64,435	58,574	-1.5%	+8.3%
Total liabilities and equity	170,431	171,079	164,864	-0.4%	+3.4%
Fixed assets	16,842	16,868	16,135	-0.2%	+4.4%
Goodwill	53,276	53,343	53,045	-0.1%	+0.4%
Intangible assets	31,482	31,845	33,116	-1.1%	-4.9%
Investments	694	750	682	-7.5%	+1.8%
Cash and equivalents	6,818	7,435	5,157	-8.3%	+32.2%
Receivables	12,945	14,701	11,426	-11.9%	+13.3%
Inventory	14,153	13,364	13,618	+5.9%	+3.9%
Other assets	34,221	32,773	31,685	+4.4%	+8.0%
Total assets	170,431	171,079	164,864	-0.4%	+3.4%

Questions

What was RTX's revenue in Q1 FY2026?

RTX (RTX) reported revenue of $22.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 8.7% on the same quarter a year earlier.

How much did RTX earn in Q1 FY2026?

Net income for Q1 FY2026 was $2.1 billion, up 34.1% on the year, and diluted earnings per share $1.51.

When did RTX report Q1 FY2026 results?

RTX filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 21 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	17,044	15,716	16,314	16,951	18,093	17,214	18,315	13,464	19,927	19,305	19,721	20,089	21,623	20,306	21,581	22,478	24,238	22,076	24,708	24,965
Cost of revenue	13,616	12,560	12,856	13,464	14,526	13,645	14,518	12,750	15,918	15,744	16,141	16,055	17,388	16,190	17,205	17,898	19,521	17,482	19,575	19,160
Gross profit	3,428	3,156	3,458	3,487	3,567	3,569	3,797	714	4,009	3,561	3,580	4,034	4,235	4,116	4,376	4,580	4,717	4,594	5,133	5,805
Gross margin	20%	20%	21%	21%	20%	21%	21%	5%	20%	18%	18%	20%	20%	20%	20%	20%	19%	21%	21%	23%
R&D	810	635	698	662	716	607	729	712	757	669	706	751	808	637	697	684	789	627	726	711
SG&A	1,407	1,469	1,424	1,351	1,379	1,363	1,600	1,401	1,445	1,394	1,449	1,389	1,574	1,448	1,573	1,436	1,638	1,476	1,658	1,918
Operating income	1,320	1,080	1,353	1,520	1,501	1,687	1,493	-1,396	1,777	1,870	529	2,028	2,111	2,035	2,146	2,523	2,596	2,555	2,811	3,337
Operating margin	8%	7%	8%	9%	8%	10%	8%	-10%	9%	10%	3%	10%	10%	10%	10%	11%	11%	12%	11%	13%
Interest expense	276	318	329	311	318	315	333	369	488	405	475	496	486	443	457	449	400	390	417	381
Pre-tax income	867	1,242	1,498	1,677	1,650	1,816	1,607	-1,322	1,735	1,851	428	1,906	2,009	1,958	2,040	2,438	2,297	2,520	2,742	3,301
Tax rate	11%	9%	11%	17%	11%	18%	15%	n/a	15%	6%	59%	19%	22%	17%	15%	18%	25%	14%	18%	18%
Net income	686	1,084	1,304	1,387	1,422	1,426	1,327	-984	1,426	1,709	111	1,472	1,482	1,535	1,657	1,918	1,622	2,059	2,139	2,583
Net margin	4%	7%	8%	8%	8%	8%	7%	-7%	7%	9%	1%	7%	7%	8%	8%	9%	7%	9%	9%	10%
Diluted EPS	$0.45	$0.72	$0.88	$0.94	$0.96	$0.97	$0.90	-$0.68	$1.05	$1.28	$0.08	$1.09	$1.10	$1.14	$1.22	$1.41	$1.19	$1.51	$1.57	$1.89
Operating cash flow	n/a	476	1,286	778	4,628	-863	719	3,316	4,711	342	2,733	2,523	1,561	1,305	458	4,639	4,165	1,855	3,547	2,868
Capital expenditure	954	439	479	515	855	520	526	564	805	467	537	552	1,069	513	530	614	970	546	669	749
Free cash flow	n/a	37.0	807	263	3,773	-1,383	193	2,752	3,906	-125	2,196	1,971	492	792	-72.0	4,025	3,195	1,309	2,878	2,119
Buybacks	327	743	1,036	616	408	562	596	1,429	10,283	56.0	44.0	294	50.0	50.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends paid	745	745	798	794	791	790	844	838	767	769	823	823	802	840	910	910	914	915	983	984
Shares outstanding	1,492m	1,487m	1,477m	1,470m	1,465m	1,461m	1,456m	1,438m	1,327m	1,330m	1,330m	1,331m	1,332m	1,336m	1,339m	1,341m	1,342m	1,347m	1,348m	1,349m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 21 April 2026: the filing.