RTX, the aerospace and defense giant formerly known as Raytheon Technologies, will release its second-quarter 2026 earnings before the market opens on Thursday, July 23, 2026. The report comes on the heels of a $1.1 billion U.S. Navy contract for AIM-9X Block II missiles and a broader push to scale production of both AIM-9X and Stinger missiles to meet surging allied demand.
New Navy Contract and Production Targets
Raytheon, RTX's missile business, secured a $1.1 billion U.S. Navy contract for AIM-9X Block II missiles. The company plans to increase AIM-9X production capacity to roughly 2,500 missiles per year to satisfy U.S. and allied requirements. Separately, Raytheon and Germany's Diehl Defence are working to double global Stinger production capacity to support NATO and European procurement needs. These moves signal a sustained push to replenish inventories drawn down by the Iran war and ongoing support for Ukraine.
House Budget Outline Could Accelerate Orders
On July 15, 2026, House Republicans released a $95 billion budget-resolution outline that includes substantial defense and supplemental funding tied to the Iran war. The proposal could accelerate replenishment orders for RTX's missile systems, potentially boosting the company's backlog and near-term revenue.
Jefferies Raises Estimates Ahead of Earnings
Jefferies reiterated a Buy rating on RTX on July 8, 2026, raising its Q2 segment-adjusted EPS estimate to $1.74 versus consensus of about $1.67. The firm also lifted its full-year 2026 adjusted EPS estimate to $7.10, above RTX's own guidance range of $6.70 to $6.90. Jefferies estimates RTX will generate roughly $8.6 billion in free cash flow in 2026. The higher guidance, however, depends on backlog conversion, segment margins, book-to-bill sustainability, cash conversion, production capacity ramps, and program risk management.
What to Watch on July 23
Investors will be watching whether RTX can deliver on its guidance amid the production ramp. The company's ability to convert its $1.1 billion Navy contract and other orders into revenue will be a key focus. The earnings call later that morning will likely address the status of the Stinger and AIM-9X capacity expansions, as well as the potential impact of the House budget outline on future orders.
