Slide 1: 2nd quarter 2026 earnings conference call
2nd quarter 2026 Earnings conference call July 23, 2026 © 2026 RTX Corporation. All rights reserved.
Slide 2: Forward looking statements
Forward looking statements Note: This investor webcast presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide RTX Corporat
Slide 3: 2Q 2026 highlights
2Q 2026 $24.7B $1.89 $2.9B highlights Adjusted sales* Adjusted EPS* Free cash flow* ▲16% organic* growth ▲21% growth* ▲18% commercial aftermarket ▲18% growth in segment growth** operating profit* ▲16% defense growth** ▲40 bps of consolidated segment margin expansion* $289B Outlook RTX backlog Raisin
Slide 4: Performance highlights
► Improved PW1100 MRO output by over 40% year-over-year Performance highlights ► More than doubled 1H output year-over-year across Raytheon's critical munitions ► Expanding capacity across all three segments, including in the United States, to meet the DRIVING BEST-IN-CLASS growing global demand fas
Slide 5: 2Q 2026 results
ADJUSTED SALES* $24.7B GAAP EPS $21.6B $1.57 14% 2Q 2026 Adjusted growth* ▲29% $1.22 results 16% GAAP Organic growth* 2025 2026 2025 2026 REPORTED SALES ADJUSTED EPS* $21.6B $24.7B $1.89 KEY TAKEAWAYS $1.56 • 16% organic sales growth* CASH FLOW ▲21% Adjusted* ▲9% commercial OE** Operating Free CapEx
Slide 6: RTX 2026 outlook
ADJUSTED SALES* RTX 2026 ▲$95.0B - $96.0B outlook Prior: $92.5B - $93.5B ORGANIC SALES GROWTH %* ▲8% - 9% Prior: 5% - 6% ADJUSTED EPS* ▲$7.10 - $7.25 Prior: $6.70 - $6.90 FREE CASH FLOW* ▲$8.50B - $8.75B Prior: $8.25B - $8.75B *See Appendix for additional information regarding these non-GAAP financi
Slide 7: Collins Aerospace
HIGHLIGHTS ($ millions) ▲8% ▲10% Collins Adjusted sales* Adjusted operating profit* Aerospace ▲13% • Commercial OE up 26%** • Commercial aftermarket up 10%** • Higher commercial volume • Higher defense volume, partially offset by defense mix Organic sales* • Defense up 7%** • Higher SG&A expense • I
Slide 8: Pratt & Whitney
HIGHLIGHTS ($ millions) ▲16% ▲22% Pratt & Adjusted sales* Adjusted operating profit* Whitney ▲17% • Commercial OE down 8% • Commercial aftermarket up 25% • Higher commercial aftermarket volume • Higher military volume and favorable mix Organic sales* • Military up 23% • Increased engine delivery vol
Slide 9: Raytheon
HIGHLIGHTS ($ millions) ▲18% ▲29% $86B Raytheon Adjusted sales* Adjusted operating profit* Backlog ▲18% • Higher volume on land and air defense systems • Higher volume • Favorable mix, including • $5.1B GEM-T effectors • $4.1B classified & confidential Organic sales* • Higher volume on naval Patriot
Slide 10: Key takeaways
Key takeaways Strong operational and financial performance Long-term demand for RTX products across commercial and defense end markets Raising 2026 outlook for adjusted sales,* adjusted EPS,* and free cash flow* Focused on executing and innovating to drive long-term value for stakeholders *See Appen
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Slide 12: Appendix
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Slide 13: Use and definitions of non-GAAP financial measures
Use and definitions of non-GAAP financial measures NON-GAAP MEASURE DEFINITION RTX Corporation (“RTX” or “the Company”) reports its financial results in accordance Adjusted net sales / Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinaf
Slide 14: 2026 segment outlook
2026 segment outlook ADJUSTED SALES ORGANIC SALES ADJUSTED OPERATING VPY%* VPY%* PROFIT VPY* ($M) Current Up mid to high-single digits Up high-single to low double digits $550 - $625 COLLINS AEROSPACE Prior Up mid-single digits Up high-single digits $425 - $525 Current Up high-single digits Up high-
Slide 15: Additional 2026 items
Additional 2026 items* FY 2026 Outlook ADJUSTED EFFECTIVE TAX RATE** FAS/CAS OPERATING ADJUSTMENT ~18.0% - 18.5% ~$650M Prior: ~18.0% - 18.5% Prior: ~$650M INTEREST EXPENSE NON-SERVICE PENSION INCOME ~$1,625M ~$1,400M Prior: ~$1,650M Prior: ~$1,325M CORPORATE EXPENSE AND OTHER UNALLOCATED ITEMS CAPE
Slide 16: P&W engine shipments to customers
RTX: P&W engine shipments to customers 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 MILITARY 51 40 63 73 227 61 70 LARGE COMMERCIAL 250 227 266 312 1,055 235 260 PRATT & WHITNEY CANADA1 518 521 516 571 2,126 497 522 1Excludes APUs 16
Slide 17: 2Q 2026: RTX free cash flow reconciliation
2Q 2026: RTX free cash flow reconciliation ($ millions) 2Q 2026 NET INCOME $2,249 DEPRECIATION & AMORTIZATION 1,079 CHANGE IN WORKING CAPITAL 325 OTHER (106) CASH FLOW FROM OPERATING ACTIVITIES $3,547 CAPITAL EXPENDITURES (669) FREE CASH FLOW $2,878 17
Slide 18: 2Q 2026: RTX sales reconciliation
2Q 2026: RTX sales reconciliation ($ millions) TOTAL ACQUISITIONS & ORGANIC 2Q 2025 ADJUSTED ORGANIC CHANGE AS A % REPORTED FX/OTHER DIVESTITURES CHANGE SALES1 OF ADJUSTED SALES CHANGE COLLINS AEROSPACE $588 ($404) $11 $981 $7,622 13% PRATT & WHITNEY 1,258 — (16) 1,274 7,631 17% RAYTHEON 1,268 — 12
Slide 19: RTX: restructuring costs
RTX: restructuring costs ($ MILLIONS) 2026 2025 RESTRUCTURING IMPACT TO: Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 OPERATING PROFIT (LOSS) COLLINS AEROSPACE $9 ($64) ($113) ($39) ($17) ($35) ($204) PRATT & WHITNEY (1) (2) (10) (8) — (3) (21) RAYTHEON (4) (1) — (4) — — (4) TOTAL SEGMENT
Slide 20: 2025 reported to adjusted
RTX: 2025 reported to adjusted ($ MILLIONS) REPORTED RESTRUCTURING & NET SIGNIFICANT ADJUSTED1 (UNAUDITED) AND/OR NON-RECURRING ITEMS1 (UNAUDITED) NET SALES Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 COLLINS AEROSPACE $7,21
Slide 21: 2026 reported to adjusted
RTX: 2026 reported to adjusted ($ MILLIONS) REPORTED RESTRUCTURING & NET SIGNIFICANT ADJUSTED1 (UNAUDITED) AND/OR NON-RECURRING ITEMS1 (UNAUDITED) NET SALES Q1 2026 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Q2 2026 COLLINS AEROSPACE $7,602 $8,210 $— $— $7,602 $8,210 PRATT & WHITNEY 8,173 8,889 — — 8,173 8,889
Slide 22: Reconciliation of GAAP to adjusted: Collins Aerospace
RTX: reconciliation of GAAP to adjusted COLLINS AEROSPACE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2026 2025 COLLINS AEROSPACE Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 NET SALES $7,602 $8,210 $7,217 $7,622 $7,621 $7,736 $30,196 OPERATING PROFIT $1,307 $1,306 $1,088 $1,173 $1,260 $1,402 $4
Slide 23: Reconciliation of GAAP to adjusted: Pratt & Whitney
RTX: reconciliation of GAAP to adjusted PRATT & WHITNEY (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2026 2025 PRATT & WHITNEY Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 NET SALES $8,173 $8,889 $7,366 $7,631 $8,423 $9,496 $32,916 OPERATING PROFIT $710 $738 $580 $492 $751 $773 $2,596 RESTRUCTURI
Slide 24: Reconciliation of GAAP to adjusted: Raytheon
RTX: reconciliation of GAAP to adjusted RAYTHEON (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2026 2025 RAYTHEON Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 NET SALES $6,945 $8,269 $6,340 $7,001 $7,045 $7,657 $28,043 OPERATING PROFIT $841 $1,042 $678 $805 $859 $885 $3,227 RESTRUCTURING (4) (1) —
Slide 25: Reconciliation of GAAP to adjusted: non-segment
RTX: reconciliation of GAAP to adjusted NON-SEGMENT OPERATING PROFIT (LOSS) (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2026 2025 ELIMINATIONS AND OTHER Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 NET SALES ($644) ($660) ($617) ($673) ($611) ($651) ($2,552) OPERATING PROFIT (LOSS) $38 $98 $12 $
Slide 26: Reconciliation of GAAP to adjusted: income and EPS
RTX: reconciliation of GAAP to adjusted CONSOLIDATED INCOME, EARNINGS PER SHARE (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2026 2025 INCOME (EXPENSES) Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $2,059 $2,139 $1,535 $1,657 $1,918 $1,622 $6,732 TOTA
Slide 27: Reconciliation of GAAP to adjusted: segment sales and profit
RTX: reconciliation of GAAP to adjusted SEGMENT NET SALES AND OPERATING PROFIT AND MARGIN (UNAUDITED) (UNAUDITED) ($ MILLIONS) 2026 2025 INCOME (EXPENSES) Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 NET SALES $22,076 $24,708 $20,306 $21,581 $22,478 $24,238 $88,603 RECONCILIATION TO SEGME