# RTX Stock Q3 2026: Record $340bn Backlog, Guidance Raised Again
> RTX stock Q3 2026: sales up 11% to $25.0bn, adjusted EPS $2.26, record $340bn backlog and a raised 2026 outlook. Segments, cash, valuation and risks.

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## Facts
- Ticker: RTX
- Price: $202.79 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-20 on Form 8-K and Form 10-Q); price as of 2026-11-02 close
- Fiscal period: Q3 2026 (calendar)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/rtx-stock-q3-2026-earnings-backlog-guidance/

## Short answer
RTX stock Q3 2026 results, for the July to September quarter, showed the aerospace and defense group's earnings growth speeding up. Sales rose 11% to $25.0bn, adjusted earnings per share rose 33% to $2.26 and the backlog reached what RTX calls a record $340bn, after more than $81bn of new commercial and defense awards in the quarter. RTX raised its 2026 outlook for the third time this year, to adjusted sales of $97.0-97.5bn, adjusted EPS of $7.65-7.75 and free cash flow of $9.0-9.2bn. Our discounted cash flow model puts RTX at $124.29 per share, about 39% below the $202.79 close on 2 November 2026. The quarter was strong, and part of it was a one-off tariff refund; the share price already assumes many more years of growth like this than our model does.

## Key takeaways
- Valuation: QSILabs values RTX Corporation (NYSE: RTX) at $124.29 per share as of results for the quarter ended 30 September 2026, against a $202.79 close on 2 November 2026, about 39% below the market price. Our sensitivity range is about $105-151 a share.
- Q3 2026 results: sales were $24,965m in the quarter ended 30 September 2026, up 11% from $22,478m and 12% organically; adjusted operating profit was $3,987m, up 34%, a 16.0% margin against 13.2%; adjusted EPS was $2.26, up 33%, and GAAP EPS $1.89, up 34%.
- Tariff refund: $0.25 of the $0.56 rise in adjusted EPS came from recovering tariffs paid under the International Emergency Economic Powers Act (IEEPA). Excluding it, adjusted EPS was about $2.01, up about 18%.
- Backlog: RTX's backlog was $340bn at 30 September 2026, $176bn commercial and $164bn defense, up from $289bn three months earlier. Defense bookings were about $59bn in the quarter, led by multi-year Tomahawk and AMRAAM missile contracts.
- Guidance raised: for 2026 RTX now expects adjusted sales of $97.0-97.5bn, organic growth of 10-11%, adjusted EPS of $7.65-7.75 and free cash flow of $9.0-9.2bn, all up from July.
- Cash and returns: free cash flow was $2.1bn in the quarter, down from $4.0bn, and $6.3bn in the first nine months, up from $4.7bn. RTX paid $2.9bn of dividends in the nine months and bought back no shares.

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