RTX (RTX) Q3 FY25 earnings call

Earnings call· Sep 2025 (Q3 FY25)· Industrials· Oct 21, 2025

Source: earnings call transcript

RTX delivered a very strong third quarter, driven by robust organic growth across all segments and continued strong demand in commercial aerospace and defense markets. The company raised its full-year sales and EPS outlook, while maintaining its free cash flow target, reflecting confidence in operational execution and market strength. Strategic investments in capacity and productivity, alongside ongoing supply chain improvements, are key to converting a record backlog into future growth.

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RTX operating KPIs by quarter

RTX operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2025 Q1 FY25	This call Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Backlog	$217B We exited the quarter with a backlog of $217 billion, which was up 8% year-over-year and includes $125 billion of commercial orders and $92 billion of defense awards. Source: earnings call transcript	$251B On the orders front, our book-to-bill in the quarter was 1.63, resulting in a backlog of $251 billion, up 13% year-over-year. Source: earnings call transcript	—	$271B Our book-to-bill in the quarter was 1.14, and our backlog is a record $271 billion, up 25% year-over-year with strong commercial and defense awards in the quarter. Source: earnings call transcript	$289B Our backlog stands at yet another record of $289 billion, up 22% year-over-year and 6% sequentially. Source: earnings call transcript	$340B RTX ended Q3 with another record backlog of $340 billion, up 36% year-over-year and 18% sequentially. Source: earnings call transcript	+17.6%
Orders Raytheon	$4.4B Bookings in the quarter were $4.4 billion, resulting in a book-to-bill of 0.7. Source: earnings call transcript	$15.9B Bookings in the quarter were $15.9 billion, resulting in a book-to-bill of 2.27 and a record backlog of $72 billion. Source: earnings call transcript	$10.3B Bookings in the quarter were $10.3 billion resulting in a book-to-bill of 1.35 and a record backlog of $75 billion with a full year book-to-bill of 1.43. Source: earnings call transcript	$6.6B And Raytheon booked $6.6 billion of awards in the quarter, including over $600 million to supply the Netherlands with Patriot equipment and over $400 million from the US Army for our lower-tier air and missile defense sensors. Source: earnings call transcript	$19.9B Bookings in the quarter were $19.9 billion, resulting in a book-to-bill of 2.42 and a backlog of $86 billion. Source: earnings call transcript	$52.3B Bookings in the quarter were $52.3 billion, resulting in a book-to-bill of 6.54% and a backlog of $130 billion. Source: earnings call transcript	+162.8%
Book-to-bill ratio Raytheon	0.7 ratio Bookings in the quarter were $4.4 billion, resulting in a book-to-bill of 0.7. Source: earnings call transcript	2.27 ratio Bookings in the quarter were $15.9 billion, resulting in a book-to-bill of 2.27 and a record backlog of $72 billion. Source: earnings call transcript	1.35 ratio Bookings in the quarter were $10.3 billion resulting in a book-to-bill of 1.35 and a record backlog of $75 billion with a full year book-to-bill of 1.43. Source: earnings call transcript	0.96 ratio Bookings in the quarter were $6.6 billion, resulting in a book-to-bill of 0.96 and a backlog of $74 billion. Source: earnings call transcript	2.42 ratio Bookings in the quarter were $19.9 billion, resulting in a book-to-bill of 2.42 and a backlog of $86 billion. Source: earnings call transcript	—	+152.1%
Book-to-bill ratio	—	1.63 ratio On the orders front, our book-to-bill in the quarter was 1.63, resulting in a backlog of $251 billion, up 13% year-over-year. Source: earnings call transcript	—	1.14 ratio Our book-to-bill in the quarter was 1.14, and our backlog is a record $271 billion, up 25% year-over-year with strong commercial and defense awards in the quarter. Source: earnings call transcript	—	—	—
Backlog Raytheon	—	$72B Bookings in the quarter were $15.9 billion, resulting in a book-to-bill of 2.27 and a record backlog of $72 billion. Source: earnings call transcript	$75B Bookings in the quarter were $10.3 billion resulting in a book-to-bill of 1.35 and a record backlog of $75 billion with a full year book-to-bill of 1.43. Source: earnings call transcript	$74B Bookings in the quarter were $6.6 billion, resulting in a book-to-bill of 0.96 and a backlog of $74 billion. Source: earnings call transcript	$86B Bookings in the quarter were $19.9 billion, resulting in a book-to-bill of 2.42 and a backlog of $86 billion. Source: earnings call transcript	$130B Bookings in the quarter were $52.3 billion, resulting in a book-to-bill of 6.54% and a backlog of $130 billion. Source: earnings call transcript	+51.2%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.