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RTX's $289 Billion Backlog Makes the Case, but Commercial Aviation Is the Wrinkle

9/19/2026

The case for RTX (RTX) starts with a roughly $289 billion backlog as of June 2026.

The read-through is not clean: more than half of those orders belong to Collins Aerospace and Pratt & Whitney, two divisions that track commercial aviation closely, and the Iran conflict has pushed fuel prices sharply higher at exactly the wrong moment for airline operators.

RTX Chairman and CEO Chris Calio highlighted the backlog at Morgan Stanley's annual Laguna Conference and made a point of noting what the number excludes.

The $289 billion does not count five major munitions framework agreements or a recently awarded seven-year, $22.9 billion U.S.