New York, Jan 30, 2026, 14:20 EST — Regular session.
- RTX shares ticked up after the U.S. Army announced a $1.025 billion contract modification linked to Raytheon’s LTAMDS program.
- Raytheon’s order flow drew attention again with a separate $197 million award for reconnaissance pods destined for Poland.
- Traders are balancing contract momentum with delivery schedules and RTX’s earnings report due in late April.
RTX shares ticked up 0.3% to $200.50 Friday afternoon following news that the U.S. Army awarded a $1,025,100,000 contract modification to Raytheon for its Lower Tier Air and Missile Defense Sensor (LTAMDS) program. The work will take place in Andover, with an expected completion date set for March 31, 2030, the announcement states. (U.S. Department of War)
Why this matters now: investors aren’t just focused on headline wins—they’re zeroing in on how fast funding flows and deliveries roll out in air-defense programs. Contract updates might seem routine, but they often reveal the production pace and how swiftly backlog converts to revenue.
RTX projected adjusted sales between $92 billion and $93 billion for 2026, along with adjusted earnings per share ranging from $6.60 to $6.80. That follows 2025 sales of $88.6 billion. The company closed 2025 carrying a backlog of $268 billion in undelivered orders. CEO Chris Calio said RTX entered 2026 with “great momentum.” These adjusted numbers exclude items like acquisition-related accounting and restructuring charges. Free cash flow refers to cash remaining after capital expenditures. (SEC)
Raytheon secured a $197 million deal with the U.S. Air Force Life Cycle Management Center for the MS-110 multispectral reconnaissance system, designated for the Polish Air Force, RTX announced on Jan. 28. Dan Theisen described the MS-110 as delivering “advanced capability by pushing next-generation processing to the tactical edge.” (RTX)
TTM Technologies announced a multi-year deal with Raytheon to supply radio-frequency assemblies and other hardware, potentially worth $200 million over three years. Raytheon VP Mike Mills said the contract “will allow us to meet our accelerated delivery schedule while reducing costs.” (GlobeNewswire)
Bernstein bumped its price target on RTX to $204 from $189 but maintained a Market Perform rating, according to MT Newswires. (MarketScreener)
Defense shares showed a mixed picture. The iShares U.S. Aerospace & Defense ETF (ITA) dipped roughly 0.1%. Lockheed Martin climbed 1.6%, but Northrop Grumman dropped 0.8%. L3Harris Technologies slid 3.2%, while Boeing edged down 0.5%. The broader market pulled back, with the S&P 500 ETF (SPY) falling 0.3% and the Nasdaq 100 ETF (QQQ) losing 0.9%.
Traders are focusing less on the size of individual awards and more on the rhythm — follow-on contract items, obligated funding, and delivery timelines. When those begin to falter, the stock usually reacts.
There are clear risks. Government contracts can be delayed, altered, or repriced, while multi-year programs hinge on budget approvals and timely delivery. Tariffs on metals and persistent supply chain challenges have weighed on the outlook. Management has come under increased Washington scrutiny over capital returns but reassured investors it remains committed to the dividend. (Reuters)
RTX is set to release its first-quarter earnings on April 28. Investors will focus on any updates to the 2026 sales and cash goals, along with new insights into production schedules at Raytheon, Pratt & Whitney, and Collins Aerospace. (Zacks)
