Northrop Grumman, RTX and GE Aerospace each raised 2026 earnings guidance on Oct. 20, as quarterly results showed record backlogs at Northrop and RTX and higher commercial engine revenue at GE.
Northrop now projects mark-to-market-adjusted earnings of $29.35-$29.75 per share, compared with its previous range of $28.60-$29.10. It reported $16.4 billion in net awards during the third quarter and a $109.6 billion backlog as of Sept. 30. Sales in its Aeronautics Systems business grew 14% from a year earlier.
RTX increased its adjusted earnings forecast to $7.65-$7.75 per share from $7.10-$7.25. The company also lifted its adjusted sales outlook to $97 billion-$97.5 billion from $95 billion-$96 billion, and its free cash flow forecast to $9 billion-$9.2 billion from $8.5 billion-$8.75 billion.
Commercial work accounted for $176 billion of RTX’s $340 billion backlog, with defense work making up $164 billion. RTX reported more than $81 billion in new commercial and defense awards during the quarter.
GE Aerospace raised its adjusted earnings estimate to $8-$8.10 a share from $7.65-$7.85. It had increased that range once before this year, in July. Its Commercial Engines & Services business recorded $10.342 billion in third-quarter revenue, 21% more than a year earlier.
GE also lifted its 2026 adjusted operating profit forecast to $10.9 billion-$11 billion from $10.55 billion-$10.75 billion. The earnings-per-share forecasts from all three companies are non-GAAP measures: Northrop uses a mark-to-market-adjusted figure, while RTX and GE report adjusted earnings per share.
Looking to 2027, GE projected low-double-digit growth in commercial services sales, supported by a commercial services backlog exceeding $170 billion.
