RTX and Northrop Grumman Raise 2026 Outlooks on Record Backlogs; SpaceX Reports Third-Quarter Results After Today's Close

October 20, 2026 · Category: Business & Tech

Two of the largest U.S. defense contractors reported large backlogs on Tuesday, October 20, and both raised parts of their full-year outlooks.

RTX (NYSE: RTX) reported third-quarter 2026 sales of $25.0 billion, up 11% from a year earlier, with adjusted earnings per share of $2.26 and GAAP EPS of $1.89. Its backlog reached a record $340 billion, $176 billion commercial and $164 billion defense, and the company raised its full-year outlook for adjusted sales to $97.0–$97.5 billion and adjusted EPS to $7.65–$7.75. Sales at its Raytheon segment rose 14%, which the company attributed to naval programs and air-defense systems including Patriot, Standard Missile and Tomahawk RTX. The numbers cleared expectations: CNBC reported RTX shares were up 1% in premarket trading, against an LSEG consensus of $1.78 per share on $24.08 billion in revenue CNBC, and Investing.com earlier reported a 2.2% premarket gain Investing.com.

Northrop Grumman (NYSE: NOC) told a more mixed story. It reported third-quarter sales of $11.1 billion, up 7%, and diluted EPS of $7.89, with net awards of $16.4 billion and backlog of $109.6 billion. It raised 2026 guidance for MTM-adjusted EPS to $29.35–$29.75 and segment operating income to $4.94–$5.04 billion, while keeping its sales range at $43.75–$44.25 billion. Significant awards included $2.0 billion for Sentinel and $1.4 billion for Virginia-class submarines Northrop Grumman. CNBC called the results mixed, with EPS beating an LSEG estimate of $7.18 while revenue came in just below the $11.14 billion consensus, and reported shares up 0.5% premarket CNBC.

The day's other big report comes after the bell. SpaceX will post third-quarter results after the market closes, with an audio webcast at 4:30 p.m. ET SpaceX. MarketWatch reported the FactSet analyst consensus calls for $12.87 billion in revenue and net income of $1.87 billion, compared with a $541 million loss last quarter MarketWatch. Separately, NVIDIA said German Chancellor Friedrich Merz's government signed a Joint Declaration of Intent with the company on Monday to work on a joint initiative for physical-AI models NVIDIA.

Why it matters

Backlog is the clearest window into defense demand, and both companies pointed to large ones while raising parts of their guidance, offering a company-reported view of orders for missiles, air defense, aircraft, submarines and strategic programs. The market's first reaction was modest. The premarket moves above are time-stamped early-Tuesday reports, not closing prices.

SpaceX's results tonight are its next scheduled official disclosure, and the figures cited for it are analyst estimates, not company guidance. NVIDIA's German declaration of intent is a framework for collaboration with no disclosed contract value. This article is not investment advice.

Sources

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