RTX Annual Meeting: Calio Touts Record $271B Backlog, Output Gains, and Big 2026 Investment Plans

Key Points

• $271 billion backlog — Calio said RTX’s backlog reached $271 billion (up 25% year-over-year) and the company plans to invest more than $10.5 billion in 2026 in CapEx and R&D to expand capacity (e.g., Columbus +30% parts, Huntsville +50% missile integration) for commercial and defense demand.
• Operational output gains — Management credited the CORE Operating System with nearly 12,000 improvement events and reported significant production increases, including Pratt & Whitney PW1100 GTF MRO up ~25%, Raytheon output up 20%, and munitions output up over 40% in Q1 versus a year earlier.
• Shareholder approvals and governance — All director nominees were elected and shareholders approved executive compensation (96.24% support) and PwC as auditor (95.17%); management also highlighted a human-rights due diligence program and board oversight of defense sales.

RTX NYSE: RTX held its 2026 annual meeting of shareowners virtually, with Chairman Chris Calio presiding alongside Executive Vice President and General Counsel Raja Maharajh and Senior Vice President and Corporate Secretary Ted Perreault. Management participants included Chief Financial Officer Neil G. Mitchill, Jr., Chief Human Resources Officer Dantaya Williams, and Chief Communications Officer Pamela Erickson, as well as the director nominees standing for re-election.

Calio said the meeting included three voting matters: the election of 10 director nominees, an advisory vote on executive compensation, and the appointment of PricewaterhouseCoopers as independent auditor until the next annual meeting. Michael Barbera served as inspector of election and confirmed a quorum was present.

Calio highlights demand trends and record backlog

In remarks on the state of the business, Calio pointed to continued demand growth across both commercial aerospace and defense markets. On the commercial side, he said global airline travel continues to grow, creating “tremendous demand ahead for both our new aircraft products and aftermarket services.” On the defense side, he cited a need for “critical munitions depth, integrated air and missile defense technology, and more advanced capabilities to counter evolving threats.”

Calio said RTX’s demand environment is reflected in “our record $271 billion backlog,” which he said increased 25% over the last year. He also emphasized the company’s scale and workforce, referencing “our 180,000 RTX employees” and the company’s values of “safety, trust, respect, accountability, collaboration, and innovation.”

Calio said RTX invested more than $10 billion last year in capital expenditures and company- and customer-funded research and development, framing the spending as supporting both capacity expansion and technology investment.

Operational execution: output gains and CORE Operating System

Calio highlighted several operational improvements across RTX’s businesses, including output increases tied to the company’s CORE Operating System.

• Pratt & Whitney increased maintenance, repair and overhaul (MRO) output on the PW1100 GTF engine by 26% last year, Calio said, to support the growing GTF fleet.
• Collins Aerospace increased factory production to support airframer ramp-ups in commercial aircraft delivery rates, according to Calio.
• Raytheon increased output by 20% “across a number of critical programs,” Calio said, citing GEM-T for Patriot, AMRAAM, and Coyote.

Calio said RTX teams held “almost 12,000 CORE events last year,” describing CORE as a driver of continuous improvement and efficiency. He added that the company still has “more work to do” to meet customer needs faster.

2026 strategic priorities: execution, innovation, and scale

Calio said RTX remains focused in 2026 on three priorities: “executing on our commitments, innovating for future growth, and leveraging our breadth and scale.”

On execution, Calio said Raytheon entered into “5 landmark framework agreements” with the “Department of War” to expand production of munitions including Tomahawk, AMRAAM, and the Standard Missile family, with planned increases of “2 to 4 times existing rates over the next decade.” He also said total munitions output in the first quarter was up “over 40% compared to last year.”

He added that PW1100 GTF MRO output rose 23% year-over-year in the first quarter and described that work as “the key enabler to reducing the number of aircraft on ground.”

On innovation, Calio said RTX expects to invest “more than $10.5 billion” in 2026 in capital expenditures and company- and customer-funded R&D, including higher CapEx year-over-year to meet end-market demand. He cited expansions and projects including:

• An expansion in Columbus, Georgia, aimed at increasing output of critical parts for the GTF and F135 engine programs by 30%.
• A project in Huntsville, Alabama, to increase missile integration and delivery capacity by over 50%.
• An expansion at a Collins Aerospace facility to support radar systems and air traffic modernization opportunities.

Calio also described progress on “10 cross-company technology roadmaps” spanning areas including advanced propulsion, microelectronics, and integrated battlespace. As an example, he said Raytheon demonstrated a new Coyote variant during a U.S. Army test event, describing it as a “lower-cost counter-unmanned aircraft system” that can be recalled and redeployed.

On scale and productivity, Calio said RTX connected factories representing “over 50% of our annual manufacturing hours” to its internal data and analytics platform. He cited Raytheon’s Andover, Massachusetts, facility, where circuit card production cycle times were reduced by about 35% in 2025, and said the company aims to connect 60% of manufacturing hours by year-end.

Shareowner Q&A: production, workforce pay, and human rights governance

During the Q&A, Calio addressed how RTX plans to satisfy growing defense demand while supporting commercial customers. He said production on critical defense programs increased by “over 20%” during 2025 and reiterated the first-quarter 2026 munitions output increase of over 40% year-over-year. Calio also cited commercial-focused investments announced in the first quarter, including a $200 million manufacturing investment by Pratt & Whitney in Columbus, Georgia; a $40 million Collins investment in Puerto Rico; and an additional $139 million investment in Collins and Pratt & Whitney facilities in Singapore.

Williams outlined RTX’s compensation approach for employees beyond senior executives. She said more than 105,000 employees participate in annual bonus plans, describing the plans as aligned to strategic objectives, based on measurable results, and differentiated by individual impact.

Williams also discussed employee engagement and retention efforts, citing leadership development programs, performance evaluation processes aligning individual goals with business priorities, and development resources including the Employee Scholar Program, Individual Development Plans, and RTX Career Development Week. She also pointed to internal mobility through “RTX Talent Match,” mentoring offerings, employee feedback programs, and employee networks.

Maharajh addressed governance and ethical responsibilities tied to defense product sales and reputational risk related to human rights. He said RTX has a human rights policy and a due diligence program focused on identifying and mitigating human rights risks associated with potential product sales across business units and corporate, overseen by senior leaders. He added that RTX promotes a “strong speak-up culture” and said employee concerns are investigated “in an unbiased and thorough way.” He also noted board oversight, including involvement from the audit committee, governance and public policy committee, and special activities committee.

Voting results: directors elected; proposals approved

Barbera reported preliminary voting results showing all director nominees were elected “with a majority of the votes cast.” The advisory vote on executive compensation was approved with 96.24% of votes in favor, and the appointment of PricewaterhouseCoopers was approved with 95.17% of votes in favor.

Calio noted the results were preliminary and said final votes will be certified and reported in an SEC Form 8-K in the coming days. The meeting was then adjourned.

About RTX NYSE: RTX

RTX NYSE: RTX is a U.S.-based aerospace and defense company that designs, manufactures and services advanced systems for commercial, military and governmental customers worldwide. The company was created through the 2020 combination of Raytheon Company and United Technologies Corporation and later adopted the RTX name, positioning itself as a diversified provider across the aerospace and defense value chain.

RTX's operations span a broad set of capabilities. Its commercial aerospace businesses include Pratt & Whitney aircraft engines and Collins Aerospace systems, which supply propulsion, avionics, aerostructures, interiors and integrated aircraft systems.

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