The 23 July 2026 print still has two clocks. Pratt commercial aftermarket up 25 percent on volume. Commercial OE down 8 percent even as large commercial engine deliveries increased. Remaining performance obligations about 289 billion dollars, about 45 percent long-term Pratt commercial maintenance, up to 20 years. Raytheon follows a fiscal calendar. A missile plant is a calendar. The commercial aftermarket is a shop-visit duration.
A missile plant is a calendar. The aftermarket is a shop-visit duration.
RTX printed 200.79 on the owned scan of 5 September, down 5.2 percent on the five-day window. The shop visit is what that quarter has to name. It is not a shop visit.
Products sales were 17,944 million and services sales were 6,764 million on the 23 July print.
The last printed quarter, three months ended 30 June 2026, is already public. The 8-K went out on 23 July. Sales 24,708 million dollars against 21,581 million, up 14 percent, 16 percent organically. Operating profit 2,811 million. Products sales 17,944 million. Services sales 6,764 million. Services sales of 6,764 million are the whole services line. Pratt commercial aftermarket, up 25 percent, is one cut of that book. Parts can print as product. Backlog 289 billion dollars, 170 billion commercial and 119 billion defense, up 22 percent year over year. Remaining performance obligations on the 10-Q were approximately 289 billion. Same order of book. Two clocks sit on that book.
Pratt & Whitney printed 8,889 million of sales, up 16 percent, 17 percent organically. Commercial aftermarket up 25 percent. Military up 23 percent on F135 volume, including prior-year contract award timing. Commercial OE down 8 percent. The 10-Q splits the organic 1.3 billion dollar increase as 0.9 billion of commercial aftermarket, 0.5 billion of military, and 0.1 billion lower commercial OEM because mix in large commercial engines more than offset higher volume. The 8-K says the OE sales decrease was large commercial engine mix which more than offset increased large commercial engine deliveries. Deliveries up. OE dollars down. Aftermarket up. Operating profit 738 million, up 50 percent, return on sales 8.3 percent. The year-ago reported profit included an approximately 100 million dollar customer-bankruptcy charge. Adjusted operating profit 740 million, up 22 percent. The aftermarket paid. The delivery mix did not.
Collins Aerospace printed 8,210 million, up 8 percent reported, 13 percent organically once the 2025 divestitures are off the line. Commercial OE up 26 percent on narrowbody and widebody volume. Commercial aftermarket up 10 percent on parts and repair and modifications and upgrades. Defense up 7 percent. The 10-Q organic 1.0 billion is 0.5 billion commercial OEM, 0.3 billion commercial aftermarket, 0.2 billion defense. Collins had an OEM quarter. Pratt had an aftermarket quarter. Collins was the OEM quarter. Pratt commercial aftermarket, up 25 percent, was the other quarter. Operating profit 1,306 million, return on sales 15.9 percent. Adjusted 1,370 million, 16.7 percent.
Raytheon printed 8,269 million, up 18 percent organically. Volume on land and air defense, naval programs, and air and space defense, including Patriot, Standard Missile, and AMRAAM. Operating profit 1,042 million, up 29 percent, return on sales 12.6 percent, on mix including Patriot programs, and net productivity. The 10-Q is blunt about the clock. Raytheon follows a fiscal calendar. Collins and Pratt use calendar quarter ends. For Raytheon the quarter ended 28 June 2026 against 29 June 2025. A missile plant is a calendar: a slot, a fiscal cut, a named effector.
Approximately 45 percent of remaining performance obligations relates to long-term commercial aerospace maintenance contracts at Pratt & Whitney, generally realized over a span of up to 20 years. Approximately 25 percent of the 289 billion is expected as revenue over the next 12 months. The rest is duration. An airframe in service is how that book gets a date. The hour is sold for as long as the wing still needs a shop. Contract liabilities sat at 22,671 million against 21,615 million at 31 December 2025. That is unperformed work already on the sheet. Analytics24 does not own a dollars-per-visit series.
The hour is the book. 200.79 is a share.