In a market obsessed with AI chipmakers and mega-cap tech, one of the best growth stories of 2026 is hiding in plain sight — inside a defense contractor.
RTX Corporation (NYSE: RTX), the company behind Pratt & Whitney engines, Raytheon missiles, and Collins Aerospace systems, just reported 2025 results that blew past projections. Revenue came in at $88.6 billion against an initial forecast of $83-84 billion. Adjusted earnings hit $6.29 per share. And the number that should make every growth investor sit up: the order backlog swelled to $268 billion.
To put that in perspective, RTX’s entire annual revenue is about $88 billion. They’re sitting on more than three years of future revenue already locked in. In RTX’s own words, they’re seeing “unprecedented demand.” That’s not marketing — it’s math.
The growth engine has four cylinders, and all of them are firing. First, the massive backlog gives RTX visibility that most companies would kill for. As production scales to work through orders, costs drop and margins expand — meaning earnings should grow faster than revenue. Second, the post-Covid commercial aerospace recovery is pushing aftermarket demand for spare parts, maintenance, and retrofit work through Collins and Pratt & Whitney. Third, global defense spending is surging. NATO allies are racing to meet spending targets, the war in Ukraine has accelerated weapons procurement, and tensions in the Pacific are driving orders for Patriot systems and advanced missiles. Fourth, RTX is investing heavily in next-gen tech — hypersonic weapons, directed energy systems, and advanced radar — positioning it for the next cycle of defense contracts.
The F-35 stealth fighter is a perfect microcosm of RTX’s dominance. All three divisions contribute: Pratt & Whitney provides the engine, Collins supplies the helmet-mounted display and power management systems, and Raytheon makes the missiles and precision-guided munitions. It’s a company that’s literally embedded in the most advanced military hardware on earth.
The stock has performed well, but here’s the thing — it’s not expensive. Trading at roughly 20 times forward earnings with double-digit revenue growth and expanding margins, RTX looks more like a growth stock that happens to pay a dividend than a stodgy defense name. With geopolitical uncertainty showing no signs of cooling and a backlog that stretches to the horizon, this might be the most predictable growth story in the market right now.