RTX Stock Is Waiting On One Answer

Pratt & Whitney generates more revenue for RTX (RTX) than any other part of the company, and one part of those sales is currently shrinking. In the second quarter of 2026, Pratt delivered more large commercial engines than a year earlier, yet its sales of new engines fell. For RTX shareholders, how long Pratt's new-engine sales keep falling is not settled yet.

Why Are Pratt & Whitney's New-Engine Sales Falling?

Executives have tied the decline to Pratt's repair shops. Pratt delivered 15% more large commercial engines in the second quarter than a year earlier, but its sales of new commercial engines dropped 8%. Management attributed the decrease to the mix of what Pratt sold, noting that the unit continues to route parts into shops that repair engines already in service.

During RTX's second-quarter 2026 call, held on July 23, 2026, analysts asked what was driving the drop. They also questioned whether Pratt now planned to deliver more engines to Airbus in 2026 than it had outlined at the start of the year.

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Pratt & Whitney Is RTX's Largest Business

Pratt brought in $32.9 billion in fiscal 2025. That figure represented 37.1% of RTX's revenue for the year, a larger share than either of the company's other two segments generated. Its sales grew 17.3% from fiscal 2024, against 6.8% at Collins Aerospace, the next largest segment. Raytheon, the third segment, grew 5.0%. The fall in new-engine sales is therefore occurring inside the part of RTX that grew fastest in fiscal 2025.

This context is relevant for RTX's stock valuation. RTX shares trade at 33.8 times the company's earnings over the last twelve months, against 22.9 for the S&P 500, and that price appears to assume RTX keeps growing. Investors paying that price have a stake in how long the fall at Pratt lasts.

What Has RTX Management Said About Pratt's Engine Sales?

During the July call, management said it expected Pratt's new-engine sales for 2026 to be down by a low single-digit percentage, as Pratt kept sending more material to repair work. That repair work has picked up. Repair output for Pratt's PW1100 engines rose more than 40% from a year earlier, and grounded aircraft with PW1100 engines are down 25% in the first half of 2026. Management expects that grounded count to keep falling through the second half.

Regarding Airbus, management said Pratt's plan for engine installs over the full year has not changed. Executives indicated that installs will grow in the second half, adding that Pratt will deliver a record number of engines to Airbus in 2026. Those answers address the outlook for 2026. How long Pratt keeps feeding its repair shops before new-engine sales grow again is still open.

The figure to watch is Pratt's commercial new-engine sales against a year earlier. This data will be available in RTX's next quarterly report, expected on or around October 20, 2026.

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