Raytheon, a business unit of RTX Corporation, has been awarded a $22.9 billion contract by the U.S. Navy to accelerate production of Tomahawk cruise missiles. The agreement runs for seven years and was announced Monday by the Department of War, the designation adopted for the Department of Defense in 2025. Raytheon is one of RTX's three core business segments — alongside Collins Aerospace and Pratt & Whitney — following the 2020 merger of Raytheon Company and United Technologies Corporation.

The contract was awarded under the Department of War's Arsenal of Freedom initiative. Its objective is to lift annual Tomahawk production to more than 1,000 missiles, along with associated support. The initiative is part of a broader U.S. push to expand domestic weapons manufacturing and replenish munitions stockpiles, and multiyear awards of this kind give contractors longer-term demand visibility to underwrite investment in factories, tooling, and suppliers.

An X post from Evan (@StockMKTNewz) highlighted the announcement, saying the Department of War had awarded Raytheon $RTX a $22.9 billion contract to “accelerate production of the Tomahawk missile.” The post included the URL and was published on August 17, 2026.

The Tomahawk is one of the Navy's longest-serving precision weapons: a subsonic cruise missile launched from surface ships and submarines, capable of striking targets roughly 1,000 miles away, in service since the 1980s and first used in combat during the 1991 Gulf War. RTX has already been increasing output. The company said it delivered three times more Tomahawks in the first half of 2026 than in the first half of 2025.

Raytheon President Phil Jasper said the company is investing in its workforce, technology, supply chain, and facilities to expand production capacity. “Tomahawk is the Navy’s most important strike weapon,” he said. RTX said the contract provides stability to grow its workforce, raise manufacturing throughput, and strengthen supply chains. The company will work with hundreds of small and mid-sized suppliers across the country to support those goals. The pace of that ramp — hiring, supplier onboarding, and factory throughput — will show up in RTX's delivery figures and Raytheon segment results in coming quarters.

RTX stock opened Monday at $222.88, up 0.26% on the day. The shares have traded in a 52-week range of $150.61 to $226.88, placing them near their yearly high.

The company's latest quarterly results also showed improvement. On July 23, RTX reported adjusted earnings per share of $1.89, topping the consensus estimate of $1.66 by $0.23. Revenue reached $24.71 billion, ahead of analyst expectations of $22.89 billion and up 14.5% from a year earlier. RTX has guided for fiscal 2026 earnings per share of $7.10 to $7.25.

RTX has a market capitalization of $300.38 billion and a price-to-earnings ratio of 39.24. Its 50-day moving average is $200.02, while its 200-day moving average is $194.87.

Wall Street remains broadly constructive on the stock. RTX carries a consensus “Moderate Buy” rating with an average price target of $228.59. Royal Bank of Canada raised its target to $250.00 after earnings and maintained an “outperform” rating. Susquehanna increased its target to $245.00 with a “positive” rating, while Robert W. Baird set a $240.00 target. Wells Fargo kept an “equal weight” rating but lifted its target from $200.00 to $230.00.

Among analysts covering RTX, 14 rate the stock a Buy, five rate it Hold, one rates it Strong Buy, and one rates it Sell. Institutional investors own 86.5% of the shares. In the second quarter, N.E.W. Advisory Services LLC opened a new position, buying 5,590 RTX shares worth roughly $1.06 million.

RTX also declared a quarterly dividend of $0.73 per share, payable September 3. That works out to an annualized dividend of $2.92 per share and a yield of 1.3%.

On the insider side, Vice President Kevin G. Dasilva sold 4,760 shares at an average price of $213.62 on July 24, and insider Troy D. Brunk sold 8,557 shares at $210.29 on the same date.