RTX Corp., balance sheet: debt

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term borrowings	204)	183)	189)	625)	134)
Long-term debt currently due	3,412)	2,352)	1,283)	595)	24)
Long-term debt, excluding currently due	34,288)	38,726)	42,355)	30,694)	31,327)
Total debt (carrying amount)	37,904)	41,261)	43,827)	31,914)	31,485)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The carrying amount of total debt exhibited a fluctuating pattern over the five-year period. An initial increase was followed by a period of decline.

Overall Trend: Total debt began at US$31.485 billion in 2021, increased to US$31.914 billion in 2022, and then rose significantly to US$43.827 billion in 2023. Subsequently, a decrease was observed, with total debt falling to US$41.261 billion in 2024 and further to US$37.904 billion in 2025.
Short-Term Borrowings: Short-term borrowings demonstrated considerable volatility. A substantial increase from US$134 million in 2021 to US$625 million in 2022 was followed by a decrease to US$189 million in 2023 and a slight increase to US$183 million in 2024. The value rose again to US$204 million in 2025, but remained significantly below the 2022 peak.
Long-Term Debt – Currently Due: Long-term debt currently due experienced a marked increase throughout the period. Starting at US$24 million in 2021, it rose to US$595 million in 2022, US$1,283 million in 2023, US$2,352 million in 2024, and reached US$3,412 million in 2025. This represents a substantial and consistent upward trend.
Long-Term Debt – Excluding Currently Due: Long-term debt, excluding the portion currently due, showed a more moderate pattern. It decreased slightly from US$31,327 million in 2021 to US$30,694 million in 2022, then increased to US$42,355 million in 2023. A subsequent decline to US$38,726 million in 2024 was followed by a further decrease to US$34,288 million in 2025.

The significant increase in total debt in 2023 was primarily driven by a substantial rise in long-term debt, excluding the current portion. The subsequent decline in total debt in 2024 and 2025 appears to be attributable to a reduction in this same long-term debt category, partially offset by the continued increase in the portion of long-term debt due within the next year.

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	Dec 31, 2025
Selected Financial Data (US$ in millions)
Short-term borrowings	204)
Long-term debt, including currently due, excluding finance leases	35,733)
Finance leases	73)
Total debt (fair value)	36,010)
Financial Ratio
Debt, fair value to carrying amount ratio	0.95

Based on: 10-K (reporting date: 2025-12-31).

Weighted-average interest rate related to total debt: 4.50%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.50%	37,904)	1,706)
Total	37,904)	1,706)
4.50%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,706 ÷ 37,904 = 4.50%

RTX Corp. (NYSE:RTX)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt