RTX Corp. (NYSE:RTX)

Inventory levels exhibited a consistent upward trend across all disclosed categories between 2021 and 2025. Raw materials, work-in-process, and finished goods all demonstrated increases in value over the five-year period, contributing to a substantial rise in total inventory, net.

Raw Materials

Raw materials increased from US$3,024 million in 2021 to US$4,673 million in 2025, representing a cumulative growth of approximately 54.3%. The rate of increase appeared relatively consistent year-over-year, with slightly smaller gains observed between 2023 and 2024 compared to earlier periods.

Work-in-Process

Work-in-process inventory showed a similar upward trajectory, rising from US$3,085 million in 2021 to US$4,554 million in 2025, a growth of roughly 47.6%. The largest single-year increase occurred between 2021 and 2022. Growth slowed in the period 2024-2025, indicating a potential stabilization of production activity.

Finished Goods

Finished goods inventory increased from US$3,069 million in 2021 to US$4,137 million in 2025, representing a growth of approximately 34.8%. The rate of increase was generally consistent, although the increase from 2024 to 2025 was minimal, suggesting a possible alignment of production with demand.

Inventory, Net

Total inventory, net, increased from US$9,178 million in 2021 to US$13,364 million in 2025, a cumulative increase of approximately 45.8%. The growth rate decelerated slightly in the later years of the period, although the overall trend remained positive. This suggests a continued investment in inventory, potentially in anticipation of future sales growth or to mitigate supply chain risks.

The consistent increases across all inventory categories suggest a growing business or a strategic decision to hold higher inventory levels. Further investigation into sales trends, production capacity, and supply chain dynamics would be necessary to fully understand the drivers behind these increases.