Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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RTX Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
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 composition of liabilities and equity at RTX Corp. underwent notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased significantly during the period, while the share of total equity decreased. A closer examination of individual line items reveals specific drivers of these changes.
- Current Liabilities
- Current liabilities demonstrated a consistent upward trend, increasing from 21.96% of the total in 2021 to 34.36% in 2025. This growth was primarily fueled by increases in accounts payable and contract liabilities, both of which experienced substantial percentage point gains over the five-year period. Short-term borrowings and long-term debt currently due also contributed to this increase, though to a lesser extent, with notable increases in 2022 and 2023 respectively.
- Long-Term Liabilities
- Long-term liabilities exhibited more fluctuation. While initially decreasing from 31.76% in 2021 to 28.66% in 2022, they rose to 33.15% in 2023 before declining to 26.40% in 2025. The most significant component of this category, long-term debt excluding current maturities, showed a similar pattern. Future pension and postretirement benefit obligations decreased substantially throughout the period, partially offsetting the increases in long-term debt.
- Total Liabilities
- As a result of the trends in both current and long-term liabilities, total liabilities increased from 53.72% in 2021 to a peak of 62.04% in 2023, before decreasing slightly to 60.76% in 2025. This indicates a growing reliance on debt financing or an increase in obligations relative to the company’s equity base.
- Shareowners’ Equity
- Shareowners’ equity decreased from 45.27% in 2021 to 36.94% in 2023, remaining relatively stable at 38.14% in 2025. This decline was driven by a significant increase in treasury stock, which became a larger negative percentage of the total, and an increase in accumulated other comprehensive loss. Common stock remained relatively constant as a percentage of the total, while retained earnings showed modest fluctuations.
- Redeemable Noncontrolling Interest & Preferred Stock
- Redeemable noncontrolling interest remained consistently low at approximately 0.02% throughout the period. Preferred stock was not issued or outstanding during the analyzed timeframe.
- Total Equity
- Including noncontrolling interest, total equity followed a similar trajectory to shareowners’ equity, decreasing from 46.26% in 2021 to 38.02% in 2025. This reinforces the observation of a shift in the company’s capital structure towards greater reliance on liabilities.
In summary, the period from 2021 to 2025 witnessed a notable increase in the proportion of liabilities relative to equity, driven by growth in both current and long-term obligations. Changes within equity, particularly the increase in treasury stock and accumulated losses, contributed to the decline in the equity portion of the capital structure.