Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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RTX Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
An analysis of the balance sheet reveals a significant expansion in current liabilities and a strategic shift in the composition of long-term obligations and shareholder equity from March 2021 through March 2026.
- Current Liabilities and Working Capital Trends
- Total current liabilities exhibit a sustained upward trajectory, increasing from 36.3 billion USD in March 2021 to 58.5 billion USD by March 2026. This growth is primarily driven by a steady rise in accounts payable, which climbed from 9.1 billion USD to approximately 15.9 billion USD, and a substantial increase in contract liabilities, which grew from 12.8 billion USD to 21.9 billion USD. The rise in contract liabilities suggests an increase in advance payments or deferred revenue, indicating stronger order backlogs. Other accrued liabilities also showed a notable increase, peaking at 17.0 billion USD in June 2024 before stabilizing around 14.2 billion USD.
- Long-Term Debt and Obligation Dynamics
- Long-term liabilities transitioned from a period of relative stability to a peak in late 2023. Long-term debt, excluding the portion currently due, remained near 31 billion USD until December 2023, when it spiked to 42.3 billion USD. This was followed by a gradual reduction to 32.9 billion USD by March 2026. Concurrently, there is a marked reduction in future pension and postretirement benefit obligations, which fell from 9.8 billion USD in March 2021 to 2.0 billion USD in March 2026, reflecting a significant deleveraging of long-term employee-related liabilities.
- Equity Structure and Shareholder Returns
- Shareowners' equity experienced volatility, characterized by a decline from 71.7 billion USD in March 2021 to a low of 58.9 billion USD in June 2024, before recovering to 66.2 billion USD by March 2026. A primary driver of this fluctuation is the aggressive increase in treasury stock, which expanded from negative 10.7 billion USD to negative 26.8 billion USD, indicating substantial share repurchase activity. Despite these buybacks, retained earnings grew steadily from 49.4 billion USD to 57.8 billion USD, demonstrating consistent profitability over the period.
- Overall Solvency and Capitalization
- The total capitalization—comprising total liabilities, redeemable noncontrolling interest, and equity—increased from 160.6 billion USD in March 2021 to 170.4 billion USD in March 2026. Total liabilities grew from 87.2 billion USD to 102.3 billion USD, while total equity declined slightly from 73.3 billion USD to 67.9 billion USD. This shift indicates a moderate increase in the company's leverage ratio, as the growth in total liabilities outpaced the growth in total equity over the analyzed five-year period.