Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
RTX Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
The liquidity profile demonstrates a period of gradual contraction followed by a phase of stabilization. There is a consistent trend of tightening short-term solvency from early 2022 through mid-2024, with a subsequent modest recovery observed in the latter half of the period.
- Current Ratio Analysis
- The current ratio exhibits a downward trajectory from 1.16 in March 2022 to a low of 0.99 between June and December 2024. This indicates a reduction in the margin of safety for covering short-term liabilities with current assets. However, a recovery is noted starting in March 2025, with the ratio returning to levels above 1.00 and stabilizing between 1.01 and 1.07 through September 2026.
- Quick Ratio Analysis
- A similar pattern of decline is evident in the quick ratio, which fell from 0.76 in March 2022 to a baseline of 0.60 throughout much of 2024 and early 2025. The persistent gap between the current and quick ratios suggests that a significant portion of current assets is held in inventory. A slight improvement to 0.67 is observed from September 2025 through September 2026, indicating a marginally improved ability to meet obligations without relying on inventory sales.
- Cash Ratio Analysis
- The cash ratio reflects the lowest absolute values among the three metrics, declining from 0.17 in early 2022 to a minimum of 0.09 in June 2025. This demonstrates a limited reliance on immediate cash and cash equivalents to satisfy current liabilities. An upward trend is observed toward the end of the reporting period, with the ratio increasing to 0.15 by September 2026.
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Current Ratio
RTX Corp., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 66,069) | 63,912) | 60,009) | 60,332) | 57,118) | 54,657) | 52,916) | 51,133) | 51,764) | 49,225) | 48,023) | 48,417) | 46,518) | 45,915) | 45,504) | 42,443) | 41,821) | 41,462) | 40,740) | ||||||
| Current liabilities | 63,198) | 63,245) | 58,579) | 58,784) | 53,234) | 54,332) | 52,624) | 51,499) | 52,247) | 49,565) | 45,019) | 46,761) | 45,002) | 41,760) | 40,128) | 39,114) | 38,373) | 37,788) | 35,057) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.05 | 1.01 | 1.02 | 1.03 | 1.07 | 1.01 | 1.01 | 0.99 | 0.99 | 0.99 | 1.07 | 1.04 | 1.03 | 1.10 | 1.13 | 1.09 | 1.09 | 1.10 | 1.16 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 1.13 | 1.14 | 1.18 | 1.19 | 1.18 | 1.23 | 1.23 | 1.32 | 1.12 | 1.18 | 1.14 | 1.14 | 1.15 | 1.17 | 1.16 | 1.22 | 1.22 | 1.25 | 1.30 | ||||||
| Caterpillar Inc. | — | 1.37 | 1.35 | 1.44 | 1.38 | 1.34 | 1.32 | 1.42 | 1.40 | 1.28 | 1.35 | 1.35 | 1.45 | 1.33 | 1.43 | 1.39 | 1.41 | 1.45 | 1.44 | ||||||
| Eaton Corp. plc | 1.23 | 1.24 | 1.19 | 1.32 | 1.28 | 1.24 | 1.31 | 1.50 | 1.53 | 1.56 | 1.56 | 1.51 | 1.45 | 1.53 | 1.50 | 1.38 | 1.28 | 0.97 | 0.99 | ||||||
| GE Aerospace | 0.98 | 0.98 | 1.01 | 1.04 | 1.08 | 1.04 | 1.08 | 1.09 | 1.13 | 1.14 | 1.17 | 1.18 | 1.17 | 1.25 | 1.25 | 1.16 | 1.10 | 1.13 | 1.19 | ||||||
| Honeywell International Inc. | 0.96 | 1.21 | 1.39 | 1.30 | 1.36 | 1.29 | 1.25 | 1.31 | 1.44 | 1.21 | 1.66 | 1.27 | 1.35 | 1.41 | 1.26 | 1.25 | 1.24 | 1.20 | 1.21 | ||||||
| Lockheed Martin Corp. | 1.26 | 1.19 | 1.14 | 1.09 | 1.13 | 0.98 | 1.08 | 1.13 | 1.30 | 1.24 | 1.30 | 1.21 | 1.36 | 1.36 | 1.30 | 1.32 | 1.28 | 1.27 | 1.27 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 66,069 ÷ 63,198 = 1.05
2 Click competitor name to see calculations.
The overall liquidity posture is characterized by a simultaneous increase in both current assets and current liabilities, leading to a gradual compression of the current ratio over the observed period. While the company expanded its short-term asset base, the growth of current obligations frequently paced or exceeded this expansion, resulting in a lower margin of safety for short-term obligations.
- Asset and Liability Growth Trends
- Current assets exhibited a consistent upward trajectory, increasing from 40,740 million USD in March 2022 to 66,069 million USD by September 2026. During the same timeframe, current liabilities rose from 35,057 million USD to 63,198 million USD. The parallel growth in these two metrics indicates an expansion of the company's operating scale, although the liabilities grew at a slightly higher relative rate over the long term.
- Current Ratio Analysis
- The current ratio began at a peak of 1.16 in March 2022 and experienced a general downward trend through 2023 and 2024. A notable period of liquidity tightening occurred between June 2024 and December 2024, during which the ratio remained stagnant at 0.99. This indicates a phase where current liabilities exceeded current assets, suggesting a tighter working capital position.
- Liquidity Recovery and Stabilization
- Following the dip in 2024, a recovery phase is observed starting in March 2025, with the ratio returning to a level above 1.00. For the remainder of the period, the ratio fluctuated within a narrow band between 1.01 and 1.07. This stabilization suggests a successful realignment of short-term assets relative to liabilities, maintaining a marginal but positive net working capital position into late 2026.
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Quick Ratio
RTX Corp., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 9,173) | 8,305) | 6,818) | 7,435) | 5,966) | 4,782) | 5,157) | 5,578) | 6,682) | 6,011) | 5,607) | 6,587) | 5,456) | 5,391) | 5,893) | 6,220) | 5,381) | 4,767) | 6,040) | ||||||
| Accounts receivable, net | 14,681) | 13,942) | 12,945) | 14,701) | 12,837) | 12,385) | 11,426) | 10,976) | 10,097) | 10,252) | 10,280) | 10,838) | 10,058) | 9,903) | 10,069) | 9,108) | 9,233) | 10,394) | 9,076) | ||||||
| Contract assets, net | 18,701) | 18,980) | 18,070) | 17,092) | 16,604) | 15,686) | 15,241) | 14,570) | 14,684) | 13,581) | 13,104) | 12,139) | 12,696) | 12,970) | 12,729) | 11,534) | 12,297) | 11,836) | 11,566) | ||||||
| Total quick assets | 42,555) | 41,227) | 37,833) | 39,228) | 35,407) | 32,853) | 31,824) | 31,124) | 31,463) | 29,844) | 28,991) | 29,564) | 28,210) | 28,264) | 28,691) | 26,862) | 26,911) | 26,997) | 26,682) | ||||||
| Current liabilities | 63,198) | 63,245) | 58,579) | 58,784) | 53,234) | 54,332) | 52,624) | 51,499) | 52,247) | 49,565) | 45,019) | 46,761) | 45,002) | 41,760) | 40,128) | 39,114) | 38,373) | 37,788) | 35,057) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.67 | 0.65 | 0.65 | 0.67 | 0.67 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.63 | 0.63 | 0.68 | 0.71 | 0.69 | 0.70 | 0.71 | 0.76 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.31 | 0.30 | 0.32 | 0.38 | 0.34 | 0.34 | 0.35 | 0.39 | 0.24 | 0.26 | 0.22 | 0.28 | 0.28 | 0.28 | 0.29 | 0.32 | 0.29 | 0.28 | 0.29 | ||||||
| Caterpillar Inc. | — | 0.77 | 0.72 | 0.86 | 0.78 | 0.72 | 0.69 | 0.80 | 0.76 | 0.69 | 0.73 | 0.74 | 0.76 | 0.74 | 0.79 | 0.79 | 0.78 | 0.81 | 0.84 | ||||||
| Eaton Corp. plc | 0.61 | 0.62 | 0.61 | 0.66 | 0.65 | 0.63 | 0.74 | 0.85 | 0.87 | 0.94 | 0.93 | 0.91 | 0.84 | 0.85 | 0.78 | 0.73 | 0.65 | 0.50 | 0.51 | ||||||
| GE Aerospace | 0.62 | 0.62 | 0.67 | 0.71 | 0.73 | 0.70 | 0.74 | 0.78 | 0.81 | 0.81 | 0.76 | 0.78 | 0.76 | 0.84 | 0.86 | 0.81 | 0.73 | 0.75 | 0.82 | ||||||
| Honeywell International Inc. | 0.76 | 0.76 | 0.93 | 0.88 | 0.98 | 0.90 | 0.83 | 0.88 | 0.96 | 0.83 | 1.18 | 0.84 | 0.92 | 0.98 | 0.84 | 0.88 | 0.85 | 0.82 | 0.84 | ||||||
| Lockheed Martin Corp. | 1.06 | 0.97 | 0.91 | 0.90 | 0.93 | 0.80 | 0.87 | 0.92 | 1.10 | 1.05 | 1.08 | 0.99 | 1.14 | 1.14 | 1.07 | 1.09 | 1.06 | 1.03 | 1.03 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 42,555 ÷ 63,198 = 0.67
2 Click competitor name to see calculations.
The company's liquidity position is characterized by a simultaneous increase in both quick assets and current liabilities over the analyzed period. While the absolute value of liquid assets grew significantly, the pace of increase in current liabilities often exceeded that of asset growth, leading to an overall compression of the quick ratio before a period of relative stabilization.
- Quick Asset Trajectory
- Total quick assets demonstrated a consistent upward trend, rising from 26,682 million USD in March 2022 to 42,555 million USD by September 2026. A notable acceleration in asset growth is observed between December 2025 and September 2026, where assets increased from 39,228 million USD to 42,555 million USD.
- Current Liabilities Expansion
- Short-term obligations expanded substantially from 35,057 million USD in March 2022 to 63,198 million USD in September 2026. This growth was more linear and aggressive than the growth in quick assets, effectively doubling the liability base over the four-and-a-half-year period.
- Quick Ratio Analysis
- The quick ratio experienced a general decline from 0.76 in March 2022 to a baseline of 0.60, which was maintained consistently from June 2024 through March 2025. This indicates a period of tightened liquidity where the company held only 60 cents of quick assets for every dollar of current liabilities. A slight recovery occurred starting in June 2025, with the ratio trending upward to stabilize between 0.65 and 0.67 by the end of the period.
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Cash Ratio
RTX Corp., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 9,173) | 8,305) | 6,818) | 7,435) | 5,966) | 4,782) | 5,157) | 5,578) | 6,682) | 6,011) | 5,607) | 6,587) | 5,456) | 5,391) | 5,893) | 6,220) | 5,381) | 4,767) | 6,040) | ||||||
| Total cash assets | 9,173) | 8,305) | 6,818) | 7,435) | 5,966) | 4,782) | 5,157) | 5,578) | 6,682) | 6,011) | 5,607) | 6,587) | 5,456) | 5,391) | 5,893) | 6,220) | 5,381) | 4,767) | 6,040) | ||||||
| Current liabilities | 63,198) | 63,245) | 58,579) | 58,784) | 53,234) | 54,332) | 52,624) | 51,499) | 52,247) | 49,565) | 45,019) | 46,761) | 45,002) | 41,760) | 40,128) | 39,114) | 38,373) | 37,788) | 35,057) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.15 | 0.13 | 0.12 | 0.13 | 0.11 | 0.09 | 0.10 | 0.11 | 0.13 | 0.12 | 0.12 | 0.14 | 0.12 | 0.13 | 0.15 | 0.16 | 0.14 | 0.13 | 0.17 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.18 | 0.18 | 0.20 | 0.27 | 0.22 | 0.22 | 0.23 | 0.27 | 0.11 | 0.13 | 0.08 | 0.17 | 0.14 | 0.15 | 0.16 | 0.19 | 0.16 | 0.14 | 0.15 | ||||||
| Caterpillar Inc. | — | 0.17 | 0.11 | 0.27 | 0.21 | 0.16 | 0.11 | 0.21 | 0.17 | 0.13 | 0.15 | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | 0.22 | ||||||
| Eaton Corp. plc | 0.06 | 0.06 | 0.06 | 0.09 | 0.06 | 0.06 | 0.20 | 0.26 | 0.25 | 0.34 | 0.32 | 0.34 | 0.25 | 0.20 | 0.09 | 0.09 | 0.08 | 0.07 | 0.06 | ||||||
| GE Aerospace | 0.21 | 0.23 | 0.27 | 0.32 | 0.36 | 0.33 | 0.38 | 0.42 | 0.47 | 0.47 | 0.43 | 0.45 | 0.42 | 0.49 | 0.52 | 0.44 | 0.35 | 0.37 | 0.44 | ||||||
| Honeywell International Inc. | 0.41 | 0.40 | 0.56 | 0.55 | 0.59 | 0.49 | 0.46 | 0.52 | 0.56 | 0.47 | 0.73 | 0.44 | 0.46 | 0.51 | 0.40 | 0.51 | 0.44 | 0.43 | 0.49 | ||||||
| Lockheed Martin Corp. | 0.24 | 0.16 | 0.09 | 0.18 | 0.15 | 0.05 | 0.09 | 0.13 | 0.18 | 0.14 | 0.16 | 0.09 | 0.21 | 0.21 | 0.14 | 0.16 | 0.15 | 0.11 | 0.12 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 9,173 ÷ 63,198 = 0.15
2 Click competitor name to see calculations.
The analyzed period reflects a general contraction in the immediate liquidity position, characterized by a declining cash ratio that reached its lowest point in mid-2025 before experiencing a moderate recovery in the final quarters.
- Cash Ratio Trajectory
- The cash ratio began at 0.17 in March 2022 and exhibited a gradual downward trend, reaching a minimum of 0.09 by June 30, 2025. While a recovery is evident in the subsequent periods, with the ratio climbing to 0.15 by September 30, 2026, the overall trend indicates a tighter immediate liquidity margin compared to the start of the analyzed timeframe.
- Expansion of Current Liabilities
- A consistent and significant upward trend in current liabilities is observed. Obligations increased from 35.06 billion USD in March 2022 to 63.20 billion USD by September 2026. This sustained growth in short-term liabilities has been the primary driver in depressing the cash ratio, as the growth of obligations consistently outpaced the growth of cash assets for the majority of the period.
- Cash Asset Volatility and Recovery
- Total cash assets showed notable volatility, fluctuating between a low of 4.77 billion USD in June 2022 and a peak of 9.17 billion USD in September 2026. A distinct phase of cash accumulation is observable from March 2025 through September 2026, during which assets grew from 5.16 billion USD to 9.17 billion USD. This increase in liquid holdings provided the necessary support for the marginal improvement in the cash ratio observed toward the end of the period.
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