Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
RTX Corp., solvency 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 solvency profile exhibits a distinct two-phase trajectory characterized by a period of increasing leverage that peaks in the fourth quarter of 2023, followed by a gradual deleveraging trend extending through the third quarter of 2026. This pattern is consistent across all measured solvency metrics, indicating a strategic or situational shift in capital structure during late 2023.
- Debt to Equity Ratios
- A significant escalation in the debt-to-equity ratio is observed from March 2022 (0.43) through December 2023, where it reaches a peak of 0.73. This represents a substantial increase in reliance on debt relative to shareholder equity. Following this peak, a consistent downward trend is evident, with the ratio receding to 0.54 by September 2026. The inclusion of operating lease liabilities marginally elevates these figures but maintains the same directional trend, peaking at 0.76 in December 2023 and ending at 0.56.
- Debt to Capital Ratios
- The debt-to-capital ratio reflects a similar trend, rising from 0.30 in early 2022 to a peak of 0.42 in December 2023. After maintaining a plateau around the 0.40 to 0.42 range through mid-2025, the ratio begins a steady decline, reaching 0.35 by the end of the observed period. This suggests a gradual shift toward a more equity-heavy capital structure after a period of intensified borrowing.
- Debt to Assets Ratios
- Asset-based solvency metrics show a moderate increase from 0.20 in March 2022 to a peak of 0.27 in December 2023 and March 2024. This indicates that a larger portion of total assets was financed by debt during this window. Subsequently, the ratio improves, returning to 0.21 by September 2026, suggesting that asset growth or debt repayment has reduced the overall solvency risk.
- Financial Leverage
- Financial leverage follows the broader solvency trend, increasing from 2.20 in March 2022 to a maximum of 2.71 in December 2023. While the leverage ratio remains elevated compared to 2022 levels, it exhibits a general cooling trend after June 2024, eventually settling at 2.55 by September 2026. The volatility in this metric is most pronounced between late 2023 and early 2024, coinciding with the peaks seen in other solvency ratios.
Overall, the analysis indicates a period of heightened financial risk and increased borrowing occurring around the end of 2023. However, the subsequent trend demonstrates a disciplined reduction in leverage, bringing the company's solvency ratios closer to their 2022 baseline by late 2026.
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Debt to Equity
RTX Corp., debt to equity 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) | |||||||||||||||||||||||||
| Short-term borrowings | 210) | 229) | 226) | 204) | 215) | 1,635) | 212) | 183) | 220) | 231) | 166) | 189) | 1,170) | 1,076) | 224) | 625) | 2,195) | 113) | 140) | ||||||
| Long-term debt currently due | 5,679) | 5,296) | 4,213) | 3,412) | 584) | 2,084) | 2,844) | 2,352) | 3,113) | 1,617) | 344) | 1,283) | 1,389) | 1,554) | 1,545) | 595) | 193) | 26) | 24) | ||||||
| Long-term debt, excluding currently due | 31,490) | 31,858) | 32,974) | 34,288) | 38,260) | 38,259) | 38,244) | 38,726) | 38,823) | 40,303) | 42,334) | 42,355) | 32,701) | 32,723) | 32,717) | 30,694) | 31,059) | 31,274) | 31,308) | ||||||
| Total debt | 37,379) | 37,383) | 37,413) | 37,904) | 39,059) | 41,978) | 41,300) | 41,261) | 42,156) | 42,151) | 42,844) | 43,827) | 35,260) | 35,353) | 34,486) | 31,914) | 33,447) | 31,413) | 31,472) | ||||||
| Shareowners’ equity | 69,250) | 66,377) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.54 | 0.56 | 0.56 | 0.58 | 0.61 | 0.67 | 0.67 | 0.69 | 0.69 | 0.71 | 0.71 | 0.73 | 0.51 | 0.49 | 0.47 | 0.44 | 0.48 | 0.45 | 0.43 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 7.01 | 7.52 | 7.89 | 9.92 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 2.33 | 2.31 | 2.03 | 2.01 | 2.18 | 2.14 | 1.97 | 1.95 | 2.18 | 2.15 | 1.94 | 1.81 | 2.07 | 2.04 | 2.33 | 2.34 | 2.35 | 2.20 | ||||||
| Eaton Corp. plc | 0.96 | 1.02 | 1.07 | 0.51 | 0.57 | 0.59 | 0.54 | 0.50 | 0.49 | 0.51 | 0.48 | 0.49 | 0.50 | 0.52 | 0.50 | 0.51 | 0.56 | 0.59 | 0.58 | ||||||
| GE Aerospace | 1.10 | 1.09 | 1.12 | 1.10 | 1.11 | 0.99 | 1.02 | 1.00 | 1.06 | 1.06 | 0.69 | 0.77 | 0.73 | 0.70 | 0.71 | 0.89 | 0.97 | 0.94 | 0.86 | ||||||
| Honeywell International Inc. | 0.74 | 1.83 | 2.70 | 2.49 | 2.21 | 2.27 | 1.88 | 1.67 | 1.77 | 1.65 | 1.53 | 1.29 | 1.18 | 1.24 | 1.13 | 1.17 | 0.96 | 1.09 | 1.05 | ||||||
| Lockheed Martin Corp. | 2.04 | 2.34 | 2.76 | 3.23 | 3.59 | 4.06 | 3.04 | 3.20 | 2.68 | 3.12 | 2.92 | 2.55 | 1.88 | 1.90 | 1.62 | 1.68 | 0.96 | 1.02 | 1.16 | ||||||
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
Debt to equity = Total debt ÷ Shareowners’ equity
= 37,379 ÷ 69,250 = 0.54
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct cyclical pattern characterized by a period of increasing leverage peaking in late 2023, followed by a sustained improvement in the capital structure through the end of the reporting period.
- Total Debt Trajectory
- Total debt levels showed a steady increase from 31.47 billion in March 2022, culminating in a significant spike to 43.83 billion by December 2023. Following this peak, a consistent deleveraging trend is observed, with debt gradually reducing to 37.38 billion by September 2026.
- Shareowners' Equity Fluctuations
- Equity maintained a stable range above 70 billion through the first half of the period but experienced a sharp contraction starting in late 2023, reaching a minimum of 59.80 billion in December 2023. A subsequent recovery phase is evident, with equity steadily climbing back to 69.25 billion by September 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained relatively low and stable, between 0.43 and 0.51, from March 2022 to September 2023. A sharp increase to 0.73 occurred in December 2023, driven by the simultaneous peak in total debt and the trough in shareowners' equity. Since that inflection point, the ratio has trended downward, reaching 0.54 by September 2026, signaling a restoration of the balance sheet's solvency strength.
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Debt to Equity (including Operating Lease Liability)
RTX Corp., debt to equity (including operating lease liability) 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) | |||||||||||||||||||||||||
| Short-term borrowings | 210) | 229) | 226) | 204) | 215) | 1,635) | 212) | 183) | 220) | 231) | 166) | 189) | 1,170) | 1,076) | 224) | 625) | 2,195) | 113) | 140) | ||||||
| Long-term debt currently due | 5,679) | 5,296) | 4,213) | 3,412) | 584) | 2,084) | 2,844) | 2,352) | 3,113) | 1,617) | 344) | 1,283) | 1,389) | 1,554) | 1,545) | 595) | 193) | 26) | 24) | ||||||
| Long-term debt, excluding currently due | 31,490) | 31,858) | 32,974) | 34,288) | 38,260) | 38,259) | 38,244) | 38,726) | 38,823) | 40,303) | 42,334) | 42,355) | 32,701) | 32,723) | 32,717) | 30,694) | 31,059) | 31,274) | 31,308) | ||||||
| Total debt | 37,379) | 37,383) | 37,413) | 37,904) | 39,059) | 41,978) | 41,300) | 41,261) | 42,156) | 42,151) | 42,844) | 43,827) | 35,260) | 35,353) | 34,486) | 31,914) | 33,447) | 31,413) | 31,472) | ||||||
| Operating lease liabilities, non-current | 1,495) | 1,473) | 1,522) | 1,602) | 1,650) | 1,617) | 1,646) | 1,632) | 1,592) | 1,415) | 1,410) | 1,412) | 1,523) | 1,570) | 1,624) | 1,586) | 1,539) | 1,593) | 1,627) | ||||||
| Total debt (including operating lease liability) | 38,874) | 38,856) | 38,935) | 39,506) | 40,709) | 43,595) | 42,946) | 42,893) | 43,748) | 43,566) | 44,254) | 45,239) | 36,783) | 36,923) | 36,110) | 33,500) | 34,986) | 33,006) | 33,099) | ||||||
| Shareowners’ equity | 69,250) | 66,377) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.56 | 0.59 | 0.59 | 0.61 | 0.63 | 0.70 | 0.70 | 0.71 | 0.72 | 0.74 | 0.73 | 0.76 | 0.53 | 0.51 | 0.50 | 0.46 | 0.50 | 0.47 | 0.46 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Eaton Corp. plc | 1.00 | 1.05 | 1.11 | 0.54 | 0.60 | 0.62 | 0.58 | 0.53 | 0.53 | 0.55 | 0.51 | 0.51 | 0.52 | 0.54 | 0.53 | 0.53 | 0.59 | 0.62 | 0.60 | ||||||
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareowners’ equity
= 38,874 ÷ 69,250 = 0.56
2 Click competitor name to see calculations.
The solvency profile exhibits a period of significant leverage increase followed by a sustained deleveraging phase. Between March 2022 and September 2023, the debt-to-equity ratio remained relatively stable, fluctuating within a narrow range of 0.46 to 0.53. A sharp escalation occurred toward the end of 2023, marking a peak in financial leverage before a gradual trend toward stabilization began in 2024.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, remained relatively contained between \$33 billion and \$37 billion through the first three quarters of 2023. A substantial increase was recorded in December 2023, with debt peaking at \$45,239 million. Following this peak, a consistent downward trend is observed, with total debt reducing to \$38,874 million by September 2026, indicating a systematic reduction in total liabilities.
- Shareowners' Equity Fluctuations
- Equity maintained a level above \$70 billion for much of 2022 and early 2023. A notable contraction occurred in December 2023, where equity fell to its lowest point of \$59,798 million. From early 2024 onward, a steady recovery is evident, with shareowners' equity climbing incrementally to reach \$69,250 million by September 2026.
- Debt to Equity Ratio Interpretation
- The debt-to-equity ratio experienced a sharp spike to 0.76 in December 2023, driven by the simultaneous increase in total debt and the contraction of equity. This represented the highest level of solvency risk within the analyzed period. Subsequent quarters demonstrate a progressive decline, with the ratio falling to 0.56 by September 2026. This downward trajectory reflects an improved solvency position resulting from the dual effect of debt repayment and the restoration of the equity base.
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Debt to Capital
RTX Corp., debt to capital 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) | |||||||||||||||||||||||||
| Short-term borrowings | 210) | 229) | 226) | 204) | 215) | 1,635) | 212) | 183) | 220) | 231) | 166) | 189) | 1,170) | 1,076) | 224) | 625) | 2,195) | 113) | 140) | ||||||
| Long-term debt currently due | 5,679) | 5,296) | 4,213) | 3,412) | 584) | 2,084) | 2,844) | 2,352) | 3,113) | 1,617) | 344) | 1,283) | 1,389) | 1,554) | 1,545) | 595) | 193) | 26) | 24) | ||||||
| Long-term debt, excluding currently due | 31,490) | 31,858) | 32,974) | 34,288) | 38,260) | 38,259) | 38,244) | 38,726) | 38,823) | 40,303) | 42,334) | 42,355) | 32,701) | 32,723) | 32,717) | 30,694) | 31,059) | 31,274) | 31,308) | ||||||
| Total debt | 37,379) | 37,383) | 37,413) | 37,904) | 39,059) | 41,978) | 41,300) | 41,261) | 42,156) | 42,151) | 42,844) | 43,827) | 35,260) | 35,353) | 34,486) | 31,914) | 33,447) | 31,413) | 31,472) | ||||||
| Shareowners’ equity | 69,250) | 66,377) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Total capital | 106,629) | 103,760) | 103,693) | 103,149) | 103,573) | 104,376) | 102,816) | 101,417) | 103,270) | 101,136) | 103,329) | 103,625) | 104,856) | 107,833) | 107,281) | 104,546) | 103,634) | 101,854) | 103,934) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.35 | 0.36 | 0.36 | 0.37 | 0.38 | 0.40 | 0.40 | 0.41 | 0.41 | 0.42 | 0.41 | 0.42 | 0.34 | 0.33 | 0.32 | 0.31 | 0.32 | 0.31 | 0.30 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.88 | 0.88 | 0.89 | 0.91 | 1.18 | 1.07 | 1.07 | 1.08 | 1.69 | 1.45 | 1.55 | 1.49 | 1.47 | 1.42 | 1.39 | 1.39 | 1.45 | 1.35 | 1.36 | ||||||
| Caterpillar Inc. | — | 0.70 | 0.70 | 0.67 | 0.67 | 0.69 | 0.68 | 0.66 | 0.66 | 0.69 | 0.68 | 0.66 | 0.64 | 0.67 | 0.67 | 0.70 | 0.70 | 0.70 | 0.69 | ||||||
| Eaton Corp. plc | 0.49 | 0.50 | 0.52 | 0.34 | 0.36 | 0.37 | 0.35 | 0.33 | 0.33 | 0.34 | 0.32 | 0.33 | 0.33 | 0.34 | 0.34 | 0.34 | 0.36 | 0.37 | 0.37 | ||||||
| GE Aerospace | 0.52 | 0.52 | 0.53 | 0.52 | 0.53 | 0.50 | 0.50 | 0.50 | 0.51 | 0.51 | 0.41 | 0.43 | 0.42 | 0.41 | 0.41 | 0.47 | 0.49 | 0.48 | 0.46 | ||||||
| Honeywell International Inc. | 0.43 | 0.65 | 0.73 | 0.71 | 0.69 | 0.69 | 0.65 | 0.63 | 0.64 | 0.62 | 0.61 | 0.56 | 0.54 | 0.55 | 0.53 | 0.54 | 0.49 | 0.52 | 0.51 | ||||||
| Lockheed Martin Corp. | 0.67 | 0.70 | 0.73 | 0.76 | 0.78 | 0.80 | 0.75 | 0.76 | 0.73 | 0.76 | 0.74 | 0.72 | 0.65 | 0.66 | 0.62 | 0.63 | 0.49 | 0.50 | 0.54 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 37,379 ÷ 106,629 = 0.35
2 Click competitor name to see calculations.
The analysis of the debt-to-capital ratio reveals a three-phase trajectory characterized by a gradual increase, a sharp peak, and a subsequent period of deleveraging. The overall solvency profile shifted from a relatively conservative posture in early 2022 to a higher leverage position by late 2023, followed by a steady reduction in debt reliance through late 2026.
- Debt Accumulation and Peak Leverage
- Between March 31, 2022, and September 30, 2023, total debt rose from 31,472 million to 35,260 million, causing the debt-to-capital ratio to climb steadily from 0.30 to 0.34. A significant spike occurred in the fourth quarter of 2023, where total debt increased sharply to 43,827 million. This surge drove the debt-to-capital ratio to its maximum observed level of 0.42 by December 31, 2023, a level that remained largely persistent through June 30, 2024.
- Capital Base Stability
- Throughout the analyzed period, total capital remained relatively stable, fluctuating within a narrow range between approximately 101 billion and 107 billion. Because the capital base did not experience significant volatility, the fluctuations in the debt-to-capital ratio are directly attributable to changes in total debt levels rather than shifts in equity or overall capital structure.
- Deleveraging Trend
- Following the peak in mid-2024, a consistent downward trend in total debt is observed. Debt levels decreased from 42,151 million in June 2024 to 37,379 million by September 30, 2026. This systematic reduction in liabilities resulted in a gradual improvement of the solvency ratio, which declined from 0.42 in June 2024 to 0.35 by the end of the period. This trend indicates a strategic shift toward reducing financial leverage and strengthening the balance sheet over the final two years of the observed timeframe.
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Debt to Capital (including Operating Lease Liability)
RTX Corp., debt to capital (including operating lease liability) 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) | |||||||||||||||||||||||||
| Short-term borrowings | 210) | 229) | 226) | 204) | 215) | 1,635) | 212) | 183) | 220) | 231) | 166) | 189) | 1,170) | 1,076) | 224) | 625) | 2,195) | 113) | 140) | ||||||
| Long-term debt currently due | 5,679) | 5,296) | 4,213) | 3,412) | 584) | 2,084) | 2,844) | 2,352) | 3,113) | 1,617) | 344) | 1,283) | 1,389) | 1,554) | 1,545) | 595) | 193) | 26) | 24) | ||||||
| Long-term debt, excluding currently due | 31,490) | 31,858) | 32,974) | 34,288) | 38,260) | 38,259) | 38,244) | 38,726) | 38,823) | 40,303) | 42,334) | 42,355) | 32,701) | 32,723) | 32,717) | 30,694) | 31,059) | 31,274) | 31,308) | ||||||
| Total debt | 37,379) | 37,383) | 37,413) | 37,904) | 39,059) | 41,978) | 41,300) | 41,261) | 42,156) | 42,151) | 42,844) | 43,827) | 35,260) | 35,353) | 34,486) | 31,914) | 33,447) | 31,413) | 31,472) | ||||||
| Operating lease liabilities, non-current | 1,495) | 1,473) | 1,522) | 1,602) | 1,650) | 1,617) | 1,646) | 1,632) | 1,592) | 1,415) | 1,410) | 1,412) | 1,523) | 1,570) | 1,624) | 1,586) | 1,539) | 1,593) | 1,627) | ||||||
| Total debt (including operating lease liability) | 38,874) | 38,856) | 38,935) | 39,506) | 40,709) | 43,595) | 42,946) | 42,893) | 43,748) | 43,566) | 44,254) | 45,239) | 36,783) | 36,923) | 36,110) | 33,500) | 34,986) | 33,006) | 33,099) | ||||||
| Shareowners’ equity | 69,250) | 66,377) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Total capital (including operating lease liability) | 108,124) | 105,233) | 105,215) | 104,751) | 105,223) | 105,993) | 104,462) | 103,049) | 104,862) | 102,551) | 104,739) | 105,037) | 106,379) | 109,403) | 108,905) | 106,132) | 105,173) | 103,447) | 105,561) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.36 | 0.37 | 0.37 | 0.38 | 0.39 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.43 | 0.35 | 0.34 | 0.33 | 0.32 | 0.33 | 0.32 | 0.31 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Eaton Corp. plc | 0.50 | 0.51 | 0.53 | 0.35 | 0.37 | 0.38 | 0.37 | 0.35 | 0.35 | 0.35 | 0.34 | 0.34 | 0.34 | 0.35 | 0.35 | 0.35 | 0.37 | 0.38 | 0.37 | ||||||
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 38,874 ÷ 108,124 = 0.36
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct three-phase trajectory characterized by a moderate initial increase in leverage, a sharp peak in indebtedness, and a subsequent period of steady deleveraging.
- Initial Leverage Expansion
- From March 2022 to September 2023, a gradual upward trend in the debt to capital ratio is observed, rising from 0.31 to 0.35. This increase was driven by a steady growth in total debt, which climbed from 33,099 million to 36,783 million, while total capital remained relatively stable, fluctuating between 103,447 million and 109,403 million.
- Peak Leverage Event
- A significant escalation in leverage occurred in December 2023, with the debt to capital ratio reaching its maximum value of 0.43. This spike was the result of a substantial increase in total debt, which surged to 45,239 million, representing the highest debt load within the analyzed timeframe.
- Systematic Deleveraging
- Following the peak in late 2023, a consistent downward trend in the solvency ratio is evident. Between March 2024 and September 2026, the ratio declined from 0.42 to 0.36. This improvement in the solvency position was primarily driven by a progressive reduction in total debt, which decreased from 44,254 million in March 2024 to 38,874 million by September 2026, while total capital was maintained at a consistent level, ending at 108,124 million.
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Debt to Assets
RTX Corp., debt to assets 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) | |||||||||||||||||||||||||
| Short-term borrowings | 210) | 229) | 226) | 204) | 215) | 1,635) | 212) | 183) | 220) | 231) | 166) | 189) | 1,170) | 1,076) | 224) | 625) | 2,195) | 113) | 140) | ||||||
| Long-term debt currently due | 5,679) | 5,296) | 4,213) | 3,412) | 584) | 2,084) | 2,844) | 2,352) | 3,113) | 1,617) | 344) | 1,283) | 1,389) | 1,554) | 1,545) | 595) | 193) | 26) | 24) | ||||||
| Long-term debt, excluding currently due | 31,490) | 31,858) | 32,974) | 34,288) | 38,260) | 38,259) | 38,244) | 38,726) | 38,823) | 40,303) | 42,334) | 42,355) | 32,701) | 32,723) | 32,717) | 30,694) | 31,059) | 31,274) | 31,308) | ||||||
| Total debt | 37,379) | 37,383) | 37,413) | 37,904) | 39,059) | 41,978) | 41,300) | 41,261) | 42,156) | 42,151) | 42,844) | 43,827) | 35,260) | 35,353) | 34,486) | 31,914) | 33,447) | 31,413) | 31,472) | ||||||
| Total assets | 176,596) | 173,972) | 170,431) | 171,079) | 168,672) | 167,139) | 164,864) | 162,861) | 164,822) | 161,169) | 160,187) | 161,869) | 162,443) | 162,161) | 161,636) | 158,864) | 158,225) | 159,017) | 159,366) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.21 | 0.21 | 0.22 | 0.22 | 0.23 | 0.25 | 0.25 | 0.25 | 0.26 | 0.26 | 0.27 | 0.27 | 0.22 | 0.22 | 0.21 | 0.20 | 0.21 | 0.20 | 0.20 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.27 | 0.28 | 0.29 | 0.32 | 0.36 | 0.34 | 0.34 | 0.34 | 0.42 | 0.41 | 0.36 | 0.38 | 0.39 | 0.39 | 0.41 | 0.42 | 0.42 | 0.42 | 0.43 | ||||||
| Caterpillar Inc. | — | 0.44 | 0.45 | 0.44 | 0.44 | 0.45 | 0.45 | 0.44 | 0.44 | 0.45 | 0.45 | 0.43 | 0.43 | 0.44 | 0.44 | 0.45 | 0.45 | 0.46 | 0.46 | ||||||
| Eaton Corp. plc | 0.35 | 0.37 | 0.38 | 0.24 | 0.26 | 0.27 | 0.26 | 0.24 | 0.24 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | 0.26 | 0.28 | 0.27 | ||||||
| GE Aerospace | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | 0.15 | 0.16 | 0.16 | 0.16 | 0.16 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.17 | 0.17 | 0.18 | 0.18 | ||||||
| Honeywell International Inc. | 0.31 | 0.44 | 0.50 | 0.47 | 0.46 | 0.47 | 0.44 | 0.41 | 0.42 | 0.40 | 0.38 | 0.33 | 0.33 | 0.34 | 0.32 | 0.31 | 0.28 | 0.31 | 0.31 | ||||||
| Lockheed Martin Corp. | 0.32 | 0.33 | 0.35 | 0.36 | 0.37 | 0.37 | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | 0.33 | 0.31 | 0.31 | 0.29 | 0.29 | 0.22 | 0.22 | 0.23 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 37,379 ÷ 176,596 = 0.21
2 Click competitor name to see calculations.
The solvency profile of RTX Corp exhibits a cyclical trend in leverage over the analyzed period. An initial phase of stability was followed by a significant increase in debt levels peaking in late 2023, which was subsequently succeeded by a consistent deleveraging phase through September 2026.
- Total Debt Evolution
- Debt levels remained relatively stable between March 2022 and September 2023, fluctuating between $31.4 billion and $35.3 billion. A sharp increase occurred in the fourth quarter of 2023, where total debt reached a peak of $43.8 billion. Following this peak, a steady downward trajectory is observed, with debt decreasing to $37.4 billion by September 2026.
- Total Asset Growth
- Total assets remained largely stagnant through 2022 and 2023, hovering near the $160 billion mark. Beginning in 2024, a consistent upward trend is evident, with assets expanding from $161.2 billion in June 2024 to $176.6 billion by the end of the period. This expansion indicates a growing capital base during the later years of the analysis.
- Debt to Assets Ratio Interpretation
- The ratio reflects the combined impact of debt fluctuations and asset growth. The ratio was stable at 0.20 in early 2022 but climbed to a peak of 0.27 in December 2023 and March 2024, coinciding with the spike in total debt. From June 2024 onward, the ratio declined steadily, returning to 0.21 by September 2026. This reduction is attributed to the simultaneous decrease in absolute debt and the increase in the total asset base, indicating a return to previous solvency levels and a strengthened balance sheet position.
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Debt to Assets (including Operating Lease Liability)
RTX Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term borrowings | 210) | 229) | 226) | 204) | 215) | 1,635) | 212) | 183) | 220) | 231) | 166) | 189) | 1,170) | 1,076) | 224) | 625) | 2,195) | 113) | 140) | ||||||
| Long-term debt currently due | 5,679) | 5,296) | 4,213) | 3,412) | 584) | 2,084) | 2,844) | 2,352) | 3,113) | 1,617) | 344) | 1,283) | 1,389) | 1,554) | 1,545) | 595) | 193) | 26) | 24) | ||||||
| Long-term debt, excluding currently due | 31,490) | 31,858) | 32,974) | 34,288) | 38,260) | 38,259) | 38,244) | 38,726) | 38,823) | 40,303) | 42,334) | 42,355) | 32,701) | 32,723) | 32,717) | 30,694) | 31,059) | 31,274) | 31,308) | ||||||
| Total debt | 37,379) | 37,383) | 37,413) | 37,904) | 39,059) | 41,978) | 41,300) | 41,261) | 42,156) | 42,151) | 42,844) | 43,827) | 35,260) | 35,353) | 34,486) | 31,914) | 33,447) | 31,413) | 31,472) | ||||||
| Operating lease liabilities, non-current | 1,495) | 1,473) | 1,522) | 1,602) | 1,650) | 1,617) | 1,646) | 1,632) | 1,592) | 1,415) | 1,410) | 1,412) | 1,523) | 1,570) | 1,624) | 1,586) | 1,539) | 1,593) | 1,627) | ||||||
| Total debt (including operating lease liability) | 38,874) | 38,856) | 38,935) | 39,506) | 40,709) | 43,595) | 42,946) | 42,893) | 43,748) | 43,566) | 44,254) | 45,239) | 36,783) | 36,923) | 36,110) | 33,500) | 34,986) | 33,006) | 33,099) | ||||||
| Total assets | 176,596) | 173,972) | 170,431) | 171,079) | 168,672) | 167,139) | 164,864) | 162,861) | 164,822) | 161,169) | 160,187) | 161,869) | 162,443) | 162,161) | 161,636) | 158,864) | 158,225) | 159,017) | 159,366) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.22 | 0.22 | 0.23 | 0.23 | 0.24 | 0.26 | 0.26 | 0.26 | 0.27 | 0.27 | 0.28 | 0.28 | 0.23 | 0.23 | 0.22 | 0.21 | 0.22 | 0.21 | 0.21 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Eaton Corp. plc | 0.36 | 0.38 | 0.40 | 0.26 | 0.28 | 0.29 | 0.27 | 0.26 | 0.26 | 0.27 | 0.25 | 0.26 | 0.26 | 0.27 | 0.26 | 0.26 | 0.28 | 0.29 | 0.28 | ||||||
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 38,874 ÷ 176,596 = 0.22
2 Click competitor name to see calculations.
The solvency profile exhibits a period of relative stability followed by a distinct peak in leverage, which is subsequently moderated through a consistent deleveraging process. The overall trajectory indicates a strategic expansion of the asset base coupled with a managed approach to debt obligations over the analyzed period.
- Debt to Asset Ratio Trends
- The ratio remained stable between 0.21 and 0.23 from March 31, 2022, through September 30, 2023. A significant upward shift occurred on December 31, 2023, when the ratio peaked at 0.28. Following this peak, a gradual decline is observed, with the ratio returning to 0.22 by September 30, 2026, effectively returning the solvency position to levels seen at the beginning of the period.
- Total Debt Analysis
- Total debt, including operating lease liabilities, showed a marked increase from 33,099 million USD in March 2022 to a maximum of 45,239 million USD in December 2023. After this peak, debt levels entered a downward trend, decreasing to 38,874 million USD by September 30, 2026. This suggests a period of aggressive borrowing or liability recognition followed by a systematic reduction of debt.
- Total Asset Growth
- A consistent long-term growth pattern is observed in total assets. Starting at 159,366 million USD in March 2022, assets expanded to 176,596 million USD by September 30, 2026. The steady increase in the asset base contributed to the lowering of the debt-to-assets ratio in the latter half of the period, even as debt levels remained higher than the 2022 baseline.
- Solvency Correlation
- The peak in the debt-to-assets ratio in late 2023 was driven primarily by a sharp increase in total debt rather than a contraction in assets. The subsequent improvement in the ratio from 2024 through 2026 resulted from the dual effect of reducing total liabilities and simultaneously growing the total asset base, indicating an improved solvency margin.
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Financial Leverage
RTX Corp., financial leverage 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) | |||||||||||||||||||||||||
| Total assets | 176,596) | 173,972) | 170,431) | 171,079) | 168,672) | 167,139) | 164,864) | 162,861) | 164,822) | 161,169) | 160,187) | 161,869) | 162,443) | 162,161) | 161,636) | 158,864) | 158,225) | 159,017) | 159,366) | ||||||
| Shareowners’ equity | 69,250) | 66,377) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 2.55 | 2.62 | 2.57 | 2.62 | 2.61 | 2.68 | 2.68 | 2.71 | 2.70 | 2.73 | 2.65 | 2.71 | 2.33 | 2.24 | 2.22 | 2.19 | 2.25 | 2.26 | 2.20 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 26.08 | 27.19 | 27.52 | 30.85 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 5.29 | 5.12 | 4.62 | 4.54 | 4.84 | 4.70 | 4.50 | 4.45 | 4.86 | 4.75 | 4.49 | 4.24 | 4.68 | 4.61 | 5.16 | 5.19 | 5.16 | 4.82 | ||||||
| Eaton Corp. plc | 2.74 | 2.77 | 2.79 | 2.12 | 2.16 | 2.18 | 2.12 | 2.08 | 2.05 | 2.05 | 2.00 | 2.02 | 2.03 | 2.05 | 2.04 | 2.06 | 2.14 | 2.15 | 2.12 | ||||||
| GE Aerospace | 7.26 | 7.24 | 7.11 | 6.97 | 6.82 | 6.55 | 6.45 | 6.37 | 6.71 | 6.62 | 5.49 | 5.96 | 5.47 | 5.23 | 5.20 | 5.16 | 5.75 | 5.35 | 4.92 | ||||||
| Honeywell International Inc. | 2.37 | 4.17 | 5.44 | 5.30 | 4.82 | 4.87 | 4.31 | 4.04 | 4.22 | 4.09 | 3.99 | 3.88 | 3.56 | 3.60 | 3.54 | 3.73 | 3.40 | 3.55 | 3.45 | ||||||
| Lockheed Martin Corp. | 6.41 | 7.12 | 7.91 | 8.90 | 9.75 | 11.04 | 8.48 | 8.78 | 7.71 | 8.92 | 8.27 | 7.67 | 6.11 | 6.17 | 5.66 | 5.71 | 4.35 | 4.53 | 5.15 | ||||||
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
Financial leverage = Total assets ÷ Shareowners’ equity
= 176,596 ÷ 69,250 = 2.55
2 Click competitor name to see calculations.
The financial structure of the organization demonstrates a period of asset expansion coupled with significant volatility in equity, resulting in an overall increase in financial leverage from early 2022 through late 2026.
- Asset Growth Trends
- Total assets exhibited a consistent upward trajectory, rising from 159,366 million USD in March 2022 to 176,596 million USD by September 2026. This indicates a steady increase in the total resource base, with the most sustained growth occurring from June 2024 onward.
- Equity Volatility and Recovery
- Shareowners' equity remained relatively stable between 70,000 and 72,000 million USD throughout 2022 and most of 2023. A sharp contraction is observed in December 2023, where equity dropped to 59,798 million USD. Subsequent quarters show a gradual recovery trend, with equity returning to 69,250 million USD by September 2026, although it remained below the 2022 baseline.
- Financial Leverage Analysis
- The financial leverage ratio maintained a stable range between 2.20 and 2.33 from March 2022 through September 2023. A significant shift occurred in December 2023, when the ratio increased to 2.71, directly correlating with the decrease in shareowners' equity. Following this spike, the leverage ratio established a new, higher baseline, fluctuating between 2.55 and 2.73. A slight downward trend is noted in the final year, concluding at 2.55 in September 2026, suggesting a marginal improvement in the solvency position relative to the 2023-2024 peak.
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