Analysis of Debt
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Total Debt (Carrying Amount)
RTX Corp., balance sheet: debt
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Short-term borrowings | ||||||
| Long-term debt currently due | ||||||
| Long-term debt, excluding currently due | ||||||
| Total debt (carrying amount) |
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 carrying amount of total debt exhibited a fluctuating pattern over the five-year period. An initial increase was followed by a period of decline.
- Overall Trend
- Total debt began at US$31.485 billion in 2021, increased to US$31.914 billion in 2022, and then rose significantly to US$43.827 billion in 2023. Subsequently, a decrease was observed, with total debt falling to US$41.261 billion in 2024 and further to US$37.904 billion in 2025.
- Short-Term Borrowings
- Short-term borrowings demonstrated considerable volatility. A substantial increase from US$134 million in 2021 to US$625 million in 2022 was followed by a decrease to US$189 million in 2023 and a slight increase to US$183 million in 2024. The value rose again to US$204 million in 2025, but remained significantly below the 2022 peak.
- Long-Term Debt – Currently Due
- Long-term debt currently due experienced a marked increase throughout the period. Starting at US$24 million in 2021, it rose to US$595 million in 2022, US$1,283 million in 2023, US$2,352 million in 2024, and reached US$3,412 million in 2025. This represents a substantial and consistent upward trend.
- Long-Term Debt – Excluding Currently Due
- Long-term debt, excluding the portion currently due, showed a more moderate pattern. It decreased slightly from US$31,327 million in 2021 to US$30,694 million in 2022, then increased to US$42,355 million in 2023. A subsequent decline to US$38,726 million in 2024 was followed by a further decrease to US$34,288 million in 2025.
The significant increase in total debt in 2023 was primarily driven by a substantial rise in long-term debt, excluding the current portion. The subsequent decline in total debt in 2024 and 2025 appears to be attributable to a reduction in this same long-term debt category, partially offset by the continued increase in the portion of long-term debt due within the next year.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Long-term debt, including currently due, excluding finance leases | |
| Finance leases | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate related to total debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =