Stock Analysis on Net
Stock Analysis on Net

RTX Corp. (NYSE:RTX)

Common-Size Balance Sheet: Assets 
Quarterly Data

RTX Corp., common-size consolidated balance sheet: assets (quarterly data)

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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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 4.35 3.54 2.86 3.13 3.43 4.05 3.73 3.50 4.07 3.36 3.32 3.65 3.92 3.40 3.00 3.79 4.85 4.71 5.07 5.34
Accounts receivable, net 8.59 7.61 7.41 6.93 6.74 6.13 6.36 6.42 6.70 6.19 6.11 6.23 5.73 5.84 6.54 5.70 5.99 6.01 5.61 6.25
Contract assets, net 9.99 9.84 9.39 9.24 8.95 8.91 8.43 8.18 7.50 7.82 8.00 7.88 7.26 7.77 7.44 7.26 7.04 6.86 6.60 6.37
Inventory, net 7.81 8.19 8.38 8.26 7.84 8.17 8.10 7.73 7.28 7.42 7.40 7.01 6.68 6.60 6.38 6.12 5.69 5.94 6.01 5.91
Other assets, current 4.52 4.69 4.66 4.53 4.45 4.15 3.93 4.15 4.37 3.85 3.49 3.39 3.12 2.82 2.72 2.70 2.49 2.93 2.44 2.62
Current assets 35.27% 33.86% 32.70% 32.10% 31.40% 31.41% 30.54% 29.98% 29.91% 28.64% 28.31% 28.15% 26.72% 26.43% 26.07% 25.56% 26.05% 26.45% 25.74% 26.49%
Customer financing assets 1.25 1.23 1.26 1.30 1.38 1.40 1.44 1.47 1.48 1.51 1.52 1.57 1.64 1.65 1.68 1.74 1.76 1.86 1.93 1.92
Fixed assets 20.65 20.38 20.31 20.23 20.13 19.85 19.89 19.74 19.39 18.81 18.61 18.27 18.33 17.82 17.60 17.45 17.12 17.08 16.97 16.53
Accumulated depreciation -10.79 -10.70 -10.62 -10.44 -10.25 -10.21 -10.16 -9.98 -9.66 -9.36 -9.18 -8.90 -8.78 -8.55 -8.33 -8.14 -7.85 -7.94 -7.74 -7.35
Fixed assets, net 9.86% 9.68% 9.70% 9.79% 9.88% 9.64% 9.74% 9.76% 9.73% 9.45% 9.43% 9.37% 9.55% 9.27% 9.27% 9.31% 9.28% 9.14% 9.23% 9.18%
Operating lease right-of-use assets 1.10 1.13 1.12 1.15 1.14 1.12 1.03 1.02 1.01 1.08 1.12 1.14 1.15 1.14 1.17 1.20 1.21 1.18 1.20 1.19
Goodwill 31.18 31.61 31.91 32.18 32.41 32.62 33.10 33.49 33.17 33.17 33.38 33.35 33.89 33.60 33.84 34.08 33.73 33.88 34.24 33.79
Intangible assets, net 18.61 19.13 19.59 20.09 20.53 20.72 21.41 21.82 21.87 22.08 22.34 22.57 23.18 23.41 23.62 23.92 23.86 24.46 24.88 24.90
Other assets 2.73 3.37 3.73 3.41 3.25 3.10 2.74 2.45 2.83 4.08 3.90 3.85 3.88 4.49 4.34 4.19 4.10 3.02 2.78 2.53
Long-term assets 64.73% 66.14% 67.30% 67.90% 68.60% 68.59% 69.46% 70.02% 70.09% 71.36% 71.69% 71.85% 73.28% 73.57% 73.93% 74.44% 73.95% 73.55% 74.26% 73.51%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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).

The composition of assets at RTX Corp. exhibits several notable trends over the observed period from March 2021 to December 2025. Current assets as a percentage of total assets generally increased, while long-term assets decreased. Within current assets, contract assets experienced the most significant growth, while cash and cash equivalents showed more fluctuation.

Liquidity & Current Assets
Current assets increased from 26.49% of total assets in March 2021 to 35.27% in September 2025. This increase was primarily driven by growth in contract assets, inventory, and other current assets. Cash and cash equivalents, while fluctuating, generally decreased over the period, ending at 4.35% in September 2025, down from 5.34% in March 2021. Accounts receivable remained relatively stable, with a slight upward trend towards the end of the period, increasing from 6.25% to 8.59% in September 2025.
Long-Term Assets
Long-term assets decreased from 73.51% of total assets in March 2021 to 64.73% in September 2025. This decline was most pronounced in intangible assets, net, which fell from 24.90% to 18.61% over the same period. Goodwill also experienced a consistent decrease, moving from 33.79% to 31.18%. Fixed assets, net, showed a modest increase overall, despite consistent depreciation, rising from 9.18% to 9.86%. Operating lease right-of-use assets remained relatively stable, fluctuating between 1.01% and 1.21%.
Contract Assets & Inventory
Contract assets demonstrated a consistent and substantial increase, rising from 6.37% of total assets in March 2021 to 9.99% in September 2025. This suggests a growing backlog of unfulfilled contractual obligations. Inventory also increased, moving from 5.91% to 7.81% over the period, indicating a potential build-up of goods. These increases contributed significantly to the overall growth in current assets.
Customer Financing Assets
Customer financing assets experienced a gradual decline, decreasing from 1.92% of total assets in March 2021 to 1.25% in September 2025. This suggests a reduction in financing provided to customers.
Depreciation
Accumulated depreciation consistently increased as a percentage of total assets, moving from -7.35% in March 2021 to -10.79% in September 2025. This reflects the ongoing consumption of the economic benefits of fixed assets.

Overall, the asset composition shifted towards a greater proportion of current assets, particularly contract assets and inventory, and a lesser proportion of long-term assets, especially intangible assets and goodwill. This shift may indicate a change in the company’s business model or strategic priorities.