Common-Size Balance Sheet: Assets
Quarterly Data
RTX Corp., common-size consolidated balance sheet: assets (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), 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 asset composition of the balance sheet reveals a significant structural shift over the analyzed period, characterized by a steady increase in the proportion of current assets and a corresponding decrease in long-term assets. Current assets rose from 26.49% of total assets in March 2021 to 37.41% by September 2026. Conversely, long-term assets declined from 73.51% to 62.59% over the same timeframe, indicating a transition toward a more liquid asset base.
- Current Asset Dynamics
- A consistent upward trend is observed across several current asset categories. Contract assets, net, showed a notable increase from 6.37% to 10.59%, suggesting a growth in unbilled receivables or work-in-progress relative to the total asset base. Similarly, inventory, net, increased from 5.91% to 8.47%, and net accounts receivable grew from 6.25% to 8.31%. Cash and cash equivalents remained relatively volatile, fluctuating between 2.86% and 5.34%, ending the period at 5.19%.
- Intangible and Goodwill Trends
- The most substantial reductions in the long-term asset portfolio occurred within intangible assets and goodwill. Net intangible assets experienced a sharp decline from 24.90% to 17.36%, while goodwill decreased from 33.79% to 29.99%. This contraction suggests the impact of ongoing amortization or potential impairment charges over the analyzed quarters.
- Fixed Asset Stability and Depreciation
- Net fixed assets remained relatively stable, moving from 9.18% to 9.76% of total assets. However, accumulated depreciation as a percentage of total assets expanded significantly, moving from -7.35% to -11.04%. This indicates that while the company continued to invest in fixed assets, the overall aging of the asset base or the acceleration of depreciation schedules has increased the contra-asset balance relative to the total balance sheet.
- Other Asset Categories
- Customer financing assets exhibited a gradual downward trend, decreasing from 1.92% to 1.06%. Operating lease right-of-use assets remained marginal and stable, fluctuating slightly around the 1% threshold throughout the period.
Overall, the balance sheet reflects a movement away from a heavy reliance on intangible assets toward increased operational liquidity. The growth in contract assets and inventory, combined with the reduction in intangibles, suggests an expansion in operational activity and a changing capital structure.
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