Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
RTX Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Short-term Borrowings
- Short-term borrowings consistently represent a small fraction of total liabilities and equity, predominantly remaining below 1% throughout the periods. Some volatility is observed, with spikes such as 1.39% in September 2022 and 0.98% in June 2025, but generally, the values are stable and minor in proportion.
- Accounts Payable
- Accounts payable show an upward trend over the timeline. Starting from 7.86% in March 2020, the percentage dips mid-2020 but steadily increases, reaching 8.63% by September 2025. This reflects a gradual increase in short-term creditor obligations relative to total liabilities and equity.
- Accrued Employee Compensation
- The data on accrued employee compensation appears from December 2020 onwards and fluctuates modestly between 1.13% and 1.74%. There is no clear upward or downward trend, indicating relative stability in this liability component.
- Other Accrued Liabilities
- Other accrued liabilities demonstrate a mild overall increase from a starting point near 7.92% to peaks like 10.58% in June 2024, followed by minor fluctuations ending at 8.80% in September 2025. This suggests increased accrued expenses over the longer term, with some volatility.
- Contract Liabilities
- Contract liabilities show a continuous rising trend throughout the data set, increasing from 4.57% in March 2020 to nearly 11.92% by September 2025. This steady increase indicates growing obligations related to contracts, potentially signifying expanded operations or deferred revenue.
- Long-term Debt Currently Due
- Long-term debt currently due fluctuates, beginning at approximately 0.98% in March 2020, with noticeable volatility and occasional spikes—most notably reaching 1.89% in September 2024. However, it generally remains under 2%, indicating manageable near-term long-term debt obligations.
- Current Liabilities
- Current liabilities maintain a steady upward trajectory, increasing from roughly 22.57% to around 31.56% by September 2025. This reflects a higher proportion of liabilities due within one year relative to total liabilities and equity, signaling an increasing short-term financial obligation load.
- Long-term Debt, Excluding Currently Due
- Long-term debt shows mixed trends: a sharp decline from nearly 31% in early 2020 to around 18-20% through 2021 and 2022, followed by a rise peaking around 26% near late 2023 and mid-2024, then a gradual decrease again approaching 22.68% in late 2025. This volatility suggests refinancing or repayment activity influencing longer-term obligations.
- Operating Lease Liabilities, Non-current
- These liabilities are relatively stable, fluctuating slightly between 0.87% and 1.52%, with no significant trend upward or downward. This points to consistent lease obligations over time.
- Future Pension and Postretirement Benefit Obligations
- There is a noticeable downward trend in future pension and postretirement obligations, starting at 9.27% in June 2020 and steadily declining to approximately 1.17% by September 2025. This sharp decrease implies significant reductions in these liabilities, possibly due to plan changes or settlements.
- Other Long-term Liabilities
- Other long-term liabilities decrease from about 12.51% in early 2020 to around 4.24% near the end of the data series. The decline is gradual but consistent, indicating ongoing reductions in miscellaneous long-term liabilities.
- Long-term Liabilities (Aggregate)
- Overall long-term liabilities exhibit a downward trend from roughly 47.32% in early 2020 to just under 29.1% in the latest periods. Despite some volatility, this reduction reflects the combined trends in long-term debt and other long-term obligations diminishing over time.
- Total Liabilities
- Total liabilities as a percentage of the total capital structure decrease substantially from nearly 70% in early 2020 to roughly 53-54% through 2022, then temporarily rise to above 62% in late 2023 and mid-2024, before slightly declining again to about 60.64% in late 2025. This pattern suggests active liability management and capital structure adjustments over these years.
- Redeemable Noncontrolling Interest
- This component remains negligible and stable at around 0.02% throughout the periods, indicating a minor role in the overall structure.
- Common Stock
- Common stock maintains a fairly stable share in the capital composition, fluctuating modestly between 16.55% and 23.9%, with peaks observed around 23.9% from late 2021 through early 2023. The stability suggests no substantial equity issuance or repurchases affecting the common stock proportion.
- Treasury Stock
- Treasury stock notably becomes more negative over time, expanding from approximately -6.4% in mid-2020 to a low of -16.87% in mid-2024, followed by a modest retreat to about -15.97% near the end of the periods. This widening negative balance indicates increased share repurchases reducing equity.
- Retained Earnings
- Retained earnings fluctuate around 30-33% of the capital structure across periods, showing modest growth with peaks near 33.21%. The changes suggest steady accumulation of earnings retained within the company.
- Unearned ESOP Shares
- Unearned ESOP shares constitute a very small negative percentage fluctuating between -0.04% and approximately zero with no data in later periods, reflecting a minimal impact on total equity.
- Accumulated Other Comprehensive Loss
- Accumulated other comprehensive loss decreases from a substantial negative near -8.45% in early 2020 to around -1.17% by late 2025, with some fluctuations. This improvement indicates a reduction in unrealized losses on items such as foreign currency translations or pension adjustments.
- Shareowners’ Equity
- Shareowners' equity expands significantly from 28.24% in early 2020 to a peak of approximately 46.43% by March 2022, followed by a decline to around 36.94% in late 2023 before stabilizing in the high 30% range. This indicates strong equity growth early on, with subsequent contractions likely due to repurchases or changes in income retention.
- Noncontrolling Interest
- Noncontrolling interest remains relatively stable and minor, near 1% across all periods, with slight increments toward the end, suggesting limited influence on overall equity.
- Total Equity
- Total equity mirrors the pattern of shareowners' equity, increasing from approximately 30% to near 46.7% in early 2022, then declining and stabilizing around 38-39% in the most recent periods. This reflects overall strengthening of the equity base followed by moderation due to market or operational factors.
- Total Liabilities, Redeemable Noncontrolling Interest, and Equity
- The aggregation consistently totals 100%, validating the proportional representation of liabilities and equity components throughout the periods.