Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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RTX Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 capital structure exhibits a gradual shift toward higher leverage, with total liabilities increasing from 54.33% in March 2021 to 60.08% by March 2026. This trend is mirrored by a corresponding decrease in total equity, which declined from 45.64% to 39.90% over the observed period.
- Current Liabilities and Operational Obligations
- A consistent upward trend is observed in current liabilities, which rose from 22.64% to 34.37%. This increase is largely driven by growth in accounts payable, rising from 5.72% to 9.38%, and contract liabilities, which expanded from 8.02% to 12.87%. The steady rise in contract liabilities suggests an increase in deferred revenue as a proportion of the total balance sheet.
- Long-Term Debt and Obligations
- Long-term debt, excluding the current portion, remained relatively stable around 19% to 20% for the first several years before a significant spike to 26.17% in December 2023. Following this peak, the ratio trended downward, returning to 19.35% by March 2026. Concurrently, future pension and postretirement benefit obligations showed a marked decline, falling from 6.11% in early 2021 to 1.18% by early 2026, significantly reducing the company's long-term pension liability profile.
- Equity Composition and Shareholder Activity
- Total equity experienced a notable contraction, particularly between September 2023 and December 2023, where it dropped from 43.84% to 37.94%. This decline is heavily influenced by an aggressive increase in treasury stock, which moved from -6.71% to -15.73%, indicating substantial share repurchases. This repurchase activity largely offset the growth in retained earnings, which increased from 30.80% to 33.95% over the period.
- Overall Liability Profile
- The overall liability structure shifted from a balanced distribution between current and long-term liabilities toward a higher concentration of short-term obligations. Total liabilities remained stable near 54% until late 2023, after which they shifted to a higher plateau between 60% and 62%, reflecting a change in the financing mix and an increase in operational liabilities.