Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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RTX Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 capital structure exhibits a notable shift toward increased leverage over the analyzed period. Total liabilities remained relatively stable at approximately 54% of the total balance sheet from early 2021 through September 2023, before increasing to a range of 60% to 62% from December 2023 through June 2026. Correspondingly, total equity decreased from a peak of approximately 46% to a range of 38% to 39% in the latter half of the period.
- Current Liability Trends
- Current liabilities show a consistent upward trajectory, rising from 22.64% in March 2021 to 36.35% by June 2026. This growth is primarily driven by three components: accounts payable, which increased from 5.72% to 9.77%; contract liabilities, which rose from 8.02% to 13.03%; and other accrued liabilities, which climbed from 6.34% to 9.02%. The growth in contract liabilities suggests a significant increase in advance payments or deferred revenue, typical of expanding order backlogs.
- Long-Term Debt and Obligations
- Long-term debt, excluding the current portion, remained stable around 19-20% until a sharp spike to 26.17% in December 2023. Following this peak, the proportion of long-term debt gradually declined to 18.31% by June 2026. In contrast, future pension and postretirement benefit obligations demonstrated a steady and significant decline, falling from 6.11% in March 2021 to 1.12% by June 2026, indicating a substantial reduction in these long-term funding gaps.
- Equity Composition and Shareholder Returns
- The decline in total equity is heavily influenced by an aggressive increase in treasury stock, which moved from -6.71% in March 2021 to -15.38% by June 2026. This trend indicates significant capital allocation toward share repurchases. Meanwhile, retained earnings remained relatively resilient, growing from 30.80% to 33.35%, suggesting that the reduction in overall equity is a result of deliberate capital distribution strategies rather than operational losses.
- Overall Financial Positioning
- The balance sheet reflects a transition toward a more leveraged position, characterized by a higher proportion of current operational liabilities and a reduced equity base due to treasury stock acquisitions. The simultaneous reduction in pension liabilities and the fluctuation in long-term debt suggest an active management of the long-term liability profile to offset the growth in short-term operational obligations.