RTX CorpRTX
RTX Corp Debt Disclosure
NOTE 9: BORROWINGS AND LINES OF CREDIT
As of December 31, 2025, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion, which expires in August 2028. As of December 31, 2025, there were no borrowings outstanding under this agreement. In addition, at December 31, 2025, approximately $0.6 billion was available under short-term lines of credit primarily with global banks at our international subsidiaries.
From time to time, we use commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, pension contributions, debt refinancing, dividend payments, and repurchases of our common stock. The commercial paper notes have original maturities of not more than 364 days from the date of issuance. As of December 31, 2025, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. At December 31, 2025 and 2024, we had no commercial paper borrowings outstanding. During 2025 and 2024, we had no new borrowings or repayments of commercial paper with maturities greater than 90 days. During 2023, we had no new borrowings, and $0.2 billion of repayments of commercial paper with maturities greater than 90 days.
On October 24, 2023, we entered into a senior unsecured bridge credit agreement (Bridge Loan) with various banks permitting aggregate borrowings of up to $10.0 billion, to fund an accelerated share repurchase (ASR) and pay related fees and expenses. The $10.0 billion Bridge Loan was paid in full and terminated in the fourth quarter of 2023 upon receipt of proceeds from the $4.0 billion term loan facilities, the $6.0 billion of long-term debt issuances, and cash on hand.
During 2025 and 2024, we made the following repayments of long-term debt:
| Date | Description of Notes | Aggregate Principal Balance (in millions) | ||||||
| December 17, 2025 | 3 Month SOFR plus 1.225% Term Loan due 2026 | $ | 1,100 | |||||
| August 18, 2025 | 3.950% notes due 2025 | 1,500 | ||||||
| May 7, 2025 | 3 Month SOFR plus 1.225% term loan due 2025 | 750 | ||||||
| December 24, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | 500 | ||||||
| December 15, 2024 | 3.150% notes due 2024 | 300 | ||||||
| May 7, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | 250 | ||||||
| April 17, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | 250 | ||||||
| April 4, 2024 | 3 Month SOFR plus 1.225% term loan due 2025 | 250 | ||||||
| March 15, 2024 | 3.200% notes due 2024 | 950 | ||||||
Long-term debt consisted of the following as of December 31:
| (dollars in millions) | 2025 | 2024 | |||||||||
3 Month SOFR plus 1.225% term loan due 2025 | $ | — | $ | 750 | |||||||
3.950% notes due 2025 (1) | — | 1,500 | |||||||||
5.000% notes due 2026 (1) | 500 | 500 | |||||||||
2.650% notes due 2026 (1) | 719 | 719 | |||||||||
3 Month SOFR plus 1.225% term loan due 2026 | 900 | 2,000 | |||||||||
5.750% notes due 2026 (1) | 1,250 | 1,250 | |||||||||
3.125% notes due 2027 (1) | 1,100 | 1,100 | |||||||||
3.500% notes due 2027 (1) | 1,300 | 1,300 | |||||||||
7.200% notes due 2027 (1) | 382 | 382 | |||||||||
7.100% notes due 2027 | 135 | 135 | |||||||||
6.700% notes due 2028 | 285 | 285 | |||||||||
7.000% notes due 2028 (1) | 185 | 185 | |||||||||
4.125% notes due 2028 (1) | 3,000 | 3,000 | |||||||||
5.750% notes due 2029 (1) | 500 | 500 | |||||||||
7.500% notes due 2029 (1) | 414 | 414 | |||||||||
2.150% notes due 2030 (€500 million principal value) (1) | 587 | 520 | |||||||||
2.250% notes due 2030 (1) | 1,000 | 1,000 | |||||||||
6.000% notes due 2031 (1) | 1,000 | 1,000 | |||||||||
1.900% notes due 2031 (1) | 1,000 | 1,000 | |||||||||
2.375% notes due 2032 (1) | 1,000 | 1,000 | |||||||||
5.150% notes due 2033 (1) | 1,250 | 1,250 | |||||||||
6.100% notes due 2034 (1) | 1,500 | 1,500 | |||||||||
5.400% notes due 2035 (1) | 446 | 446 | |||||||||
| (dollars in millions) | 2025 | 2024 | |||||||||
6.050% notes due 2036 (1) | 410 | 410 | |||||||||
6.800% notes due 2036 (1) | 117 | 117 | |||||||||
7.000% notes due 2038 | 148 | 148 | |||||||||
6.125% notes due 2038 (1) | 575 | 575 | |||||||||
4.450% notes due 2038 (1) | 750 | 750 | |||||||||
5.700% notes due 2040 (1) | 553 | 553 | |||||||||
4.875% notes due 2040 (1) | 600 | 600 | |||||||||
4.700% notes due 2041 (1) | 425 | 425 | |||||||||
4.500% notes due 2042 (1) | 3,500 | 3,500 | |||||||||
4.800% notes due 2043 (1) | 400 | 400 | |||||||||
4.200% notes due 2044 (1) | 300 | 300 | |||||||||
4.150% notes due 2045 (1) | 850 | 850 | |||||||||
3.750% notes due 2046 (1) | 1,100 | 1,100 | |||||||||
4.050% notes due 2047 (1) | 600 | 600 | |||||||||
4.350% notes due 2047 (1) | 1,000 | 1,000 | |||||||||
4.625% notes due 2048 (1) | 1,750 | 1,750 | |||||||||
3.125% notes due 2050 (1) | 1,000 | 1,000 | |||||||||
2.820% notes due 2051 (1) | 1,000 | 1,000 | |||||||||
3.030% notes due 2052 (1) | 1,100 | 1,100 | |||||||||
5.375% notes due 2053 (1) | 1,250 | 1,250 | |||||||||
6.400% notes due 2054 (1) | 1,750 | 1,750 | |||||||||
| Other (including finance leases) | 146 | 232 | |||||||||
| Total principal long-term debt | 37,777 | 41,146 | |||||||||
| Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs) | (77) | (68) | |||||||||
| Total long-term debt | 37,700 | 41,078 | |||||||||
| Less: current portion | 3,412 | 2,352 | |||||||||
| Long-term debt, net of current portion | $ | 34,288 | $ | 38,726 | |||||||
(1) We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.
The weighted-average interest rate related to total debt was 4.5% at December 31, 2025 and 2024.
The average maturity of our long-term debt at December 31, 2025 is approximately 12 years. The schedule of principal payments required on long-term debt for the next five years and thereafter is:
| (in millions) | |||||
| 2026 | $ | 3,412 | |||
| 2027 | 2,928 | ||||
| 2028 | 3,490 | ||||
| 2029 | 922 | ||||
| 2030 | 1,593 | ||||
| Thereafter | 25,432 | ||||
| Total | $ | 37,777 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 3, 2025 | |
| 2023 | Feb 5, 2024 | |
| 2022 | Feb 7, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 8, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2017 | Feb 9, 2018 | |
| 2015 | Feb 11, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.