L3Harris Technologies Inc.
LHXFinancial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$5.7B
Q1 FY2026 · +12% YoY
TTM ROIC
7.5%
FY2025 · NOPAT / Invested Capital (including goodwill) · WACC ~8.5% · Moat spread +-1pp
Financial Snapshot
ticker: LHX step: 04 generated: 2026-05-12 source: quick-research
L3Harris Technologies Inc. (LHX) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$17.1B | $19.4B | $21.3B | +9.8% |
| Gross Margin | ~18% | ~19% | ~20% | |
| Adj. Operating Margin | ~13% | ~13% | ~14% | +1pp |
| Net Income (GAAP) | ~$1.1B | ~$1.2B | ~$1.5B | |
| GAAP EPS | ~$5.70 | $6.44 | $7.87 | +22% |
| Non-GAAP EPS | ~$10.50 | $12.36 | ~$13.50 |
Note: GAAP/non-GAAP spread reflects significant amortization of intangibles from the 2019 L3/Harris merger and 2023 Aerojet Rocketdyne acquisition. Non-GAAP EPS is more representative of operating performance. FY2022 revenue includes partial-year Aerojet contribution.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.3B |
| Free Cash Flow | ~$2.0B (FY2023); ~$2.65B (FY2025 guidance, raised) |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$10B (reflecting Aerojet acquisition financing) |
Key Ratios (approximate)
- P/E (GAAP): ~37x | P/E (Non-GAAP): ~20x | FCF Yield: ~5%
- Revenue Growth (FY2024): +10% | Backlog: $38.7B (~1.8x annual revenue)
- Net Margin: ~7.3% | LHX NeXt Savings: $1.2B cumulative
Growth Profile
Revenue grew 13.8% in 2023 (first full year with Aerojet) and 9.8% in 2024, with organic growth of 4% in 2024 and 12% organically in Q2 2025 (missiles/munitions ramp). Management guidance for 2025 is $21.5–22.2B revenue with FCF raised to $2.65B. Record backlog of $38.7B provides multi-year revenue visibility. The LHX NeXt cost program exceeded its $1.2B target a year ahead of schedule.
Forward Estimates
- FY2025 Revenue: ~$21.8B (raised guidance mid-year); FCF ~$2.65B (+$200M vs. prior guide)
- FY2026E: ~$23B revenue (consensus); Non-GAAP EPS ~$14–15
- Backlog: $38.7B (provides ~1.8x revenue visibility)
- Proposed FY2026 U.S. defense budget: +13% to $1.01T — a tailwind for bookings
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $LHX.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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