# L3Harris Technologies Inc. (LHX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LHX/thesis · /stocks/LHX/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LHX/fundamental

## Navigation

- Overview: /stocks/LHX
- Financials (this page): /stocks/LHX/financials
- Thesis: /stocks/LHX/thesis
- Investment Memo: /stocks/LHX/memo
- Coverage universe: /stocks